Instructions For Form 165 - Arizona Partnership Income Tax Return - 2014 Page 12
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13Arizona Form 165
Worksheet for Net Long-Term Capital Gain Subtraction for Assets Acquired After December 31, 2011
Original return
Amended return
Net long-term capital gain (loss) as reported on
(a)
(b)
(c)
federal Schedule D (or other form/schedule) and
included in the distributive share amount.
Net long-term capital
Net long-term capital
gain (loss) included in
gain (loss) included
Enter the total net long-term capital gain (loss) from
Net long-term
column (a) from assets
in column (a) from
the following forms in each applicable column. See
capital gain
acquired before
assets acquired after
instructions below the worksheet.
(loss)
January 1, 2012
December 31, 2011
1
Long-term capital gain (loss) reported on
1
federal Schedule D from Form(s) 8949.
Combine the amounts and enter the total.
2
Form(s) 6252 Installment Sale Income
2
3
Form(s) 8824 Like-Kind Exchanges
3
4
Pass-through from Estate, Partnership, and/or
4
Trust – from Arizona Form 141AZ or Form
165, Schedule K-1 or Schedule K-1(NR).
5
Any other long-term capital gain (loss)
5
6
Subtotal: add lines 1 through 5 in each
6
column, and enter the total.
7
Available long-term capital loss carryover.
7
Enter the amount, if any, in each column.
8
Net long-term capital gain (loss).
8
Subtract line 7 from line 6 and enter the
difference in each column.
For each partner, enter the distributive
share of the amounts from line 8 on
Arizona Form 165, Schedule K-1 or
Schedule K-1(NR).
Worksheet Instructions
The partnership does not have any capital gain (loss) to
report for the current tax year; or
Purpose of the Worksheet
The partnership does not have any net capital gain (loss)
Beginning in 2013, a subtraction is available for a percentage
from asset(s) acquired after December 31, 2011, to report
for the current tax year; or
of any net long-term capital gain that is from an investment in
an asset acquired after December 31, 2011, and included in
All of the partners are C corporations that have not made
an individual taxpayer’s federal adjusted gross income or the
an election to be taxed under Subchapter S of the Internal
federal taxable income of an estate or trust.
Revenue Code.
To take the allowable subtraction, the taxpayer must know
Keep the completed worksheet for the partnership’s records.
whether the capital gain (loss) is considered short-term or
Columns (a) through (c)
long-term. Only the net long-term capital gain from assets
Column (a) is the total amount of net long-term capital
acquired after December 31, 2011, is used to compute the
gain (loss) reported on federal Schedule D or other
allowable
subtraction.
For
more
information
about
federal forms/schedules.
determining whether a gain (loss) is short-term or long-term,
see federal Publication 544 at
Column (b) is the amount of the net long-term capital
gain (loss) included in column (a) for assets acquired
Who Should Complete the Worksheet?
before January 1, 2012.
The partnership can use this worksheet to calculate each
Column (c) is the amount of the net long-term capital
partner’s distributive share of the net long-term capital gain
gain (loss) included in column (a) for assets acquired
(loss) included in Schedule K of federal Form 1065 for assets
after December 31, 2011.
purchased after December 31, 2011.
Do not complete this worksheet if any of the following apply:
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