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Arizona Form 120A

Corporations should not make this adjustment on the

N. Inclusion of Discharge of Indebtedness Income

corporation's Arizona tax return for such income included in the

If the taxpayer included the discharge of indebtedness income in

corporate partner's share of partnership income (loss). The

Arizona income in the year deferred federally (2009 or 2010),

partnership makes this adjustment on Form 165. The

then when the income is included federally, the taxpayer is

adjustment to Arizona basis from Form 165, Schedule K-1(NR),

allowed a subtraction to avoid the income being taxed twice.

Part II, line 17, already includes this adjustment.

Enter the amount of the federal inclusion.

Expenses and Interest Relating to Tax Exempt Income

Schedule C - Additional Information

Enter expenses and interest relating to tax exempt income

Complete lines C1 through C6. Continue the answers on a

disallowed pursuant to IRC § 265 in the computation of

separate sheet of paper if the answers are lengthy.

Arizona gross income. Effective for taxable years beginning

from and after December 31, 1996, this subtraction applies

Question C3: List the name, title and telephone number of the

only to financial institutions as defined in ARS § 6-101.

individual who Department of Revenue employees may contact

J. Employer Contributions to Medical Savings Accounts

to schedule an audit of this return. Confidential information may

be disclosed to a principal officer, any person designated by a

Enter the amount of contributions made by the taxpayer

principal officer, any person designated in a resolution by the

during the taxable year to medical savings accounts

corporate board of directors or other similar governing body, or

established on behalf of the taxpayer's employees as provided

to an individual designated as an authorized representative in a

by ARS § 43-1028. The subtraction is allowed for such

valid power of attorney.

contributions to the extent that the contributions are not

IF THIS INDIVIDUAL IS NOT A PRINCIPAL

deductible by the taxpayer under the Internal Revenue Code.

OFFICER

NOT

DESIGNATED

AUTHORIZED

REPRESENTATIVE IN A VALID POWER OF ATTORNEY

THE

K. Expenses Related to Certain Federal Tax Credits

TAXPAYER UNDERSTANDS AND AGREES THAT CONFIDENTIAL

Enter the amount of wages or salaries paid or incurred by the

INFORMATION MAY BE DISCLOSED TO THIS INDIVIDUAL

taxpayer for the taxable year not deducted in the computation of

Arizona gross income if the taxpayer received certain federal tax

Certification

credits. The specific federal tax credits are the work opportunity

One or more of the following officers (president, treasurer, or

credit, the empowerment zone employment credit, the credit for

any other principal officer) must sign the return.

employer-paid social security taxes on employee cash tips, and

the Indian employment credit. This subtraction applies to taxable

Paid preparers: Sign and date the return. Complete the firm

years beginning from and after December 31, 1996.

name and address lines (the preparer’s name and address, if

L. Claim of Right Adjustment

self-employed). Enter the preparer’s TIN, which is the firm’s

EIN or the individual preparer’s social security number or

Enter the amount by which an Arizona capital loss carryover

preparer tax identification number.

allowable pursuant to ARS § 43-1130.01(F), exceeds the federal

capital loss carryover allowable pursuant to IRC § 1341(b)(5).

M. Deferred Deduction for Original Issue Discount

Enter the subtraction to income resulting from Arizona not

adopting the federal deferral of deduction for original issue

discount issued in debt-for-debt exchanges elected by the

taxpayer under IRC § 108(i). In those years when the Internal

Revenue Code permits this deduction, "other additions" will

include an addition to income to prevent the taxpayer from

taking the deduction twice.

Arizona Form 120a Instruction - Arizona Corporation Income Tax Return (Short Form) - 2011 Page 11

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