Or. Admin. Code § 150-314-0135

Current through Register Vol. 63, No. 12, December 1, 2024

Section 150-314-0135 - Returns When Accounting Period Changed

(1) A return may not be made for a period of more than one year. A separate return for a fractional part of a year is therefore required whenever there is a change. If a change in accounting period requested by the taxpayer has been approved by the IRS for federal purposes, the change shall also be permitted for Oregon tax purposes. A copy of the approved application shall be sent to the Department. The Department will require proration of exemptions, dependency credits, etc., where the part-year return is based on a change of accounting periods. If the change is approved by the Internal Revenue Service, the return for the period necessary to effect the change shall be delinquent unless filed on or before the fifteenth day of the fourth month after the close of such period and the taxpayer shall thereafter make returns and compute income upon the basis of the new accounting period.

(2) A taxpayer's taxable year for Oregon income tax purposes shall be the same as the taxpayer's taxable year for federal income tax purposes.

1958; 12-31-84; Renumbered from 150-314.355, REV 32-2016, f. 8-12-16, cert. ef. 9/1/2016

Stat. Auth.: ORS 305.100

Stats. Implemented: ORS 314.355