314.714
Character of partnership income; procedure if partner’s treatment of item
inconsistent with partnership treatment; rules. (1) Each item of partnership
income, gain, loss or deduction has the same character for a partner as it has
for federal income tax purposes. If an item is not characterized for federal
income tax purposes, it has the same character for a partner as if realized
directly from the source from which realized by the partnership or incurred in
the same manner as incurred by the partnership.
(2) A partner’s
distributive share of an item of partnership income, gain, loss or deduction
(or item thereof) shall be that partner’s distributive share of partnership
income, gain, loss or deduction (or item thereof) for federal income tax
purposes as determined under section 704 of the Internal Revenue Code and
adjusted for the modifications, additions and subtractions provided in this
chapter and ORS chapters 316, 317 and 318.
(3) A partner
shall, on the partner’s return, treat a partnership item in a manner that is
consistent with the treatment of the partnership item on the partnership
return, unless the partner notifies the Department of Revenue of the
inconsistency. The department shall prescribe by rule the method for
notification of an inconsistency. [1989 c.625 §30 (enacted in lieu of 316.347);
1993 c.726 §22; 1999 c.90 §6; 2019 c.132 §8]
Notes of Decisions
Cook v. Dept. of Rev., 23 Or. Tax 107 (Or. T.C. 2018).
· cites it 3× “The character of partnership items for a nonresident partner shall be determined under ORS 314.714(1).” The language of ORS 316.”
Pratt & Larsen Tile v. Dep't of Revenue, 13 Or. Tax 270 (Or. T.C. 1995).
“ORS 314.714. Nevertheless, in transactions with others, the law allows a partnership to act as a legal entity separate from its partners.”
Reeve v. Dep't of Revenue, 37 P.3d 981 (Or. 2001).
· cites it 6× “124(5), 7 the character of partnership items for a nonresident partner is determined by ORS 314.714(1), which provides: “Each item of partnership income, gain, loss or deduction has the same character for a partner as it has for federal income tax purposes.”
Wiley v. Dept. of Rev. (Or. T.C. 2017).
“See ORS 314.714 (concerning items of partnership income, gain, loss, or deduction); ORS 314.”
Lamka v. Dept. of Rev. (Or. T.C. 2018).
“See ORS 314.714(2); IRC § 704 (providing for distributing partnerships’ tax items among partners).”
— Or. Rev. Stat. § 314.714(1) — 2 cases
Cook v. Dept. of Rev., 23 Or. Tax 107 (Or. T.C. 2018).
“The character of partnership items for a nonresident partner shall be determined under ORS 314.714(1).” The language of ORS 316.”
Reeve v. Dep't of Revenue, 37 P.3d 981 (Or. 2001).
“124(5), 7 the character of partnership items for a nonresident partner is determined by ORS 314.714(1), which provides: “Each item of partnership income, gain, loss or deduction has the same character for a partner as it has for federal income tax purposes.”
— Or. Rev. Stat. § 314.714(2) — 3 cases
Cook v. Dept. of Rev., 23 Or. Tax 107 (Or. T.C. 2018).
“The character of partnership items for a nonresident partner shall be determined under ORS 314.714(1).” The language of ORS 316.”
Reeve v. Dep't of Revenue, 37 P.3d 981 (Or. 2001).
“124(5), 7 the character of partnership items for a nonresident partner is determined by ORS 314.714(1), which provides: “Each item of partnership income, gain, loss or deduction has the same character for a partner as it has for federal income tax purposes.”
Lamka v. Dept. of Rev. (Or. T.C. 2018).
“See ORS 314.714(2); IRC § 704 (providing for distributing partnerships’ tax items among partners).”
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