Instructions For Form 1120-Ic-Disc - 2005
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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.
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An IC-DISC with a food inventory from a
Courteous service.
Contents
Page
trade or business may deduct charitable
What’s New . . . . . . . . . . . . . . . . . . . . . 1
When contacting the Taxpayer Advocate,
contributions of “apparently wholesome
Photographs of Missing Children . . . . . . . 1
the corporation should be prepared to
food” that were made after August 27, 2005,
Unresolved Tax Issues . . . . . . . . . . . . . 1
provide the following information:
and before January 1, 2006. See section
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How To Make a Contribution To
The corporation’s name, address, and
170(e)(3)(C).
Reduce Debt Held by the Public
. . . . 1
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employer identification number (EIN).
An IC-DISC is allowed a deduction for
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The name and telephone number of an
How To Get Forms and
qualified book contributions made after
authorized contact person and the hours he
Publications . . . . . . . . . . . . . . . . . . . 1
August 27, 2005, and before January 1,
or she can be reached.
General Instructions . . . . . . . . . . . . . . 2
2006, to certain public schools. See section
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The type of tax return and year(s)
Purpose of Form . . . . . . . . . . . . . . . . . . 2
170(e)(3)(D).
involved.
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The Gulf Opportunity Zone Act of 2005
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Who Must File . . . . . . . . . . . . . . . . . . . 2
A detailed description of the problem.
provided additional tax relief for corporations
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When To File . . . . . . . . . . . . . . . . . . . . 2
Previous attempts to solve the problem
affected by Hurricanes Katrina, Rita, and
Where To File . . . . . . . . . . . . . . . . . . . . 2
and the office that was contacted.
Wilma. For details, see Pub. 4492,
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Who Must Sign . . . . . . . . . . . . . . . . . . . 3
A description of the hardship the
Information for Taxpayers Affected by
corporation is facing and verifying
Other Forms and Statements That
Hurricanes Katrina, Rita, and Wilma.
documentation (if applicable).
May Be Required . . . . . . . . . . . . . . . . 3
Assembling the Return . . . . . . . . . . . . . 3
The corporation can contact a Taxpayer
Photographs of
Accounting Methods . . . . . . . . . . . . . . . 3
Advocate as follows:
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Missing Children
Accounting Periods . . . . . . . . . . . . . . . . 3
Call the Taxpayer Advocate’s toll-free
number: 1-877-777-4778.
Rounding Off to Whole Dollars . . . . . . . . 4
The Internal Revenue Service is a proud
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Call, write, or fax the Taxpayer Advocate
Recordkeeping . . . . . . . . . . . . . . . . . . . 4
partner with the National Center for Missing
office in its area. (See Pub. 1546 for
Definitions . . . . . . . . . . . . . . . . . . . . . . 4
and Exploited Children. Photographs of
addresses and phone numbers).
missing children selected by the Center may
Penalties . . . . . . . . . . . . . . . . . . . . . . . 5
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TTY/TDD help is available by calling
appear in instructions on pages that would
Specific Instructions . . . . . . . . . . . . . . 5
1-800-829-4059.
otherwise be blank. You can help bring
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Taxable Income . . . . . . . . . . . . . . . . . . 5
Visit the website at
these children home by looking at the
Schedule A — Cost of Goods Sold . . . . . . 6
photographs and calling 1-800-THE-LOST
Schedule B — Gross Income . . . . . . . . . . 6
How To Make a
(1-800-843-5678) if you recognize a child.
Schedule C — Dividends and
Contribution To Reduce
Dividends-Received Deduction . . . . . . 7
Unresolved Tax Issues
Schedule E — Deductions . . . . . . . . . . . . 8
Debt Held by the Public
If the corporation has attempted to deal with
Schedule J — Deemed and Actual
an IRS problem unsuccessfully, it should
To help reduce debt held by the public,
Distributions and Deferred DISC
contact the Taxpayer Advocate. The
make a check payable to “Bureau of the
Income for the Tax Year . . . . . . . . . . 11
Taxpayer Advocate independently
Public Debt.” Send it to Bureau of Public
Schedule K — Shareholder’s
represents the corporation’s interests and
Debt, Department G, P.O. Box 2188,
Statement of IC-DISC
concerns within the IRS by protecting its
Parkersburg, WV 26106-2188. Or, enclose a
Distributions . . . . . . . . . . . . . . . . . . 12
check with Form 1120-IC-DISC.
rights and resolving problems that have not
Schedule L — Balance Sheets per
Contributions to reduce debt held by the
been fixed through normal channels.
Books . . . . . . . . . . . . . . . . . . . . . . . 12
public are deductible subject to the rules
While Taxpayer Advocates may not
Schedule N — Export Gross
and limitations for charitable contributions.
change the tax law or make a technical tax
Receipts of the IC-DISC and
decision, they may clear up problems that
Related U.S. Persons . . . . . . . . . . . . 12
How To Get Forms and
resulted from previous contacts and ensure
Schedule O — Other Information . . . . . . 13
that the corporation’s case is given a
Publications
Schedule P — Intercompany
complete and impartial review.
Transfer Price or Commission . . . . . . 13
Internet. You can access the IRS website
The corporation’s assigned personal
Codes for Principal Business
24 hours a day, 7 days a week, at
advocate will listen to its point of view and
Activity . . . . . . . . . . . . . . . . . . . . . . 14
to:
will work with the corporation to address its
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Schedule N Product Code System
. . . 15
Download forms, instructions, and
concerns. The corporation can expect the
publications;
advocate to provide:
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Order IRS products online;
What’s New
A “fresh look” at a new or ongoing
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Research your tax questions online;
problem.
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Search publications online by topic or
An IC-DISC may elect to deduct qualified
Timely acknowledgment.
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keyword; and
cash contributions made after August 27,
The name and phone number of the
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Sign up to receive local and national tax
2005, and before January 1, 2006, for relief
individual assigned to its case.
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news by email.
efforts related to Hurricane Katrina, Rita, or
Updates on progress.
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Wilma, without regard to the 10% taxable
Timeframes for action.
CD-ROM. You can order Pub. 1796, IRS
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income limit. See page 10.
Speedy resolution.
Tax Products CD-ROM, and obtain:
Cat. No. 11476W
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