Form 41a765(I) - Kentucky Partnership Income And Llet Return Instructions

Name and Address—Print or type the name of the partnership

Line 2—Enter state taxes measured in whole or in part by

as set forth in the Articles of Organization. For the address,

gross or net income. “State” means any state of the United

include the suite, room or other unit number after the street

States, the District of Columbia, the Commonwealth of Puerto

Rico, any territory or possession of the United States or any

address. If the U.S. Postal Service does not deliver mail to the

street address and the partnership has a P.O. Box, show the

foreign country or political subdivision thereof. Attach a

box number instead of the street address.

schedule reflecting the total taxes deducted on Form 1065.

KRS 141.010(11)(d)

Telephone Number—Enter the business telephone number of

Line 3—Enter federal depreciation (do not include Section 179

the partner or member signing the return.

deduction). See instructions on page 3 regarding depreciation

State and Date of Organization—Enter the entity’s state and

and Section 179 deduction. If a federal Form 4562 is required

date of organization.

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

attached.

Principal Business Activity in Kentucky—Enter the entity’s

Line 4—Enter related party and intangible expenses prohibited

principal business activity in Kentucky.

by KRS 141.205.

North American Industrial Classification System (NAICS)—

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

Enter your six-digit NAICS code. To view a complete listing of

NAICS codes, visit the United States Census Bureau at www.

Line 6—Enter the total of Lines 1, 2, 3, 4 and 5.

census.gov.

Subtractions from Federal Ordinary Income—Lines 7 through

Item E—Check the applicable boxes:

9 itemize items of additional deductions allowed which are

differences between federal ordinary income and Kentucky

(a) LLC—Check this box if the partnership is organized as a

ordinary income.

limited liability company (LLC).

Line 7—Enter the amount of the work opportunity credit reflected

(b) LP—Check this box if the partnership is organized as a limited

on federal Form 5884. For Kentucky purposes, the partnership

partnership (LP).

may deduct the total amount of salaries and wages paid or

incurred for the taxable year. This adjustment does not apply

for other federal tax credits.

limited liability partnership (LLP).

Line 8—Enter Kentucky depreciation (do not include Section 179

(d) Qualified Investment Pass-through Entity—Check this box

deduction). See instructions on page 3 regarding depreciation

if the partnership is a qualified investment pass–through

and Section 179 deduction differences, and if applicable,

entity as provided by KRS 141.206(15)(a).

Kentucky converted Form 4562 must be attached.

(e) Amended Return—Check this box if this is an amended

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

return. Attach statement giving explanation of changes to

income, apportionment factor, and/or taxes.

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

(f)

Initial Return—Check this box if this is the partnership’s

first time filing a partnership return in Kentucky. Complete

PART II—LLET COMPUTATION

questions 1, 2 and 3 on Schedule Q–Kentucky Partnership

Questionnaire.

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

1. A partnership must use Schedule LLET(K), Limited Liability

(g) Final Return—Check this box if this is the partnership’s final

Entity Tax (For a Limited Liability Pass-through Entity with

return. If the partnership has dissolved or withdrawn, attach

Economic Development Project(s)), if the partnership has one or

an explanation.

more projects under the Kentucky Rural Economic Development

Act (KREDA), Kentucky Industrial Development Act (KIDA),

(h) Change of Address—Check this box if the partnership has

Kentucky Economic Opportunity Zone Act (KEOZ), Kentucky

changed its address.

Jobs Retention Agreement (KJRA), Kentuck y Industrial

(i)

Short-period Return—Check this box and submit an

Revitalization Act (KIRA), Kentucky Jobs Development Act

explanation for the short–period return that is not an initial

(KJDA), Kentuck y Business Investment Program (KBI),

return.

Kentucky Reinvestment Act (KRA) and Incentives for Energy

Independence Act (IEIA).

(j)

Change of Name—Check this box if the partnership has

changed its name.

Line 2—Enter the recycling /composting equipment LLET

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

(k) Change of Accounting Period—Check this box if the

Schedule RC–R, Recycling or Composting Equipment Tax

partnership has changed its accounting period. Also

Credit Recapture.

complete Item 4 on Schedule Q–Kentucky Partnership

Questionnaire.

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

Item F—Enter the number of partners (Attach K–1s).

Line 4—Enter nonrefundable LLET credit from Kentucky

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

PART I—ORDINARY INCOME (LOSS) COMPUTATION

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

Line 1—Enter the amount from federal Form 1065, Line 22,

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

ordinary business income (loss) from trade or business activities.

Column E, Line 1.

Attach Form 1065, all pages.

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

Additions to Federal Ordinary Income—Lines 2, 3, 4 and 5 itemize

items of additional income or unallowed deductions which are

Line 7—Enter the total estimated LLET payments made for

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

differences between federal ordinary income and Kentucky

prior year.

ordinary income.

Form 41a765(I) - Kentucky Partnership Income And Llet Return Instructions - 2011 Page 8

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