taxable income or loss
"Taxable income or loss" means the taxable income or loss determined, or in the case of a corporation for which no federal taxable income or loss is determined, as would be determined, under chapter 1, Subtitle A of the Internal Revenue Code and any other laws of the United States relating to the determination of taxable income or loss of corporate taxpayers, with the additions, subtractions, adjustments and other modifications as are specifically prescribed by this chapter except that in determining taxable income or loss for any year, no deduction under ORS 317.476 (Net losses of prior years) or 317.478 (Pre-change and built-in losses) and section 45b, chapter 293, Oregon Laws 1987, shall be allowed. If the corporation is a corporation to which ORS 314.280 (Allocation of income of financial institution or public utility from business within and without state) or 314.605 (Short title) to 314.675 (Apportionment of net loss) (requiring or permitting apportionment of income from transactions or activities carried on both within and without the state) applies, to derive taxable income or loss, the following shall occur:
(a) From the amount otherwise determined under this subsection, subtract nonbusiness income, or add nonbusiness loss, whichever is applicable.
(b) Multiply the amount determined under paragraph (a) of this subsection by the Oregon apportionment percentage defined under ORS 314.280 (Allocation of income of financial institution or public utility from business within and without state), 314.650 (Apportionment of income) or 314.670, whichever is applicable. The resulting product shall be Oregon apportioned income or loss.
(c) To the amount determined as Oregon apportioned income or loss under paragraph (b) of this subsection, add nonbusiness income allocable entirely to Oregon under ORS 314.280 (Allocation of income of financial institution or public utility from business within and without state) or 314.625 (Certain nonapportionable income to be allocated) to 314.645 (Allocation to this state of patent and copyright royalties), or subtract nonbusiness loss allocable entirely to Oregon under ORS 314.280 (Allocation of income of financial institution or public utility from business within and without state) or 314.625 (Certain nonapportionable income to be allocated) to 314.645 (Allocation to this state of patent and copyright royalties). The resulting figure is "taxable income or loss" for those corporations carrying on taxable transactions or activities both within and without Oregon.
(11) As used in ORS 317.122 (Insurers) and 317.650 (Insurers) to 317.665 (Oregon net losses of insurer in prior years), " insurer" means any domestic, foreign or alien insurer as defined in ORS 731.082 (“Domestic,” “foreign,” “alien” insurer) and any interinsurance and reciprocal exchange and its attorney in fact with respect to its attorney in fact net income as a corporate attorney in fact acting as attorney in compliance with ORS 731.458 (Exchange of reciprocal or interinsurance contracts), 731.462 (Nonassessable policies of reciprocal insurer), 731.466 (Power of attorney for reciprocal insurer) and 731.470 (Attorney for reciprocal insurer) for the reciprocal or interinsurance exchange. However, "insurer" does not include title insurers or health care service contractors operating pursuant to ORS 750.005 (Definitions) to 750.095 (Requirements of contract between provider and subscriber). [Amended by 1953 c.385 §9; 1959 c.631 §1; 1963 c.571 §1; subsection (18) enacted as 1969 c.600 §2; 1975 c.368 §4; 1977 c.866 §2; 1983 c.162 §3; 1984 c.1 §5; 1985 c.802 §20; 1987 c.293 §31; 1989 c.625 §15; 1991 c.457 §8; 1993 c.726 §38; 1995 c.556 §12; 1995 c.786 §12; 1997 c.154 §49; 1997 c.839 §26; 1999 c.224 §8; 2001 c.660 §46; 2003 c.77 §19; 2005 c.832 §31; 2007 c.614 §14]Oregon Legislature 1