Federal income tax deductions
- accrual method of accounting required
- adjustment for federal earned income credit
Source:
Section 316.685 — Federal income tax deductions; accrual method of accounting required; adjustment for federal earned income credit, https://www.oregonlegislature.gov/bills_laws/ors/ors316.html.
Notes of Decisions
Since the federal statute allows, at the taxpayer’s election, the deferral of tax on gains realized on an involuntary conversion, and the federal regulation permits a rescission of this election, no tax would accrue for federal purposes until reinvestment was actually made or the election was rescinded. Renville v. Dept. of Rev., 5 OTR 202 (1973)
In arriving at the net operating loss under §172 of the federal Internal Revenue Code, the federal income tax deductions allowed under this section shall be included as a deduction from gross income. Bechtold v. Dept. of Rev., 5 OTR 629 (1975), aff’d273 Or 762, 543 P2d 665 (1975)
Law Review Citations
16 WLR 379 (1979)
Up to date