§516-27  Compulsory or involuntary
conversion.  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. [L 1967, c 307, §16; HRS §516-27; am L 1987, c 337, §16; am
L 1988, c 104, §2; am L 2005, c 196, §26(b); am L 2006, c 180, §16]