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41A720S-O (11-15)
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
Line 2—Enter the Kentucky loss from Kentucky Form
Line 7—Enter amounts received by a producer or a
4797, Line 17. If the loss from Form 4797, Line 17 is the
tobacco quota owner from state Phase II.
same for both federal and Kentucky, do not make an
Line 8—Enter the difference of the federal distributive
entry on this line.
share income amounts from federal Schedule(s) K-1 in
excess of Kentucky distributive share amounts from
Line 3—Enter Kentucky allowable depletion using
Kentucky Schedule(s) K-1.
Kentucky taxable income and deductions. If the
depletion is the same for both federal and Kentucky,
Line 9—Kentucky’s Internal Revenue Code reference
do not make an entry on this line. To determine the
date is December 31, 2013. Enter the subtraction
allowable depletion deduction for Kentucky purposes,
from federal ordinary income equal to the excess of
the percentage limitations provided by the Internal
federal income over Kentucky income resulting from
Revenue Code must be applied using Kentucky
amendments to the Internal Revenue Code (excluding
taxable income and deductions.
amendments affecting depreciation and the IRC §179
deduction) subsequent to December 31, 2013. Attach
Line 4—Enter amounts received by a producer or
a schedule to the tax return showing the detail of the
a tobacco quota owner from the Tobacco Master
subtraction, including the related Internal Revenue
Settlement Agreement.
Code section(s).
Line 5—Enter amounts received from the Commodity
Line 10—Enter any other subtractions from federal
Credit Corporation for the Tobacco Loss Assistance
income not reported on Lines 1 through 9, and attach
Program.
an explanation to the tax return.
Line 6—Enter amounts received by a producer or a
Line 11—Enter the total of Lines 1 through 10 (enter
tobacco quota owner from the tobacco quota buydown
on Form 720S, Part III, Line 9; or Form 765 or 765-GP,
program.
Part I, Line 9).