Form 765-Gp - Kentucky General Partnership Income Return

5. Form 5884—Work Opportunity Credit

pass–through entities; and (iii) that elect to be included in a

composite return as provided by KRS 141.206(16).

6. Schedules for items on Form 1065, Schedule L, which state,

“attach schedule.”

For taxable years beginning on or after January 1, 2007, the

Department of Revenue will permit the filing of a “composite

7. Form 4562—Depreciation and Amortization

return” as provided by KRS 141.206(16) on behalf of electing

8. Form 8825—Rental Real Estate Income and Expenses of a

nonresident individual partners, members or shareholders of

Partnership or an S Corporation

a pass–through entity as defined in KRS 141.010(26). Income

tax will be computed at the highest marginal rate provided in

Accounting Procedures—Kentucky income tax law requires a

KRS 141.020 on the partner’s, member’s or shareholder’s pro

general partnership to report income on the same calendar or

rata share of the distributive share income from a pass–through

fiscal year and to use the same methods of accounting required

entity doing business in, or deriving income from sources

for federal income tax purposes. Any federally approved

within Kentucky. The partners’, members’ or shareholders’

change in accounting periods or methods must be reported

distributive share of income shall include all items of income

to the Department of Revenue. Attach a copy of the federal

or deduction used to compute adjusted gross income on the

approval to the return when filed. KRS 141.140

Kentucky return that is passed through to the partner, member

Filing Date—A general partnership return must be filed on or

or shareholder by the pass–through entity, including but not

before the 15th day of the fourth month following the close of

limited to interest, dividend, capital gains or losses, guaranteed

the taxable year.

payments and rents (KRS 141.206(16)).

The composite return of a pass–through entity shall be

If the filing date falls on a Saturday, Sunday or a legal holiday,

filed with the Department of Revenue on Form 740NP–WH,

the filing date is deemed to be on the next business day. KRS

Kentucky Nonresident Income Tax Withholding on Distributive

446.030(1)(a)

Share Income Report and Composite Income Tax Return. The

Mailing—Mail the return to Kentucky Department of Revenue,

composite return box on the front of the Form 740NP–WH form

Frankfort, KY 40620.

must be checked to indicate that this is a composite return, and

a Form PTE–WH must be completed for each of the electing

Jeopardy Fee—A $100 minimum penalty on all nonfiled returns,

nonresident individual partners, members or shareholders. The

when the taxpayer fails to file a return or provide information

composite return box on each Form PTE–WH must be checked

after being requested to do so by the Department of Revenue.

to indicate that it is part of a composite return. The tax due

KRS 131.150(2)

for the electing partners, members or shareholders shall be

remitted with the composite return.

Extensions—An extension of time to file a general partnership

income return may be obtained by either making a specific

For taxable years beginning on or after January 1, 2012, a pass-

request to the Department of Revenue or attaching a copy of the

through entity filing a composite return shall make estimated

federal extension to the return when filed. A copy of the federal

tax payments if required by KRS 141.206(6). If the pass-through

extension submitted after the return is filed does not constitute

entity is required to make estimated tax payments for taxable

a valid extension, and late filing penalties will be assessed.

years beginning on or after January 1, 2012, use Form 740NP-

For further information, see the instructions for Form 40A102,

WH-ES (Kentucky Estimated Tax Vouchers).

Application for Extension of Time to File Individual, General

Partnership and Fiduciary Income Tax Returns for Kentucky.

Substitute Forms—Any form to be used in lieu of an official

103 KAR 15:050

Department of Revenue form must be submitted to the

department for prior approval.

Amended Return—To correct Form 765–GP as originally filed,

file an amended Form 765–GP and check the appropriate box on

Required Forms and Information—A partnership must enter

page 1. If the amended return results in a change in income or

all applicable information on Form 765–GP, attach a schedule

a change in the distribution of any income or other information

for each line item or line item instruction which states “attach

provided to partners, an amended Schedule K–1 (Form 765–GP)

schedule,” and attach the following forms or schedules, if

must also be filed with the amended Form 765–GP and given to

applicable.

each partner. Check the Amended K–1 box on each Schedule K–1

to indicate that it is an amended Schedule K–1.

Kentucky Forms and Schedules

1. General Partnership Income Return (Form 765–GP)

Internal Revenue Service Audit Adjustments—A general

partnership which has received final adjustments resulting

2. Partner’s Share of Income, Credits, Deductions, Etc.—

from Internal Revenue Service audits must submit a copy of the

Schedule K–1 (Form 765–GP)

“final determination of the federal audit” within 30 days of the

3. Apportionment and Allocation (Schedule A)

conclusion of the federal audit. Use Form 765–GP for reporting

federal audit adjustments and check the Amended Return box.

4. Apportionment and Allocation—Continuation Sheet

(Schedule A–C)

GENERAL INSTRUCTIONS (FORM 765-GP)

5. Application for Extension of Time to File Individual, General

Partnership and Fiduciary Income Tax Returns for Kentucky

Period Covered

(Form 40A102)

File the 2012 return for calendar year 2012 and fiscal years that

6. Other Additions And Subtractions To/From Federal Ordinary

begin in 2012. For a fiscal year, fill in the taxable period beginning

Income (Schedule O–PTE)

and ending at the top of Form 765–GP.

Required Federal Forms and Schedules

Item A—Enter date business commenced or qualified.

All partnerships must provide a copy of the following federal

Name and Address—Print or type the general partnership

forms submitted to the Internal Revenue Service:

name. For the address, include the suite, room or other unit

1. Form 1065, all pages

number after the street address. If the U.S. Postal Service

does not deliver mail to the street address and the general

2. Form 1125-A—Cost of Goods Sold

partnership has a P.O. Box, show the box number instead of

3. Form 4797—Sales of Business Property

the street address (see Item H if a change in name or address

4. Schedule D—Capital Gains and Losses

has occurred).

Form 765-Gp - Kentucky General Partnership Income Return - 2012 Page 5

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