Form 720 - Kentucky Corporation Income Tax And Llet Return

720

__ __ __ __ __ __

*0900010200*

41A720

Kentucky Corporation/LLET Account Number

2009

Department of Revenue

ENTUCKY

ORPORATION

LLET R

Taxable period beginning _______________ , 2009, and ending _______________ , 20 ___ ___.

NCOME

AX AND

ETURN

__ __ / __ __

Check applicable box(es):

Federal

Taxable Year Ending

__ __ – __ __ __ __ __ __ __

Identification Number

Mo.

Yr.

LLET

Receipts Method

Name of Corporation or Affiliated Group

State and Date of Incorporation

(Print or type)



Gross Receipts



Gross Profits



$175 minimum

Number and Street

Principal Business Activity in KY

Nonfiling Status Code

Enter Code _____ _____

City

State

ZIP Code

Telephone Number

NAICS Code Number

(Relating to Kentucky Activity)

Income Tax Return

(See )



Name of Common Parent

Kentucky Corporation/LLET Account Number

Elected Consolidated

__ __ __ __ __ __

Attach Form 722



Mandatory NEXUS



Check if applicable:

Initial return

Final return (attach explanation)

Amended return

Nonfiling Status Code



Short-period return (attach explanation)

Change of name

Change of address

Change of accounting period

Enter Code _____ _____

15. Other (attach Schedule O-720) ............................ 15

PART I—LLET COMPUTATION

16. Net income (line 10 less lines 11 through 15) ........ 16

1. Schedule LLET, Section D, line 1 ........................

17. Current net operating loss adjustment

2. Recycling/composting equipment tax credit

(mandatory nexus only) ....................................... 17

recapture ...............................................................

18. Kentucky net income (add lines 16 and 17) ....... 18

3. Total (add lines 1 and 2) ......................................

19. Taxable net income

4. Nonrefundable LLET credit from Kentucky

(attach Schedule A if applicable) ......................... 19

Schedule(s) K-1.....................................................

20. Net operating loss deduction (NOLD) ................ 20

5. Nonrefundable tax credits (Schedule TCS) ........

21. Taxable net income after NOLD

6. LLET liability (greater of line 3 less lines

(line 19 less line 20) .............................................. 21

4 and 5 or $175 minimum) ..................................

22. Kentucky domestic production activities

7. Withholding tax (PTE-WH) ..................................

deduction (KDPAD) .............................................. 22

8. Estimated tax payments ......................................

23. Taxable net income after KDPAD (line 21

9. Extension payment ..............................................

less line 22) ........................................................... 23

10. Prior year’s tax credit ........................................... 10

11. Income tax overpayment from

PART III—INCOME TAX COMPUTATION

Part III, line 15 ....................................................... 11

..........................

Income tax (see instructions)

12. LLET due (line 6 less lines 7 through 11) ............ 12

2. Recycling/composting equipment tax credit

13. LLET overpayment (lines 7 through 11

recapture ...........................................................

less line 6) ............................................................. 13

3. Tax installment on LIFO recapture ..................

14. Credited to 2009 income tax ............................... 14

4. Total (add lines 1 through 3) ...........................

15. Credited to 2010 LLET .......................................... 15

5. Nonrefundable LLET credit from the Limited

16. Amount to be refunded ....................................... 16

Liability Pass-through Entity LLET Credit

PART II—TAXABLE INCOME COMPUTATION

Worksheet(s) (see instructions) ......................

6. Nonrefundable LLET credit (Part I, line 6

1. Federal taxable income (Form 1120, line 28) .......

less $175) ..........................................................

ADDITIONS:

7. Nonrefundable tax credits (Schedule TCS) ...

2. Interest income (state and local obligations) .......

8. Net income tax liability (line 4 less lines 5

3. State taxes based on net/gross income .............

through 7, but not less than zero) ...................

4. Depreciation adjustment .....................................

9. Estimated tax payments

5. Deductions attributable to nontaxable income .......

 Check if Form 2220-K attached .................

6. Related party expenses .......................................

7. Dividend paid deduction (REIT) ..........................

10. Extension payment ..........................................

8. Domestic production activities deduction .........

11. Prior year’s tax credit .......................................

9. Other (attach Schedule O-720) ............................

12. LLET overpayment from Part I, line 14 ...........

10. Total (add lines 1 through 9) ............................... 10

13. Income tax due (line 8 less lines 9 through 12)

SUBTRACTIONS:

14. Income tax overpayment (lines 9 through 12

11. Interest income (U.S. obligations) ...................... 11

less line 8) ..........................................................

12. Dividend income .................................................. 12

15. Credited to 2009 LLET......................................

13. Federal work opportunity credit ......................... 13

16. Credited to 2010 corporation income tax .......

14. Depreciation adjustment ..................................... 14

17. Amount to be refunded ...................................

➤ Federal Form 1120, all pages, and

TAX PAYMENT SUMMARY (Round to nearest dollar)

any supporting schedules must be

attached.

LLET

INCOME

1. LLET due (Part I, Line 12)

$___________________

1. Income tax due (Part III, Line 13)

$___________________

Make check payable to:

2. Penalty

$___________________

2. Penalty

$___________________

Kentucky State Treasurer

3. Interest

$___________________

3. Interest

$___________________

Mail return with payment to:

4. Subtotal

$___________________

4. Subtotal

$___________________

Kentucky Department of Revenue

Frankfort, Kentucky 40620

TOTAL PAYMENT (Add Subtotals) ..............................................................➤ $ _________________________________________

Form 720 - Kentucky Corporation Income Tax And Llet Return - 2009

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