Schedule K-1(Nr) (Arizona Form 165) - Arizona Nonresident And Out-Of-State Partner'S Share Of Income And Deductions - 2014 Page 3
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42014 Nonresident and Out-of-State Partner’s
Arizona Form
Share of Adjustment to Partnership Income
165 Schedule K-1(NR)
Fiduciaries should enter a negative amount on line 17 as an
Instructions for Partners
“other subtraction” on Form 141AZ, page 2, line B9.
Corporate partners:
Part I: Distributive Share Items from Federal
Corporate partners should report the amount on line 17 of
Form 1065, Schedule K-1
Form 165, Schedule K-1(NR) according to the instructions
Column (c) is your Arizona source income. Nonresident
for Form 120 or Form 120A.
individuals should report the amounts in column (c) on Form
Part III: Net Capital Gain from Investment in a
140NR line numbers indicated on Form 165, Schedule
K-1(NR). Nonresident trusts or nonresident estates should
Qualified
Small
Business
–
Information
add lines 4 through 13, column (c), and enter the total on
Schedule
Form 141AZ, page 2, Schedule A.
For taxable years beginning from and after December 31,
However, if Form 165, Schedule K-1(NR) shows a loss, you
2013, Arizona allows a subtraction from Arizona gross
may only claim such losses on your Arizona nonresident
income for any net capital gain derived from investment in a
return to the extent that such losses are included in your
qualified small business and included in the individual
federal adjusted gross income (individuals) or federal taxable
taxpayer’s federal adjusted gross income or the federal
income (trust and estates). Therefore, if the loss is considered
taxable income of the estate and trust. A qualified small
to be a passive activity loss for federal purposes, the loss will
business is determined by the Arizona Commerce Authority
likewise be considered to be a passive activity loss for
pursuant to A.R.S. §41-1518. Although the subtraction is
Arizona purposes.
only available to individuals, estates and trusts, a partner that
is a pass-through entity (estate, partnership, S corporation or
If you have a passive activity loss from a partnership that was
trust) will need this information to calculate the subtraction
derived from Arizona sources, you would not necessarily
for the estate or trust or complete the Arizona Form 141AZ,
begin the Arizona return with the amounts shown in column
Schedule K-1 or Schedule K-1(NR), for each beneficiary; or
(c) of Form 165, Schedule K-1(NR). For Arizona purposes,
Arizona Form 120S, Schedule K-1 or Schedule K-1(NR), for
you must first determine if any portion of the loss shown on
each shareholder; or Arizona Form 165, Schedule K-1 or
Form 165, Schedule K-1(NR) has been limited on your
Schedule K-1(NR), for each partner.
federal return because of the federal passive activity loss
rules.
Line 18 -
The amount of passive activity loss which is derived from
The amount on line 18, column (c), is your distributive share
Arizona sources is the amount of the passive activity loss
of net capital gain (loss) from investment in a qualified small
which will be allowed on the Arizona return. Therefore, any
business that is apportioned to Arizona. To determine if you
portion of the passive activity loss which is not allowed on
qualify to take this subtraction from your Arizona tax return,
the federal return due to the passive activity loss limitations
see the instructions for Form 140NR or Form 141AZ.
will likewise be limited on the Arizona return. That portion of
Part
IV:
Net
Long-Term
Capital
Gain
the passive activity loss derived from Arizona sources which
is required to be carried forward for federal purposes will
Subtraction – Information Schedule
similarly be carried forward for Arizona purposes.
Arizona allows a subtraction from Arizona gross income for a
NOTE: The amount of Internal Revenue Code § 179 expense
percentage of any net long-term capital gain from assets
deductible is limited to the Arizona portion of the amount
acquired after December 31, 2011, and included in the
deducted on federal Form 1040, Schedule E.
individual taxpayer’s federal adjusted gross income or the
federal taxable income of the estate or trust. Although the
Part II:
Partner’s Distributive Share of the
subtraction is only available to individuals, estates and trusts,
Adjustment
of
Partnership
Income
from
a partner that is a pass-through entity (estate, partnership, S
Federal to Arizona Basis
corporation or trust) will need this information to calculate
the subtraction for the estate or trust or complete the Arizona
Line 17
Form 141AZ, Schedule K-1 or Schedule K-1(NR), for each
Individuals and fiduciaries:
beneficiary; or Arizona Form 120S, Schedule K-1 or
Line 17 reflects the amount of partnership income which
Schedule K‑1(NR), for each shareholder; or Arizona Form
must be adjusted to determine the difference between Internal
165, Schedule K-1 or Schedule K-1(NR), for each partner.
Revenue Code § 702(a)(8) and A.R.S. § 43‑1401(2). If the
Line 19 -
amount on line 17 is a positive number, individual partners
Line 19, column (d) is your distributive share of net long-
should enter this amount as an “other addition to income” on
term capital gain (loss) from assets acquired after December
Form 140NR, line 29. Fiduciaries should enter a positive
31, 2011 that is apportioned to Arizona.
amount on line 17 as an “other addition” on Form 141AZ,
page 2, line B3. If the amount on line 17 is a negative
Line 20 -
number, individual partners should enter this amount as an
Line 19, column (d), may include amount(s) for any net long-
“other subtraction from income” on Form 140NR, line 46.
term capital gain (loss) from investment in qualified small
Print Instructions
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