Looking for a Kentucky Tax Forms And Templates? Download it for free!

Form 41a720-S41 - Schedule Keoz-Sp - Tax Computation Schedule (For A Keoz Project Of S Corporations Or Partnerships)

KEOZ-SP

For taxable year ended

SCHEDULE

TAX COMPUTATION SCHEDULE

__ __ / __ __

41A720-S41

(12-04)

Mo.

Yr.

(FOR A KEOZ PROJECT OF

Commonwealth of Kentucky

S CORPORATIONS OR PARTNERSHIPS)

DEPARTMENT OF REVENUE

KRS 154.23-005 to 079

Name of S Corporation or Partnership

Federal Identification Number

Kentucky Account Number

(if applicable)

_ _ – _ _ _ _ _ _ _

_ _ _ _ _ _

Location of Project

Activation Date

Economic Development

of KEOZ Agreement

Project Number

_ _ / _ _ / _ _

City

County

Mo.

Day

Yr.

PART I. Computation of KEOZ Tax Credit and Tax Due

1. Kentucky taxable net income from KEOZ project (see instructions) ................................................... 1

2. Compute tax on amount from line 1:

Taxable Net Income

Rate

Tax

(a)

First $3,000 .......................

(b)

Next $1,000 ......................

(c)

Next $1,000 ......................

(d)

Next $3,000 ......................

(e)

All over $8,000 .................

(f)

Total income tax liability of KEOZ project (add lines 2(a) through 2(e)) ................................. 2(f)

3. Limitation (Column G from Schedule KEOZ-T) ..................................................................................... 3

4. Enter lesser of line 2(f) or line 3 as either:

(a)

KEOZ tax credit ............................................................................................................................. 4(a)

(b)

Estimated tax payment and complete election in Part II .......................................................... 4(b)

5. If line 2(f) is larger than line 4(a) or 4(b), enter difference here as the net income tax

liability of the S corporation or partnership. (Any partnership reflecting a tax liability

complete Tax Payment Summary below and remit payment. Any S corporation reflecting

a tax liability enter this amount on Form 720S, Part II, line 10, and remit payment.) ....................... 5

PART II. Estimated Tax Election

In accordance with KRS 141.401(4)(a),

Name of S Corporation or Partnership

elects for the taxable year ended

, in lieu of the KEOZ tax credit, to have an amount equal

to the lesser of line 2(f) or line 3 above applied as an estimated tax payment.

Signature of Corporate Officer or General Partner

Title

Date

TAX PAYMENT SUMMARY (Make check payable to Kentucky State Treasurer.)

Tax

Interest

Penalty

TOTAL

Form 720S, Kentucky S Corporation Income and License Tax Return, or Form 765, Kentucky Partnership Income

Return, including this schedule must be mailed to Economic Development Tax Credits, Corporation Income and

License Tax Branch, Kentucky Department of Revenue, P.O. Box 181, Frankfort, Kentucky 40602-0181.

Form 41a720-S41 - Schedule Keoz-Sp - Tax Computation Schedule (For A Keoz Project Of S Corporations Or Partnerships)

Related Articles

Related forms

Related Categories