Form 720s - Kentucky S Corporation Income And License Tax Return - 1998

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720S

Kentucky S Corporation Income

1998

and License Tax Return

41A720S

Commonwealth of Kentucky

See separate instructions.

REVENUE CABINET

Taxable period beginning __________________ , 1998, and ending __________________ , 199___ .

Name of S Corporation (Use preaddressed label; otherwise print or type.)

Check applicable

Kentucky Account Number

box(es).

_ _ _ _ _ _

Number and Street

Income Tax Return

Federal Identification Number

Return not required

City

State

ZIP Code

Telephone Number

_ _

_ _ _ _ _ _ _

—

Federal Business Code Number

License Tax Return

State and Date of Incorporation

Principal Business Activity in Kentucky

Kentucky Business Code No.

Separate entity

Consolidated

Return not required

Kentucky Account Number

Name of Common Parent

_ _ _ _ _ _

F Check if applicable:

Initial return

Final return

Amended return

Short-period return

Change of name/address

12. Estimated payments .........................................

PART I—ORDINARY INCOME (LOSS) COMPUTATION

13. Extension payment ...........................................

14. Prior year's credit .............................................

1. Federal ordinary income (loss)

(Form 1120S, line 21) ...........................................

15. License tax overpayment (Part III, line 23) ......

ADDITIONS:

16. Income tax due .................................................

2. State taxes ............................................................

17. Income tax overpayment .................................

3. Other (attach schedule) .......................................

18. Credited to 1998 license tax .............................

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

19. Claimed on 1999 estimate ................................

SUBTRACTIONS:

20. Refunded ...........................................................

5. Federal work opportunity credit .........................

PART III—LICENSE TAX COMPUTATION

6. Other (attach schedule) .......................................

1. Capital stock ......................................................

7. Ordinary income (loss)

(line 4 less lines 5 and 6) .....................................

2. Additional paid-in capital (surplus) .................

3. Retained earnings (surplus) .............................

PART II—INCOME TAX COMPUTATION

4. Adjustments to shareholders' equity (surplus)

5. Mortgages, notes payable in less than 1 year

1. Taxable income

(see instructions) ...

6. Advances by affiliated companies ...................

7. Mortgages, notes payable in 1 year or more .

2. Less statutory

($25,000)

exemption ..............

8. Other liabilities ..................................................

9. Intercompany accounts ....................................

3. Net capital gain ......

10. Other capital accounts ......................................

11. Less monies borrowed for inventory ..............

(

)

4. Less statutory

($25,000)

exemption ..............

12. Less KRS 136.071 deduction ............................

(

)

5. Enter lesser of line 2 or line 4 .............................

13. Total capital (combine lines 1 through 12) .....

6. Apportionment fraction (if applicable) ...............

14. Apportionment fraction

(attach Sch. A if applicable)

7. Taxable income ...................................................

15. Capital employed subject to tax .......................

16. Tax before credit (line 15 multiplied by .0021)

Taxable Net Income

Rate

(a) First

17. License tax credit (maximum $490) ................

$25,000 ....

(b) Next

18. License tax liability (minimum $30) ................

$25,000 ....

19. Extension payment ...........................................

$50,000 ....

(d) Next

20. Income tax overpayment (Part II, line 18) .......

$150,000 ..

(e) All over

21. License tax due .................................................

$250,000 ..

x 8.25%

22. License tax overpayment .................................

9. Income tax liability

(add lines 8(a) through (e)) ..................................

23. Credited to 1998 income tax ............................

10. Enterprise zone tax credit ...................................

24. Credited to 1999 ................................................

11. Net income tax liability .......................................

25. Refunded ...........................................................

Income

License

TAX PAYMENT

Interest

Penalty

TOTAL

SUMMARY

Make check(s) payable to Kentucky State Treasurer. Mail return with payment to Kentucky Revenue Cabinet, Frankfort, Kentucky 40620.

I, the undersigned, declare under the penalties of perjury, that I have examined these returns, including all accompanying schedules and statements, and to the best of

my knowledge and belief, they are true, correct and complete.

Signature of principal officer or chief accounting officer

Date

Name and Social Security or federal identification number of person or firm preparing return

FEDERAL FORM 1120S, PAGES 1, 3 AND 4, MUST BE ATTACHED.