In the case of any trust that, for state and federal income tax reporting purposes:

(1) Has no registration or filing requirements separate and apart from its grantor or grantors;

Terms Used In Hawaii Revised Statutes 237-9.5

  • Business: includes all activities (personal, professional, or corporate) engaged in or caused to be engaged in with the object of gain or economic benefit either direct or indirect, but does not include casual sales. See Hawaii Revised Statutes 237-2
  • Grantor: The person who establishes a trust and places property into it.
(2) Is subject to the requirement that all items of income, deduction, and credit are to be reported by the individual grantor or grantors; and
(3) Is revocable by the grantor or grantors;

no licensing, registration, or filing requirements under this chapter shall apply; provided that the individual grantor or grantors must be licensed under this chapter and pay the appropriate general excise tax on trust income, if the trust income is from engaging in business.

  Previous
Next  
 LICENSES; TAX; EXEMPTIONS Contents