IRS Form 1120-IC-DISC Interest Charge Domestic International Sales Corporation Return

What Is IRS Form 1120-IC-DISC?

IRS Form 1120-IC-DISC, Interest Charge Domestic International Sales Corporation Return - also known as the IC-DISC tax return - is a document used by certain corporations as an information return filed with the Internal Revenue Service (IRS). It was last revised in November 2018. Download the latest version of the fillable Form 1120-IC-DISC through the link below.

The form is used by an Interest Charge Domestic International Sales Corporation (IC-DISC). IC-DISC return is filled out by every corporation that elected to be treated as such by submitting the form 4876-A and the election remains in effect for the current tax year. Besides, it must be filed by former DISC and IC-DISC in addition to other required returns.

The due date for the IC-DISC tax return is the 15th day of the 9th month after the end of the tax year. No possible extensions are allowed. However, if the deadline falls on a Saturday, Sunday, or legal holiday, you may submit the form on the next business day.

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Interest Charge Domestic International
1120-IC-DISC
Sales Corporation Return
(Rev. November 2018)
OMB No. 1545-0123
(Please type or print.)
Department of the Treasury
Go to www.irs.gov/Form1120ICDISC for instructions and the latest information.
Internal Revenue Service
.
For calendar year 20
, or tax year beginning
, 20
, and ending
, 20
A Date of IC-DISC election
Name
C Employer identification number
D Date incorporated
Number, street, and room or suite no. (or P.O. box if mail is not delivered to street address)
B Business activity code no.
City or town, state, and ZIP code
E Total assets (see instructions)
(see instructions)
$
F
Check applicable box(es): (1)
Initial return
(2)
Final return (3)
Name change
(4)
Address change
(5)
Amended return
Yes
No
G(1)
Did any corporation, individual, partnership, trust, or estate own, directly or indirectly, 50%-or-more of the IC-DISC’s
voting stock at the end of the IC-DISC’s tax year? See section 267(c) for rules of attribution
.
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If “Yes,” complete the following schedule. If a foreign owner, see instructions.
Foreign
Name
Identifying
Address
Voting
Total assets
number
stock
(corporations only)
owner
owned
Yes
No
%
%
(2)
Enter the following for any corporation listed in G(1) that will report the IC-DISC’s income:
Tax year of first corporation
IRS Service Center where return will be filed
Tax year of second corporation
IRS Service Center where return will be filed
H(1)
Check the appropriate box(es) to indicate any intercompany pricing rules that were applied to 25%-or-more of gross income (line 1
below):
50-50 combined taxable income method
4% gross receipts method
Section 482 method (“arm’s-length pricing”)
(2)
Check here
if the marginal costing rules under section 994(b)(2) were applied in figuring the combined taxable income for any
transactions.
All Computations Must Reflect Intercompany Pricing Rules if Used (Section 994)
See separate Schedule P (Form 1120-IC-DISC).
Taxable Income
1
Gross income. Enter amount from Schedule B, line 4, column (e) .
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1
2
2
Cost of goods sold from Schedule A, line 8
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3
Total income. Subtract line 2 from line 1
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3
4
Deductions. Enter amount from Schedule E, line 3
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4
5
Taxable income before net operating loss deduction and dividends-received deduction. Subtract line 4
from line 3 .
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5
6 a
Net operating loss deduction (attach statement) .
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6a
b
Special deductions from Schedule C, line 21, column (c)
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6b
c
6c
Add lines 6a and 6b .
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Taxable income. Subtract line 6c from line 5 .
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7
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Refundable credit for federal tax paid on fuels (attach Form 4136)
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8
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is
Sign
true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
Here
Signature of officer
Date
Title
Print/Type preparer’s name
Preparer’s signature
Date
PTIN
Paid
Check
if
self-employed
Preparer
Use Only
Firm’s name
Firm’s EIN
Firm’s address
Phone no.
1120-IC-DISC
For Paperwork Reduction Act Notice, see separate instructions.
Form
(Rev. 11-2018)
Cat. No. 11473P
Interest Charge Domestic International
1120-IC-DISC
Sales Corporation Return
(Rev. November 2018)
OMB No. 1545-0123
(Please type or print.)
Department of the Treasury
Go to www.irs.gov/Form1120ICDISC for instructions and the latest information.
Internal Revenue Service
.
For calendar year 20
, or tax year beginning
, 20
, and ending
, 20
A Date of IC-DISC election
Name
C Employer identification number
D Date incorporated
Number, street, and room or suite no. (or P.O. box if mail is not delivered to street address)
B Business activity code no.
City or town, state, and ZIP code
E Total assets (see instructions)
(see instructions)
$
F
Check applicable box(es): (1)
Initial return
(2)
Final return (3)
Name change
(4)
Address change
(5)
Amended return
Yes
No
G(1)
Did any corporation, individual, partnership, trust, or estate own, directly or indirectly, 50%-or-more of the IC-DISC’s
voting stock at the end of the IC-DISC’s tax year? See section 267(c) for rules of attribution
.
.
.
.
.
.
.
.
.
If “Yes,” complete the following schedule. If a foreign owner, see instructions.
Foreign
Name
Identifying
Address
Voting
Total assets
number
stock
(corporations only)
owner
owned
Yes
No
%
%
(2)
Enter the following for any corporation listed in G(1) that will report the IC-DISC’s income:
Tax year of first corporation
IRS Service Center where return will be filed
Tax year of second corporation
IRS Service Center where return will be filed
H(1)
Check the appropriate box(es) to indicate any intercompany pricing rules that were applied to 25%-or-more of gross income (line 1
below):
50-50 combined taxable income method
4% gross receipts method
Section 482 method (“arm’s-length pricing”)
(2)
Check here
if the marginal costing rules under section 994(b)(2) were applied in figuring the combined taxable income for any
transactions.
All Computations Must Reflect Intercompany Pricing Rules if Used (Section 994)
See separate Schedule P (Form 1120-IC-DISC).
Taxable Income
1
Gross income. Enter amount from Schedule B, line 4, column (e) .
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1
2
2
Cost of goods sold from Schedule A, line 8
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3
Total income. Subtract line 2 from line 1
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3
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Deductions. Enter amount from Schedule E, line 3
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4
5
Taxable income before net operating loss deduction and dividends-received deduction. Subtract line 4
from line 3 .
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5
6 a
Net operating loss deduction (attach statement) .
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6a
b
Special deductions from Schedule C, line 21, column (c)
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6b
c
6c
Add lines 6a and 6b .
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Taxable income. Subtract line 6c from line 5 .
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7
8
Refundable credit for federal tax paid on fuels (attach Form 4136)
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8
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is
Sign
true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
Here
Signature of officer
Date
Title
Print/Type preparer’s name
Preparer’s signature
Date
PTIN
Paid
Check
if
self-employed
Preparer
Use Only
Firm’s name
Firm’s EIN
Firm’s address
Phone no.
1120-IC-DISC
For Paperwork Reduction Act Notice, see separate instructions.
Form
(Rev. 11-2018)
Cat. No. 11473P
2
Form 1120-IC-DISC (Rev. 11-2018)
Page
Schedule A
Cost of Goods Sold (see instructions)
If the intercompany pricing rules of section 994 are used, reflect actual purchases from a related supplier at
the transfer price determined under such rules. See separate Schedule P (Form 1120-IC-DISC).
1
1
Inventory at beginning of the year
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2
Purchases .
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2
3
Cost of labor .
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3
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Additional section 263A costs (attach statement) .
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4
5
Other costs (attach statement)
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5
6
Total. Add lines 1 through 5 .
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7
7
Inventory at end of the year
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8
Cost of goods sold. Subtract line 7 from line 6. Enter here and on line 2, page 1 .
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8
9a
Check all methods used for valuing closing inventory:
(i)
Cost
(ii)
Lower of cost or market
(iii)
Other (Specify method used and attach statement.)
b
Check if there was a writedown of subnormal goods .
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c
Check if the LIFO inventory method was adopted this tax year for any goods. If checked, attach Form 970 .
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d
If the LIFO inventory method was used for this tax year, enter amount of closing inventory computed
under LIFO
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9d
e
If property is produced or acquired for resale, do the rules of section 263A apply to the corporation?
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Yes
No
f
Was there any change in determining quantities, cost, or valuations between the opening and closing inventory? If “Yes,” attach statement
Yes
No
Schedule B
Gross Income (see instructions)
Commission sales
(a) Type of receipts
(d) Other
(e) Total (add
receipts
columns (c) and (d))
(b) Gross receipts
(c) Commission
1
Qualified export receipts from sale of export property—
a
To unrelated purchasers:
(i) Direct foreign sales .
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(ii) Foreign sales through a related foreign entity
(iii) Persons in the United States (other than
an unrelated IC-DISC)
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(iv) An unrelated IC-DISC
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b
To related purchasers:
(i) Direct foreign sales .
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(ii) Persons in the United States
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c
Total
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2
Other qualified export receipts:
a
Leasing or renting of export property
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b
Services related and subsidiary to a qualified
export sale or lease .
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c
Engineering and architectural services .
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Export management services .
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e
Qualified dividends and inclusions (Schedule C, line 19a)
f
Interest on producer’s loans .
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g
Other interest (attach statement) .
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h
Capital gain net income. Attach Schedule D (Form 1120)
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Net gain or (loss) from Part II, Form 4797. Attach Form 4797
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Other (attach statement)
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k
Total
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3
Nonqualified gross receipts:
a
Ultimate use in United States .
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b
Exports subsidized by the U.S. Government .
c
Certain direct or indirect sales or leases for use
by the U.S. Government
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d
Sales to other IC-DISCs in the same controlled group
e
Nonqualified dividends and inclusions (Schedule C, line 20a)
f
Other (attach statement)
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g
Total
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4
Total. Add lines 1c, 2k, 3g, column (e). Enter
here and on line 1, page 1 .
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1120-IC-DISC
Form
(Rev. 11-2018)
3
Form 1120-IC-DISC (Rev. 11-2018)
Page
Schedule C
Dividends, Inclusions, and Special Deductions (see instructions)
(a) Dividends
(b) %
(c) Special deductions
(a) × (b)
and inclusions
1
Dividends from less-than-20%-owned domestic corporations (other than debt-
financed stock)
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2
Dividends from 20%-or-more-owned domestic corporations (other than debt-
financed stock)
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3
Dividends on certain debt-financed stock of domestic and foreign corporations .
4
Dividends on certain preferred stock of less-than-20%-owned public utilities .
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5
Dividends on certain preferred stock of 20%-or-more-owned public utilities
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6
Dividends from less-than-20%-owned foreign corporations
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7
Dividends from 20%-or-more-owned foreign corporations .
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8
Dividends from wholly owned foreign subsidiaries
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9
Subtotal. Add lines 1 through 8. See instructions for limitation
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10
Foreign-source portion of dividends received from a specified 10%-owned foreign
corporation (excluding hybrid dividends) (see instructions) .
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11
Dividends from foreign corporations not included on line 3, 6, 7, 8, or 10 (including
any hybrid dividends)
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12 a
Subpart F inclusions derived from the sale by a controlled foreign corporation (CFC)
of the stock of a lower-tier foreign corporation treated as a dividend (attach Form(s)
5471) (see instructions) .
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b
Subpart F inclusions derived from hybrid dividends of tiered corporations (attach
Form(s) 5471) (see instructions) .
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c
Other inclusions from CFCs under subpart F income not included on line 12a, 12b,
13, or 14 (attach Form(s) 5471)
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13
Global Intangible Low-Taxed Income (GILTI) (attach Form(s) 5471 and Form 8992)
14
Section 965(a) inclusion
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15
IC-DISC and former DISC dividends not included on line 1, 2, or 3
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16
Other dividends .
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17
Section 250 deduction (attach Form 8993) .
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18
Total dividends and inclusions. Add lines 9 through 16, column (a) .
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19
Qualified dividends. Enter here and on Schedule B, line 2e, column (d) .
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20
Nonqualified dividends and inclusions. Subtract line 19 from line 18. Enter here and
on Schedule B, line 3e, column (d)
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21
Total special deductions. Add lines 9, 10, 12(a), 14, and 17, column (c). Enter here and on page 1, line 6b
Schedule E
Deductions (Before completing, see Limitations on Deductions in the instructions.)
1
Export promotion expenses:
a
Market studies
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1a
b
1b
Advertising
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c
Depreciation. Attach Form 4562 .
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1c
d
Salaries and wages .
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1d
e
Rents
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1e
f
1f
Sales commissions .
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g
Warehousing .
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1g
h
Freight (excluding insurance) .
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1h
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1i
Compensation of officers .
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j
Repairs and maintenance .
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1j
k
Pension, profit-sharing, etc., plans .
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1k
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1l
Employee benefit programs
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m Other (list):
1m
n
Total. Add lines 1a through 1m
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1n
1120-IC-DISC
Form
(Rev. 11-2018)
4
Form 1120-IC-DISC (Rev. 11-2018)
Page
Schedule E
Deductions (Before completing, see Limitations on Deductions in the instructions.) (continued)
2
Other expenses not deducted on line 1:
a
Bad debts .
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2a
b
Taxes and licenses .
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2b
c
2c
Interest (see instructions) .
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d
Contributions .
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2d
e
Freight .
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2e
f
2f
Freight insurance
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g
Other (list):
2g
h
Total. Add lines 2a through 2g
2h
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3
Total deductions. Add lines 1n and 2h. Enter here and on line 4, page 1
3
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.
Schedule J
Deemed and Actual Distributions and Deferred DISC Income for the Tax Year
Part I—Deemed Distributions Under Section 995(b)(1) (see instructions)
1
1
Gross interest derived during the tax year from producer’s loans (section 995(b)(1)(A)) .
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.
2
Gain recognized on the sale or exchange of section 995(b)(1)(B) property (attach statement)
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2
3
Gain recognized on the sale or exchange of section 995(b)(1)(C) property (attach statement)
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3
4
4
50% (0.50) of taxable income attributable to military property (section 995(b)(1)(D)) (attach statement)
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5
Taxable income from line 7, Part II, below .
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5
6
Taxable income of the IC-DISC (from line 7, page 1) .
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6
7
7
Add lines 1 through 5
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8
Subtract line 7 from line 6 .
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8
9
If you have shareholders that are C corporations, enter one-seventeenth of line 8 (0.0588235 times line 8)
9
10
International boycott income (see instructions)
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10
11
11
Illegal bribes and other payments
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.
Note: Separate computations for lines 12–23 are required for shareholders that are C corporations and
shareholders that are not C corporations. Complete lines 12, 14, 15, 17a, 18, 20, and 22 for
shareholders that are not C corporations. Complete lines 13, 14, 16, 17b, 19, 21, and 23 for
shareholders that are C corporations.
12
Add lines 7, 10, and 11 .
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12
13
13
Add lines 7, 9, 10, and 11 .
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14
Earnings and profits for the tax year (attach statement) .
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14
15
Enter the smaller of line 12 or 14 .
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15
16
Enter the smaller of line 13 or 14 .
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16
17
Foreign investment attributable to producer’s loans (attach statement):
a
For shareholders other than C corporations
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17a
b
For shareholders that are C corporations
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17b
18
18
Add lines 15 and 17a
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19
Add lines 16 and 17b
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19
20
Enter percentage of stock owned by shareholders other than C corporations .
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20
%
21
21
Enter percentage of stock owned by shareholders that are C corporations .
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%
22
Multiply line 18 by line 20. Allocate this amount to shareholders other than C corporations .
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22
23
Multiply line 19 by line 21. Allocate this amount to C corporation shareholders .
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23
24
Total deemed distributions under section 995(b)(1) for all shareholders. Add lines 22 and 23 .
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24
Part II—Section 995(b)(1)(E) Taxable Income (see instructions)
1
Total qualified export receipts (see instructions) .
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1
2
Statutory maximum .
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2
3
3
Controlled group member’s portion of the statutory maximum
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4
Enter smaller of (a) 1 or (b) number of days in tax year divided by 365 (or 366). See instructions .
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4
5
Proration. Multiply line 2 or 3, whichever is applicable, by line 4 .
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5
6
Excess qualified export receipts. Subtract line 5 from line 1. (If line 5 exceeds line 1, enter -0-
here and on line 7 below.) .
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6
7
Taxable income attributable to line 6 receipts. Enter here and on line 5 of Part I above .
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7
Part III—Deemed Distributions Under Section 995(b)(2) (see instructions)
1
1
Annual installment of distribution attributable to revocation of election in an earlier year .
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2
Annual installment of distribution attributable to not qualifying as a DISC or IC-DISC in an earlier year
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2
3
Total deemed distributions under section 995(b)(2). Add lines 1 and 2
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3
1120-IC-DISC
Form
(Rev. 11-2018)
5
Form 1120-IC-DISC (Rev. 11-2018)
Page
Schedule J
Deemed and Actual Distributions and Deferred DISC Income for the Tax Year (continued)
Part IV—Actual Distributions (see instructions)
1
Distributions to meet qualification requirements under section 992(c). Attach computation statement
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1
2
Other actual distributions .
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2
3
Total. Add lines 1 and 2
3
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4
Amount on line 3 treated as distributed from:
a
Previously taxed income
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4a
b
4b
Accumulated IC-DISC income (including IC-DISC income of the current year)
c
Other earnings and profits .
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4c
d
Other
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4d
Part V—Deferred DISC Income Under Section 995(f)(3) (see instructions)
1
1
Accumulated IC-DISC income (for periods after 1984) at end of computation year
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2
Distributions-in-excess-of-income for the tax year following the computation year to which line 1 applies
2
3
Deferred DISC income under section 995(f)(3). Subtract line 2 from line 1
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3
Schedule L
Balance Sheets per Books
(a) Beginning of tax year
(b) End of tax year
1
Qualified export assets:
a
Working capital (cash and necessary temporary investments) .
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b
Funds awaiting investment (cash in U.S. banks in excess of working capital
needs) in other qualified export assets
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c
Export–Import Bank obligations
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d
Trade receivables (accounts and notes receivable)
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(
) (
)
Less allowance for bad debts .
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e
Export property (net) (including inventory and qualified property held for lease)
f
Producer’s loans .
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g
Investment in related foreign export corporations .
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h
Depreciable assets
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(
) (
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Less accumulated depreciation
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i
Other (attach statement)
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2
Nonqualified assets (net) (list):
3
Total assets. Combine lines 1a through 2 .
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4
Accounts payable
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5
Other current liabilities (attach statement)
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6
Mortgages, notes, bonds payable in 1 year or more .
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7
Other liabilities (attach statement) .
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8
Capital stock .
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9
Additional paid-in capital
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10
Other earnings and profits .
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11
Previously taxed income (section 996(f)(2)) .
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12
Accumulated pre-1985 DISC income (see instructions) .
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13
Accumulated IC-DISC income (see instructions) .
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(
) (
)
14
Less cost of treasury stock .
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15
Total liabilities and shareholders’ equity .
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Schedule M-1
Reconciliation of Income per Books With Income per Return
6 Income recorded on books this year not
1 Net income (loss) per books .
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.
.
included on this return (itemize):
2 Excess of capital losses over capital gains
3 Taxable income not recorded on books
7 Deductions on this return not charged
this year (itemize):
against book income this year (itemize):
4 Expenses recorded on books this year
and not deducted on this return (itemize):
8 Add lines 6 and 7 .
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5 Add lines 1 through 4 .
9 Income (line 5, page 1)—line 5 less line 8
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.
Schedule M-2
Analysis of Other Earnings and Profits (Line 10, Schedule L)
1 Balance at beginning of year
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.
.
5 Distributions to qualify under section 992(c)
2 Increases (itemize):
6 Other decreases (itemize):
3 Add lines 1 and 2 .
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7 Add lines 4 through 6 .
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4 Deficit in earnings and profits
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8 Balance at end of year (line 3 less line 7)
1120-IC-DISC
Form
(Rev. 11-2018)

Download IRS Form 1120-IC-DISC Interest Charge Domestic International Sales Corporation Return

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​IRS Form 1120-IC-DISC Instructions

File IRS Form 1120-IC-DISC at the following address: Department of the Treasury, Internal Revenue Service Center, Kansas City, MO 64999

The IRS may apply the following penalties for not providing all the required information or not filing the return without any reasonable cause:

  • $100 for each case of not furnishing the necessary information (up to $25,000 per the calendar year);
  • $1,000 if you do not file your return.

Do not attach explanations when filing the form. Wait until you receive a notice about penalty and interest from the IRS and after that provide your explanations. The IRS will decide if you meet the "reasonable cause" criteria and if you have to pay any penalties.

General instructions for the form are as follows:

  1. Fill out every applicable entry space on the form;
  2. Never enter the phrases "Available upon request" or "See attached" instead of filling out the box;
  3. If the space provided is not enough, attach separate statements of the same size and format as the printed form. Provide the name and the employer identification number (EIN) on each attachment;
  4. You must provide the EIN while completing the IC-DISC return. If you do not have one, apply for it online or by submitting the Form SS-4, Application for Employer Identification Number;
  5. If you have applied for the EIN but have not received it yet, enter "Applied for" and the date of application in Box C;
  6. You may round off cents to whole dollars on the main form and its schedules. Note that if you decide to round, you must round all amounts. If you must add two or more amounts to figure the amount you have to enter in the box, add them with cents and round off only the total.

The step-by-step guide for the Form 1120-IC-DISC and its schedules are provided in the IRS-distributed instructions.

​IRS 1120-IC-DISC Related Forms

The form includes the following schedules:

The following forms are related to the IRS Form 1120-IC-DISC:

  • Form 1120, U.S. Corporation Income Tax Return. Complete this form to report the income, losses, credits, deductions, gains and to figure your tax liability. The document is completed by domestic corporations;
  • Form 720, Quarterly Federal Excise Tax Return. Fill out this form and attachments to report your liability by IRS number and to pay the listed taxes;
  • Form 945, Annual Return of Withheld Federal Income Tax. Use this document to provide information about federal income tax withheld from nonpayroll payments. Nonpayroll payments include: pensions, gambling winnings, military retirement, certain government payments, Indian gaming profits, and payments subject to backup withholdings;
  • Form 941, Employer's Quarterly Federal Tax Return. File this form to report income, social security and Medicare taxes withheld from employees' paychecks;
  • Form 970, Application to Use LIFO Inventory Method. Submit this document to ask permission to use the last-in, first-out inventory method. The form must be submitted with the income tax return.
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