Haw. Rev. Stat. § 235-130
This is the official text of Haw. Rev. Stat. § 235-130, part of Hawaii’s Rev. Stat — part of the compiled statutory law of Hawaii, published by the state as "Rev. Stat." Browse the sections below, each linked to its official government source.
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LIFO recapture.
Official statutory text
If an S corporation is subject to last in first out (LIFO) recapture pursuant to section 1363 of the Internal Revenue Code, then:
(1) Any increase in the tax imposed by section 235-71 by reason of the inclusion of the LIFO recapture amount in its income shall be payable in four equal installments;
(2) The first installment shall be paid on or before the due date (determined without regard to extensions) for filing the return for the first taxable year for which the corporation was subject to the LIFO recapture;
(3) The three succeeding installments shall be paid on or before the due date (determined without regard to extensions) for filing the corporation's return for the three succeeding taxable years; and
(4) For purposes of computing interest on underpayments, the last three installments shall not be considered underpayments until after the payment due date specified above. [L 1990, c 16, pt of §1]
(1) Any increase in the tax imposed by section 235-71 by reason of the inclusion of the LIFO recapture amount in its income shall be payable in four equal installments;
(2) The first installment shall be paid on or before the due date (determined without regard to extensions) for filing the return for the first taxable year for which the corporation was subject to the LIFO recapture;
(3) The three succeeding installments shall be paid on or before the due date (determined without regard to extensions) for filing the corporation's return for the three succeeding taxable years; and
(4) For purposes of computing interest on underpayments, the last three installments shall not be considered underpayments until after the payment due date specified above. [L 1990, c 16, pt of §1]
Status: in_force · Read it on the official government site
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