Hawaii Form 1120-L 2024-2025

Hawaii Form 1120-L: What You Should Know

Subpart A — (i) Net Operating Loss Controlling Shareholders. Form 1120–G (SCH H), Deduction Allowed to a Domestic Corporations for Connected Income. Subpart B — (ii) U.S. Trusts, Estates, and Trusts in Bank and Savings Institutions. Form 1120-A (SCH H), U.S. Trusts, Estates, and Trusts in Banks and Savings Institutions. Subpart C — (iii) Foreign Corporations. Form 1120-J (SCH H), Allowed to a Domestic Corporation for Connected Income under Regulations. Subpart D —  (iv) Foreign Partnerships. Form 1120-Z (SCH H), Allowed to a Domestic Partnership for Connected Income under Regulations. Subpart A — (i) Net Operating Loss Controlling Shareholders. 1. The term “Qualified Resident Shareholder” (RRS) for this income tax return, means, (1) for a calendar year, a qualifying shareholder of an RBS Shareholder, (2) for a tax year of the taxpayer that ends on a Saturday, Sunday, or legal holiday that is within the taxpayer's first 50 taxable days of the year after the calendar year ended pursuant to section 7703(g): (A) whose corporation is a foreign corporation that is an RBS Shareholder, (B) who files a completed Form 1120‑F, (3) whose corporation has paid more than 1,500 in the preceding year, (4) who was an RBS Shareholder for the preceding taxable year, and (5) who was not a U.S. shareholder, and who has at the close of the taxable year a combined qualifying income (if any), or (6) whose corporation is a foreign corporation that is an RBS Shareholder and, if the taxpayer is a corporation, the controlled foreign corporation is a U.S. shareholder (and the aggregate amount of profits of both the taxpayer and a foreign corporation (that is not treated as controlled foreign corporations for U.S. tax purposes), as provided by section 901(a)(30) of the Internal Revenue Code), and the taxpayer, as the U.S.

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