Resident Personal Income Tax Booklet (Arizona Form 140) - 2013 Page 13
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56Arizona Form 140
If the above apply, enter the amount deducted on your federal
Enter the amount of any such expenses that were deducted in
income tax return here. For more information on the Arizona
computing federal adjusted gross income for which you
claim of right provisions, see the department’s Individual
claimed a credit.
Income Tax Procedure ITP 95-1.
M. Agricultural Water Conservation System Credit
H. Claim of Right Adjustment for Amounts Repaid
If you claim an agricultural water conservation system credit on
in Prior Taxable Years
AZ Form 312, you cannot deduct any expenses for which you
You must make an entry here if all of the following apply.
claim the credit. If you take this credit, enter the amount of such
1. During a year prior to 2013 you were required to repay
expenses that you deducted on your federal return.
amounts held under a claim of right.
N. Adjusted Basis in Property for Which You Have
2. You computed your tax for that prior year under
Claimed a Credit for Investment in Qualified Small
Arizona's claim of right provisions.
Businesses
3. A net operating loss or capital loss was established due
If you claim a credit for an investment in a qualified small
to the repayment made in the prior year.
business on AZ Form 338, you must adjust your basis in the
4. You are entitled to take that net operating loss or capital
investment by the amount of the credit claimed. You must
loss carryover into account when computing your 2013
report this difference in basis on the Arizona return that you
Arizona taxable income.
file for the taxable year in which you sell or otherwise
5. The amount of the loss carryover included in your
dispose of the investment. If you sold or otherwise disposed
federal income is more than the amount allowed to be
of the investment during the 2013 taxable year, on line B11,
taken into account for Arizona purposes.
enter the amount by which the adjusted basis computed under
the IRC with respect to that property exceeds the adjusted
Enter the amount by which the loss carryover included in
basis of the property computed under A.R.S. § 43-1074.02.
your federal adjusted gross income is more than the amount
allowed for the taxable year under Arizona law.
O. Depreciation or Amortization for a Water
Conservation System
I. Addition to S Corporation Income Due to Credits
Claimed
If you claimed a water conservation system credit on AZ
Form 339, you may not deduct any depreciation or
Shareholders of an S corporation who claim a credit passed
amortization for that system on your Arizona return. Enter
through from an S corporation must make an addition to
the amount of depreciation or amortization claimed on your
income for the amount of expenses disallowed by reason of
federal return for the water conservation system for which
claiming the credit.
you have claimed a credit.
An S corporation that passes the following credits through to
its shareholders must notify each shareholder of his or her
P. Nonqualified Withdrawals From 529 College
pro rata share of the adjustment. You must enter an amount
Savings Plans
on this line when claiming any of the following credits.
You must make an addition to income if both of the
x
Agricultural water conservation system credit (Form 312)
following apply to you.
x
Environmental technology facility credit (Form 305)
1. You received a nonqualified withdrawal from a 529
x
Pollution control credit (Form 315)
college savings plan.
x
2. You did not include the amount of the withdrawal in
Credit for solar hot water heater plumbing stub outs and
your federal adjusted gross income.
electric vehicle recharge outlets (Form 319)
x
The amount that you must add is the amount withdrawn, but
Credit for employment of TANF recipients (Form 320)
no more than the difference between the amount of
x
Agricultural pollution control equipment credit (Form 325)
contributions subtracted in prior years and the amount added
x
Motion picture credits (Form 334)
in any prior years.
J. Solar Hot Water Heater Plumbing Stub Outs and
A nonqualified withdrawal is a withdrawal other than any of
Electric Vehicle Recharge Outlet Expenses
the following:
If you claim a credit for installing solar hot water heater
1. A qualified withdrawal. A qualified withdrawal is a
withdrawal from an account to pay the qualified higher
plumbing stub outs or electric vehicle recharge outlets in a
education expenses of the designated beneficiary of the
dwelling you constructed on AZ Form 319, you cannot
account.
deduct any expenses for which you claim the credit. If you
2. A withdrawal made as the result of the death or
take this credit, enter the amount of such expenses that you
disability of the designated beneficiary of an account.
deducted on your federal return.
3. A withdrawal that is made on the account of a
K. Wage Expense for Employers of TANF Recipients
scholarship, or the allowance or payment described in
If you claim a credit for employing TANF recipients on AZ
IRC § 135(d)(1)(B) or (C) , and that is received by the
Form 320, you cannot deduct any wage expense for which
designated beneficiary, but only to the extent of the
you claim the credit. If you take this credit, enter the amount
amount of this scholarship, allowance or payment.
of such expenses that you deducted on your federal return.
4. A rollover or change of designated beneficiary.
L. Motion Picture Expenses
Q. Original Issue Discount (OID) on Reacquisition
of Debt Instrument
If you claim a motion picture credit on AZ Form 334, you
cannot deduct any expenses deducted on your federal return
For federal purposes, when a taxpayer made the special election
related to the production or related to a transferred credit.
to defer discharge of indebtedness (DOI) income under IRC §
9
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