Arizona Form 120s - Schedule K-1(Nr) - Nonresident Shareholder'S Share Of Income And Deductions - 2013 Page 2
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1
2Name of S Corporation (as shown on page 1)
Employer Identification Number
Part II: Net Long-Term Capital Gain Subtraction – Information Schedule
INSTRUCTIONS FOR THE S CORPORATION:
Beginning in 2013, 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 federal adjusted gross income or the federal taxable
income of the estate or trust. Although the subtraction is only available to individuals, estates and trusts, an S corporation shareholder
that is a pass-through entity (estate or trust) will need this information to calculate its subtraction or complete the Arizona Form 141AZ,
Schedule K-1 or Schedule K-1(NR), for each beneficiary.
If the shareholder’s federal Schedule K-1 (Form 1120-S) includes net long-term capital gain (loss), complete line 16, columns (a) through
(d). If the shareholder’s federal Schedule K-1 (Form 1120-S) does not include any net long-term capital gain (loss), the S corporation is
not required to complete Part II.
(a)
(b)
(c)
(d)
Net long-term capital
Net long-term capital
gain (loss) included
gain (loss) included
Distributive Share
Arizona Source Income
in column (b) from
in column (b) from
Amount from page 1,
from page 1, line 9,
assets acquired before
assets acquired after
Item From Federal Form 1120-S, Schedule K-1
line 9, column (a)
column (c)
January 1, 2012
December 31, 2011
16 Total net long-term capital gain (loss) ............
16
INSTRUCTIONS FOR THE INDIVIDUAL SHAREHOLDER:
To determine if you qualify to take a subtraction from income on your Arizona personal income tax return, the individual shareholder must
complete the Worksheet for Net Long-Term Capital Gain Subtraction for Assets Acquired After December 31, 2011. The worksheet is
included in the instructions for the nonresident income tax return (Arizona Form 140NR).
Nonresidents use only the amount of Arizona-sourced, net long-term capital gain (loss) entered on line 16, column (d) to figure the
allowable subtraction on the worksheet that is included with Arizona Form 140NR.
INSTRUCTIONS FOR THE FIDUCIARY SHAREHOLDER:
If the net long-term capital gain (loss) on Part II, line 16, above, is taxed at the estate or trust level, use the information above to complete
the Worksheet for Net Long-Term Capital Gain Subtraction for Assets Acquired After December 31, 2011, included in the instructions of
Arizona Form 141AZ for the estate or trust.
If the net long-term capital gain (loss) on Part II, line 16, above, is distributed to the beneficiaries, use the information above to complete
the Worksheet for Net Long-Term Capital Gain Subtraction for Assets Acquired After December 31, 2011, included in the instructions of
Arizona Form 141AZ. The worksheet will assist the estate or trust in completing the Net Long-Term Capital Gain Subtraction – Information
Schedule on Arizona Form 141AZ, Schedule K-1 or Schedule K-1(NR), for each beneficiary.
INSTRUCTIONS FOR THE EXEMPT ORGANIZATION SHAREHOLDER:
A subtraction is not allowed for an exempt organization. The information in Part II, above, is informational only, and not required to be
reported by the exempt organization.
General Instructions
Part I Instructions for Individuals and Fiduciaries
Arizona return with the amounts shown in column (c) of your Arizona
Form 120S, Schedule K-1(NR). For Arizona purposes, you must first
Column (c) is your Arizona source income. Nonresident individuals
determine if any portion of the loss shown on Arizona Form 120S,
should report the amounts in column (c) on Arizona Form 140NR
Schedule K-1(NR), has been limited on your federal return because of
line numbers indicated on Arizona Form 120S, Schedule K-1(NR).
the federal passive activity loss rules.
Nonresident trusts or nonresident estates should add lines 4 through
The amount of passive activity loss which is derived from Arizona
12, column (c), and enter the total on Arizona Form 141AZ, page 2,
sources is the amount of the passive activity loss which will be allowed
Schedule A.
on the Arizona return. Therefore, any portion of the passive activity loss
However, if Arizona Form 120S, Schedule K-1(NR), shows a loss, you
which is not allowed on the federal return due to the passive activity loss
may only claim such losses on your Arizona nonresident return to the
limitations will likewise be limited on the Arizona return. That portion of
extent that such losses are included in your federal adjusted gross
the passive activity loss derived from Arizona sources which is required
income (individuals) or federal taxable income (trusts and estates).
to be carried forward for federal purposes will similarly be carried forward
Therefore, if the loss is considered to be a passive activity loss for
for Arizona purposes.
federal purposes, the loss will likewise be considered to be a passive
NOTE: The amount of Internal Revenue Code § 179 expense deductible
activity loss for Arizona purposes.
is limited to the Arizona portion of the amount deducted on federal Form
If you have a passive activity loss from an S corporation that was
1040, Schedule E.
derived from Arizona sources, you would not necessarily begin the
ADOR 10338 (13)
AZ Form 120S, Schedule K-1(NR) (2013)
Page 2 of 2
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