Schedule O-720 (Form 41a720-O) - Other Additions And Subtractions To/from Federal Taxable Income Page 2

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Page 2
41A720-O (12-12)
INSTRUCTIONS for SCHEDULE O-720
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
OTHER ADDITIONS AND SUBTRACTIONS TO/FROM FEDERAL TAXABLE INCOME
Schedule O-720 is used by a corporation filing Kentucky Form 720 to show other additions to and other subtractions from federal
taxable income.
PART I—ADDITIONS TO FEDERAL TAXABLE INCOME
Line 4—Enter the safe harbor lease adjustments equal to the excess
of federal income over Kentucky income from all “finance lease
Line 1—Enter the Kentucky capital gain from Kentucky Schedule
property” as defined in the 1983 IRC Section 168(f)(8). Attach a
D, Line 18. If the capital gain from federal Schedule D, Line 18 is
schedule. KRS 141.010(12)(h) and 103 KAR 16:380.
the same for both federal and Kentucky, do not make an entry on
this line.
Line 5—Enter fifty percent (50%) of gross income derived from any
disposal of coal covered by IRC Section 631(c) if the corporation does
Line 2—Enter the federal loss from federal Form 1120, Line 9. If
not claim any deduction for percentage depletion, or for expenditures
the loss from Form 4797, Line 17 is the same for both federal and
attributable to the making and administering of the contract under
Kentucky, do not make an entry on this line.
which such disposition occurs or to the preservation of the economic
Line 3—Enter the Kentucky gain from Kentucky Form 4797, Line 17.
interests retained under such contract. KRS 141.010(12)(d)
If the gain from Form 4797, Line 17 is the same for both federal and
Line 6—Enter the value of leasehold interest of property donated
Kentucky, do not make an entry on this line.
to a charitable organization which is to be used to provide living
Line 4—Enter the safe harbor lease adjustments equal to the excess
quarters for a homeless family. This deduction is a special
of Kentucky income over federal income from all “finance lease
deduction in addition to the ordinary charitable contribution
property” as defined in the 1983 IRC Section 168(f)(8). Attach a
deduction allowed by Chapter 1 of the IRC. However, in accordance
schedule. KRS 141.010(12)(h) and 103 KAR 16:380.
with KRS 141.010(13)(d), the same item may not be deducted
Line 5—Enter federal allowable depletion from federal Form 1120,
more than once. To claim this deduction, Schedule HH must be
Line 21. If the depletion is the same for both federal and Kentucky,
attached. KRS 141.0202
do not make an entry on this line. To determine the allowable
Line 7—Enter the terminal railroad corporation adjustments equal to
depletion deduction for Kentucky purposes, the percentage
the excess of federal income over Kentucky income of a “terminal
limitations provided by the IRC must be applied using Kentucky
railroad corporation” by ignoring the provisions of IRC Section 281
taxable income and deductions.
for Kentucky purposes. Attach a schedule. KRS 141.010(12)(g)
Line 6—Enter the federal contribution deductions from federal
Line 8—Enter the Kentucky allowable passive activity loss. The
Form 1120, Line 19. If the contribution deduction is the same for
limitations of IRC Section 469 as they apply to personal service
both federal and Kentucky, do not make an entry on this line. To
corporations and closely held C corporations are applicable for
determine the contribution deduction for Kentucky purposes, the
Kentucky income tax purposes. Attach Kentucky Form 8810 and
percentage limitations provided by the IRC must be applied using
applicable worksheets.
Kentucky taxable income.
Line 9—Enter the Kentucky allowable depletion. If the depletion is
Line 7—Enter the terminal railroad corporation adjustments equal to
the same for both federal and Kentucky, do not make an entry on this
the excess of Kentucky income over federal income of a “terminal
line. To determine the allowable depletion deduction for Kentucky
railroad corporation” by ignoring the provisions of IRC Section 281
purposes, the percentage limitations provided by the IRC must be
for Kentucky purposes. Attach a schedule. KRS 141.010(12)(g)
applied using Kentucky taxable income and deductions.
Line 8—Enter the federal allowable passive activity loss. The
Line 10—Enter the Kentucky contribution deduction. If the contribution
limitations of IRC Section 469 as they apply to personal service
deduction is the same for both federal and Kentucky, do not make
corporations and closely held C corporations are applicable for
an entry on this line. To determine the contribution deduction for
Kentucky income tax purposes. Attach federal Form 8810 and
Kentucky purposes, the percentage limitations provided by the IRC
applicable worksheets.
must be applied using Kentucky taxable income.
Line 9—Enter the federal taxable loss of all exempt corporations as
Line 11—Enter the qualified lessee construction allowance
provided by KRS 141.040(1)(a) to (i).
adjustments equal to the excess of federal income over Kentucky
Line 10—Enter the qualified lessee construction allowance
income from “qualified lessee construction allowances for short-
adjustments equal to the excess of Kentucky income over federal
term leases” by ignoring the provisions of IRC Section 110 for
income from “qualified lessee construction allowances for short-
Kentucky purposes. Attach a schedule. KRS 141.010(12)(e)
term leases” by ignoring the provisions of IRC Section 110 for
Line 12—Enter the federal taxable income of all exempt corporations
Kentucky purposes. Attach a schedule. KRS 141.010(12)(e)
as provided by KRS 141.040(1)(a) to (i).
Line 11 — Enter the difference of the Kentucky distributive share
Line 13—Enter the amounts received by a producer or a tobacco
income amounts from Kentucky Schedule(s) K-1 in excess of
quota owner from the Tobacco Master Settlement Agreement.
federal distributive share amounts from federal Schedule(s) K-1.
Line 12—Enter any other additions to federal income not reported on
Line 14—Enter the amounts received from the Commodity Credit
Corporation for the Tobacco Loss Assistance Program.
Lines 1 through 11, and attach an explanation of any other additions
to the tax return. Kentucky has adopted the Internal Revenue Code in
Line 15—Enter the amounts received by a producer or a tobacco
effect on December 31, 2006; include additions equal to the excess of
quota owner from the tobacco quota buydown program.
Kentucky income over federal income resulting from amendments
Line 16—Enter the amounts received by a producer or a tobacco
to the Internal Revenue Code subsequent to December 31, 2006.
quota owner from state Phase II.
Line 13—Enter the total of Lines 1 through 12 (enter on Form 720,
Line 17—Enter the difference of the federal distributive share
Part III, Line 9).
income amounts from federal Schedule(s) K-1 in excess of Kentucky
PART II—SUBTRACTIONS FROM FEDERAL TAXABLE INCOME
distributive share amounts from Kentucky Schedule(s) K-1.
Line 1—Enter the federal capital gain from federal Form 1120, Line
Line 18—Enter any other subtractions from federal income not
8. If the capital gain is the same for both federal and Kentucky, do
reported on Lines 1 through 17, and attach an explanation of any
not make an entry on this line.
other subtractions to the tax return. Kentucky has adopted the
Line 2—Enter the federal gain from federal Form 1120, Line 9. If
Internal Revenue Code in effect on December 31, 2006; include
the gain from Form 4797, Line 17 is the same for both federal and
subtractions equal to the excess of federal income over Kentucky
Kentucky, do not make an entry on this line.
income resulting from amendments to the Internal Revenue Code
subsequent to December 31, 2006.
Line 3—Enter the Kentucky loss from Kentucky Form 4797, Line 17.
Line 19—Enter the total of Lines 1 through 18 (enter on Form 720,
If the loss from Form 4797, line 17 is the same for both federal and
Part III, Line 16).
Kentucky, do not make an entry on this line.

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