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 (12-14)
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
a “terminal railroad corporation” by ignoring the provisions
tobacco quota owner from the Tobacco Master Settlement
of IRC Section 281 for Kentucky purposes. Attach a schedule.
Agreement.
KRS 141.010(12)(g)
Line 14—Enter the amounts received from the Commodity
Line 8—Enter the Kentucky allowable passive activity loss.
Credit Corporation for the Tobacco Loss Assistance
The limitations of IRC Section 469 as they apply to personal
Program.
service corporations and closely held C corporations are
applicable for Kentucky income tax purposes. Attach Kentucky
Line 15—Enter the amounts received by a producer or a
Form 8810 and applicable worksheets.
tobacco quota owner from the tobacco quota buydown
program.
Line 9—Enter the Kentucky allowable depletion. If the
depletion is the same for both federal and Kentucky, do
Line 16—Enter the amounts received by a producer or a
not make an entry on this line. To determine the allowable
tobacco quota owner from state Phase II.
depletion deduction for Kentucky purposes, the percentage
Line 17—Enter the difference of the federal distributive share
limitations provided by the Internal Revenue Code must be
applied using Kentucky taxable income and deductions.
income amounts from federal Schedule(s) K-1 in excess
of Kentucky distributive share amounts from Kentucky
Line 10—Enter the Kentucky contribution deduction. If the
Schedule(s) K-1.
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, 2013. Enter the subtraction from federal taxable
income equal to the excess of federal taxable income over
percentage limitations provided by the Internal Revenue
Code must be applied 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, 2013. 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
not reported on Lines 1 through 18, and attach an explanation
Line 12—Enter the federal taxable income of all exempt
to the tax return.
corporations as provided by KRS 141.040(1)(a) to (i).
Line 20—Enter the total of Lines 1 through 19 (enter on Form
Line 13—Enter the amounts received by a producer or a
720, Part III, Line 16).

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