235-127 Distributions.
§235-127 Distributions. (a) Subject to subsection (c), a distribution made by an S corporation with respect to its stock to a resident shareholder shall be taken into account by the shareholder for purposes of section 235-4 and shall be taxable under section 235-51 to the extent that the distribution is treated as a dividend or […]
235-128 Returns; shareholder agreements; mandatory payments.
§235-128 Returns; shareholder agreements; mandatory payments. (a) An S corporation which engages in activities in this State which would subject a C corporation to the requirement to file a return under section 235-92 shall file with the department an annual return, in the form prescribed by the department, on or before the due date prescribed […]
235-129 Tax credits.
§235-129 Tax credits. (a) For purposes of section 235-55, each resident shareholder shall be considered to have paid a tax imposed on the shareholder in an amount equal to the shareholder’s pro rata share of any net income tax paid by the S corporation to a state that does not measure the income of S […]
235-130 LIFO recapture.
§235-130 LIFO recapture. If an S corporation is subject to last in first out (LIFO) recapture pursuant to section 1363 of the Internal Revenue Code, then: (1) Any increase in the tax imposed by section 235-71 by reason of the inclusion of the LIFO recapture amount in its income shall be payable in four equal […]
235-118 Rules and regulations.
§235-118 Rules and regulations. Except as otherwise provided in this chapter, the department of taxation shall prescribe and have printed all needful rules and regulations for the enforcement of this chapter and such rules and regulations so made shall have the force and effect of law if they be not in conflict with the express […]
235-119 Taxes, state realizations.
§235-119 Taxes, state realizations. All income taxes shall be for the use of the State and shall be paid into the state treasury at such times as the director of finance shall direct. [L Sp 1957, c 1, pt of §2; am L Sp 1959 2d, c 1, §14; am L 1963, c 114, §1; […]
235-121 Title; definitions; federal conformity; construction.
§235-121 Title; definitions; federal conformity; construction. (a) The title of this part shall be the Hawaii S corporation income tax act. (b) For purposes of this part, the following terms shall have the following meanings: “C corporation” means a corporation which is not an S corporation. “Income attributable to the State” means items of income, […]
235-122 Taxation of an S corporation and its shareholders.
§235-122 Taxation of an S corporation and its shareholders. (a) An election under section 1361(b)(3) and (e), or 1362(a) of the Internal Revenue Code shall be effective for the purposes of this chapter. Evidence of a valid election for federal purposes shall be submitted to the department in such form and at such time the […]
235-123 Modification and characterization of income.
§235-123 Modification and characterization of income. (a) The pro rata share of each resident and nonresident shareholder in the income attributable to the State of an S corporation, for the purposes of section 235-122(c), shall be subject to the modifications to corporate income provided by this chapter. (b) The pro rata share of each resident […]
235-110.93 Important agricultural land qualified agricultural cost tax credit.
§235-110.93 Important agricultural land qualified agricultural cost tax credit. (a) There shall be allowed to each taxpayer an important agricultural land qualified agricultural cost tax credit that may be claimed in taxable years beginning after the taxable year during which the tax credit under section 235-110.46 is repealed, exhausted, or expired. The credit shall be […]