ORS 314.307 Definitions; reportable transactions

As used in this section and ORS 314.308, 314.403 and 314.404:

“Listed transaction” means any of the following transactions:

A listed transaction under section 6707A of the Internal Revenue Code.

A transaction without economic substance in which an Oregon taxable corporation:

Transfers income-producing assets to a real estate investment trust owned directly or indirectly by the corporation; and

With respect to dividends paid from the real estate investment trust, claims a dividend-received deduction and the real estate investment trust claims a dividend-paid deduction.

A transaction without economic substance in which an Oregon taxable corporation:

Transfers income-producing assets to a regulated investment company owned directly or indirectly by the corporation; and

With respect to dividends paid from the regulated investment company, claims a dividend-received deduction and the regulated investment company claims a dividend-paid deduction.

“Oregon taxable corporation” means a corporation:

That does business in Oregon, is organized in Oregon or has income from Oregon sources; or

That is owned by an Oregon income or corporate excise taxpayer.

“Reportable transaction” means a transaction:

That is a reportable transaction under section 6707A of the Internal Revenue Code; or

That is a listed transaction.

“Transaction without economic substance” means a transaction for which the taxpayer cannot demonstrate a business purpose other than tax savings.