Form 1120-IC-DISC

Form 1120-IC-DISC

A tax return for the income of an IC-DISC, which is a company in the United States that exports to non-U.S.-based clients. An IC-DISC files Form 1120-IC-DISC to report its revenue, expenses, and profits or losses. It also uses Form 1120-IC-DISC 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.
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The guidelines then instruct the examining agent to review the information from a broadly conceptual approach, keeping in mind whether (1) the workpapers and related Form 1120-IC-DISC, Schedules P, Intercompany Transfer Price or Commission, were prepared on a tax basis (as opposed to book basis); (2) the expense allocations are reasonable (i.
This amount was reported on Form 1120-IC-DISC, Schedule K, Shareholders' Statement of IC-DISC Distributions.