Arizona Form 120s (Schedule K-1(Nr)) - Nonresident Shareholder'S Share Of Income And Deductions - 2014 Page 3
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32014 Nonresident Shareholder’s Share
Arizona Form
of Income and Deductions
120S Schedule K-1(NR)
Part
III:
Net
Long-Term
Capital
Gain
Instructions for Shareholders
Subtraction – Information Schedule
Part I: Share of Income and Deductions
Arizona allows a subtraction from Arizona gross income for a
percentage of any net long-term capital gain from assets
Column (c) is your Arizona source income. Nonresident
acquired after December 31, 2011, and included in the
individuals should report the amounts in column (c) on
individual taxpayer’s federal adjusted gross income or the
Arizona Form 140NR line numbers indicated on Arizona Form
federal taxable income of the estate or trust. Although the
120S, Schedule K-1(NR). Nonresident trusts or nonresident
subtraction is only available to individuals, estates and trusts,
estates should add lines 4 through 12, column (c), and enter the
an S corporation shareholder that is a pass-through entity
total on Arizona Form 141AZ, page 2, Schedule A.
(estate or trust) will need this information to calculate its
However, if Arizona Form 120S, Schedule K-1(NR), shows a
subtraction or complete the Arizona Form 141AZ, Schedule
loss, you may only claim such losses on your Arizona
K-1 or Schedule K-1(NR), for each beneficiary.
nonresident return to the extent that such losses are included
Line 17 -
in your federal adjusted gross income (individuals) or federal
Line 17, column (d), is your distributive share of net long-
taxable income (trusts and estates). Therefore, if the loss is
term capital gain (loss) from assets acquired after December
considered to be a passive activity loss for federal purposes,
31, 2011 that is apportioned to Arizona.
the loss will likewise be considered to be a passive activity
loss for Arizona purposes.
Line 18 -
If you have a passive activity loss from an S corporation that
Line 17, column (d), may include amount(s) for any net long-
was derived from Arizona sources, you would not necessarily
term capital gain (loss) from investment in qualified small
begin the Arizona return with the amounts shown in column
business. If you take the allowable subtraction on your
(c) of your Arizona Form 120S, Schedule K-1(NR). For
Arizona income tax return for any net long-term capital gain
Arizona purposes, you must first determine if any portion of
from assets acquired after December 31, 2011, you cannot
the loss shown on Arizona Form 120S, Schedule K-1(NR),
include the amount on line 18, column (d), for net long-term
has been limited on your federal return because of the federal
capital gain from investment in qualified small business in
passive activity loss rules.
that allowable subtraction. For more information see the
instructions for Form 140PY or 141AZ.
The amount of passive activity loss which is derived from
Arizona sources is the amount of the passive activity loss
Individual shareholder:
which will be allowed on the Arizona return. Therefore, any
To determine if you qualify to take a subtraction from income
portion of the passive activity loss which is not allowed on
on your Arizona personal income tax return, the individual
the federal return due to the passive activity loss limitations
shareholder must complete the Worksheet for Net Long-Term
will likewise be limited on the Arizona return. That portion of
Capital Gain Subtraction for Assets Acquired After
the passive activity loss derived from Arizona sources which
December 31, 2011. The worksheet is included in the
is required to be carried forward for federal purposes will
instructions for the nonresident income tax return (Arizona
similarly be carried forward for Arizona purposes.
Form 140NR).
NOTE: The amount of Internal Revenue Code § 179 expense
Nonresidents use only the amount of Arizona-sourced, net
deductible is limited to the Arizona portion of the amount
long-term capital gain (loss) entered on line 17 and line 18,
deducted on federal Form 1040, Schedule E.
column (d) to figure the allowable subtraction on the
worksheet that is included with Arizona Form 140NR.
Part II: Net Capital Gain from Investment in a
Fiduciary shareholder:
Qualified Small Business – Information Schedule
If the net long-term capital gain (loss) in Part III is taxed at
For taxable years beginning from and after December 31, 2013,
the estate or trust level, use the information to complete the
Arizona allows a subtraction from Arizona gross income for any
Worksheet for Net Long-Term Capital Gain Subtraction for
net capital gain derived from investment in a qualified small
Assets Acquired After December 31, 2011, included in the
business and included in the individual taxpayer’s federal
instructions of Arizona Form 141AZ for the estate or trust.
adjusted gross income or the federal taxable income of the estate
and trust. A qualified small business is determined by the Arizona
If the net long-term capital gain (loss) in Part III is distributed
Commerce Authority pursuant to A.R.S. §41-1518. Although the
to the beneficiaries, use the information to complete the
subtraction is only available to individuals, estates and trusts, an S
Worksheet for Net Long-Term Capital Gain Subtraction for
corporation shareholder that is a pass-through entity (estate or
Assets Acquired After December 31, 2011, included in the
trust) will need this information to calculate its subtraction for the
instructions of Arizona Form 141AZ. The worksheet will
estate or trust or complete the Arizona Form 141AZ, Schedule K-
assist the estate or trust in completing the Net Long-Term
1 or Schedule K-1(NR), for each beneficiary.
Capital Gain Subtraction – Information Schedule on Arizona
Form 141AZ, Schedule K-1 or Schedule K-1(NR), for each
Line 16 -
beneficiary.
Line 16, column (c), is your distributive share of net capital
gain (loss) from investment in a qualified small business that
is apportioned to Arizona.
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