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Instructions For Form 335 - Arizona Credit For Corporate Contributions Arizona Form To School Tuition Organizations - 2014 Page 2

Arizona Form 335

Add the amount of contributions made to all school tuition

Part 4 - Total Available Credit

organizations listed on lines 1 through 10, and any additional

Line 21 -

schedule(s). Enter the total on line 11.

Enter the current year’s credit.

Part 2 - Corporate Partner’s Share of Credit

Corporations,

exempt

organizations

with

UBTI,

and

Partnerships must complete Form 335, Part 1. The

S corporations - enter the amount from Part 1, line 11, column

partnership must complete Part 2, lines 12 through 14,

(c).

separately for each corporate partner.

Corporate

partners

partnership

and

exempt

Each corporate partner is entitled to only a pro rata share of

organizations that are shareholders of an S corporation -

the credit based on the corporate partner’s ownership interest

enter the amount from Part 2, line 14.

in the partnership. The total of the credit allowed to all

Line 22 -

corporate partners may not exceed the amount that would

have been allowed for a sole owner.

Enter the available credit carryover from prior years from

The partnership must furnish each corporate partner with a

Part 3, line 20, column (d).

copy of all of the following documents:

Line 23 -

1) Pages 1 and 2 of Form 335;

Add line 21 and line 22 and enter the total on line 23, and on

2) Supplementary schedules to Part 1, if applicable; and

Form 300, Part 1, line 14, column (c).

3) A

copy

the

school

tuition

organization’s

preapproved application(s).

Each corporate partner would then complete Part 3, if

applicable, and Part 4 of Form 335.

NOTE: An S corporation that elects to pass the credit

through to its exempt organization shareholders should

complete Part 2 separately for each exempt organization

shareholder and include a statement with Form 335, signed

by a signatory to Arizona Form 120S, that states: The

S corporation has made an irrevocable election for the

taxable year ending (MM/DD/YYYY) to pass the credit for

corporate contributions to school tuition organizations as

shown on Form 335, Part 1, line 11, column (c) through to

its exempt organization shareholders. Each exempt

organization shareholder would then complete Part 3, if

applicable, and Part 4 of Form 335.

Part 3 - Available Credit Carryover

Use Part 3 to figure your total available credit carryover

from prior taxable years. Complete lines 15 through 20,

columns (a) through (d), if you claimed the credit on a prior

year’s return and the credit exceeded your tax liability.

Enter the taxable year(s) from which you are carrying over

the credit in column (a) on lines 15 through 19. In column (b),

enter the credit originally computed for that taxable year. In

column (c), enter the amount of the credit from that taxable

year which you have already used. Subtract the amount in

column (c) from the amount in column (b) and enter the

difference in column (d). Add the amounts entered on lines 15

through 19 in column (d). Enter the total on line 20, column (d).

This is the total credit carryover available for the current

taxable year.

Instructions For Form 335 - Arizona Credit For Corporate Contributions Arizona Form To School Tuition Organizations - 2014 Page 2

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