Form 765-Gp - Kentucky General Partnership Income Return

SECTION I—Income (Loss) and Deductions

Line 8—Enter total contributions paid by the general partnership

during its taxable year and attach a schedule showing separately

A general partnership filing Form 765–GP must use Form 765-

the contributions subject to the 50 percent, 30 percent and 20

GP(K), “Kentucky Schedule K for General Partnerships with

percent limitations. These percentage limitations must be applied

Economic Development Project(s),” if the partnership has one or

to the Kentucky amounts rather than the federal amounts.

more projects under the Kentucky Rural Economic Development

Act (KREDA), Kentucky Industrial Development Act (KIDA),

Also, enter amount of deduction allowable from Schedule

Kentucky Economic Opportunity Zone Act (KEOZ), Kentucky Jobs

HH for the value of leasehold interest of property donated for

Retention Agreement (KJRA), Kentucky Industrial Revitalization

living quarters for a homeless family. The ordinary charitable

Act (KIRA), Kentucky Jobs Development Act (KJDA), Kentucky

contribution deduction must be reduced by any amount

Business Investment Program (KBI), Kentucky Reinvestment Act

attributable to property on which this deduction is taken.

(KRA) and Incentives for Energy Independence Act (IEIA).

Line 9—See instructions on page 3 of the 2012 Form 765–GP

Line 1—Enter Kentucky ordinary income (loss) from trade or

instructions regarding depreciation and Section 179 deduction

business activities reported on Form 765–GP, Ordinary Income

differences, and if applicable, include the amount from Line

(Loss) Computation, page 1, Line 11.

12 of the Kentucky Form 4562. Kentucky Form 4562 must be

attached. Otherwise, enter Section 179 deduction from federal

Line 2—Enter net income (loss) from rental real estate activities

Form 4562.

reported on federal Schedule K, Form 1065, adjusted to reflect

any differences in Kentucky and federal income tax laws.

Line 10—Enter the expenses related to portfolio income

reported on federal Schedule K, Form 1065, adjusted to exclude

Line 3(a)—Enter the gross income from other rental activities

expenses related to tax–exempt interest income and other

reported on federal Schedule K, Form 1065.

exempt income.

Line 3(b)—Enter the expenses from other rental activities

Line 11—Enter any other deductions of the general partnership

not included on Lines 8, 9 and 10. See federal instructions for

reported on federal Schedule K, Form 1065, adjusted to reflect

any differences in Kentucky and federal income tax laws.

Schedule K, Form 1065.

Line 3(c)—Enter the difference of Line 3(a) and Line 3(b).

Line 12(a)—Enter the general partnership’s deductible interest

expense allocable to debt on property held for investment

Line 4(a)—Enter interest income from federal Schedule K, Form

purposes. Property held for investment purposes includes

1065, adjusted to exclude tax–exempt U.S. government interest,

property that produces investment income (interest, dividends,

if any, and to include interest income from obligations of states

annuities, royalties, etc.). The total amount entered should equal

other than Kentucky and their political subdivisions.

the amount of interest expense reported on federal Schedule K,

Form 1065, adjusted to exclude any interest expense on debts

Lines 4(b) and 4(c)—Enter the amount of dividend and royalty

incurred to purchase or carry investment property producing, or

income reported on federal Schedule K, Form 1065.

held for the production of, U.S. government interest income.

Line 4(d)—See instructions on page 3 of the 2012 Form 765–GP

Lines 12(b)(1) and (b)(2)—Enter only the investment income

instructions regarding differences in gain or loss from disposition

included on Lines 4(a), 4(b), 4(c) and 4(f), Schedule K, Form

of assets, and if applicable, enter the amount from Line 7 of the

765–GP, and only the investment expenses related thereto

included on Line 10, Schedule K, Form 765–GP. See federal

Kentucky Schedule D that is portfolio income. Report any gain

or loss that is not portfolio income on Line 7, Schedule K, Form

instructions for Schedule K, Form 1065.

765-GP. Kentucky Schedule D must be attached to Form 765-GP.

Otherwise, enter the amount from Line 7 of the federal Schedule

Line 13 – Enter the Kentucky Small Business Investment Credit

D (Form 1065) that is portfolio income.

Program (KSBIC) tax credit as provided by KRS 141.384 and

attach a copy of the Kentucky Economic Development Finance

Line 4(e)—See instructions on page 3 of the 2012 Form 765–GP

Authority notification.

instructions regarding differences in gain or loss from disposition

of assets, and if applicable, enter the amount from Line 15 of

Line 14—Enter the Skills Training Investment Credit Act (STICA)

tax credit as provided by KRS 141.405 and attach the Bluegrass

the Kentucky Schedule D that is portfolio income. Report any

gain or loss that is not portfolio income on Line 7, Schedule K,

State Skills Corporation certification(s).

Form 765–GP. Kentucky Schedule D must be attached to Form

765–GP. Otherwise, enter the amount from Line 15 of the federal

Line 15—Enter the Certified Rehabilitation Tax Credit as

Schedule D (Form 1065) that is portfolio income.

provided by KRS 171.397 and attach the Kentucky Heritage

Council certification(s).

Line 4(f)—Enter any other portfolio income not reported on Lines

4(a) through 4(e), Schedule K, Form 765–GP.

Line 16—Enter the Kentucky Unemployment Tax Credit as

provided by KRS 141.065 and attach Kentucky Schedule UTC

Line 5—Enter guaranteed payments to partners from federal

(Form 42A740–UTC).

Schedule K, Form 1065.

Line 17—Enter the Recycling and Composting Equipment

Line 6—See instructions on page 3 of the 2012 Form 765–GP

Tax Credit as provided by KRS 141.390 and attach Kentucky

instructions regarding differences in gain or loss from

Schedule RC (Form 41A720RC).

disposition of assets. If applicable, enter the amount from Line

7 of the Kentucky Form 4797, and Kentucky Form 4797 must

Line 18—Enter the Kentucky Investment Fund Tax Credit

be attached to Form 765–GP. Otherwise, enter net gain (loss)

as provided by KRS 154.20–258 and attach a copy of the

under Section 1231 from federal Form 4797. Do not include net

notification from Kentucky Economic Development Finance

gains (losses) from involuntary conversions due to casualties

Authority (KEDFA) reflecting the amount of credit granted and

or thefts on this line. Instead, report them on Line 7.

the year in which the credit may first be claimed.

Line 7—Enter all other items of income (loss) of the general

Line 19—Enter the Coal Incentive Tax Credit for electric power

partnership not included on Lines 1 through 6. See federal

generation as provided by KRS 141.0405 and attach Kentucky

instructions for Schedule K, Form 1065.

Schedule CI (Form 41A720–CI).

Form 765-Gp - Kentucky General Partnership Income Return - 2012 Page 7

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