Department of Revenue
Chapter 150
Division 314
INCOME TAXATION GENERALLY
GENERAL PROVISIONS
150-314-0485
Partnership Information Returns
(1) Partnership required to file. A partnership must file for Oregon an information return of its business activity and include other information as required by section (2) of this rule if the partnership:
(a) Has income that is derived from or connected with sources within Oregon; or
(b) Has one or more Oregon resident partners during the taxable year of the partnership.
(2) Information Required. Every partnership required to file a return under section (1) of this rule must file with Oregon:
(a) An Oregon Form OR-65 (Oregon Partnership Return of Income).
(b) An Oregon Depreciation Schedule if Oregon depreciation is different than federal.
(c) A copy of federal Form 1065 (U.S. Partnership Return of Income) or federal Form 1065-B (U.S. Return of Income for Electing Large Partnerships) and all attachments filed for federal. See section (3) for information regarding the submission of federal Schedule K-1s (Partner’s Share of Income, Credits, Deductions, etc.).
(d) A schedule showing the disposition of all assets and liabilities if this is the final return of a terminated partnership. The schedule must include each asset’s Oregon adjusted basis and fair market value.
(3) Federal Schedule K-1.
(a) The partnership must include a copy of each partner’s federal Schedule K-1 if any of the following occurs during the partnership’s taxable year:
(A) The partnership incurs a net loss (including capital losses or passive losses);
(B) There are changes to either the ownership structure or the profit/loss sharing percentages of the partnership; or
(C) Any Oregon modifications or amounts shown on the federal Schedule K (including guaranteed payments) are not divided according to each partner’s partnership share of profits and losses.
(b) Exception. Partnerships that have no income connected with or derived from sources within Oregon and have no activity within Oregon must file a copy of the partner’s federal Schedule K-1 only when:
(A) The partner was an Oregon resident partner at some time during the taxable year of the partnership; and
(B) Any of the situations described in paragraph (3)(a) occur. All other filing requirements of section (2) of this rule must still be satisfied.
(c) Substitute Schedule K-1. If the number of Schedule K-1s required to be included with the Oregon return exceeds ten, the partnership must include a summary of partner information in lieu of submitting each partner’s Schedule K-1. The summary must include each partner’s name, social security number or federal identification number, address, and profit/loss sharing percentage.
[Publications: Publications referenced are available from the agency.]
Statutory/Other Authority: ORS 305.100
Statutes/Other Implemented: ORS 314.724
History:
REV 85-2016, f. 12-28-16, cert. ef. 1-1-17
Renumbered from 150-314.724, REV 34-2016, f. 8-12-16, cert. ef. 9-1-16
RD 5-1997, f. 12-12-97, cert. ef. 12-31-97
RD 3-1995, f. 12-29-95, cert. ef. 12-31-95
RD 12-1990, f. 12-20-90, cert. ef. 12-31-90
RD 7-1989, f. 12-18-89, cert. ef. 12-31-89