Hawaii Revised Statutes 235-124 – Basis and adjustments
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Terms Used In Hawaii Revised Statutes 235-124
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Donor: The person who makes a gift.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Internal Revenue Code: has the meaning set forth in section 235-2. See Hawaii Revised Statutes 235-121
- S corporation: means a corporation for which a valid election under section 1362(a) of the Internal Revenue Code is in effect. See Hawaii Revised Statutes 235-121
- Taxable period: means any taxable year or portion of a taxable year during which a corporation is an S corporation. See Hawaii Revised Statutes 235-121