Kentucky Kentucky Single Member LLC Individually Owned & LLET Return

Kentucky Single Member LLC Individually Owned & LLET Return
Form 725
FORM

725

KENTUCKY SINGLE MEMBER LLC
INDIVIDUALLY OWNED INCOME
AND LLET RETURN

Commonwealth of Kentucky
Department of Revenue

2023

For calendar year 2023 or tax years beginning (MM-DD-YY)  __ __  –  __ __  –  20__ __ , and ending (MM-DD-YY)  __ __  –  __ __  –  20__ __
A LLET 

	

B FEIN/SSN

Exemption Code

C Kentucky Corporation/LLET

__ __ __ __ __ __ __ __ __

 Change of Name

Name of LLC	

D
		 3-Factor

__  __  __   __  __  __

Account Number (Required)

Telephone Number

Number and Street	

	 Apportionment Code

	
	

City	

	

	
E Check applicable
	  
	
	boxes
		
		
		
		
		
	

State	

 
 Initial return
 Change of accounting period
 Qualified investment partnership
 Final return (Complete Part IV)
 Short-period return (Complete Part IV)
 Amended return (Complete Part V)

F
	 Single Member is a:	

 
Kentucky Resident	

 
Non-Resident

ZIP Code

State of Organization

Principal Business Activity in KY

Date of Organization

NAICS Code Number in KY

__  __ / __   __  __  __

__  __  __   __  __  __

If non-resident, LLC must also file Form 740NP-WH

PART I—KENTUCKY NET DISTRIBUTABLE INCOME
1	 Ordinary income (loss)

„	
1	

0 0

2	Net income (loss) from rental real estate activities

2	
„	

0 0

3	 Net income (loss) from other rental activities

„	
3	

0 0

4	 Interest income

4	
„	

0 0

5	 Dividend income

5	
„	

0 0

6	 Royalty income

6	
„	

0 0

7	 Net short-term and long-term capital gain (loss).
	 If net loss, do not include more than $3,000.

„	
7	

0 0

8	 IRC §1231 net gain (loss)

„	
8	

0 0

9	 Other income (attach schedule).

„	
9	

0 0

10	 Other deductions (attach schedule)

10	
„	

0 0

11	 Total net distributable income (lines 1 through 9 less line 10)

11	
„	

0 0

12	 Enter 100% or the apportionment fraction from Schedule A.

„	
12

 __   __  __   .  __  __  __  __

OFFICIAL USE ONLY

P
W
2
0
4

V
A
L
#

230270 41A725 (10-23)	

Page 1 of 6

%

FORM 725 (2023)

Page 2 of 6

PART II—LLET COMPUTATION
1	 Schedule L, Section E, line 1 (Page 6)

„	
1	

0 0

2	 Tax credit recapture

2	
„	

0 0

3	 Total (add lines 1 and 2)

„	
3	

0 0

4	 Nonrefundable LLET credit from Kentucky Schedule(s) K-1

4	
„	

0 0

5	 Nonrefundable tax credits (attach Schedule TCS)

5	
„	

0 0

6	 LLET liability (greater of line 3 less lines 4 and 5 or
	 $175 minimum)

„	
6	

0 0

7	 Estimated tax payments

7	
„	

0 0

8	 Refundable tax credits (attach Schedule TCS)

„	
8	

0 0

9	 Reserved for future use

9	
„	

0 0

10	 Extension payment

„	
10	

0 0

11	 Prior year’s tax credit

„	
11	

0 0

12	 LLET paid on original return

„	
12	

0 0

13	 LLET overpayment on original return

„	
13	

0 0

14	 Estimated Tax Penalty (attach Form 2220-K)

14	
„	

0 0

„	
15	

0 0

16	 LLET overpayment (lines 7 through 12 less lines 6,13, and 14)

16	
„	

0 0

17	 Credited to 2023 interest

17	
„	

18	 Credited to 2023 penalty

„	
18	

19	 Credited to 2024 LLET

19	
„	

15	 LLET and Estimated Tax Penalty due (lines 6,
	 13, and 14 less lines 7 through 12)

20	 Amount to be refunded (line 16 less lines
	 17 through 19)

TAX DUE

REFUND

0 0

20	
„	

PART III—LLET CREDIT FOR MEMBER
1	 LLET liability (Part II, the total of lines 4 and 6)
2	 Minimum tax
3	 Member’s LLET credit (line 1 less line 2)

230271 41A725 (10-23)	

„	
1	
	 
2	
„	
3	

0 0

1 7 5 .00
0 0

FORM 725 (2023)

Page 3 of 6

PART IV—EXPLANATION OF FINAL RETURN AND/OR SHORT–PERIOD RETURN
  Ceased operations in Kentucky	
  Change of ownership	
  Successor to previous business	

  Change in filing status
 Merger
  Other ____________________________________________

PART V—EXPLANATION OF AMENDED RETURN CHANGES

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is
true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
Signature of Member	

Sign
Here

Paid
Preparer
Use

Date

__  __ / __  __ / __   __  __  __
Name of Member (Please print)	Title

Signature of Preparer	

Date

Name of Preparer or Firm (Please print)	

ID Number

Email and/or Telephone No. 	

May the DOR discuss this return with this preparer?

__  __ / __  __ / __   __  __  __





		
YES   
NO

Refund

Enclose

All supporting federal forms and schedules, including Federal or No
Schedule(s) C, E, and/or F.

Payment

Check Payable: Kentucky State Treasurer
E-Pay Options: www.revenue.ky.gov

Payment

230272 41A725 (10-23)

With
Payment

Kentucky Department of Revenue
Frankfort, KY 40618-0010
Kentucky Department of Revenue
Frankfort, KY 40620-0021

FORM 725 (2023)

Page 4 of 6

SCHEDULE Q—SINGLE MEMBER LIMITED LIABILITY COMPANY QUESTIONNAIRE
IMPORTANT: Questions 1 and 2 must be answered if
this is the single member LLC’s initial return or if a return
was not filed under the same name and same federal I.D.
number for the preceding year. Failure to do so may
result in a request for a delinquent return.
1	 Single member’s (owner) name, address, and Social
Security number or federal I.D. number

5	 Was the limited liability company a partner in a passthrough entity doing business in Kentucky for the tax
year being reported?   
 Yes   No
If yes, list name and federal I.D. of the pass-through
entity(ies).

A

Name
__ __ – __ __ __ __ __ __ __

FEIN

B

Address
C
 2	 If a foreign limited liability company, enter the date
qualified to do business in Kentucky.

__ __ / __ __ / __ __ __ __
Questions 3—7 must be completed by all single member
limited liability companies (LLC).

D

E

F

3	 The limited liability company’s books are in care of:

G
Name

Name
FEIN

__ __ – __ __ __ __ __ __ __

Name
FEIN

__ __ – __ __ __ __ __ __ __

Name
FEIN

__ __ – __ __ __ __ __ __ __

Name
FEIN

__ __ – __ __ __ __ __ __ __

Name
FEIN

__ __ – __ __ __ __ __ __ __

Name
FEIN

__ __ – __ __ __ __ __ __ __

Name
FEIN

__ __ – __ __ __ __ __ __ __

Address
6	 Was the limited liability company doing business
in Kentucky other than through its interest
held in a pass-through entity doing business in
Kentucky?   
 Yes   No
4	 Are disregarded entities included in this return?

  Yes   No

If yes, attach Schedule DE.

230343 41A725 (10-23)

7	 Was this return prepared on:
(a)	
 cash basis
(b)  accrual basis
(c)	
 other  ________________________________

FORM 725 (2023)

Page 5 of 6

SCHEDULE L—LIMITED LIABILITY ENTITY TAX COMPUTATION



Check the box and complete Schedule L-C, Limited Liability Entity Tax—Continuation Sheet, if the corporation filing this tax
return is a partner or member of a limited liability pass-through entity or general partnership doing business in Kentucky.
Enter the total amounts from Schedule L-C in Section A of this schedule.

SECTION A—Computation of Kentucky Gross Receipts and Gross Profits
1(a)	 Gross receipts less returns and allowances
(b) Kentucky statutory gross receipts reductions
2	

Adjusted gross receipts (line 1(a) less line 1(b))

3(a)	 Cost of goods sold (attach Schedule COGS)
(b) Kentucky statutory cost of goods sold reductions

„	
1(a)

0 0

„ (b)

0 0

„	
2

0 0

„	
3(a)

0 0

„ (b)

0 0

4	

Adjusted cost of goods sold (line 3(a) less line 3(b))

„	
4

0 0

5	

Gross profits (line 2 less line 4)

„	
5

0 0

SECTION B—Computation of TOTAL Gross Receipts and Gross Profits
1	

Adjusted gross receipts

„	
1

0 0

2	

Cost of goods sold (attach Schedule COGS)

„	
2

0 0

3	

Gross profits (line 1 less line 2)

„	
3

0 0

If Section B, Line 1 or 3 is $3,000,000 or less, SKIP Sections C
and D and enter $175 in Section E, Line 1 and then enter $175
on page 2, Part II, Line 1. Otherwise, continue to
Section C on the next page.

230276 41A725 (10-23)

FORM 725 (2023)

Page 6 of 6

SCHEDULE L—LIMITED LIABILITY ENTITY TAX COMPUTATION—continued
SECTION C—Computation of Gross Receipts LLET
1	 If gross receipts from all sources (Section B, line 1) are greater than
	 $3,000,000, but less than $6,000,000, enter the following:
	
	

(Section A, line 2 x 0.00095) –
	

[

$2,850 x ($6,000,000 – Section A, line 2)
$3,000,000

]

	but in no case shall the result be less than zero.

„	
1	

0 0

2	 If gross receipts from all sources (Section B, line 1)
	 are $6,000,000 or greater, enter the following: Section A,
	 line 2 x 0.00095.

„	
2	

0 0

3	 Enter the amount from line 1 or line 2.

„	
3	

0 0

SECTION D—Computation of Gross Profits LLET
1	 If gross profits from all sources (Section B, line 3) are greater than
	 $3,000,000, but less than $6,000,000, enter the following:
	
	

[

(Section A, line 5 x 0.0075) – $22,500 x ($6,000,000 – Section A, line 5)
	

$3,000,000

]

	 but in no case shall the result be less than zero.

„	
1	

0 0

2	 If gross profits from all sources (Section B, line 3) are
	 $6,000,000 or greater, enter the following: Section A,
	 line 5 x 0.0075.

„	
2	

0 0

3	 Enter the amount from line 1 or line 2.

„	
3	

0 0

„	
1	

0 0

SECTION E—Computation of LLET
1	 Enter the lesser of Section C, line 3 or Section D, line 3
	 here and on Page 2, Part II, line 1. If less than $175, enter
	 the minimum of $175 here and on Page 2, Part II, line 1.

230273 41A725 (10-23)