Haw. Code R. § 18-237-33-02 - Short year return; change of ownership or cessation of business

(a) Change of ownership, complete transfer of business, going out of business, or otherwise ceasing to conduct business activity shall close the taxable year. As used in this section, a change of ownership means that the business is conducted by a different person or company. A change in ownership occurs, for example, if a sole proprietorship is changed to a partnership or corporation.

(b) If there is a change of ownership or complete transfer of business, or if a taxpayer goes out of business or otherwise ceases to conduct business activity, the taxpayer shall notify the director of the change, transfer, or cessation of business not more than ten days after the change, transfer, or cessation occurs in accordance with section 18-231-3-14.16(b).

(c) The taxpayer shall prepare and submit an annual tax return summarizing the months of the year engaged in the business activity on or before the twentieth day of the fourth month following the month in which the change of ownership, complete transfer of business, or cessation of business took place.

(d) A taxpayer filing any return required by this section may apply for an extension under section 18-237-33-01(d).

Notes

Haw. Code R. § 18-237-33-02

[Eff 6/18/94] (Auth: HRS §§ 231-3(9), 237-8) (Imp: HRS § 237-33)