Arizona Form 141az - Arizona Fiduciary Income Tax Return - 2011 Page 12
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12Example of the computation of Arizona fiduciary income tax, resident beneficiary’s Arizona fiduciary
adjustment, and nonresident beneficiary’s Arizona source income.
The federal Form 1041 for the Judy Jones estate showed
Jane Jones share of the Arizona fiduciary adjustment is
the following items of income and deduction:
figured as follows:
Interest Income
$ 32,614
Share of non-Arizona municipal bond interest
Dividends
4,800
@ 48.76%
$ 1,207
Net Rent Income (AZ)
16,832
Share of U.S. Government Interest @ 48.76%
4,242
Total Income
$ 54,246
Net modification
$(3,035)
Less: Fiduciary Fees
6,000
Accountant’s Fees
1,500
Total Fees
(7,500)
Adjusted Total Income
$ 46,746
Income Distribution Deduction
34,189
June Jones income reportable to Arizona is figured as
Exemption
600
follows:
Total Deductions
($ 34,789)
Share of federal distributable net income
$ 12,000
Taxable Income
$ 11,957
From Arizona sources @ 29.67%
3,561
The estate also had $2,476 in non-Arizona municipal bond
Arizona source income is figured as follows:
interest during the taxable year. $24,000 was distributed to
Rental income (Arizona) $16,832
Jane Jones, an Arizona Resident and $12,000 to June Jones,
.
a nonresident of Arizona. The estate had $8,700 in U.S.
Total income $56,722 ($54,246 + $2,476)
= 29.67%
Government interest.
This can be verified as follows:
The shares of federal distributable net income are as
June’s share of income $12,000
follows:
.
DNI $49,222 ($46,746+$2,476)
= 29.67%
Jane Jones
$ 24,000
48.76%
Share of rental income $16,832 X 24.38%
= $4,104
June Jones
12,000
24.38%
Judy Jones Estate
13,222
26.86%
Share of fees $7,500 X 24.38% X 29.67% *
=
(543)
Total
$ 49,222
100.00%
Net Arizona income
$3,561
The estate’s Arizona taxable income is figured as
follows:
* Share of fees allocated to rental income
Federal taxable income
$ 11,957
Modifications increasing federal
taxable income: Non-Arizona
municipal bond interest
$ 2,476
Modifications decreasing federal
taxable income: U.S. Government
Interest
$ 8,700
Net Modifications
$(6,224)
Allocated to the estate @ 26.86%
$ (1,672)
Arizona taxable income
$ 10,285
2011 Tax Table for Estate or Trust
(a)
(b)
(c)
(d)
(e)
(f)
If taxable income
Enter the amount
Multiply
Enter the
Subtract
Tax
from Form 141AZ,
from Form
the
result
Enter this amount
page 1, line 15
141AZ, page 1,
amount
on Form 141AZ,
line 15
entered in
is:
page 1, line 16
column
Over
But
(b) by
not over
$0
$10,000
X
.0259
=
-
0
=
$10,000
$25,000
X
.0288
=
-
$
29.00
=
$25,000
$50,000
X
.0336
=
-
$ 149.00
=
$50,000
$150,000
X
.0424
=
-
$ 589.00
=
$150,000
and over
X
.0454
=
-
$ 1,039.00
=
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