Fillable Form 41 - Oregon Fiduciary Income Tax Return

nature of each subtraction included on this line. Enter the

Schedule 1—Oregon changes

fiduciary’s share of the fiduciary adjustment from another

estate or trust that is a subtraction on this line. Also, enter

Line 24. Changes in depreciation. Enter your depreciation

any additional federal income tax paid during the tax year

difference between Oregon and federal. You will need the

for prior years and not deducted on any prior year return.

Oregon Depreciation Schedule if your federal and state depre-

ciation are different.

To determine the amount deductible, refer to the 2012 indi-

vidual return instructions for Form 40, line 18.

Line 25. Other changes. Changes include differences

between the federal return and the Oregon return in gains or

Line 37. Interest on obligations of other states. Enter interest

losses from the sale of property. Also use this line to report

income from bonds of a state or political subdivision other

differences in capital gains from the sale of farm use and

than Oregon. (This type of income from another fiduciary is

forest use lands acquired from a decedent who died before

included in that fiduciary’s adjustment and should not be

1987. Enter the amount in column B. Also enter the amount

duplicated on this line.)

in column A if an authorized distribution was made, and

the gains qualify for inclusion in distributable net income.

Line 38. Depletion. If natural resource depletion entered on

Form 1041 is in excess of the adjusted basis of the property,

Electing small business trust. Amounts not included in fed-

enter the excess on this line.

eral distributable net income of an electing small business

trust under IRC Section 641(c) must be included in column

Line 39. Estate tax paid on “income in respect of a dece-

B, line 25.

dent” (IRD). To figure the amount of the federal estate tax

Net long-term capital gain. Enter the net long-term capi-

deduction that must be added to taxable income on the

tal gain (NLTCG) from farm assets that was not distributed

Oregon return, use this formula:

as a negative number in Schedule 1, column B, line 25. The

A = IRD included in federal taxable income

subtraction cannot exceed the amount of income that is

B = IRD not taxable by Oregon

reported for the fiduciary from federal Form 1041, line 22.

C = estate tax deducted on Form 1041

Line 29. Oregon changes distributed. Enter Oregon changes

from column A, line 26, that were distributed to the benefi-

× C = $___________ amount of the addition

ciaries. Enter zero if the amount on Form 1041, Schedule B,

line 8 or line 11, is less than the amount on Schedule B, line 7.

Enter amount on line 39.

The total of this line, plus the amounts from Form 1041,

Example:

Schedule B, lines 12 and 15, can’t exceed the amount on

Schedule B, line 8 or 11.

A: $21,000 IRD included in federal taxable income.

B: $10,000 IRD not taxable by Oregon.

Schedule 2—Fiduciary adjustment

C: $1,170 federal estate tax deducted on Form 1041.

($10,000 / $21,000) x $1,170 = $562—amount of your Oregon

This schedule is for figuring net Oregon modifications to

federal taxable income.

addition on line 39.

Line 31. Federal income tax subtraction. This subtraction

Line 40. Other additions. Enter other additions required

can’t exceed $6,100 for 2012. To figure the subtraction, deduct

by ORS 316.680 and 316.695 that do not have a specific line.

the amount on federal Form 1041, Schedule G, lines 5 and

Attach a schedule that details the amount and nature of each

6, from the amount on federal Form 1041, line 23. For addi-

addition included on this line. Enter this fiduciary’s share

tional federal tax paid for years before 2012, see instructions

of the fiduciary adjustment from another estate or trust that

for line 34.

is an addition on this line. Also enter federal tax refunds

Line 32. Interest on U.S. obligations. Enter the amount

received during the tax year from prior years, if the federal

of interest from U.S. government obligations included in

tax subtraction reduced the Oregon tax in prior years.

federal income and not otherwise deducted. U.S. govern-

Deductions allowed under IRC sections 2053 or 2054 may be

ment interest received from another fiduciary should be

claimed on either Form IT-1, Oregon Inheritance Tax Return;

subtracted on line 34. Don’t subtract that income a second

or Form 41, Oregon Fiduciary Income Tax Return; but not both.

time on this line. The total of interest or dividends from U.S.

The personal representative of an estate may make different

obligations included on federal Form 1041 must be reduced

by the deductions allocable to such income (see Form 1041

elections for federal and Oregon returns. If the deductions

instructions, Allocation of Deductions for Tax Exempt Income).

are claimed on Form 41, attach a statement that the deduc-

Use the same formula to allocate deductions to U.S. govern-

tions are not being claimed on Form IT-1. For federal pur-

ment interest.

poses, those deductions may be taken on either Form 706,

federal Estate Tax Return; or Form 1041, federal Income Tax

Line 34. Other subtractions. Enter other subtractions

Return for Estates and Trusts, under IRC 642(g). See OAR

required by ORS 316.680 and ORS 316.695 that do not have

a specific line. Attach a schedule that details the amount and

150-118.010(2).

150-101-041 (Rev. 10-12)

Form 41 - Oregon Fiduciary Income Tax Return - 2012 Page 5

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