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Kentucky Free Printable  for 2021 Kentucky Kentucky Corporation Income Tax and LLET Return

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Kentucky Corporation Income Tax and LLET Return
Form 720

FORM 720 KENTUCKY CORPORATION INCOME TAX AND LLET RETURN Commonwealth of Kentucky Department of Revenue 2020 For calendar year 2020 or tax years beginning (MM-DD-YY)  __ __ – __ __ – 20__ __ , and ending (MM-DD-YY)  __ __ – __ __ – 20__ __ A LLET  Exemption Code D FEIN E Kentucky Corporation/LLET __ __ – __ __ __ __ __ __ __ Account Number (Required)  Change of Name Name of Corporation B Income Tax Exemption Code __  __  __   __  __  __ Telephone Number State of Incorporation Number and Street City State ZIP Code  Consolidated Elective Attach Form 722 __  __ / __   __  __  __   F Name of Common Parent Kentucky Corporation/LLET Account Number Principal Business Activity in KY __  __  __   __  __  __ C Provider 3-Factor Apportionment Code Date of Incorporation G Check applicable boxes NAICS Code Number in KY  Amended return (Complete Part V)  Amended return—RAR (Complete Part V)  Initial return  Short-period return (Complete Part IV)  Change of accounting period  Final return (Complete Part IV) PART I—TAXABLE INCOME COMPUTATION „ 1 0 0 2 Interest income (state and local obligations) „ 2 0 0 3 State taxes based on net/gross income „ 3 0 0 4 Depreciation adjustment „ 4 0 0 5 Deductions attributable to nontaxable income „ 5 0 0 6 Related party expenses (attach Schedule RPC) „ 6 0 0 7 Dividend paid deduction (REIT) „ 7 0 0 8 Revenue Agent Report (RAR) „ 8 0 0 9 Kentucky capital gain from Kentucky Schedule D, line 18 „ 9 0 0 10 Loss from Form 4797 found on federal Form 1120, line 9 „ 10 0 0 11 Gain from Kentucky Form 4797, line 17 „ 11 0 0 12 Federal allowable depletion from Form 1120, line 21 „ 12 0 0 1 Federal taxable income (Form 1120, line 28) ADDITIONS: OFFICIAL USE ONLY P W 2 0 4 V A L # 200200 41A720 (10-20) Page 1 of 9 FORM 720 (2020) Page 2 of 9 PART I—TAXABLE INCOME COMPUTATION—continued ADDITIONS—continued 13 Federal contribution deductions from Form 1120, line 19 „ 13 0 0 14 Terminal Railroad Corporation adjustments „ 14 0 0 15 Federal allowable passive activity loss „ 15 0 0 16 Federal taxable loss of all exempt corporations „ 16 0 0 17 Adjustments for qualified construction allowance(s) for short-term lease(s) „ 17 0 0 18 Enter additions to federal taxable income from Kentucky Schedule(s) K-1 „ 18 0 0 19 Internal Revenue Code adjustments (see instructions) „ 19 0 0 20 Other additions (attach explanation) „ 20 0 0 21 Total (add lines 1 through 20) „ 21 0 0 22 Interest income (U.S. obligations) „ 22 0 0 23 Dividend income (see line 5) „ 23 0 0 24 Federal work opportunity credit „ 24 0 0 25 Depreciation adjustment „ 25 0 0 26 Revenue Agent Report (RAR) „ 26 0 0 27 Capital gain from Form 1120, line 8 „ 27 0 0 28 Gain from Form 4797 found on federal Form 1120, line 9 „ 28 0 0 29 Loss from Kentucky Form 4797, line 17 „ 29 0 0 30 50% of the gross royalty income derived from any disposal of coal with a retained economic interest defined by IRC §631(c) and all IRC §272 expenses if the corporation elects not to use percentage depletion „ 30 0 0 SUBTRACTIONS 200201 41A720 (10-20) FORM 720 (2020) Page 3 of 9 PART I—TAXABLE INCOME COMPUTATION—continued SUBTRACTIONS—continued 31 Terminal Railroad Corporation adjustments „ 31 0 0 32 Kentucky allowable passive activity loss „ 32 0 0 33 Kentucky allowable depletion „ 33 0 0 34 Kentucky contribution deductions „ 34 0 0 35 Adjustments for qualified construction allowance(s) for short-term leases(s) „ 35 0 0 36 Federal taxable income of all exempt corporations „ 36 0 0 37 Enter subtractions from federal taxable income from Kentucky Schedule(s) K-1 „ 37 0 0 38 Internal Revenue Code adjustments (see instructions) „ 38 0 0 39 Other subtractions (attach explanation) „ 39 0 0 40 Net income (line 21 less lines 22 through 39) „ 40 0 0 41 Taxable net income (see instructions) „ 41 0 0 42 Net operating loss deduction (NOLD) „ 42 0 0 43 Taxable net income after NOLD (line 41 less line 42) „ 43 0 0 200256 41A720 (10-20) FORM 720 (2020) Page 4 of 9 PART II—LLET COMPUTATION 1 Schedule L, Section E, line 1 (Page 9) „ 1 0 0 2 Tax credit recapture „ 2 0 0 3 Total (add lines 1 and 2) „ 3 0 0 4 Nonrefundable LLET credit from Kentucky Schedule(s) K-1 „ 4 0 0 5 Nonrefundable tax credits (attach Schedule TCS) „ 5 0 0 6 LLET liability (greater of line 3 less lines 4 and 5 or $175 minimum) „ 6 0 0 7 Withholding Tax (Form PTE-WH) „ 7 0 0 8 Estimated tax payments „ 8 0 0 9 Certified rehabilitation tax credit „ 9 0 0 10 Film industry tax credit „ 10 0 0 11 Extension payment „ 11 0 0 12 Prior year’s tax credit „ 12 0 0 13 Income tax overpayment from Part III, line 17 „ 13 0 0 14 LLET paid on original return „ 14 0 0 15 LLET overpayment on original return „ 15 0 0 16 Estimated Tax Penalty (attach Form 2220-K) „ 16 0 0 „ 17 0 0 18 18 LLET overpayment (lines 7 through 14 less lines 6, 15, and 16)„ 0 0 19 Credited to 2020 income tax „ 19 0 0 20 Credited to 2020 interest „ 20 21 Credited to 2020 penalty „ 21 22 Credited to 2021 LLET „ 22 17 LLET and Estimated Tax Penalty Due (lines, 6, 15, and 16 less lines 7 through 14). 23 Amount to be refunded (line 18 less lines 19 through 22) 200257 41A720 (10-20) OWE REFUND „ 23 0 0 FORM 720 (2020) Page 5 of 9 PART III—INCOME TAX COMPUTATION 1 Income tax (see instructions) „ 1 0 0 2 Tax credit recapture „ 2 0 0 3 Tax installment on LIFO recapture „ 3 0 0 4 Total (add lines 1 through 3) „ 4 0 0 5 Nonrefundable LLET credit from the Corporation LLET Credit Worksheet(s)(see instructions) „ 5 0 0 6 Nonrefundable LLET credit (Part II, line 6 less $175) „ 6 0 0 7 Nonrefundable tax credits (attach Schedule TCS) „ 7 0 0 8 Net income tax liability (line 4 less lines 5 through 7, but not less than zero) „ 8 0 0 9 Estimated tax payments „ 9 0 0 10 Extension payment „ 10 0 0 11 Prior year’s tax credit „ 11 0 0 12 LLET overpayment from Part II, line 19 „ 12 0 0 13 Corporation income tax paid on original return „13 0 0 14 Corporation income tax overpayment on original return „ 14 0 0 15 Income tax due (lines 8 and 14 less lines 9 through 13) „ 15 0 0 16 Income tax overpayment (lines 9 through 13 less lines 8 and 14) „ 16 0 0 17 Credited to 2020 LLET „ 17 0 0 18 Credited to 2020 interest „ 18 19 Credited to 2020 penalty „ 19 20 Credited to 2021 corporation income tax „ 20 21 Amount to be refunded (line 16 less lines 17 through 20) 200258 41A720 (10-20) OWE REFUND „ 21 0 0 FORM 720 (2020) Page 6 of 9 PART IV—EXPLANATION OF FINAL RETURN AND/OR SHORT–PERIOD RETURN   Ceased operations in Kentucky   Change of ownership   Successor to previous business   Change in filing status  Merger   Other _________________________________________________ PART V—EXPLANATION OF AMENDED RETURN CHANGES OFFICER INFORMATION Attach a schedule listing the name, home address, and Social Security number of the vice president, secretary, and treasurer.  Yes Has the attached officer information changed from the last return filed? President’s Name  No President’s Home Address President’s Social Security Number  /     / Date Became President Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. Signature of Officer Sign Here Paid Preparer Use Date __  __ /__  __ / __   __  __  __ Name of Officer (Please print) Title Signature of Preparer Date Name of Preparer or Firm (Please print) ID Number Email and/or Telephone No. May the DOR discuss this return with this preparer? __  __ /__  __ / __   __  __  __   YES    NO Enclose Include federal Form 1120 with all supporting schedules and statements. Refund or No Payment Kentucky Department of Revenue P. O. Box 856905 Louisville, KY 40285-6905 Payment Check Payable: Kentucky State Treasurer E-Pay Options: www.revenue.ky.gov With Payment Kentucky Department of Revenue Frankfort, KY 40620-0021 200259 41A720 (10-20) FORM 720 (2020) Page 7 of 9 SCHEDULE Q—QUESTIONNAIRE IMPORTANT: Questions 1 and 2 must be answered if this is the corporation’s initial return or if a return was not filed under the same name and same federal I.D. number for the preceding year. Failure to do so may result in a request for a delinquent return.   1 Indicate whether: (a)    new business,  (b)   successor to previously existing business which was organized as: (1)   corporation (2)   partnership (3)    sole proprietorship (4)   other_________________________________________ ____________________________________________________ ____________________________________________________ 6 Was the corporation doing business in Kentucky other than through its interest held in a pass-through entity doing business in Kentucky?    Yes   No 7 Did the corporation at any time during the taxable year own more than 50 percent (50%) of the voting stock of another corporation that is part of a unitary business per KRS 141.202(2)(f)?     Yes   No If yes, list name and federal I.D. number of the entity. Name FEIN If successor to previously existing business, give name, address, and federal I.D. number of the previous business organization. Name FEIN Address __ __ – __ __ __ __ __ __ __ 8     2 If a foreign corporation, enter the date qualified to do business in Kentucky.          __ __ / __ __ / __ __ __ __ Questions 3–10 must be completed by all corporations.   3 The corporation’s books are in care of: Name Address 4 Are disregarded entities included in this return?     Yes   No If yes, attach Schedule DE. 5 Was the corporation a partner or member in a pass-through entity doing business in Kentucky?      Yes    No  If yes, list the name(s) and federal I.D. number(s) of the pass-through entity(ies). Name A FEIN __ __ – __ __ __ __ __ __ __ Name B FEIN __ __ – __ __ __ __ __ __ __ 200322 41A720 (10-20) __ __ – __ __ __ __ __ __ __ Was more than 50 percent (50%) of the corporation’s voting stock owned by any corporation that is part of a unitary business per KRS 141.202(2)(f)?     Yes     No  If yes, list name and federal I.D. number of each entity. If more than 3 companies, attach a supporting statement. Name A FEIN __ __ – __ __ __ __ __ __ __ Name B FEIN __ __ – __ __ __ __ __ __ __ Name C FEIN __ __ – __ __ __ __ __ __ __ 9 The federal tax return attached to this Kentucky tax return is:  a pro forma federal tax return  a copy of the federal tax return filed with the Internal Revenue Service. 10 Was this return prepared on: (a)  cash basis (b)  accrual basis  (c)  other  _____________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ __________________________________________________________ FORM 720 (2020) Page 8 of 9 SCHEDULE L—LIMITED LIABILITY ENTITY TAX COMPUTATION  Check the box and complete Schedule L-C, Limited Liability Entity Tax—Continuation Sheet, if the corporation filing this tax return is a partner or member of a limited liability pass-through entity or general partnership doing business in Kentucky. Enter the total amounts from Schedule L-C in Section A of this schedule. SECTION A—Computation of Kentucky Gross Receipts and Gross Profits 1(a) Gross receipts less returns and allowances „ 1(a) 0 0  (b) Kentucky statutory gross receipts reductions „ (b) 0 0 2 „ 2 0 0 3(a) Cost of goods sold (attach Schedule COGS) „ 3(a) 0 0  (b) Kentucky statutory cost of goods sold reductions „ (b) 0 0 4 Adjusted cost of goods sold (line 3(a) less line 3(b)) „ 4 0 0 5 Gross profits (line 2 less line 4) „ 5 0 0 Adjusted gross receipts (line 1(a) less line 1(b)) SECTION B—Computation of TOTAL Gross Receipts and Gross Profits 1 Adjusted gross receipts „ 1 0 0 2 Cost of goods sold (attach Schedule COGS) „ 2 0 0 3 Gross profits (line 1 less line 2) „ 3 0 0 If Section B, Line 1 or 3 is $3,000,000 or less, SKIP Sections C and D and enter $175 in Section E, Line 1 and then enter $175 on page 4, Part II, Line 1. Otherwise, continue to Section C on the next page. 200260 41A720 (10-20) FORM 720 (2020) Page 9 of 9 SCHEDULE L—LIMITED LIABILITY ENTITY TAX COMPUTATION—continued SECTION C—Computation of Gross Receipts LLET 1 If gross receipts from all sources (Section B, line 1) are greater than $3,000,000, but less than $6,000,000, enter the following: (Section A, line 2 x 0.00095) – [ ] $2,850 x ($6,000,000 – Section A, line 2) $3,000,000 but in no case shall the result be less than zero. „ 1 0 0 2 If gross receipts from all sources (Section B, line 1) are $6,000,000 or greater, enter the following: Section A, line 2 x 0.00095. „ 2 0 0 3 Enter the amount from line 1 or line 2. „ 3 0 0 SECTION D—Computation of Gross Profits LLET 1 If gross profits from all sources (Section B, line 3) are greater than $3,000,000, but less than $6,000,000, enter the following: [ ] (Section A, line 5 x 0.0075) – $22,500 x ($6,000,000 – Section A, line 5) $3,000,000 but in no case shall the result be less than zero. „ 1 0 0 2 If gross profits from all sources (Section B, line 3) are $6,000,000 or greater, enter the following: Section A, line 5 x 0.0075. „ 2 0 0 3 Enter the amount from line 1 or line 2. „ 3 0 0 „ 1 0 0 SECTION E—Computation of LLET 1 Enter the lesser of Section C, line 3 or Section D, line 3 here and on Page 4, Part II, line 1. If less than $175, enter the minimum of $175 here and on Page 4, Part II, line 1. 200279 41A720 (10-20)
Extracted from PDF file 2020-kentucky-form-720.pdf, last modified September 2020

More about the Kentucky Form 720 Corporate Income Tax Tax Return TY 2020

We last updated the Kentucky Corporation Income Tax and LLET Return in February 2021, so this is the latest version of Form 720, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form 720 directly from TaxFormFinder. You can print other Kentucky tax forms here.


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Related Kentucky Corporate Income Tax Forms:

TaxFormFinder has an additional 129 Kentucky income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Kentucky Form 720.

Form Code Form Name
Form 720S Kentucky S Corporation Income Tax and LLET Return
Schedule NOL Form 720 Net Operating Loss Schedule
Form 720S Instructions Kentucky S Corporation Income Tax and LLET Return Instructions
720-ES CORPORATION INCOME/LIMITED LIABILITY ENTITY TAX ESTIMATED TAX VOUCHER
Schedule O-720 Other Additions and Subtractions to/from Federal Taxable Income
Form 720-ES Kentucky Estimated Tax Voucher - Corporation Income/Limited Liability Entity Tax - Form 41A720ES
Schedule KCR Form 720 Kentucky Consolidated Return Schedule
720S - Schedule K Kentucky Schedule K for S Corporations with Economic Development Project(s)
720S - Schedule K-1 Shareholders Share of Income, Credits, Deductions, Etc
Form 41A720-S85 Application for Preliminary Authorization of the ENDOW Kentucky Tax Credit KRS 141.438

Download all KY tax forms View all 130 Kentucky Income Tax Forms


Form Sources:

Kentucky usually releases forms for the current tax year between January and April. We last updated Kentucky Form 720 from the Department of Revenue in February 2021.

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Form 720 is a Kentucky Corporate Income Tax form. Like the Federal Form 1040, states each provide a core tax return form on which most high-level income and tax calculations are performed. While some taxpayers with simple returns can complete their entire tax return on this single form, in most cases various other additional schedules and forms must be completed, depending on the taxpayer's individual situation, to create a complete income tax return package.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Kentucky Form 720

We have a total of eight past-year versions of Form 720 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:



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