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

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41A720S(K)(10-14)
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), Incentives for Energy Independence Act (IEIA) or Farming Operation Networking
Project (FON) 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’ shares of each item
(Schedule KREDA-SP, Schedule KIDA-SP, Schedule
of income, credit, deduction, etc., excluding the
KEOZ-SP, Schedule KJRA-SP, Schedule KIRA-SP,
amount of each item of income, credit, deduction,
Schedule KJDA-SP, Schedule KBI-SP, Schedule
etc., attributable to the project(s). See Instructions
KRA-SP, Schedule IEIA-SP or Schedule FON-SP) and
of Schedule KREDA-SP, Schedule KIDA-SP, Schedule
supporting schedules for each project.
KEOZ-SP, Schedule KJRA-SP, Schedule KIRA-SP,
Schedule KJDA-SP, Schedule KBI-SP, Schedule
Column (d)—For each item of income or deduction,
KRA-SP, Schedule IEIA-SP or Schedule FON-SP for
subtract the amount in column (c) from the amount
additional information on this exclusion.
in column (b) and enter the result. The amounts from
this column are used to determine the amount of
income, credits, deductions, etc. reflected on each
SECTION I INSTRUCTIONS
shareholder’s Kentucky Schedule K-1. The total pro
rata share items of all Schedules K-1 should equal the
Column (b)—Complete this column following the
amount reported on the same lines of this column,
instructions for Form 720S Schedule K.
Lines 1 through 46.
Column (c)—For each item of income or deduction,
SECTION II INSTRUCTIONS
enter the amount attributable to the project or projects.
If the S corporation has more than one project, attach
See instructions for Section II of Form 720S Schedule
a schedule reflecting the computation of the total
K to determine if it is necessary to complete Lines 1
amount of each item.
through 8.
If the S corporation’s only operation is the project or
Line 9—Enter the limited liability entity tax (LLET)
projects, the amount entered for each item should be
nonrefundable credit from Form 720S, Part I, the total
the same as the amount entered in column (b).
of Lines 4 and 6, less $175.

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