Form 765 - Partner'S Share Of Income, Credits, Deductions, Etc.

Form 765 (2012)

Page 4

KENTUCKY SCHEDULE K-1

Commonwealth of Kentucky

DEPARTMENT OF REvENUE

a (loss), or if Line 58 is an income amount and the amount on Line 57

Line 6—Enter on federal Form 4797.

is a (loss), the income amount is the greater amount; therefore, add

the two amounts to determine the difference.

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

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

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

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

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

Individual Income Tax Return Nonresident or Part-Year Resident, or

who elects to file Form 740-NP to take advantage of capital loss and

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

net operating loss carryovers shall enter the amounts from Schedule

K-1, Column (b) as follows:

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

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

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

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

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

42(b) actually deducted for the current year must be entered on the

appropriate lines of Form 740-NP and related schedules.

For All Partners

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

Lines 12 and 42 through 47—See federal partner’s instructions for

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

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

of line 42(b) actually deducted for the current year must be multiplied

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

Individual and Corporate Partners—Enter the net distributive

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

share income from the Kentucky Schedule K-1 (Form 765), Lines 1

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

through 6, 9 and portions of Lines 7 and 11 (multiplied by the percentage

should not be multiplied by the percentage in Item D(2) since these

in Item D(2) if a nonresident individual partner or the apportionment

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

fraction from Schedule A, Section I, Line 12 if a corporate partner

D, Line 36 (Percentage of Kentucky Adjusted Gross Income to Federal

that is taxable in Kentucky and taxable in another state) on Line 2 of

Adjusted Gross Income).

the Kentucky Limited Liability Tax Credit Worksheet (located in Form

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

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

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

amounts or Form 8582-K, if applicable.

Corporation LLET Credit Worksheet (located in Form 720 instructions

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

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

share income includes losses subject to passive activity or capital loss

limitations, net distributive share income must be adjusted to include

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

only amounts allowed to be deducted on the applicable Kentucky tax

return.

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

Enter the amount from Line 56 on Line 7 of the Kentucky Limited

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

amounts or Form 8582-K, if applicable.

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

Worksheet.

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

Partner’s Instructions for Schedule K-1 (Form 1065)).

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

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

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

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

Partner’s Instructions for Schedule K-1 (Form 1065)).

for Schedule K-1 (Form 1065).

Form 765 - Partner'S Share Of Income, Credits, Deductions, Etc. - 2012 Page 4

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