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

42A765-GP(K) (10-11)

Page 4

Commonwealth of Kentucky

DEPARTMENT OF REVENUE

INSTRUCTIONS—KENTUCKY SCHEDULE K

FOR GENERAL PARTNERSHIPS

WITH ECONOMIC DEVELOPMENT PROJECT(S)

IMPORTANT: A general 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-GP Schedule K.

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

PURPOSE OF SCHEDULE—This schedule is used to

applicable tax computation schedule(s) (Schedule

determine the partners’ shares of each item of income,

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

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

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

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

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

the project(s). See General Instructions of Schedule

IEIA-SP) and supporting schedules for each project.

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

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

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

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

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

IEIA-SP for additional information on this exclusion.

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

column are used to determine the amount of income,

SECTION I INSTRUCTIONS

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

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

Column (b)—Complete this column following the

of all Schedules K-1 should equal the amount reported

instructions for Form 765-GP Schedule K.

on the same lines of this column, lines 1 through 48.

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

SECTION II AND SECTION III INSTRUCTIONS

enter the amount attributable to the project or projects.

If the general partnership has more than one project,

attach a schedule reflecting the computation of the total

See instructions for Section II and Section III of Form

765-GP Schedule K to determine if it is necessary

amount of each item.

to complete this section. If the general partnership

is required to complete Section III, exclude income

If the general partnership’s only operation is the project

or projects, the amount entered for each item should be

attributable to the project(s).

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

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