Instructions 2012 Kentucky Corporation Income Tax And Llet Return

Corporation LLET Credit Worksheet

Line 16—If the total of Lines 8 and 14 is less than the total of

Lines 9 through 13, enter the difference on this line.

Enter on Line 2 of the worksheet below, the Kentucky net

distributive share income from the limited liability pass–through

Line 17—Enter the portion of Line 16 to be credited to the 2012

entity that is included in the corporation's Kentucky taxable

LLET on Part I, Line 13. If filing an amended return, do not enter

income on Line 1. If the corporation is taxable only in Kentucky,

an amount on this line.

enter the net distributive share income from the Kentucky

Schedule K–1. If the corporation is taxable in Kentucky and

Line 18—Enter the portion of Line 16 to be credited to 2013

taxable in another state, enter the net distributive share income

corporation income tax. If filing an amended return, do not

from the Kentucky Schedule K–1 multiplied by the corporation's

enter an amount on this line.

apportionment fraction on Schedule A, Section I, Line 12.

Line 19—Enter the portion of Line 16 to be refunded (Line 16

Complete a separate worksheet for each limited liability pass–

less Lines 17 and 18).

through entity. Attach each worksheet to the return and retain

a copy for your records.

PART III—TAXABLE INCOME COMPUTATION

Name ____________________________________________________

Line 1—Enter the amount of federal taxable income in

Address __________________________________________________

accordance with the following instructions:

FEIN ____________________

KY Acct # ____________________

(a) Separate Entity Kentucky Return/Separate Entity Federal

Return—If this is a separate entity income tax return and

Percentage of Ownership __________________________________

the corporation filed a separate entity federal income tax

return for the taxable year, enter the amount from Line 28

1. Kentucky taxable income,

of Form 1120. Attach a copy of Form 1120, all pages.

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

2. Kentucky net distributive share income

(b) Separate Entity Kentucky Return/Consolidated Federal

from Kentucky Schedule K-1

Return—If this is a separate entity income tax return and

(see instructions above) ...........................

the corporation filed a consolidated federal income tax

return for the taxable year, enter the amount from Line

3. Line 1 less Line 2 ......................................

28 of the pro forma Form 1120 prepared on a separate

4. Income tax from Form 720, Part II,

entity basis. Attach a copy of the pro forma Form 1120, all

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

pages.

5. Income tax on the amount on Line 3 ......

6. Line 4 less Line 5. If Line 5 is greater

forma federal Form 1120 and supporting Schedule CR

than Line 4, enter -0- ................................

and Schedule(s) CR-C showing the federal income and

7. Nonrefundable LLET credit from

deductions of each member of the mandatory nexus

Kentucky Schedule K-1 (Form 765

consolidated group and the consolidated totals. Enter the

or Form 765-GP) .......................................

amounts from Schedule CR and Schedule(s) CR-C, Line 28

8. Lesser of Line 6 or Line 7, enter here

on Schedule KCR and Schedule(s) KCR-C, Line 1. Enter the

and on Form 720, Part II, Line 5 ...............

statutory additions and subtractions from federal taxable

income of each member of the nexus consolidated group

Line 6—Enter the amount from Part I, Line 6 less $175.

and the consolidated totals. Enter the consolidated totals

from Schedule KCR Lines 1 through 18 on Form 720, Part

Line 7—Enter total credits from Kentucky Schedule TCS, Part III,

III, Lines 1 through 18.

Column F, Line 2.

Attach Form 851-K and an organizational chart showing

Line 8—Enter the amount of Line 4, less Lines 5 through 7, but

the ownership percentages and indicating which entities

not less than zero.

have Kentucky nexus.

Line 9—Enter the total of estimated income tax payments made

Special Returns—If the corporation is an organization which

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

filed a special return for federal purposes (e.g., 1120H, 1120POL),

the prior year.

enter the amount from the line on the special return which is

Line 10—Enter the total of income tax paid with Form 41A720SL,

comparable to Line 28 (Form 1120), federal taxable income.

Application for Six-Month Extension of Time to File Kentucky

Attach all pages of form comparable to all the pages of Form

Corporation or Limited Liability Pass–Through Entity Return.

1120.

Line 11—Enter the amount credited to the 2012 income tax from

REIT Returns—Enter the amount from Line 22, Form 1120–REIT

Form 720, Part II, Line 18 of the 2011 return.

adjusted to add back any net operating loss deduction reflected

on Line 21a, Form 1120–REIT.

Line 12—Enter the 2012 LLET overpayment from Part I, Line 18

credited to the 2012 income tax. If filing an amended return,

Additions to Federal Taxable Income—Lines 2 through 10

enter the amount from the original return.

itemize items of additional taxable income or unallowable

deductions which are differences between federal taxable

Line 13—Enter the corporation income tax paid on the original

income and Kentucky taxable net income.

return. This line is used only when filing an amended return.

Line 2—Enter interest income from obligations of states other

Line 14—Enter the corporation income tax overpayment on the

than Kentucky and the political subdivisions of states other

original return. This line is used only when filing an amended

than Kentucky. KRS 141.010(12)(c)

return.

Line 3—Enter state taxes measured in whole or in part by

Line 15—If the total of Lines 8 and 14 is greater than the total of

gross or net income. "State" means any state of the United

Lines 9 through 13, enter the difference on this line and on the

States, the District of Columbia, the Commonwealth of Puerto

Tax Payment Summary.

Instructions 2012 Kentucky Corporation Income Tax And Llet Return - 2012 Page 9

Related Articles

Related forms

Related Categories