Oregon Administrative Rules
Chapter 150 - DEPARTMENT OF REVENUE
Division 314 - INCOME TAXATION GENERALLY GENERAL PROVISIONS
Section 150-314-0485 - Partnership Information Returns
Universal Citation: OR Admin Rules 150-314-0485
Current through Register Vol. 63, No. 9, September 1, 2024
(1) Partnership required to file. A partnership must file for Oregon an information return of its business activity and include other information as required by section (2) of this rule if the partnership:
(a) Has income that is derived
from or connected with sources within Oregon; or
(b) Has one or more Oregon resident partners
during the taxable year of the partnership.
(2) Information Required. Every partnership required to file a return under section (1) of this rule must file with Oregon:
(a) An Oregon Form OR-65 (Oregon Partnership
Return of Income).
(b) An Oregon
Depreciation Schedule if Oregon depreciation is different than federal.
(c) A copy of federal Form 1065
(U.S. Partnership Return of Income) or federal Form 1065-B (U.S. Return of
Income for Electing Large Partnerships) and all attachments filed for federal.
See section (3) for information regarding the submission of federal Schedule
K-1s (Partner's Share of Income, Credits, Deductions, etc.).
(d) A schedule showing the disposition of all
assets and liabilities if this is the final return of a terminated partnership.
The schedule must include each asset's Oregon adjusted basis and fair market
value.
(3) Federal Schedule K-1.
(a) The partnership must
include a copy of each partner's federal Schedule K-1 if any of the following
occurs during the partnership's taxable year:
(A) The partnership incurs a net loss
(including capital losses or passive losses);
(B) There are changes to either the ownership
structure or the profit/loss sharing percentages of the partnership; or
(C) Any Oregon modifications or
amounts shown on the federal Schedule K (including guaranteed payments) are not
divided according to each partner's partnership share of profits and losses.
(b) Exception.
Partnerships that have no income connected with or derived from sources within
Oregon and have no activity within Oregon must file a copy of the partner's
federal Schedule K-1 only when:
(A) The
partner was an Oregon resident partner at some time during the taxable year of
the partnership; and
(B) Any of
the situations described in paragraph (3)(a) occur. All other filing
requirements of section (2) of this rule must still be satisfied.
(c) Substitute Schedule K-1. If
the number of Schedule K-1s required to be included with the Oregon return
exceeds ten, the partnership must include a summary of partner information in
lieu of submitting each partner's Schedule K-1. The summary must include each
partner's name, social security number or federal identification number,
address, and profit/loss sharing percentage.
Publications: Publications referenced are available from the agency.
Stat. Auth.: ORS 305.100
Stats. Implemented: ORS 314.724
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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