Under House Bill 2014, introduced by Representative Mark Finchem (R - Tucson), Arizona taxpayers will simply back out all precious metals «gains» and «
losses» reported
on their
federal tax returns from the calculation of their Arizona adjusted gross
income (AGI).
Complete
Federal income tax return If Federal Taxable Income is zero, calculate the loss amount by subtracting Form 1040 Line 42 from Line 41 or Form 1040A Line 26 from Line 25 Complete VT Form IN - 111 up to Line 13 Enter interest income from U.S. Obligations Complete Schedule IN - 153 for capital gain exclusion Complete your worksheet to determine the difference between Federal depreciation on equipment where bonus depreciation taken and depreciation on regular MACRS sch
income tax return If
Federal Taxable
Income is zero, calculate the loss amount by subtracting Form 1040 Line 42 from Line 41 or Form 1040A Line 26 from Line 25 Complete VT Form IN - 111 up to Line 13 Enter interest income from U.S. Obligations Complete Schedule IN - 153 for capital gain exclusion Complete your worksheet to determine the difference between Federal depreciation on equipment where bonus depreciation taken and depreciation on regular MACRS sch
Income is zero, calculate the
loss amount by subtracting Form 1040 Line 42 from Line 41 or Form 1040A Line 26 from Line 25 Complete VT Form IN - 111 up to Line 13 Enter interest
income from U.S. Obligations Complete Schedule IN - 153 for capital gain exclusion Complete your worksheet to determine the difference between Federal depreciation on equipment where bonus depreciation taken and depreciation on regular MACRS sch
income from U.S. Obligations Complete Schedule IN - 153 for capital gain exclusion Complete your worksheet to determine the difference between
Federal depreciation
on equipment where bonus depreciation taken and depreciation
on regular MACRS schedule.