INSTRUCTIONS: ARIZONA CREDIT FOR DONATION OF SCHOOL SITE (Form 331)
Form 331 is used to claim credit for donation of a school site in Arizona. This document can be obtained from the website of the Arizona Department of Revenue.
Arizona Credit For Donation Of School Site 331 Step 1: If not filing for the calendar year pre-printed on the form, enter the beginning and ending dates of your fiscal year.
Arizona Credit For Donation Of School Site 331 Step 2: Enter your name as it appears on form 140, 140PY, 140NR, 140X, 120, 120A, 120S, 120X or 165.
Arizona Credit For Donation Of School Site 331 Step 3: Enter your Social Security number or employer identification number.
Arizona Credit For Donation Of School Site 331 Step 4: Part I concerns donated property information and calculation of the current taxable year's credit. You may document up to three donated properties on this page. Continuation sheets may be attached if you need to document additional sites. Complete lines 1 through 9 as directed to calculate your current taxable year's credit.
Arizona Credit For Donation Of School Site 331 Step 5: Part II should only be completed by S corporations. On line 10, indicate whether you will be claiming the credit or passing it through to shareholders.
Arizona Credit For Donation Of School Site 331 Step 6: If passing the credit through to shareholders, lines 11 through 13 should be completed separately for each shareholder. On line 11, enter the name of each shareholder.
Arizona Credit For Donation Of School Site 331 Step 7: On line 12, enter each shareholder's tax identification number.
Arizona Credit For Donation Of School Site 331 Step 8: On line 13, enter each shareholder's share of the current taxable year's credit.
Arizona Credit For Donation Of School Site 331 Step 9: Complete lines 14 through 16 separately to document each partner's share of the credit. Enter each partner's name on line 14, their tax identification number on line 15, and their share of the current taxable year's credit on line 16.
Arizona Credit For Donation Of School Site 331 Step 10: In Part IV, calculate your available credit carryover on lines 17 through 22 as instructed.
Arizona Credit For Donation Of School Site 331 Step 11: On lines 23 through 25, calculate your total available credit as instructed.
