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8874(K)B×1500010321×41A720S82 (515) Commonwealth of Kentucky DEPARTMENT OF REVENUENOTICE OF KENTUCKY NEW MARKETS DEVELOPMENT PROGRAM TAX CREDIT RECAPTURE MRS 141.433See instructions. Name of Qualified

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How to fill out 8874k-b

01

To fill out form 8874k-b, follow these steps:

02

Enter your personal information in the top section of the form, including your name, address, and social security number.

03

Provide information about your business in the next section, such as the business name, employer identification number, and address.

04

Complete Part I, which involves reporting the gross receipts or sales from your business.

05

If applicable, complete Part II, which requires reporting the cost of goods sold or operations.

06

Calculate the gross profit or loss by subtracting the cost of goods sold from the gross receipts or sales.

07

Fill out Part III to report any deductions related to your business, such as depreciation or depletion expenses.

08

Calculate the net profit or loss by subtracting the total deductions from the gross profit or loss.

09

Complete Part IV if you have any adjustments to be made to the net profit or loss.

10

Finally, sign and date the form before sending it to the IRS.

Who needs 8874k-b?

01

Form 8874k-b is needed by individuals who are engaged in a trade or business and need to report their gross receipts or sales, cost of goods sold, and deductions related to their business. It is generally used by sole proprietors, partnerships, and S corporations.

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