Clear Form
STATE OF HAWAII—DEPARTMENT OF TAXATION THIS SPACE FOR DATE RECEIVED STAMP
FORM  
  S CORPORATION INCOME TAX RETURN
N-35
(REV. 2023)
  For calendar year  
2023
or other tax year  beginning  ___________________, 2023
   and ending   _________________ , 20 ________
N35_I 2023A 01 VID01 AMENDED Return (Attach Sch AMD)
Name 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.

PRINT OR TYPE 
City or town, State, and Postal/ZIP Code.  If foreign address, see Instructions. Enterattachedthetonumberthis returnof Schedules NS 

Check applicable boxes: (1) Initial Return (2) Final Return (3) S Election Termination or Revocation
  (4) Name Change (5) IRS Adjustment (6) Electing PTE (Attach Sch PTE) (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
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
INCOME
 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
Attach Forms N-4 and Payment Here  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
 DEDUCTIONS 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.
  
†
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?    .  .  .  .  .  .  .  .  .  .  .  .     Yes   No
Please Sign Here   (See page 3 of the Instructions) This designation does not replace Form N-848, Power of Attorney.
 
Preparer’s Signature Date PTIN
Check if
      † †
Paid Print Preparer’s Name self-employed
Preparer’s Firm’s name (or Federal
Information E.I. No. †
yours if self-employed) †  
Address and Postal/ZIP Code   Phone no. †

N351H7V9 ID NO 01 FORM N-35 (REV. 2023)

FORM N-35 (REV. 2023)                                                                                                                                                                                   Page 2
                                                                                                 Name as shown on return                                                        Federal Employer Identification Number

N35_I 2023A 02 VID01
          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                                                                                                                        22g
          23               a  2022 overpayment credited to 2023                                                                                                              23a
                           b  2023 estimated tax                                                 ____________ and N-288As                             __________             23b                                      payments from N-201Vs
                           c  Payments with extension                                                                                                                        23c
                           d  Add lines 23a, 23b, and 23c                                                                                                                                       23d
         TAX & PAYMENTS 24 Estimated tax penalty  (see Instructions)  Check if Form N-220 is attached                                                                                      †    24
          25               OVERPAYMENT (If line 23d is larger than the total of lines 22g and 24), enter AMOUNT OVERPAID                                                                        25
          26               Enter amount of line 25 you want Credited to 2024 estimated tax                                                            † 26a $                   Refunded †      26b
          27               TAX DUE (If the total of lines 22g and 24 is larger than line 23d) enter the amount due                                                                              27
          28               AMOUNT OF PAYMENT (see Instructions)                                                                                                                                 28
  29                       Amount paid (overpaid) on original return — AMENDED RETURN ONLY                                                                                                      29
 AMENDED RETURN30          BALANCE (See Instructions)                                                                                                                                           30                                         DUE (REFUND) with amended return
         ScheduleCostAof Goods Sold (See Instructions for Schedule A)
                        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 
         ScheduleOther Information                                                                                                                                                                                                         B 
                        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                                                                                 $                                  
                                                                                                                                                                                                            
                                                                                                                                                                                                FORM N-35 (REV. 2023)
N352H7V9                                                                                                                                   ID NO 01

                    FORM N-35 (REV. 2023)                                                                                                                                                                                        Page 3
                                                                                                                  Name as shown on return                                                          Federal Employer Identification Number

                    N35_I 2023A 03 VID01

AttributableAttributable                                ScheduleShareholders’b.                                                                                                                                     c.                   Pro Rata Share Items K 
                                                                                                                                                                                                   to Hawaii            Elsewhere
                                                                     1    Ordinary income (loss) from trade or business activities (page 1, line 21)                                                          1
                                                                     2    Net income (loss) from rental real estate activities (attach federal Form 8825)                                                     2
                                                                     3 a    Gross income from other rental activities                                                                                         3a
                                                                       b  Expenses from other rental activities (attach schedule)                                                                             3b
                                                                       c  Net income (loss) from other rental activities  Line 3a minus line 3b                                                               3c
                                                                     4    Interest income                                                                                                                     4
                                                                     5    Ordinary dividends                                                                                                                  5
                                                                     6    Royalty income                                                                                                                      6
                                         Income (Losses)             7    Net short-term capital gain (loss) (Schedule D (Form N-35))                                                                         7
                                                                     8    Net long-term capital gain (loss) (Schedule D (Form N-35))                                                                          8
                                                                     9    Net gain (loss) under IRC section 1231 (attach Schedule D-1)                                                                        9
                                                         10               Other income (loss) (attach schedule)                                                                                               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
                               Deductions                14               Other deductions (attach schedule)                                                                                                  14
                                                         15 a  Interest expense on investment debts paid or accrued in 2023                                                                                   15a
                    Investment                          Interest       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)                                               See N-756A 16c
                                                                       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
                                                        Credits        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
                                                         Other Items 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
                                                                                                                                                                                                              FORM N-35 (REV. 2023)
                    N353H7V9                                                                                                  ID NO 01

FORM N-35 (REV. 2023)                                                                                                                                                                                      Page 4
                              Name as shown on return                                                                                 Federal Employer Identification Number

N35_I 2023A 04 VID01
 Schedules                   AttachAttach Sch. M-3, if applicable.                                                                                                                                               L,aM-1,copyandofM-2   page 4 of federal Form 1120S to this return. 
  ScheduleList(Attach a separate sheet if more space is needed)                                                                                                                                                  Nof Shareholders 
                                                               No. of shares                                                          Year Sch. NS  
            Name and Address  SSNowned at all times                                                                     Statefiled,                           Amount                                             ifoforofanyFEIN 
                                                                                                                                      (Indicate if            Payment on  
                                                               during the year                                          Residencerevoked)                     Form N-4  
                                                                                                                                                              attached
  1

  2

  3

 ScheduleApportionmentOof Income (See Attributable to Hawaii in the Instructions.)
   1      Ordinary income (loss) from trade or business activities (From page 1, line 21) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 
   2      Apportionment factor (from Schedule P, line 8) .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .                                                  %
   3      Business income apportioned to Hawaii (line 1 multiplied by line 2) (To Schedule K, line 1, col. b) .  .  .  .  .  .  . 
   4      Business income apportioned elsewhere (line 1 minus line 3). (To Schedule K, line 1, col. c) .  .  .  .  .  .  .  .  .  . 
   5      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                                                    
   ScheduleComputationPof Apportionment Factors (See Attributable to Hawaii in the Instructions.)
                              In Hawaii                                                                                               Total Everywhere 
Property                     BeginningEnd                                                                               BeginningEnd—ofofofof(usetaxabletaxabletaxabletaxableoriginalyear  yearyear  year                        cost) 
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 B.  Everywhere
 1    Property values (average value of property above)  .  .  .  .  .  .  .  .  .  .  .  .  
 2    Property factor (line 1, col. A divided by line 1, col. B) .  .  .  .  .  .  .  .  .  .  .                                                                                                               %
 3    Total compensation .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 
 4    Payroll factor (line 3, col. A divided by line 3, col. B) .  .  .  .  .  .  .  .  .  .  .  .                                                                                                             %
 5    Total sales  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  
 6    Sales factor (line 5, col. A divided by line 5, col. B)   .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .          %
 7    Total of factors (add lines 2, 4, and 6)  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .     %
 8    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                                                                                                                 Identifying 
designated TMP Â                                                                                                        number of TMP Â

Address of 
designated TMP Â

N354H7V9                                                       ID NO 01                                                                                       FORM N-35 (REV. 2023)