Instructions For Form 1120-Fsc - 2007 printable pdf download

2 0 07

Department of the Treasury

Internal Revenue Service

Instructions for Form

1120-FSC

U.S. Income Tax Return of a Foreign Sales Corporation

•

2007. See section 170 for additional

A description of the hardship the FSC is

Section references are to the Internal

information.

facing and supporting documentation (if

Revenue Code unless otherwise noted.

•

applicable).

Changes have been made to the list of

Contents

Page

principal business activity codes. See the list

The FSC can contact a Taxpayer

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

on page 13.

Advocate as follows:

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

•

Call the Taxpayer Advocate’s toll-free

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

Photographs of

number: 1-877-777-4778.

How To Get Forms and

•

Call, write, or fax the Taxpayer Advocate

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

Missing Children

office in its area (see Pub. 1546 for

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

addresses and phone numbers).

The Internal Revenue Service is a proud

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

•

TTY/TDD help is available by calling

partner with the National Center for Missing

FSC Repeal and Extraterritorial

1-800-829-4059.

and Exploited Children. Photographs of

•

Income Exclusion . . . . . . . . . . . . . . . 2

Visit the website at

missing children selected by the Center may

Pre-Repeal FSC Rules . . . . . . . . . . . . 2

appear in instructions on pages that would

Who Must File . . . . . . . . . . . . . . . . . . 4

How To Get Forms

otherwise be blank. You can help bring

When To File . . . . . . . . . . . . . . . . . . 4

these children home by looking at the

and Publications

Where To File . . . . . . . . . . . . . . . . . . 4

photographs and calling 1-800-THE-LOST

Who Must Sign . . . . . . . . . . . . . . . . . 4

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

Internet. You can access the IRS website

Paid Preparer Authorization . . . . . . . . 4

24 hours a day, 7 days a week, at

Other Forms and Statements

gov to:

Unresolved Tax Issues

•

That May Be Required . . . . . . . . . . . 4

Download forms, instructions, and

Assembling the Return . . . . . . . . . . . . 5

If the FSC has attempted to deal with an

publications;

•

IRS problem unsuccessfully, it should

Accounting Methods . . . . . . . . . . . . . . 5

Order IRS products online;

•

contact the Taxpayer Advocate. The

Accounting Period . . . . . . . . . . . . . . . 5

Research your tax questions online;

•

Taxpayer Advocate independently

Search publications online by topic or

Rounding Off To Whole Dollars . . . . . . 5

represents the FSC’s interests and concerns

keyword; and

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

•

within the IRS by protecting its rights and

Payment of Tax Due . . . . . . . . . . . . . 5

resolving problems that have not been fixed

news by email.

Estimated Tax Payments . . . . . . . . . . 6

through normal channels.

Interest and Penalties . . . . . . . . . . . . . 6

IRS Tax Products CD/DVD. You can order

Pub. 1796, IRS Tax Products CD/DVD, and

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

While Taxpayer Advocates may not

obtain:

Tax and Payments . . . . . . . . . . . . . . . 7

change the tax law or make a technical tax

•

Schedule A – Cost of Goods Sold

decision, they may clear up problems that

Current year forms, instructions, and

Related To Foreign Trading

resulted from previous contacts and ensure

publications,

•

Gross Receipts . . . . . . . . . . . . . . . . 7

that the FSC’s case is given a complete and

Prior year forms, instructions, and

impartial review.

publications,

Additional Information . . . . . . . . . . . . . 8

•

Bonus: Historical Tax Products DVD —

Schedule B – Taxable Income or

The FSC’s assigned personal advocate

Ships with the final release,

(Loss) . . . . . . . . . . . . . . . . . . . . . . . 8

•

will listen to its point of view and will work

Tax Map: an electronic research tool and

Schedule E – Exemption

with the FSC to address its concerns. The

finding aid,

Percentages Used in Figuring

•

FSC can expect the advocate to provide:

Tax law frequently asked questions

Exempt Foreign Trade Income . . . . . . 9

•

An impartial and independent look at your

(FAQs),

Schedule F – Net Income From

•

problem,

Tax topics from the IRS telephone

•

Nonexempt Foreign Trade

Timely acknowledgment,

response system,

•

Income and Taxable Nonforeign

•

The name and phone number of the

Fill-in, print, and save features for most

Trade Income . . . . . . . . . . . . . . . . . 9

individual assigned to its case,

tax forms,

•

Schedule G – Deductions

•

Updates on progress,

Internal Revenue Bulletins, and

•

Allocated or Apportioned to

Timeframes for action,

Information on how to access toll-free and

•

Foreign Trade Income Other

Speedy resolution, and

email technical support.

•

Than Foreign Trade Income

Courteous service.

This CD/DVD is released twice during

Reported on Schedule F . . . . . . . . . 10

the year.

When contacting the Taxpayer Advocate,

Schedule J – Tax Computation . . . . . . 11

•

The first release ships in the beginning of

the FSC should be prepared to provide the

Schedule L – Balance Sheets per

January 2008.

following information:

•

Books . . . . . . . . . . . . . . . . . . . . . . 12

•

The final release will ship the beginning of

The FSC’s name, address, and employer

Schedule M-1 . . . . . . . . . . . . . . . . . 12

March 2008.

identification number.

Principal Business Activity Codes . . . 13

•

Purchase the CD/DVD from the National

The name and telephone number of an

Technical Information Service at

authorized contact person and the hours he

What’s New

gov/cdorders for $35 (no handling fee) or

or she can be reached.

•

call 1-877-CDFORMS (1-877-233-6767)

The type of tax return and year(s)

•

toll-free to buy the CD/DVD for $35 (plus a

involved.

The larger deductions for contributions of

•

$5 handling fee). Price is subject to change.

A detailed description of the problem.

certain food inventory and qualified book

•

Previous attempts to solve the problem

contributions to certain schools do not apply

By phone and in person. You can order

and the office that was contacted.

to contributions made after December 31,

forms and publications by calling

Cat. No. 11532V

Instructions For Form 1120-Fsc - 2007

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