Form Ol-3 - Net Profit License Fee Return - City Of Covington, Kentucky Page 2
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***IMPORTANT***
CITY OF COVINGTON
Enclose Copy of Applicable
NET PROFIT WORKSHEET
Federal Form(s)
PART I: ADJUSTED NET INCOME
BUSINESS INCOME
A)
All business entities enter the net profit or loss as shown on Federal Schedule C and/or E, the ordinary income
or loss from Federal Form 1065 or Form 1120S, the taxable income AFTER special deductions and net
operating loss from Federal Form 1120, the unrelated business taxable income from Form 990T, or equivalent.
B)
Individuals that report business income on Federal Schedule C and/or E, enter the gain or loss from the sale of
business property used in a trade or business from Federal Form 4797 or 6252 reported on Schedule D
C)
Partnerships and corporations that are pass-through entities for Federal tax purposes enter the additions from
Schedule K of Form 1065, 1120S, or equivalent
D) All business entities enter other income items (See Instructions)
E)
Partnerships and corporations that are pass-through entities for Federal tax purposes enter the allowable
subtractions from Schedule K of Form 1065, 1120S, or equivalent
TOTAL INCOME (Total of lines A through D less line E.)
F)
ITEMS NOT DEDUCTIBLE - ADDITIONS TO TOTAL INCOME
G)
All business entities add back the state income taxes and occupational license fees based on net or gross
income deducted from the Federal return
H)
Corporations add back the net operating loss allowed under Section172 of the Internal Revenue Code
deducted from Federal Form 1120, 1120-REIT, 990T, or equivalent
ITEMS NOT TAXABLE - SUBTRACTIONS FROM TOTAL INCOME
I) All business entities subtract the alcoholic beverage sales deduction as calculated in Part II, Line 3
J) All business entities enter other adjustments (See Instructions)
TOTAL ADJUSTMENTS (Add lines G and H then subtract lines I and J. Enter the total on line K)
K)
L)
ADJUSTED NET INCOME (Add lines F and K. Enter total here and on front, line 1 of Part IV: FEE
COMPUTATION)
PART II: ALCOHOLIC BEVERAGE SALES DEDUCTION
NOTE: “Total Sales” is Total Gross Receipts of Business including Non-Alcoholic Beverage Sales
Kentucky Alcoholic Beverage Sales
DIVIDE→
=
1)
%
Total Sales
2) Enter the total of line F of Part I: ADJUSTED NET INCOME
3) Alcoholic Beverage Sales Deduction (Multiply line 1 by line 2. Enter here and line I, Part I)
PART III: BUSINESS APPORTIONMENT
All licensees whose business operations were not conducted entirely in the City of Covington must complete this part, regardless
DIVIDE↓
of profit or loss.
COLUMN A
COLUMN B
COLUMN C
City of Covington
Everywhere
A / B = C
APPORTIONMENT FACTORS
PAYROLL FACTOR
1)
%
Compensation Paid or Payable to Employees
SALES FACTOR
2)
%
Gross Receipts from Sales, Rents, Work or Services Performed
3)
(Add Lines 1 and 2 of Column C)
TOTAL PERCENTAGES
%
4) BUSINESS APPORTIONMENT
(If your business had both a sales factor and a payroll factor, then
%
divide line 3 by two (2). However, if the business had either a sales factor or a payroll factor, but not both, then enter
the single factor percentage here and on front, Line 2 of Part IV: FEE COMPUTATION.)
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