The Kentucky 765 form is a tax document used for filing partnership income returns in the state of Kentucky. It captures essential information about the partnership's income, deductions, and credits for the tax year. Completing this form accurately is crucial for compliance and ensuring proper tax treatment for all partners involved.
The Kentucky 765 form, officially known as the Partnership Income Return, is a crucial document for partnerships operating in the state. It serves as a means for partnerships to report their income, deductions, and credits to the Kentucky Department of Revenue. This form must be filed annually, and it requires detailed information about the partnership's operations, including the dates of business commencement, the number of partners, and their respective federal identification numbers. Additionally, partnerships must indicate whether they are filing an initial, final, or amended return, and specify their type of entity—be it a general partnership, limited partnership, limited liability company, or limited liability partnership. The form also includes sections for reporting federal ordinary income, depreciation, and various subtractions that can affect the taxable income. Importantly, partnerships must attach a complete copy of their federal return and any necessary schedules, such as K-1s for each partner, to ensure accurate reporting. Understanding the requirements and implications of the Kentucky 765 form is essential for compliance and for optimizing tax obligations.
Form 765
KENTUCKY
42A765
PARTNERSHIP INCOM E RETURN
Departm ent of Revenue
➤ Attach a complete copy of the federal return.
For calendar year 2004 or fiscal year
2004
A. Date business com m enced or
qualified
beginning _________________
, 2004, and ending __________________ , 2005.
B.
Num ber of partners (attach K-1s)
Nam e
E.
Federal Em ployer
Identification Num ber
Num ber and street or P.O. box
C.
NAICS business code num ber
F.
Kentucky Withholding
Account Num ber
City, tow n or post office
County
State
ZIP code
D.
Partnership telephone num ber
G.
Sales and Use Tax
Perm it Num ber
H.
Check applicable boxes:
Initial return
Final return
Am ended return
I.
Check type of entity:
General partnership
Lim ited partnership
Lim ited liability com pany
Lim ited liability partnership
J.
Are disregarded entities included in this return?
Yes
No
If yes, attach a schedule listing nam e and federal identification num ber of the disregarded entity.
K.Qualified investm ent partnership (Check box only if you are a general partnership or a lim ited partnership that has been form ed as a qualified investm ent partnership.)
1.
Federal ordinary incom e (loss) (Form 1065, line 22)
1
2.
Federal depreciation from Form 4562
2
3.
Other (attach schedule) (see instructions)
3
4.
Total (add lines 1, 2 and 3)
4
SUBTRACTIONS:
5.
Federal w ork opportunity credit
5
6.
Kentucky depreciation from revised Form 4562
6
7.
7
8.
Total (add lines 5, 6 and 7)
8
9.
Ordinary income (loss) (line 4 less line 8)
9
✍I declare under the penalties of perjury that this return (including any accom panying schedules and statem ents) has been exam ined by m e and, to the best of m y know ledge and belief, is a true, correct and com plete return.
Signature of partner or m em ber
Identification num ber of partner or m em ber
Date
Typed or printed nam e of preparer other than taxpayer
Identification num ber of preparer
M ail to Kentucky Department of Revenue, Frankfort, Kentucky 40620.
Form 765 (2004)
Page 2
Schedule K—PARTNERS’ SHARES OF INCOM E, CREDIT, DEDUCTIONS, ETC.
SECTION I
Income or (Loss)
(a) Distributive Share Items
(b) Total Amount
Ordinary incom e or (loss) from trade or business activities (page 1, line 9)
.................................................
Net incom e or (loss) from rental real estate activities (from attached federal schedule)
a
Gross incom e from other rental activities
3a
b
M inus expenses (attach schedule)
3b
c
Net incom e or (loss) from other rental activities
3c
Portfolio incom e or (loss):
Interest incom e
4a
Dividend incom e
4b
Royalty incom e
4c
d
Net short-term capital gain or (loss) (from attached federal schedule)
4d
e
Net long-term capital gain or (loss) (from attached federal schedule)
4e
f
Other portfolio incom e or (loss) (attach schedule)
4f
Guaranteed paym ents to partners
Net gain or (loss) under IRC Section 1231 (other than due to casualty or theft) (attach federal Form 4797) 6
Other incom e or (loss) (attach schedule)
Deductions
Charitable contributions (attach list) and housing for hom eless deduction (attach Schedule HH)
IRC Section 179 expense deduction (attach federal Form 4562 and Kentucky revised Form 4562)
10. Deductions related to portfolio incom e (do not include investm ent interest expense)
10
11.
Other deductions (attach schedule)
11
Investment Interest
12.
a Interest expense on investm ent debts
12a
(1) Investm ent incom e included on lines 4a, 4b, 4c and 4f above
12b(1)
(2) Investm ent expenses included on line 10 above
12b(2)
Credits
13. Kentucky Unem ploym ent Tax Credit (attach Schedule UTC)
13
14. Recycling and Com posting Equipm ent Tax Credit (attach approved Schedule RC)
14
15.
Other (see instructions) ➤
.....................
15
Other
16.
a Total expenditures to w hich IRC Section 59(e)(2) election m ay apply
16a
Type of expenditures
16b
17. Other item s and am ounts not reported above (attach schedule)
17
SECTION II—Computation of Nonresident Partner's Taxable Percentage
Partnership’s Kentucky property and payroll
Partnership’s total property and payroll
If line 1 is equal to line 2, enter 100 percent on Schedule K-1 (Form 765), Item D(2). Do not com plete lines 3, 4 or 5. If line 2 is greater than line 1, com plete lines 3, 4 and 5.
Partnership’s Kentucky gross receipts
Partnership’s total gross receipts
Nonresident partner’s taxable percentage (line 3 divided by line 4). Enter the percentage on
Schedule K-1 (Form 765), Item D(2)
%
SECTION III—Computation of Amount Withheld on Individual Nonresident Partners
Individual nonresident partners' net distributive share of taxable incom e
Individual nonresident partners' net distributive share w ithheld
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