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Form 765-GP (2011)

Page 4

Kentucky Schedule K-1

Commonwealth of Kentucky

DEPARTMENT OF REVENUE

the amount on the other line is a loss amount, the income amount is

Line 5—Enter on applicable line of your tax return (see federal Partner’s

the greater amount; therefore, add the two amounts to determine the

Instructions for Schedule K-1 (Form 1065)).

difference.

Line 6—Enter on federal Form 4797.

Nonresident Individual Partners (Form 740-NP Filers)—A nonresident

individual who is required to file Form 740-NP , Kentucky Individual

Line 7—Enter on applicable lines of your return (see federal Partner’s

Income Tax Return Nonresident or Part-Year Resident, or who elects to

Instructions for Schedule K-1 (Form 1065)).

file Form 740-NP to take advantage of capital loss and net operating

loss carryovers shall enter the amounts from Schedule K-1, Column

Line 8—Enter on Schedule A, Form 740-NP .

(b) as follows:

If the percentage in Item C(2) is “100%, ” the amounts on Lines 1

Line 9—Enter on federal Schedule E using Kentucky amounts.

through 6 and 9, portions of Lines 7 and 11 and the portion of Line 43(b)

actually deducted for the current year must be entered on the appropriate

Line 10—Enter on Schedule A, Form 740-NP .

lines of Form 740-NP and related schedules.

If the percentage in Item C(2) is less than 100 percent, the amounts

Line 11—Enter on applicable form or schedule (see federal Partner’s

on Lines 1 through 6 and 9, portions of Lines 7 and 11 and the portion

Instructions for Schedule K-1 (Form 1065)).

of line 43(b) actually deducted for the current year must be multiplied

by this percentage and entered on the appropriate lines of Form 740-

For All Partners

NP and related schedules. Amounts on Lines 12(a) and the portions of

Lines 7 and 11 which pass through to Schedule A (Form 740-NP) should

Lines 12 and 43 through 48—See federal Partner’s Instructions for

not be multiplied by the percentage in Item C(2) since these amounts

Lines 13, 19 and 20, Schedule K-1 (Form 1065).

will be multiplied by the percentage on Form 740-NP , Section D, Line

36 (Percentage of Kentucky Adjusted Gross Income to Federal Adjusted

Individual and Corporate Partners—Enter the net distributive share

Gross Income).

income from Kentucky Schedule K-1 (Form 765-GP), Line 57 on Line 2

of the Kentucky Limited Liability Tax Credit Worksheet (located in Form

Lines 1 through 3—Enter on federal Schedule E using Kentucky

740, Form 740-NP or Form 741 instructions under Business Incentives

amounts or Form 8582-K, if applicable.

and Other Tax Credits) for Forms 740, 740-NP or 741; or Line 2 of the LLET

Corporation Income Tax Worksheet (located in Form 720 instructions

Line 4(a)—Enter on Form 740-NP , Section D, Line 3.

under Part II—Income Tax Computation) for Form 720.

Line 4(b)—Enter on Form 740-NP , Section D, Line 4.

Enter the amount from Line 58 on Line 7 of the Kentucky Limited

Liability Tax Credit Worksheet or Line 7 of the LLET Corporation Income

Line 4(c)—Enter on federal Schedule E using Kentucky amounts.

Tax Worksheet.

Lines 4(d) and (e)—Enter on federal Schedule D using Kentucky

Estates and Trusts (Form 741 Filers)—Estates or trusts report the

amounts or Form 8582-K, if applicable.

amounts shown in Column (b) on Form 741, Kentucky Fiduciary Income

Line 4(f)—Enter on applicable lines of your return (see federal Partner’s

Tax Return, and related schedules. See federal Partner’s Instructions

Instructions for Schedule K-1 (Form 1065)).

for Schedule K-1 (Form 1065).

Kentucky Schedule K-1 (Form 765-Gp) - Partner'S Share Of Income, Credits, Deductions, Etc. - 2011 Page 4

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