HRS § 237D-7.5 — Federal assessments; adjustments of gross rental, gross rental proceeds, or fair market rental value; report to the department


§237D-7.5 Federal assessments; adjustments
of gross rental, gross rental proceeds, or fair market rental value; report to
the department. (a) Any person required to report to the department by
section 235-101(b), also shall report to the department any change, correction,
adjustment, or recomputation of gross rental, gross rental proceeds, or fair
market rental value subject to the tax imposed by this chapter. This report
shall be made in the form of a return amending the person's gross rental, gross
rental proceeds, or fair market rental value as previously reported on a return
filed with the department for the taxable year. If no return has been filed
with the department for the taxable year, a return shall be filed and shall
take into account any change, correction, adjustment, or recomputation of gross
rental, gross rental proceeds, or fair market rental value.
(b) Any return or amended return required by
this section shall be filed with the department within ninety days after the
change, correction, adjustment, or recomputation is finally determined or an
amended return is filed with the Internal Revenue Service. The return or
amended return shall be accompanied by a copy of the document issued by the
United States notifying the taxpayer of the change, correction, adjustment, or
recomputation.
(c) The statutory period for the assessment of
any deficiency or the determination of any refund attributable to the report
required by this section shall not expire before the expiration of one year
from the date the department is notified by the taxpayer or the Internal
Revenue Service, whichever is earlier, of such a report as provided in
subsection (a). Before the expiration of this one-year period, the department
and the taxpayer may agree, in writing, to the extension of this period. The
period so agreed upon may be further extended by subsequent agreements in
writing made before the expiration of the period previously agreed upon.