Form 720 - Kentucky Corporation Income And License Tax Return - 1999
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1
2Kentucky Corporation Income
1999
720
and License Tax Return
41A720
(S Corporations Use Form 720S)
Taxable Year Ending
Revenue Cabinet
ä
Taxable period beginning __________________ , 1999, and ending __________________ , _______ .
M M Y
Y
See separate
instructions.
B
C
Federal
Kentucky
A
Check applicable box(es).
Identification Number
Account Number
Income Tax Return
Separate entity
Name of Corporation or Affiliated Group (Place preaddressed label here; otherwise print or type.)
State and Date of Incorporation
Consolidated
Return not required
Number and Street
Principal Business Activity in KY
License Tax Return
City
State
ZIP Code
Telephone Number
Kentucky Business Code No.
Separate entity
Consolidated
D
Name of Common Parent
Kentucky Account Number
Federal Business Code Number
Return not required
__ __ __ __ __ __
E Check if applicable:
LLC
Initial return
Final return
Short-period return
Change of name/address
PART I—TAXABLE INCOME COMPUTATION
10. Estimated payments .........................................
1. Federal taxable income (Form 1120, line 28;
11. Extension payment ...........................................
Form 1120A, line 24) ............................................
12. Prior year's credit ..............................................
ADDITIONS:
13. License tax overpayment (Part III, line 24) ......
2. Interest income (state and local obligations) .....
14. Income tax due .................................................
3. State taxes based on net/gross income .............
15. Income tax overpayment .................................
4. Safe harbor lease adjustment .............................
16 Credited to 1999 license tax .............................
5. Deductions attributable to nontaxable income .
17. Credited to 2000 ................................................
6. Other (attach schedule) .......................................
18. Refunded ..........................................................
PART III—LICENSE TAX COMPUTATION
7. Total (add lines 1 through 6) ..............................
SUBTRACTIONS:
1. Capital stock ......................................................
8. Interest income (U.S. obligations) ......................
2. Paid-in or capital surplus .................................
9. Dividend income ..................................................
3. Total retained earnings ....................................
10. Federal work opportunity credit .........................
4. Mortgages, notes payable in less than 1 year
11. Safe harbor lease adjustment .............................
5. Advances by affiliated companies ...................
12. Other (attach schedule) .......................................
6. Mortgages, notes payable in 1 year or more .
13. Net income (line 7 less lines 8 through 12) .......
7. Other liabilities ..................................................
14. Taxable net income (attach Sch. A if applicable)
8. Intercompany accounts ....................................
15. Net operating loss deduction .............................
9. Other capital accounts ......................................
16. Taxable net income (after NOLD) .......................
10. Less monies borrowed for inventory ..............
(
)
PART II—INCOME TAX COMPUTATION
11. Less KRS 136.071 deduction ............................
(
)
12. Total capital (combine lines 1 through 11) .....
Taxable Net Income
Rate
1.
(a) First
%
13. Apportionment fraction
(attach Sch. A if applicable)
$25,000 ....
x
4%
(b) Next
14. Capital employed subject to tax .......................
$25,000 ....
x
5%
(c) Next
15. Tax before credit (line 14 multiplied by .0021)
$50,000 ....
x
6%
(d) Next
16. License tax credit (maximum $490) ................
$150,000 .
x
7%
(e) All over
17. License tax liability (minimum $30) ................
$250,000 .
x 8.25%
18. Kentucky investment fund tax credit ...............
2. Income tax liability (add lines 1(a) through (e)) .
3. Economic development tax credits
19. Net license tax liability .....................................
(see instructions) .................................................
20. Extension payment ...........................................
4. Unemployment tax credit ...................................
21. Income tax overpayment (Part II, line 16) .......
5. Recycling/composting equipment tax credit .....
22. License tax due .................................................
6. Coal conversion tax credit ..................................
23. License tax overpayment .................................
7. Enterprise zone tax credit ....................................
24. Credited to 1999 income tax ............................
8. Kentucky investment fund tax credit ................
25. Credited to 2000 ................................................
9. Net income tax liability .......................................
26. Refunded ..........................................................
TAX PAYMENT SUMMARY (Round to Nearest Dollar)
Penalty
,
,
,
Income
Interest
,
41A7209913
TOTAL
(Including Penalty
,
,
,
,
License
and Interest)
Federal Form 1120, pages 1 and 4, or
1120A, pages 1 and 2, must be attached.
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