Form 150-102-167 - Worksheet Fcg-20 - Farm Liquidation Long-Term Capital Gain Tax Adjustment (Ors 317.063) Page 2
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1
2Instructions for Worksheet FCG-20
Farming activities include:
Lines 4 and 8 (Oregon Tax Computation)
• Raising, harvesting, and selling crops.
Beginning January 1, 2011, corporations will compute
• Feeding, breeding, managing, or selling livestock,
tax using a rate of 6.6 percent for the first $250,000 of
poultry, fur-bearing animals, or honeybees, or the
taxable income, or fraction thereof, and a rate of 7.6
produce thereof.
percent for any amount of taxable income in excess of
• Dairying and selling dairy products.
$250,000.
• Stabling or training of horses, including providing
riding lessons, training clinics, and schooling shows.
Use with Forms 20, 20-S, and 65 to reduce your tax on the
• Propagating, cultivating, maintaining, or harvesting
qualified gain, complete the worksheet, check the box on
aquatic species, birds, and other animals.
the front of Form 20 or 20-S, and include with your return.
• Any other agricultural, horticultural, or animal hus-
You do not need to complete the form if your net long-
bandry activity.
term capital gain is zero or a loss, or if you do not have
• On-site construction and maintenance of equipment
taxable Oregon income.
and facilities used in farming activities.
A reduced tax rate is available if you sold or exchanged
• Preparation, storage, or disposal of products or by-
capital assets used in farming. The sale or exchange must
products raised for human or animal use on land
represent a substantially complete termination of your
employed in farming activities.
farming business or a termination of all your ownership
• Growing and harvesting cultured Christmas trees or
interest in property that is used in a farming business.
certain hardwood timber.
You may not claim the special tax rate on a sale or
Taxpayer assistance
exchange to a subsidiary/affiliate in the unitary group,
as defined under Internal Revenue Code section 267(b).
General tax information . ................. w ww.oregon.gov/dor
Ownership of a farm dwelling or farm homesite is not
Salem . ................................................................ 503-378-4988
considered to be ownership of property employed in the
Toll-free from Oregon prefix . ....................1-800-356-4222
trade or business of farming.
E-mail ..................................... corp.help.dor@state.or.us
Farming activity does not include the growing and
This e-mail address is not secure and confidentiality cannot
harvesting of marketable species of trees, other than the
be ensured. General tax and policy questions only.
growing and harvesting of cultured Christmas trees or
Asistencia en español:
certain hardwood timber.
Salem ............................................................ 503-378-4988
Partnerships or S corporations. The sale of ownership
Gratis de prefijo de Oregon ................... 1-800-356-4222
interest in a farming corporation, partnership, or other
TTY (hearing or speech impaired; machine only):
entity qualifies for the special tax rate. The taxpayer must
Salem ............................................................ 503-945-8617
have had at least a 10 percent ownership interest in the
Toll-free from Oregon prefix . ................. 1-800-886-7204
entity before the sale or exchange. If the income is taxed
at the personal level, please use Form FCG (150-101-167)
Americans with Disabilities Act (ADA): Call one of the
to calculate the special tax rate.
help numbers for information in alternative formats.
150-102-167 (Rev. 10-11) Worksheet FCG-20
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