Instructions 2012 Kentucky Corporation Income Tax And Llet Return

Line 18—Enter the portion of Line 17 to be credited to the 2012

Item G—Check the applicable box:

income tax liability on Part II, Line 12. If filing an amended return,

do not enter an amount on this line.

(a) Amended Return—This is an amended tax return. Provide

an explanation of all changes in Part V—Explanation of

Line 19—Enter the portion of Line 17 to be credited to 2013

Amended Return Changes.

LLET. If filing an amended return, do not enter an amount on

this line.

(b) Amended Return–RAR—This is an amended tax return as a

result of a Revenue Agent Report (RAR) (Form 4549). Provide

Line 20—Enter the portion of Line 17 to be refunded (Line 17

an explanation in Part V— Explanation of Amended Return

less Lines 18 and 19).

Changes and attach Form 4549, Department of Treasury—

Internal Revenue Service Income Tax Examination

PART II—INCOME TAX COMPUTATION

Changes.

Line 1—To compute the income tax liability, apply the following

PART I—LLET COMPUTATION

rates:

Line 1—Enter the amount from Schedule LLET, Section D,

(a)

4 percent of the first $50,000 of taxable net income;

Line 1.

(b)

5 percent of the amount of taxable net income in excess of

$50,000 but not in excess of $100,000; and

Line 2—Enter the recycling/composting equipment LLET

credit recapture amount from Schedule RC–R, Line 12. Attach

(c)

6 percent of the amount of taxable net income in excess of

Schedule RC–R, Recycling or Composting Equipment Tax Credit

$100,000.

Recapture.

Short–Period Computation of Income Tax—A corporation filing

Line 3—Enter the total of Lines 1 and 2.

an income tax return for a period of less than 12 months is

required to annualize taxable net income. To annualize, multiply

Line 4—Enter the nonrefundable LLET credit from Kentucky

taxable net income computed for the short-period by 365 and

Schedule(s) K–1. Copies of Kentucky Schedule(s) K–1 must be

divided by the number of days in the short–period. The income

attached to the corporation's tax return in order to claim the

tax liability shall be the tax computed on the annualized income

credit.

multiplied by the number of days in the short–period and divided

by 365. Annualization is not permitted if the return is for the

Line 5—Enter the total tax credits from Schedule TCS, Part III,

initial or final period of operations. KRS 141.140

Column E, Line 1.

Line 2—Enter the recycling/composting equipment income

tax credit recapture from Schedule RC-R, line 13. Attach

Line 6—Enter the greater of Line 3 less Lines 4 and 5 or $175.

Schedule RC-R, Recycling or Composting Equipment Tax Credit

Recapture.

Line 7—Enter the amount of tax withheld on Form PTE–WH. Form

PTE-WH must be attached to the tax return.

Line 3—Enter the amount of the Tax Installment on LIFO

Recapture. A corporation may be liable for the additional tax due

Line 8—Enter the total LLET estimated tax payments made for

to LIFO recapture under federal Regulations Section 1.1363–2,

the taxable year. Do not include the amount credited from the

if the corporation used the LIFO inventory pricing method for

prior year.

its last tax year as a C corporation prior to becoming an S

corporation. To determine the LIFO recapture, complete the

Line 9—Enter the refundable certified rehabilitation tax credit

worksheet below.

(attach the Kentucky Heritage Council certification(s)).

1. Kentucky taxable income from

Line 10—Enter the refundable film industry tax credit (attach the

Form 720, Part III, Line 25 ......................

Kentucky Film Office certification(s)).

2. LIFO recapture amount ..........................

3. Add Lines 1 and 2...................................

Line 11—Enter the amount of LLET paid with Form 41A720SL,

4. Income tax on Line 3 ..............................

Application for Six–Month Extension of Time to File Kentucky

Corporation or Limited Liability Pass–Through Entity Return.

5. Income tax from Form 720, Part II,

Line 1 .......................................................

Line 12—Enter the amount credited to the 2012 LLET from Form

6. Line 4 less Line 5 ....................................

720, Part I, Line 19 of the 2011 return.

7. Tax installment on LIFO Recapture

(Line 6 multiplied by 25%) (enter

Line 13—Enter the income tax overpayment from Part II, Line

on Line 3) ................................................

17 credited to the 2012 LLET. If filing an amended return, enter

Note: See the S corporation's instructions for its reporting

the amount from the original return.

requirements.

Line 14—Enter the LLET paid on the original return. This line is

Line 4—Add the totals for Lines 1 through 3.

used only when filing an amended return.

Line 5—Enter the amount from Line 8 of the worksheet below.

Line 15—Enter the LLET overpayment on the original return. This

KRS 141.0401(3)(a) provides that the LLET credit allowed a

line is used only when filing an amended return.

member or partner of a limited liability pass–through entity

against tax imposed by KRS 141.040 shall be a member's or

Line 16—If the total of Lines 6 and 15 is greater than the total of

partner's proportionate share of the LLET for the current year

Lines 7 through 14, enter the LLET due on this line and on the

after the subtraction of the minimum tax of $175 and any

Tax Payment Summary.

credits identified in KRS 141.0205. The LLET credit allowed shall

be applied to income tax assessed on income from the limited

Line 17—If the total of Lines 6 and 15 is less than the total of Lines

liability pass–through entity. Any remaining LLET credit from the

7 through 14, enter the LLET overpayment on this line.

limited liability pass–through entity shall be disallowed.

Instructions 2012 Kentucky Corporation Income Tax And Llet Return - 2012 Page 8

Related Articles

Related forms

Related Categories