KRS 67.760: Applicability of federal income tax law -- Business entity to keep records.

(1) For purposes of KRS 67.750 to 67.790, computations of gross income and

deductions therefrom, gross receipts or sales, and deductions therefrom, accounting

methods, and accounting procedures shall be as nearly as practicable identical with

those required for federal income tax purposes.

(2) Every business entity subject to an occupational license tax governed by the

provisions of KRS 67.750 to 67.790 shall keep records, render under oath

statements, make returns, and comply with rules as the tax district from time to time

may prescribe. Whenever the tax district deems it necessary, the tax district may

require a business entity, by notice served to the business entity, to make a return,

render statements under oath, or keep records, as the tax district de ems sufficient to

determine the tax liability of the business entity.

(3) The tax district may require, for the purpose of ascertaining the correctness of any

return or for the purposes of making an estimate of the taxable income of any

business entity, th e attendance of a representative of the business entity or of any

other person having knowledge in the premises.