Clear Form

                                           STATE OF HAWAII—DEPARTMENT OF TAXATION
      SCHEDULE D
      FORM N-20                           Capital Gains and Losses                                                     2023
      (REV. 2023)                                       ToN20SCHD_I 2023A 01 VID01                                                                                                                                              be filed with Form N-20 
Name of Partnership                                                                                                    Federal Employer I.D. No.

      Part I       Short-Term Capital Gains and Losses — Assets Held 1 Year or Less
              (a) Description of property                                                                                                                                                                
                 (e.g., 100 shares            (b) Date acquired      (c) Date sold            (d) Sales price     (e) Cost or other basis                                                            (f) Gain or (loss) 
                    of “Z” Co.)               (month, day, year)    (month, day, year) (See Instructions.)            (See Instructions.)                                                          (column (d) minus column (e))
  1

    2Short-term capital gain from installment sales from federal Form 6252 .............................................................................                                        2
    3Short-term capital gain (loss) from like-kind exchanges from federal Form 8824 ..............................................................                                              3
    4Partnership’s share of net short-term capital gain (loss), including specially allocated short-term capital gains (losses),  
      from other partnerships, estates, and trusts ........................................................................................................................                     4
  5  Short-term gain from stock acquired through stock options from qualified high technology businesses ...........................                                                            5  (                    )
  6  Net short-term capital gain or (loss).  Add lines 1 through 5 in column (f).  Enter here and on Schedule K (Form N-20), 
      line 8 or 11 ...........................................................................................................................................................................  6
      Part II       Long-Term Capital Gains and Losses — Assets Held More Than 1 Year
  7

    8Long-term capital gain from installment sales from federal Form 6252 ..............................................................................                                        8
    9Long-term capital gain (loss) from like-kind exchanges from federal Form 8824...............................................................                                               9
    10Partnership’s share of net long-term capital gain (loss), including specially allocated long-term capital gains (losses),  
      from other partnerships, estates, and trusts ........................................................................................................................                     10
    11Capital gain distributions .....................................................................................................................................................          11
 12  Long-term gain from stock acquired through stock options from qualified high technology businesses ...........................                                                             12 (                    )
   13 Net long-term capital gain or (loss).  Add lines 7 through 12 in column (f).  Enter here and on Schedule K (Form N-20),  
      line 9 or 11 ...........................................................................................................................................................................  13

General Instructions                                    ty is involuntarily converted because of a casual-       after the year of sale, must be reported using 
                                                        ty or theft,  use federal Form 4684, Casualties          the installment method on federal Form 6252, 
(Section references are to the Internal Revenue         and Thefts.                                              Installment Sale Income, unless the partner-
Code unless Hawaii Revised Statutes (HRS) is                                                                     ship elects to report the entire gain in the year 
indicated.)                                               Gain and losses from section 1256 contracts 
                                                        and straddles are reported on federal Form 6781,         of sale.  The partnership should also use fed-
Purpose of Schedule                                     Gains and Losses From Section 1256 Contracts             eral Form 6252 if it received a payment this 
Use Schedule D (Form N-20) to report the sale or        and Straddles.  If there are limited partners, see       year from a sale made in an earlier year on 
exchange of capital assets, except capital gains        section 1256(e)(4)  for  the limitation  on losses       the installment method.
(losses) that are specially allocated to any part-      from hedging transactions.                                    If the partnership wants to elect out of the 
ners.                                                     An exchange of business or investment prop-            installment method for installment gain that is 
      Enter capital gains (losses) specially allocat-   erty for property of a like kind is reported on fed-     not specially allocated among the partners, it 
ed to the partnership as a partner in other part-       eral Form 8824, Like-Kind Exchanges.                     must report the full amount of the gain on a 
                                                                                                                 timely filed return (including extensions).
nerships and from estates and trusts on Sched-            For more information, see federal Publication 
ule D (Form N-20), line 4 or 10, whichever ap-          544, Sales and Other Dispositions of Assets.                  If the partnership wants to elect out of the 
plies.  Enter capital gains (losses) of the partner-                                                             installment  method for installment  gain that 
ship that are specially  allocated  to partners di-     Items for Special Treatment                              is specially allocated among the partners, it 
                                                                                                                 must do the following on a timely filed return 
rectly on line 8, 9, or 11 of Schedule K and K-1        • All income earned and proceeds derived from            (including extensions):
(Form N-20), whichever applies.  Do not include           stock options or stock, including stock issued 
these amounts on Schedule  D.  See         How In-        through the exercise of stock options or war-          1.  For a short-term capital gain, report the 
come Is Shared Among Partners in the Instruc-             rants, from a qualified high technology busi-               full amount of the gain  on Schedule  K 
tions for Form N-20 for more information.                 ness or from a holding company of a qualified               (Form N-20), line 8 or 11.
                                                          high technology  business by an employee,                   For a long-term capital gain, report the 
General Information                                       officer, or director of the qualified high tech-            full amount of the gain  on Schedule  K 
To report sales or exchanges of property other            nology business, or investor who qualifies for              (Form N-20), line 9 or 11.
than capital assets, including  the sale or ex-           the high technology business investment tax            2.  Enter  each partner’s  share of  the  full 
change of property used in a trade or business            credit is excluded from income taxes.                       amount of the gain on Schedule K-1 (Form 
and involuntary conversions (other than casual-         • Gain from the sale of property (other than                  N-20), line 8, 9, or 11, whichever applies.
ties and thefts) see Schedule D-1, Sales of Busi-         publicly traded stock or securities) for which 
ness Property, and related instructions.  If proper-      any payment is to be received in a tax year 
                                                                                                                                                                                                  (Continued on next page)
                                                                                                                       Schedule D Form N-20 (Rev. 2023)
                                                                 ID NO 01

SCHEDULE D 
Form N-20 
(REV. 2023)                                                                                                                                                     Page 2
• For other items for special treatment, see the       Columns (b) and (c) — Date                         Column (f) — Gain or (Loss)
  federal Instructions for Schedule  D (Form           Acquired and Date Sold                             Make a  separate entry  in this  column for  each 
  1065).
                                                       Use the trade dates for date acquired and date     transaction reported on lines 1 and 7 and any 
Constructive  sales treatment  for certain ap-         sold for stocks and bonds traded on an exchange    other line(s) that applies to the partnership.  For 
preciated positions.                                   or over-the-counter market.                        lines 1 and 7, subtract the amount in column (e) 
Generally, the partnership  must recognize  gain                                                          from the amount in column (d).  Enter negative 
(but not loss) on the date it enters into a construc-  Column (d) — Sales Price                           amounts in parentheses.
tive sale of any appreciated position in stock, a      Enter in this column either the gross sales price 
partnership interest, or certain debt instruments      or the net sales price from the sale.  On sales of Lines 4 and 10 — Capital Gains and 
as if the position were disposed of at fair market     stocks and bonds, report the gross amount as re-   Losses From Other Partnerships, 
value on that date.                                    ported to  the  partnership by the  partnership’s  Estates, and Trusts
  For more details, see the federal Instructions       broker on federal Form 1099-B, Proceeds From       See the Schedule K-1 or other information sup-
for Schedule D (Form 1065) and federal Publica-        Broker and Barter Exchange  Transactions, or       plied to you by the other partnership, estate, or 
tion 550, Investment Income and Expenses.              similar statement.  However, if the broker advised trust.
                                                       the partnership that gross proceeds (gross sales 
Rolloverprice) less commissions  and option premiums                                                      Lines 5 and 12 — Short-Term and                               of gain from qualified stock. 
If  the  partnership  sold  qualified  small  business were reported to the Department of Taxation, en-
stock  it  held for  more than six  months,  it  may   ter that net amount in column (d).                 Long-Term Capital Gains From 
postpone  gain  if  it  purchased  other  qualified                                                       Stock Acquired Through Stock 
small business  stock during the 60-day period         Column (e) — Cost or Other Basis                   Options From Qualified High 
that began on the date of the sale.  The partner-      In general, the cost or other basis is the cost of Technology Businesses
ship must recognize gain to the extent the sale        the property plus purchase commissions and im-     All income earned and  proceeds  derived  from 
proceeds  exceed  the cost of the replacement          provements and minus depreciation,  amortiza-      stock options or stock, including  stock issued 
stock.  Reduce  the basis of the replacement           tion, and depletion.  If the partnership received  through the exercise of stock options or warrants, 
stock by any postponed gain.                           the property in a tax-free exchange, involuntary   from a qualified high technology business or from 
  If the partnership chooses to postpone gain,         conversion, or wash sale of stock, it may not be   a holding company of a qualified high technology 
report the entire gain realized on the sale on line    able to use the actual cash cost as the basis.  If business by an employee, officer, or director of 
1 or 7.  Directly below the line on which the part-    the partnership does not use cash cost, attach an  the qualified high technology business, or inves-
nership reported the gain, enter in  column (a)        explanation of the basis.                          tor who qualifies for the high technology business 
“Section 1045 Rollover” and enter as a (loss) in       When selling stock, adjust the basis by sub-       investment tax  credit is excluded from income 
column (f) the amount of the postponed gain.           tracting all the stock-related nontaxable  distri- taxes.
Caution: The partnership also must separately          butions received before the sale.  This includes       Use lines 5 and 12 to reduce the partnership’s 
state the amount of the gain rolled over on quali-     nontaxable  distributions  from utility company    capital gain for these amounts reported on other 
fied  stock  under  section  1045  on  Form  N-20,     stock and mutual funds.  Also adjust the basis for lines of Schedule D.
Schedule K, line 11, because each partner must         any stock splits or stock dividends.
determine  if they qualify  for the rollover  at the   If  a charitable contribution deduction  is        Line 11 — Capital Gain Distributions
partner level.  Also, the partnership must sepa-       passed through to a partner because of a sale      On line 11, column (f), report as capital gain dis-
rately state on that line (and not on Schedule D)      of property to a charitable organization, the ad-  tributions (a) capital gain dividends and             (b) the 
any gain that would qualify for the section 1045       justed basis for determining gain from the sale is partnership’s share of undistributed capital gains 
rollover at the partner level instead of the partner-  an amount that has the same ratio to the adjust-   from a regulated investment company or real es-
ship level (because a partner was entitled to pur-     ed basis as the amount realized has to the fair    tate investment trust (REIT).  Report the partner-
chase replacement stock) and any gain on quali-        market value.                                      ship’s share of Hawaii income taxes paid on un-
fied stock that could qualify for the 50% exclusion 
under section 1202.                                    See section 852(f) for the treatment of certain    distributed capital gains by a regulated invest-
                                                       load charges incurred in acquiring stock in a mu-  ment company or REIT on a statement attached 
Specifictual fund with a reinvestment right.                                                              to  Form  N-20  for  Schedule  K,  line  31,  and  on         Instructions 
                                                       If the gross sale price is reported in column      Schedule K-1, line 37.
Lines 1 and 7 — Short-Term and                         (d), increase the cost or other basis by any ex-
Long-Term Capital Gains and                            pense of  sale, such as broker’s  fees,  commis-
Losses                                                 sions, or option premiums, before making an en-
If more space is needed, attach a statement.           try in column (e).
                                                       For more information, see federal Publication 
                                                       551, Basis of Assets.