Transitional provision to prevent doubling income or deductions
Source:
Section 316.047 — Transitional provision to prevent doubling income or deductions, https://www.oregonlegislature.gov/bills_laws/ors/ors316.html.
Notes of Decisions
Annuity income not taxed by Oregon because of difference in treatment of annuity income prior to 1969, and excluded from federal tax returns after 1969, is an exclusion rather than deduction, and this section is not applicable. Bronson v. Dept. of Rev., 5 OTR 86 (1972), aff’d 265 Or 211, 508 P2d 423 (1973)
The statute will not allow a short-term capital loss carryover to the 1969 tax year where such disallowance does not result in a double taxation or deduction. Rinehart v. Dept. of Rev., 5 OTR 210 (1973)
By enactment of this section the legislature intended that adjustments be made in the taxpayer’s net income to alleviate inconsistent treatment resulting from the transition from the Personal Income Tax Act of 1953 to the federal Internal Revenue Code. Christian v. Dept. of Rev., 269 Or 469, 526 P2d 538 (1974)
Where taxpayers realized gain on sale of California property before moving to Oregon, gain was not taxable by state even though recognition was deferred under federal tax law until after taxpayers had established residency in Oregon. Denniston v. Dept. of Revenue, 287 Or 719, 601 P2d 1258 (1979)
Despite apparent inconsistency between state and federal tax law, taxpayers were required to use deceased father’s basis in stock, rather than stepped-up basis, for determining gain for state income tax purposes. Seymour v. Dept. of Rev., 11 OTR 394 (1990), aff’d 311 Or 254, 809 P2d 100 (1991)
No double income taxation existed where state law required taxpayers to report gain on sale of stock calculated using decedent donor’s basis rather than stepped-up basis. Seymour v. Dept. of Rev., 311 Or 254, 809 P2d 100 (1991)
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