ORS 314.775 Definitions for ORS 314.775 to 314.784

As used in ORS 314.775 to 314.784:

“Distributive income” means the net amount of income, gain, deduction or loss of a pass-through entity for the tax year of the entity.

“Lower-tier pass-through entity” means a pass-through entity, an ownership interest of which is held by another pass-through entity.

“Nonresident” means:

An individual who is not a resident of this state;

A corporation, partnership or other business entity that has a commercial domicile, as defined in ORS 314.610, that is outside this state; or

A trust that is not a resident trust or qualified funeral trust under ORS 316.282.

“Owner” means a person that owns an interest in a pass-through entity.

“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.

“Upper-tier pass-through entity” means a pass-through entity that owns an interest in another pass-through entity.