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News & Press: State Tax News

Tax year 2018 repatriation addition for corporations

Friday, April 5, 2019   (0 Comments)
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submitted by LARIMER Jason * DOR <Jason.LARIMER@oregon.gov>

Revenue has posted revised instructions for tax year 2018 for Forms OR-20 and OR-20-INC on our website at: www.oregon.gov/dor/forms . The revised instructions clarify the use of Oregon addition code 184 for repatriation income due to IRC Section 965. Please note that this clarification only applies to corporate taxpayers filing a Form OR-20 or OR-20-INC.

A corporation with an inclusion for accumulated deferred foreign income post-1986 must include the gross amount of the repatriation on their Oregon return. Add the amount of the repatriation not already included on line 1 of Form OR-20 or OR-20-INC using addition code 184 and Schedule OR-ASC-CORP.

The gross amount of the IRC Section 965 repatriation qualifies for a dividend received deduction. The deduction is 80 percent of the gross amount of the repatriation from a 20-percent-owned foreign corporation as described in ORS 317.267(2)(b). Otherwise, the dividend received deduction is 70 percent of the gross amount of the repatriation. Report the deduction as a subtraction on Schedule OR-ASC-CORP using subtraction code 377. Don't use Form OR-DRD.

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