Skip to main content

Solutions

Products

Recommended products

Questions? We are here to help.
Contact us

Purchase

Questions? We are here to help.

Resources

Screens

Screen HIDS - Hawaii Capital Gain (Loss) and Built-In Gains (1120)

Show all hidden content

Capital Gains and Losses

Schedule D detail
Enter information for the sale of capital assets
not
 sold on installment in the statement. The application transfers the description, date purchased, date sold, proceeds, and cost or basis from federal Schedule D to this statement. When classifying items sold, enter either
1
or
2
in the
S Type
field. If you enter
1
, business sales transfer to Schedule K, Other Income. If you enter
2,
passive sales transfer to Schedule K, Other Income. Note that these codes are entered directly or selected from the drop-down list. If you leave the
S Type
field blank, the transaction defaults to portfolio and transfers to either net short-term capital gain (loss) or net long-term capital gain (loss) on Schedule K.
To exclude an item from the state return, delete the amount or the entire line item from the statement. The application displays the modified column in black and will not overwrite the new data with subsequent federal-to-state data transfers.
note
The application determines the short-term or long-term status of an asset based on the dates entered in the
Date Acquired
 and
Date Sold
 fields in this statement. If leaving the date fields blank, The application uses short-term as the default status. To force the status, enter
1
 for short-term, or
2
 for long-term in the
Force
 field in the statement.

Built-In Gains

Were assets acquired in a Section 1374(d)(8) transaction at any time
Enter
1
 if the S Corporation acquired transferred (substituted) basis property from a C Corporation, the property was owned by the S Corporation less than five years, and the property was disposed of during the current tax year. A separate built-in gain tax recognition period applies to transferred basis assets. The recognition period is measured from the date the property is acquired by the S Corporation rather than the date of election of S Corporation status.
Enter
1
 if the S Corporation acquired property from another S Corporation that is subject to the built-in gains tax, and the built-in gain recognition period for that asset has not yet ended. The recognition period is the remainder of the original recognition period during which the transferor S Corporation was subject to the built-in gains tax with respect to that property.
Enter
2
 if the S Corporation has not acquired transferred basis property from a C Corporation or from an S Corporation that is subject to the built-in gains tax.
The application continues to calculate any built-in gain carryover when code
1
 is entered and the S Corporation’s recognition period has been met. The application does not calculate any carryover when code
2
is entered and the S Corporation’s built-in gain recognition period has been met.

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close