Fillable Form N-35 - S Corporation Income Tax Return

FORM N-35 (REV. 2014)

Page 2

Name as shown on return

Federal Employer Identification Number

SBF142

a Excess net passive income tax (attach schedule(s))

22a

b Tax from Schedule D (Form N-35), line 23

22b

c Number of N-4’s attached 

22c

Taxes withheld on attached N-4’s

d LIFO recapture tax

22d

e Add lines 22a, 22b, 22c, and 22d

22e

a 2013 overpayment allowed as a credit

23a

b 2014 estimated tax payments from N-3s_____________ and N-288s_____________ 23b

c Payments with extension

23c

d Amount due on attached Form N-4’s

23d

e Add lines 23a, 23b, 23c, and 23d

23e



24

 

Underpayment of estimated tax penalty (see Instructions) Check if Form N-220 is attached

25

OVERPAYMENT (If line 23e is larger than the total of lines 22e and 24), enter AMOUNT OVERPAID

Enter amount of line 25 you want Credited to 2015 estimated tax  26a $

Refunded 26b

27

TAX DUE (If the total of lines 22e and 24 is larger than line 23e) enter the amount due

PAYMENT DUE (Add lines 23d and 27 ) (see Instructions)

Amount paid (overpaid) on original return — AMENDED RETURN ONLY

BALANCE DUE (REFUND) with amended return (See Instructions)

Schedule A

Cost of Goods Sold (See Instructions for Schedule A)

Inventory at beginning of year

Purchases

Cost of labor

Additional IRC section 263A costs (see federal Instructions and attach a schedule)

Other costs (attach schedule)



Total—Add lines 1 through 5

Inventory at end of year



Cost of goods sold—Line 6 minus line 7 (Enter here and on page 1, line 2)

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



e Do the rules of section 263A (with respect to property produced or acquired for resale) apply to the corporation?

Yes



Was there any change in determining quantities, cost or valuations between opening and closing inventory?

Yes

If “Yes,” attach explanation

Schedule B

Other Information



Check method of accounting: a

Other (specify) 

Cash

Accrual

a Date of incorporation

b Date business began in Hawaii

c Under laws of

d Date of federal election as an S corporation

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  _____________________________

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

Enter the number of shareholders in the corporation at the end of the tax year who are:

residents of Hawaii

nonresidents of Hawaii



Did the corporation derive income from sources outside Hawaii which is not includable in the Hawaii return?

Yes

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

Form N-35 - S Corporation Income Tax Return - 2014 Page 2

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