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

•

Foreign currency translation adjustments.

Meal and entertainment expenses not

The part of luxury water travel expenses

•

The excess of additional pension liability

deductible under section 274(n).

not deductible under section 274(m).

•

over unrecognized prior service cost.

Expenses for travel as a form of

Expenses for the use of an entertainment

education.

facility.

If the total adjustment to be entered on

•

Other nondeductible travel and

line 27 is a negative amount, enter the

The part of business gifts over $25.

•

entertainment expenses.

amount in parentheses.

Expenses of an individual over $2,000,

which are allocable to conventions on cruise

For more information, see Pub. 542.

Schedule M-1

ships.

•

Employee achievement awards over

Line 7a. Tax-exempt interest. Report any

Reconciliation of Income (Loss)

$400.

tax-exempt interest received or accrued,

•

The cost of entertainment tickets over

per Books With Income per

including any exempt-interest dividends

face value (also subject to 50% limit under

received as a shareholder in a mutual fund

Return

section 274(n)).

or other regulated investment company.

•

Line 5c. Travel and entertainment.

The cost of skyboxes over the face value

Also report this amount on line 2, Additional

Include on line 5c any of the following:

of nonluxury box seat tickets.

Information, on page 2 of the form.

Privacy Act and Paperwork Reduction Act Notice. We ask for the information on this form to carry out the Internal Revenue laws of the

United States. You are required to give us the information. We need it to ensure that you are complying with these laws and to allow us to

figure and collect the right amount of tax. Section 6109 requires return preparers to provide their identifying numbers on the return.

You are not required to provide the information requested on a form that is subject to the Paperwork Reduction Act unless the form

displays a valid OMB control number. Books or records relating to a form or its instructions must be retained as long as their contents may

become material in the administration of any Internal Revenue law. Generally, tax returns and return information are confidential, as

required by section 6103.

The time needed to complete and file this form and related schedule will vary depending on individual circumstances. The estimated

average times are:

Learning about the

Preparing and sending the form

Form

Recordkeeping

law or the form

to the IRS

1120-FSC

94 hr., 13 min.

19 hr., 45 min.

38 hr., 56 min.

Sch. P (1120-FSC)

9 hr., 48 min.

1 hr., 29 min.

1 hr., 43 min.

If you have comments concerning the accuracy of these time estimates or suggestions for making this form and related schedule simpler,

we would be happy to hear from you. You may write to Internal Revenue Service, Tax Products Coordinating Committee,

SE:W:CAR:MP:T:T:SP, 1111 Constitution Ave. NW, IR-6406, Washington, DC 20224. Do not send the tax form to this office. Instead, see

Where To File on page 4.

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Instructions For Form 1120-Fsc -U.s. Income Tax Return Of A Foreign Sales Corporation - 2005 Page 13

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