Hawaii Revised Statutes 235-126 – Part-year residence
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Terms Used In Hawaii Revised Statutes 235-126
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Pro rata share: means the share determined with respect to an S corporation shareholder for a taxable period in the manner provided in section 1377(a)(1) or (2) or 1362(e)(2) or (3) or (6)(D), as the case may be, of the Internal Revenue Code. See Hawaii Revised Statutes 235-121
- S corporation: means a corporation for which a valid election under section 1362(a) of the Internal Revenue Code is in effect. See Hawaii Revised Statutes 235-121
- Taxable period: means any taxable year or portion of a taxable year during which a corporation is an S corporation. See Hawaii Revised Statutes 235-121
For purposes of this part if a shareholder of an S corporation is both a resident and nonresident of this State during any taxable period, the shareholder’s pro rata share of the S corporation‘s income attributable to the State and income not attributable to the State for the taxable period shall be further prorated between the shareholder’s periods of residence and nonresidence, in accordance with the number of days in each period.