Oregon Statutes 314.307 – Definitions; reportable transactions
As used in this section and ORS § 314.308, 314.403 and 314.404:
Terms Used In Oregon Statutes 314.307
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(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; 2013 c.176 § 6]