Foreign Sales Corporation

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Foreign Sales Corporation (FSC)

A special type of corporation created by the Tax Reform Act of 1984 that is designed to provide a tax incentive for exporting U.S.-produced goods.

Foreign Sales Corporation

An exporting corporation in the United States. Exporters may register as foreign sales corporations in order to receive certain tax advantages. Foreign sales corporations must have an office in a country with an exchange of information agreement with the United States and have at least one member of the board of directors residing in that country. This structure was created by the Tax Reform Act of 1984, and was formerly called a Domestic International Sales Corporation.
References in periodicals archive ?
companies to receive a tax break through foreign sales corporations (FSCs), was an impermissible subsidy on exports.
income tax offered to foreign sales corporations (FSCs).
Essentially, this pre-1985 system of tax deferral for export income was replaced by the exemption system of Foreign sales corporations (FSCs), now also repealed.
support to Boeing, the Panel found that Boeing received prohibited export subsidies under the Foreign Sales Corporation scheme, and programs by NASA, the Department of Defense and Washington State tax breaks have caused wide-ranging adverse effects to Airbus.
Repeal of FSC /ETI binding contract (grandfathered contracts) relief: When Congress repealed the foreign sales corporation (FSC) regime in 2000 and the extraterritorial income (ETI) regime in 2004, the repeal legislation included transition relief for transactions subject to binding contracts as of Sept.
Court of Appeals for the Ninth Circuit recently held that master copies of computer software qualify as export property for purposes of the foreign sales corporation regime.
Hence, I was pleased that Deputy Secretary of the Treasury Stuart Eizenstat used the occasion of his keynote address both to announce the Clinton Administration's position in respect of taxation of the Internet and to underscore the government's commitment to satisfactorily resolving the World Trade Organization's challenge to the foreign sales corporation regime.
from the Company's foreign sales corporation and research and
Bernet, Comment, The Foreign Sales Corporation Act: Export Incentive for U.

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