Form 765-Gp - Kentucky General Partnership Income Return

Item B—Enter number of partners (attach K–1s).

Reporting Depreciation Differences—Important: Use Lines 3

and 8 only if the partnership has elected for federal income tax

Item C—North American Industrial Classification System

purposes to take the special depreciation allowance. Attach

(NAICS)—Enter your six–digit NAICS code. To view a complete

a copy of the federal Form 4562 filed for federal income tax

listing of NAICS codes, visit the United States Census Bureau

purposes to verify that no adjustments are required.

Web site at

Line 2 – Enter state taxes measured in whole or in part by

Item D—Telephone Number—Enter the business telephone

gross or net income. “State” means any state of the United

number of the general partner signing this return.

States, the District of Columbia, the Commonwealth of Puerto

Rico, any territory or possession of the United States or any

Item E—Enter the general partnership’s federal identification

foreign country or political subdivision thereof. Attach a

number. See federal Publication 583 if the general partnership

schedule reflecting the total taxes deducted on Form 1065.

has not obtained this number.

KRS 141.010(11)(d)

Item F—Enter the six–digit Kentucky withholding account

Line 3—See instructions on page 3 regarding depreciation and

number.

Section 179 deduction differences, and if applicable, include

the depreciation amount from Line 16a of Form 1065 (do not

Item G—Enter the six–digit Kentucky sales and use tax permit

include the Section 179 deduction). If federal Form 4562 is

number.

required to be filed for federal income tax purposes, a copy

must be attached.

Item H—Check the applicable boxes:

Line 4—Enter related party cost additions from Schedule RPC,

Part III, Line 1.

(a) Publicly Traded Partnership—This partnership is a publicly

traded partnership as provided by KRS 141.0401(6)(r).

Line 5— Enter the amount from Schedule O–PTE, Part I, Line 6.

(b) Short-period Return—This return is a short-period return.

Line 7—Enter the amount of the work opportunity credit reflected

Attach an explanation for the short-period return.

on federal Form 5884. For Kentucky purposes, the partnership

may deduct the total amount of salaries and wages paid or

incurred for the taxable year. This adjustment does not apply

return.

for other federal tax credits.

(d) Final Return—This is the general partnership’s final return.

Line 8—Enter Kentucky depreciation (do not include Section 179

The partnership has dissolved. Submit an explanation.

deduction). See instructions on page 3 regarding depreciation

and Section 179 deduction differences, and if applicable,

(e) Amended Return—Submit an explanation for the amended

Kentucky converted Form 4562 must be attached.

return.

Line 9—Enter the amount from Schedule O–PTE, Part II, Line

Change of name—The general partnership has changed its

(f)

10.

name.

SCHEDULE A—APPORTIONMENT

(g) Change of address—The general partnership has changed

its address.

A general partnership doing business within and without

Kentucky shall apportion its net income by a fraction, the

(h) Qualified Investment Pass–through Entity—The general

numerator of which is the property factor, representing 25

partnership is a qualified investment pass–through entity.

percent of the fraction, plus the payroll factor, representing 25

percent of the fraction, plus the sales factor, representing 50

INCOME/DEDUCTIONS TO BE REPORTED—The income and

percent of the fraction, with each factor determined in the same

deductions of a Kentucky general partnership are determined

manner as provided in KRS 141.120(8), and the denominator

under the Internal Revenue Code in effect December 31, 2006,

of which is four reduced by the number of factors, if any,

except for differences provided in KRS 141.010 and 141.206.

having no denominator, provided that if the sales factor has

Differences include but are not limited to:

no denominator, then the denominator shall be reduced by

two. KRS 141.206(12)

(1) E x clud e i nt er est in c om e fr o m U .S . g o v e r n m e nt

obligations.

Gross receipts, for determining the sales factor, should include

in the numerator and denominator interest, dividends, royalties

(2) Include interest income from obligations of other states and

and gross receipts of any gains or losses on the disposition of

their political subdivisions.

property, except as provided by KRS 141.121.

(3) Exclude MACRS bonus depreciation or Section 179 expense

If the general partnership is a partner in another pass–through

deduction in excess of $25,000.

entity then the general partnership shall be deemed to own the

pro rata share of the property owned or leased by the pass–

For additional instructions for reporting income and deductions,

through entity, and shall also include its pro rata share of the

see federal instructions, Form 1065.

pass–through entity’s payroll and sales. The phrase “a partner

in another pass–through entity” shall extend to each level of

SPECIFIC INSTRUCTIONS (FORM 765–GP)

multiple–tiered pass–through entities. KRS 141.206(11)

Line 1—The Kentucky Form 765–GP begins with ordinary

SCHEDULE K (FORM 765-GP)

income (loss) reported on federal Form 1065, Line 22. Report

adjustments to federal ordinary income (loss) on Form 765–GP,

General Instructions—Complete all applicable lines entering

Lines 2, 3, 4, 5, 7, 8 and 9. See instructions for Lines 3, 5, 8 and

the total pro rata share amount for each item listed. Federal

9 for reporting differences in depreciation and basis for assets

instructions for Form 1065 and federal Schedule K provide

purchased after September 10, 2001. Attach Schedule O–PTE

additional information which will assist the general partnership

to report amounts on Lines 5 and 9.

in completing Schedule K, Form 765–GP.

Form 765-Gp - Kentucky General Partnership Income Return - 2012 Page 6

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