It is the intent of the legislature, within the meaning of section 1033 or section 1231 of the Internal Revenue Code or the applicable provisions of chapter 235, Hawaii Revised Statutes, as well as
all other statutes, rules, regulations, administrative orders, and legal interpretations
within the federal and state governments relating to taxation, that any conveyance
of title to property by a fee owner to the corporation under this part shall constitute
a compulsory or involuntary conversion (as a result of the exercise of the power of
condemnation or the threat of imminence thereof), and that such fee owner shall not
be deemed, by reason, in whole or in part, of any provision of this part or by reason
of the execution by the fee owner of leases to the property and other properties subsequent
to June 24, 1967, to hold the property primarily for sale to customers in the ordinary
course of trade or business.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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