HRS § 231-40.5 — Statute of limitations; extension for substantial omissions


[§231-40.5] Statute of limitations;
extension for substantial omissions. (a) Notwithstanding any other law to
the contrary limiting the time for assessment of any tax, if a taxpayer omits
an amount of:
(1) Gross income or gross proceeds of sale;
(2) Gross rental or gross rental proceeds;
(3) Price, value, or consideration paid or received
for any property;
(4) Gross receipts; or
(5) Gallonage, tonnage, cigarette count, day, or
other weight or measure applicable to any tax,
properly includable therein that is in excess of
twenty-five per cent of the amount stated in the return, the tax may be
assessed or a proceeding in court with respect to the tax without assessment
may be begun without assessment, at any time within six years after the return
was filed.
(b) In determining any amount omitted, there
shall not be taken into account any amount that is stated in the return if such
amount is disclosed in the return or in a statement attached to the return in a
manner adequate to apprise the department of taxation of the nature and amount
of such item.
(c) This section shall be construed in
accordance with regulations and judicial interpretations given to section 6501
of the Internal Revenue Code.