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Form 765(K) - Partners' Shares Of Income, Credits, Deductions, Etc., Excluding The Economic Development Project(S) Page 4

Form 765(K)

Page 4

41A765(K) (10-12)

Commonwealth of Kentucky

DEPARTMENT OF REVENUE

INSTRUCTIONS–KENTUCKY SCHEDULE K

FOR PARTNERSHIPS

WITH ECONOMIC DEVELOPMENT PROJECT(S)

IMPORTANT: A partnership that has one or more projects under the Kentucky Rural Economic Development Act

(KREDA), Kentucky Industrial Development Act (KIDA), Kentucky Economic Opportunity Zone Act (KEOZ), Kentucky

Jobs Retention Agreement (KJRA), Kentucky Industrial Revitalization Act (KIRA), Kentucky Jobs Development Act

(KJDA), Kentucky Business Investment Program (KBI), Kentucky Reinvestment Act (KRA) and Incentives for Energy

Independence Act (IEIA) must use this Schedule K in lieu of Form 765 Schedule K.

Attach applicable tax computation schedule(s)

Purpose of Schedule—This schedule is used to

(Schedule KREDA-SP, Schedule KIDA-SP, Schedule

determine the partners’ share of each item of income,

KEOZ-SP, Schedule KJRA-SP, Schedule KIRA-SP,

credit, deduction, etc., excluding the amount of each

item of income, credit, deduction, etc., attributable to

Schedule KJDA-SP, Schedule KBI-SP, Schedule KRA-

the project(s). See General Instructions of Schedule

SP or Schedule IEIA-SP) and supporting schedules for

KREDA-SP, Schedule KIDA-SP, Schedule KEOZ-SP,

each project.

Schedule KJRA-SP, Schedule KIRA-SP, Schedule KJDA-

SP, Schedule KBI-SP, Schedule KRA-SP or Schedule

Column (d)—For each item of income or deduction,

IEIA-SP for additional information on this exclusion.

subtract the amount in column (c) from the amount in

column (b) and enter the result. The amounts from this

SECTION I INSTRUCTIONS

column are used to determine the amount of income,

Column (b)—Complete this column following the

credits, deductions, etc. reflected on each partner’s

instructions for Form 765 Schedule K.

Kentucky Schedule K-1. The total pro rata share items

of all Schedules K-1 should equal the amount reported

Column (c)—For each item of income or deduction,

on the same lines of this column, lines 1 through 47.

enter the amount attributable to the project or projects.

If the partnership has more than one project, attach a

schedule reflecting the computation of the total amount

SECTION II INSTRUCTIONS

of each item.

See instructions for Section II of Form 765 Schedule

If the partnership’s only operation is the project or

K to determine if it is necessary to complete lines 1

projects, the amount entered for each item should be

through 8.

the same as the amount entered in column (b).

Form 765(K) - Partners' Shares Of Income, Credits, Deductions, Etc., Excluding The Economic Development Project(S) Page 4

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