Form 765-Gp - Kentucky General Partnership Income Return

See the instructions to Form 8903–K for definitions of: (i)

C, D and E. All general partners’ names, Social Security or

Domestic Production Gross Receipts (DPGR); (ii) Kentucky

identifying numbers and other general partner information

Domestic Production Gross Receipts (KDPGR); and (iii)

must be complete and legible. Schedule K–1 (Form 765–GP)

Qualified Production Activities Income (QPAI).

must be completed and given to each general partner with

instructions on or before the day on which Form 765–GP is

SECTION II—General Partnership Pass–through Items

filed with the Department of Revenue.

Lines 1 through 8 of this section do not need to be completed if

A copy of each partner’s K–1 (Form 765–GP) must be attached

all the partners or members are individuals, estates or trusts. In

to Form 765–GP filed with the Department of Revenue, and a

order to enter the correct amounts on lines 1 through 8 of this

copy kept as part of the general partnership’s records.

section, Schedule A (Form 41A720A) must be completed and

attached to the tax return.

Photocopies of Schedule K–1 (Form 765–GP) may be used in lieu

Line 1—Enter the general partnership’s Kentucky sales from

of the official schedule printed by the Department of Revenue,

Schedule A, Section I, Line 1.

provided the photocopies are on bond paper of at least 16

pounds and are of good quality.

Line 2—Enter the general partnership’s total sales from Schedule

A, Section I, Line 2.

Specific Instructions

Line 3—Enter the general partnership’s Kentucky property from

Federal instructions for Schedule K–1 (Form 1065) explain

Schedule A, Section I, Line 5.

the rules for allocating items of income (loss), deductions,

Line 4—Enter the general partnership’s total property from

credits, etc., to each general partner. The distributive share

Schedule A, Section I, Line 6.

items reported on all Schedules K–1, Column (b), Lines 1

through 49 must equal the amounts reported on Schedule K,

Line 5—Enter the general partnership’s Kentucky payroll from

Lines 1 through 49; the distributive share items reported on all

Schedule A, Section I, Line 8.

Schedules K–1, Column (b), Lines 50 through 57 must equal the

amounts reported on comparable lines of Schedule K, Section II,

Line 6—Enter the general partnership’s total payroll from

Lines 1 through 8; and the distributive share items reported on

Schedule A, Section I, Line 9.

all Schedules K–1, Column (b), Lines 58 and 59 must equal the

Line 7—Enter the general partnership’s Kentuck y gross

amounts reported on comparable lines of Schedule K, Section

profits.

III, Lines 1 and 2. Schedule K–1, Column (b), Lines 60 through

62 do not correspond with Schedule K.

Line 8—Enter the general partnership’s total gross profits from

all sources.

Multiple Activities—If items of income, loss or deduction

from more than one activity are reported on Lines 1, 2 or 3 of

SECTION III—Limited Liability Entity Tax (LLET) Pass–through

Schedule K–1 (Form 765–GP), the general partnership must

Items

provide information for each activity to its general partners. See

Passive Activity Reporting Requirements in the instructions

Attach Schedule K–1 (Form 765) from a Kentucky Partnership

for Schedule K–1 (Form 1065) for details on the information to

Income and LLET Return, or a Kentucky Single Member LLC

be provided on an attachment to Schedule K–1 (Form 765–GP)

Individually Owned LLET Return (Form 725). If the general

for each activity.

partnership is a partner or member of more than one limited

liability pass–through entity complete a separate Section III

At–Risk Activities—If the general partnership is involved in

for each entity.

one or more at–risk activities for which a loss is reported on

Schedule K–1 (Form 765–GP), the general partnership must

Line 1—Enter the net distributive income from Kentucky

report information separately for each at–risk activity. See

Schedule K–1 (Form 765), Lines 1 through 6, 9 and portions

Special Reporting Requirements for At–Risk Activities in the

of Lines 7 and 11 multiplied by the apportionment fraction

federal instructions for Schedule K–1 (Form 1065) for details on

on Line D(2) of Schedule K–1; or net distributive income from

the information to be provided on an attachment to Schedule

Form 725, Line 11 multiplied by the apportionment fraction on

K–1 (Form 765–GP) for each at–risk activity.

Line 12 of Form 725.

Lines 1 through 59—Enter the general partner’s total pro rata

Line 2—Enter the nonrefundable credit from Kentucky Schedule

share of each item listed on Schedule K, Form 765–GP. Do

K–1 (Form 765), Line 56; or Form 725, page 1, Part III, Line 3.

not multiply these amounts by the percentage entered on

Item C(2). Attach schedules showing separately the required

✍

Signature—Form 765–GP must be signed by a partner.

information for each IRC Section 469 passive activity and each

Failure by a partner to sign the return, to complete

Section 465 at-risk activity. Other schedules are to be attached

all applicable lines on any required Kentucky form, to attach

for line items where requested on Schedule K-1 (Form 765-

all applicable schedules including copies of federal forms or to

GP).

complete all information on the questionnaire will delay the

processing of tax returns and may result in the assessment of

Enter on attached schedules the supplemental information

penalties.

required to be reported separately to each general partner

for Lines 1 through 59 and any other information or items and

SCHEDULE K–1 (FORM 765–GP)—KENTUCKY

amounts not included on Schedule K–1 (Form 765-GP) for

PARTNER’S SHARE OF INCOME,

which the partner needs to prepare a Kentucky income tax

CREDITS, DEDUCTIONS, ETC.

return including, but not limited to, any recapture of Section

179 deduction, gross income and other information relating to

oil and gas well properties enabling the partner to figure the

General Instructions

allowable depletion deduction, etc. See instructions for federal

Schedule K–1 (Form 1065), Line 20.

Schedule K–1 (Form 765–GP) shows each general partner’s pro

rata share of the general partnership’s income, deductions,

Lines 60 through 62—The amounts in Column (b) are to

credits, etc. On each Schedule K–1 (Form 765–GP) enter the

be entered by the general partner and not by the general

names, addresses and identifying numbers of the general

partnership.

partner and general partnership and complete items A, B,

Form 765-Gp - Kentucky General Partnership Income Return - 2012 Page 9

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