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Kentucky Free Printable  for 2021 Kentucky Distilled Spirits Tax Credit Recapture

Schedule DS-R is obsolete, and is no longer supported by the Kentucky Department of Revenue.

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Distilled Spirits Tax Credit Recapture
Schedule DS-R

SCHEDULE DS-R *1600010225* 41A720DS-R (10-16) Commonwealth of Kentucky DEPARTMENT OF REVENUE Taxable Year Ending __ __ / __ __ Mo. Yr. DISTILLED SPIRITS TAX CREDIT RECAPTURE ➤ See instructions. KRS 141.389 ➤ Attach to Form 720, 720S, 725, 740, 740-NP, 741, 765 or 765-GP. Name of Entity Location Address of Capital Improvements Federal Identification Number Kentucky Corporation/LLET Account Number (if applicable) __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ Taxed as: Corporation Limited Liability Pass-through Entity General Partnership Individual Other Section A—Description of Property Sold or Disposed of Before the End of the Recapture Period Item Description of Capital Improvements A B C D E Section B—Computation of Tax Credit Recapture   1. Taxable year end date the tax credit was claimed........................................................................................... 1 / /   2. Date the capital improvement was sold or disposed of.................................................................................. 2 / /   3. Total amount of tax credit associated with the dates referenced above......................................................... 3 00   4. Cost of capital improvement sold or disposed of............................................................................................. 4 00   5. Total cost of all capital improvements associated with the credit reported on line 3.................................... 5 00   6. Divide line 4 by the amount on line 5 (see instructions).................................................................................. 6 . % 7. Multiply line 3 by line 6 and enter here.............................................................................................................. 7 00 8. Enter the amount of credit claimed against LLET for the taxable year referenced on line 1......................... 8 00 9. Enter the amount of credit claimed against income tax for the taxable year referenced on line 1.............. 9 10. LLET credit recapture: If the amount on line 8 is greater than line 7, enter the difference............................ 10 11. Income tax credit recapture: If the amount on line 9 is greater than line 7, enter the difference.................. 11 00 00 00 41A720DS-R (10-16) Commonwealth of Kentucky DEPARTMENT OF REVENUE Page 2 INSTRUCTIONS—DISTILLED SPIRITS TAX CREDIT RECAPTURE SPECIFIC INSTRUCTIONS Purpose of Schedule—A taxpayer required to recapture a distilled spirits tax credit shall attach this schedule to the applicable tax return for the taxable year. If the taxpayer is a pass-through entity, the taxpayer shall apply the recapture of the distilled spirits tax credit to the limited liability entity tax imposed by KRS 141.0401, and shall pass the tax credit recapture to its partners, members or shareholders. A copy of Schedule DS-R shall be attached to each partner’s, member’s or shareholder’s Kentucky Schedule K-1. A partner, member or shareholder shall enter its pro rata share of the information from the Schedule DS-R when completing the partner’s, member’s or shareholder’s Schedule DS-R to be attached to the partner’s, member’s or shareholder’s applicable tax return. General Information—KRS 141.389(4)(b) provides that the distilled spirits credit allowed shall be recaptured if the capital improvement associated with the credit is sold or otherwise disposed of prior to the exhaustion of the useful life of the asset for Kentucky depreciation purposes. If the distilled spirits credit recapture is for multiple taxable years, attach a schedule providing the information on this Schedule for each taxable year. Section A – Description of Property Sold or Disposed of Before the End of the Recapture Period For each item of capital improvements sold, transferred or disposed of before the end of its useful life, enter a description of each item of capital improvement on Lines A, B, C, D and E. If the taxpayer disposed of more than five items of capital improvements during the tax year, attach additional Schedules DS-R as needed. Section B—Computation of the Tax Credit Recapture Line 1—Enter the year end of the taxable year that the distilled spirits tax credit was claimed. Line 2—Enter the date the capital improvement was sold or disposed of. Line 3—Enter the amount of the distilled spirits tax credit claimed on the tax return for the taxable year entered on Line 1. Line 4—Enter the cost of the capital improvement sold or disposed of on the date entered on Line 2. Line 5—Enter the total cost of all capital improvements associated with the distilled spirits tax credit on Line 3. Line 6—Divide the amount on Line 4 by the amount on Line 5 and convert to a percentage carried out to four decimal places. Line 7—Multiply the amount on Line 3 by the percentage on Line 6. Line 8—Enter the amount of the distilled spirits tax credit on Line 3 claimed against LLET for the taxable year referenced on Line 1. Line 9—Enter the amount of the distilled spirits tax credit on Line 3 claimed against income tax for the taxable year referenced on Line 1. Line 10—If the amount on Line 8 is greater than Line 7, enter the difference on this line. This is the amount of the LLET credit recapture. Line 11—If the amount on Line 9 is greater than Line 7, enter the difference on this line. This is the amount of the income tax credit recapture.
Extracted from PDF file 2020-kentucky-schedule-ds-r.pdf, last modified October 2016

More about the Kentucky Schedule DS-R Corporate Income Tax Tax Credit TY 2020

We last updated the Distilled Spirits Tax Credit Recapture in August 2021, so this is the latest version of Schedule DS-R, fully updated for tax year 2020. You can download or print current or past-year PDFs of Schedule DS-R 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 DS-R.

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

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 DS-R from the Department of Revenue in August 2021.

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Schedule DS-R is a Kentucky Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

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 DS-R

We have a total of four past-year versions of Schedule DS-R in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


Distilled Spirits Tax Credit Recapture 2015 Schedule DS-R

Schedule DS-R


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