Fill - Free fillable Form N-30/N-70NP: 20_ _ Capital Gains and Losses (Hawaii) PDF form

SCHEDULE D

STATE OF HAWAII—DEPARTMENT OF TAXATION

Form N-30/N-70NP

(REV. 2018)

Capital Gains and Losses

20_ _

To be ﬁled with Form N-30 or N-70NP

Name Federal Employer Identiﬁcation Number

Short-term Capital Gains and Losses — Assets Held One Year or Less

(a) Description of property (b) Date (c) Date (e) Cost or other

(Example, 100 shares acquired sold (d) Gross sales basis, plus expense (f) Gain or (loss)

of “Z” Co.) (Mo., day, yr.) (Mo., day, yr.) price of sale (Col. (d), minus col. (e))

2 Short-term capital gain from installment sales from federal Form 6252 ........................................................................ 2

3 Short-term gain or (loss) from like-kind exchanges from federal Form 8824 ................................................................ 3

4 Corporation’s share of net short-term capital gain (loss), including specially allocated short-term capital gains

(losses), from partnerships, S corporations, estates, and trusts ................................................................................... 4

5 Short-term gain from stock acquired through stock options from qualiﬁed high technology businesses ...................... 5

6 Unused capital loss carryover (attach computation) ...................................................................................................... 6

7 Net short-term gain or (loss). (Combine lines 1 through 6 in column (f)) ...................................................................... 7

Long-term Capital Gains and Losses — Assets Held More Than One Year

9 Enter IRC section 1231 gain from Schedule D-1, line 8 or 10 ....................................................................................... 9

10 Long-term capital gain from installment sales from federal Form 6252 ......................................................................... 10

11 Long-term gain or (loss) from like-kind exchanges from federal Form 8824 ................................................................. 11

12 Corporation’s share of net long-term capital gain (loss), including specially allocated long-term capital gains

(losses), from partnerships, S corporations, estates, and trusts ................................................................................... 12

13 Long-term gain from stock acquired through stock options from qualiﬁed high technology businesses ....................... 13

14 Capital gain distributions (See Instructions) .................................................................................................................. 14

15 Net long-term gain or (loss). (Combine lines 8 through 14 in column (f)) ...................................................................... 15

Summary of Schedule D Gains and Losses

16 Combine lines 7 and 15 ................................................................................................................................................. 16

If amount on line 16 is a gain, enter this amount on Form N-30, page 1, line 6(a)

If amount on line 16 is a loss, see instructions on capital losses for explanation of capital loss carryforwards.

17 Enter excess of net short-term capital gain (line 7) over net long-term capital loss (line 15) ........................................ 17

For unitary business taxpayers, enter this amount on Form N-30, Schedule O, line 31(a), as applicable.

18 Net capital gain. Enter excess of net long-term capital gain (line 15) over net short-term capital loss (line 7) ............ 18

If line 6 is zero or a gain, enter amount of gain from line 15. Also enter this amount on Form N-30, Schedule J, line 13.

For unitary business taxpayers, enter the portion of net capital gain wholly attributable to Hawaii on Form N-30, Schedule O,

line 31(b), as applicable.

SCHEDULE D

(FORM N-30/N-70NP)

PART I

PART II

PART III

( )

N30N70NPSCHD_I 2018A 01 VID01 ID NO 01

Clear Form

GENERAL INSTRUCTIONS

ATTENTION:

IN 1997, CONGRESS ENACTED LEGISLATION

WHICH MADE NUMEROUS CHANGES TO

THE FEDERAL INCOME TAX LAW RELATING

TO THE CLASSIFICATION AND TAXATION OF

CAPITAL GAINS. HAWAII HAS NOT ADOPTED

ANY OF THESE CHANGES.

Purpose of Form

Schedule D should be used by a taxpayer

who ﬁles Form N-30 or Form N-70NP, to report

sales or exchanges of capital assets, gains on

distributions to shareholders of appreciated capi-

tal assets, and the corporation’s share of capital

gains and losses from partnerships, S corpora-

tions, estates, and trusts. Sales or exchanges

of property other than capital assets, including

property used in a trade or business, involuntary

conversions (other than casualties or thefts), and

gain from the disposition of interest in oil, gas,

or geothermal property, should be reported on

Schedule D-1, Sales of Business Property. See

instructions for Schedule D-1 for more informa-

tion.

If property is involuntarily converted because

of a casualty or theft, use federal Form 4684, Ca-

sualties and Thefts.

Parts I and II

Generally, a corporation should report the

sales and exchanges, including “like-kind” ex-

changes, even though there is no gain or loss.

No loss is allowed for a wash sale of stock or

securities or from a transaction between related

persons (Internal Revenue Code (IRC) sections

1091 and 267).

In Part I, report the sale or exchange of capi-

tal assets held one year or less. In Part II, report

the sale or exchange of capital assets held more

than one year.

Capital Assets. — Each item of property a cor-

poration held (whether or not connected with its

trade or business) is a capital asset except:

1. Stock in trade or other property included in

inventory or held mainly for sale to custom-

ers.

2. Accounts or notes receivable acquired in

the ordinary course of the trade or busi-

ness for services rendered or from the sale

of stock in trade or other property included

in inventory or held mainly for sale to cus-

tomers.

3. Depreciable or real property used in the

trade or business, even if it is fully depreci-

ated.

4. Certain copyrights; literary, musical or artis-

tic compositions; letters or memoranda; or

similar property.

5. U.S. Government publications, including

the Congressional Record, received from

the Government, other than by purchase at

the normal sales price, or that the corpo-

ration got from another taxpayer who had

received it in a similar way, if the corpora-

tion’s basis is determined by reference to

the previous owner’s basis.

6. Certain commodities derivative ﬁnancial

instruments held by a dealer not in connec-

tion with its dealer activities.

7. Certain identiﬁed hedging transactions en-

tered into in the normal course of the trade

or business.

8. Supplies regularly used in the trade or

business.

Exchange of like-kind property. — A like-kind

exchange occurs when the corporation exchang-

es business or investment property for property

of a like kind. Complete and attach to the tax re-

turn federal Form 8824, Like-Kind Exchanges, for

each exchange.

For exchanges of capital assets, enter the gain or

loss from federal Form 8824, if any, on line 3 or

line 11 in column (f).

Lines 4 and 12. — Enter the corporation’s share

of capital gains and losses from partnerships, S

corporations, estates, and trusts. See the Sched-

ule K-1 or other information supplied to the cor-

poration by the partnership, S corporation, es-

tate, or trust.

Line 14. — Enter the total capital gain distribu-

tions paid by a regulated investment company

(RIC) or a real estate investment trust (REIT)

during the year, regardless of how long the cor-

poration owned stock in the RIC or REIT. Also

enter any amount received from a RIC or REIT

that qualiﬁes as a distribution in complete liquida-

tion under IRC section 332(b) and is designated

by the RIC or REIT as a capital gain distribution.

See IRC section 332(c).

Special Rules for the Treatment of

Certain Gains and Losses

Note: For more information, get IRS Publication

544, Sales and Other Dispositions of Assets.

 Gains and losses on stock options or war-

rants from a qualiﬁed high technology busi-

ness. — For Hawaii income tax purposes, all

income earned and proceeds derived from stock

options or stock, including stock issued through

the exercise of stock options or warrants, from

a qualiﬁed high technology business or from a

holding company of a qualiﬁed high technology

business by an employee, ofﬁcer, or director of

the qualiﬁed high technology business, or inves-

tor who qualiﬁed for the high technology business

investment tax credit is excluded from income.

Use lines 5 and 13 to reduce the corporation’s

capital gain for these amounts reported on other

lines of Schedule D. Losses on sales or disposi-

tions of stock obtained through options or war-

rants from a qualiﬁed high technology business

may be deducted. These losses are not added

back to income.

 For other items for special treatment, see

the federal Instructions for Schedule D (Form

1120).

How to Determine the Cost or Other

Basis of the Property

In determining gain or loss, the basis of prop-

erty will generally be its cost (IRC section 1012).

The exceptions to the general rule are provided

in sections contained in subchapters C, K, O,

and P of the IRC. For example, if the corporation

acquired the property by dividend, liquidation of

a corporation, transfer from a shareholder, bank-

ruptcy or reorganization, bequest, contribution

or gift, tax-free exchange, involuntary conver-

sion, or wash sale of stock, see IRC sections 301

(or 1059), 334, 362 (or 358), 1014, 1015, 1031,

1033, 1060, and 1091, respectively. Attach an

explanation if the corporation uses a basis other

than actual cash cost of the property.

If the corporation is allowed a charitable con-

tribution deduction because the corporation sold

property to a charitable organization, ﬁgure the

adjusted basis for determining gain from the sale

by dividing the amount realized by the fair market

value and multiplying that result by the adjusted

basis.

Capital Losses. — The amount of capital losses

allowed may not be more than capital gains. A net

capital loss may be carried forward 5 years as a

short-term capital loss unless the corporation is a

qualiﬁed high technology business, in which case

the loss may be carried forward 15 years. No car-

ryback of the net capital loss is allowed.

At-Risk Limitations (IRC section 465). — If the

corporation sold or exchanged an asset used in

an activity to which the at-risk rules apply, com-

bine the gain or loss on the sale or exchange with

the proﬁt or loss from the activity. If the corpo-

ration has a net loss from the activity, it may be

subject to the at-risk rules.

SCHEDULE D

FORM N-30/N-70NP

(REV. 2018) PAGE 2

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