ORS 314.307¹
Definitions
  • reportable transactions

As used in this section and ORS 314.308 (Reportable transactions), 314.403 (Listed transaction understatement), 314.404 (Penalty for failure to report reportable transaction), 314.406 (Penalty for promotion of abusive tax shelter) and 314.469 (Treatment of moneys collected under ORS 314.406):

(1) "Listed transaction" means any of the following transactions:

(a) A listed transaction under section 6707A of the Internal Revenue Code.

(b) A transaction without economic substance in which an Oregon taxable corporation:

(A) Transfers income-producing assets to a real estate investment trust owned directly or indirectly by the corporation; and

(B) With respect to dividends paid from the real estate investment trust, claims a dividend-received deduction and the real estate investment trust claims a dividend-paid deduction.

(c) A transaction without economic substance in which an Oregon taxable corporation:

(A) Transfers income-producing assets to a regulated investment company owned directly or indirectly by the corporation; and

(B) With respect to dividends paid from the regulated investment company, claims a dividend-received deduction and the regulated investment company claims a dividend-paid deduction.

(2) "Oregon taxable corporation" means a corporation:

(a) That does business in Oregon, is organized in Oregon or has income from Oregon sources; or

(b) That is owned by an Oregon income or corporate excise taxpayer.

(3) "Reportable transaction" means a transaction:

(a) That is a reportable transaction under section 6707A of the Internal Revenue Code; or

(b) That is a listed transaction.

(4) "Transaction without economic substance" means a transaction for which the taxpayer cannot demonstrate a business purpose other than tax savings. [2007 c.568 §2]

Note: Section 21, chapter 568, Oregon Laws 2007, provides:

Sec. 21. Sections 2 [314.307 (Definitions)], 8 [314.403 (Listed transaction understatement)], 12 [314.406 (Penalty for promotion of abusive tax shelter)] and 13 [314.469 (Treatment of moneys collected under ORS 314.406)] of this 2007 Act apply to tax years beginning on or after January 1, 1999. [2007 c.568 §21]

Chapter 314

Law Review Cita­tions

9 WLJ 249 (1973); 5 EL 516 (1975)

1 Legislative Counsel Committee, CHAPTER 314—Taxes Imposed Upon or Measured by Net Income, https://­www.­oregonlegislature.­gov/­bills_laws/­Archive/­2007ors314.­pdf (2007) (last ac­cessed Feb. 12, 2009).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2007, Chapter 314, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­314ano.­htm (2007) (last ac­cessed Feb. 12, 2009).
 
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent. Currency Information