Interest income obtained from funds held in trust for plaintiff’s customers by plaintiff was income arising from transactions in regular course of taxpayer’s trade or business under this section. Gelderman and Company, Inc. v. Dept. of Rev., 10 OTR 249 (1985)
Where business asset is involuntarily converted, whether compensation paid for conversion is “business income” depends on taxpayer’s disposition of compensation. Simpson Timber Company v. Dept. of Revenue, 13 OTR 315 (1995), aff’d 326 Or 370, 953 P2d 366 (1998)
Interest received as delay compensation for involuntary conversion of business asset is “business income.” Simpson Timber Company v. Dept. of Revenue, 13 OTR 315 (1995), aff’d 326 Or 370, 953 P2d 366 (1998)
Whether income arises from transactions and activities in regular course of business and whether income from property is integral part of taxpayer’s regular trade or business are separately applied tests for identifying business income. Pennzoil Co. v. Dept. of Revenue, 15 OTR 101 (2000), aff’d 332 Or 542, 33 P3d 314 (2001)
For business to fit within definition of “public utility,” public must he right to buy or use commodities or services business provides; if no such right exists, business is not “public utility” under this section. Powerex Corp. v. Dept. of Rev., 24 OTR 146 (2020)
“Gross receipts,” as used in this section, must be defined consistently with taxpayer’s method of accounting for income tax purposes and must include “Subpart F” income, as defined by Internal Revenue Code. Oracle Corp. and Subsidiaries II v. Dept. of Rev., 24 OTR 359 (2021)