(1) If a taxpayer files with the department an adjustments report or an amended Oregon tax return as required within the period specified in ORS 314.733, the department may assess any amounts, including in-lieu-of amounts, taxes, interest or penalties arising from the adjustments. The department shall issue a notice of deficiency to the taxpayer on or before the later of:
(a) The expiration of the applicable limitations period specified in ORS 314.410; or
(b) Two years following the earlier of the date the department is notified by the Internal Revenue Service or the date the taxpayer files the adjustments report or amended Oregon tax return with the department.
(2) If the taxpayer fails to file an adjustments report within the period specified in ORS 314.733 or if the adjustments report filed by the taxpayer omits adjustments or understates the correct amount of tax owed, the department may assess any amounts, including in-lieu-of amounts, taxes, interest or penalties arising from the adjustments. The department shall issue a notice of deficiency to the taxpayer on or before the later of:
(a) The expiration of the applicable limitations period specified in ORS 314.410; or
(b) Two years following the earlier of the date the department is notified by the Internal Revenue Service or the date the taxpayer files the adjustments report with the department. [2019 c.132 §4]
Structure 2021 Oregon Revised Statutes
Volume : 08 - Revenue and Taxation
Chapter 314 - Taxes Imposed Upon or Measured by Net Income
Section 314.011 - Definitions; conformance with federal income tax law.
Section 314.033 - Application of federal Tax Reform Act of 1986 (P.L. 99-514).
Section 314.059 - Application of American Recovery and Reinvestment Act of 2009 (P.L. 111-5).
Section 314.075 - Evading requirements of law prohibited.
Section 314.085 - Taxable year; rules.
Section 314.091 - Abeyance of tax during periods of active duty military service.
Section 314.105 - Definitions for ORS 314.105 to 314.135.
Section 314.115 - Adjustment to correct effect of certain errors; use limited.
Section 314.125 - When adjustment may be made.
Section 314.256 - Lobbying expenditures; proxy tax; rules.
Section 314.258 - Withholding in certain conveyances of real estate; rules.
Section 314.260 - Taxation of real estate mortgage investment conduits.
Section 314.276 - Method of accounting.
Section 314.287 - Costs allocable to inventory.
Section 314.300 - Passive activity loss; determination; treatment; rules.
Section 314.306 - Income from discharge of indebtedness; bankruptcy; insolvency.
Section 314.307 - Definitions; reportable transactions.
Section 314.308 - Reportable transactions; rules.
Section 314.310 - Liability of transferee of taxpayer for taxes imposed on taxpayer.
Section 314.330 - Lien if grantor or other person determined to be owner of trust.
Section 314.360 - Information returns; penalties.
Section 314.362 - Filing return on magnetic media or other machine-readable form; rules.
Section 314.364 - Authority of department to require filing of returns by electronic means; rules.
Section 314.385 - Form of returns; time for filing; alternative filing formats; rules.
Section 314.395 - Time for payment of tax; interest on delayed return.
Section 314.402 - Understatement of net tax; penalty; cost-of-living adjustment; waiver of penalty.
Section 314.403 - Listed transaction understatement; penalty.
Section 314.404 - Penalty for failure to report reportable transaction.
Section 314.406 - Penalty for promotion of abusive tax shelter.
Section 314.415 - Refunds; interest; credits.
Section 314.419 - Foreclosure of lien.
Section 314.423 - Status of lien.
Section 314.425 - Examining books, records or persons.
Section 314.430 - Warrant for collection of taxes.
Section 314.440 - Tax as debt; termination of taxable period and immediate assessment of tax.
Section 314.505 - Estimate of tax liability by corporations; rules.
Section 314.515 - Installment schedule for payment of estimated tax.
Section 314.518 - Estimated tax payments by electronic funds transfer; phase-in; rules.
Section 314.520 - State agency authority over certain electronic funds transfer payments.
Section 314.525 - Underpayment of estimated tax; interest; nonapplicability of penalties.
Section 314.605 - Short title; construction.
Section 314.610 - Definitions for ORS 314.605 to 314.675.
Section 314.620 - When taxpayer is considered taxable in another state.
Section 314.630 - Allocation to this state of net rents and royalties.
Section 314.635 - Allocation to this state of capital gains and losses.
Section 314.642 - Allocation to this state of lottery prizes.
Section 314.645 - Allocation to this state of patent and copyright royalties.
Section 314.655 - Determination of property factor.
Section 314.660 - Determination of payroll factor.
Section 314.666 - Market for sales in this state.
Section 314.667 - Additional methods to determine extent of business activity in this state; rules.
Section 314.668 - Definitions.
Section 314.669 - Legislative findings; purposes.
Section 314.671 - Qualifying investment contract; duration; remedies.
Section 314.673 - Rules; report to Legislative Assembly.
Section 314.674 - Apportionment of broadcasting sales.
Section 314.712 - Partnerships not subject to income tax; exceptions.
Section 314.716 - Basis of partner’s interest; gain or loss on sale; election to adjust basis.
Section 314.718 - Treatment of contributions to partnership.
Section 314.720 - Treatment of distributions from partnership.
Section 314.722 - Publicly traded partnerships taxed as corporations.
Section 314.724 - Information return; penalty; rules.
Section 314.731 - Definitions.
Section 314.735 - Time limit for notice of deficiency.
Section 314.737 - Time limit for claim for refund or credit.
Section 314.765 - Employee fringe benefits; foreign income.
Section 314.766 - Tax on built-in gain.
Section 314.767 - Tax on excess net passive income.
Section 314.768 - S corporation or shareholder elections; rules.
Section 314.770 - Disclosure of S corporation items to shareholder.
Section 314.771 - Recapture of LIFO benefits.
Section 314.772 - Business tax credits; allowance to shareholders.
Section 314.775 - Definitions for ORS 314.775 to 314.784.
Section 314.781 - Withholding; required returns and statements; pass-through entity liability.
Section 314.784 - Circumstances when pass-through entity withholding is not required; rules.
Section 314.835 - Divulging particulars of returns and reports prohibited.
Section 314.840 - Disclosure of information; persons to whom information may be furnished.
Section 314.843 - Reporting of information to consumer reporting agency; rules.
Section 314.865 - Use of certain information for private benefit prohibited.
Section 314.870 - Time for performing certain acts postponed by reason of service in a combat zone.