ORS 314.307: Definitions; reportable transactions.

As used in this section and ORS 314.308, 314.403 and 314.404:

      (1) “Listed transaction” means any of the following transactions:

      (a) A listed transaction under section 6707A of the Internal Revenue Code.

      (b) A transaction without economic substance in which an Oregon taxable corporation:

      (A) Transfers income-producing assets to a real estate investment trust owned directly or indirectly by the corporation; and

      (B) With respect to dividends paid from the real estate investment trust, claims a dividend-received deduction and the real estate investment trust claims a dividend-paid deduction.

      (c) A transaction without economic substance in which an Oregon taxable corporation:

      (A) Transfers income-producing assets to a regulated investment company owned directly or indirectly by the corporation; and

      (B) With respect to dividends paid from the regulated investment company, claims a dividend-received deduction and the regulated investment company claims a dividend-paid deduction.

      (2) “Oregon taxable corporation” means a corporation:

      (a) That does business in Oregon, is organized in Oregon or has income from Oregon sources; or

      (b) That is owned by an Oregon income or corporate excise taxpayer.

      (3) “Reportable transaction” means a transaction:

      (a) That is a reportable transaction under section 6707A of the Internal Revenue Code; or

      (b) That is a listed transaction.

      (4) “Transaction without economic substance” means a transaction for which the taxpayer cannot demonstrate a business purpose other than tax savings.