Form 720xx - Amended Kentucky Corporation Income Tax Return (Page 2 of 2) in pdf

Form 720XX (10-06)

Page 2

*0600010207*

PART III—AMENDED TAX DUE COMPUTATION

1. Total income tax from Part I, line 12 ......................................................................................................................

2. Alternative minimum (AMC) (lesser of Part II, line 2 and Part II, line 7) .............................................................

3. Greater of line 1, line 2 or $175 minimum .............................................................................................................

4. a. Amount of credits previously reported (see instructions) ........................................ 4a

b. Amount of credits adjusted .......................................................................................... 4b

c. Corrected amount (line 4a plus or minus line 4b) ............................................................................................ 4c

5. Amended tax liability (line 3 less line 4c) ($175 minimum) .................................................................................

6. Tax previously paid ..................................................................................................................................................

7. Tax due. If line 5 exceeds line 6, enter difference as tax due ...............................................................................

8. Tax refund. If line 6 exceeds line 5, enter difference as tax refund .....................................................................

PART IV —Explanation of Changes to Net Income, Nonbusiness Income, Apportionment Factor, Alternative Minimum (AMC),

Credits, etc. (Enter the line reference from page 1 for which a change is reported, and give the reason

for each change. Show any computation in detail. Attach supporting schedules.)

GENERAL INSTRUCTIONS

Purpose of Form—Use Form 720XX to report changes, including

in the case of a corporation taxable both within and without Kentucky,

federal audit changes, to Form 720, Kentucky Corporation Income Tax

it is the amount determined after apportionment and allocation (attach

Return, as previously reported for tax periods beginning on or after

schedule showing computation of the amount claimed). This line does

January 1, 2005.

not apply to mandatory nexus consolidated filers.

Information on Income, Deductions, Tax Computation, etc.—Refer to

Line 12, Column C—Determine corrected income tax by using tax rates

the instructions for Form 720, Kentucky Corporation Income Tax

reflected on Tax Computation Schedule of Form 720 used for filing

Return, related schedules and forms, for the year being amended to

original return for the year.

determine the taxability of certain types of income, the allowability of

certain expenses as deductions from income, computation of tax, etc.

PART II—ALTERNATIVE MINIMUM (AMC)

Where to File—Mail this form to Kentucky Department of Revenue,

Lines1 and 3 through 6, Column A—Enter amount previously reported.

Frankfort, Kentucky 40620.

Column B—Enter the increase or decrease being made. Explain the

SPECIFIC INSTRUCTIONS—PART I—INCOME TAX

increase or decrease in Part IV. If the change involves a federal audit

adjustment, attach the “final determination of the federal audit.”

Line 1, Column A—Enter the amount previously reported.

Column C—Enter the result of adding the increase in column B to the

Column B—Enter the increase or decrease being made. Explain the

amount in column A or subtracting the column B decrease from col-

increase or decrease in Part IV. If the change involves an item of income

umn A. If there is no change entered in column B, enter the amount

or deduction that is supported by a schedule, statement or form, attach

from column A.

the appropriate schedule, statement or form. If the change involves a

federal audit adjustment, attach the "final determination of the federal

PART III—AMENDED TAX DUE COMPUTATION

audit." Do not include changes to net operating loss deduction here

(see line 10 instructions below).

Line 4a—Enter total amount of credit from appropriate lines of Tax

Computation Schedule or Income Tax Computation of Form 720 as

Column C—Enter the result of adding the increase in column B to the

previously reported.

amount in column A or subtracting the column B decrease from

column A. If there is no change entered in column B, enter the amount

Line 4b—Enter any increase or decrease being made. If an entry is

from column A.

made on this line, attach a schedule reflecting computations (see Tax

Computation Schedule of Form 720 for year originally filed for

Line 2, Column A—Enter amount from Form 720, Part 1, line 17. This

limitations). Also attach applicable tax credit schedules or forms.

line does not apply to separate entity and elected consolidated filers.

Line 4c—Enter the result of adding the increase on line 4b to the

Lines 4 Through 8

amount on line 4a or subtracting the decrease on line 4b from the

amount on line 4a. If there is no change entered on line 4b, enter the

Note: These lines are applicable only to corporations taxable both

amount from line 4a.

within and without Kentucky. Corporations taxable only in Kentucky

omit these lines and enter amount from line 3 on line 9.

Line 5—Enter the amended tax liability. This amount cannot be less

than the $175 minimum.

On each line, 4 through 8, enter amount from appropriate line of

Schedule A, Form 720 as previously reported.

Line 6—Enter total income tax previously paid for taxable year less any

refund previously received for taxable year.

Column B—On lines 4, 6 and 8, enter any increases or decreases being

made, explain in Part IV and attach a corrected Schedule A, Form 720.

TAX PAYMENT SUMMARY—If additional tax due is reflected on Part

Line 10, Column C—Enter the amount of net operating loss deduction

III, line 7, enter amount due on the Tax line. Compute interest from the

(NOLD). The amount of NOL to be carried forward for Kentucky income

original due date of the return to the date of payment. For calendar year

tax purposes is the amount of loss determined on the Kentucky return;

2005, the rate is 5 percent per annum; for calendar 2006, 7 percent.

Form 720xx - Amended Kentucky Corporation Income Tax Return Page 2

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