Form 720s - Kentucky S Corporation Income Tax Return - 2006 Page 4
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4Form 720S (2006)
Page 4
*0600010259*
SCHEDULE OI—ORDINARY INCOME (LOSS) COMPUTATION
1. Federal ordinary income (loss) (see instructions) .........................................................................................
1
ADDITIONS
2. State taxes ........................................................................................................................................................
2
3. Federal depreciation (do not include Section 179 expense deduction) ......................................................
3
4. Other (attach schedule) ...................................................................................................................................
4
5. Total (add lines 1 through 4) ...........................................................................................................................
5
SUBTRACTIONS
6. Federal work opportunity credit .....................................................................................................................
6
7. Kentucky depreciation (do not include Section 179 expense deduction) ...................................................
7
8. Other (attach schedule) ...................................................................................................................................
8
9. Kentucky ordinary income (loss) (line 5 less lines 6 through 8) ..................................................................
9
SCHEDULE K—SHAREHOLDERS' SHARES OF INCOME, CREDITS, DEDUCTIONS, ETC. (See Specific Instructions for Each Line Item)
SECTION I
(a) Pro Rata Share Items
(b) Total Amount
Income (Loss) and Deductions
1. Kentucky Ordinary income (loss) from trade or business activities (Schedule OI, line 9) ........................
1
2. Net income (loss) from rental real estate activities (attach federal Form 8825) ........................................
2
3. (a) Gross income from other rental activities ...................................................... 3(a)
(b) Less expenses from other rental activities (attach schedule) ...................... (b)
(c) Net income (loss) from other rental activities (line 3a less line 3b) .................................................... (c)
4. Portfolio income (loss):
(a) Interest income ........................................................................................................................................ 4(a)
(b) Dividend income ....................................................................................................................................... (b)
(c) Royalty income ......................................................................................................................................... (c)
(d) Net short-term capital gain (loss) (attach federal Schedule D and Kentucky Schedule D if applicable) ... (d)
(e) Net long-term capital gain (loss) (attach federal Schedule D and Kentucky Schedule D if applicable) .... (e)
(f)
Other portfolio income (loss) (attach schedule) ....................................................................................
(f)
5. Section 1231 net gain (loss) (other than due to casualty or theft) (attach federal and Kentucky Forms 4797) .
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6. Other income (loss) (attach schedule) ...........................................................................................................
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7. Charitable contributions (attach schedule) and housing for homeless deduction (attach Schedule HH)
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8. IRC Section 179 expense deduction (attach Federal Form 4562 and Kentucky Revised Form 4562) .......
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9. Deductions related to portfolio income (loss) (attach schedule) .................................................................
9
10. Other deductions (attach schedule) ................................................................................................................ 10
Investment Interest
11. (a) Interest expense on investment debts .................................................................................................. 11(a)
(b) (1) Investment income included on lines 4(a), 4(b), 4(c) and 4(f) above ......................................... (b)(1)
(2) Investment expenses included on line 10 above .........................................................................
(2)
Other Items
12. (a) Type of Section 59(e)(2) expenditures ➤
12(a)
(b) Amount of Section 59(e)(2) expenditures .............................................................................................. (b)
13. Tax-exempt interest income ........................................................................................................................... 13
14. Other tax-exempt income ................................................................................................................................ 14
15. Nondeductible expenses ................................................................................................................................. 15
16. Total property distributions (including cash) other than dividends reported on line 18 below ............... 16
17. Other items and amounts required to be reported separately to shareholders (attach schedule) .......... 17
18. Total dividend distributions paid from accumulated earnings and profits ................................................ 18
SECTION II—Kentucky Distributable Corporation Income and Tax Credits
1. Taxable net income (loss) taxed under KRS 141.040 (page 1, Part I, line 27) .............................................
1
2. Individuals' share of net distributable income (loss) taxed under KRS 141.040 ........................................
2
3. Nonrefundable Kentucky corporation income tax credit (KRS 141.420(3)) (page 2, Part IV, line 4) .........
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4. Refundable Kentucky corporation income tax credit (KRS 141.420(3)(c)) (page 2, Part IV, line 5) ...........
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