Kentucky Form 765 – Fill Out and Use This PDF

The Kentucky 765 form is a crucial document for partnerships operating within the state, aimed at reporting their income for tax purposes to the Kentucky Department of Revenue. It serves as a comprehensive vehicle through which a partnership communicates various financial details, including income, deductions, and credits, in addition to essential partnership information such as the number of partners and the federal employer identification number. To ensure compliance and accuracy in tax filings, partnerships are encouraged to thoroughly understand and complete the Kentucky 765 form.

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Kentucky Form 765 PDF Details

In the realm of Kentucky state taxation, the Kentucky 765 form emerges as a crucial document for partnerships and their income reporting requirements. Serving as a comprehensive tool, the form mandates the attachment of a complete copy of the federal return, bridging federal and state tax obligations. It is tailored for both calendar and fiscal year entities, specifying the business commencement date, partner count, along with detailed financial figures across various categories including ordinary income, depreciation, credits, and deductions. Moreover, it dives into the nuances by requesting specific codes such as the NAICS business code number, Kentucky Withholding Account Number, and Sales and Use Tax Permit Number, among others. The form distinguishes between different types of partnerships like general partnerships, limited partnerships, limited liability companies, and more, highlighting its adaptability to diverse business structures. Interestingly, it also touches on provisions for disregarded entities and qualified investment partnerships, thereby encapsulating a wide range of partnership tax scenarios. Add to that, it incorporates sections dedicated to partners’ shares of income, credits, deductions, and even a computation of nonresident partner's taxable percentage, making it a pivotal document for accurate and compliant state tax reporting. This comprehensive approach ensures that partnerships can navigate their tax responsibilities with clarity and precision.

Question	Answer
Form Name	Kentucky Form 765
Form Length	2 pages
Fillable?	No
Fillable fields	0
Avg. time to fill out	30 sec
Other names	kentucky partnership return instructions 2020, kentucky partnership tax return, ssin 765, 2020 ky form 765

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	Form 765		KENTUCKY
	Form 765
	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	Num ber and street or P.O. box				F.	Kentucky Withholding
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	City, tow n or post office	County	State	ZIP code	G.	Sales and Use Tax
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.	Other (attach schedule) (see instructions)	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	Date

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
1.	Ordinary incom e or (loss) from trade or business activities (page 1, line 9)		.................................................	1
2.	Net incom e or (loss) from rental real estate activities (from attached federal schedule)			2
3.	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
4.	Portfolio incom e or (loss):
	a	Interest incom e		4a
	b	Dividend incom e		4b
	c	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
5.	Guaranteed paym ents to partners			5
6.	Net gain or (loss) under IRC Section 1231 (other than due to casualty or theft) (attach federal Form 4797) 6
7.	Other incom e or (loss) (attach schedule)			7
Deductions
8.	Charitable contributions (attach list) and housing for hom eless deduction (attach Schedule HH)			8
9.	IRC Section 179 expense deduction (attach federal Form 4562 and Kentucky revised Form 4562)			9
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
	b	(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
	b	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

1.	Partnership’s Kentucky property and payroll	1
2.	Partnership’s total property and payroll	2

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.

3.	Partnership’s Kentucky gross receipts	3
4.	Partnership’s total gross receipts	4
5.	Nonresident partner’s taxable percentage (line 3 divided by line 4). Enter the percentage on
	Schedule K-1 (Form 765), Item D(2)	5

SECTION III—Computation of Amount Withheld on Individual Nonresident Partners

1.	Individual nonresident partners' net distributive share of taxable incom e	1
2.	Individual nonresident partners' net distributive share w ithheld	2

Kentucky Form 765 – Fill Out and Use This PDF

Kentucky Form 765 PDF Details

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