(1) As used in this section, ‘publicly traded partnership‘ means a partnership treated as a corporation for federal income tax purposes under section 7704 of the Internal Revenue Code for the tax year.

Terms Used In Oregon Statutes 314.722

  • 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.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.

(2) Persons carrying on business as partners in a publicly traded partnership are not subject to tax under ORS Chapter 316, 317 or 318 on their distributive shares of partnership income, but the publicly traded partnership is taxable as a corporation under ORS Chapter 317 or 318 as provided under ORS Chapter 317 or 318. [1989 c.625 § 39]

 

[1999 c.90 § 3; repealed by 2019 c.132 § 11]

 

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