Foreign Sales Corporation

(redirected from Domestic International Sales Corporations)

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.

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References in periodicals archive ?

companies engaged in exporting can become interest charge domestic international sales corporations (IC-DISCs) if they meet the gross receipts test and qualified export assets test, among other requirements.

U.S. exporters leaving tax dollars on the table: forming interest charge domestic international sales corporations can save U.S. exporters a great deal of taxes, but many qualifying taxpayers don't know about them

Thus, certain financial institutions that use the reserve method of accounting for bad debts, insurance companies, domestic international sales corporations (DISCs) and former DISCs, are not eligible for QSub status.

Determining eligibility to elect QSub status

Following enactment of a federal tax law granting preferential treatment to export sales by "Domestic International Sales Corporations" (DISCs), New York amended its tax statute to include income from DISC sales in the income of the parent corporation for New York corporate tax purposes.

In the Supreme Court of the United States: No. 04-1704: DaimlerChrysler Corporation, et al., Petitioners, v. Charlotte Cuno, et al., Respondents: brief of Tax Executives Institute, Inc. as amicus curiae in support of petitioners: interest of amicus curiae

A similar study, interest-charge domestic international sales corporations (IC-DISCs), is prepared approximately every four years.

The statistics producers' corner: international statistical studies

was violating international tariffs and trade agreements, by enacting rules on domestic international sales corporations, foreign services corporations and, most recently, extraterritorial income (ETI).

The AJCA's domestic business provisions: the American Jobs Creation Act of 2004 (AJCA) is an expansive piece of legislation touching many types of taxpayers. This article discusses the AJCA provisions that primarily affect U.S. domestic businesses

Profits of Domestic International Sales Corporations or Interest-Charge

Table 13.--Corporation income tax returns: balance sheet, income statement, and tax items for specified income years, 1990-2002

* Domestic international sales corporations (DISCs) and foreign sales corporations (FSCs);

California's water's-edge taxation of international businesses: 2003 Update

2002-37 if it has a significant interest in certain passthrough entities as of the end of the short period resulting from the proposed change, or if it is a shareholder in certain foreign sales corporations (FSCs) or interest-charge domestic international sales corporations (IC-DISCs).

Automatic tax-year-change procedures modified for C corporations. (Accounting Methods & Periods)

Ineligible corporations generally include financial institutions, insurance companies, domestic international sales corporations (DISCs) or former DISCs, or corporations operating under a Sec.

Business planning with Qsubs

With respect to the application of the proposed regulations to foreign sales corporations (FSCs) and domestic international sales corporations (DISCS), we recommend that the final regulations reflect the decision in St.

Proposed Section 861 regulations

Most domestic corporations that are wholly owned S subsidiaries are eligible, except for financial institutions using the reserve method of accounting for bad debts, insurance companies, current or former domestic international sales corporations, corporations subject to the possessions credit provisions and foreign corporations.

QSSS prop. regs

corporations (following the introduction of the FSC-predecessor legislation in the United States on Domestic International Sales Corporations), those benefits have been so eroded that it is not possible to determine whether the present rules are on a parity with the FSC benefit.