Form 720 - Kentucky Corporation Income And License Tax Return - 2001
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1
2Kentucky Corporation Income
2001
720
and License Tax Return
41A720
ä
(S Corporations Use Form 720S)
Taxable Year Ending
Revenue Cabinet
See separate
Taxable period beginning __________________ , 2001, and ending __________________ , 200___ .
M M Y
Y
instructions.
A
Check applicable box(es).
B
C
Federal
Kentucky
Income Tax Return
Identification Number
Account Number
Separate entity
Consolidated
Name of Corporation or Affiliated Group (Place preaddressed label here; otherwise print or type.)
State and Date of Incorporation
Must attach Form 722
Return not required
Number and Street
Principal Business Activity in KY
Enter code
License Tax Return
City
State
ZIP Code
Telephone Number
Kentucky Business Code No.
Separate entity
Consolidated
D
Return not required
Name of Common Parent
Kentucky Account Number
Federal Business Code Number
__ __ __ __ __ __
Enter code
E Check if applicable:
LLC
Initial return
Final return
Short-period return
Change of name/address
PART I—TAXABLE INCOME COMPUTATION
16. Income tax overpayment ....................................
1. Federal taxable income (Form 1120, line 28;
17. Credited to 2001 license tax ..............................
Form 1120A, line 24) ............................................
18. Credited to 2002 .................................................
ADDITIONS:
19. Amount to be refunded ..................................
PART III—LICENSE TAX COMPUTATION
2. Interest income (state and local obligations) .....
3. State taxes based on net/gross income .............
1. Capital stock .......................................................
4. Safe harbor lease adjustment .............................
2. Computation of surplus
Caution: An election to
file a consolidated
5. Deductions attributable to nontaxable income .
(a) Total assets ............
income tax return does
6. Other (attach schedule) .......................................
(b) Less debt ................ (
)
not apply for license
7. Total (add lines 1 through 6) ..............................
(c) Net assets ...............
tax. See page 4 of
instructions.
SUBTRACTIONS:
(d) Less capital stock ... (
)
8. Interest income (U.S. obligations) ......................
3. Surplus (line 2c minus 2d) ...............................
9. Dividend income ..................................................
4. Advances by affiliated companies ....................
10. Federal work opportunity credit .........................
5. Intercompany accounts .....................................
11. Safe harbor lease adjustment .............................
6. Borrowed moneys .............................................
12. Other (attach schedule) .......................................
7. Less moneys borrowed for inventory ..............
(
)
13. Net income (line 7 less lines 8 through 12) .......
8. Less KRS 136.071 deduction .............................
(
)
14. Taxable net income
9. Total capital (combine lines 1 and 3 through 8)
(attach Sch. A if applicable) ..
%
15. Net operating loss deduction .............................
10. Apportionment fraction
(attach Sch. A if applicable)
16. Taxable net income (after NOLD) .......................
11. Capital employed subject to tax ........................
PART II—INCOME TAX COMPUTATION
12. Tax before credit (line 11 multiplied by .0021)
1. Income tax liability (see instructions) .................
13. License tax credit (maximum $490) .................
2. Economic development tax credits ....................
14. License tax liability (minimum $30) .................
3. Unemployment tax credit ...................................
15. Kentucky investment fund tax credit ................
4. Recycling/composting equipment tax credit .....
16. KIRA tax credit (see instructions) .....................
5. Coal conversion tax credit ..................................
17. Coal incentive tax credit ....................................
6. Enterprise zone tax credit ...................................
18. Net license tax liability ......................................
7. Kentucky investment fund tax credit ..................
19. Extension payment ............................................
8. Coal incentive tax credit ......................................
20. Income tax overpayment (Part II, line 17) ........
9. GED incentive tax credit ......................................
21. License tax due ..................................................
10. Net income tax liability .......................................
22. License tax overpayment ..................................
11. Estimated payments ............................................
23. Credited to 2001 income tax .............................
12. Extension payment ..............................................
24. Credited to 2002 .................................................
13. Prior year's credit ................................................
25. Amount to be refunded ..................................
14. License tax overpayment (Part III, line 23) .........
Mail return with payment to:
Kentucky Revenue Cabinet, Frankfort, Kentucky 40620.
15. Income tax due ....................................................
TAX PAYMENT SUMMARY
(Round to Nearest Dollar) Make check(s) payable to Kentucky State Treasurer or
check here if EFT payment.
Penalty
u
Income
u
u
Interest
u
41A7200013
TOTAL
(Including Penalty
License
u
u
and Interest)
u
u
Federal Form 1120, pages 1 and 4, or
1120A, pages 1 and 2, must be attached.
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