Form 41a720-S56 - Schedule Fon - Tax Credit Computation Schedule - 2016

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SCHEDULE FON
*1600010335*
Taxable Year Ending
__ __ / __ __
41A720-S56 (10-16)
Mo.
Yr.
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
T
C
C
S
AX
REDIT
OMPUTATION
CHEDULE
(F
A FON P
O
A C
)
➤  See instructions.
OR
ROJECT
F
ORPORATION
KRS 141.410 to 141.414
➤  Attach to Form 720.
Name of Corporation
Federal Identification Number
Kentucky Corporation/LLET
Account Number
__ __ __ __ __ __
__ __ — __ __ __ __ __ __ __
Location of Project
Activation Date of FON
Farming Operation Networking
Incentive Agreement
Project Number
/
/
City
County
Mo.
Day
Yr.
PART I—Computation of LLET Excluding FON Project
1. LLET from Form 720, Part I, line 1 .......................................................................................................
1
00
2. LLET on FON project (see instructions) ..............................................................................................
2
00
3. LLET excluding LLET on FON project (line 1 less line 2) ...................................................................
3
00
PART II—Computation of Taxable Net Income Excluding Net Income from FON Project and FON Tax Credit
Section A–Computation of Corporation Tax
1. Enter income tax from Form 720, Part II, line 1 ..................................................................................
1
00
2. LLET of corporation (Part I, line 1) .......................................................................................................
2
00
3. LLET credit allowed (line 2 less $175, but not more than line 1) ......................................................
3
00
4. Total corporation tax (lines 1 and 2 less line 3) ..................................................................................
4
00
Section B–Computation of Tax Excluding FON Project
1. Enter taxable net income from Form 720, Part III, line 25 .................................................................
1
00
2. Enter net income from FON project; if loss, enter -0- ........................................................................
2
00
3. Taxable net income excluding net income from FON project (line 1 less line 2). If line 2 is
greater than line 1, enter -0- ................................................................................................................
3
00
4. Corporation income tax on amount from line 3:
Taxable Net Income
Rate
Tax
(a) First $50,000 .......................
X 4%
00
(b) Next $50,000 .......................
X 5%
00
(c) All income over $100,000 ...
X 6%
00
(d) Total income tax liability excluding FON project (add lines 4(a) through 4(c)) ......................... 4(d)
00
5. LLET excluding LLET on FON project (Part I, line 3) ..........................................................................
5
00
6. Enter LLET from line 5 less $175, but not more than line 4(d) .........................................................
6
00
7. Total tax excluding FON project (lines 4(d) and 5 less line 6) ...........................................................
7
00
8. Total tax attributable to FON project (Section A, line 4 less Section B, line 7)
Continue to Part III and enter this amount on Part III, line 1 .............................................................
8
00
PART III—Limitation
1. Enter tax liability attributable to FON project from Part II, Section B, line 8 ...................................
1
00
2. Enter limitation from Schedule FON-T, Column D .............................................................................
2
00
3. Allowable FON tax credit (lesser of line 1 or line 2) ..........................................................................
3
00
Enter allowable credit on Schedule TCS, Part II, Column E and Column F

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