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Oregon Revised Statutes

Or. Rev. Stat. § 317.362 (2026)

Reversal of effect of gain or loss in case of timber, coal, domestic iron ore

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      317.362 Reversal of effect of gain or loss in case of timber, coal, domestic iron ore. To derive Oregon taxable income, federal taxable income shall be modified to reverse the effect of section 631 of the Internal Revenue Code. [1983 c.162 §27]

Notes of Decisions
Cited in 2 cases, 1998–2000 · leading case: Smurfit Newsprint Corp. v. Dep't of Revenue, 14 Or. Tax 434 (Or. T.C. 1998).
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Smurfit Newsprint Corp. v. Dep't of Revenue, 14 Or. Tax 434 (Or. T.C. 1998). · cites it 2× “Taxpayer had failed to reverse the effect of an IRC section 631 election as required by ORS 317.362. 2 Although ORS 314.410 barred the department from assessing a deficiency for 1986, the department recalculated taxpayer’s 1986 corporate excise tax liability.”
Smurfit Newsprint Corp. v. Dep't of Revenue, 997 P.2d 185 (Or. 2000). “ORS 317.362. The department’s audit revealed that taxpayer had failed to make the section 631 reversal on its 1986 Oregon tax return.”
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