Instructions For Form 1120-Ic-Disc - 2004

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Department of the Treasury
Internal Revenue Service
Instructions for
Form 1120-IC-DISC
Interest Charge Domestic International
Sales Corporation Return
Section references are to the Internal Revenue Code unless otherwise noted.
The corporation’s assigned personal
Contents
Page
What’s New
advocate will listen to its point of view and
What’s New . . . . . . . . . . . . . . . . . . . . . 1
will work with the corporation to address its
An IC-DISC can elect to deduct a limited
Photographs of Missing Children . . . . . . . 1
concerns. The corporation can expect the
amount of business start-up and
Unresolved Tax Issues . . . . . . . . . . . . . 1
advocate to provide:
organizational costs paid or incurred after
A “fresh look” at a new or on-going
How To Make a Contribution To
October 22, 2004. See page 9.
problem.
For charitable contributions of certain
Reduce Debt Held by the Public
. . . . 1
property made after June 3, 2004, an
Timely acknowledgment.
How To Get Forms and
IC-DISC must file Form 8283 and obtain a
The name and phone number of the
Publications . . . . . . . . . . . . . . . . . . . 2
qualified appraisal if claiming a deduction of
individual assigned to its case.
General Instructions . . . . . . . . . . . . . . 2
more than $5,000. See page 10.
Updates on progress.
For charitable contributions of patents and
Purpose of Form . . . . . . . . . . . . . . . . . . 2
Timeframes for action.
certain other intellectual property made after
Who Must File . . . . . . . . . . . . . . . . . . . 2
June 3, 2004, an IC-DISC will receive a
Speedy resolution.
reduced deduction but can deduct certain
Courteous service.
When To File . . . . . . . . . . . . . . . . . . . . 2
qualified donee income. See page 10.
Where To File . . . . . . . . . . . . . . . . . . . . 2
Special rules apply to charitable
When contacting the Taxpayer Advocate,
contributions after 2004 of used motor
Who Must Sign . . . . . . . . . . . . . . . . . . . 3
the corporation should be prepared to
vehicles, boats, or airplanes with a claimed
Other Forms That May Be
provide the following information:
value of more than $500. See section
Required . . . . . . . . . . . . . . . . . . . . . 3
170(f)(12).
The corporation’s name, address, and
Charitable contributions made in January
employer identification number (EIN).
Assembling the Return . . . . . . . . . . . . . 3
2005 for the relief of victims in areas
The name and telephone number of an
Accounting Methods . . . . . . . . . . . . . . . 3
affected by the Indian Ocean tsunami may
authorized contact person and the hours he
be treated as if made on December 31,
Accounting Periods . . . . . . . . . . . . . . . . 3
or she can be reached.
2004.
The type of tax return and year(s)
Rounding Off to Whole Dollars . . . . . . . . 4
The deduction for certain travel, meals,
involved.
and entertainment expenses incurred after
Recordkeeping . . . . . . . . . . . . . . . . . . . 4
A detailed description of the problem.
October 22, 2004, is limited to the amount
Definitions . . . . . . . . . . . . . . . . . . . . . . 4
treated as compensation to officers,
Previous attempts to solve the problem
directors, and more-than-10% shareholders.
Penalties . . . . . . . . . . . . . . . . . . . . . . . 5
and the office that was contacted.
See section 274(e)(2).
A description of the hardship the
Specific Instructions . . . . . . . . . . . . . . 5
corporation is facing and verifying
Photographs of
Taxable Income . . . . . . . . . . . . . . . . . . 5
documentation (if applicable).
Schedule A — Cost of Goods Sold . . . . . . 6
Missing Children
The corporation may contact a Taxpayer
Schedule B — Gross Income . . . . . . . . . . 6
The Internal Revenue Service is a proud
Advocate by calling 1-877-777-4778 (toll
partner with the National Center for Missing
Schedule C — Dividends and
free). Persons who have access to TTY/
and Exploited Children. Photographs of
Dividends-Received Deduction . . . . . . 7
TDD equipment may call 1-800-829-4059
missing children selected by the Center may
Schedule E — Deductions . . . . . . . . . . . . 8
and ask for Taxpayer Advocate assistance.
appear in instructions on pages that would
If the corporation prefers, it may call, write,
otherwise be blank. You can help bring
Schedule J — Deemed and Actual
or fax the Taxpayer Advocate office in its
these children home by looking at the
Distributions and Deferred DISC
area. See Pub. 1546, The Taxpayer
photographs and calling 1-800-THE-LOST
Income for the Tax Year . . . . . . . . . . 11
Advocate Service of the IRS, for a list of
(1-800-843-5678) if you recognize a child.
addresses and fax numbers.
Schedule K — Shareholder’s
Statement of IC-DISC
Unresolved Tax Issues
Distributions . . . . . . . . . . . . . . . . . . 12
If the corporation has attempted to deal with
How To Make a
Schedule L — Balance Sheets per
an IRS problem unsuccessfully, it should
Books . . . . . . . . . . . . . . . . . . . . . . . 12
contact the Taxpayer Advocate. The
Contribution To Reduce
Taxpayer Advocate independently
Schedule N — Export Gross
Debt Held by the Public
represents the corporation’s interests and
Receipts of the IC-DISC and
concerns within the IRS by protecting its
To help reduce debt held by the public,
Related U.S. Persons . . . . . . . . . . . . 12
rights and resolving problems that have not
make a check payable to “Bureau of the
Schedule O — Other Information . . . . . . 13
been fixed through normal channels.
Public Debt.” Send it to Bureau of Public
Schedule P — Intercompany
While Taxpayer Advocates cannot
Debt, Department G, P.O. Box 2188,
change the tax law or make a technical tax
Parkersburg, WV 26106-2188. Or, enclose a
Transfer Price or Commission . . . . . . 13
decision, they can clear up problems that
check with Form 1120-IC-DISC.
Codes for Principal Business
resulted from previous contacts and ensure
Contributions to reduce debt held by the
Activity . . . . . . . . . . . . . . . . . . . . . . 14
that the corporation’s case is given a
public are deductible subject to the rules
Schedule N Product Code System
. . . 15
complete and impartial review.
and limitations for charitable contributions.
Cat. No. 11476W

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