Kentucky Schedule K-1 (Form 765-Gp) - Partner'S Share Of Income, Credits, Deductions, Etc. - 2015 Page 4

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Form 765-GP (2015)
Page 4
KENTUCKY SCHEDULE K-1
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
the difference subtract the smaller dollar amount from the larger dollar
Line 5—Enter on applicable line of your tax return (see federal Partner’s
amount. If the amount on either Line 62 or 63 is an income amount and
Instructions for Schedule K-1 (Form 1065)).
the amount on the other line is a loss amount, the income amount is
the greater amount; therefore, add the two amounts to determine the
Line 6—Enter on federal Form 4797.
difference.
Line 7—Enter on applicable lines of your return (see federal Partner’s
Nonresident Individual Partners (Form 740-NP Filers)—A nonresident
Instructions for Schedule K-1 (Form 1065)).
individual who is required to file Form 740-NP , Kentucky Individual
Income Tax Return Nonresident or Part-Year Resident, or who elects to
Line 8—Enter on Schedule A, Form 740-NP .
file Form 740-NP to take advantage of capital loss and net operating
loss carryovers shall enter the amounts from the Kentucky Schedule
K-1 as follows:
Line 9—Enter on federal Schedule E using Kentucky amounts.
If the percentage in Item C(2) is “100%, ” the amounts on Lines 1 through
Line 10—Enter on Schedule A, Form 740-NP .
6 and 9, portions of Lines 7 and 11 and the portion of Line 46(b) actually
deducted for the current year must be entered on the appropriate lines
Line 11—Enter on applicable form or schedule (see federal Partner’s
of Form 740-NP and related schedules.
Instructions for Schedule K-1 (Form 1065)).
If the percentage in Item C(2) is less than 100 percent, the amounts on
Lines 1 through 6 and 9, portions of Lines 7 and 11 and the portion of
For All Partners
Line 46(b) actually deducted for the current year must be multiplied by
this percentage and entered on the appropriate lines of Form 740-NP
Lines 12 and 46 through 51—See federal Partner’s Instructions for Lines
and related schedules. Amounts on Lines 12(a) and the portions of Lines
13, 19 and 20, Schedule K-1 (Form 1065).
7 and 11 which pass through to Schedule A (Form 740-NP) should not
be multiplied by the percentage in Item C(2) since these amounts will
Individual and Corporate Partners—Enter the net distributive share
be multiplied by the percentage on Form 740-NP , Section D, Line 36
income from Kentucky Schedule K-1 (Form 765-GP), Line 60 on Line 2 of
(Percentage of Kentucky Adjusted Gross Income to Federal Adjusted
the Kentucky Limited Liability Entity Tax Credit Worksheet (located in Form
Gross Income).
740, Form 740-NP or Form 741 instructions under Business Incentives
and Other Tax Credits) for Forms 740, 740-NP or 741; or Line 2 of the
Lines 1 through 3—Enter on federal Schedule E using Kentucky amounts
Corporation LLET Credit Worksheet (located in Form 720 instructions
or Form 8582-K, if applicable.
under Part II—Income Tax Computation) for Form 720.
Line 4(a)—Enter on Form 740-NP , Section D, Line 3.
Enter the amount from Line 61 on Line 7 of the Kentucky Limited
Liability Entity Tax Credit Worksheet or Line 7 of the Corporation LLET
Line 4(b)—Enter on Form 740-NP , Section D, Line 4.
Credit Worksheet.
Line 4(c)—Enter on federal Schedule E using Kentucky amounts.
Estates and Trusts (Form 741 Filers)—Estates or trusts report the
amounts shown on the Kentucky Schedule K-1 on Form 741, Kentucky
Lines 4(d) and (e)—Enter on federal Schedule D using Kentucky amounts
Fiduciary Income Tax Return, and related schedules. See federal
or Form 8582-K, if applicable.
Partner’s Instructions for Schedule K-1 (Form 1065).
Line 4(f)—Enter on applicable lines of your return (see federal Partner’s
Instructions for Schedule K-1 (Form 1065)).

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