Instructions For Form 1120-Ic-Disc - 2002 printable pdf download

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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.

Contents

Page

concerns. The corporation can expect the

Changes To Note

advocate to provide:

Changes To Note . . . . . . . . . . . . . . . . . 1

•

Guidance has been issued regarding the

A “fresh look” at a new or on-going

Photographs of Missing Children . . . . . . . 1

nonaccrual-experience method of

problem.

•

Unresolved Tax Issues . . . . . . . . . . . . . 1

accounting. See page 4.

Timely acknowledgment.

•

For tax years ending on or after

The name and phone number of the

How To Make a Contribution To

December 31, 2001, if the corporation must

individual assigned to its case.

Reduce the Public Debt . . . . . . . . . . . 1

•

make a section 481(a) adjustment because

Updates on progress.

How To Get Forms and

•

of an accounting method change, the

Timeframes for action.

Publications . . . . . . . . . . . . . . . . . . . 1

•

adjustment period is 1 year for negative

Speedy resolution.

•

General Instructions . . . . . . . . . . . . . . 2

adjustments. For details, including special

Courteous service.

rules and exceptions, see Rev. Proc.

When contacting the Taxpayer Advocate,

Purpose of Form . . . . . . . . . . . . . . . . . . 2

2002-19, 2002-13 I.R.B. 696 and Rev. Proc.

the corporation should provide the following

Who Must File . . . . . . . . . . . . . . . . . . . 2

2002-54, 2002-35 I.R.B. 432. Also see

information:

•

When To File . . . . . . . . . . . . . . . . . . . . 2

Change in accounting method on page 5.

The corporation’s name, address, and

•

Additional guidance has been issued

employer identification number (EIN).

Who Must Sign . . . . . . . . . . . . . . . . . . . 3

•

allowing qualifying small businesses to

The name and telephone number of an

Where To File . . . . . . . . . . . . . . . . . . . . 3

adopt or change to the cash method of

authorized contact person and the hours he

Other Forms, Returns, Schedules,

accounting. For details, see Cost of Goods

or she can be reached.

•

and Statements That May Be

Sold on page 7.

The type of tax return and year(s)

•

Required . . . . . . . . . . . . . . . . . . . . . 3

As a result of changes to the North

involved.

•

American Industry Classification System

A detailed description of the problem.

Assembling the Return . . . . . . . . . . . . . 4

•

(NAICS), some of the principal business

Previous attempts to solve the problem

Accounting Methods . . . . . . . . . . . . . . . 4

activity codes listed on page 15 have

and the office that had been contacted.

•

Accounting Periods . . . . . . . . . . . . . . . . 5

changed, mainly in the Wholesale Trade

A description of the hardship the

and Information sectors.

corporation is facing (if applicable).

Rounding Off to Whole Dollars . . . . . . . . 5

The corporation may contact a Taxpayer

Recordkeeping . . . . . . . . . . . . . . . . . . . 5

Photographs of Missing

Advocate by calling 1-877-777-4778 (toll

Definitions . . . . . . . . . . . . . . . . . . . . . . 5

free). Persons who have access to TTY/

Children

Penalties . . . . . . . . . . . . . . . . . . . . . . . 6

TDD equipment may call 1-800-829-4059

The Internal Revenue Service is a proud

and ask for the Taxpayer Advocate

Specific Instructions . . . . . . . . . . . . . . 6

partner with the National Center for Missing

assistance. If the corporation prefers, it may

Taxable Income . . . . . . . . . . . . . . . . . . 7

and Exploited Children. Photographs of

call, write, or fax the Taxpayer Advocate

Schedule A — Cost of Goods Sold . . . . . . 7

missing children selected by the Center may

office in its area. See Pub. 1546, The

appear in instructions on pages that would

Taxpayer Advocate Service of the IRS, for a

Schedule B — Gross Income . . . . . . . . . . 8

otherwise be blank. You can help bring

list of addresses and fax numbers.

Schedule C — Dividends and

these children home by looking at the

Dividends-Received Deduction . . . . . . 9

photographs and calling 1-800-THE-LOST

How To Make a

Schedule E — Deductions . . . . . . . . . . . 10

(1-800-843-5678) if you recognize a child.

Contribution To Reduce

Schedule J — Deemed and Actual

Unresolved Tax Issues

Distributions and Deferred DISC

the Public Debt

Income for the Tax Year . . . . . . . . . . 12

If the corporation has attempted to deal with

To help reduce the public debt, make a

an IRS problem unsuccessfully, it should

Schedule K — Shareholder’s

check payable to the: “Bureau of the Public

contact the Taxpayer Advocate. The

Statement of IC-DISC

Debt.” Send it to Bureau of the Public Debt,

Taxpayer Advocate independently

Distributions . . . . . . . . . . . . . . . . . . 13

Department G, P.O. Box 2188, Parkersburg,

represents the corporation’s interests and

Schedule L — Balance Sheets per

WV 26106-2188. Or, enclose a check with

concerns within the IRS by protecting its

Books . . . . . . . . . . . . . . . . . . . . . . . 13

Form 1120-IC-DISC. Contributions to

rights and resolving problems that have not

reduce the public debt are deductible

been fixed through normal channels.

Schedule N — Export Gross

subject to the rules and limitations for

Receipts of the IC-DISC and

While Taxpayer Advocates cannot

charitable contributions.

Related U.S. Persons . . . . . . . . . . . . 13

change the tax law or make a technical tax

decision, they can clear up problems that

Schedule O — Other Information . . . . . . 14

How To Get Forms and

resulted from previous contacts and ensure

Schedule P — Intercompany

that the corporation’s case is given a

Publications

Transfer Price or Commission . . . . . . 14

complete and impartial review.

Codes for Principal Business

The corporation’s assigned personal

Personal computer. You can access the

Activity . . . . . . . . . . . . . . . . . . . . . . 15

advocate will listen to its point of view and

IRS website 24 hours a day, 7 days a week

Schedule N Product Code System

. . . 16

will work with the corporation to address its

at to:

Cat. No. 11476W

Instructions For Form 1120-Ic-Disc - 2002

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