The following provisions are intended as guidance for any
corporation doing business in this state that is part of a unitary group that
includes a member incorporated in a foreign jurisdiction listed in subsection
(2)(b) of ORS 317.715.
(1) To determine the computation of income
(or loss) for a unitary corporation that is incorporated in a listed foreign
jurisdiction and that is not otherwise required to file a consolidated federal
return, use the foreign corporation's net income (or loss) as reported on line
18, Schedule C of federal Form 5471.
(2) Unless specifically prescribed by other
law, the income of the foreign corporation is not to be double taxed by this
state. If any portion of the foreign corporation's income that is added to
federal taxable income pursuant to subsection (2)(a) of ORS
317.715 was already included in
the taxpayer's Oregon taxable income, the taxpayer is allowed a subtraction for
the portion of the income that previously was included in Oregon taxable
income. The taxpayer must attach a schedule to the return and explain how the
income was previously included in Oregon taxable income and how the subtraction
amount was determined.
(3) Unless
specifically prescribed by other law, items of expense or loss of the foreign
corporation are not to be double deducted by the taxpayer. If any portion of
the foreign corporation's loss or expense that is required to be included in
the determination of federal taxable income pursuant to subsection (2)(a) of
ORS 317.715 was already included in
the computation of the taxpayer's Oregon taxable income, the taxpayer must
reduce the loss or expense by the amount previously included in the computation
of Oregon taxable income. The taxpayer must attach a schedule to the return and
explain how the loss was previously included in the computation of Oregon
taxable income and how the reduction amount was determined.
Notes
Or. Admin. Code §
150-317-0640
REV 2-2014,
f. & cert. ef. 7-31-14; Renumbered from 150-317.715(5),
REV
69-2016, f. 8-15-16, cert. ef.
9/1/2016
Publications: Contact the Oregon Department of Revenue for
information about how to obtain a copy of the publication referred to or
incorporated by reference in this rule pursuant to 183.360(2) and
183.355(1)(b).
Stat. Auth.: ORS
305.100,
317.715
Stats. Implemented: ORS
317.715
