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42A765-GP(K) (10-13)

Page 4

Commonwealth of Kentucky

DEPARTMENT OF REVENUE

INSTRUCTIONS—KENTUCKY SCHEDULE K

FOR GENERAL PARTNERSHIPS

WITH ECONOMIC DEVELOPMENT PROJECT(S)

IMPORTANT: A general partnership 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 765-GP

Schedule K.

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

Purpose of Schedule—This schedule is used to

applicable tax computation schedule(s) (Schedule

determine the partners’ shares of each item of income,

credit, deduction, etc., excluding the amount of each

KREDA-SP, Schedule KIDA-SP, Schedule KEOZ-SP,

Schedule KJRA-SP, Schedule KIRA-SP, Schedule KJDA-

item of income, credit, deduction, etc., attributable to

SP, Schedule KBI-SP, Schedule KRA-SP, Schedule IEIA-

the project(s). See Instructions of Schedule KREDA-SP,

SP or Schedule FON-SP) and supporting schedules for

Schedule KIDA-SP, Schedule KEOZ-SP, Schedule KJRA-

SP, Schedule KIRA-SP, Schedule KJDA-SP, Schedule

each project.

KBI-SP, Schedule KRA-SP, Schedule IEIA-SP or Schedule

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

FON-SP for additional information on this exclusion.

subtract the amount in column (c) from the amount in

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

SECTION I INSTRUCTIONS

column are used to determine the amount of income,

credits, deductions, etc. reflected on each partner’s

Column (b)—Complete this column following the

Kentucky Schedule K-1. The total pro rata share items

instructions for Form 765-GP Schedule K.

of all Schedules K-1 should equal the amount reported

on the same lines of this column, Lines 1 through 49.

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

enter the amount attributable to the project or projects.

SECTION II AND SECTION III INSTRUCTIONS

If the general partnership has more than one project,

attach a schedule reflecting the computation of the total

See instructions for Section II and Section III of Form

765-GP Schedule K to determine if it is necessary to

amount of each item.

complete these sections. If the general partnership

is required to complete Section III, exclude income

If the general partnership’s only operation is the project

or projects, the amount entered for each item should be

attributable to an economic development project(s).

Form 765-Gp(K) - Kentucky Schedule K For General Partnerships With Economic Development Project(S) Page 4

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