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Kentucky Business Development Corporation Tax Return
Extracted from PDF file 2023-kentucky-form-750.pdf, last modified June 2023Business Development Corporation Tax Return
FORM 750 BUSINESS DEVELOPMENT CORPORATION TAX RETURN Commonwealth of Kentucky Department of Revenue See instructions. 2023 Form 750 is only used by Business Development Corporations organized under the provisions of KRS 155.020. Name of Corporation Federal Identification Number KY Corporation/LLET Account No. Number and Street Date of Incorporation State City ZIP Code GROSS INCOME 1 Gross receipts or sales $_________ Less: Returns and allowances $_________ ... 1 00 2 Less: Cost of goods sold and/or cost of operations (From Schedule A or Schedule B)................................................................................................................. 2 00 3 Gross profit (line 1 less line 2)..................................................................................... 3 00 4 Dividends (From Schedule C)...................................................................................... 4 00 5 Interest on loans, notes, mortgages, bonds, bank deposits, etc.................................. 5 00 6 Interest on corporation bonds, etc............................................................................... 6 00 7 Interest on governmental obligations subject to tax..................................................... 7 00 8 Rents........................................................................................................................... 8 00 9 Royalties...................................................................................................................... 9 00 10 Gains and losses (From Federal Schedule D): (a) Net short-term capital gain reduced by any net long-term capital loss................. 10(a) 00 (b) Net long-term capital gain reduced by any net short-term capital loss................. 10(b) 00 (c) Net gain (or loss) from sale or exchange of property other than capital assets.......... 10(c) 00 11 Other income (Attach schedule. Include Federal income tax refunds)........................ 11 00 12 Total income (add lines 3 and 4 through 11)...................................................................................................................... 12 DEDUCTIONS 13 Compensation of officers (From Schedule E).............................................................. 13 00 14 Salaries and wages (Not deducted elsewhere)........................................................... 14 00 15 Rent............................................................................................................................. 15 00 16 Repairs (Do not include cost of improvements or capital expenditures)...................... 16 00 17 Bad debts (From Schedule F)...................................................................................... 17 00 18 Interest......................................................................................................................... 18 00 19 Taxes (From Schedule G)............................................................................................ 19 00 20 Contributions or gifts paid (From Schedule H)............................................................. 20 00 21 Losses by fire, storm, shipwreck or other casualty, or theft (Submit schedule).............. 21 00 22 Depreciation and amortization (From Schedule I)....................................................... 22 00 23 Depletion of mines, oil and gas wells, timber, etc. (Submit schedule)......................... 23 00 24 Advertising................................................................................................................... 24 00 25 Amounts contributed under: (a) A pension, annuity, stock bonus, or profit-sharing plan......................................... 25(a) 00 (b) Other employee benefit plans............................................................................... 25(b) 00 26 Other deductions authorized by law (From Schedule J).............................................. 26 00 27 Total deductions (add lines 13 through 26)....................................................................................................................... 27 28 Net income (line 12 less line 27)........................................................................................................................................ 28 29 Federal income tax............................................................................................................................................................ 29 30 Taxable net income (line 28 less line 29)........................................................................................................................... 30 31 Tax Rate............................................................................................................................................................................. 31 32 TOTAL TAX (line 30 multiplied by line 31 or $10, whichever is greater)........................................................................... 32 00 00 00 00 00 4.5% 00 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. Sign Here Paid Preparer Use Signature of Officer Date Name of Officer Title Signature of Preparer Date Name of Preparer or Firm ID Number Email and/or Telephone No. May the DOR discuss this return with this preparer? ¨ Yes ¨ No 230302 41A750 (10-23) Page 1 of 4 FORM 750 (2023) Page 2 of 4 Schedule A—COST OF GOODS SOLD (Where inventories are an income-determining factor) Schedule B—COST OF OPERATIONS (Where inventories are not an income-determining factor) Inventory at beginning of year....................................... Merchandise bought for manufacture or sale................ Salaries and wages....................................................... Other costs per books (Submit schedule)..................... Total.......................................................................... Less: Inventory at end of year.................................. Cost of goods sold (enter here and on page 1, line 2)............................................................................. 00 00 00 00 00 00 Salaries and wages....................................................... Other costs (to be detailed): (a) . ................................................................................ (b) . ................................................................................ (c) .................................................................................. (d) . ................................................................................ (e) . ................................................................................ Total (enter here and on page 1, line 2)........................ 00 00 00 00 00 00 00 00 Schedule C—INCOME FROM DIVIDENDS 1 Name of Declaring Corporation 2 Domestic Corporations Totals Total of columns 2, 3, and 4 (Enter here and on page 1, line 4) 3 Foreign Corporations 4 Other Corporations 00 00 00 00 00 00 00 00 00 00 00 00 00 Schedule D—Federal Schedule D should be used in reporting sales or exchanges of property and filed with this return. Enter on page 1, lines 10(a), 10(b), and/or 10(c). Schedule E—COMPENSATION OF OFFICERS 1 Name and Address of Officer 3 Time Devoted to Business 2 Official Title Percent of Stock Owned 4 Common 6 Amount of Compensation 5 Preferred 00 00 00 00 Total Compensation of Officers (Enter here and on page 1, line 13) Schedule F—BAD DEBTS 1 Taxable Year Amount of notes and accounts receivable outstanding at— 2 Beginning of Year 4 Net Income Reported 3 End of Year 6 Bad Debts of Corporation if No Reserve is Carried on Books 5 Sales on Account If Corporation Carries a Reserve 7 Gross Amount Added to Reserve 8 Amount Charged Against Reserve 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 NOTE: Securities which are capital assets and which became worthless within the taxable year should be reported on a separate Schedule D. Enter on page 1, line 17. Schedule G—TAXES Do not include federal taxes measured by income. Nature Schedule H—CONTRIBUTIONS OR GIFTS PAID Amount Name and Address of Organization 00 00 00 Total (Enter here and on page 1, line 19)...................... 00 Amount 00 00 00 Total (Enter here and on page 1, line 20)....................... 00 Schedule I—DEPRECIATION AND AMORTIZATION (WHEREVER CLAIMED) Attach a detailed schedule in support of each of the lines on this schedule. Part A—DEPRECIATION CLAIMED 1 2 3 4 Part B—AMORTIZATION CLAIMED Straight line method................................................ 00 7 Emergency facilities................................................ Declining balance method....................................... 00 8 Grain storage facilities............................................. Sum of the years’ digits method.............................. 00 9 Research or experimental expenditures................. Depreciation based on............................................ 00 10 Exploration and development (a) Units of production............................................ 00 expenditures............................................................ (b) Hours of machine operation.............................. 00 11 Organizational expenditures................................... 5 Other methods........................................................ 00 6 Total depreciation claimed (Add lines 1-5).............. 00 12 Total amortization claimed (Add lines 7-11)............ 13 Enter sum of lines 6 and 12............................................................................................................................................................ 14 Less: Amounts of depreciation and amortization claimed on Schedules A or B or elsewhere on return......................................... Part C 15 Balance (Enter here and on page 1, line 22).................................................................................................................................. Schedule J—OTHER DEDUCTIONS 00 00 00 00 Total (Enter here and on page 1, line 26)....................... 230303 41A750 (10-23) 00 00 00 00 00 00 00 00 00 00 00 00 00 FORM 750 (2023) Page 3 of 4 Schedule K—BALANCE SHEETS Beginning of Taxable Year ASSETS Amount End of Taxable Year Total Amount Total 1 Cash................................................................. 00 00 2 Notes and accounts receivable........................ 00 00 (a) Less: Reserve for bad debts...................... 00 00 00 00 3 Inventories: (a) Other than last-in, first-out......................... 00 00 (b) Last-in, first-out.......................................... 00 00 00 00 4 Prepaid expenses and supplies....................... 00 00 5 Investments (income from which is nontaxable)...................................................... 00 00 6 Other investments (attach schedule)............... 00 00 7 Buildings and other fixed depreciable assets....... 00 00 (a) Less: Accumulated depreciation................ 00 00 00 00 8 Depletable assets............................................. 00 00 (a) Less: Accumulated depletion..................... 00 00 00 00 9 Land................................................................. 00 00 10 Intangible assets (amortizable only)................. 00 00 (a) Less: Accumulated amortization................ 00 00 00 00 11 Other assets (attach schedule)........................ 00 00 12 TOTAL ASSETS............................................... 00 00 LIABILITIES AND CAPITAL 13 Accounts payable............................................. 00 00 14 Bonds, notes, and mortgages payable: (a) With original maturity of less than 1 year........ 00 00 (b) With original maturity of 1 year or more........ 00 00 00 00 15 Accrued expenses (attach schedule)............... 00 00 16 Other liabilities (attach schedule)..................... 00 00 17 Capital Stock: Enter number as at end of year— (Shares) (Shareholders) (a) Preferred stock (__________)(__________) 00 00 (b) Common stock (__________)(__________) 00 00 00 00 18 Paid-in or capital surplus.................................. 00 00 19 Surplus reserves (attach schedule).................. 00 00 20 Earned surplus and undivided profits............... 00 00 21 TOTAL LIABILITIES AND CAPITAL................. 00 00 Schedule L—RECONCILIATION OF NET INCOME AND ANALYSIS OF EARNED SURPLUS AND UNDIVIDED PROFITS 1 Earned surplus and undivided profits at 6 Total distributions to stockholders charged close of preceding taxable year.............................. 00 to earned surplus during taxable year: 2 Taxable net income (page 1, line 30)...................... 00 (a) Cash................................................................ 00 3 (a) Obligations of Kentucky, its political (b) Stock of the corporation................................... 00 subdivisions, municipalities, and (c) Other property................................................. 00 instrumentation........................................................ 00 7 Sundry debits to earned surplus (attach .... schedule) 00 (b) Obligations of the United States....................... 00 8 Other unallowable deductions (attach schedule).... 00 4 Sundry credits to earned surplus (attach 9 Total (add lines 6 through 8).................................... 00 schedule)................................................................. 00 10 Earned surplus and undivided profits at close 5 Total (add lines 1 through 4).................................... of the taxable year (line 5 less line 9)...................... 00 230304 41A750 (10-23) 00 FORM 750 (2023) Page 4 of 4 INSTRUCTIONS FOR FILING BUSINESS DEVELOPMENT CORPORATION TAX RETURN This is the Business Development Corporation Tax Return and should be filed ONLY by corporations authorized by Chapter 155 of the Kentucky Revised Statutes. This return must be filed by June 1 after the close of the calendar year. Per Chapter 155, the payment of the tax determined by this return is accepted in lieu of the state income tax imposed by KRS 141.040 and tax imposed by KRS 141.0401. All checks should be made payable to the Kentucky State Treasurer and mailed with the return to the Department of Revenue, Frankfort, Kentucky 40620-0020. The full amount of tax is to be paid at the time the return is filed. GROSS INCOME AND DEDUCTIONS The taxable net income of a business development corporation for Kentucky tax purposes is the same as “book income.” Therefore, the items of gross income and deduction to be shown on page 1 of the Kentucky return are the same items of gross income and deduction shown by the books and records as maintained by the corporation solely for accounting purposes, without adjustment or special treatment (inclusion/exclusion) required for income tax purposes. Items of income recognized for “book” purposes which are not to be included on page 1 are items of income specifically exempted from tax by the Kentucky Constitution and the Constitution and/or laws of the United States. QUESTIONS 1 Did the corporation file a Kentucky tax return under the same name for the preceding year? Yes o No o 2 The address of the principal office in Kentucky, if not shown on page 1. ___________________________ _ _________________________________________ 3 The corporation’s books are in care of ____________ _ _________________________________________ Located at__________________________________ _ _________________________________________ 4 Check whether this return was prepared on cash basis or accrual basis . 230305 41A750 (10-23) 5 Enter Kentucky Employer Withholding Number _ _________________________________________ 6 Do you have a Kentucky Retail Sales and Use Tax Permit? Yes No If “yes,” enter permit number. _ _________________________________________ 7 Has the Internal Revenue Service made any changes in taxable income? Yes o No o If “yes,” attach copy of changes to this return.
Form 750
More about the Kentucky Form 750 Corporate Income Tax TY 2023
We last updated the Business Development Corporation Tax Return in February 2024, so this is the latest version of Form 750, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 750 directly from TaxFormFinder. You can print other Kentucky tax forms here.
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TaxFormFinder has an additional 129 Kentucky income tax forms that you may need, plus all federal income tax forms.
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Form Sources:
Kentucky usually releases forms for the current tax year between January and April. We last updated Kentucky Form 750 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 Form 750
We have a total of eight past-year versions of Form 750 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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