Form 1120-IC-DISC

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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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Prior to the reduction in the individual tax rates on qualified dividends in 2003 and the repeal of the extraterritorial income exclusion regimes in 2004, the IRS received a relatively small number of Forms 1120-IC-DISC, Interest Charge Domestic International Sales Corporation Return.