As used in this section and ORS 314.308, 314.403 and 314.404:\n(1) 'Listed transaction' means any of the following transactions:\n(a) A listed transaction under section 6707A of the Internal Revenue Code.\n(b) A transaction without economic substance in which an Oregon taxable corporation:\n(A) Transfers income-producing assets to a real estate investment trust owned directly or indirectly by the corporation; and\n(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.\n(c) A transaction without economic substance in which an Oregon taxable corporation:\n(A) Transfers income-producing assets to a regulated investment company owned directly or indirectly by the corporation; and\n(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.\n(2) 'Oregon taxable corporation' means a corporation:\n(a) That does business in Oregon, is organized in Oregon or has income from Oregon sources; or\n(b) That is owned by an Oregon income or corporate ) 'Oregon taxable corporation' means a corporation:\n(a) That does business in Oregon, is organized in Oregon or has income from Oregon sources; or\n(b) That is owned by an Oregon income or corporate excise taxpayer.\n(3) 'Reportable transaction' means a transaction:\n(a) That is a reportable transaction under section 6707A of the Internal Revenue Code; or\n(b) That is a listed transaction.\n(4) 'Transaction without economic substance' means a transaction for which the taxpayer cannot demonstrate a business purpose other than tax savings. [2007 c.568 §2; 2013 c.176 §6]
Oregon Legal Code