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

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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.

•

AJCA. See section 542(c). The form was

The name and phone number of the

Contents

Page

amended to reflect the repeal of these rules.

individual assigned to its case,

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

•

A corporation may elect to deduct

Updates on progress,

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

•

qualified cash contributions made after

Timeframes for action,

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

•

August 27, 2005, and before January 1,

Speedy resolution, and

How To Get Forms and

•

2006, for relief efforts related to Hurricane

Courteous service.

Publications . . . . . . . . . . . . . . . . . . 1-2

Katrina, Rita, or Wilma, without regard to the

When contacting the Taxpayer Advocate,

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

10% taxable income limit. See Pub. 4492,

the FSC should be prepared to provide the

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

Information for Taxpayers Affected by

following information.

FSC Repeal and Extraterritorial

•

Hurricanes Katrina, Rita, and Wilma.

The FSC’s name, address, and employer

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

•

A corporation with a food inventory from a

identification number.

Pre-Repeal FSC Rules . . . . . . . . . . . 2-4

•

trade or business may deduct charitable

The name and telephone number of an

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

contributions of “apparently wholesome

authorized contact person and the hours he

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

food” made after August 27, 2005, and

or she can be reached.

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

•

before January 1, 2006. See section

The type of tax return and year(s)

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

170(e)(3)(C).

involved.

•

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

A corporation is allowed a deduction for

A detailed description of the problem.

•

Other Forms and Statements

qualified book contributions made after

Previous attempts to solve the problem

That May Be Required . . . . . . . . . 4-5

August 27, 2005, and before January 1,

and the office that was contacted.

•

2006, to certain public schools. See section

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

A description of the hardship the FSC is

170(e)(3)(D).

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

facing and supporting documentation (if

•

The Gulf Opportunity Zone Act of 2005

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

applicable).

provided additional tax relief for corporations

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

The FSC can contact a Taxpayer

affected by Hurricanes Katrina, Rita, and

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

Advocate as follows.

Wilma. For details, see Pub. 4492.

•

Payment of Tax Due . . . . . . . . . . . . 5-6

Call the Taxpayer Advocate’s toll-free

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

number: 1-877-777-4778.

Photographs of

•

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

Call, write, or fax the Taxpayer Advocate

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

Missing Children

office in its area (see Pub. 1546 for

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

addresses and phone numbers).

•

The Internal Revenue Service is a proud

Schedule A – Cost of Goods Sold

TTY/TDD help is available by calling

partner with the National Center for Missing

Related To Foreign Trading

1-800-829-4059.

•

and Exploited Children. Photographs of

Visit the website at

Gross Receipts . . . . . . . . . . . . . . 7-8

missing children selected by the Center may

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

appear in instructions on pages that would

How To Get Forms

Schedule B – Taxable Income or

otherwise be blank. You can help bring

(Loss) . . . . . . . . . . . . . . . . . . . . . 8-9

and Publications

these children home by looking at the

Schedule E – Exemption

photographs and calling 1-800-THE-LOST

Percentages Used in Figuring

Personal computer. You can access the

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

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

Exempt Foreign Trade Income

. . . . 9

at to:

Schedule F – Net Income From

Unresolved Tax Issues

•

Download forms, instructions, and

Nonexempt Foreign Trade

If the FSC has attempted to deal with an

publications;

Income and Taxable

•

IRS problem unsuccessfully, it should

Order IRS products online;

Nonforeign Trade Income . . . . . . 9-10

•

contact the Taxpayer Advocate. The

Research your tax questions online;

Schedule G – Deductions

•

Taxpayer Advocate independently

Search publications online by topic or

Allocated or Apportioned to

represents the FSC’s interests and concerns

keyword; and

Foreign Trade Income Other

•

within the IRS by protecting its rights and

Than Foreign Trade Income

resolving problems that have not been fixed

news by email.

Reported on Schedule F . . . . . . 10-11

through normal channels.

CD-ROM. You can order Pub. 1796, IRS

Schedule J – Tax Computation . . . . 11-12

While Taxpayer Advocates may not

Tax Products CD-ROM, and obtain:

Schedule L – Balance Sheets per

•

change the tax law or make a technical tax

A CD that is released twice so you have

Books . . . . . . . . . . . . . . . . . . . 12-13

decision, they may clear up problems that

the latest products. The first release ships in

Schedule M-1 . . . . . . . . . . . . . . . . . 13

resulted from previous contacts and ensure

late December and the final release ships in

Principal Business Activity Codes . . . 14

that the FSC’s case is given a complete and

late February;

•

impartial review.

Current year forms, instructions, and

What’s New

The FSC’s assigned personal advocate

publications;

•

The foreign personal holding company

will listen to its point of view and will work

Prior year forms, instructions, and

provisions of sections 551 through 558 have

with the FSC to address its concerns. The

publications;

•

been repealed by the American Jobs

FSC can expect the advocate to provide:

Tax Map: an electronic research tool and

•

Creation Act of 2004 (AJCA). Furthermore,

A “fresh look” at a new or on-going

finding aid;

•

foreign corporations are now exempted from

problem,

Tax law frequently asked questions

•

the personal holding company rules by the

Timely acknowledgment,

(FAQs);

Cat. No. 11532V

Instructions For Form 1120-Fsc -U.s. Income Tax Return Of A Foreign Sales Corporation - 2005

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