Fillable Form Oc - Oregon Composite Return - 2011 printable pdf download

Oregon Composite Return

2011

Form OC and Instructions for Pass-through Entities

This publication is a guide, not a complete statement, of Oregon Revised Statutes (ORS) or Oregon Department of Revenue

Administrative Rules (OAR). For more information, refer to the laws and rules on our website,

Introduction

Filing requirements

PTEs must file composite returns on behalf of electing own-

New voucher: Use voucher Form OC-V (page 6) for all com-

ers. A PTE that files a composite return is still required to file

the PTE’s information return (such as partnership, Form 65).

posite return payments. See pages 2 and 4 for instructions.

To be included in the composite return, the owner must be:

Pass-through entities (PTEs) with distributive income attrib-

utable to Oregon sources must file a composite return on

• an individual nonresident of Oregon,

behalf of their nonresident owners who elect to participate

• a C corporation with no commercial domicile in Oregon,

in the composite filing. The PTE reports the nonresident

• an estate,

• a trust that is not a resident trust, or

owners’ share of Oregon-source distributive income on one

• a qualified funeral trust under ORS 316.282.

tax return, Form OC, Oregon Composite Return.

Owners who are also a PTE cannot join in the composite

PTEs must withhold tax for owners who do not elect to join

return. See page 2 for more tiered entity information.

the composite unless the owner files an affidavit. See Form

The PTE is liable for any tax, penalty, and interest due,

OR-19 for withholding and affidavit instructions.

including interest on underpayment of estimated tax.

Definitions

Return due date

Throughout these instructions, the following terms are used:

The due date for the Oregon composite return is the same

“BIN” is Oregon business identification number, not your

as the due date for the majority of the electing owners’ tax

Oregon registry number. If you do not know your Oregon

returns. If the majority of owners file calendar year returns,

BIN, leave the space on the form blank.

the composite return will also be a calendar year return.

The fiscal year end of the PTE does not affect the due date.

“Distributive income” is generally the net taxable income

Example: NW LLC has a 2010 fiscal year ending March 31,

or loss of a PTE.

2011. Most of the electing owners are individuals and file

“Electing owner” is a nonresident owner who chooses to

using a calendar year. Following federal reporting rules,

join in the filing of a composite return.

the 2010 fiscal year income is reported on the owners’ 2011

return. Therefore, NW LLC will file a 2011 calendar year

“FEIN” is federal employer identification number.

Form OC for its electing owners to report this income.

“Nonelecting owner” is an owner who chooses not to join

Extensions

in the filing of a composite return, whether the PTE with-

held tax or not. Nonelecting owners are required to file an

If the PTE is granted a federal extension to file its informa-

Oregon tax return if they have Oregon-source distributive

tion return, the same additional length of time is added to

income.

the due date of the Oregon composite return (six months

for Form 20 extensions and five months for Forms 41 and

“Owner” is a partner of a partnership or limited liability

65 extensions).

partnership (LLP), shareholder of an S corporation, member

Use Form OC-V if the PTE only needs an extension to file

of a limited liability company (LLC), or beneficiary of a trust.

the Oregon composite return or make an extension payment.

“Pass-through entity (PTE)” is a partnership, S corporation,

Check the “extension” box and mail the completed voucher

LLP, LLC, trust established specifically for tax avoidance,

with your payment. When Form OC is filed, check the

or an abusive tax shelter trust. Note: Single-member LLCs

“extension” box. Keep a copy of the extension form with your

owned by an individual or a corporation and grantor trusts

records. Remember: An extension allows for more time to

are disregarded for tax purposes and are not PTEs. For this

file, not more time to pay.

purpose only: Estates are not PTEs.

Oregon-source distributive income

General information

Distributive income is the net amount of income, gain,

It’s important to know which owners are electing to join the

deduction, or loss of a pass-through entity for the tax year. It

composite return at the beginning of the tax year, so the PTE

includes items directly related to the PTE that are considered

can make estimated payments on time.

in determining the federal taxable income of the nonresident

150-101-154 (Rev. 12-11)

Form Oc - Oregon Composite Return - 2011

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