Form 1120-Ic-Disc - Interest Charge Domestic International Sales Corporation Return Page 4
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Form 1120-IC-DISC (Rev. 9-2017)
Page
Schedule J
Deemed and Actual Distributions and Deferred DISC Income for the Tax Year
Part I—Deemed Distributions Under Section 995(b)(1) (see instructions)
1
Gross interest derived during the tax year from producer’s loans (section 995(b)(1)(A)) .
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2
Gain recognized on the sale or exchange of section 995(b)(1)(B) property (attach statement)
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Gain recognized on the sale or exchange of section 995(b)(1)(C) property (attach statement)
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4
50% (0.50) of taxable income attributable to military property (section 995(b)(1)(D)) (attach statement)
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Taxable income from line 7, Part II, below .
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5
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Taxable income of the IC-DISC (from line 7, page 1) .
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7
Add lines 1 through 5
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7
8
Subtract line 7 from line 6 .
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8
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If you have shareholders that are C corporations, enter one-seventeenth of line 8 (0.0588235 times line 8)
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International boycott income (see instructions)
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11
Illegal bribes and other payments
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11
Note: Separate computations for lines 12–23 are required for shareholders that are C corporations and
shareholders that are not C corporations. Complete lines 12, 14, 15, 17a, 18, 20, and 22 for
shareholders that are not C corporations. Complete lines 13, 14, 16, 17b, 19, 21, and 23 for
shareholders that are C corporations.
12
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Add lines 7, 10, and 11 .
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13
Add lines 7, 9, 10, and 11 .
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13
14
Earnings and profits for the tax year (attach statement) .
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14
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15
Enter the smaller of line 12 or 14 .
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16
Enter the smaller of line 13 or 14 .
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16
17
Foreign investment attributable to producer’s loans (attach statement):
a
For shareholders other than C corporations
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17a
b
17b
For shareholders that are C corporations
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18
Add lines 15 and 17a
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18
19
Add lines 16 and 17b
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19
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Enter percentage of stock owned by shareholders other than C corporations .
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%
21
Enter percentage of stock owned by shareholders that are C corporations .
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21
%
22
Multiply line 18 by line 20. Allocate this amount to shareholders other than C corporations .
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22
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23
Multiply line 19 by line 21. Allocate this amount to C corporation shareholders .
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24
Total deemed distributions under section 995(b)(1) for all shareholders. Add lines 22 and 23 .
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24
Part II—Section 995(b)(1)(E) Taxable Income (see instructions)
1
Total qualified export receipts (see instructions) .
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2
$10,000,000
Statutory maximum .
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3
Controlled group member’s portion of the statutory maximum
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3
4
Enter smaller of (a) 1 or (b) number of days in tax year divided by 365 (or 366). See instructions .
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Proration. Multiply line 2 or 3, whichever is applicable, by line 4 .
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6
Excess qualified export receipts. Subtract line 5 from line 1. (If line 5 exceeds line 1, enter -0-
here and on line 7 below.) .
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6
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Taxable income attributable to line 6 receipts. Enter here and on line 5 of Part I above .
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Part III—Deemed Distributions Under Section 995(b)(2) (see instructions)
1
Annual installment of distribution attributable to revocation of election in an earlier year .
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Annual installment of distribution attributable to not qualifying as a DISC or IC-DISC in an earlier year
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Total deemed distributions under section 995(b)(2). Add lines 1 and 2
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Part IV—Actual Distributions (see instructions)
1
Distributions to meet qualification requirements under section 992(c). Attach computation statement
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2
Other actual distributions .
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3
Total. Add lines 1 and 2
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3
4
Amount on line 3 treated as distributed from:
a
4a
Previously taxed income
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b
Accumulated IC-DISC income (including IC-DISC income of the current year)
4b
c
Other earnings and profits .
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4c
d
4d
Other
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Part V—Deferred DISC Income Under Section 995(f)(3) (see instructions)
1
Accumulated IC-DISC income (for periods after 1984) at end of computation year
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2
Distributions-in-excess-of-income for the tax year following the computation year to which line 1 applies
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3
3
Deferred DISC income under section 995(f)(3). Subtract line 2 from line 1
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1120-IC-DISC
Form
(Rev. 9-2017)
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