Arizona Form 120s (Schedule K-1(Nr)) - Nonresident Shareholder'S Share Of Income And Deductions - 2015 Page 3
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2015 Nonresident Shareholder’s Share
Arizona Form
of Income and Deductions
120S Schedule K-1(NR)
federal adjusted gross income or the federal taxable income of
Instructions for Shareholders
the estate or trust. Although the subtraction is only available to
individuals, estates, or trusts, an S corporation shareholder that
Part I: Share of Income and Deductions
is a pass-through entity (estate or trust) will need this
Column (c) is your Arizona source income. Nonresident individuals
information to calculate its subtraction or to complete the
should report the amounts in column (c) on Arizona Form 140NR line
Arizona Form 141AZ, Schedule K-1, or Schedule K-1(NR), for
numbers indicated on Arizona Form 120S, Schedule K-1(NR).
each beneficiary.
Nonresident trusts or nonresident estates should add lines 4 through 12,
Only include net long-term capital gains if it can be verified that
column (c), and enter the total on Arizona Form 141AZ, page 2,
the asset was acquired after December 31, 2011. An asset
Schedule A.
acquired by gift or inheritance is considered acquired on the date
However, if Arizona Form 120S, Schedule K-1(NR), shows a loss, you
it was acquired by the gift-giver or the deceased individual.
may only claim such losses on your Arizona nonresident return to the
If you cannot verify that the capital gain is from the sale of an
extent that such losses are included in your federal adjusted gross
asset acquired after December 31, 2011, then the capital gain
income (individuals) or federal taxable income (trusts and estates).
should be treated as a capital gain asset acquired before January
Therefore, if the loss is considered to be a passive activity loss for
1, 2012.
federal purposes, the loss will likewise be considered to be a passive
Line 17 -
activity loss for Arizona purposes.
Line 17, column (d), is your distributive share of net long- term
If you have a passive activity loss from an S corporation that was
capital gain (loss) from assets acquired after December 31, 2011
derived from Arizona sources, you would not necessarily begin the
that is apportioned to Arizona.
Arizona return with the amounts shown in column
Line 18 -
(c) of your Arizona Form 120S, Schedule K-1(NR). For Arizona
Line 17, column (d), may include amount(s) for any net long-
purposes, you must first determine if any portion of the loss shown on
term capital gain (loss) from investment in qualified small
Arizona Form 120S, Schedule K-1(NR), has been limited on your
business. If you take the allowable subtraction on your Arizona
federal return because of the federal passive activity loss rules.
income tax return for any net long-term capital gain from assets
The amount of passive activity loss which is derived from Arizona
acquired after December 31, 2011, you cannot include the
sources is the amount of the passive activity loss which will be allowed
amount on line 18, column (d), for net long-term capital gain
on the Arizona return. Therefore, any portion of the passive activity loss
from investment in qualified small business in that allowable
which is not allowed on the federal return due to the passive activity loss
subtraction. For more information, see the instructions for Form
limitations will likewise be limited on the Arizona return. That portion
140PY or 141AZ.
of the passive activity loss derived from Arizona sources which is
Individual shareholder:
required to be carried forward for federal purposes will similarly be
To determine if you qualify to take a subtraction from income
carried forward for Arizona purposes.
on your Arizona personal income tax return, the individual
NOTE: The amount of Internal Revenue Code § 179 expense
shareholder must complete the Worksheet for Net Long-Term
deductible is limited to the Arizona portion of the amount deducted on
Capital Gain Subtraction for Assets Acquired After December
federal Form 1040, Schedule E.
31, 2011. The worksheet is included in the instructions for the
nonresident income tax return (Arizona Form 140NR).
Part II: Net Capital Gain from Investment in a
Nonresidents use only the amount of Arizona-sourced, net
Qualified Small Business – Information Schedule
long-term capital gain (loss) entered on line 17 and line 18,
Arizona allows a subtraction from Arizona gross income for any net
column (d) to figure the allowable subtraction on the
worksheet
capital gain derived from investment in a qualified small business and
that is included with Arizona Form 140NR.
included in the individual taxpayer’s federal adjusted gross income or
Fiduciary shareholder:
the federal taxable income of the estate and trust. A qualified small
If the net long-term capital gain (loss) in
Part III is taxed at the
business is determined by the Arizona Commerce Authority pursuant to
estate or trust level, use the information to complete the
A.R.S. §41-1518. Although the subtraction is only available to
Worksheet for Net Long-Term Capital Gain Subtraction for
individuals, estates, or trusts, an S corporation shareholder that is a pass-
Assets Acquired After December 31, 2011, included in the
through entity (estate or trust) will need this information to calculate its
instructions of Arizona Form 141AZ for the estate or trust.
subtraction for the estate or trust or to complete the Arizona Form
If the net long-term capital gain (loss) in Part III is distributed to
141AZ, Schedule K-1, or Schedule K-1(NR), for each beneficiary.
the beneficiaries, use the information to complete the Worksheet
Line 16 -
for Net Long-Term Capital Gain Subtraction for Assets
Line 16, column (c), is your distributive share of net capital gain (loss)
Acquired After December 31, 2011, included in the instructions
from investment in a qualified small business that is apportioned to
of Arizona Form 141AZ. The worksheet will assist the estate or
Arizona.
trust in completing the Net Long-Term Capital Gain Subtraction
Part III: Net Long-Term Capital Gain Subtraction –
– Information Schedule on Arizona Form 141AZ, Schedule K-1,
or Schedule K-1(NR), for each beneficiary.
Information Schedule
Arizona allows a subtraction from Arizona gross income for a
percentage of any net long-term capital gain from assets acquired after
December 31, 2011, and included in the individual taxpayer’s
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