103 KAR 19:030. Income tax information returns.


      RELATES TO: KRS 141.010, 141.206


      NECESSITY, FUNCTION, AND CONFORMITY: This administrative regulation provides instructions for filing the information returns required by KRS 141.150.


      Section 1. Filing Requirements. (1) KRS 141.150 requires individuals, partnerships, and certain corporations to file information returns reporting dividends, royalties and other payments. However, this information is now available to the Revenue Cabinet from other sources, and annual returns on Revenue Forms 42A796 and 42A799 are not required.

      (2) Notwithstanding the above, any domestic corporation or foreign corporation qualified to do business in Kentucky, shall file income tax information returns with the Revenue Cabinet upon dissolution. These information returns shall be submitted before articles of dissolution are filed with the Secretary of State, and shall show all distributions of cash or property at fair market value, paid to resident stockholders in exchange for capital stock of the dissolving corporation.


      Section 2. Return Forms. Returns shall be filed on Revenue Form 42A799, or Federal Form 1099, and shall be accompanied by Summary Return, Revenue Form 42A796. Commercially printed forms may be submitted if such forms are approved by the cabinet before filing. (IS-1; 1 Ky.R. 332; eff. 2-5-75.)