Form 41 - Schedule P - Part-Year Resident Trust Computation Of Tax - 2014
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2014
Schedule P
Part-Year Resident Trust Computation of Tax
Form 41
Name of trust
Oregon business identification number (BIN)
Oregon resident (MM/DD/YYYY)
Federal employer identification number (FEIN)
From ___________________________ to ___________________________
Round all amounts to the nearest whole dollar
Beneficiary column
Fiduciary column
1. Revised distributable net income from
page 2, line 17 ................................................... 1
2. Distribution deduction from federal Form 1041,
Schedule B, line 15, plus Schedule P, page 2, line 19 .............................. 2
a. Tax-exempt income deducted in computing
distribution deduction from federal
Form 1041, Schedule B, line 12 ................. 2a
b. Line 2 plus line 2a ........................................ 2b
3. Percentage = Line 2b $
= 3
%
Line 1
$
4. Revised taxable income of fiduciary from Schedule P, page 2, line 20 ................................................. 4
5. Fiduciary adjustment from Schedule P, page 2, line 32
Indicate whether to be
added or
subtracted ................................ 5
a. Beneficiary’s share (line 5 × % on line 3 —see instructions) ................... 5a
b. Fiduciary’s share (line 5 minus line 5a) .............................................................................................. 5b
6. Income to beneficiaries (total or net of lines 2 and 5a) .................................. 6
7. Taxable income of fiduciary (total or net of lines 4 and 5b) ...................................................................... 7
8. Oregon taxable income of fiduciary (from Form 41, line 7) ...................................................................... 8
9. Tax on amount on line 7 (use rate schedule, Form 41, page 2) ........................................... 9
10. Percentage = Line 8
$
= 10
%
Line 7
$
11. Oregon tax: line 9 × % on line 10. Enter here and on Form 41, line 8 ............................... 11
Schedule P Instructions
Schedule P is for computing the Oregon tax of a part-year resident trust. Use Schedule P in combination with Form 41 to compute
an allocated amount of Oregon tax to Oregon-source taxable income. Do not use it for full-year Oregon trusts or full-year
nonresident trusts.
Step 1. Complete Oregon Form 41, lines 1–7, using Oregon-source income only and the deductions directly related to that income.
A federal Form 1041 may be used as a worksheet to show Oregon-source amounts. Transfer the amount on Form 41, line 7, to
Schedule P, line 8.
Step 2. Complete Schedule P as though the trust were a full-year Oregon resident reporting income from all sources regardless of
where derived. The amounts entered are based on the federal Form 1041 as filed. The Oregon tax on line 9 is computed as if the trust
were a full-year Oregon resident.
Step 3. Apportion the Oregon tax shown on Schedule P, line 9 using the percentage determined on line 10. Enter the result on
Schedule P, line 11, and on Oregon Form 41, line 8.
Attach this schedule to your Oregon Form 41
Sch P, page 1 of 2
150-101-051 (Rev. 12-14)
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