Instructions For Form K120s Example - Kansas Partnership Or S Corporation Income Tax Return
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1
2Instructions for K120S Example - (
Individuals see page 2)
Sample for Line 16 of the K34 Business & Job Development Credit
This sample was created for business' that are unable to determine their exact property and payroll factors.
You will need to complete a property and payroll factor for each credit.
If inventory is included in the numerator then it must be included in denominator.
Property Factor:
Investment in New Business Facility
$ 406,022.00
Line 63 - Part D (original year)
Average Inventory & Allocation Ratio
$
.00
Total Qualifying Kansas Property
$ 406,022.00
Kansas Beginning Property (Current Year)
$ 202,067,263.00
Kansas Ending Property
(Current Year)
$ 271,976,820.00
Total Property
$474,044,083.00
Multiply by 50%
50%
Average Property
$ 237,022,042.00
Total Rents in Kansas x 8
(Current Year)
$ 3,438,576.00
Total average Kansas property
$ 240,460,618.000
Property Factor
0.1689%
(total qualifying Kansas Property divided by total average Kansas property)
Payroll Factor:
Total Kansas Wages (Current Year)
$ 4,668,101.00
Divided by Kansas Employees (Current Year)
673
Average Kansas Salary (Current Year)
$
6,936.00
Times Qualified Business Facility Employees
5
Line 40 - Part C (original year)
Total Facility Wages
$
34,680.00
Divided by Total Kansas Wages (Current Year)
$ 4,668,101.00
Payroll Factor
.7429%
Property Factor
0.1689%
Payroll Factor
.7429%
Total Percent
.9118%
Divide by 2
2
Average percent
.4559%
Kansas Total income (Current Year)
$ 10,130,145.00
K-120S: Line 18
Allocated Qualified Business Income
K-34: Enter on
$46,183.00
Line 16
The sole proprietorship, partnership or S corporation stops here.
Please provide a copy of the property and payroll factor calculation sheet to the sole proprietor, partners or
shareholders.
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