Hawaii S Corporation Income Tax Return (Rev. 2015)

S Corporation Income Tax Return (Rev. 2015)
Form N-35, Rev. 2023, S Corporation Income Tax Return
Clear Form
STATE OF HAWAII—DEPARTMENT OF TAXATION	

THIS SPACE FOR DATE RECEIVED STAMP

S CORPORATION INCOME TAX RETURN

	FORM	
	
	
(REV. 2023)
	
	

N-35

For calendar year

	

2023

or other tax year beginning ____________________ , 2023
  and ending __________________ , 20_________

AMENDED Return (Attach Sch AMD)

PRINT OR TYPE

N35_I 2023A 01 VID01

Federal Employer I.D. No.

Dba or C/O

Business Activity Code (Use code shown on federal Form 1120S)

Mailing Address (number and street)

Hawaii Tax I.D. No.

City or town, State, and Postal/ZIP Code. If foreign address, see Instructions.

Enter the number of Schedules NS
attached to this return

Check applicable boxes:	
	(4)	

Name Change	

(1)	
(5)	

(2)	

Initial Return	
IRS Adjustment	

(6)	

Final Return	

(3)	

Electing PTE (Attach Sch PTE)	

S Election Termination or Revocation
(7)	

Upper-Tier PTE (Attach Sch PTE-U)

Is the corporation electing to be an S corporation beginning with this tax year? .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  ..  .  .  .

Yes

No

How many months in 2023 was this corporation in operation?_____     Was this corporation in operation at the end of 2023?.  .  .

Yes

No

INCOME

CAUTION: Include only trade or business income and expenses on lines 1a through 20. See Instructions for more information.
	 1	 a	 Gross receipts or sales (see Instructions). . . . . . . . . . . . . . . . . . . 	 1a
		
b	 Returns and allowances. . . . . . . . . . . . . . . . . . . . . . . . . . . . 	 1b
		c	 Line 1a minus line 1b .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  †	 1c
	 2	 Cost of goods sold (Schedule A, line 8) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	
2
	 3	 Gross profit (line 1c minus line 2).  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  	
3
	 4	 Net gain or (loss) from Schedule D-1, Part II, line 19 (attach Schedule D-1).  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  	
4
	 5	 Other income (see Instructions) (attach schedule).  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  	
5
	 6	 	 TOTAL income (loss) — Add lines 3 through 5 and enter here.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  †	
6
	 7	 Compensation of officers.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  	
7
	 8	 Salaries and wages (less employment credit) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	
8
	 9	 Repairs and maintenance .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	
9
	 10	 Bad debts (see Instructions).  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 10
	 11	Rents	.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  	 11
	 12	 Taxes and licenses (attach schedule) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 12
	 13	Interest	
.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  	 13
	 14	 Depreciation from federal Form 4562 not claimed elsewhere on return (see Instructions) .  .  .  .  .  .  .  .  .  .  .  . 	 14
	 15	 Depletion (Do not deduct oil and gas depletion. See Instructions.).  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 15
	 16	Advertising.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 16
	 17	 Pension, profit-sharing, etc. plans .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 17
	 18	 Employee benefit programs .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 18
	 19	 Other deductions (attach schedule) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 19
	 20		 TOTAL deductions — Add lines 7 through 19 and enter here.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  †	 20
	 21	 Ordinary income (loss) from trade or business activities — line 6 minus line 20 (To Sch. K, line 1).  .  .  .  .  .  .  	 21
DECLARATION: I declare, under the penalties set forth in section 231-36, HRS, that this return (including any accompanying schedules or statements) has been examined
by me and, to the best of my knowledge and belief, is true, correct, and complete, made in good faith, for the taxable year stated, pursuant to the Hawaii Income Tax Law, Chapter
235, HRS. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.

Please Sign Here

	

DEDUCTIONS

Attach Forms N-4 and Payment Here	

		

Name

	 	

†

Signature of officer	

Date	

Type or print name and title of officer

 May the Hawaii Department of Taxation discuss this return with the preparer shown below? .  .  .  .  .  .  .  .  .  .  .  .  . 	
  (See page 3 of the Instructions) This designation does not replace Form N-848, Power of Attorney.
Preparer’s Signature

Paid
Preparer’s
Information

	

Date		

 Yes

 No

PTIN

Check if
      †		
Print Preparer’s Name		self-employed

†

Firm’s name (or 		Federal †
E.I. No.
yours if self-employed)  		
Phone no. †
Address and Postal/ZIP Code		

N351H7V9

†

ID NO 01

FORM N-35 (REV. 2023)

FORM N-35 (REV. 2023)	
Name as shown on return	

Page 2
Federal Employer Identification Number

N35_I 2023A 02 VID01

AMENDED
RETURN

TAX & PAYMENTS

	 22	 a	 Excess net passive income tax (attach schedule(s)) . .  .  .  .  .  .  .  .  .  .  .  . 	 22a
		
b	 Tax from Schedule D (Form N-35), line 21 . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 22b
		c	 Number of N-4’s attached 	
	Taxes withheld on attached N-4’s	 22c
		
d	 LIFO recapture tax .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 22d
		
e	 Interest due under look-back method. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 22e
		
f	 Pass-through entity tax (attach Schedule PTE) (see instructions).  .  .  .  .  .  . 	 22f
		
g	 Add lines 22a, 22b, 22c, 22d, 22e, and 22f. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	
	 23	a	 2022 overpayment credited to 2023 .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 23a
		
b	2023 estimated tax payments from N-201Vs____________ and N-288As__________	 23b
		
c	 Payments with extension . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 23c
		
d	 Add lines 23a, 23b, and 23c .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	
	 24	 Estimated tax penalty. (see Instructions) Check if Form N-220 is attached . .  .  .  .  .  .  .  .  .  .  .  .  .  .  . †
	
	 25	 OVERPAYMENT (If line 23d is larger than the total of lines 22g and 24), enter AMOUNT OVERPAID . .  .  .  . 	
	 26	 Enter amount of line 25 you want Credited to 2024 estimated tax † 26a $	
Refunded †	
	 27	 TAX DUE (If the total of lines 22g and 24 is larger than line 23d) enter the amount due. .  .  .  .  .  .  .  .  .  .  .  . 	
	 28	 AMOUNT OF PAYMENT (see Instructions) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	
	29	 Amount paid (overpaid) on original return — AMENDED RETURN ONLY .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	
	 30	 BALANCE DUE (REFUND) with amended return (See Instructions) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	

Schedule A

Cost of Goods Sold (See Instructions for Schedule A)

22g

23d
24
25
26b
27
28
29
30

	 1	 Inventory at beginning of year .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	
1
	 2	Purchases .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	
2
	 3	 Cost of labor .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	
3
	 4	 Additional IRC section 263A costs (see federal Instructions and attach a schedule) .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	
4
	 5	 Other costs (attach schedule) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	
5
	 6	 Total—Add lines 1 through 5 . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . †	
6
	 7	 Inventory at end of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	
7
	 8	 Cost of goods sold—Line 6 minus line 7. (Enter here and on page 1, line 2) . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . †	
8
	 9	a	 Check all methods used for valuing closing inventory:
			(i)	
Cost as described in Treasury Regulations section 1.471-3.
			(ii)	
Lower of cost or market as described in Treasury Regulations section 1.471-4 (see Instructions)
			(iii)	
Other (specify method used and attach explanation) † .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . . . . . . . .
	
	 b	 Check if there was a writedown of subnormal goods as described in Treasury Regulations section 1.471-2(c).  .  .  .  .  .  .  .  .  .. . . . . . .
	
	 c	 Check if the LIFO inventory method was adopted this tax year for any goods (if checked, attach federal Form 970).  .  .  .  .  .  .. . . . . . .
		
d	 If the LIFO inventory method was used for this tax year, enter percentage (or amounts) of
	 closing inventory computed under LIFO . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	 9d
		
e	 Do the rules of section 263A (with respect to property produced or acquired for resale) apply to the corporation? . .  .  .  .  .
Yes
No
		
f	 Was there any change in determining quantities, cost or valuations between opening and closing inventory? .  .  .  .  .  .  .  .
Yes
No
			 If “Yes,” attach explanation.

Schedule B

Other Information

	 1	 Check method of accounting: a  
Cash	
b 
Accrual	 c  
Other (specify) †	
	 2	 a Date of incorporation 	
	 b	 Date business began in Hawaii 	
		
c Under laws of 	
	 d	 Date of federal election as an S corporation 	
	3	 Refer to the listing of Business Activity Codes at the end of the federal Instructions for Form 1120S and state your principal:
Business Activity †____________________________________ ; Product or service †______________________________
	 4	 Did the corporation at the end of the tax year own, directly or indirectly, 50% or more of the voting stock of a domestic
corporation? (For rules of attribution, see IRC section 267(c).) If “Yes” attach a schedule showing: (a) name, address
and employer identification number (b) percentage owned, and (c) if 100% owned, was QSSS election made?.. .  .  .  .  .  .  .  .
Yes
No
	 5	 Enter the number of shareholders in the corporation at the end of the tax year who are:
residents of Hawaii 	
	
nonresidents of Hawaii 	
.
	 6	 Did the corporation derive income from sources outside Hawaii which is not includable in the Hawaii return? . .  .  .  .  .  .  .  .  .
Yes
No
	 7	 If the corporation: (1) was a C corporation before it elected to be an S corporation or the corporation acquired an asset with a basis
determined by reference to its basis (or the basis of any other property) in the hands of a C corporation, and (2) has net unrealized built-in gain
(defined by IRC section 1374(d)(1)) in excess of the net recognized built-in gain from prior years, enter the net unrealized built-in gain reduced
by net recognized built-in gain from prior years .  .  .  .  .  .  .  .  .  .  .  .  .  .  . $	
.

N352H7V9

ID NO 01

FORM N-35 (REV. 2023)

FORM N-35 (REV. 2023)	

Page 3
Federal Employer Identification Number

Name as shown on return	

N35_I 2023A 03 VID01

Shareholders’ Pro Rata Share Items
	

	

	
	 1		 Ordinary income (loss) from trade or business activities (page 1, line 21). .  .  .  .
	 2		 Net income (loss) from rental real estate activities (attach federal Form 8825) .  .
	 3	a	 Gross income from other rental activities .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
		
b	 Expenses from other rental activities (attach schedule) . .  .  .  .  .  .  .  .  .  .  .  .  .
		
c	 Net income (loss) from other rental activities. Line 3a minus line 3b. . . . . . . .
	 4		 Interest income. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
	 5		 Ordinary dividends. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
	 6		 Royalty income. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
	 7		 Net short-term capital gain (loss) (Schedule D (Form N-35)) .  .  .  .  .  .  .  .  .  .  .  .
	 8		 Net long-term capital gain (loss) (Schedule D (Form N-35)). .  .  .  .  .  .  .  .  .  .  .
	 9		 Net gain (loss) under IRC section 1231 (attach Schedule D-1) .  .  .  .  .  .  .  .  .  .  .
	 10		 Other income (loss) (attach schedule). .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

b.  Attributable	
to Hawaii	
	
	
	
	
	
	
	
	
	
	
	
	

c.  Attributable
Elsewhere
1
2
3a
3b
3c
4
5
6
7
8
9
10

	 11		 Charitable contributions (attach schedule). .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	
11
	 12		 IRC section 179 expense deduction (attach federal Form 4562) .  .  .  .  .  .  .  .  .  . 	
12
	 13		 Deductions related to portfolio income (loss) (attach schedule) . .  .  .  .  .  .  .  .  . 	
13
	 14		 Other deductions (attach schedule) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	
14
	 15	a	 Interest expense on investment debts paid or accrued in 2023 . .  .  .  .  .  .  .  .  . 	
15a
		
b	 (1)	Investment income included on lines 4, 5, and 6, above. .  .  .  .  .  .  .  .  .  .  . 	
15b(1)
			 (2)	Investment expenses included on line 13, above. . . . . . . . . . . . . . . . 	
15b(2)
	 16	a	 Fuel Tax Credit for Commercial Fishers (attach Form N-163) . .  .  .  .  .  .  .  .  .  . 	
16a
		
b	 Total cost of property qualifying for the Capital Goods
Excise Tax Credit (See Instructions). .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	
16b
		
c	 Amounts needed to claim the Enterprise Zone Tax Credit (attach Form N-756).  . 	
16c
See N-756A
		
d	 Hawaii Low-Income Housing Tax Credit (attach Form N-586). .  .  .  .  .  .  .  .  .  . 	
16d
		
e	 Credit for Employment of Vocational Rehabilitation Referrals (attach Form N-884).	
16e
		
f	 Motion Picture, Digital Media, and Film Production
Income Tax Credit (attach Form N-340) . .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	16f
	 	g	 Credit for School Repair and Maintenance (attach Form N-330) .  .  .  .  .  .  .  .  .  . 	
16g
		
h	 Renewable Energy Technologies Income Tax Credit (attach Form N-342) .  .  .  .  . 	16h
		
i	 Important Agricultural Land Qualified Agricultural Cost Tax Credit (attach Form N-344).	
16i
		
j	 Tax Credit for Research Activities (attach Form N-346).  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	
16j
		k	 Historic Preservation Income Tax Credit (attach Form N-325). .  .  .  .  .  .  .  .  .  . 	
16k
		l	 Renewable Fuels Production Tax Credit for Years After 12/31/21 (attach Form N-360) .  . 	
16l
		
m	Pass-Through Entity Tax Credit (attach Schedule PTE and/or PTE-U) .  .  .  .  .  .  . 	
16m
		n	 Hawaii income tax withheld on Forms N-288A (See Instructions) . .  .  .  .  .  .  .  . 	
16n
	 	o	 Total Hawaii income tax withheld on Forms N-4. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	
16o
		
p	 Net income tax paid by the S corporation to states which do not recognize the
corporation’s “S” status. Identify state(s) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	
16p
	  (Attach a separate schedule if more space is needed for any item.)
	17		 Total property distributions (including cash) other than dividend distributions
reported on line 22, below. Date of Distribution __________________________. 	
17
	 18		 Tax exempt interest income .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	
18
	 19		 Other tax exempt income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	
19
	 20		 Non-deductible expenses .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	
20
	 21		 Other items and amounts not included on lines 1 through 20, above, that are
required to be reported separately to shareholders (attach schedule). .  .  .  .  .  . 	
21
	 22		 Total dividend distributions paid from accumulated earnings and profits. . . . . . 	
22
	 23		 Income (loss) — Combine lines 1 through 10. From the result, subtract the sum
of lines 11 through 15a. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	
23
	24		 Corporate adjustments to income attributable to Hawaii (attach schedule).  .  .  .  . 	
24
	 25		 Interest penalty on early withdrawal of savings .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 	
25

Other Items

Credits

Investment
Interest

Deductions

Income (Losses)

Schedule K

N353H7V9

ID NO 01

FORM N-35 (REV. 2023)

FORM N-35 (REV. 2023)	

Page 4
Federal Employer Identification Number

Name as shown on return	

N35_I 2023A 04 VID01

Schedules L, M-1,
	 and M-2 Attach a copy of page 4 of federal Form 1120S to this return. Attach Sch. M-3, if applicable.
Schedule N
List of Shareholders (Attach a separate sheet if more space is needed)
Name and Address

SSN or FEIN

No. of shares
owned at all times
during the year

State of
Residence

Year Sch. NS
filed, if any
(Indicate if
revoked)

Amount of
Payment on
Form N-4
attached

 1

 2

 3

Schedule O
	 1	
	 2	
	 3	
	 4	
	 5	
		
		

Apportionment of Income (See Attributable to Hawaii in the Instructions.)

Ordinary income (loss) from trade or business activities (From page 1, line 21).  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 
Apportionment factor (from Schedule P, line 8).  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  		
%
Business income apportioned to Hawaii (line 1 multiplied by line 2) (To Schedule K, line 1, col. b).  .  .  .  .  .  . 
Business income apportioned elsewhere (line 1 minus line 3). (To Schedule K, line 1, col. c).  .  .  .  .  .  .  .  .  . 
Are the totals of columns b and c, Schedule K, lines 2 through 6, and the amounts shown on Schedule P, column B, the same as those
reported in returns or reports to other states under the Uniform Division of Income for Tax Purposes Act?.  .  .  .  .  .  .  . 
 Yes  
 No
If “No,” please explain                                                    

Schedule P

Computation of Apportionment Factors (See Attributable to Hawaii in the Instructions.)
		

Property — (use original cost)

	

In Hawaii

Beginning of taxable year		

		
End of taxable year

	

Total Everywhere

Beginning of taxable year		

End of taxable year

Land 		
Buildings 		
Inventories 		
Leasehold interests*		
Rented Property*		
Other Property 		
	Total 		
* Enter net annual rent X 8.

     Compute all percentages to 5 decimal places (0.00000%)		A. In Hawaii	

	
	
	
	
	
	
	
	

1		
2		
3		
4		
5		
6		
7		
8		

B.  Everywhere

Property values (average value of property above) .  .  .  .  .  .  .  .  .  .  .  .  .
Property factor (line 1, col. A divided by line 1, col. B).  .  .  .  .  .  .  .  .  .  .  . 	
Total compensation.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
Payroll factor (line 3, col. A divided by line 3, col. B).  .  .  .  .  .  .  .  .  .  .  .  . 	
Total sales.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
Sales factor (line 5, col. A divided by line 5, col. B) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
Total of factors (add lines 2, 4, and 6).  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
Average of factors (see instructions) (To Schedule O, line 2).  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

	%
	%
	%
	%
	
%

Designation of Tax Matters Person (See Instructions.)
Enter below the shareholder designated as the tax matters person (TMP) for the tax year of this return, if one has been designated:
Name of	
designated TMP
Address of
designated TMP 

N354H7V9

Â
Â

Identifying
number of TMP

	

ID NO 01

Â

FORM N-35 (REV. 2023)