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Kentucky Kentucky Schedule K for S Corporations with Economic Development Project(s)
720S - Schedule K is obsolete, and is no longer supported by the Kentucky Department of Revenue.
Extracted from PDF file 2019-kentucky-720s-schedule-k.pdf, last modified September 2019Kentucky Schedule K for S Corporations with Economic Development Project(s)
FORM 720S(K) Commonwealth of Kentucky Department of Revenue *1900030283* KENTUCKY SCHEDULE K FOR S CORPORATIONS WITH ECONOMIC DEVELOPMENT PROJECT(S) 2019 See instructions. SCHEDULE K—SHAREHOLDERS’ SHARES OF INCOME, CREDITS, DEDUCTIONS, ETC., EXCLUDING THE ECONOMIC DEVELOPMENT PROJECT(S) SECTION A Pro Rata Share Items (a) Total Amount (b) Adjustments (c) Net Kentucky Amount Income (Loss) and Deductions 1 Kentucky ordinary income (loss) from trade or business activities (Form 720S, Part III, line 10).. 1 2 Net income (loss) from rental real estate activities (attach federal Form 8825).................................. 2 3 (a) Gross income from other rental activities............... 3(a) 00 (b) Less expenses from other rental activities (attach schedule)...................... (b) 00 (c) Net income (loss) from other rental activities (line 3a less line 3b)...................................... 3(c) 4 Portfolio income (loss): (a) Interest income............................................. 4(a) (b) Dividend income........................................... (b) (c) Royalty income............................................. (c) (d) Net short-term capital gain (loss)(attach federal Schedule D and Kentucky Schedule D, if applicable)............................. (d) (e) Net long-term capital gain (loss) (attach federal Schedule D and Kentucky Schedule D, if applicable)............................. (e) (f) Other portfolio income (loss) (attach schedule)....................................................... (f) 5 IRC §1231 net gain (loss) (other than due to casualty or theft) (attach federal Form 4797 and Kentucky Form 4797).................................. 5 6 Other income (loss) (attach schedule)................ 6 7 Charitable contributions (attach schedule) ...... 7 8 IRC §179 expense deduction (attach federal Form 4562 and Kentucky Form 4562).......................................................... 8 9 Deductions related to portfolio income (loss) (attach schedule) ............................................... 9 10 Other deductions (attach schedule).................. 10 Investment Interest 11 (a) Interest expense on investment debts........ 11(a) (b) (1) Investment income included on lines 4(a), 4(b), 4(c), and 4(f) above........ (b)(1) (b) (2) Investment expenses included on line 9 above.............................................. (b)(2) Tax Credits (see instructions) 12 Enter the applicable tax credit (a) __________________________________ ............... 12(a) (b) __________________________________ ............... ( b) (c) __________________________________ ............... ( c) (d) __________________________________ ............... ( d) (e) __________________________________ ............... ( e) 41A720S(K) (10-19) 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 Page 1 of 3 FORM 720S(K) (2019) *1900030284* Page 2 of 3 SCHEDULE K—SHAREHOLDERS’ SHARES OF INCOME, CREDITS, DEDUCTIONS, ETC., EXCLUDING THE ECONOMIC DEVELOPMENT PROJECT(S) SECTION A—continued Other Items 13 (a) Type of IRC §59(e)(2) expenditures ________________________ 13(a) (b) Amount of IRC §59(e)(2) expenditures......... (b) 14 Tax-exempt interest income.............................. 14 15 Other tax-exempt income.................................. 15 16 Nondeductible expenses................................... 16 17 Total property distributions (including cash) other than dividends reported on line 19 below................................................................... 17 18 Other items and amounts required to be reported separately to shareholders (attach schedule)............................................................. 18 19 Total dividend distributions paid from accumulated earnings and profits.................... 19 SECTION B—LLET Pass-through Items (Required) 1 2 3 4 5 Pro Rata Share Items 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 Total Amount Kentucky gross receipts from Schedule L, Section A, Column A, line 2...................... 1 Total gross receipts from Schedule L, Section A, Column B, line 2............................. 2 Kentucky gross profits from Schedule L, Section A, Column A, line 5 ....................... 3 Total gross profits from Schedule L, Section A, Column B, line 5................................ 4 Limited liability entity tax (LLET) nonrefundable credit from page 1, Part I, the total of lines 4 and 6, less $175....................................................................................... 5 SECTION C—Apportionment Pass-through Items 00 00 00 00 00 Total Amount 1 Kentucky receipts from Schedule A, Part I, line 1.......................................................... 1 2 Total receipts from Schedule A, Part I, line 2.................................................................. 2 00 00 SECTION D—Apportionment for Providers (KRS 141.121(1)(e)) 1 2 3 4 Kentucky property from Schedule A, Part I, line 5 ........................................................ 1 Total property from Schedule A, Part I, line 6................................................................ 2 Kentucky payroll from Schedule A, Part I, line 8............................................................ 3 Total payroll from Schedule A, Part I, line 9................................................................... 4 41A720S(K) (10-19) 00 00 00 00 FORM 720S(K) (2019) Page 3 of 3 INSTRUCTIONS–KENTUCKY SCHEDULE K FOR S CORPORATIONS WITH ECONOMIC DEVELOPMENT PROJECT(S) IMPORTANT: An S corporation that has one or more projects under the Kentucky Rural Economic Development Act (KREDA), Kentucky Industrial Development Act (KIDA), 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 instead of Form 720S Schedule K. Purpose of Schedule—This schedule is used to determine the shareholders’ shares of each item of income, credit, deduction, etc., excluding the amount of each item of income, credit, deduction, etc., attributable to the project(s). See Instructions for Schedules KREDASP, KIDA-SP, KJRA-SP, KIRA-SP, KJDA-SP, KBI-SP, KRASP, IEIA-SP, or FON-SP for additional information on this exclusion. SECTION A INSTRUCTIONS Column (a)—Complete this column following the instructions for Form 720S Schedule K. Column (b)—For each item of income or deduction, enter the amount attributable to the project or projects. If the S corporation has more than one project, attach a schedule reflecting the computation of the total amount of each item. If the S corporation’s only operation is the project or projects, the amount entered for each item should be the same as the amount entered in column (a). 41A720S(K) (10-19) Attach applicable tax computation schedule(s) (Schedules KREDA-SP, KIDA-SP, KJRA-SP, KIRA-SP, KJDA-SP, KBI-SP, KRA-SP, IEIA-SP, or FON-SP) and supporting schedules for each project. Column (c)—For each item of income or deduction, subtract the amount in column (b) from the amount in column (a) and enter the result. The amounts from this column are used to determine the amount of income, credits, deductions, etc. reflected on each shareholder’s Kentucky Schedule K-1. T he total pro rata share items of all Schedules K-1 should equal the amount reported on the same lines of this column, Lines 1 through 19. SECTIONS B, C, AND D INSTRUCTIONS See instructions for Sections B, C, and D of Form 720S Schedule K.
720S - Schedule K
More about the Kentucky 720S - Schedule K Corporate Income Tax
We last updated the Kentucky Schedule K for S Corporations with Economic Development Project(s) in May 2021, and the latest form we have available is for tax year 2019. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the Kentucky Department of Revenue. You can print other Kentucky tax forms here.
Related Kentucky Corporate Income Tax Forms:
TaxFormFinder has an additional 129 Kentucky income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Kentucky 720S - Schedule K.
| Form Code | Form Name |
|---|---|
| 720S - Schedule K-1 | Shareholders Share of Income, Credits, Deductions, Etc |
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 720S - Schedule K from the Department of Revenue in May 2021.
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 720S - Schedule K
We have a total of seven past-year versions of 720S - Schedule K 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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