Form 765(K) - Kentucky Schedule K For Partnerships With Economic Development Project(S) Page 4

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Form 765(K)
Page 4
41A765(K) (10-14)
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
INSTRUCTIONS–KENTUCKY SCHEDULE K
FOR PARTNERSHIPS
WITH ECONOMIC DEVELOPMENT PROJECT(S)
IMPORTANT: A partnership that has one or more projects under the Kentucky Rural Economic Development Act
(KREDA), Kentucky Industrial Development Act (KIDA), Kentucky Economic Opportunity Zone Act (KEOZ), Kentucky
Jobs Retention Agreement (KJRA), Kentucky Industrial Revitalization Act (KIRA), Kentucky Jobs Development Act
(KJDA), Kentucky Business Investment Program (KBI), Kentucky Reinvestment Act (KRA), Incentives for Energy
Independence Act (IEIA) or Farming Operation Networking Project (FON) must use this Schedule K in lieu of Form
765 Schedule K.
Attach applicable tax computation schedule(s)
Purpose of Schedule—This schedule is used to
(Schedule KREDA-SP, Schedule KIDA-SP, Schedule
determine the partners’ shares of each item of income,
KEOZ-SP, Schedule KJRA-SP, Schedule KIRA-SP,
credit, deduction, etc., excluding the amount of each
item of income, credit, deduction, etc., attributable to
Schedule KJDA-SP, Schedule KBI-SP, Schedule
the project(s). See Instructions of Schedule KREDA-
KRA-SP , Schedule IEIA-SP or Schedule FON-SP) and
supporting schedules for each project.
SP , Schedule KIDA-SP , Schedule KEOZ-SP , Schedule
KJRA-SP, Schedule KIRA-SP, Schedule KJDA-SP,
Column (d)—For each item of income or deduction,
Schedule KBI-SP , Schedule KRA-SP , Schedule IEIA-SP
or Schedule FON-SP for additional information on this
subtract the amount in column (c) from the amount in
exclusion.
column (b) and enter the result. The amounts from this
column are used to determine the amount of income,
credits, deductions, etc. reflected on each partner’s
SECTION I INSTRUCTIONS
Kentucky Schedule K-1. The total pro rata share items
of all Schedules K-1 should equal the amount reported
Column (b)—Complete this column following the
instructions for Form 765 Schedule K.
on the same lines of this column, Lines 1 through 48.
Column (c)—For each item of income or deduction,
SECTION II INSTRUCTIONS
enter the amount attributable to the project or projects.
See instructions for Section II of Form 765 Schedule
If the partnership has more than one project, attach a
schedule reflecting the computation of the total amount
K to determine if it is necessary to complete Lines 1
of each item.
through 8.
Line 9—Enter the limited liability entity tax (LLET)
If the partnership’s only operation is the project or
nonrefundable credit from Form 765, Part II, the total
projects, the amount entered for each item should be
of Lines 4 and 6, less $175.
the same as the amount entered in column (b).

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