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Hawaii Revised Statutes — Title 14 (Taxation)

HRS § 235-123

Modification and characterization of income

Official textcapitol.hawaii.gov


[§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 shareholder in the income not attributable to the State of an S corporation, for the purposes of section 235-122(c), shall be subject to the modifications to individual income provided by this chapter.

# (c)

S corporation items taken into account by a shareholder pursuant to section 235-122(c) shall be characterized as though received or incurred by the corporation and not its shareholder.

Last amended: [L 1990, c 16, pt of §1] Previous Vol04_Ch0201-0257 Next

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In this chapter (40 sections)
  1. 235-102.5 · Income check-off authorized
  2. 235-102.6 · Refund splitting
  3. 235-103 · REPEALED
  4. 235-104 · Penalties
  5. 235-105 · Failure to keep records, render returns, or make reports
  6. 235-106 · REPEALED
  7. 235-107 · Procedure upon failure to file return
  8. 235-108 · Audit of return; procedure; additional taxes
  9. 235-109 · Jeopardy assessments, security for payment, etc
  10. 235-109.5 · REPEALED
  11. 235-110 · Credits and refunds
  12. 235-110.2 · Credit for school repair and maintenance
  13. 235-110.3 · REPEALED
  14. 235-110.4 · and 235-110.45 REPEALED
  15. 235-110.5 · REPEALED
  16. 235-110.6 · Fuel tax credit for commercial fishers
  17. 235-110.7 · Capital goods excise tax credit
  18. 235-110.8 · Low-income housing tax credit
  19. 235-110.9 · High technology business investment tax credit
  20. 235-111 · Limitation period for assessment, levy, collection, or…
  21. 235-111.5 · REPEALED
  22. 235-112 · Time for assessment of deficiency attributable to gain upon…
  23. 235-113 · Time for assessment of deficiency attributable to gain upon…
  24. 235-114 · Appeals
  25. 235-115 · Assessments, etc., prima facie proof
  26. 235-116 · Disclosure of returns unlawful; penalty
  27. 235-117 · Reciprocal supplying of tax information
  28. 235-118 · Rules and regulations
  29. 235-119 · Taxes, state realizations
  30. 235-121 · Title; definitions; federal conformity; construction
  31. 235-122 · Taxation of an S corporation and its shareholders
  32. 235-123 · Modification and characterization of income
  33. 235-124 · Basis and adjustments
  34. 235-125 · Carryforwards and carrybacks; loss limitation
  35. 235-125.5 · Transition rule
  36. 235-126 · Part-year residence
  37. 235-127 · Distributions
  38. 235-128 · Returns; shareholder agreements; mandatory payments
  39. 235-129 · Tax credits
  40. 235-130 · LIFO recapture
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