Form 720-Amended - Amended Kentucky Corporation Income Tax Return (Draft) Page 2
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2Form 720-AMENDED (10-07)
Page 2
*0700010203*
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SIGNATURE REQUIRED BELOW
INSTRUCTIONS FOR FILING FORM 720-AMENDED
Line 1—Enter the amount of federal taxable income.
PART II—TAX COMPARISON
Additions to Federal Taxable Income—Lines 2 through 8 itemize
Line 1—To compute the liability, apply the following rates:
items of additional taxable income or unallowed deductions which
(a) 4 percent of the first $50,000 of taxable net income;
are differences between federal taxable income and Kentucky tax-
(b) 5 percent of the amount of taxable net income in excess of
able net income.
$50,000, but not in excess of $100,000; and
(c) 7 percent of the amount of taxable net income in excess of
Line 9—Enter the total amount of other differences which result in
$100,000.
additions to federal taxable income in computing Kentucky taxable
net income. A schedule must be attached reflecting an itemization
Line 2—Enter the AMC calculation. If the AMC calculation has
of the amount reflected on this line. Also any Kentucky or federal
changed, complete and attach an amended Schedule AMC.
form or schedule from which an amount is entered on this line
PART III—TAX COMPUTATION
must be attached.
Line 1—Tax Liability. Enter from Part II, Tax Comparison, the greater
Line 10—If the RAR adjustment results in an increase to net in-
of Line 1, Line 2 or the $175 minimum.
come, enter here.
Line 2—Enter the amount of recycling recapture from Schedule
Line 11—Enter the total of Lines 1 through 10.
RC-R, Disposition of Recycling or Composting Equipment, Line 11.
Subtractions from Federal Taxable Income—Lines 12 through 16
Schedule RC-R must be attached.
itemize items of income which are excluded or additional
Line 3—Sum the totals for lines 1 and 2. If the $175 minimum, skip
deductions allowed which are differences between federal taxable
Line 4 and enter $175 on Line 5.
income and Kentucky taxable net income.
Line 4—Enter total credits from Kentucky Schedule TCS, Part 3.
Line 17—Enter the total amount of other differences which result
in subtractions from federal taxable income in computing Kentucky
Line 5—Subtract Line 4 from Line 3. The credits from Schedule
taxable net income. A schedule must be attached reflecting an
TCS are nonrefundable credits. A minimum of $175 shall be due,
itemization of the amount reflected on this line. Also any Kentucky
regardless of the application of any credits provided under any
or federal form or schedule from which an amount is entered on
provisions of the Kentucky Revised Statutes for which the busi-
this line must be attached.
ness entity may qualify.
Line 18—If the RAR adjustment results in a decrease to net in-
Line 6—Enter the total of estimated tax payments made for the
come, enter here.
taxable year. Do not include the amount credited from prior year.
This amount is reported on Line 8.
Line 19—Subtract Lines 12 through 18 from Line 11.
Line 7—Enter the amount of income tax paid with Form 41A720SL,
Line 20—For mandatory nexus consolidated filers only, enter the
Application for Six-Month Extension of Time to File Kentucky Cor-
amount from Schedule NOL (Form 720), Part I, Section A, Line 7 or
poration Income Tax Return.
8, as applicable. Line 7 is the current net operating loss disallowed
and is added to net income. Enter this amount as a positive. Line 8
Line 8—Enter the amount credited to 2006 from Part IV, Line 22 of
is the net operating loss carryforward and is subtracted from net
the 2005 return.
income. Enter this amount as a negative. Separate entity and elec-
Line 9—Enter the amount of tax paid on the original return.
tive consolidated filers enter -0-.
Line 10—Enter the amount refunded on the original return.
Line 21—Add Line 19 and Line 20.
Line 11—Enter the amount credited to 2007 from the original return.
Line 22—Enter the amount from Line 21 or the amount on
Schedule A, Section II, Line 8, if applicable.
Line 12—Add Lines 5, 10 and 11 then subtract the total of Lines 6
through 9.
Line 23—If the corporation is filing a mandatory nexus consoli-
dated return, enter zero (-0-). For Kentucky purposes, the same
Line 13—Add Lines 6 through 9 then subtract Lines 5, 10 and 11.
carryforward provisions allowed by IRC Section 172 are applicable
Line 14—Enter the portion of Line 13 to be credited forwarded.
for losses incurred in taxable years beginning after December 31,
1979, except that no loss may be carried to a taxable year begin-
Line 15—Enter the portion of Line 13 to be refunded (Line 13 less
ning before January 1, 1980. The amount to be carried back or
Line 14).
forward is the amount of loss determined by KRS Chapter 141
and, in the case of multistate corporations, it is the amount deter-
Tax Payment Summary
mined after apportionment and allocation. Attach a schedule show-
Tax—Check the applicable box that denotes the method used to
ing the computation of the net operating loss deduction but do
calculate the tax paid: Income, AMC Gross Receipts, AMC Gross
not enter more than the corporation’s taxable income.
Profits or Minimum $175.
Line 24—Subtract Line 23 from Line 22.
If additional tax due is reflected on Line 12, compute interest from
Line 25—Enter the amount of Kentucky domestic production ac-
the original due date of the return to the date of payment. For
tivities deduction from Kentucky Form 8903-K, Line 21.
calendar year 2005, the rate is 5 percent per annum; for calendar
Line 26—Subtract Line 25 from Line 24.
year 2006, 7 percent; and for calendar year 2007, 8 percent.
I, the undersigned, declare under the penalties of perjury, that I have examined this return, including all
May the DOR discuss this
accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct and
return with the preparer?
complete.
✍
Yes
No
Signature of principal officer or chief accounting officer
Date
E-mail Address:
Telephone Number:
Name of person or firm preparing return
SSN, PTIN or FEIN
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