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Kentucky Free Printable 10_41A720NOL_(0001)_FINAL.indd for 2020 Kentucky Kentucky Capital Gains and Losses

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Kentucky Capital Gains and Losses
10_41A720NOL_(0001)_FINAL.indd

SCHEDULE NOL 41A720NOL (10-10) Commonwealth of Kentucky DEPARTMENT OF REVENUE ➤ See instructions. ➤ Attach to Form 720. Taxable Year Ending *1000020217* __ __ / __ __ Mo. If an election is made to carry NOL carryforward as an apportioned NOL, check here. Mandatory Nexus Only NET OPERATING LOSS SCHEDULE KRS 141.011, KRS 141.200(11); Regulation 103 KAR 16:250 Name of Corporation Yr. Kentucky Corporation/LLET Account Number PART I—MANDATORY NEXUS CONSOLIDATED RETURN Section A—Current Net Operating Loss Adjustment Name Kentucky Corporation/LLET Account Number A Prior Year’s NOL Carryforward Kentucky Net Income Includible Corporations B C Kentucky Net Losses (Enter as a Positive) Total Losses (Enter as a Positive) 1. Parent 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 2. Subsidiaries a b c d e f g h i j k l m 3. Totals (add Columns A and B) ........................................ 3 4. Limitation–Income (line 3, Column A multiplied by 50%).. 4 5. Prior year NOL carryforward ........................................................................................................................... 5 6. Total (add line 5, Column C and line 3, Column B)........................................................................................ 6 00 00 Complete line 7 only if line 3, Column B is greater than line 4, Column A. 7. Disallowed loss, line 3, Column B less line 4, Column A. Enter here and on Form 720, Part III, line 19 (see instructions) .................................. 7 00 Complete line 8 only if line 4, Column A is greater than line 3, Column B. 8. Additional NOLD. Enter as a negative amount on Form 720, Part III, line 19 (see instructions) ................ 8 00 Section B—Current Year Loss Disallowed and NOL Carryforward 1. Current year loss disallowed from Part I, Section A, line 7................................................................. 1 00 2. Prior year NOL carryforward from Part I, Section A, line 5 ................................................................. 2 00 3. Prior year NOL carryforward used this year from Part I, Section A, line 8 ........................................ 3 00 4. Total NOL carryforward to 2011 (line 1 plus line 2 less line 3) ............................................................ 4 00 1 00 PART II—SEPARATE ENTITY RETURN OR ELECTIVE CONSOLIDATED RETURN NOL Carryforward 1. Enter carryforward from prior year ...................................................................................................... 2. Enter current year NOL from Form 720, Part III, line 21 as a positive amount ................................. 2 00 3. Enter the NOLD from Form 720, Part III, line 22 .................................................................................. 3 00 4. Enter total NOL carryforward to 2011 (line 1 plus line 2 less line 3) .................................................. 4 00 41A720NOL (10-10) Commonwealth of Kentucky DEPARTMENT OF REVENUE Page 2 INSTRUCTIONS FOR SCHEDULE NOL (FORM 720) Purpose of Schedule—Part I of this schedule is used by an affiliated group that is required to file a mandatory nexus consolidated return as provided by KRS 141.200(11) to determine the net operating loss limitation as provided by KRS 141.200(11)(b) and to track any available net operating loss carryforward. Part II of this schedule is used by a corporation filing a separate return as provided by KRS 141.200(10) or an elective consolidated return as provided by KRS 141.200(4) to track any available net operating loss carryforward. Line 3—Enter the totals for Column A and Column B. Reflect Column B as a positive amount. Part I – Mandatory Nexus Consolidated Return Line 7—This is the amount of the current year net operating loss(es) that exceed(s) the 50 percent loss limitation. It is an add back in computing Kentucky net income and is entered on Form 720, Part III, Line 19. If an amount is entered on Line 7, skip to Section B. Use worksheet below. General Instructions—Part I, Sections A and B of this schedule are used by an affiliated group filing a mandatory nexus consolidated return to determine the amount of net operating loss (NOL) deduction that can be utilized during the current tax year and to track any available net operating loss carryforward (NOL carryforward). KRS 141.200(11)(b) provides that includible corporations that have incurred a net operating loss shall not deduct an amount that exceeds, in the aggregate, fifty percent (50%) of the income realized by the remaining includible corporations that did not realize a net operating loss. A current year NOL or an NOL carryforward as applied to a mandatory nexus consolidated return is the pre-apportioned net operating loss or pre-apportioned net operating loss carryforward. Consequently, NOL carryforwards which are apportioned may be converted to pre-apportioned amounts. However, a corporation that does not wish to convert the NOL carryforward to a pre-apportioned amount may elect to carry the NOL carryforward as an apportioned amount by checking the box on page 1 of this schedule. An election to use an apportioned NOL carryforward is binding for all future years. If a corporation chooses to use a pre-apportioned NOL carryforward in a future year, all tax returns filed under the election to use an apportioned NOL carryforward must be amended. Also, an election to use the apportioned NOL carryforward does not change the limitation provided by KRS 141.200(11)(b) and, accordingly, the apportioned NOL carryforward is included in Part I, Section A of this schedule. A corporation does not have an NOL carryforward if it did not have Kentucky nexus during the tax year of the NOL. An NOL may be carried forward 20 years following the loss year; however, as provided by KRS 141.011(2), an NOL shall not be carried back for tax years beginning on or after January 1, 2005. Schedule NOL-CF is required if the affiliated group includes a member having an NOL carryforward that was not a member of the affiliated group in the prior year. Section A – Current Net Operating Loss Adjustment Enter the name, Kentucky Corporation/LLET account number and prior year’s NOL carryforward of the parent and subsidiaries. Column A—Enter only Kentucky net income of includible corporations from Schedule KCR (Form 720), Line 18. Column B—Enter only Kentucky net losses of includible corporations from Schedule KCR (Form 720), Line 18. Enter as a positive amount. Line 4—This is the limitation provided by KRS 141.200(11)(b). Line 5—Enter the prior year NOL carryforward as a positive amount. A Schedule NOL-CF must be attached if the affiliated group includes a member having an NOL carryforward that was not a member of the affiliated group in the prior year. Line 6—This is the total NOL available. Worksheet—Line 7 1. Amount from Line 3, Column B ..................$ __________________ 2. Amount from Line 4, Column A ..................$ __________________ 3. Line 1 less Line 2. Enter here and on Part I, Section A, Line 7 (If less than zero, skip and complete Line 8)...................$ __________________ Line 8—If the amount of loss limitation, Line 4, Column A is greater than the net operating loss(es) on Line 3, Column B, a prior year NOL carryforward can be used to meet the 50 percent loss limitation. Enter the lesser of Line 4, Column A less Line 3, Column B or the amount entered on Line 5, Column C. If the amount of Line 4, Column A less Line 3, Column B is equal to Line 5, Column C, enter the amount from Line 5, Column C. Enter the amount on Form 720, Part III, Line 19. This is a deduction in computing Kentucky net income. Use worksheet below. Worksheet—Line 8 1. Amount from Line 4, Column A ..................$ __________________ 2. Amount from Line 3, Column B ..................$ __________________ 3. Line 1 less Line 2. (If less than zero, skip and complete Line 7 above) ................$ __________________ 4. Amount from Line 5, Column C ..................$ __________________ 5. Lesser of Line 3 or Line 4. Enter here and on Part I, Section A, Line 8 .............................................................$ __________________ Section B – Current Year Loss Disallowed and NOL Carryforward General Instructions – Part I, Section B is used by an affiliated group filing a mandatory nexus consolidated return as provided by KRS 141.200(11) to track any available net operating loss carryforward. Follow the instructions on Lines 1 through 4. Part II – Separate Entity Return or Elective Consolidated Return NOL Carryforward General Instructions – Part II is used by a corporation filing a separate entity return as provided by KRS 141.200(10) or an elective consolidated return as provided by KRS 141.200(4) to track any available net operating loss carryforward. Follow the instructions on Lines 1 through 4.
Extracted from PDF file 2019-kentucky-schedule-d-741.pdf, last modified October 2010

More about the Kentucky Schedule D (741) Corporate Income Tax TY 2019

We last updated the Kentucky Capital Gains and Losses in April 2020, so this is the latest version of Schedule D (741), fully updated for tax year 2019. You can download or print current or past-year PDFs of Schedule D (741) directly from TaxFormFinder. You can print other Kentucky tax forms here.

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 Schedule D (741).

Form Code Form Name
Schedule DS Distilled Spirits Tax Credit - Form 41A720DS
Schedule DS-R Distilled Spirits Tax Credit Recapture

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 Schedule D (741) from the Department of Revenue in April 2020.

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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 Schedule D (741)

We have a total of six past-year versions of Schedule D (741) 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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