Definitions for ORS 316.872
As used in ORS 316.871 (Definitions for ORS 316.872) and 316.872 (Deferral of gain on sale of small business securities), unless the context requires otherwise:
(1) "Consideration" includes money, property or securities. If consideration is for other than money, consideration shall mean the amount equal to the adjusted basis to the corporation of the property received reduced by any liability to which the property was subject or which was assumed by the corporation as of the time the property was received.
(2) "Security" means any security as defined in ORS 59.015 (Definitions for Oregon Securities Law).
(3) "Small business corporation" means a corporation that:
(a) Is organized in this state or authorized to transact business in this state under the Oregon Business Corporation Act and which has its primary place of business or commercial domicile in Oregon as determined under the administrative rule of the Department of Revenue.
(b) Had total employment of no more than 200 employees, as measured by the number of employees covered by federal unemployment insurance on December 31 of the year preceding issuance of the small business stock, a majority of which employees were covered by Oregon unemployment insurance on December 31 of the year preceding acquisition of the small business stock. However, if more than 50 percent of the outstanding equity securities of all classes are held by another corporation, the employment of the controlling corporation shall be counted as employment of the eligible corporation for purposes of this paragraph.
(c) Had gross receipts for its tax year ending in the calendar year previous to the calendar year in which the tax year of the taxpayer claiming the credit under ORS 316.872 (Deferral of gain on sale of small business securities), begins of which not more than 25 percent were obtained from royalties, rents, dividends, interest, annuities and sales and exchanges of property. However, this restriction does not apply to companies whose primary business is the sale or development of computer software.
(d) Is not engaged primarily in the business of managing, holding, buying or selling real property.
(e) Has not issued small business securities for consideration in excess of $1 million. Any small business securities issued by affiliates of the corporation as defined in section 1504 of the Internal Revenue Code shall be aggregated with the small business securities issued by the corporation for purposes of the $1 million limit.
(4) "Small business security" means a security issued by a small business corporation and purchased by a taxpayer directly from the same small business corporation, or purchased by a taxpayer from an underwriter which is selling the securities as part of a plan to raise new debt or equity capital for the small business corporation. The Department of Revenue shall, upon request, designate those small business security issues which fit the definition set forth in this paragraph. [1985 c.715 §2; 1987 c.293 §9; 1993 c.18 §82; 1997 c.772 §30]
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