Section 314.771 - Recapture of LIFO benefits(1) Any increase in tax by reason of a recapture of LIFO benefits under section 1363(d) of the Internal Revenue Code shall be payable in four equal installments.(2)(a) The first installment shall be paid on or before the due date for the return of the tax for the last taxable year for which the corporation was a C corporation and the three succeeding installments shall be paid on or before the due date for the corporation's return for the three succeeding taxable years.(b) For purposes of this subsection, the due date for returns shall be determined without regard to extensions.(3) Notwithstanding ORS 314.400(7), for purposes of ORS 314.400(7), interest on each installment that is not paid on or before the date prescribed under subsection (2) of this section for payment of that installment shall accrue only from the due date for that installment.(4) This section applies in the case of S corporation elections made after December 17, 1987. No refund or interest shall accrue to any taxpayer on account of the retroactive application under this subsection.