IC-DISC

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IC-DISC

Interest Charge Domestic International Sales Corporation. An S-corporation, closely-held C-corporation or limited liability company in the United States that exports to non-U.S.-based clients. IC-DISCs are eligible for favorable tax treatment.
References in periodicals archive ?
Under the boycott provisions, penalties include a reduction of foreign tax credits, an increase in taxable income for Controlled Foreign Corporations under subpart F, and a reduction in benefits otherwise allowed regarding Foreign Sales Corporations (FSC's) and Interest-Charge Domestic International Sales Corporation (ICDISC's), as applicable.
An ICDISC can defer the tax on a portion of its income, but must ultimately pay the deferred tax plus interest.
[1] Starting with 1985, "number of returns" excludes taxable farmers' cooperatives; starting with 1987, Real Estate Mortgage Investment Conduits (REMIC's); and, starting with 1988, Foreign Sales Corporations (FSC's) and Interest-Charge Domestic International Sales Corporations (ICDISC's).
In addition, returns for corporations designated as "former DISCs" or "former ICDISCs" were excluded.