HRS § 235-112 — Time for assessment of deficiency attributable to gain upon conversion


§235-112 Time for assessment of deficiency
attributable to gain upon conversion. (a) If a taxpayer has made the
election provided in section 1033(a)(2)(A) of the Internal Revenue Code, the
rules stated in this section apply.
(b) The statutory period for the assessment of
any deficiency, for any taxable year in which is realized any part of the gain
on the conversion which is the subject of the election referred to in
subsection (a) of this section, attributable to such gain, shall not expire
prior to the expiration of three years from the date the department of taxation
is notified by the taxpayer (in such manner as the department has prescribed or
may prescribe) of the replacement of the converted property or of an intention
not to replace, and such deficiency may be assessed at any time before the
expiration of this three-year period notwithstanding any other provision which
would otherwise prevent such assessment.
(c) If the property or stock purchased as a
replacement for converted property was purchased before the beginning of the
last taxable year in which any part of the gain upon such conversion is
realized, any deficiency, to the extent resulting from the election referred to
in subsection (a) of this section, for any taxable year ending before such last
taxable year may be assessed, notwithstanding any other provision which would
otherwise prevent such assessment, at any time before the expiration of the period
within which a deficiency for such last taxable year may be assessed.