Or. Admin. Code § 150-314-0012

Current through Register Vol. 63, No. 11, November 1, 2024

Section 150-314-0012 - Determination by Agreement

(1) In General: A determination may take the form of an agreement made pursuant to this section. Such an agreement is intended to provide an expeditious method for obtaining an adjustment under ORS 314.105 to 314.135 and for offsetting deficiencies and refunds whenever possible. It shall not, in itself, establish the tax liability for the open year to which it relates, but it shall state the amount of tax for that year, as then determined. The tax may be the amount shown on the return as filed, or it may take into account any changes which have been made, or which are being made by documents executed concurrently with execution of the agreement.

(2) Contents of Agreement: An agreement under this section shall contain:

(a) A heading indicating that it is made pursuant to ORS 314.105(1)(d);

(b) A statement of tax liability for the open year, including reference to any document concurrently executed by which the tax liability is established or altered;

(c) A concise statement of the material facts with respect to the item that was erroneously treated in the closed year;

(d) A statement of how the item involved was treated in computing the tax liability set forth in the agreement; and

(e) A statement of the amount of the adjustment with respect to the erroneous prior treatment and any related adjustments.

(3) Execution of Agreement: The agreement under this section shall be signed by the taxpayer with respect to whom the determination is made. If an adjustment is made in a case of a related taxpayer, the agreement shall also be signed by the related taxpayer. Both the taxpayer and the related taxpayer may have the agreement signed on their behalf by an agent or attorney acting pursuant to a power of attorney on file with the Department. On the Department's behalf, the agreement shall be approved by counsel and signed by the director.

Or. Admin. Code § 150-314-0012

9-74; RD 7-1983, f. 12-20-83, cert. ef. 12-31-83; Renumbered from 150-314.105(1)(d), REV 29-2016, f. 8-12-16, cert. ef. 9/1/2016

Stat. Auth.: ORS 305.100

Stats. Implemented: ORS 314.105