Instructions For Form 1120-Ic-Disc - 2002 (Page 14 of 16) in pdf

•

Providing engineering or architectural

U.S. person is:

Line 3. Related U.S. Persons

•

services for construction projects located

A citizen or resident of the United States,

Enter on line 3 the name, address, and

outside the United States.

which includes the Commonwealth of Puerto

identifying number of related U.S. persons in

•

Selling for direct use, consumption, or

Rico and possessions of the United States.

your controlled group.

•

disposition outside the United States,

A domestic corporation or partnership.

•

property (such as inventory) produced in the

An estate or trust (other than a foreign

United States.

estate or trust as defined in section

Schedule O

•

Renting this property to unrelated persons

7701(a)(31)).

for use outside the United States.

•

Other Information

Export Gross Receipts for 2002

Providing services involved in such a sale

or rental.

Column (a). All IC-DISCs should complete

Question 6. Boycott of Israel. If question

•

Providing export management services.

column (a) in line 2. If two or more IC-DISCs

6a, 6b, or 6c is checked “Yes,” the IC-DISC

For commission sales, export gross

are related persons, only the IC-DISC with

must file Form 5713 and is also deemed to

receipts include the total receipts on which

the largest export gross receipts should

distribute part of its income. See Form 5713

the IC-DISC earned the commission.

complete columns (b) and (c). If an IC-DISC

for more information.

For purposes of line 2, Schedule N only,

acts as a commission agent for a related

no reduction is to be made for receipts

person, attribute the total amount of the

Question 7. Tax-exempt interest. Show

attributable to military property. Therefore,

transaction to the IC-DISC.

any tax-exempt interest received or accrued.

an IC-DISC’s export gross receipts for

Include any exempt-interest dividends

Complete column (a) to report the

purposes of line 2 includes the total of the

received as a shareholder in a mutual fund

IC-DISC’s export gross receipts from all

amounts from page 2, Schedule B, columns

or other regulated investment company.

sources (including the United States) for the

(b) and (d) of lines 1c, 2a, 2b, 2c, and 2d.

2002 tax year.

Related persons are:

•

Column (b). Export gross receipts of

An individual, partnership, estate, or trust

Schedule P

related IC-DISCs. Complete column (b) to

that controls the IC-DISC.

•

report related IC-DISCs’ export gross

A corporation that controls the IC-DISC or

Intercompany Transfer Price or

receipts from all sources (including the

is controlled by it.

•

Commission

United States).

A corporation controlled by the same

person or persons who control the IC-DISC.

Complete and attach a separate Schedule P

Column (c). Export gross receipts of all

(Form 1120-IC-DISC) for each transaction

Control means direct or indirect ownership

other related U.S. persons. Complete

or group of transactions to which you apply

of more than 50% of the total voting power

column (c) to report other related U.S.

the intercompany pricing rules of section

of all classes of stock entitled to vote. See

persons’ export gross receipts from all

994(a)(1) and (2).

section 993(a)(3).

sources except the United States.

Paperwork Reduction Act Notice. We ask for the information on this form to carry out the Internal Revenue laws of the United States. You

are required to give us the information. We need it to ensure that you are complying with these laws and to allow us to figure and collect the

right amount of tax.

You are not required to provide the information requested on a form that is subject to the Paperwork Reduction Act unless the form

displays a valid OMB control number. Books or records relating to a form or its instructions must be retained as long as their contents may

become material in the administration of any Internal Revenue law. Generally, tax returns and return information are confidential, as

required by section 6103.

The time needed to complete and file the following forms will vary depending on individual circumstances. The estimated average times

are:

Copying, assembling,

Learning about the law or

and sending the form to

Form

Recordkeeping

the form

Preparing the form

the IRS

1120-IC-DISC

94 hr., 56 min.

20 hr., 11 min.

31 hr., 00 min.

2 hr., 24 min.

Schedule K

4 hr., 4 min.

18 min.

22 min.

— — —

Schedule P

12 hr., 40 min.

1 hr., 29 min.

1 hr., 46 min.

— — —

If you have comments concerning the accuracy of these time estimates or suggestions for making these forms simpler, we would be

happy to hear from you. You can write to the Tax Forms Committee, Western Area Distribution Center, Rancho Cordova, CA 95743-0001.

Do not send these tax forms to this office. Instead, see Where To File on page 3.

-14-

Instructions for Form 1120-IC-DISC

Instructions For Form 1120-Ic-Disc - 2002 Page 14

Related Articles

Related forms

Related Categories