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