(a) The title of this part shall be the Hawaii S corporation income tax act.
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Terms Used In Hawaii Revised Statutes 235-121

  • 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.
  • 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
  • Statute: A law passed by a legislature.
  • 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
(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, loss, deduction, or credit of the S corporation apportioned to this State pursuant to part II of this chapter or allocated to this State pursuant to § 235-5.

“Income not attributable to the State” means all items of income, loss, deduction, or credit of the S corporation other than income attributable to the State.

“Internal Revenue Code” has the meaning set forth in section Internal Revenue Code; general application” class=”unlinked-ref” datatype=”S” sessionyear=”2019″ statecd=”HI”>235-2.3 and as it applies to the taxable period; section references of the Internal Revenue Code shall be deemed to refer to corresponding provisions of prior and subsequent federal tax laws.

“Post-termination transition period” means that period defined in section 1377(b)(1) of the Internal Revenue Code.

“Pro rata share” means the share determined with respect to an S corporation shareholder for a taxable period in the manner provided in section 1377(a)(1) or (2) or 1362(e)(2) or (3) or (6)(D), as the case may be, of the Internal Revenue Code.

“S corporation” means a corporation for which a valid election under section 1362(a) of the Internal Revenue Code is in effect.

“Taxable period” means any taxable year or portion of a taxable year during which a corporation is an S corporation.

(c) Except as otherwise expressly provided or clearly appearing from the context, any term used in this part shall have the same meaning as when used in a comparable context in the Internal Revenue Code, or in any statute relating to federal income taxes, in effect for the taxable period. Due consideration shall be given in the interpretation of this part to applicable sections of the Internal Revenue Code in effect from time to time and to federal rulings and regulations interpreting those sections, provided the Internal Revenue Code rulings and regulations do not conflict with this part or other provisions of this chapter.
(d) This part shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject matter of this part among states enacting it.

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