Oregon Statutes 314.775 – Definitions for ORS 314.775 to 314.784
As used in ORS § 314.775 to 314.784:
Terms Used In Oregon Statutes 314.775
- 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.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(1) ‘Distributive income’ means the net amount of income, gain, deduction or loss of a pass-through entity for the tax year of the entity.
(2) ‘Lower-tier pass-through entity’ means a pass-through entity, an ownership interest of which is held by another pass-through entity.
(3) ‘Nonresident’ means:
(a) An individual who is not a resident of this state;
(b) A corporation, partnership or other business entity that has a commercial domicile, as defined in ORS § 314.610, that is outside this state; or
(c) A trust that is not a resident trust or qualified funeral trust under ORS § 316.282.
(4) ‘Owner’ means a person that owns an interest in a pass-through entity.
(5) ‘Pass-through entity’ means any entity that is recognized as a separate entity for federal income tax purposes, for which the owners are required to report income, gains, losses, deductions or credits from the entity for federal income tax purposes. ‘Pass-through entity’ does not include any trust except a form of trust that the Department of Revenue has determined by rule to have been established or maintained primarily for tax avoidance purposes.
(6) ‘Upper-tier pass-through entity’ means a pass-through entity that owns an interest in another pass-through entity. [2005 c.387 § 1; 2009 c.33 § 17]