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Screen AZAdjC2 - Arizona Subtractions (1120)

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Overview

Dividends received from 50% or more controlled domestic corporations
The amount from the
20%-or-more owned domestic corporations
 field in the C federal screen transfers to this statement. To include 50 percent or more owned dividends received on Form 120, Schedule B, line B4, enter adjustments in the
State Amount
 column of the statement.
Dividends received from foreign corporations
The application transfers amounts from federal Form 1120, Page 2, Schedule C. To exclude an item from the state return, delete the amount or the entire line item from the statement. The application displays the modified column in black and will not overwrite the new data with subsequent federal-to-state data transfers. For more information, (including details on setting a user preference to mark fields for which you overruled the transferred amount), refer to a statements overview.
The following foreign dividend amounts are transferred to this statement:
  • Dividends on debt-financed stock of domestic and foreign corporations (Section 246A).
  • Dividends from less than 20 percent foreign-owned corporations and certain FSCs that are subject to the 70 percent deduction.
  • Dividends from 20 percent or more foreign-owned corporations and certain FSCs that are subject to the 80 percent deduction.
  • Dividends from wholly-owned foreign subsidiaries subject to the 100 percent deduction (Section 245(b)).
  • Dividends from certain FSCs that are subject to the 100 percent deduction (Section 245 (c)(1)).
  • Other dividends from foreign corporations not included on Schedule C, lines 3, 6, 7, 8, 11 or 12.
  • Income from controlled foreign corporations under subpart F.
Other subtractions
The application transfers the
Employment Credit Wages
 from the federal return. To exclude an item from the state return, delete the amount or the entire line item from the statement. The application shows the modified column in black and will not overwrite the data with subsequent federal-to-state data transfers.
State tax refunds
The application transfers amounts from the
State tax refunds
 statement in the Inc and H federal screens. The application assumes these amounts are not deductible in Arizona. Enter adjustments to state tax refunds in the
State Amount
 column of the statement.

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