Schedule Llet(K)-C - Kentucky Limited Liability Entity Tax Page 3
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341A720LLET(K)-C (10-14)
Page 3
Commonwealth of Kentucky
INSTRUCTIONS—SCHEDULE LLET(K)-C
DEPARTMENT OF REVENUE
Purpose of Schedule—Schedule LLET(K)-C, Limited Liability Entity Tax—Continuation
Line 5 – Enter Line 3 less Line 4(c).
Sheet (For a Limited Liability Pass-through Entity with Economic Development Project(s)),
is required if the limited liability pass-through entity filing the tax return is a partner or
For the other columns enter the following:
member of a limited liability pass-through entity or general partnership (organized or
For each entity of which the limited liability pass-through entity filing the return is a
formed as a general partnership after January 1, 2006) doing business in Kentucky, and
partner or member, enter from the Kentucky Schedule K-1 on the applicable line of each
has one or more economic development projects under the Kentucky Rural Economic
column: name; federal employer identification number; Kentucky Corporation/LLET
Development Act (KREDA), Kentucky Industrial Development Act (KIDA), Kentucky
account number; Kentucky gross receipts after returns and allowances; and Kentucky
Economic Opportunity Zone Act (KEOZ), Kentucky Jobs Retention Agreement (KJRA),
gross profits. If additional schedules are needed, copy page 2 of Schedule LLET(K)-C and
Kentucky Industrial Revitalization Act (KIRA), Kentucky Jobs Development Act (KJDA),
attach. If more than one additional page is needed, identify pages alphabetically.
Kentucky Business Investment Program (KBI), Kentucky Reinvestment Act (KRA),
Incentives for Energy Independence Act (IEIA) or Farming Operation Networking Project
For the Total column enter the following:
(FON).
Line 3 – Enter the total of the amounts on Line 3 from all columns and pages of Schedule
Schedule LLET(K)-C and Schedule LLET(K) must be submitted with the applicable tax
LLET(K)-C.
return (Form 720S, 725 or 765).
Line 5 – Enter the total of the amounts on Line 5 from all columns and pages of Schedule
KRS 141.120(11) provides that a corporation that is a partner or member of a limited
LLET(K)-C.
liability pass-through entity or a general partnership organized or formed as a general
partnership after January 1, 2006, shall include its proportionate share of the sales in
Enter the amounts from the Total column, Lines 3 and 5 on the corresponding lines of
calculating the tax due pursuant to KRS 141.0401. The phrases “an interest in a limited
Schedule LLET(K), Column A, Lines 3 and 5.
liability pass-through entity” and “an interest in a general partnership organized or formed
Section B – Total from All Sources
as a general partnership after January 1, 2006,” shall extend to each level of multiple-
tiered pass-through entities.
For the “Limited Liability Pass-through Entity Filing Return” column enter the
following:
Combined Group – A member of a combined group pursuant to KRS 141.0401(1)(c) must
use the total gross receipts and the total gross profits of the combined group to determine
Line 1 – Enter the limited liability pass-through entity’s gross receipts from all sources
if it is eligible for the small business relief provided by KRS 141.0401(2)(b). The member
after returns and allowances.
computes its LLET based upon its Kentucky gross receipts and Kentucky gross profits. A
“combined group” means all members of an affiliated group as defined in KRS 141.200(9)
Line 2 – No entry on this line.
(b) and all limited liability pass-through entities that would be included in an affiliated
Line 3 – Enter Line 1 less Line 2.
group if organized as a corporation.
Line 4(a) – Enter the Total Cost of Goods Sold from Schedule COGS, Column B, Line 8.
If the company is computing its LLET based on gross profits, Schedule COGS, Limited
Liability Entity Tax Cost of Goods Sold, must be attached to the applicable tax return.
Line 4(b) – No entry on this line.
LINE-BY-LINE INSTRUCTIONS
Line 4(c) – Enter Line 4(a) less Line 4(b).
Section A – Total from Kentucky Sources
Line 5 – Enter Line 3 less Line 4(c).
For the other columns enter the following:
For the “Limited Liability Pass-through Entity Filing Return” column enter the
following:
For each entity of which the limited liability pass-through entity filing the return is a
partner or member, enter from the Kentucky Schedule K-1 on the applicable line of each
Line 1 – Enter the limited liability pass-through entity’s Kentucky gross receipts after
column the gross receipts from all sources after returns and allowances and gross profits
Kentucky returns and allowances.
from all sources.
Line 2 – Enter the economic development project’s gross receipts after returns and
For the Total column enter the following:
allowances.
Line 3 – Enter the total of the amounts on Line 3 from all columns and pages of Schedule
Line 3 – Enter Line 1 less Line 2.
LLET(K)-C.
Line 4(a) – Enter the Kentucky Cost of Goods Sold from Schedule COGS, Column A, Line
Line 5 – Enter the total of the amounts on Line 5 from all columns and pages of Schedule
8.
LLET(K)-C.
Line 4(b) – Enter the economic development project’s cost of goods sold.
Enter the amounts from the Total column, Lines 3 and 5 on the corresponding lines of
Schedule LLET(K), Column B, Lines 3 and 5.
Line 4(c) – Enter Line 4(a) less Line 4(b).
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