Form 1120-FSC

Form 1120-FSC

A tax return for the income of a foreign sales corporation. A foreign sales corporation files Form 1120-FSC to report its revenue, expenses, and profits or losses. It also uses Form 1120-FSC to claim deductions and credits, which is especially important in the United States because corporate tax rates historically have been high compared to other countries.
References in periodicals archive ?
Under the temporary regulations, a binding election to group or apply the T x T method must be made on Schedule P of a timely filed Form 1120-FSC (including extensions).
IT-MAP is made up of four modular components: International Electronic Tax Package (I-ETP) software for collecting, classifying and adjusting financial accounts; Foreign Tax Credit (FTC) software for calculating foreign tax credit and generating Form 1118; Controlled Foreign Corporation (CFC) software for analyzing earnings and profits, as well as Subpart F income and generating Form 547 1; and Foreign Sales Corporation (FSC) software for handling grouping and pricing alternatives and calculations, as well as generating Form 1120-FSC.