The Oregon 20 S form is the tax return document specifically designed for S corporations operating in Oregon. This form is used to report excise and income taxes, ensuring compliance with state tax regulations. Completing the Oregon 20 S form accurately is crucial for maintaining good standing and fulfilling tax obligations in the state.
The Oregon 20 S form is an essential document for S corporations operating in the state, as it serves as the official tax return for excise and income tax purposes. This form must be completed for the fiscal year beginning and ending dates specified by the corporation. Key sections of the form require basic information, such as the corporation's name, address, and federal employer identification number (FEIN). Additionally, it prompts corporations to provide details regarding their incorporation, business activity, and any changes in federal taxable income due to audits or amended returns. Tax computation is a significant aspect, where corporations must report their income, deductions, and credits, ultimately calculating the total tax due or any overpayment. The form also includes a section for Oregon modifications passed through to shareholders, ensuring that federal taxable income aligns with state requirements. Completing the Oregon 20 S form accurately is crucial for compliance and helps ensure that S corporations fulfill their tax obligations while taking advantage of any available credits and deductions.
• 2008 Form 20-S
Oregon S Corporation Tax Return
•
Excise Tax
Income Tax
* 0 2 6 5 0 8 0 1 0 1 0 0 0 0
*
•Fiscal year beginning
•Fiscal year ending
/
•Name:
•FEIN:
For office use only
•Address:
BIN:
•City:
Payment
• St:
• ZIP code:
1
2
3
New name
FOR COMPUTER USE ONLY
New address
•Phone:
• Extension
• Form 37
• Amended
• Form 24
• FCG-20
• 8886/REIT/RIC
Contact:
Web:
Questions: Complete A through D only if this is your first return or the answer changed during 2008.
• A. Incorporated in (state);
• Incorporated on (date)
• B. State of commercial domicile • C. Date business activity began in Oregon • D. Business Activity Code
•E. List the tax years for which federal waivers of the statute of limitations are in effect and dates on which waivers expire
•F. List the tax years for which your federal taxable income was changed by an IRS audit or by an amended federal return filed during this tax year
• G. If first return, indicate
Name of previous business
FEIN
BIN
New business, or
Successor to previous business
• H. If final return, indicate
Name of merged or reorganized corporation
Withdrawn,
Dissolved, or
Merged or reorganized
I. Enter the amount from federal Form 1120S, line 21
• I
J. Utility, telecommunications, or timber companies
• J
......................................K. If you did not complete Schedule AP, fill in the amount of your Oregon sales
• K
Tax computation for S corporations with federal taxable income or LIFO benefit recapture. S Corporations without federal taxable income, start on line 7.
1.Income taxed on federal Form 1120S from:
(a) Built-in gains (enter amount from Form 1120S, Schedule D, Part III, line 16)....
(b) Excess net passive income (enter amount from 1120S “Worksheet for line 22a”) ....
............. Total • 1
2.
Additions (enter only additions that apply to taxable income included in line 1)
• 2
3.
Subtractions (enter only subtractions that apply to income included in line 1)
• 3
4.
S corporation income before net loss deduction (line 1 plus line 2, minus line 3)
4
If income is entirely Oregon source continue. If from both in Oregon and other states, see Schedule AP.
5.
Net loss from prior years as C corporation (deductible from built-in gain income only) (attach schedule)
• 5
6.
................................................Oregon taxable income (line 4 minus line 5 or amount from Schedule AP-2, line 11)
• 6
7.
Tax (6.6 percent of line 6) (minimum $10 tax is required for excise taxpayers)
.............•
7
8.
Tax adjustments (attach schedule)
8
9.
Total tax (line 7 plus line 8)
• 9
150-102-025 (11-08) web Form 20-S, page 1 of 2
0
6
5
10.
Total credits (attach schedule and explanation)
• 10
11.
Tax after credits (line 9 minus line 10) (excise tax not less than minimum tax)
..................................
11
12.
LIFO benefit recapture addition
• 12
13.
Net tax (line 11 plus line 12) (excise tax not less than minimum tax)
• 13
14.
2008 estimated tax payments from Schedule ES below. Include payments made with extension
• 14
15.
Tax due. Is line 13 more than line 14? If so, line 13 minus line 14
Tax due• 15
...................................
16.
Overpayment. Is line 13 less than line 14? If so, line 14 minus line 13
Overpayment• 16
17.
Penalty due with this return
17
18.
Interest due with this return
18
19.
Interest on underpayment of estimated tax (attach Form 37)
• 19
20.
Total penalty and interest (add lines 17 through 19)
20
21.
Total due (line 15 plus line 20)
Total due
21
22.
Refund available (line 16 minus line 20)
Refund
22
23.
Amount of refund to be credited to 2009 estimated tax
2009 credit• 23
24.
Net refund (line 22 minus line 23)
Net refund
24
Schedule SM—Oregon Modifications Passed Through to Shareholders
Federal taxable income passed through to the shareholders is adjusted to the extent that items of income, loss, or deduction of the shareholder are required to be adjusted under the provisions of Oregon Revised Statutes, Chapters 314 and 316. Indicate which federal Schedule K-1 line item each modification is for.
Additions
1.
Interest on government bonds of other states
(K-1 line _____)
Gain or loss on the sale of depreciable property
Other (attach schedule)
Total Oregon additions
Subtractions
Interest from U.S. government, such as Series EE and HH bonds
Work opportunity credit wage reductions
Total Oregon subtractions
9
Schedule ES—Estimated Payments or Other Prepayments
Name of payer
Payer FEIN
Date of payment
Amount paid
Voucher 1
Voucher 2
Voucher 3
Voucher 4
Overpayment of last year’s tax elected as a credit against this year’s tax
........Payments made with extension or other prepayments for this tax year and date paid
Total prepayments (carry to line 14 above)
Under penalty of false swearing, I declare that the information in this return and any attachments is true, correct, and complete.
Signature of officer
Signature of preparer other than taxpayer
License number of preparer
Sign
X
Here
Date
Telephone number
(
)
Print name of officer
Print name of preparer
Title of officer
Address of preparer
Please attach a complete copy of your federal Form 1120S and schedules, including all K-1s
Mail refund returns and no tax due returns to: Mail tax-to-pay returns with payment and payment voucher to: Refund, PO Box 14777, Salem OR 97309-0960 Oregon Department of Revenue, PO Box 14790, Salem OR 97309-0470
150-102-025 (11-08) web Form 20-S, page 2 of 2
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