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Oregon Tax Court finds gain from stock sale properly treated as apportionable business income

The Oregon Tax Court recently ruled that the gain from the sale of stock in an unrelated business by a non-Oregon corporation met the functional test to qualify as business income and was properly subject to Oregon corporation excise (income) tax as apportionable income. The Court also upheld the imposition of penalties because the taxpayer lacked substantial authority to treat the income as nonbusiness income.

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