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Department of the Treasury

Internal Revenue Service

Instructions for Form

1120-FSC

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

Section references are to the Internal Revenue Code unless otherwise noted.

•

Photographs of

A description of the hardship the FSC

Contents

Page

is facing (if applicable).

Photographs of Missing Children . . . . 1

Missing Children

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

The FSC may contact a Taxpayer

The Internal Revenue Service is a proud

How To Get Forms and

Advocate by calling 1-877-777-4778 (toll

partner with the National Center for

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

free). Persons who have access to TTY/

Missing and Exploited Children.

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

TDD equipment may call 1-800-829-4059

Photographs of missing children selected

and ask for Taxpayer Advocate

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

by the Center may appear in instructions

assistance. If the FSC prefers, it may call,

FSC Repeal and

on pages that would otherwise be blank.

write, or fax the Taxpayer Advocate office

Extraterritorial Income

You can help bring these children home

in its area. See Pub. 1546, The Taxpayer

Exclusion . . . . . . . . . . . . . . . . . . 2

by looking at the photographs and calling

Advocate Service of the IRS, for a list of

FSC Rules . . . . . . . . . . . . . . . . . . 2-4

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

addresses and fax numbers.

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

recognize a child.

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

How To Get Forms

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

Unresolved Tax Issues

and Publications

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

If the FSC has attempted to deal with an

Paid Preparer Authorization . . . . . . . 4

Personal computer. You can access the

IRS problem unsuccessfully, it should

Other Forms, Schedules, and

IRS website 24 hours a day, 7 days a

contact the Taxpayer Advocate. The

Statements That May Be

week, at to:

Taxpayer Advocate independently

Required . . . . . . . . . . . . . . . . . . 4-5

•

Order IRS products online.

represents the FSC’s interests and

•

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

Download forms, instructions, and

concerns within the IRS by protecting its

Accounting Methods . . . . . . . . . . . . 6

publications.

rights and resolving problems that have

•

Accounting Periods . . . . . . . . . . . . . 6

See answers to frequently asked tax

not been fixed through normal channels.

Rounding Off To Whole

questions.

•

While Taxpayer Advocates cannot

Dollars . . . . . . . . . . . . . . . . . . . . 6

Search publications online by topic or

change the tax law or make a technical

keyword.

Recordkeeping . . . . . . . . . . . . . . . . 6

•

tax decision, they can clear up problems

Send us comments or request help by

Payment of Tax Due . . . . . . . . . . . 6-7

that resulted from previous contacts and

email.

Estimated Tax Payments . . . . . . . . . 7

•

ensure that the FSC’s case is given a

Interest and Penalties . . . . . . . . . . . 7

complete and impartial review.

tax news by email.

Specific Instructions . . . . . . . . . . . . 7

The FSC’s assigned personal

Tax and Payments . . . . . . . . . . . . . 8

You can also reach us using file

advocate will listen to its point of view and

transfer protocol at ftp.irs.gov.

Schedule A – Cost of Goods

will work with the FSC to address its

Sold Related To Foreign

CD-ROM. Order Pub. 1796, Federal Tax

concerns. The FSC can expect the

Trading Gross Receipts . . . . . . . 8-9

Products on CD-ROM, and get:

advocate to provide:

Additional Information . . . . . . . . . 9-10

•

Current year forms, instructions, and

A “fresh look” at a new or on-going

Schedule B – Taxable Income

publications.

problem.

or (Loss) . . . . . . . . . . . . . . . . . . 10

•

Prior year forms, instructions, and

Timely acknowledgment.

Schedule E – Exemption

•

publications.

The name and phone number of the

•

Percentages Used in

Frequently requested tax forms that

individual assigned to its case.

•

Figuring Exempt Foreign

may be filled in electronically, printed out

Updates on progress.

•

Trade Income . . . . . . . . . . . . . . 10

for submission, and saved for

Timeframes for action.

•

Schedule F – Net Income From

recordkeeping.

Speedy resolution.

•

Nonexempt Foreign Trade

The Internal Revenue Bulletin.

Courteous service.

Income and Taxable

Buy the CD-ROM on the Internet at

When contacting the Taxpayer

Nonforeign Trade Income . . . . 10-12

/cdorders from the National

Advocate, the FSC should be prepared to

Schedule G – Deductions

Technical Information Service (NTIS) for

provide the following information:

Allocated or Apportioned to

•

$22 (no handling fee) or call

The FSC’s name, address, and

Foreign Trade Income Other

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

employer identification number (EIN).

Than Foreign Trade Income

•

free to buy the CD-ROM for $22 (plus a

The name and telephone number of an

Reported on Schedule F . . . . 12-13

$5 handling fee).

authorized contact person and the hours

Schedule J – Tax Computation

. 13-14

he or she can be reached.

By phone and in person. You can order

•

Schedule L – Balance Sheets

The type of tax return and year(s)

forms and publications 24 hours a day, 7

per Books . . . . . . . . . . . . . . . . . 14

involved.

days a week, by calling

•

Schedule M-1 . . . . . . . . . . . . . . . . 14

A detailed description of the problem.

1-800-TAX-FORM (1-800-829-3676). You

•

Principal Business Activity

Previous attempts to solve the problem

can also get most forms and publications

Codes . . . . . . . . . . . . . . . . . . . . 16

and the office that was contacted.

at your local IRS office.

Cat. No. 11532V

Instructions For Form 1120-Fsc - U.s. Income Tax Return Of A Foreign Sales Corporation - 2003

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