Kentucky Conflict of Interest of General Partner and Release
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FAQ
Kentucky's limited liability entity tax applies to traditional corporations, S corporations, LLCs, limited partnerships (LPs), and limited liability partnerships (LLPs). The tax is based on a business's annual gross receipts. For businesses with gross receipts less than $3 million, there is a minimum LLET of $175.
Form 740 is the Kentucky income tax return for use by all taxpayers. This PDF packet includes Form 740, supplemental schedules, and tax instructions combined in one document, updated for the 2011 tax year.
The State of Kentucky recognizes a properly filed Federal tax extension (IRS Form 4868). Therefore, if you have a valid Federal extension, you will automatically be granted a Kentucky extension.
A single member LLC whose single member is an individual, estate, trust, or general partnership must file a Kentucky Single Member LLC Individually Owned Income and LLET Return (Form 725) or a Kentucky Single Member LLC Individually Owned LLET Return (Form 725-EZ) to report and pay any LLET that is due.
The partnership must furnish copies of Schedule K-1 (Form 1065) to the partner. For deadlines, see About Form 1065, U.S. Return of Partnership Income.
PURPOSE OF THE INSTRUCTIONS These instructions have been designed for pass- through entities: S-corporations, partnerships, and general partnerships , which are required by law to file a Kentucky income tax and LLET return. Form PTE is complementary to the federal forms 1120S and 1065.
If you operate an in state (established under the laws of the Commonwealth of Kentucky) general partnership under its real name, no registration of the business name is required in the Commonwealth of Kentucky.
Partnerships must create a Kentucky Form 4562, Schedule D and Form 4797 by converting federal forms.
A hybrid form of business that provides limited liability to owners while being treated as a partnership for tax purposes.
200bThe tax imposed by KRS 141.0401 is a tax imposed on those entities with limited liability in the state of Kentucky and not an income tax. Therefore, the Limited Liability Entity Tax (LLET) paid is not an add-back to determine Kentucky taxable income; it is deductible for Kentucky and federal purposes.