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Kentucky Limited Liability Entity Tax Cost of Goods Sold
Extracted from PDF file 2023-kentucky-schedule-cogs.pdf, last modified June 2023Limited Liability Entity Tax Cost of Goods Sold
SCHEDULE COGS LIMITED LIABILITY ENTITY TAX COST OF GOODS SOLD Commonwealth of Kentucky Department of Revenue 2023 See instructions. Attach to Form 720, 720U, PTE, or 725. Name of Entity Federal Identification Number Kentucky Corporation/LLET Account Number __ __ – __ __ __ __ __ __ __ __ __ __ __ __ __ Limited Liability Entity Tax Column A Kentucky Cost of Goods Sold Column B Total Cost of Goods Sold 1 Inventory at beginning of year............................................................................... 1 00 00 2 Purchases............................................................................................................. 2 00 00 3 Cost of labor.......................................................................................................... 3 00 00 4 Additional section 263A costs................................................................................ 4 00 00 5 Other costs............................................................................................................ 5 00 00 6 Total (add lines 1 through 5).................................................................................. 6 00 00 7 Inventory at end of year......................................................................................... 7 00 00 8 Cost of goods sold (subtract line 7 from line 6)..................................................... 8 00 00 9 Detail of purchases on line 2:................................................................................ 9 (a) (a) 00 00 (b) (b) 00 00 (c) (c) 00 00 (d) (d) 00 00 (e) (e) 00 00 (f) (f) 00 00 (g) (g) 00 00 (h) (h) 00 00 (i) (i) 00 00 (j) (j) 00 00 (k) (k) 00 00 10 Detail of additional section 263A costs on line 4:.................................................... 10 (a) (a) 00 00 (b) (b) 00 00 (c) (c) 00 00 (d) (d) 00 00 (e) (e) 00 00 (f) (f) 00 00 (g) (g) 00 00 (h) (h) 00 00 (i) (i) 00 00 (j) (j) 00 00 (k) (k) 00 00 11 Detail of other costs on line 5:............................................................................... 11 (a) (a) 00 00 (b) (b) 00 00 (c) (c) 00 00 (d) (d) 00 00 (e) (e) 00 00 (f) (f) 00 00 (g) (g) 00 00 (h) (h) 00 00 (i) (i) 00 00 (j) (j) 00 00 (k) (k) 00 00 230344 41A720COGS (10-23) Page 1 of 2 Schedule COGS (2023) INSTRUCTIONS — SCHEDULE COGS KRS 141.0401(1)(d)3 provides that for any activity other than manufacturing, producing, reselling, retailing, or wholesaling, costs must not be included in costs of goods sold. Therefore, taxpayers that provide services or sell intangibles are not allowed to compute cost of goods sold for purposes of computing the limited liability entity tax (LLET). For taxpayers who are engaged in manufacturing, producing, reselling, retailing, or wholesaling, KRS 141.0401(1)(d)2 provides that amounts allowable as cost of goods sold must be directly incurred in acquiring or producing a tangible product generating the Kentucky gross receipts. Tangible product means both real and tangible personal property. Purpose of Schedule —This schedule is used by a corporation or a limited liability pass-through entity to compute its Kentucky cost of goods sold and its total cost of goods sold from all sources for purposes of computing the LLET on gross profits. Lines 1 through 8— In Columns A and B, enter on Lines 1 through 8 the cost of goods sold amounts per KRS 141.0401(1) attributable to Kentucky gross receipts and to gross receipts from all sources, respectively. “Purchases” means only direct materials that are incorporated into the tangible product sold or manufactured. “Cost of labor” means labor that is incorporated into the tangible product sold or is an integral part of the manufacturing process. Indirect labor must not be included per KRS 141.0401(1)(d)(2)(c). 41A720COGS (10-23) Page 2 of 2 “Additional section 263A costs” means only direct material costs per IRC §263A. “Other costs” means only direct materials that are incorporated into the tangible product sold or manufactured. Line 9—Enter on Lines (a) through (k) the detail of purchases included on Line 2 of each column. The total of the amounts on Lines (a) through (k) of each column must equal the amount included on Line 2 of each column. If Lines (a) through (k) are not sufficient to include the detail of all purchases, attach a two column schedule listing the detail of the additional purchases. Line 10—Enter on Lines (a) through (k) the detail of additional section 263A costs included on Line 4 of each column. The total of the amounts on Lines (a) through (k) of each column must equal the amount included on Line 4 of each column. If Lines (a) through (k) are not sufficient to include the detail of all additional section 263A costs, attach a two column schedule listing the detail of the additional section 263A costs. Line 11—Enter on Lines (a) through (k) the detail of other costs included on Line 5 of each column. The total of the amounts on Lines (a) through (k) of each column must equal the amount included on Line 5 of each column. If Lines (a) through (k) are not sufficient to include the detail of all other costs, attach a two column schedule listing the detail of the additional other costs.
Schedule COGS
More about the Kentucky Schedule COGS Corporate Income Tax TY 2023
We last updated the Limited Liability Entity Tax Cost of Goods Sold in February 2024, so this is the latest version of Schedule COGS, fully updated for tax year 2023. You can download or print current or past-year PDFs of Schedule COGS directly from TaxFormFinder. You can print other Kentucky tax forms here.
Other Kentucky Corporate Income Tax Forms:
TaxFormFinder has an additional 129 Kentucky income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form PTE Instructions | Kentucky Pass-Through Entity Income and LLET Return - Instructions |
| Form 725 | Kentucky Single Member LLC Individually Owned & LLET Return |
| Form 720S | Kentucky S Corporation Income Tax and LLET Return |
| Schedule A | Apportionment and Allocation for corporations and pass-through entities taxable both within and without Kentucky - Schedule 41A720A |
| Form 92A205 | Inheritance Tax Return - Short Form |
View all 130 Kentucky Income Tax Forms
Form Sources:
Kentucky usually releases forms for the current tax year between January and April. We last updated Kentucky Schedule COGS from the Department of Revenue in February 2024.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Kentucky Schedule COGS
We have a total of nine past-year versions of Schedule COGS in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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