Screen KYCC - Kentucky City Business Income (1040)

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Overview

Use this screen to calculate Schedule C income for cities available with UltraTax/1040-KY.

General Information

Information in this section transfers from the federal screens on a unit-by-unit basis. Information for
Net income or loss (Force)
is transferred from federal Schedule C and is before at-risk and passive loss limitations.
Lexington - Fayette account number / ... / Form OL-S / OL-D account number
Use these fields to enter the account numbers associated with this activity.
Minister or domestic servant
Mark this box if this unit qualifies for minister or domestic servant compensation according to Louisville Revenue Commission code. When this box is marked, net profits are excluded from Louisville Metro & Mass Transit Tax on Form OL-3. This field transfers from the federal Business folder, C input screen.
Form OL-S/OL-D additional tax districts, account numbers, and apportionment
Use this statement window to enter additional tax districts or account numbers for this activity, along with apportionment information. UltraTax CS will generate a separate unit of Form OL-S/OL-D for each unique tax district/account number combination, and use the gross receipts within district / gross payroll within district entered here to complete Form OL-S/OL-D, Section 2.
If one or more tax districts are apportioned using this statement window, all tax districts will need to be apportioned using this statement window, including the Form OL-S/OL-D tax district shown in the
City
field of this unit of the
KYCC
screen.
Enter apportionment information for Lexington and Louisville in the
Business Apportionment
section of this screen.
Net income or loss (Force)
Information for this field is transferred from federal Schedule C and is before at-risk and passive loss limitations. Use this field to enter an amount different from the federal amount.
Gross receipts (Force)
Information for this field is transferred from federal Schedule C. Use this field to enter an amount different from the federal amount for calculation of the allocation percentage.
Gross payroll (Force)
Information for this field is transferred from federal Schedule C. Use this field to enter an amount different from the federal amount for calculation of the allocation percentage.

Business Apportionment

Use this section to enter gross receipts and payroll factors to allocate income to the proper taxing authority. Allocation applies to the net profit or loss as shown, or allocation by amount if present.
Gross receipts
Enter the amount of gross receipts that are attributable to each location. UltraTax CS uses this data to generate the Lexington Urban - Business Apportionment Worksheets and to complete the Allocation sections of Forms 228, 228-S, and OL-3.
Payroll
Enter the amount of gross payroll that is attributable to each location. UltraTax CS uses this data to generate the Lexington Urban - Business Apportionment Worksheets and to complete the Allocation sections of Forms 228, 228-S, and OL-3.

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