Form N-35 - S Corporation Income Tax Return - 2011 Page 2
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4FORM N-35 (REV. 2011)
Page 2
Name as shown on return
Federal Employer Identification Number
SBF112
00
22
a Excess net passive income tax (attach schedule(s)) . . . . . . . . . . . . .
22a
00
b Tax from Schedule D (Form N-35), line 23 . . . . . . . . . . . . . . . . . .
22b
00
c Number of N-4’s attached
Taxes withheld on attached N-4’s 22c
00
d LIFO recapture tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22d
00
e Add lines 22a, 22b, 22c, and 22d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22e
00
23
a 2010 overpayment allowed as a credit . . . . . . . . . . . . . . . . . . . .
23a
00
b 2011 estimated tax payments from N-3s_____________ and N-288s_____________ 23b
00
c Payments with extension . . . . . . . . . . . . . . . . . . . . . . . . . . .
23c
00
d Amount due on attached Form N-4’s . . . . . . . . . . . . . . . . . . . . .
23d
00
e Add lines 23a, 23b, 23c, and 23d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23e
00
24
Underpayment of estimated tax penalty. (See Instructions). Check if Form N-220 is attached . . . .
24
00
25
25
OVERPAYMENT (If line 23e is larger than the total of lines 22e and 24), enter AMOUNT OVERPAID . . . . .
00
00
26
Enter amount of line 25 you want Credited to 2012 estimated tax 26a $
Refunded 26b
00
27
27
TAX DUE (If the total of lines 22e and 24 is larger than line 23e) enter the amount due. . . . . . . . . . . . .
00
28
28
SUBTOTAL (Total of lines 23d and 27). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
00
29
PAYMENT DUE (Line 28 minus line 25. If zero or less, enter 0.) (See Instructions) . . . . . . . . . . . . . . .
29
00
30
Amount paid (overpaid) on original return — AMENDED RETURN ONLY . . . . . . . . . . . . . . . . . . . .
30
00
31
BALANCE DUE (REFUND) with amended return (See Instructions) . . . . . . . . . . . . . . . . . . . . .
31
Schedule A
Cost of Goods Sold (See Instructions for Schedule A)
00
1
1
Inventory at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
00
2
2
Purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
00
3
3
Cost of labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
00
4
4
Additional IRC section 263A costs (see federal Instructions and attach a schedule) . . . . . . . . . . . . . .
00
5
5
Other costs (attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
00
6
6
Total—Add lines 1 through 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
00
7
7
Inventory at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
00
8
8
Cost of goods sold—Line 6 minus line 7. (Enter here and on page 1, line 2) . . . . . . . . . . . . . . . . .
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
9d
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
No
f
Was there any change in determining quantities, cost or valuations between opening and closing inventory? . . . . . . .
Yes
No
If “Yes,” attach explanation.
Schedule B
Other Information
1
Check method of accounting: a
b
c
Other (specify)
Cash
Accrual
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
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