Form Oc-V - Oregon Composite Return Payment Voucher

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Oregon Composite Return
2012
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-
Use voucher Form OC-V (page 6) for all composite return
ers. A PTE that files a composite return is still required to file
payments. See pages 2 and 3 for instructions.
the PTE’s information return (such as partnership, Form 65).
Pass-through entities (PTEs) with distributive income attrib-
To be included in the composite return, the owner must be:
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,
owners’ share of Oregon-source distributive income on one
• a trust that is not a resident trust, or
tax return, Form OC, Oregon Composite Return.
• a qualified funeral trust under ORS 316.282.
PTEs must make tax payments for owners who do not elect
Owners who are also a PTE cannot join in the composite
to join the composite unless the owner files an affidavit. See
return. See page 2 for more tiered entity information.
Form OR-19 for owner payment and affidavit instructions.
The PTE is liable for any tax, penalty, and interest due,
Definitions
including interest on underpayment of estimated tax.
Throughout these instructions, the following terms are used:
Return due date
“BIN” is Oregon business identification number, not your
The due date for the Oregon composite return is the same
Oregon registry number. If you do not know your Oregon
as the due date for the majority of the electing owners’ tax
BIN, leave the space on the form blank.
returns. If the majority of owners file calendar year returns,
“Distributive income” is generally the net amount of
the composite return will also be a calendar year return. The
income, gain, deduction, or loss of a PTE.
fiscal year end of the PTE does not affect the due date. Use
the tax form that corresponds with the owners’ tax year.
“Electing owner” is a nonresident owner who chooses to
For a tax year of 2012, use the 2012 Form OC, which is due
join in the filing of a composite return.
April 15, 2013.
“FEIN” is federal employer identification number.
Example: NW LLC has a fiscal year that begins April 1, 2011
“Nonelecting owner” is an owner who chooses not to join
and ends March 31, 2012. Most of the electing owners are
in the filing of a composite return, whether the PTE with-
individuals and file using a calendar year. Following federal
held tax or not. Nonelecting owners are required to file an
reporting rules, the 2011 fiscal year income is reported on
Oregon tax return if they have Oregon-source distributive
the owners’ 2012 return. Therefore, NW LLC will file a 2012
income.
calendar year Form OC for its electing owners to report this
income which is due April 15, 2013.
“Owner” is a partner of a partnership or limited liability
partnership (LLP), shareholder of an S corporation, member
Extensions
of a limited liability company (LLC), or beneficiary of a trust.
If the PTE is granted a federal extension to file its informa-
“Pass-through entity (PTE)” is a partnership, S corporation,
tion return, the same additional length of time is added to
LLP, LLC, trust established specifically for tax avoidance,
the due date of the Oregon composite return (six months
or an abusive tax shelter trust. Note: Single-member LLCs
for Form 20 extensions and five months for Forms 41 and
owned by an individual or a corporation and grantor trusts
65 extensions).
are disregarded for tax purposes and are not PTEs. For this
Use Form OC-V if the PTE only needs an extension to file
purpose only: Estates are not PTEs.
the Oregon composite return or make an extension payment.
General information
Check the “extension” box and mail the completed voucher
with your payment. When Form OC is filed, check the
It’s important to know which owners are electing to join the
“extension” box and enter the revised due date. Keep a copy
composite return at the beginning of the tax year, so the PTE
of the extension form with your records. Remember: An
can make estimated payments on time.
extension allows for more time to file, not more time to pay.
150-101-154 (Rev. 12-12)

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