(1) If a taxpayer fails to report to the Department of Revenue a reportable transaction as required by ORS § 314.308, there shall be added to the tax liability of the taxpayer for the tax year a penalty as follows:

Terms Used In Oregon Statutes 314.404

  • 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.

(a) Individual taxpayers, $3,300.

(b) Corporation taxpayers, $16,700.

(2) If the reportable transaction is a listed transaction, in lieu of the penalty provided in subsection (1) of this section, the penalty shall be as follows:

(a) Individual taxpayers, $33,000.

(b) Corporation taxpayers, $66,000.

(3) This section applies to tax years beginning on or after January 1, 2007. [2007 c.568 § 9]

 

[1957 c.632 § 13 (enacted in lieu of 316.605 and 317.405); 1959 c.212 § 1; subsection (8) derived from 1959 c.212 § 3; 1961 c.504 § 1; 1965 c.554 § 1; 1969 c.166 § 3; 1969 c.493 § 87; 1971 c.333 § 1; 1971 c.354 § 4; 1973 c.402 § 29; 1975 c.593 § 15; repealed by 1977 c.870 § 22 (314.466 enacted in lieu of 314.405)]

 

  Previous section
Next section  
 Returns Contents