Form 720-Amended - Amended Kentucky Corporation Income Tax Return Page 2
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2Form 720-AMENDED (10-11)
Page 2
*1100020203*
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
✍
SIGNATURE REQUIRED BELOW
INSTRUCTIONS FOR FILING FORM 720-AMENDED
PART I—TAXABLE INCOME COMPUTATION
PART II—TAX COMPARISON
Line 1—Enter the amount of federal taxable income.
Line 1—To compute the liability, apply the following rates:
(a) 4 percent of the first $50,000 of taxable net income;
Additions to Federal Taxable Income—Lines 2 through 8 itemize
items of additional taxable income or unallowed deductions which
(b) 5 percent of the amount of taxable net income in excess of
are differences between federal taxable income and Kentucky taxable
$50,000, but not in excess of $100,000; and
net income.
(c)
7 percent of the amount of taxable net income in excess of
$100,000.
Line 9—Enter the total amount of other differences which result in
additions to federal taxable income in computing Kentucky taxable
Line 2—Enter the AMC calculation. For 2006, if the AMC calculation
net income. A schedule must be attached reflecting an itemization
has changed, complete and attach an amended Schedule AMC.
of the amount reflected on this line. Also, any Kentucky or federal
PART III—TAX COMPUTATION
form or schedule from which an amount is entered on this line must
be attached.
Line 1—Tax Liability. Enter from Part II, Tax Comparison, the greater
of Line 1, Line 2 or the $175 minimum.
Line 10—If the RAR adjustment results in an increase to net income,
enter here. These are the results of an IRS examination.
Line 2—Enter the amount of recycling recapture from Schedule
RC-R, Disposition of Recycling or Composting Equipment, Line 11.
Line 11—Enter the total of Lines 1 through 10.
Schedule RC-R must be attached.
Subtractions from Federal Taxable Income—Lines 12 through 16
Line 3—Sum the totals for lines 1 and 2. If the $175 minimum, skip
itemize items of income which are excluded or additional deductions
Line 4 and enter $175 on Line 5.
allowed which are differences between federal taxable income and
Kentucky taxable net income.
Line 4—Enter total credits from Kentucky Schedule TCS, Part III.
Line 17—Enter the total amount of other differences which result in
Line 5—Subtract Line 4 from Line 3. The credits from Schedule
subtractions from federal taxable income in computing Kentucky
TCS are nonrefundable credits. A minimum of $175 shall be due,
taxable net income. A schedule must be attached reflecting an
regardless of the application of any credits provided under any
itemization of the amount reflected on this line. Also, any Kentucky
provisions of the Kentucky Revised Statutes for which the business
or federal form or schedule from which an amount is entered on this
entity may qualify.
line must be attached.
Line 6—Enter the total of estimated tax payments made for the
Line 18—If the RAR adjustment results in a decrease to net income,
taxable year. Do not include the amount credited from prior year.
enter here. These are the results of an IRS examination.
This amount is reported on Line 8.
Line 19—Subtract Lines 12 through 18 from Line 11.
Line 7—Enter the amount of income tax paid with Form 41A720SL,
Application for Six-Month Extension of Time to File Kentucky
Line 20—For mandatory nexus consolidated filers only, enter the
Corporation Income Tax Return.
amount from Schedule NOL (Form 720), Part I, Section A, Line 7 or
8, as applicable. Line 7 is the current net operating loss disallowed
Line 8—Enter the amount credited to 2005 from Part II, Line 19 and
and is added to net income. Enter this amount as a positive. Line
Part III, Line 25 of the 2004 return; or to 2006 from Part IV, Line 22
8 is the net operating loss carryforward and is subtracted from net
of the 2005 return.
income. Enter this amount as a negative. Separate entity and elective
Line 9—Enter the amount of tax paid on the original return.
consolidated filers enter -0-.
Line 10—Enter the amount refunded on the original return.
Line 21—Add Line 19 and Line 20.
Line 11—Enter the amount credited to 2006 or 2007 from the original
Line 22—Enter the amount from Line 21 or the amount on Schedule A,
return.
Section II, Line 8, if applicable.
Line 12—Add Lines 5, 10 and 11, then subtract the total of Lines 6
Line 23—If the corporation is filing a mandatory nexus consolidated
through 9.
return, enter zero (-0-). For Kentucky purposes, the same carryforward
provisions allowed by IRC Section 172 are applicable for losses
Line 13—Add Lines 6 through 9, then subtract Lines 5, 10 and 11.
incurred in taxable years beginning after December 31, 1979, except
Tax Payment Summary
that no loss may be carried to a taxable year beginning before
Tax—Check the applicable box that denotes the method used to
January 1, 1980. The amount to be carried forward is the amount of
calculate the tax paid: Income, AMC Gross Receipts, AMC Gross
loss determined by KRS Chapter 141 and, in the case of multistate
Profits or Minimum $175.
corporations, it is the amount determined after apportionment
and allocation. Attach a schedule showing the computation of
If additional tax due is reflected on Part III, Line 12, compute interest
the net operating loss deduction, but do not enter more than the
from the original due date of the return to the date of payment. For
corporation’s taxable income. KRS 141.011
calendar year 2005, the rate is 5 percent per annum; calendar year
2006, 7 percent; calendar year 2007, 8 percent; calendar year 2008,
Line 24—Subtract Line 23 from Line 22.
8 percent from January 1 through April 30 and 10 percent from May
Line 25—Enter the amount of Kentucky domestic production activities
1 through December 31; calendar year 2009, 7 percent; calendar
deduction from Kentucky Form 8903-K, Line 21.
year 2010, 5 percent; calendar year 2011, 5 percent; and calendar
Line 26—Subtract Line 25 from Line 24.
year 2012 rate is available at
I, the undersigned, declare under the penalties of perjury, that I have examined this return, including all
accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct and
May the DOR discuss this
complete.
return with the preparer?
Yes
No
✍
Email Address:
Signature of principal officer or chief accounting officer
Date
Telephone Number:
Name of person or firm preparing return
SSN, PTIN or FEIN
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