Haw. Code R. § 18-235-5-04 - Allocation of income and deductions among taxpayers
(a) If two or more organizations, trades, or
businesses, whether or not incorporated or organized in Hawaii, are owned or
controlled directly or indirectly by the same interests, the director may
distribute, apportion, or allocate gross income, deductions, credits, or
allowances between or among the organizations, trades, or businesses, if the
director determines that the distribution, apportionment, or allocation is
necessary in order to clearly reflect the income attributable to any taxpayer's
activity in this State.
(b) This
section shall not be construed to permit the filing of consolidated returns by
two or more affiliated corporations except as provided by section
235-92,
HRS.
(c) The director shall not
allocate or apportion income to Hawaii in excess of what is considered just and
reasonable under the circumstances.
Notes
§ 18-235-5-04 is based substantially upon § 18-235-5(b)(4). [Eff 2/16/82; am and ren § 18-235-5-04 9/3/94]
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