Form Or706-A - Oregon Additional Estate Transfer Tax Return Page 4
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• Supporting documentation for involuntary conversion
of property.
To request an extension of time to file or pay, you must
• On Form OR706-V, Oregon Estate Transfer Tax Payment
complete and mail federal Form 4768 to us by the original
Voucher, 150-104-172, make sure you check the Addition-
due date of Form OR706-A.
al tax OR706-A return (148) box, include your name and
Extension of time to file. When we receive your exten-
Social Security number on the payment voucher in the
sion request, you’ll have an automatic six month extension
Name of executor box.
of time to file. Include a copy of this extension with your
• Payment—make your check or money order payable
Form OR706-A. An extension of time to file doesn’t extend
to the Oregon Department of Revenue. Include your
the time to pay the tax.
name, Form OR706-A, and the year the qualified use
of the property stopped.
Extension of time to pay tax. Along with your federal
Form 4768, you must also attach a written statement de-
Line instructions
tailing why you can’t pay the tax by the original due
Specific line instructions are provided for lines not fully
date. If you don’t provide a written statement, the request
described on Form OR706-A.
will be denied. We’ll send you a copy of your extension
Part 1—Property owner information
request either approving or denying your extension.
Once your tax return is filed and an extension to pay
Enter the name of the property owner, social security
is approved, you must provide collateral in an amount
number (SSN), address, and telephone number.
twice the amount of unpaid tax to secure the debt. An
If you have applied for an extension to file or extension to
extension of time to pay the tax does not extend the time
pay, check the corresponding boxes.
to file the tax return.
Enter the name of the decedent from whom you inherited
Interest accrues on any unpaid tax during the extension
the property. Enter the decedent’s date of death and SSN.
period.
Part 2—Description of property
Interest and penalty
Note: References to Schedule NRC are for a 2012 Schedule NRC.
Interest owed on additional estate transfer tax starts
Column A—Enter the description of the disqualified
property.
the day after the due date of Form OR706-A, excluding
extensions. If you don’t pay the tax within 60 days of our
Column B —Enter the date the property was sold,
billing notice, the interest rate increases by 4 percent per
exchanged, or converted
year. If you have an approved extension of time to pay,
Column C—Enter the value of the property listed in
the additional 4 percent wouldn’t apply.
column A that was used in the formula to calculate the
Interest accrues on any unpaid tax during an extension
Natural Resource Credit (NRC). This amount is from
of time to file. Here’s how to calculate the interest due:
Schedule NRC, part 2, column D.
Tax x Annual interest rate x Number of full years.
If jointly own property or only part of the property is
Tax x Monthly interest rate x Number of months.
disqualified, enter only the value of the disqualified
Tax x Daily interest rate
x Number of days.
portion or your share of the property. For example, the
estate claimed natural resource property on Schedule
For periods beginning
Annual Monthly
Daily
NRC for a farm with a value of $1,000,000. The farm was
January 1, 2013
4%
0.3333%
0.0110%
inherited equally by two brothers. After a year of farming
January 1, 2012
5%
0.4167%
0.0137%
one brother decides to stop farming his share. Column C
will have $500,000.
If you file your return after the due date, including the
extended filing due date, add a late filing penalty of 5
Column D—Enter the proceeds from the sale, exchange,
or conversion of the property listed in column A.
percent to the tax amount. If you file your return more
than three months after the due date or the extended fil-
Column E—Enter the amount from the proceeds that
ing due date, add an additional 20 percent penalty for a
wasn’t reinvested in a qualified natural resource property.
total penalty of 25 percent.
Column F—Divide the amount of column E by column
If your tax is unpaid as of the due date, including any
D (round to two decimal places). This is the disqualified
approved extension of time to pay, add a late payment
percentage.
penalty of 5 percent of the tax.
Column G—Multiply the percentage in column F with
What to file
the amount in column C. This is the disqualified value.
• Form OR706-A for each property owner.
Total the amounts in column G.
• Copy of extension, federal Form 4768, if applicable.
Part 3—Property replacement
• Copy of Schedule NRC.
If you’ve replaced your natural resource property with
• Copy of sales document as applicable.
another qualified natural resource property or have
150-104-007 (Rev. 01-13)
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Form OR706-A Instructions
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