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 (12-14)
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
share income amounts from Kentucky Schedule(s) K-1 in
excess of federal distributive share amounts from federal
Line 1—Enter the Kentucky capital gain from Kentucky
Schedule(s) K-1.
Schedule D, Line 18. If the capital gain from federal Schedule
D, Line 18 is the same for both federal and Kentucky, do not
Line 12—Kentucky’s Internal Revenue Code reference date
make an entry on this line.
is December 31, 2013. Enter the addition to federal taxable
income equal to the excess of Kentucky taxable income over
Line 2—Enter the federal loss from federal Form 1120, Line 9.
federal taxable income resulting from amendments to the
If the loss from Form 4797, Line 17 is the same for both federal
Internal Revenue Code (excluding amendments affecting
and Kentucky, do not make an entry on this line.
depreciation and the IRC §179 deduction) subsequent to
December 31, 2013. Attach a schedule to the tax return
Line 3—Enter the Kentucky gain from Kentucky Form 4797,
showing the detail of the addition, including the related
Line 17 . If the gain from Form 4797 , Line 17 is the same for both
Internal Revenue Code section(s).
federal and Kentucky, do not make an entry on this line.
Line 13—Enter any other additions to federal income not
Line 4—Enter the safe harbor lease adjustments equal to
reported on Lines 1 through 12, and attach an explanation.
the excess of Kentucky income over federal income from all
“finance lease property” as defined in the 1983 IRC Section
Line 14—Enter the total of Lines 1 through 13 (enter on Form
168(f)(8). Attach a schedule. KRS 141.010(12)(h) and 103 KAR
720, Part III, Line 9).
16:380.
PART II—SUBTRACTIONS FROM FEDERAL TAXABLE
Line 5—Enter federal allowable depletion from federal Form
INCOME
1120, Line 21. If the depletion is the same for both federal and
Kentucky, do not make an entry on this line. To determine
Line 1—Enter the federal capital gain from federal Form 1120,
the allowable depletion deduction for Kentucky purposes,
Line 8. If the capital gain is the same for both federal and
the percentage limitations provided by the Internal Revenue
Kentucky, do not make an entry on this line.
Code must be applied using Kentucky taxable income and
deductions.
Line 2—Enter the federal gain from federal Form 1120, Line
9. If the gain from Form 4797, Line 17 is the same for both
Line 6—Enter the federal contribution deductions from
federal and Kentucky, do not make an entry on this line.
federal Form 1120, Line 19. If the contribution deduction is
the same for both federal and Kentucky, do not make an entry
Line 3—Enter the Kentucky loss from Kentucky Form 4797,
on this line. To determine the contribution deduction for
Line 17. If the loss from Form 4797, line 17 is the same for both
federal and Kentucky, do not make an entry on this line.
Kentucky purposes, the percentage limitations provided by
the Internal Revenue Code must be applied using Kentucky
taxable income.
Line 4—Enter the safe harbor lease adjustments equal to
the excess of federal income over Kentucky income from all
Line 7—Enter the terminal railroad corporation adjustments
“finance lease property” as defined in the 1983 IRC Section
equal to the excess of Kentucky income over federal income of
168(f)(8). Attach a schedule. KRS 141.010(12)(h) and 103 KAR
a “terminal railroad corporation” by ignoring the provisions
16:380.
of IRC Section 281 for Kentucky purposes. Attach a schedule.
KRS 141.010(12)(g)
Line 5—Enter fifty percent (50%) of gross income derived
from any disposal of coal covered by IRC Section 631(c) if
Line 8—Enter the federal allowable passive activity loss.
the corporation does not claim any deduction for percentage
The limitations of IRC Section 469 as they apply to personal
depletion, or for expenditures attributable to the making and
service corporations and closely held C corporations are
administering of the contract under which such disposition
applicable for Kentucky income tax purposes. Attach federal
occurs or to the preservation of the economic interests
Form 8810 and applicable worksheets.
retained under such contract. KRS 141.010(12)(d)
Line 9—Enter the federal taxable loss of all exempt
Line 6—Enter the value of leasehold interest of property
corporations as provided by KRS 141.040(1)(a) to (i).
donated to a charitable organization which is to be used to
provide living quarters for a homeless family. This deduction
Line 10—Enter the qualified lessee construction allowance
is a special deduction in addition to the ordinary charitable
adjustments equal to the excess of Kentucky income
contribution deduction allowed by Chapter 1 of the IRC.
over federal income from “qualified lessee construction
However, in accordance with KRS 141.010(13)(d), the same
allowances for short-term leases” by ignoring the provisions
item may not be deducted more than once. To claim this
of IRC Section 110 for Kentucky purposes. Attach a schedule.
deduction, Schedule HH must be attached. KRS 141.0202
KRS 141.010(12)(e)
Line 7—Enter the terminal railroad corporation adjustments
Line 11—Enter the difference of the Kentucky distributive
equal to the excess of federal income over Kentucky income of

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