Oregon Administrative Rules
Chapter 150 - DEPARTMENT OF REVENUE
Division 314 - INCOME TAXATION GENERALLY GENERAL PROVISIONS
Section 150-314-0215 - Listed Transaction Understatement; Penalty
Universal Citation: OR Admin Rules 150-314-0215
Current through Register Vol. 63, No. 9, September 1, 2024
(1) "Return of the taxpayer" for purposes of this penalty is defined as the original return filed with the department that contains a listed transaction understatement, or the most recent amended return filed with the department that contains a listed transaction understatement.
(2) "Net increase in taxable income" for purposes of this penalty is defined as an increase to taxable income or a decrease to a taxable loss.
Example
1
: Taxpayer files an original 2006 return that
contains a listed transaction understatement. Taxpayer amends the 2006 return
and makes no changes to the treatment of the listed transaction. The
Department, during an audit, discovers a listed transaction understatement on
the taxpayer's return. The listed transaction understatement penalty is based
on the net increase in taxable income between the treatment of the listed
transaction reported on the amended return and the correct treatment of the
listed transaction.
Example 2
: Taxpayer files an original 2007 return. Taxpayer amends the 2007
return to report the correct treatment of a listed transaction. The listed
transaction understatement penalty is based on the net increase in taxable
income between the amount of the listed transaction on the original return and
the correct treatment of the listed transaction reported on the amended
return.
Stat. Auth.: ORS 314.403, 305.100
Stats. Implemented: ORS 314.403
Disclaimer: These regulations may not be the most recent version. Oregon may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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