Schedule Ds-R (Form 41a720ds-R) - Distilled Spirits Tax Credit Recapture Page 2
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241A720DS-R (10-15)
Page 2
Commonwealth of Kentucky
INSTRUCTIONS—DISTILLED SPIRITS
DEPARTMENT OF REVENUE
TAX CREDIT RECAPTURE
SPECIFIC INSTRUCTIONS
Line 6—Divide the amount on Line 4 by the amount on
Line 5 and convert to a percentage carried out to four
Purpose of Schedule—A taxpayer required to recapture a
decimal places.
distilled spirits tax credit shall attach this schedule to the
applicable tax return for the taxable year. If the taxpayer
Line 7—Multiply the amount on Line 3 by the percentage
is a pass-through entity, the taxpayer shall apply the
on Line 6.
recapture of the distilled spirits tax credit to the limited
liability entity tax imposed by KRS 141.0401, and shall
Line 8—Enter the amount of the distilled spirits tax
pass the tax credit recapture to its partners, members or
credit on Line 3 claimed against LLET for the taxable
shareholders. A copy of Schedule DS-R shall be attached
year referenced on Line 1.
to each partner’s, member’s or shareholder’s Kentucky
Schedule K-1. A partner, member or shareholder shall
Line 9—Enter the amount of the distilled spirits tax credit
enter its pro rata share of the information from the
on Line 3 claimed against income tax for the taxable year
Schedule DS-R when completing the partner’s, member’s
referenced on Line 1.
or shareholder’s Schedule DS-R to be attached to the
partner’s, member’s or shareholder’s applicable tax
Line 10—If the amount on Line 8 is greater than Line 7,
return.
enter the difference on this line. This is the amount of
the LLET credit recapture.
General Information—KRS 141.389(4)(b) provides that
the distilled spirits credit allowed shall be recaptured
Line 11—If the amount on Line 9 is greater than Line 7,
if the capital improvement associated with the credit is
enter the difference on this line. This is the amount of
sold or otherwise disposed of prior to the exhaustion
the income tax credit recapture.
of the useful life of the asset for Kentucky depreciation
purposes. If the distilled spirits credit recapture is for
multiple taxable years, attach a schedule providing the
information on this Schedule for each taxable year.
Section A – Description of Property Sold or Disposed of
Before the End of the Recapture Period
For each item of capital improvements sold, transferred
or disposed of before the end of its useful life, enter a
description of each item of capital improvement on Lines
A, B, C, D and E. If the taxpayer disposed of more than
five items of capital improvements during the tax year,
attach additional Schedules DS-R as needed.
Section B—Computation of the Tax Credit Recapture
Line 1—Enter the year end of the taxable year that the
distilled spirits tax credit was claimed.
Line 2—Enter the date the capital improvement was sold
or disposed of.
Line 3—Enter the amount of the distilled spirits tax credit
claimed on the tax return for the taxable year entered
on Line 1.
Line 4—Enter the cost of the capital improvement sold
or disposed of on the date entered on Line 2.
Line 5—Enter the total cost of all capital improvements
associated with the distilled spirits tax credit on Line
3.
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