Instructions For Form 1120-Ic-Disc - 2007 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

prepared to provide the following

Section references are to the Internal

What’s New

information.

Revenue Code unless otherwise noted.

•

The corporation’s name, address, and

Contents

Page

A corporation that is a policyholder

employer identification number (EIN).

owning one or more employer-owned life

What’s New . . . . . . . . . . . . . . . . . . . . 1

•

The name and telephone number of an

insurance contracts issued August 17,

Photographs of Missing Children . . . . 1

authorized contact person and the hours

2006, must file new Form 8925,

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

he or she can be reached.

Employer-Owned Life Insurance

•

How To Make a Contribution To

The type of tax return and year(s)

Contracts.

Reduce Debt Held by the

•

involved.

Changes have been made to the list of

•

Public . . . . . . . . . . . . . . . . . . . . . . 1

A detailed description of the problem.

principal business activity codes. See the

•

How To Get Forms and

Previous attempts to solve the problem

list on page 15.

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

and the office that was contacted.

•

Photographs of

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

A description of the hardship the

corporation is facing and verifying

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

Missing Children

documentation (if applicable).

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

The Internal Revenue Service is a proud

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

The corporation can contact a

partner with the National Center for

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

Taxpayer Advocate as follows.

Missing and Exploited Children.

•

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

Call the Taxpayer Advocate’s toll-free

Photographs of missing children selected

number: 1-877-777-4778.

Other Forms and Statements

by the Center may appear in instructions

•

Call, write, or fax the Taxpayer

That May Be Required . . . . . . . . . . 3

on pages that would otherwise be blank.

Advocate office in its area (see Pub. 1546

Assembling the Return . . . . . . . . . . . . 3

You can help bring these children home

for addresses and phone numbers).

by looking at the photographs and calling

Accounting Methods . . . . . . . . . . . . . . 3

•

TTY/TDD help is available by calling

1-800-THE-LOST (1-800-843-5678) if you

Accounting Periods . . . . . . . . . . . . . . 4

1-800-829-4059.

recognize a child.

•

Rounding Off to Whole Dollars . . . . . . 4

Visit the website at

Recordkeeping . . . . . . . . . . . . . . . . . . 4

Unresolved Tax Issues

advocate.

Definitions . . . . . . . . . . . . . . . . . . . . . 4

If the corporation has attempted to deal

Penalties . . . . . . . . . . . . . . . . . . . . . . 5

How To Make a

with an IRS problem unsuccessfully, it

Specific Instructions . . . . . . . . . . . . 5

should contact the Taxpayer Advocate.

Contribution To Reduce

Taxable Income . . . . . . . . . . . . . . . . . 6

The Taxpayer Advocate independently

Debt Held by the Public

Schedule A — Cost of Goods

represents the corporation’s interests and

Sold . . . . . . . . . . . . . . . . . . . . . . . . 6

concerns within the IRS by protecting its

To help reduce debt held by the public,

rights and resolving problems that have

Schedule B — Gross Income . . . . . . . . 7

make a check payable to “Bureau of the

not been fixed through normal channels.

Schedule C — Dividends and

Public Debt.” Send it to Bureau of Public

Dividends-Received Deduction . . . . 8

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

While Taxpayer Advocates may not

Parkersburg, WV 26106-2188. Or,

change the tax law or make a technical

Schedule E — Deductions . . . . . . . . . . 9

enclose a check with Form

tax decision, they may clear up problems

Schedule J — Deemed and

1120-IC-DISC. Contributions to reduce

that resulted from previous contacts and

Actual Distributions and

debt held by the public are deductible

ensure that the corporation’s case is

Deferred DISC Income for the

subject to the rules and limitations for

given a complete and impartial review.

Tax Year . . . . . . . . . . . . . . . . . . . 12

charitable contributions.

The corporation’s assigned personal

Schedule K — Shareholder’s

advocate will listen to its point of view and

Statement of IC-DISC

How To Get Forms and

will work with the corporation to address

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

its concerns. The corporation can expect

Schedule L — Balance Sheets

Publications

the advocate to provide:

per Books . . . . . . . . . . . . . . . . . . 13

•

An impartial and independent look at

Internet. You can access the IRS

Schedule N — Export Gross

your problem,

website 24 hours a day, 7 days a week, at

•

Receipts of the IC-DISC and

Timely acknowledgment,

to:

•

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

•

The name and phone number of the

Download forms, instructions, and

Schedule O — Other Information

. . . 14

individual assigned to its case,

publications;

•

Schedule P — Intercompany

Updates on progress,

Order IRS products online;

•

Transfer Price or Commission

. . . 14

Timeframes for action,

Research your tax questions online;

•

Speedy resolution, and

Codes for Principal Business

Search publications online by topic or

•

Courteous service.

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

keyword; and

•

Schedule N Product Code

When contacting the Taxpayer

System . . . . . . . . . . . . . . . . . . . . 16

Advocate, the corporation should be

tax news by email.

Cat. No. 11476W

Instructions For Form 1120-Ic-Disc - 2007

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