§235-125 Carryforwards and carrybacks; loss limitation. (a) Carryforwards and carrybacks to and from taxable periods of an S corporation shall be restricted in the manner provided in section 1371(b) of the Internal Revenue Code.
(b) The aggregate amount of losses or deductions of an S corporation taken into account by a shareholder pursuant to section 235-122(c) shall not exceed the combined adjusted bases, determined in accordance with section 235-124, of the shareholder in the stock and indebtedness of the S corporation.
(c) Any loss or deduction which is disallowed for a taxable period pursuant to subsection (b) shall be treated as incurred by the corporation in the succeeding taxable period with respect to the shareholder.
(d)(1) Any loss or deduction which is disallowed pursuant to subsection (b) for the corporation's last taxable period as an S corporation shall be treated as incurred by a shareholder on the last day of any post-termination transition period.
(2) The aggregate amount of losses and deductions taken into account by a shareholder pursuant to paragraph (1) shall not exceed the adjusted basis of the shareholder in the stock of the corporation (determined in accordance with section 235-124 at the close of the last day of any post-termination transition period and without regard to this subsection). [L 1990, c 16, pt of §1]
Structure Hawaii Revised Statutes
235-2, 235-2.1, and 235-2.2 REPEALED.
235-2.3 Conformance to the federal Internal Revenue Code; general application.
235-2.35 Operation of certain Internal Revenue Code provisions not operative under section 235-2.3.
235-2.4 Operation of certain Internal Revenue Code provisions; sections 63 to 530.
235-2.45 Operation of certain Internal Revenue Code provisions; sections 641 to 7518.
235-3 Legislative intent, how Internal Revenue Code shall apply, in general.
235-4 Income taxes by the State; residents, nonresidents, corporations, estates, and trusts.
235-4.2 Persons lacking physical presence in the State; nexus presumptions.
235-4.5 Taxation of trusts, beneficiaries; credit.
235-5 Allocation of income of persons not taxable upon entire income.
235-5.5 Individual housing accounts.
235-6 Foreign manufacturing corporation; warehousing of products.
235-7 Other provisions as to gross income, adjusted gross income, and taxable income.
235-7.3 Royalties derived from patents, copyrights, or trade secrets excluded from gross income.
235-7.5 Certain unearned income of minor children taxed as if parent's income.
235-9.5 Stock options from qualified high technology businesses excluded from taxation.
235-12.5 Renewable energy technologies; income tax credit.
235-13 Sales of residential land to lessees; involuntary conversion.
235-15 Tax credits to promote the purchase of child passenger restraint systems.
235-17 Motion picture, digital media, and film production income tax credit.
235-18 Deposit beverage container deposit exemption.
235-19 Exceptional trees; tax deduction.
235-20 Comfort letters; authority to assess fees; established.
235-20.5 Tax administration special fund; established.
235-23 Taxable in another state.
235-24 Specified nonbusiness income.
235-26 Allocation of capital gains and losses.
235-27 Allocation of interest and dividends.
235-28 Allocation of patent and copyright royalties.
235-29 Apportionment of business income; percentage.
235-30 Apportionment; property factor.
235-31 Apportionment; property factor; owned and used property.
235-32 Apportionment; property factor; average value.
235-33 Apportionment; payroll factor.
235-34 Compensation; where paid.
235-35 Apportionment; sales factor.
235-36 Apportionment; sales factor; tangible personalty.
235-37 Apportionment; sales factor; nontangible personalty.
235-38 Equitable adjustment of formula.
235-51 Tax imposed on individuals; rates.
235-52 Tax in case of joint return or return of surviving spouse.
235-53 Tax tables for individuals.
235-55 Tax credits for resident taxpayers.
235-55.6 Expenses for household and dependent care services necessary for gainful employment.
235-55.7 Income tax credit for low-income household renters.
235-55.75 Earned income tax credit.
235-55.85 Refundable food/excise tax credit.
235-56, 235-56.5, and 235-57 REPEALED.
235-58, 235-58.1, and 235-58.2 REPEALED.
235-61 Withholding of tax on wages.
235-62 Return and payment of withheld taxes.
235-63 Statements to employees
235-64 Taxes withheld by employer held in trust; employer's liability.
235-64.2 Withholdings by partnerships, estates, and trusts.
235-66 Further withholdings at source; crediting of withheld taxes.
235-67 Indemnity of withholder.
235-68 Withholding of tax on the disposition of real property by nonresident persons.
235-69 Voluntary deduction and withholding of state income tax from unemployment compensation.
235-71 Tax on corporations; rates; credit of shareholder of regulated investment company.
235-71.5 Alternative tax for corporations.
235-72 Corporations carrying on business in partnership.
235-91.5 Income tax credits; ordering of credit claims.
235-92 Returns, who shall make.
235-93.4 Effect of civil union.
235-94 Returns by agent, guardian, etc.; liability of fiduciaries.
235-96 Returns by persons making payments.
235-96.5 Returns relating to unemployment.
235-97 Estimates; tax payments; returns.
235-98 Returns; form, verification and authentication, time of filing.
235-99 Returns; place for filing.
235-100 Persons in military service.
235-100.5 Abatement of income taxes of members of armed forces on death.
235-101 Federal returns and assessments, when copies are required.
235-102 Records and special returns.
235-102.5 Income check-off authorized.
235-105 Failure to keep records, render returns, or make reports by responsible persons.
235-107 Procedure upon failure to file return.
235-108 Audit of return; procedure; additional taxes.
235-109 Jeopardy assessments, security for payment, etc.
235-110.2 Credit for school repair and maintenance.
235-110.25 Healthcare preceptor tax credit.
235-110.4 and 235-110.45 REPEALED.
235-110.51 Technology infrastructure renovation tax credit.
235-110.6 Fuel tax credit for commercial fishers.
235-110.65 Ship repair industry tax credit.
235-110.7 Capital goods excise tax credit.
235-110.8 Low-income housing tax credit.
235-110.9 High technology business investment tax credit.
235-110.91 Tax credit for research activities.
235-110.93 Important agricultural land qualified agricultural cost tax credit.
235-110.97 Historic preservation income tax credit.
235-112 Time for assessment of deficiency attributable to gain upon conversion.
235-113 Time for assessment of deficiency attributable to gain upon sale of a residence.
235-115 Assessments, etc., prima facie proof.
235-116 Disclosure of returns unlawful; penalty.
235-117 Reciprocal supplying of tax information.
235-118 Rules and regulations.
235-119 Taxes, state realizations.
235-121 Title; definitions; federal conformity; construction.
235-122 Taxation of an S corporation and its shareholders.
235-123 Modification and characterization of income.
235-124 Basis and adjustments.
235-125 Carryforwards and carrybacks; loss limitation.
235-128 Returns; shareholder agreements; mandatory payments.