Form 720-Amended Draft - Income Tax And Llet Return

Form 720-AMENDED (2007-2008) (10-09)

Page 2

Commonwealth of Kentucky

*0900010277*

DEPARTMENT OF REVENUE

➤ Amended Federal Form 1120, all

TAX PAYMENT SUMMARY (Round to nearest dollar)

pages, and any supporting schedules

must be attached.

LLET

INCOME

$___________________

LLET due (Part I, Line 16)

Income tax due (Part III, Line 17)

Make check payable to:

2. Penalty

$___________________

2. Penalty

$___________________

Kentucky State Treasurer

3. Interest

$___________________

3. Interest

$___________________

Mail return with payment to:

$___________________

4. Subtotal

$___________________

Subtotal

Kentucky Department of Revenue

Frankfort, Kentucky 40620

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

May the DOR discuss this

I, the undersigned, declare under the penalties of perjury, that I have examined this return, including all accompanying

return with the preparer?

schedules and statements, and to the best of my knowledge and belief, it is true, correct and complete.



Yes

✍

E-mail Address:

Signature of principal officer or chief accounting officer

Date

Name of person or firm preparing return

SSN, PTIN or FEIN

Telephone Number:

INSTRUCTIONS

Line 14—Enter the amount of LLET overpayment credited to

PART I—LLET Computation

income tax on the original return.

Line 1—Enter the amount from Schedule LLET, Section D, Line 1.

Line 15—Enter the amount of LLET overpayment credited forward

to the next year’s LLET.

Line 2—Enter the recycling/composting equipment recapture

from Schedule RC-R, Line 10. There is no recapture of the

Line 16—Enter the total of Lines 6, 13, 14 and 15 less the total

recycling/composting equipment credit for LLET purposes if

of Lines 7 through 12.

the credit was not taken against LLET in a prior year. Attach

Line 17—Enter the total of Lines 7 through 12 less the total of

Schedule RC-R, Kentucky Disposition of Recycling or Composting

Lines 6, 13, 14 and 15.

Equipment Schedule.

PART II—TAXABLE INCOME COMPUTATION

Line 3—Enter the total of Lines 1 and 2.

Line 1—Enter the amount of federal taxable income

Line 4—Enter the nonrefundable LLET credit from Kentucky

Schedule(s) K-1. Copies of Kentucky Schedule(s) K-1 must be

Additions to Federal Taxable Income—Lines 2 through 8 itemize

attached to the corporation’s tax return in order to claim the

items of additional taxable income or disallowed deductions

credit.

which are differences between federal taxable income and

Kentucky taxable net income.

Line 5—Enter the total tax credits from Schedule TCS, Part III,

Line 9—Enter the total amount of other differences which result

Column E.

in additions to federal taxable income in computing Kentucky

Line 6—Enter the greater of Line 3 less Lines 4 and 5 or $175.

taxable net income. A schedule must be attached reflecting an

itemization of the amount reflected on this line. Also any Kentucky

or federal form or schedule from which an amount is entered on

Line 7—Enter the amount of tax withheld on Form PTE-WH. Form

PTE-WH must be attached to the tax return.

this line must be attached. For tax years beginning after 12/31/07,

attach Schedule 0-720.

Line 8—Enter the total LLET estimated tax payments made for

Line 10—If the RAR adjustment results in an increase to

the taxable year. Do not include the amount credited from a prior

net income, enter here. These are the results of an IRS

year. Check the box if Form 2220-K is attached.

examination.

Line 9—Enter the amount of LLET paid with Form 41A720SL,

Subtractions from Federal Taxable Income—Lines 12 through

Application for Six-Month Extension of Time to File Kentucky

15 itemize items of income which are excluded or additional

Corporation Income Tax and LLET Return.

deductions allowed which are differences between federal

taxable income and Kentucky taxable net income.

Line 10—Enter prior year’s tax credit.

Line 11—Enter the income tax overpayment on the original return

Line 16—Enter the total amount of other differences which

that was credited to the LLET on the original return.

result in subtractions from federal taxable income in computing

Kentucky taxable net income. A schedule must be attached

Line 12—Enter the amount of the LLET paid on the original

reflecting an itemization of the amount reflected on this line.

return.

Also, any Kentucky or federal form or schedule from which an

Line 13—Enter the amount of LLET refund previously received

amount is entered on this line must be attached. For tax years

from the original return.

beginning after 12/31/07, attach Schedule 0-720.

Form 720-Amended Draft - Income Tax And Llet Return - 2007-2008 Page 2

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