We have a number of indicators that suggest this tax should be treated as a distribution and not an income tax for gaap purposes if you follow aicpa document First, just like the tax in example 35, arizona provides for a tax credit that is available to be used against the various partners’/shareholders’ arizona income tax liability Every state has handled this issue differently This article provides a summary of updates that taxpayers should be aware of as they evaluate the implications of ptet elections for tax year 2023 and beyond. Receive email updates from the arizona department of revenue.
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