Form Or706-A - Oregon Additional Estate Transfer Tax Return Page 2
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6example, if your property is subject to an involuntary con-
filing due date, add an additional 20 percent penalty for
version on February 15, you have until February 15 of the
a total penalty of 25 percent.
following year to replace the natural resource property. If
If your tax is unpaid as of the due date, including any
you don’t do so within the year, a taxable event has taken
approved extension of time to pay, add a late payment
place. The additional estate transfer tax return is due six
penalty of 5 percent of the tax.
months from the taxable event (in this example, August
15, six months from February 15).
What to file
Extensions
• Form OR706-A for each property owner.
• Copy of extension, federal Form 4768, if applicable.
To request an extension of time to file or pay, you must
• Copy of Schedule NRC.
complete and mail federal Form 4768 to us by the original
• Copy of sales document as applicable.
due date of Form OR706-A.
• Supporting documentation for involuntary conversion
of property.
Extension of time to file. When we receive your exten-
• On Form OR706-V, Oregon Estate Transfer Tax Payment
sion request, you’ll have an automatic six month extension
Voucher, 150-104-172, make sure you check the additional
of time to file. Include a copy of this extension with your
tax OR706-A return (148) box, include your name and
Form OR706-A. An extension of time to file doesn’t extend
Social Security number on the payment voucher in the
the time to pay the tax.
name of executor box.
Extension of time to pay tax. Along with your federal
• Payment—make your check or money order payable
Form 4768, you must also attach a written statement
to the Oregon Department of Revenue. Include your
detailing why you can’t pay the tax by the original due
name, Form OR706-A, and the year the qualified use
date. If you don’t provide a written statement, the request
of the property stopped.
will be denied. We’ll send you a copy of your extension
Line instructions
request either approving or denying your extension.
Once your tax return is filed and an extension to pay
Specific line instructions are provided for lines not fully
is approved, you must provide collateral in an amount
described on Form OR706-A.
twice the amount of unpaid tax to secure the debt. An
extension of time to pay the tax does not extend the time
Part 1—Property owner information
to file the tax return.
Enter the name of the property owner, SSN, address, and
phone number.
Interest accrues on any unpaid tax during the extension
period.
If you have applied for an extension to file or extension to
pay, check the corresponding boxes.
Interest and penalty
Enter the name of the decedent from whom you inherited
Interest owed on additional estate transfer tax starts
the property. Enter the decedent’s date of death and SSN.
the day after the due date of Form OR706-A, excluding
Part 2—Description of property
extensions. If you don’t pay the tax within 60 days of our
Note: References to Schedule NRC are for “Schedule NRC
billing notice, the interest rate increases by 4 percent per
for deaths on or after January 1, 2012.”
year. If you have an approved extension of time to pay,
the additional 4 percent wouldn’t apply.
Column A—Enter the description of the disqualified
property.
Interest accrues on any unpaid tax during an extension
of time to file. Here’s how to calculate the interest due:
Column B —Enter the date the property was sold,
exchanged, or converted.
Tax x Annual interest rate x Number of full years
Tax x Monthly interest rate x Number of months
Column C—Enter the value of the property listed in
Tax x Daily interest rate
x Number of days
column A that was used in the formula to calculate the
natural resource credit (NRC). This amount is from
For periods
Schedule NRC, part 2, column D.
beginning
Annual
Monthly
Daily
If jointly own property or only part of the property is
January 1, 2015
4%
0.3333%
0.0110%
disqualified, enter only the value of the disqualified
January 1, 2014
4%
0.3333%
0.0110%
portion or your share of the property. For example, the
January 1, 2013
4%
0.3333%
0.0110%
estate claimed natural resource property on Schedule
If you file your return after the due date, including the
NRC for a farm with a value of $1,000,000. The farm was
extended filing due date, add a late filing penalty of 5
inherited equally by two brothers. After a year of farming
percent to the tax amount. If you file your return more
one brother decides to stop farming his share. Column C
than three months after the due date or the extended
will have $500,000.
150-104-007 (Rev. 07-14)
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Form OR706-A Instructions
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