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Form 720s(K) - Kentucky Schedule K For S Corporations With Economic Development Project(S) Page 4

41A720S(K)(10-11)

Page 4

Commonwealth of Kentucky

DEPARTMENT OF REVENUE

INSTRUCTIONS–KENTUCKY SCHEDULE K

FOR S CORPORATIONS

WITH ECONOMIC DEVELOPMENT PROJECT(S)

IMPORTANT: An S corporation that has one or more projects under the Kentucky Rural Economic

Development Act (KREDA), Kentucky Industrial Development Act (KIDA), Kentucky Economic

Opportunity Zone Act (KEOZ), Kentucky Jobs Retention Agreement (KJRA), Kentucky Industrial

Revitalization Act (KIRA), Kentucky Jobs Development Act (KJDA), Kentucky Business Investment

Program (KBI), Kentucky Reinvestment Act (KRA) and Incentives for Energy Independence Act (IEIA)

must use this Schedule K in lieu of Form 720S Schedule K.

Purpose of Schedule—This schedule is used to

Attach applicable tax computation schedule (s)

determine the shareholders’ share of each item of

(Schedule KREDA-SP, Schedule KIDA-SP, Schedule

income, credit, deduction, etc., excluding the amount

KEOZ-SP, Schedule KJRA-SP, Schedule KIRA-SP,

of each item of income, credit, deduction, etc.,

Schedule KJDA-SP, Schedule KBI-SP, Schedule KRA-

attributable to the project(s). See General Instructions

SP or Schedule IEIA-SP) and supporting schedules for

of Schedule KREDA-SP, Schedule KIDA-SP, Schedule

each project.

KEOZ-SP, Schedule KJRA-SP, Schedule KIRA-SP,

Schedule KJDA-SP, Schedule KBI-SP, Schedule KRA-

Column (d)—For each item of income or deduction,

SP or Schedule IEIA-SP for additional information on

subtract the amount in column (c) from the amount

this exclusion.

in column (b) and enter the result. The amounts from

this column are used to determine the amount of

SECTION I INSTRUCTIONS

income, credits, deductions, etc. reflected on each

Column (b)—Complete this column following the

shareholder’s Kentucky Schedule K-1. The total pro

instructions for Form 720S Schedule K.

rata share items of all Schedules K-1 should equal the

amount reported on the same lines of this column,

Column (c)—For each item of income or deduction,

lines 1 through 44.

enter the amount attributable to the project or projects.

If the S corporation has more than one project, attach

a schedule reflecting the computation of the total

SECTION II INSTRUCTIONS

amount of each item.

See instructions for Section II of Form 720S Schedule

If the S corporation’s only operation is the project or

K to determine if it is necessary to complete lines 1

projects, the amount entered for each item should be

the same as the amount entered in column (b).

through 8.

Form 720s(K) - Kentucky Schedule K For S Corporations With Economic Development Project(S) Page 4

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