Instructions For Form 341 - Credit For Corporate Contributions To School Tuition Organizations For Displaced Students Or Students With Disabilities - 2014 Page 2
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2Arizona Form 341
Add the amount of contributions made to all school tuition
Part 3 - Available Credit Carryover
organizations listed on lines 1 through 10, and any additional
Use Part 3 to figure your total available credit carryover
schedule(s). Enter the total on line 11.
from prior taxable years. Complete lines 15 through 20,
Part 2 - Corporate Partner’s Share of Credit
columns (a) through (d), if you claimed the credit on a prior
year’s return and the credit exceeded your tax liability.
Partnerships must complete Form 341, Part 1. The
partnership must complete Part 2, lines 12 through 14,
Enter the taxable year(s) from which you are carrying over
separately for each corporate partner.
the credit in column (a) on lines 15 through 19. In column (b),
enter the credit originally computed for that taxable year. In
Each corporate partner is entitled to only a pro rata share of
column (c), enter the amount of the credit from that taxable
the credit based on the corporate partner’s ownership interest
year which you have already used. Subtract the amount in
in the partnership. The total of the credit allowed to all
corporate partners may not exceed the amount that would
column (c) from the amount in column (b) and enter the
have been allowed for a sole owner.
difference in column (d). Add the amounts entered on lines 15
through 19 in column (d). Enter the total on line 20, column (d).
The partnership must furnish each corporate partner with a
This is the total credit carryover available for the current
copy of all of the following documents:
taxable year.
1) Pages 1 and 2 of Form 341;
Part 4 - Total Available Credit
2) Supplementary schedules to Part 1, if applicable; and
3) A copy of the school tuition organization’s
Line 21 -
preapproved application(s).
Enter the current year’s credit.
Each corporate partner would then complete Part 3, if
Corporations, exempt organizations with UBTI, and
applicable, and Part 4 of Form 341.
S corporations - enter the amount from Part 1, line 11,
NOTE: An S corporation that elects to pass the credit
column (c).
through to its exempt organization shareholders should
Corporate
partners
of
a
partnership
and
exempt
complete Part 2 separately for each exempt organization
organizations that are shareholders of an S corporation -
shareholder and include a statement with Form 341, signed
enter the amount from Part 2, line 14.
by a signatory to Arizona Form 120S, that states: The
S corporation has made an irrevocable election for the
Line 22 -
taxable year ending (MM/DD/YYYY) to pass the credit for
Enter the available credit carryover from prior years from
corporate contributions to school tuition organizations for
Part 3, line 20, column (d).
displaced students or students with disabilities as shown on
Form 341, Part 1, line 11, column (c) through to its exempt
Line 23 -
organization shareholders. Each exempt organization
Add the amounts on line 21 and line 22 and enter the total on
shareholder would then complete Part 3, if applicable, and
line 23, and on Arizona Form 300, Part 1, line 17, column
Part 4 of Form 341.
(c).
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