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

any territory or possession of the United States or any foreign

Line 5—Enter the total tax credits from Schedule TCS, Part III,

country or political subdivision thereof. Attach a schedule

Column E, Line 1.

reflecting the total taxes deducted on federal Form 1120S.

Line 6—Enter the greater of Line 3 less Lines 4 and 5, or

KRS 141.010(11)(d)

$175.

Line 3— See instructions on page 3 regarding depreciation and

Line 7—Enter the total estimated LLET payments made for

Section 179 deduction differences, and if applicable, include

the taxable year. Do not include the amount credited from

the total of depreciation amounts from Line 14 of Form 1120S,

the prior year.

Form 1125-A and elsewhere on the return (do not include

the Section 179 deduction). If federal Form 4562 is required

Line 8—Enter the refundable Certified Rehabilitation Tax

to be filed for federal income tax purposes, a copy must be

Credit (attach the Kentucky Heritage Council certification(s)

attached.

or Kentucky Schedule(s) K–1 (Form 765–GP)).

Line 4—Enter related party cost additions from Schedule RPC,

Line 9—Enter the refundable Film Industr y Tax Credit

Part II, Section B, Line 1.

(attach the Kentucky Film Office certification(s) or Kentucky

Schedule(s) K–1 (Form 765-GP)).

Line 5—Enter the amount from Schedule O–PTE, Part I, Line 6.

Line 10—Enter the amount of LLET paid with Form 41A720SL,

Line 6—Enter the total of Lines 1 through 5.

Application for Six–Month Extension of Time to File Kentucky

Corporation or Limited Liability Pass–Through Entity Return.

Subtractions from Federal Ordinary Income—Lines 7 through

9 itemize additional deductions allowed which are differences

Line 11—Enter the amount credited to 2012 LLET from Form

between federal ordinary income and Kentucky ordinary

720S, Part II, Line 16 of the 2011 return.

income.

Line 12—Enter the 2012 income tax overpayment from Part III,

Line 7—Enter the amount of the work opportunity credit

Line 11 credited to the 2012 LLET.

reflected on federal Form 5884. For Kentucky purposes, the

S corporation may deduct the total amount of salaries and

Line 13—If Line 6 is greater than the total of Lines 7 through

wages paid or incurred for the taxable year. This adjustment

12, enter the difference on this line and enter the amount in

does not apply for other federal tax credits.

the Tax Payment Summary.

Line 8—Enter Kentucky depreciation (do not include Section

Line 14—If Line 6 is less than the total of Lines 7 through 12,

179 deduction). See instructions on page 3 regarding

enter the difference on this line.

depreciation and Section 179 deduction differences, and if

applicable, Kentucky Form 4562 must be attached.

Line 15—Enter the portion of Line 14 to be credited to the 2012

income tax. Enter the amount on this line and on Part III, Line 8.

Line 9—Enter the amount from Schedule O–PTE, Part II, Line

10.

Line 16—Enter the portion of Line 14 to be credited to 2013

LLET.

Line 10—Subtract Lines 7, 8 and 9 from Line 6.

Line 17—Enter the portion of Line 14 to be refunded (Line 14

PART II — LLET COMPUTATION

less Lines 15 and 16).

Line 1—Enter the amount from Schedule LLET, Section D,

PART III – INCOME TAX COMPUTATION

Line 1. An S corporation must use Schedule LLET(K), Limited

Liability Entity Tax (For a Limited Liability Pass–through

Line 1—Enter tax from the Excess Net Passive Income Tax

Entity with Economic Development Project(s)), if the S

Worksheet, Line 13. (See instructions and worksheet on page

corporation has one or more projects under the Kentucky

14.)

Rural Economic Development Act (KREDA), Kentucky Industrial

Development Act (KIDA), Kentucky Economic Opportunity

If the corporation has accumulated earnings and profits (AE&P)

Zone Act (KEOZ), Kentucky Jobs Retention Agreement (KJRA),

at the close of its tax year, has passive investment income for

Kentucky Industrial Revitalization Act (KIRA), Kentucky Jobs

the tax year that is in excess of 25% of gross receipts, and has

Development Act (KJDA), Kentucky Business Investment

excess passive income, the corporation must pay a tax on the

Program (KBI), Kentuck y Reinvestment Act (KRA) and

excess net passive income as provided by KRS 141.040(14)(c).

Incentives for Energy Independence Act (IEIA).

Complete Lines 1 through 3 and Line 9 of the worksheet on page

14 to make this determination. If Line 2 is greater than Line 3

Line 2—Enter the recycling/composting equipment LLET

and the corporation has taxable income (see instructions for

Credit recapture amount from Schedule RC–R, Line 12. Attach

Line 9 of worksheet), it must pay the tax. Attach completed

Schedule RC–R, Recycling or Composting Equipment Tax

worksheet to the return.

Credit Recapture.

Line 2—Enter the built–in gains tax from the Built–In Gains Tax

Worksheet, Line 8. Attach completed worksheet to the return.

Line 3—Enter the total of Lines 1 and 2.

(See instructions and worksheet on page 14.)

Line 4—Enter the nonrefundable LLET credit from Kentucky

If the corporation for the taxable year has built-in gains as

Schedule(s) K–1 of which the S corporation is a partner or

provided by Section 1374 of the Internal Revenue Code, the

member. Copies of Kentucky Schedule(s) K–1 must be

corporation must pay a built-in gains tax as provided by KRS

attached to the S corporation return in order to claim

141.040(14)(c).

the credit.

Form 41a720s(I) - Kentucky S Corporation Income Tax And Llet Return - 2012 Page 9

Related Articles

Related forms

Related Categories