Form 65 - Oregon Partnership Return Of Income

Generally, each partner’s share of modifications is figured by

Any 2007 TriMet or Lane Transit District self-employment

using the profit sharing percentage shown on that partner’s

tax return (Form TM or Form LTD) filed by a calendar year

federal Schedule K-1. Each partner’s share of the Oregon

partnership is due by April 15, 2008. Fiscal year partnerships

modifications must be reported on the partner’s Schedule

must file Form TM or Form LTD by April 15 of the year fol-

K-1 or equivalent.

lowing the calendar year in which the fiscal year ends.

Gain on voluntary and involuntary conversions. Oregon

District boundary information

allows partnerships to elect for their partners to defer the

gain on voluntary and involuntary conversions the same as

TriMet boundaries ...................................... 503-962-6466

for federal purposes.

Lane Transit District boundaries .............. 541-682-6100

Partnerships must make the election for all consenting part-

ners. Attach Form 24, Oregon Like-kind Exchanges/Involuntary

Federal Privacy Act information

Conversion, 150-800-734, to your Oregon Partnership Return,

The request for Social Security numbers is made by authority

Form 65 and check the box on the front of Form 65.

of Section 405, Title 42, of the United States Code. You are

required to give us this information. It is used to establish

Credits

the identity of the partners. Unless allowed by law, all infor-

Partners may qualify for the following tax credits on their

mation in your tax return is confidential and cannot be dis-

individual income tax returns even though the costs were

closed by the department. Any violation is a class C felony.

paid by the partnership.

Mail this return to: Oregon Department of Revenue

• Advanced telecommunications facilities.

PO Box 14260

• Business energy.

Salem OR 97309-5060

• Child care fund contribution.

• Crop donation.

Withholding requirement for partnerships

• Diesel engine replacement.

• Dependent care assistance.

For tax years beginning on or after January 1, 2006, a part-

• Electronic commerce zone investment.

nership with one or more nonresident partners that have

• Employer scholarship.

no other Oregon source income is required to withhold tax

• Farmworker housing.

unless the partner makes an election to join in the filing of a

• Film production development contribution.

composite return or sends the department a signed Oregon

• First Break Program.

affidavit for a nonresident owner in a pass-through entity.

• Fish screening devices.

The partnership must withhold 9 percent of the partners’

• Individual Development Accounts.

share of distributive income for partners who will file per-

• Long-term care insurance premiums.

sonal income tax returns, 6.6 percent for partners that are

• On-farm processing machinery and equipment.

corporations. The partnership must send annual payments,

• Oregon Cultural Trust.

on Form 40-ESV, for each partner who will file a personal

• Political contributions.

income tax return, or on Form 20-V for partners who will

• Pollution control facilities.

file corporate returns. Each payment voucher must include

• Reforestation of underproductive forestlands.

the partner’s name and identification number. The due date

• Reservation enterprise zone.

for the annual payment is the date which the pass-through

entity is required to issue a federal Schedule K-1 to its own-

Extension to time to file

ers. For additional information or to download forms, visit

If you filed a federal extension, Oregon will allow the same

our website, or see taxpayer assistance below.

extension. You will need to file an Oregon only extension, on

Form 40-EXT, if you need an extension for Oregon only. The

Taxpayer assistance

maximum penalty imposed is $50 per partner per month for

General tax information ..............

a maximum of five months. Extensions must be filed by the

due date of the return.

Salem .......................................................... 503-378-4988

Toll-free from an Oregon prefix ............ 1-800-356-4222

TriMet and Lane Transit District

Asistencia en español:

self‑employment taxes

Salem .......................................................... 503-378-4988

Gratis de prefijo de Oregon ..................1-800-356-4222

Self-employment earnings of taxpayers doing business or

providing services within the TriMet and/or Lane Transit

TTY (hearing or speech impaired; machine only):

districts are subject to these taxes. A partnership may elect

Salem .......................................................... 503-945-8617

to file and pay the transit district self-employment tax on

Toll-free from an Oregon prefix ...........1-800-886-7204

behalf of any or all the individual partners. Use the partner-

Americans with Disabilities Act (ADA): Call one of the help

ship’s net self-employment earnings (including partners’

guaranteed payments) to figure the tax.

numbers for information in alternative formats.

150-101-065 (Rev. 12-07) DRAFT 10/23/2007

Form 65 - Oregon Partnership Return Of Income - 2007 Page 4

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