Form 1120-POL Arizona 2024-2025

Form 1120-POL Arizona: What You Should Know

Sec. 1120. Corporate Income Tax. a. General. Every corporation shall pay a tax at the regular corporate rate of 5% on any gross receipts of its taxable income equal to 9,800 or more in any year. The deduction of interest and net expenses deducted in calculating taxable income and the exclusion of income of partnerships and similar entities from gross receipts shall be made by a single deduction for the taxable year. The tax on any taxable income to the extent not allowed under the provisions of division (A), (B) and (C) of section 11.861 of the Revised Code is the same amount as the tax which would have been imposed upon the corporation, except that it shall be reduced by 8% of the excess of the amount treated as income of a partnership for federal income tax purposes over its adjusted gross income for each year when it is a corporation. All of this tax is due and payable in the year of payment. It shall be paid on or before the last day of the second month following the close of the taxable year. Payments shall be made on the fifth month following the due date for the first payment unless earlier. Payments may be made to any person with his approval but not later than the due date for such first payment. b. Definitions. 1. Gross receipts shall be in a state of material prosperity. 2. Adjusted gross income shall be the sum of the gross proceeds from the sale, redemption, exchange, or other disposition of each of the following: 3. “Operating activities,” the activities of the same person, whether performed by the corporation, limited liability company, partnership, or other legal or organizational unit and whether under the same or different names or branches, of such person, for the purpose of making profits. 4. “Other activities,” activities by the same person in a trade or business other than one under the corporation, limited liability company, partnership, or other legal or [[Page 733]] organizational unit's management but not performed by the corporation, limited liability company, partnership, or other legal or organizational unit, for the purpose of making profits. 5. “Distributing” shall include any payment to a trust of the amount in the trust fund which is designated for a specific tax purpose as described in section 2055(b) or section 2055(a) of the IRC. Exceptions to distributions from trusts.

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