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Line 4—Enter nonrefundable LLET credit from Schedule(s)

and signed by the member (owner).

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

After completing the applicable information on Form 725,

attached to the tax return in order to claim the credit.

Schedule CP should be completed as follows:

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

In the first column of Schedule CP , enter the owner’s name and

Column E, Line 1.

Social Security number in the applicable blocks.

Line 6—Enter the greater of Line 3 less Lines 4 and 5, or $175.

Schedule CP has four columns, one column for each single

Line 7—Enter the total estimated LLET payments made for

member LLC owned. If you have more than four single member

the taxable year. Do not include the amount credited from the

LLC entities, attach additional Schedule(s) CP as needed. Enter

prior year.

the following information in each column:

Line 8—Enter the refundable certified rehabilitation tax credit

Item A—Enter the six–digit Kentucky Corporation/LLET Account

(attach the Kentucky Heritage Council certification(s) or Kentucky

Number on the applicable line at the top of each column and

Schedule(s) K-1 (Form 765-GP)).

schedule and also on all checks and correspondence.

Line 9—Enter the refundable film industry tax credit (attach the

If the account number is not known, telephone (502) 564–

Kentucky Film Office certification(s) or Kentucky Schedule(s)

8139.

K-1 (Form 765-GP)).

Item B—Check the box indicating the method used in

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

determining the amount of LLET due on the Schedule LLET,

Application for Six–Month Extension of Time to File Kentucky

Section D, Line 1.

Corporation or Limited Liability Pass–Through Entity Return.

LLET Nonfiling Status Code—Return Not Required

Line 11—Enter the amount credited to 2011 from Form 725, Part

II, Line 14 of the 2010 tax return.

If the single member LLC is not required to file an LLET

return, enter one of the following two–digit codes in the space

Line 12—If Line 6 is greater than the total of Lines 7 through 11,

provided.

enter the difference on this line and enter the amount in the Tax

Payment Summary.

REASON

CODE

Reason

Line 13—If Line 6 is less than the total of Lines 7 through 11,

enter the difference on this line.

A property or facility which has been certified

as a fluidized bed energy production facility as

Line 14—Enter the portion of Line 13 to be credited to 2012

defined in KRS 211.390.

LLET.

An alcohol production facility as defined in KRS

247.910.

Line 15—Enter the portion of Line 13 to be refunded (Line 13

A qualified investment pass–through entity as

less Line 14).

defined in KRS 141.206(15).

PART III—LLET CREDIT FOR MEMBER

Item C—Enter the name and federal identification number of

Line 1—Enter the LLET paid from Part II, the total of Lines 4

the single member LLC.

and 6.

Item D—Check the applicable boxes to indicate that the single

Line 2—Minimum tax $175.

member LLC is a qualified investment pass–through entity as

Line 3—Enter Line 1 less Line 2.

provided by KRS 141.206(15), filing an initial return or filing a

final return.

Tax Payment Summary—The payment due with Form 725 must

Item E—Check the box to indicate whether disregarded single

be itemized. Enter the amount of the tax payment due from Part

member LLC(s) are included in the return and attach a schedule

II, Line 12, on the LLET due line, the amount of penalty due on

of these disregarded entities.

the Penalty line, the amount of interest due on the Interest line,

and the total payment due on the Total Payment line.

For each Kentucky single member LLC listed, complete

applicable lines of Part I through Part III using the instructions

SCHEDULE CP—SPECIFIC INSTRUCTIONS

for Form 725, Part I through Part III on pages 7 and 8 of these

The Kentucky Single Member LLC Individually Owned Composite

instructions.

Return Schedule (Schedule CP) is designed for a single member

Tax Payment Summary—Schedule(s) CP

individual that owns multiple single member limited liability

companies. Schedule CP can be used in lieu of filing multiple

Complete the Tax Payment Summary for each Kentucky single

Kentucky Single Member LLC Individually Owned LLET Return(s)

member LLC listed. One payment can be submitted with

(Form 725). Schedule CP (and if needed, additional Schedule(s)

Schedule(s) CP for all taxes, interest and penalty due. Each

CP) should be attached to Form 725. If Schedule CP is being filed,

entity is a separate entity and a refund from one entity cannot

complete only the following items on Form 725:

be used to reduce the liability of another entity. Do not enter

tax payment information on Form 725.

Item C—Enter the single member individual’s Social Security

number, name, address and telephone number in applicable

Signature—Form 725 must be signed by an owner

✍

box.

(member). Failure by an owner (member) to sign the

return, to complete all applicable lines on any required

Item E—Check the box to indicate that a composite return

Kentucky form, to attach all applicable schedules including

(Schedule CP) is being filed.

copies of federal forms, or to complete all information on the

After completing Items C and E and Schedule(s) CP , the signature

questionnaire will delay the processing of tax returns and may

block on the bottom of Form 725, page 2 must be completed

result in the assessment of penalties.

Instructions For Form 725 - Kentucky Single Member Llc Individually Owned Llet Return - 2011 Page 8

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