Arizona Form 120s - Schedule K-1(Nr) - Nonresident Shareholder'S Share Of Income And Deductions - 2012 Page 2

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Arizona Form
2012 Nonresident Shareholder’s
120S
Share of Income and Deductions
Schedule K-1(NR)
Instructions for Individuals and Fiduciaries
The amount of passive activity loss which is derived from Arizona
sources is the amount of the passive activity loss which will be
allowed on the Arizona return. Therefore, any portion of the
Column (c) is your Arizona source income. Nonresident
individuals should report the amounts in column (c) on Form
passive activity loss which is not allowed on the federal return
140NR line numbers indicated on Form 120S, Schedule
due to the passive activity loss limitations will likewise be limited
K-1(NR).
Nonresident trusts or nonresident estates should
on the Arizona return. That portion of the passive activity loss
derived from Arizona sources which is required to be carried
add lines 4 through 12, column (c), and enter the total on Form
141AZ, page 2, Schedule A.
forward for federal purposes will similarly be carried forward for
Arizona purposes.
However, if Form 120S, Schedule K-1(NR), shows a loss,
Note: The amount of Internal Revenue Code § 179 expense
you may only claim such losses on your Arizona nonresident
return to the extent that such losses are included in your federal
deductible is limited to the Arizona portion of the amount
adjusted gross income (individuals) or federal taxable income
deducted on federal Form 1040, Schedule E.
(trusts and estates). Therefore, if the loss is considered to be a
passive activity loss for federal purposes, the loss will likewise
be considered to be a passive activity loss for Arizona purposes.
If you have a passive activity loss from an S corporation that
was derived from Arizona sources, you would not necessarily
begin the Arizona return with the amounts shown in column (c)
of your Form 120S, Schedule K-1(NR). For Arizona purposes,
you must fi rst determine if any portion of the loss shown on
Form 120S, Schedule K-1(NR), has been limited on your federal
return because of the federal passive activity loss rules.
ADOR 10338 (12)

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