Form 720s - Kentucky S Corporation Income And License Tax Return - 1999
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1
2
31999
Kentucky S Corporation Income
720S
and License Tax Return
41A720S
Taxable Year Ending
ä
Revenue Cabinet
Taxable period beginning __________________ , 1999, and ending __________________ , ________ .
M M Y
Y
See separate
instructions.
B
C
Federal
Kentucky
A
Check applicable box(es).
Identification Number
Account Number
Income Tax Return
Name of S Corporation (Place preaddressed label here; otherwise print or type.)
State and Date of Incorporation
Return not required
Number and Street
Principal Business Activity in KY
License Tax Return
City
State
ZIP Code
Telephone Number
Kentucky Business Code No.
Separate entity
Consolidated
D
Name of Common Parent
Kentucky Account Number
Federal Business Code Number
Return not required
__ __ __ __ __ __
E Check if applicable:
LLC
Initial return
Final return
Amended return
Short-period return
Change of name/address
12. Estimated payments .........................................
PART I—ORDINARY INCOME (LOSS) COMPUTATION
13. Extension payment ...........................................
14. Prior year's credit .............................................
1. Federal ordinary income (loss)
(Form 1120S, line 21) ...........................................
15. License tax overpayment (Part III, line 23) ......
ADDITIONS:
16. Income tax due .................................................
2. State taxes ............................................................
17. Income tax overpayment .................................
3. Other (attach schedule) .......................................
18 Credited to 1999 license tax .............................
4. Total (add lines 1 through 3) ..............................
19. Credited to 2000 ................................................
SUBTRACTIONS:
20. Refunded ..........................................................
5. Federal work opportunity credit .........................
PART III—LICENSE TAX COMPUTATION
6. Other (attach schedule) .......................................
1. Capital stock ......................................................
7. Ordinary income (loss)
(line 4 less lines 5 and 6) .....................................
2. Additional paid-in capital (surplus) .................
3. Retained earnings (surplus) .............................
PART II—INCOME TAX COMPUTATION
4. Adjustments to shareholders' equity (surplus)
5. Mortgages, notes payable in less than 1 year
1. Taxable income
(see instructions) ...
6. Advances by affiliated companies ...................
7. Mortgages, notes payable in 1 year or more .
2. Less statutory
($25,000)
exemption ..............
8. Other liabilities ..................................................
9. Intercompany accounts ....................................
3. Net capital gain ......
10. Other capital accounts ......................................
11. Less monies borrowed for inventory ..............
(
)
4. Less statutory
($25,000)
exemption ..............
12. Less KRS 136.071 deduction ............................
(
)
5. Enter lesser of line 2 or line 4 .............................
13. Total capital (combine lines 1 through 12) .....
%
%
6. Apportionment fraction (if applicable) ...............
14. Apportionment fraction
(attach Sch. A if applicable)
7. Taxable income ...................................................
15. Capital employed subject to tax .......................
16. Tax before credit (line 15 multiplied by .0021)
Taxable Net Income
Rate
8.
(a) First
17. License tax credit (maximum $490) ................
$25,000 ....
x
4%
(b) Next
18. License tax liability (minimum $30) ................
$25,000 ....
x
5%
(c) Next
19. Extension payment ...........................................
$50,000 ....
x
6%
(d) Next
20. Income tax overpayment (Part II, line 18) .......
$150,000 ..
x
7%
(e) All over
21. License tax due .................................................
$250,000 ..
x 8.25%
22. License tax overpayment .................................
9. Income tax liability
(add lines 8(a) through (e)) ..................................
23. Credited to 1999 income tax ............................
10. Enterprise zone tax credit ...................................
24. Credited to 2000 ................................................
11. Net income tax liability .......................................
25. Refunded ...........................................................
TAX PAYMENT SUMMARY (Round to Nearest Dollar)
Penalty
,
Income
,
,
Interest
,
41A720S9913
TOTAL
(Including Penalty
,
,
,
,
License
and Interest)
Federal Form 1120S, pages 1, 3 and 4,
must be attached.
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