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41A720LLET(K)-C (10-12)

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

For the other columns enter the following:

Sheet (For a Limited Liability Pass-through Entity with Economic Development Project(s)),

For each entity of which the limited liability pass-through entity filing the return is a

is required if the limited liability pass-through entity filing the tax return is a partner or

partner or member, enter from the Kentucky Schedule K-1 on the applicable line of each

member of a limited liability pass-through entity or general partnership (organized or

column: name; federal employer identification number; Kentucky Corporation/LLET

formed as a general partnership after January 1, 2006) doing business in Kentucky, and

account number; Kentucky gross receipts after returns and allowances; and Kentucky

has one or more economic development projects under the Kentucky Rural Economic

gross profits. If additional schedules are needed, copy page 2 of Schedule LLET(K)-C and

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

attach. If more than one additional page is needed, identify pages alphabetically.

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

Kentucky Industrial Revitalization Act (KIRA), Kentucky Jobs Development Act (KJDA),

For the Total column enter the following:

Kentucky Business Investment Program (KBI), Kentucky Reinvestment Act (KRA), or

Incentives for Energy Independence Act (IEIA).

Line 3 – Enter the total of the amounts on Line 3 from all columns and pages of Schedule

LLET(K)-C.

Schedule LLET(K)-C and Schedule LLET(K) must be submitted with the applicable tax

Line 5 – Enter the total of the amounts on Line 5 from all columns and pages of Schedule

return (Form 720S, 725 or 765).

LLET(K)-C.

KRS 141.120(11) provides that a corporation that is a partner or member of a limited

Enter the amounts from the Total column, Lines 3 and 5 on the corresponding lines of

liability pass-through entity or a general partnership organized or formed as a general

Schedule LLET(K), Column A, Lines 3 and 5.

partnership after January 1, 2006, shall include its proportionate share of the sales in

calculating the tax due pursuant to KRS 141.0401. The phrases “an interest in a limited

Section B – Total from All Sources

liability pass-through entity” and “an interest in a general partnership organized or formed

as a general partnership after January 1, 2006,” shall extend to each level of multiple-

For the “Limited Liability Pass-through Entity Filing Return” column enter the

tiered pass-through entities.

following:

Combined Group – A member of a combined group pursuant to KRS 141.0401(1)(c) must

Line 1 – Enter the limited liability pass-through entity’s gross receipts from all sources

use the total gross receipts and the total gross profits of the combined group to determine

after returns and allowances.

if it is eligible for the small business relief provided by KRS 141.0401(2)(b). The member

Line 2 – No entry on this line.

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 3 – Enter Line 1 less Line 2.

(b) and all limited liability pass-through entities that would be included in an affiliated

group if organized as a corporation.

Line 4(a) – Enter the cost of goods sold attributable to gross receipts from all sources.

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 “Limited Liability Pass-through Entity Filing Return” column enter the

following:

For the other columns enter the following:

Line 1 – Enter the limited liability pass-through entity’s Kentucky gross receipts after

For each entity of which the limited liability pass-through entity filing the return is a

Kentucky returns and allowances.

partner or member, enter from the Kentucky Schedule K-1 on the applicable line of each

column the gross receipts from all sources after returns and allowances and gross profits

Line 2 – Enter the economic development project’s gross receipts after returns and

from all sources.

allowances.

For the Total column enter the following:

Line 3 – Enter Line 1 less Line 2.

Line 3 – Enter the total of the amounts on Line 3 from all columns and pages of Schedule

Line 4(a) – Enter the cost of goods sold attributable to Kentucky gross receipts.

LLET(K)-C.

Line 5 – Enter the total of the amounts on Line 5 from all columns and pages of Schedule

Line 4(b) – Enter the economic development project’s cost of goods sold.

LLET(K)-C.

Line 4(c) – Enter Line 4(a) less Line 4(b).

Enter the amounts from the Total column, Lines 3 and 5 on the corresponding lines of

Line 5 – Enter Line 3 less Line 4(c).

Schedule LLET(K), Column B, Lines 3 and 5.

Schedule Llet(K)-C - Limited Liability Entity Tax-Continuation Sheet (For A Limited Liability Pass-Through Entity With Economic Development Project(S)) Page 3

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