Instructions For Form 1120-Fsc - 2006 printable pdf download

2006

Department of the Treasury

Internal Revenue Service

Instructions for Form

1120-FSC

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

•

The Tax Increase Prevention and

Timeframes for action,

Section references are to the Internal

•

Reconciliation Act of 2005 repealed the

Speedy resolution, and

Revenue Code unless otherwise noted.

•

foreign sales corporation (FSC) binding

Courteous service.

Contents

Page

contract exception. See Binding contract

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

When contacting the Taxpayer Advocate,

exception on page 2 for details.

•

the FSC should be prepared to provide the

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

Cash contributions made in tax years

following information:

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

beginning after August 17, 2006, must be

•

The FSC’s name, address, and employer

How To Get Forms and

supported by a dated bank record or receipt.

identification number.

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

See section 170 for additional information.

•

The name and telephone number of an

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

The larger deductions for contributions of

authorized contact person and the hours he

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

certain food inventory and qualified book

or she can be reached.

contributions to certain schools have been

FSC Repeal and Extraterritorial

•

The type of tax return and year(s)

extended through December 31, 2007. See

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

involved.

section 170 for additional information.

•

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

•

A detailed description of the problem.

Corporations that paid the federal

•

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

Previous attempts to solve the problem

telephone excise tax on long distance or

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

and the office that was contacted.

bundled service may be able to request a

•

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

A description of the hardship the FSC is

credit. See the instructions for line 2h on

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

facing and supporting documentation (if

page 7.

•

applicable).

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

Controlled groups must complete new

Other Forms and Statements

Schedule O (Form 1120), Consent Plan and

The FSC can contact a Taxpayer

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

Apportionment Schedule for a Controlled

Advocate as follows:

•

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

Group, before completing Schedule J. See

Call the Taxpayer Advocate’s toll-free

the Instructions for Schedule O.

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

number: 1-877-777-4778.

•

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

Call, write, or fax the Taxpayer Advocate

Photographs of

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

office in its area (see Pub. 1546 for

addresses and phone numbers).

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

Missing Children

•

TTY/TDD help is available by calling

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

The Internal Revenue Service is a proud

1-800-829-4059.

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

•

partner with the National Center for Missing

Visit the website at

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

and Exploited Children. Photographs of

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

missing children selected by the Center may

How To Get Forms

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

appear in instructions on pages that would

Schedule A – Cost of Goods Sold

and Publications

otherwise be blank. You can help bring

Related To Foreign Trading

these children home by looking at the

Internet. You can access the IRS website

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

photographs and calling 1-800-THE-LOST

24 hours a day, 7 days a week, at

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

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

gov to:

Schedule B – Taxable Income or

•

Unresolved Tax Issues

Download forms, instructions, and

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

publications;

Schedule E – Exemption

If the FSC has attempted to deal with an

•

Order IRS products online;

Percentages Used in Figuring

•

IRS problem unsuccessfully, it should

Research your tax questions online;

Exempt Foreign Trade Income . . . . . . 9

•

contact the Taxpayer Advocate. The

Search publications online by topic or

Schedule F – Net Income From

Taxpayer Advocate independently

keyword; and

Nonexempt Foreign Trade

represents the FSC’s interests and concerns

•

within the IRS by protecting its rights and

Income and Taxable Nonforeign

news by email.

resolving problems that have not been fixed

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

IRS Tax Products CD. You can order Pub.

through normal channels.

Schedule G – Deductions

1796, IRS Tax Products CD, and obtain:

Allocated or Apportioned to

While Taxpayer Advocates may not

•

change the tax law or make a technical tax

Foreign Trade Income Other

Current year forms, instructions, and

decision, they may clear up problems that

Than Foreign Trade Income

publications,

•

resulted from previous contacts and ensure

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

Prior year forms, instructions, and

that the FSC’s case is given a complete and

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

publications,

•

impartial review.

Schedule L – Balance Sheets per

Bonus: Historical Tax Products DVD —

The FSC’s assigned personal advocate

Ships with the final release,

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

•

will listen to its point of view and will work

Tax Map: an electronic research tool and

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

with the FSC to address its concerns. The

finding aid,

Principal Business Activity Codes . . . 13

•

FSC can expect the advocate to provide:

Tax law frequently asked questions

•

A “fresh look” at a new or on-going

(FAQs),

What’s New

•

problem,

Tax topics from the IRS telephone

•

Timely acknowledgment,

response system,

•

The IRS has changed the filing address

The name and phone number of the

Fill-in, print, and save features for most

for Form 1120-FSC. See Where To File on

individual assigned to its case,

tax form,

•

page 4.

Updates on progress,

Internal Revenue Bulletins, and

Cat. No. 11532V

Instructions For Form 1120-Fsc - 2006

Related Articles

Related forms

Related Categories