This due diligence form is used to summarize data for each partnership entity associated with the company in business transactions.
Kentucky Partnership Data Summary
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FAQ
Where do you report partnership distributions. What is this? Each partnership must file an information return Form 1065. By filing this information return, the partnership discloses its income, deductions and credits on Schedule K.
This form requires significant information about the partnership's annual financial status. This includes income information such as gross receipts or sales. Deductions and operating expenses such as rent, employee wages, bad debts, interest on business loans, and other costs are also included.
Kentucky has a limited liability entity tax (LLET) and a corporation income tax. Your business may be subject to one, both, or neither of these taxes depending on its legal form.
IRS Form 1065 is used to declare profits, losses, deductions, and credits of a business partnership for tax filing purposes. This form is filed by LLCs, foreign partnerships with income in the U.S., and nonprofit religious organizations. Partnerships must also submit a completed Schedule K-1.
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 LLET may be calculated using the lesser of $0.095/$100 of Kentucky gross receipts or $0.75/$100 of Kentucky gross profits. A minimum tax of $175 applies regardless of the method used. Sole proprietorships and pass-through entities are exempt from state corporate income taxes.
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.
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.
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.
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