ORS 314.750¹
Recapture of LIFO benefits

(1) Any increase in tax by reason of a recapture of LIFO benefits under section 1363(d) of the Internal Revenue Code shall be payable in four equal installments.

(2)(a) The first installment shall be paid on or before the due date for the return of the tax for the last taxable year for which the corporation was a C corporation and the three succeeding installments shall be paid on or before the due date for the corporation’s return for the three succeeding taxable years.

(b) For purposes of this subsection, the due date for returns shall be determined without regard to extensions.

(3) Notwithstanding ORS 314.400 (Penalty for failure to file report or return or to pay tax when due) (7), for purposes of ORS 314.400 (Penalty for failure to file report or return or to pay tax when due) (7), interest on each installment that is not paid on or before the date prescribed under subsection (2) of this section for payment of that installment shall accrue only from the due date for that installment.

(4) This section applies in the case of S corporation elections made after December 17, 1987. No refund or interest shall accrue to any taxpayer on account of the retroactive application under this subsection. [1989 c.625 §58; 2007 c.322 §2]

Note: Section 3 (2), chapter 322, Oregon Laws 2007, provides:

Sec. 3. (2) The amendments to ORS 314.750 (Recapture of LIFO benefits) by section 2 of this 2007 Act apply to tax years beginning on or after January 1, 2008. [2007 c.322 §3(2)]

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