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Kentucky Free Printable  for 2020 Kentucky Business Development Corporation Tax Return

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Business Development Corporation Tax Return
Form 750

750 Commonwealth of Kentucky DEPARTMENT OF REVENUE ➤  See instructions. __ __ __ __ __ __ *1600010302* 41A750 (9-16) Kentucky Corporation/LLET Account Number BUSINESS DEVELOPMENT CORPORATION TAX RETURN 2016 Form 41A750 is used by Business Development Corporations organized under the provisions of KRS 155.020. Name of Corporation Number and Street State City Federal Identification Number — Date of Incorporation ZIP Code GROSS INCOME   1 Gross receipts or sales $_________  Less: Returns and allowances $_________ ... 1   2 Less: Cost of goods sold and/or cost of operations (From Schedule A or Schedule B)................................................................................................................. 2   3 Gross profit (line 1 less line 2).................................................................................. 3   4 Dividends (From Schedule C)................................................................................... 4   5 Interest on loans, notes, mortgages, bonds, bank deposits, etc............................ 5   6 Interest on corporation bonds, etc........................................................................... 6   7 Interest on governmental obligations subject to tax.............................................. 7  8 Rents........................................................................................................................... 8 9 Royalties..................................................................................................................... 9 10 Gains and losses (From Schedule D): (a) Net short-term capital gain reduced by any net long-term capital loss......... 10(a) (b) Net long-term capital gain reduced by any net short-term capital loss......... 10(b) (c) Net gain (or loss) from sale or exchange of property other than capital assets.. 10(c) 11 Other income (Attach schedule. Include Federal income tax refunds).................. 11 12 Total income on lines 3, and 4 through 11.................................................................................................................... 12 DEDUCTIONS 13 Compensation of officers (From Schedule E).......................................................... 13 14 Salaries and wages (Not deducted elsewhere)....................................................... 14 15 Rent............................................................................................................................. 15 16 Repairs (Do not include cost of improvements or capital expenditures).............. 16 17 Bad debts (From Schedule F).................................................................................... 17 18 Interest........................................................................................................................ 18 19 Taxes (From Schedule G)........................................................................................... 19 20 Contributions or gifts paid (From Schedule H)........................................................ 20 21 Losses by fire, storm, shipwreck or other casualty, or theft (Submit schedule)...... 21 22 Depreciation and amortization (From Schedule I)................................................... 22 23 Depletion of mines, oil and gas wells, timber, etc. (Submit schedule)................. 23 24 Advertising................................................................................................................. 24 25 Amounts contributed under: (a) A pension, annuity, stock bonus or profit-sharing plan................................... 25(a) (b) Other employee benefit plans............................................................................ 25(b) 26 Other deductions authorized by law (From Schedule J)........................................ 26 27 Total deductions on lines 13 through 26....................................................................................................................... 27 28 Net income (line 12 less line 27).................................................................................................................................... 28 29 Federal income tax......................................................................................................................................................... 29 30 Taxable net income (line 28 less line 29)...................................................................................................................... 30 31 Tax Rate........................................................................................................................................................................... 31 32 TOTAL TAX (line 30 multiplied by line 31 or $10, whichever is greater)..................................................................... 32 4.5% Has the Internal Revenue Service made any changes in taxable income?  Yes  o No o If “yes,” attach copy of changes to this return. 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 complete. ✍ Signature of principal officer or chief accounting officer Printed name of principal officer or chief accounting officer Name of person or firm preparing return Date SSN, PTIN or FEIN 41A750 (9-16) Page 2 *1600010303* Commonwealth of Kentucky DEPARTMENT OF REVENUE Schedule A. COST OF GOODS SOLD (Where inventories are an income-determining factor) Inventory at beginning of year................................... Merchandise bought for manufacture or sale........... Salaries and wages...................................................... Other costs per books (Submit schedule)................. Total.......................................................................... Less: Inventory at end of year................................ Cost of goods sold (enter here and on page 1, line 2)............................................................................   Schedule B. COST OF OPERATIONS (Where inventories are not an income-determining factor) Salaries and wages...................................................... Other costs (to be detailed): (a) .................................................................................. (b).................................................................................. (c) .................................................................................. (d).................................................................................. (e) .................................................................................. Total (enter here and on page 1, line 2)..................... Schedule C. INCOME FROM DIVIDENDS 1. Name of Declaring Corporation 2. Domestic Corporations 3. Foreign Corporations 4. Other Corporations Totals....................................................................................................................... Total of columns 2, 3 and 4 (Enter here and on page 1, line 4)............................................................................................................................. Schedule D. Separate Schedule D should be used in reporting sales or exchanges of property and filed with this return. Enter on page 1, lines 10(a), 10(b) and/or 10(c). Schedule E. COMPENSATION OF OFFICERS 1. Name and Address of Officer 3. Time Devoted to Business 2. Official Title Percent of Stock Owned 4. Common 5. Preferred 6. Amount of Compensation Total Compensation of Officers (Enter here and on page 1, line 13).................................................................................................................... Schedule F. BAD DEBTS 1. Taxable Year Amount of notes and accounts receivable outstanding at— 2. Beginning  of Year 3. End  of Year 4. Net Income Reported 5. Sales on Account 6. Bad Debts of Corporation if No Reserve is Carried on Books If Corporation Carries a Reserve 7. Gross Amount Added to Reserve 8. Amount Charged Against Reserve NOTE: Securities which are capital assets and which became worthless within the taxable year should be reported on a separate Schedule D. Enter on page 1, line 17. Schedule G. TAXES Do not include federal taxes measured by income. Nature Amount Schedule H. CONTRIBUTIONS OR GIFTS PAID Name and Address of Organization Amount Total (Enter here and on page 1, line 19)................... Total (Enter here and on page 1, line 20).................... Schedule I. DEPRECIATION AND AMORTIZATION (WHEREVER CLAIMED) Attach a detailed schedule in support of each of the lines on this schedule. Part A. DEPRECIATION CLAIMED Part B. AMORTIZATION CLAIMED 1. 2. 3. 4. 5. 6. Straight line method............................................. 7. Emergency facilities.............................................. Declining balance method.................................... 8. Grain storage facilities.......................................... Sum of the years’ digits method.......................... 9. Research or experimental expenditures.............. Depreciation based on.......................................... 10. Exploration and development (a)  Units of production......................................... expenditures.......................................................... (b)  Hours of machine operation.......................... 11. Organizational expenditures................................ Other methods....................................................... 12. Total amortization claimed (Add lines 7-11).........   Total depreciation claimed (Add lines 1-5)..........   13. Enter sum of lines 6 and 12.......................................................................................................................................................... Part C 14. Less: Amounts of depreciation and amortization claimed on Schedules A or B or elsewhere on return.............................. 15. Balance (Enter here and on page 1, line 22)............................................................................................................................... Schedule J. OTHER DEDUCTIONS Total (Enter here and on page 1, line 26).................... 41A750 (9-16) Commonwealth of Kentucky DEPARTMENT OF REVENUE Page 3 *1600010304* Schedule K. BALANCE SHEETS Beginning of Taxable Year ASSETS Amount Total End of Taxable Year Amount Total 1. Cash................................................................. 2. Notes and accounts receivable..................... (a)  Less: Reserve for bad debts.................... 3. Inventories: (a)  Other than last-in, first-out...................... (b)  Last-in, first-out........................................ 4. Prepaid expenses and supplies.....................   5. Investments (income from which is nontaxable)..................................................... 6. Other investments (attach schedule)............ 7. Buildings and other fixed depreciable assets... (a)  Less: Accumulated depreciation............. 8. Depletable assets........................................... (a)  Less: Accumulated depletion.................. 9. Land................................................................. 10. Intangible assets (amortizable only)............. (a)  Less: Accumulated amortization............. 11. Other assets (attach schedule)....................... 12. TOTAL ASSETS............................................... LIABILITIES AND CAPITAL 13. Accounts payable........................................... 14. Bonds, notes and mortgages payable: (a) With original maturity of less than 1 year... (b) With original maturity of 1 year or more.. 15. Accrued expenses (attach schedule).............   16. Other liabilities (attach schedule).................. 17. Capital Stock: Enter number as at end of year— (Shares) (Shareholders) (a)  Preferred stock (__________)(__________) (b)  Common stock (__________)(__________) 18. Paid-in or capital surplus............................... 19. Surplus reserves (attach schedule)............... 20. Earned surplus and undivided profits.......... 21. TOTAL LIABILITIES AND CAPITAL................. Schedule L. RECONCILIATION OF NET INCOME AND ANALYSIS OF EARNED SURPLUS AND UNDIVIDED PROFITS 1. Earned surplus and undivided profits at 6. Total distributions to stockholders charged close of preceding taxable year........................... to earned surplus during taxable year: 2. Taxable net income (page 1, line 30)................... (a) Cash................................................................ 3. (a)  Obligations of Kentucky, its political (b) Stock of the corporation................................ subdivisions, municipalities and (c) Other property............................................... instrumentation............................................... 7. Sundry debits to earned surplus (attach .schedule) (b)  Obligations of the United States.................... 8. Other unallowable deductions (attach schedule) 4. Sundry credits to earned surplus (attach 9. Total of lines 6 through 8...................................... schedule)................................................................ 10. Earned surplus and undivided profits at close 5. Total of lines 1 through 4......................................   of the taxable year (line 5 less line 9).................. 41A750 (9-16) Commonwealth of Kentucky DEPARTMENT OF REVENUE *1600010305* Page 4 INSTRUCTIONS FOR FILING BUSINESS DEVELOPMENT CORPORATION TAX RETURN This is the Business Development Corporation Tax Return and should be filed ONLY by corporations authorized under the provisions of Chapter 155 of the Kentucky Revised Statutes. This return must be filed by June 1 after the close of the calendar year. Under the provisions of Chapter 155, the payment of the tax determined by this return is accepted in lieu of the state income tax imposed by KRS 141.040 and tax imposed by KRS 141.0401. All checks should be made payable to the Kentucky State Treasurer and mailed with the return to the Department of Revenue, Frankfort, Kentucky 40620-0020. The full amount of tax is to be paid at the time the return is filed. GROSS INCOME AND DEDUCTIONS The taxable net income of a business development corporation for Kentucky tax purposes is the same as “book income” determined in accordance with generally accepted accounting principles. Therefore, the items of gross income and deduction to be shown on page 1 of the Kentucky return are the same items of gross income and deduction shown by the books and records as maintained by the corporation solely for accounting purposes, without adjustment or special treatment (inclusion/exclusion) required for income tax purposes. Items of income recognized for “book” purposes which are not to be included on page 1 include income specifically exempted from tax by the Kentucky Constitution and the Constitution and/or laws of the United States. QUESTIONS   1. Did the corporation file a Kentucky tax return under the same name for the preceding year?  _______________________________________________  4. Check whether this return was prepared on cash basis  or accrual basis .   5. Enter Kentucky Employer Withholding Number   2. The address of the principal office in Kentucky, if not shown on page 1.  __________________________ _______________________________________________   3. The corporation’s books are in care of ___________ _______________________________________________ Located at_____________________________________ _______________________________________________ _______________________________________________  6. Do you have a Kentucky Retail Sales and Use Tax Permit? Yes  No   If “yes,” enter permit number. _______________________________________________ Attach and return with Form 750, Business Development Corporation Tax Return
Extracted from PDF file 2016-kentucky-form-750.pdf, last modified October 2016

More about the Kentucky Form 750 Corporate Income Tax

We last updated the Business Development Corporation Tax Return in February 2017, and the latest form we have available is for tax year 2016. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the Kentucky Department of Revenue. You can print other Kentucky tax forms here.

Other Kentucky Corporate Income Tax Forms:

TaxFormFinder has an additional 129 Kentucky income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form 725 Kentucky Single Member LLC Individually Owned & LLET Return
Form 720S Instructions Kentucky S Corporation Income Tax and LLET Return Instructions
Form 720 Kentucky Corporation Income Tax and LLET Return
Form 720-ES Kentucky Estimated Tax Voucher - Corporation Income/Limited Liability Entity Tax - Form 41A720ES
Form 765-GP-K1 Schedule K-1 - Partner's Share of Income, Credits, Deductions, Etc.

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 750 from the Department of Revenue in February 2017.

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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 750

We have a total of four past-year versions of Form 750 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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