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Form 8825 (Rev September 2017): What You Should Know

Business licenses. A Business License must be applied for as provided in this Section. (2) Income for a year. The amount of income is determined on the basis of the tax liability shown on a separate return, signed and certified by the owner or cooperator of the business (or any person entitled thereto under section 8) and any proprietors and partners. The return must be filed annually or on a more frequent basis if required under the provisions of Section 3511. (3) Expenses. Amounts incurred or to be incurred in the performance of the activities of the business (including any rental real estate) must be included in the gross income of the business for the year or included in the gross income of the principal. (4) Net income. The net income is determined on the basis of the tax liability shown on a return, signed and certified by the owner or cooperator of the business (or any person entitled thereto under section 8) and any proprietors and partners. The income will be determined by applying a tax rate of 1.00% to the gross income shown and paying in the taxable year the tax that bears the same ratio to the gross income as the ratio of 2.50% to the gross income to be determined for the year. (5) Gross income. Gross income is the amount of the business income tax (including any rental real estate) shown and paid to the Oregon Department of Revenue (FOR) for the tax period. (6) Deductible expenses. (i) The expenses shown in the tax return are deductible in computing gross income. (ii) The expenses shown in the tax return may exceed the amount of taxable income, provided that the excess is applied toward the payment of the tax liability, with interest. A claim of a tax excess described in this subparagraph may be made on a tax return, within 90 days after the date the taxpayer discovers or should have discovered that the income is taxable, unless the taxpayer requests a time period between 90 days and the end of the calendar year during which to request that the return be completed. (7) Special rules regarding interest. For any taxable year, interest may be deducted to the extent that the income tax due is less than that allowed by this section. (8) Return of tax. (A) The date the return is due and filed.

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