Schedule O-720 (Form 41a720-O) - Other Additions And Subtractions To/from Federal Taxable Income Page 3

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Page 3
41A720-O (12-13)
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
Line 14—Enter the amounts received from the Commodity
of IRC Section 281 for Kentucky purposes. Attach a schedule.
KRS 141.010(12)(g)
Credit Corporation for the Tobacco Loss Assistance
Program.
Line 8—Enter the Kentucky allowable passive activity loss.
The limitations of IRC Section 469 as they apply to personal
Line 15—Enter the amounts received by a producer or a
service corporations and closely held C corporations are
tobacco quota owner from the tobacco quota buydown
applicable for Kentucky income tax purposes. Attach
program.
Kentucky Form 8810 and applicable worksheets.
Line 9—Enter the Kentucky allowable depletion. If the
Line 16—Enter the amounts received by a producer or a
depletion is the same for both federal and Kentucky, do
tobacco quota owner from state Phase II.
not make an entry on this line. To determine the allowable
depletion deduction for Kentucky purposes, the percentage
limitations provided by the IRC must be applied using
Line 17—Enter the difference of the federal distributive share
income amounts from federal Schedule(s) K-1 in excess
Kentucky taxable income and deductions.
of Kentucky distributive share amounts from Kentucky
Schedule(s) K-1.
Line 10—Enter the Kentucky contribution deduction. If the
contribution deduction is the same for both federal and
Kentucky, do not make an entry on this line. To determine
Line 18—Kentucky’s Internal Revenue Code reference date is
the contribution deduction for Kentucky purposes, the
December 31, 2006. Enter the subtraction from federal taxable
percentage limitations provided by the IRC must be applied
income equal to the excess of federal taxable income over
using Kentucky taxable income.
Kentucky taxable income resulting from amendments to the
Internal Revenue Code (excluding amendments affecting
Line 11—Enter the qualified lessee construction allowance
depreciation and the IRC §179 deduction) subsequent to
adjustments equal to the excess of federal income over
December 31, 2006. Attach a schedule to the tax return
Kentucky income from “qualified lessee construction
showing the detail of the subtraction, including the related
allowances for short-term leases” by ignoring the provisions
Internal Revenue Code section(s).
of IRC Section 110 for Kentucky purposes. Attach a schedule.
KRS 141.010(12)(e)
Line 19—Enter any other subtractions from federal income
Line 12—Enter the federal taxable income of all exempt
not reported on Lines 1 through 18, and attach an explanation
corporations as provided by KRS 141.040(1)(a) to (i).
to the tax return.
Line 13—Enter the amounts received by a producer or a
Line 20—Enter the total of Lines 1 through 19 (enter on Form
tobacco quota owner from the Tobacco Master Settlement
Agreement.
720, Part III, Line 16).

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