Form N-30 (N-70NP) Schedule D "Capital Gains and Losses" - Hawaii

What Is Form N-30 (N-70NP) Schedule D?

This is a legal form that was released by the Hawaii Department of Taxation - a government authority operating within Hawaii. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on January 1, 2018;
  • The latest edition provided by the Hawaii Department of Taxation;
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STATE OF HAWAII—DEPARTMENT OF TAXATION
SCHEDULE D
20_ _
Capital Gains and Losses
Form N-30/N-70NP
(REV. 2018)
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
PART I
(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))
1
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
4
(losses), from partnerships, S corporations, estates, and trusts ...................................................................................
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
PART II
Long-term Capital Gains and Losses — Assets Held More Than One Year
8
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
12
(losses), from partnerships, S corporations, estates, and trusts ...................................................................................
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
PART III
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)
ID NO 01
N30N70NPSCHD_I 2018A 01 VID01
Clear Form
STATE OF HAWAII—DEPARTMENT OF TAXATION
SCHEDULE D
20_ _
Capital Gains and Losses
Form N-30/N-70NP
(REV. 2018)
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
PART I
(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))
1
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
4
(losses), from partnerships, S corporations, estates, and trusts ...................................................................................
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
PART II
Long-term Capital Gains and Losses — Assets Held More Than One Year
8
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
12
(losses), from partnerships, S corporations, estates, and trusts ...................................................................................
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
PART III
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)
ID NO 01
N30N70NPSCHD_I 2018A 01 VID01
SCHEDULE D
FORM N-30/N-70NP
(REV. 2018)
PAGE 2
GENERAL INSTRUCTIONS
ness. — For Hawaii income tax purposes, all
3. Depreciable or real property used in the
trade or business, even if it is fully depreci-
income earned and proceeds derived from stock
ATTENTION:
ated.
options or stock, including stock issued through
IN 1997, CONGRESS ENACTED LEGISLATION
the exercise of stock options or warrants, from
4. Certain copyrights; literary, musical or artis-
WHICH MADE NUMEROUS CHANGES TO
a qualified high technology business or from a
tic compositions; letters or memoranda; or
THE FEDERAL INCOME TAX LAW RELATING
holding company of a qualified high technology
similar property.
TO THE CLASSIFICATION AND TAXATION OF
business by an employee, officer, or director of
CAPITAL GAINS. HAWAII HAS NOT ADOPTED
the qualified high technology business, or inves-
5. U.S. Government publications, including
ANY OF THESE CHANGES.
tor who qualified for the high technology business
the Congressional Record, received from
investment tax credit is excluded from income.
Purpose of Form
the Government, other than by purchase at
Use lines 5 and 13 to reduce the corporation’s
the normal sales price, or that the corpo-
capital gain for these amounts reported on other
Schedule D should be used by a taxpayer
ration got from another taxpayer who had
lines of Schedule D. Losses on sales or disposi-
who files Form N-30 or Form N-70NP, to report
received it in a similar way, if the corpora-
tions of stock obtained through options or war-
sales or exchanges of capital assets, gains on
tion’s basis is determined by reference to
rants from a qualified high technology business
distributions to shareholders of appreciated capi-
the previous owner’s basis.
may be deducted. These losses are not added
tal assets, and the corporation’s share of capital
6. Certain commodities derivative financial
back to income.
gains and losses from partnerships, S corpora-
instruments held by a dealer not in connec-
tions, estates, and trusts. Sales or exchanges
 For other items for special treatment, see
tion with its dealer activities.
of property other than capital assets, including
the federal Instructions for Schedule D (Form
property used in a trade or business, involuntary
1120).
7. Certain identified hedging transactions en-
conversions (other than casualties or thefts), and
tered into in the normal course of the trade
How to Determine the Cost or Other
gain from the disposition of interest in oil, gas,
or business.
or geothermal property, should be reported on
Basis of the Property
Schedule D-1, Sales of Business Property. See
8. Supplies regularly used in the trade or
instructions for Schedule D-1 for more informa-
In determining gain or loss, the basis of prop-
business.
tion.
erty will generally be its cost (IRC section 1012).
Exchange of like-kind property. — A like-kind
The exceptions to the general rule are provided
If property is involuntarily converted because
exchange occurs when the corporation exchang-
in sections contained in subchapters C, K, O,
of a casualty or theft, use federal Form 4684, Ca-
es business or investment property for property
and P of the IRC. For example, if the corporation
sualties and Thefts.
of a like kind. Complete and attach to the tax re-
acquired the property by dividend, liquidation of
turn federal Form 8824, Like-Kind Exchanges, for
a corporation, transfer from a shareholder, bank-
Parts I and II
each exchange.
ruptcy or reorganization, bequest, contribution
or gift, tax-free exchange, involuntary conver-
Generally, a corporation should report the
For exchanges of capital assets, enter the gain or
sion, or wash sale of stock, see IRC sections 301
sales and exchanges, including “like-kind” ex-
loss from federal Form 8824, if any, on line 3 or
(or 1059), 334, 362 (or 358), 1014, 1015, 1031,
changes, even though there is no gain or loss.
line 11 in column (f).
1033, 1060, and 1091, respectively. Attach an
No loss is allowed for a wash sale of stock or
Lines 4 and 12. — Enter the corporation’s share
explanation if the corporation uses a basis other
securities or from a transaction between related
than actual cash cost of the property.
persons (Internal Revenue Code (IRC) sections
of capital gains and losses from partnerships, S
1091 and 267).
corporations, estates, and trusts. See the Sched-
If the corporation is allowed a charitable con-
ule K-1 or other information supplied to the cor-
tribution deduction because the corporation sold
In Part I, report the sale or exchange of capi-
poration by the partnership, S corporation, es-
property to a charitable organization, figure the
tal assets held one year or less. In Part II, report
tate, or trust.
adjusted basis for determining gain from the sale
the sale or exchange of capital assets held more
Line 14. — Enter the total capital gain distribu-
by dividing the amount realized by the fair market
than one year.
value and multiplying that result by the adjusted
tions paid by a regulated investment company
Capital Assets. — Each item of property a cor-
basis.
(RIC) or a real estate investment trust (REIT)
poration held (whether or not connected with its
during the year, regardless of how long the cor-
Capital Losses. — The amount of capital losses
trade or business) is a capital asset except:
poration owned stock in the RIC or REIT. Also
allowed may not be more than capital gains. A net
enter any amount received from a RIC or REIT
1. Stock in trade or other property included in
capital loss may be carried forward 5 years as a
that qualifies as a distribution in complete liquida-
inventory or held mainly for sale to custom-
short-term capital loss unless the corporation is a
tion under IRC section 332(b) and is designated
ers.
qualified high technology business, in which case
by the RIC or REIT as a capital gain distribution.
the loss may be carried forward 15 years. No car-
2. Accounts or notes receivable acquired in
See IRC section 332(c).
ryback of the net capital loss is allowed.
the ordinary course of the trade or busi-
Special Rules for the Treatment of
ness for services rendered or from the sale
At-Risk Limitations (IRC section 465). — If the
Certain Gains and Losses
of stock in trade or other property included
corporation sold or exchanged an asset used in
in inventory or held mainly for sale to cus-
an activity to which the at-risk rules apply, com-
Note: For more information, get IRS Publication
tomers.
bine the gain or loss on the sale or exchange with
544, Sales and Other Dispositions of Assets.
the profit or loss from the activity. If the corpo-
 Gains and losses on stock options or war-
ration has a net loss from the activity, it may be
rants from a qualified high technology busi-
subject to the at-risk rules.
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