OR-FCG-20: Schedule OR-FCG-20, Farm Liquidation Long-term Capital Gain Tax Adjustment (2024)
Oregon · Oregon DOR · Used for tax years 2024
Schedule OR-FCG-20 calculates Oregon’s Farm Liquidation Long-Term Capital Gain Tax Adjustment from the sale of qualified farm assets. It calculates Oregon farm net long-term capital gain and the tax adjustment to enter on Form OR-20 or Form OR-20-S.
Who files this form
Schedule OR-FCG-20 calculates the farm liquidation long-term capital gain tax adjustment for taxpayers filing Form OR-20 or Form OR-20-S with gains from the sale of qualified farm assets.
If Oregon taxable income on Form OR-20, line 9, or Form OR-20-S, line 7, is zero or less, the schedule says not to continue.
What you'll need
Have these forms and details available to complete the schedule:
- Your Oregon Form OR-20 or Form OR-20-S, including Oregon taxable income.
- Federal Form 1120 or 1120-S, Schedule D, line 15, for business net long-term capital gain amounts.
- Schedule OR-AP, if applicable, for the Oregon apportionment percentage and non-business gains.
- Total and farm net long-term capital gain amounts, including any amounts from non-unitary affiliates included in a federal consolidated return.
- Your taxpayer legal name as shown on the Oregon return and federal employer identification number (FEIN).
How to file
Mark the “OR-FCG-20” box on the front of your corporation tax return and include this schedule with your return. Submit the original schedule, not a photocopy.
If line 7 of the tax adjustment calculation is less than line 8, subtract line 7 from line 8. Enter the adjustment on Form OR-20, line 11, or Form OR-20-S, line 9.
The supplied form does not give a mailing address or e-file directions.
Common mistakes
- Do not submit a photocopy. The form requires the original.
- Do not forget to mark the “OR-FCG-20” box on the front of your corporation tax return and include the schedule.
- Do not continue if Oregon taxable income on line 1 of the tax adjustment calculation is zero or less.
- Do not continue if line 7 of the tax adjustment calculation is greater than line 8.
- Do not enter modified taxable income below zero on line 3.
- If Oregon income is apportioned, round the Oregon apportionment percentage to four decimal places.
Questions people ask
What does NLTCG mean?
NLTCG means net long-term capital gain.
What percentage do I enter if all business is done in Oregon?
Enter 100 percent on lines 2 and 7 of the qualified farm gain calculation. If Oregon income is apportioned, use the percentage from Schedule OR-AP, part 1, line 23, rounded to four decimal places.
How is farm NLTCG determined on this schedule?
Line 11 of the qualified farm gain calculation uses the smaller of total Oregon NLTCG on line 5 or total Oregon farm NLTCG on line 10. Carry that amount to line 2 of the tax adjustment calculation.
Where do I report the tax adjustment?
When line 7 of the tax adjustment calculation is less than line 8, enter the difference on Form OR-20, line 11, or Form OR-20-S, line 9.
Does the schedule explain how to calculate Oregon tax on lines 4 and 8?
No. Both lines direct you to the instructions. No instructions were provided with the supplied text.