Form 332 Instructions - Credits For Healthy Forest Enterprises

Arizona Form 332

Part 3 - Credit Recapture

Form 332-S, S Corporation Shareholder’s

Line 8 -

Portion of the Credit

Enter the total amount of the S corporation’s employment credit

Enter the taxable year from which this credit is being passed

previously passed through to the shareholder.

through to your shareholders.

Line 9 -

Complete Form 332-S for each shareholder of the S corporation,

Enter the percentage of the employment credit amount previously

except for trust or estate shareholders.

However, an S

passed through that is subject to recapture from Form 332, Part 7,

corporation ownership share that is owned by a grantor trust that

line 27.

is disregarded for federal income tax purposes is treated as owned

Line 10 -

by the grantor. The grantor may claim his or her share of the

credit.

Multiply line 8 by the percentage on line 9. Enter the result.

•

Shareholders: Enter this amount on your Form 332, Part 7,

The S corporation must furnish each shareholder with his or her

line 30.

completed copy of Form 332-S, including additional schedules as

needed.

NOTE: If you have recapture amounts for the employment credit

from more than one source, calculate each recapture amount

Part 1 - S corporation and Shareholder

separately. Total the amounts subject to recapture and enter that

Information

amount on line 10.

Line 1 -

Line 11 -

Enter the S corporation name and Employer Identification

Enter the total amount of the S corporation’s training credit

Number (EIN) in the spaces provided

previously passed through to the shareholder.

Line 2 -

Line 12 -

Enter the Shareholder’s name, Social Security Number, and

Enter the percentage of the training credit amount previously

ownership percentage in the spaces provided.

passed through that is subject to recapture from Form 332, Part 8,

Line 3 -

line 35.

If the name and EIN of the S corporation is different from the

Line 13 -

name and EIN of the Healthy Forest Enterprise, enter the name

Multiply line 11 by the percentage on line 12. Enter the result.

and EIN of the Healthy Forest Enterprise in the spaces provided.

•

Shareholders: Enter this amount on your Form 332, Part 8,

If the name and EIN of the S corporation is the same as the name

and EIN of the Healthy Forest Enterprise, indicate, “SAME”.

line 38.

Part 2 - Distribution of the Credit

NOTE: If you have recapture amounts for the training credit

from more than one source, calculate each recapture amount

Line 4 -

separately. Total the amounts subject to recapture and enter that

Enter the amount of the S corporation’s employment credit from

amount on line 13.

Form 332, Part 5, line 18, column (d).

Line 5 -

Multiply line 4 by the percentage on line 2(c). Enter the result.

The shareholder will use this form to complete his or her own

This is the shareholder’s portion of the employment credit.

Form 332.

Line 6 -

Enter the amount of the S corporation’s training credit from Form

332, Part 6, line 23, column (d).

Line 7 -

Multiply line 6 by the percentage on line 2(c). Enter the result.

This is the shareholder’s portion of the training credit.

Form 332 Instructions - Credits For Healthy Forest Enterprises - 2016 Page 10

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