Oregon Statement of Contractual Basis - Corporation
Overview of this form
The Statement of Contractual Basis - Corporation is a legal document that corporations can use to respond to requests from property owners regarding liens on their property. The form allows corporations to provide a clear statement of the contractual basis for the owner's obligation, which is necessary when a lien is being foreclosed. This form should be submitted within five days of receiving a demand for such a statement, ensuring compliance with relevant laws and maintaining a transparent process during foreclosure actions.
Main sections of this form
- Identification of the corporation and property involved in the lien.
- Details of the notice of intent to foreclose sent to the property owner.
- A statement addressing the demand for contractual basis regarding the owner's obligation.
- Signature and printed name of the corporate representative.
- Certification of delivery of the statement to the property owner.
Situations where this form applies
This form is necessary when a corporation intends to foreclose on a lien and receives a demand from the property owner for a statement of contractual basis. It is used in situations where there is a dispute or concern regarding the obligations associated with the lien, and timely completion of this form is crucial to comply with legal requirements.
Who should use this form
- Corporations that hold a lien on a property.
- Corporate representatives authorized to act on behalf of their organization.
- Legal professionals assisting corporations in foreclosure proceedings.
Instructions for completing this form
- Identify the corporation and ownership details related to the property.
- State the delivery date of the notice of intent to foreclose.
- Provide a detailed statement of the contractual basis for the owner's obligation.
- Sign and print the name of the corporate representative responsible for the form.
- Complete the certificate of delivery section to confirm the document was shared with the property owner.
Does this document require notarization?
This form usually doesn’t need to be notarized. However, local laws or specific transactions may require it. Our online notarization service, powered by Notarize, lets you complete it remotely through a secure video session, available 24/7.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Avoid these common issues
- Failing to respond within the five-day deadline.
- Not including all relevant details about the property and the lien.
- Omitting the signature or required printed name of the representative.
- Inaccurate information regarding the delivery of the statement.
Benefits of completing this form online
- Convenience of accessing and completing the form from any location.
- Easy editing capabilities to ensure all information is accurate before submission.
- Reliability of using standardized templates drafted by licensed attorneys.
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FAQ
Debt of the S corporation does not result in basis for a shareholder, as there is nothing like the partnership-related IRC §752 for S corporation equity holders. Thus, the S corporation shareholder only receives basis for the PPP proceeds when forgiveness is recognized.
Computing Stock Basis. In computing stock basis, the shareholder starts with their initial capital contribution to the S corporation or the initial cost of the stock they purchased (the same as a C corporation). That amount is then increased and/or decreased based on the pass-through amounts from the S corporation.
PPP loan forgiveness is included as book income UltraTax CS reports this amount: On the Schedule M-1 as income on books not on return. For an S Corporation, the amount is treated as other exempt income.
The PPP rulesthey keep a-changin'. The owner-employee rules now apply to S and C corporation owners who have a 5 percent or greater ownership interest. No attribution rules apply for purposes of the 5 percent rule.
Stock basis is adjusted annually, as of the last day of the S corporation year, in the following order: Increased for income items and excess depletion; Decreased for distributions; Decreased for non-deductible, non-capital expenses and depletion; and.
With respect to partnerships and S corporations, the Act clarifies that any amount excluded from income due to PPP loan forgiveness will be treated as tax-exempt income and will increase an S corporation shareholder's stock basis and a partner's basis in their partnership interest.
For shareholders in an S-Corp only shareholder loans will give you debt basis. Debt basis will increase when a shareholder loans the S-Corp money and will be decreased when the loan is paid down.
S corporation shareholders are generally entitled to increase the basis of their holdings by their share of S corporation income, including tax-exempt income.
Since PPP loan forgiveness does not give rise to taxable income, and expenses funded with PPP loans are deductible, the IRS may not ever provide guidance on the timing issue.
