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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
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.
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.
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.
A similar study, interest-charge domestic international sales corporations (IC-DISCs), is prepared approximately every four years.
was violating international tariffs and trade agreements, by enacting rules on domestic international sales corporations, foreign services corporations and, most recently, extraterritorial income (ETI).
* Domestic international sales corporations (DISCs) and foreign sales corporations (FSCs);
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).
Ineligible corporations generally include financial institutions, insurance companies, domestic international sales corporations (DISCs) or former DISCs, or corporations operating under a Sec.
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.
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.
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.

Full browser ?