Form 720 - Income Tax And Llet Return - 2007 printable pdf download

__ __ __ __ __ __

720

*0700020200*

Kentucky Corporation/LLET Account Number

41A720

Department of Revenue

ENTUCKY

ORPORATION

2007

Taxable period

LLET R

NCOME

AX AND

ETURN

beginning ______________ , 2007, and ending ______________ , 200___ .

Check applicable box(es):

__ __ / __ __

Federal

Taxable Year Ending

__ __ – __ __ __ __ __ __ __

Identification Number

LLET

Mo.

Yr.

Receipts Method

Name of Corporation or Affiliated Group

(Print or type)

State and Date of Incorporation

Change of name

Gross Receipts

Gross Profits

$175 minimum

Number and Street

Change of address

Principal Business Activity in KY

Nonfiling Status Code

Enter Code _____ _____

City

State

ZIP Code

Telephone Number

NAICS Code Number

Income Tax Return

(Relating to Kentucky Activity)

Elected Consolidated

(See )

Attach Form 722

Name of Common Parent

Kentucky Corporation/LLET Account Number

__ __ __ __ __ __

Mandatory NEXUS

Nonfiling Status Code

Check if applicable:

Initial return

Short-period return (attach explanation)

Final return (attach explanation)

Enter Code _____ _____

15. Other (attach schedule) .......................................

PART I—LLET COMPUTATION

16. Net income (line 10 less lines 11 through 15) ...

1. Schedule LLET, Section D, line 1 ........................

17. Current net operating loss adjustment

2. Recycling/composting equipment tax credit

(mandatory nexus only) ........................................

recapture ..............................................................

18. Kentucky net income (add lines 16 and 17) ......

3. Total (add lines 1 and 2) ......................................

19. Taxable net income

4. Nonrefundable LLET credit from Kentucky

(attach Schedule A if applicable) ........................

Schedule(s) K-1 ....................................................

20. Net operating loss deduction (NOLD) ................

5. Nonrefundable tax credits (Schedule TCS) ........

21. Taxable net income after NOLD

6. LLET liability (greater of line 3 less lines

(line 19 less line 20) .............................................

4 and 5 or $175 minimum) ..................................

22. Kentucky domestic production activities

7. Withholding tax (PTE-WH) ...................................

deduction (KDPAD) ..............................................

8. Estimated tax payments ......................................

23. Taxable net income after KDPAD (line 21

9. Extension payment ..............................................

less line 22) ...........................................................

10. Income tax overpayment from

Part III, line 15 .......................................................

PART III—INCOME TAX COMPUTATION

11. LLET due (line 6 less lines 7 through 10) ............

1. Income tax (multiply Part II, line 23 by tax rates)

12. LLET overpayment (lines 7 through 10

2. Recycling/composting equipment tax credit

less line 6) .............................................................

recapture ................................................................

13. Credited to 2007 income tax ...............................

3. Tax installment on LIFO recapture ......................

14. Credited to 2008 LLET ..........................................

4. Total (add lines 1 through 3) ...............................

15. Amount to be refunded .......................................

5. Nonrefundable LLET credit from the Limited

Liability Pass-through Entity LLET Credit

PART II—TAXABLE INCOME COMPUTATION

Worksheet(s) (see instructions) ..........................

1. Federal taxable income (Form 1120, line 28) .....

6. Nonrefundable LLET credit (Part I, line 6

ADDITIONS:

less $175) ..............................................................

2. Interest income (state and local obligations) .....

7. Nonrefundable tax credits (Schedule TCS) ........

3. State taxes based on net/gross income .............

8. Net income tax liability (line 4 less lines 5

4. Depreciation adjustment .....................................

through 7, but not less than zero) .......................

5. Deductions attributable to nontaxable income ..

9. Estimated tax payments

6. Related party expenses .......................................

Check if Form 2220-K attached ...................

7. Dividend paid deduction (REIT) ..........................

10. Extension payment ..............................................

8. Domestic production activities deduction ..........

11. Prior year’s tax credit ...........................................

9. Other (attach schedule) .......................................

12. LLET overpayment from Part I, line 13 ...............

10. Total (add lines 1 through 9) ...............................

13. Income tax due (line 8 less lines 9 through 12) .

SUBTRACTIONS:

14. Income tax overpayment (lines 9 through 12

11. Interest income (U.S. obligations) ......................

less line 8) ................................................................

12. Dividend income ..................................................

15. Credited to 2007 LLET ..........................................

13. Federal work opportunity credit .........................

16. Credited to 2008 corporation income tax ...........

14. Depreciation adjustment .....................................

17. Amount to be refunded .......................................

➤ Federal Form 1120, pages 1, 2, and 4,

TAX PAYMENT SUMMARY (Round to nearest dollar)

and any supporting schedules must

be attached.

LLET

INCOME

LLET due (Part I, Line 11) $___________________

Income tax due (Part III, Line 13) $___________________

Make check payable to:

Penalty

$___________________

Kentucky State Treasurer

Interest

$___________________

Interest

$___________________

Mail return with payment to:

Subtotal

$___________________

Subtotal

$___________________

Kentucky Department of Revenue

TOTAL PAYMENT (Add Subtotals) ............................................................. ➤ $ ____________________________________

Frankfort, Kentucky 40620

Form 720 - Income Tax And Llet Return - 2007

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