Form 41a720s(I) - Kentucky S Corporation Income Tax And Llet Return

Line 32—Enter the Energy Efficiency Products Tax Credit from

If the partner, member or shareholder is an individual

Form 5695–K, Line 51 and attach Form 5695–K.

(includes estates and trusts), attach the following: (i) Domestic

Production Gross Receipts (DPGR); (ii) Kentucky Domestic

Line 33—Enter the Energy Efficiency Products Tax Credit from

Production Gross Receipts (KDPGR); and (iii) Kentucky W–2

Form 5695–K, Line 51 and attach Form 5695–K.

wages allocable to DPGR.

Line 34—Enter the Energy Efficiency Products Tax Credit from

If the partner or member is a corporation or pass–through

Form 5695–K, Line 57 and attach Form 5695–K.

entity, and the partnership filing Form 765 or 765–GP was

eligible and chose to figure Qualified Production Activities

Line 35—Enter the Energy Efficiency Products Tax Credit from

Income (QPAI) at the entity level, attach the following (i) QPAI,

Form 5695–K, Line 63 and attach Form 5695–K.

adjusted to reflect differences in Kentucky and federal income

tax laws; and (ii) Kentucky W–2 wages allocable to DPGR.

Line 36—Enter the Railroad Maintenance and Improvement

Tax Credit as provided by KRS 141.385 and attach Schedule

If the partner or member is a corporation or pass–through

RR-I (Form 41A720 RR-I).

entity, and the partnership filing Form 765 or 765–GP was not

eligible or chose not to figure QPAI at the entity level, attach

Line 37 – Enter the ENDOW Kentucky Tax Credit as provided by

the following (i) DPGR (ii) Cost of goods sold allocable to DPGR,

KRS 141.438 and attach a copy of Kentucky Schedule ENDOW

adjusted to reflect differences in Kentucky and federal income

(Form 41A720-S86).

tax laws; (iii) Expenses allocable to DPGR, adjusted to reflect

differences in Kentucky and federal income tax laws; and (iv)

Line 38—Enter the New Markets Development Program Tax

Kentucky W–2 wages allocable to DPGR.

Credit as provided by KRS 141.434 and attach Kentucky Form

8874(K)-A (Form 41A720-S81).

See the instructions to Form 8903–K for definitions of: (i)

Domestic Production Gross Receipts (DPGR); (ii) Kentucky

Line 39 (a)—Enter the information provided on federal

Domestic Production Gross Receipts (KDPGR); and (iii)

Schedule K, Form 1120S, Line 12c(1).

Qualified Production Activities Income (QPAI).

Line 39(b)—Enter the amount reported on federal Schedule K,

Line 45—Enter the amount reported on federal Schedule K,

Form 1120S, Line 12c(2).

Form 1120S, Line 17c adjusted to reflect any differences in

Kentucky and federal income tax laws, such as depreciation.

Line 40—Enter the total amount of interest income of the

S corporation from U.S. government bonds and securities and

obligations of Kentucky and its political subdivisions.

Section II—LLET Pass–through Items

Line 41—Enter the total amount of any other type of income

Lines 1 through 8 of this section do not need to be completed

of the S corporation on which the shareholder is exempt from

unless the S corporation has a shareholder that is a single

Kentucky income tax.

member individually owned limited liability company

disregarded for federal tax purposes. In order to enter correct

Line 42—Enter the total amount of nondeductible expenses

amounts on lines 1 through 8, Schedule A (Form 41A720A)

paid or incurred by the S corporation including, but not limited

must be completed and attached to the return.

to, state taxes measured by gross/net income, expenses related

to tax-exempt income, etc. Do not include a deduction reported

Line 1—Enter the S corporation’s Kentucky sales from Schedule

elsewhere on Schedule K, Form 720S, capital expenditures or

A, Section I, Line 1.

items the deductions for which are deferred to a later year.

Line 2—Enter the S corporation’s total sales from Schedule A,

Line 43—Enter the amount reported on federal Schedule K,

Section I, Line 2.

Form 1120S, Line 16d adjusted to reflect any differences in

Kentucky and federal income tax laws, such as depreciation.

Line 3—Enter the S corporation’s Kentucky property from

Schedule A, Section I, Line 5.

Line 44—Attach schedules to report the S corporation’s total

income, expenses and other information applicable to items

Line 4—Enter the S corporation’s total property from Schedule

not included on Lines 1 through 11 and lines 39 through

A, Section I, Line 6.

43 including, but not limited to, any recapture of Section 179

deduction, gross income and other information relating to oil

Line 5—Enter the S corporation’s Kentucky payroll from

and gas well properties enabling the shareholders to figure

Schedule A, Section I, Line 8.

the allowable depletion deduction, and any other information

the shareholders need to prepare their Kentucky income tax

Line 6—Enter the S corporation’s total payroll from Schedule

returns. See federal instructions for Schedule K, Form 1120S,

A, Section I, Line 9.

Line 12d.

Line 7—Enter the S corporation’s Kentucky gross profits from

Domestic Production Activities Deduction (DPAD)—A pass–

Schedule LLET, Section A, Column A, Line 5.

through entity does not complete Form 8903–K, but attaches

Line 8—Enter the S corporation’s total gross profits from

information to each partner’s, member’s or shareholder’s

Schedule LLET, Section A, Column B, Line 5.

Kentucky Schedule K–1 that will be needed to compute

their DPAD. A pass–through entity shall attach the following

Line 9—Enter the limited liability entity tax (LLET) nonrefundable

information to each Kentucky Schedule K–1 to be used by the

credit from page 1, Part II, the total of Lines 4 and 6, less

partner, member or shareholder to compute their DPAD for

Kentucky income tax purposes:

$175.

Form 41a720s(I) - Kentucky S Corporation Income Tax And Llet Return - 2012 Page 12

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