Instructions For Arizona Form 141az - 2013 (Page 13 of 15) in pdf

Arizona Form 141AZ



Column (c) is the amount of the long-term capital gains

Instructions for completing the worksheet for

or (losses), included in column (b) for assets acquired

the subtraction from Arizona gross income for

before January 1, 2012.

the net long-term capital gain from assets



Column (d) is the amount of the long-term capital gains

acquired after December 31, 2011.

or (losses), included in column (b) for assets acquired

after December 31, 2011.

Purpose of the Worksheet



Column (e) is the amount of the long-term capital gains

Beginning 2013, the estate or trust may subtract a percentage

or (losses) for assets acquired after December 31, 2011,

of any undistributed net long-term capital gain included in

taxable to the estate or trust.

its federal taxable income (resident estate or trust) or its



Column (f) is the amount of the long-term capital gains

Arizona gross income (nonresident estate or trust) that is

or (losses) for assets acquired after December 31, 2011,

from an investment in an asset acquired after December 31,

distributed to all beneficiaries.

2011. The worksheet is used to identify a qualified asset.

Lines 1 through 8 - Capital Gains or (Losses)

For purpose of this subtraction, “qualified” means a capital

Reported on Federal Schedule D

asset acquired after December 31, 2011 and held for more

than one year.

Enter the long-term capital gain or (loss) from the federal

To take the allowable subtraction, you must know whether

form listed that was reported on the estate’s or trust’s federal

the capital gain or (loss) is considered short-term or long-

Schedule D and included in federal taxable income .

term. Only the net long-term capital gain from qualified

(resident estate or trust) or its Arizona gross income

assets is used to compute the allowable subtraction. For

(nonresident estate or trust)

more information about determining whether a gain or (loss)

Line 9 - Form(s) 1099-DIV Dividends and

is short term or long term, see federal Publication 544 at

Distributions

Enter the long-term capital gain or (loss) reported on

Who Should Complete this Worksheet?

Form(s) 1099-DIV and included in the estate’s or trust’s

Complete the worksheet to compute the allowable

federal taxable income (resident estate or trust) or its

subtraction if the estate or trust has a net long-term capital

Arizona gross income (nonresident estate or trust).

gain included in federal taxable income (resident estate or

Note: Some taxpayers are not required to file Schedule D.

trust) or its Arizona gross income (nonresident estate or

In these cases, the long-term capital gains or (losses) are

trust) and the gain includes assets purchased after December

reported directly on the taxpayer’s income tax return. Enter

31, 2011.

those items on line 9.

Do not complete this worksheet if either of the following

Line 10 - Subtotal

applies.



For each column, combine the amounts listed on lines 1

The estate or trust does not have any capital gains to

through 9 and enter the result.

report for the current tax year; or



The estate or trust does not have any net capital gain

Line 11 - Long-Term Capital Loss Carryover

from qualified asset(s) acquired after December 31,

If the estate or trust used a long-term capital loss carryover

2011, to report for the current tax year.

from previous tax years to reduce its long-term capital gains

General Instructions

for the current taxable year, enter the amount used to apply

to gains from assets acquired after December 31, 2011, in

1. Enter the estate’s or trust’s name and employer

columns (c).

For tax year 2013, there should be no

identification number as shown on Form 141, page 1.

amount entered on line 11, columns (d) through (f).

2. Check the box if this worksheet is for an original or an

Line 12 – Undistributed Net Long-Term Capital

amended return.

Gain or (Loss)

3. Keep this worksheet for the estate’s or trust’s records.

Subtract line 11 from line 10 and enter the result in each

Line-by-Line instructions for completing

applicable column.

the worksheet



Enter the amount on line 12, columns (b) on Form

Columns (a) through (d)

141AZ, line 15c.



Column (a), lines 1 through 8, lists the federal forms

If the result for line 12, column (e) is a net capital gain,

reported on Schedule D (Form 1041). Line 9 identifies

enter the result on Form 141, page 1, line 15d.

the total capital gain distributions reported on Form(s)

If the amount on line 12, column (e) is a net capital loss,

1099-DIV.

the estate or trust cannot take a subtraction for any net



Column (b) is the total amount of net long-term capital

long-term capital gain from assets acquired after

gains or (losses) included in Arizona gross income. For

December 31, 2011.

a resident estate or trust, the Arizona gross income is the

Note:

Follow the instructions on Arizona Form 141AZ

federal taxable income.

For a nonresident estate or

Schedule K-1, Part II; or Schedule K-1 (NR), Part III, for

trust, the Arizona gross income is that part of the federal

taxable income derived from Arizona sources.

amounts to report to the beneficiaries.

Instructions For Arizona Form 141az - 2013 Page 13

Related Articles

Related forms

Related Categories