Form Fia-40n And Form Fia-40p - Oregon Farm Income Averaging And Schedule Z - Computation Of Tax (Attachment To Oregon Form 40n) - 2014 Page 2

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2014

FORM

FIA-40P

OREGON FARM INCOME AVERAGING

Name(s) as shown on Oregon Form 40P

Social Security number (SSN)

—

Federal column

Oregon column

Computation of 2014 Taxable Income

1 Enter income after subtractions from your 2014 Oregon Form 40P, line 38 .............. 1a

2 Enter your elected farm income from Oregon sources

from federal Schedule J, line 2; or from Oregon Form 40P, line 19S .......................... 2a

3 Line 1 minus line 2 in both the federal and Oregon columns ..................................... 3a

4 Recomputed Oregon percentage. Divide line 3b by line 3a

(not more than 100.0%)

.....................................................................................................

4 ___ ___ ___

___%

5 Enter allowable deductions and modifications from your

2014 Form 40P, line 47 ............................................................................................... 5

6 Line 3a minus line 5. Enter the result here ............................................................................................................ 6

7 Figure the tax on line 6 using the 2014 Tax Rate Charts ...................................................................................... 7

8 Multiply line 7 by the recomputed Oregon percentage on line 4 .......................................................................... 8

9 Divide line 2b by 3.0 and enter here ............................................................................. 9

Prior Years’ Tax

10 Enter the amount from your 2014 Schedule Z, Computation for Tax Year 2011,

Computation A, line 10; Computation B, line 8; or Computation C, line 4;

whichever applies ............................................................................................................................................... 10

11 Enter the amount from your 2014 Schedule Z, Computation for Tax Year 2012,

Computation A, line 10; Computation B, line 8; or Computation C, line 4;

whichever applies ............................................................................................................................................... 11

12 Enter the amount from your 2014 Schedule Z, Computation for Tax Year 2013,

Computation A, line 10; Computation B, line 8; or Computation C, line 4;

whichever applies ............................................................................................................................................... 12

13 Add lines 8, 10, 11, and 12 ................................................................................................................................. 13

Computation of 2014 Tax

14 2011 tax. If you used FIA to figure your tax for 2013, enter the amount from your

2013 Form FIA-40, line 12; Form FIA-40N, line 12; or Form FIA-40P, line 11. If

you did not use FIA in 2013 but did for 2012, enter the amount from 2012 Form

FIA-40, line 16; Form FIA-40N, line 13; or Form FIA-40P, line 12. If you did not

use FIA in 2013 or 2012 but did in 2011, enter the amount from 2011 FIA-40,

line 4; FIA-40N, line 9; or FIA-40P, line 8. Otherwise, enter the tax from your

2011 Form 40, line 29; Form 40N, line 51; or Form 40P, line 50 ........................................................................ 14

15 2012 tax. If you used FIA to figure your tax for 2013, enter the amount from your

2013 Form FIA-40, line 16; Form FIA-40N, line 13; or Form FIA-40P, line 12. If

you did not use FIA in 2013 but did for 2012, enter the amount from 2012 Form

FIA-40, line 4; Form FIA-40N, line 9; or Form FIA-40P, line 8. Otherwise, enter

the tax from your 2012 Form 40, line 29; Form 40N, line 51; or Form 40P, line 50 ............................................ 15

16 2013 tax. If you used FIA to figure your tax for 2013, enter the amount from your

2013 Form FIA-40, line 4; Form FIA-40N, line 9; or Form FIA-40P, line 8. Other-

wise, enter the tax from your 2013 Form 40, line 29; Form 40N, line 51; or

Form 40P, line 50 ................................................................................................................................................ 16

17 Add lines 14, 15, and 16 ..................................................................................................................................... 17

18 Line 13 minus line 17 .......................................................................................................................................... 18

19 Figure the tax on the amount on your 2014 Form 40P, line 48, using the 2014 tax rate charts from

Form 40P instructions. Multiply the result by the Oregon percentage on your 2014 Form 40P, line 39.

and enter here..................................................................................................................................................... 19

20 Is line 18 less than line 19? If yes, enter the amount from line 18 here and on Form 40P, line 50, and

check box 50a on Form 40P. If no, STOP: your tax is not reduced by using FIA. Complete your

Form 40P without using FIA ............................................................................................................................... 20

150-101-161 (Rev. 12-14)

—Attach your completed Form FIA-40P to your Oregon Form 40P—