Instructions For Form 1120-Fsc - U.s. Income Tax Return Of A Foreign Sales Corporation - 2004

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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.
For charitable contributions of certain
with the FSC to address its concerns. The
Contents
Page
property made after June 3, 2004, a FSC
FSC can expect the advocate to provide:
What’s New . . . . . . . . . . . . . . . . . . . . . 1
must file Form 8283 and obtain a qualified
A “fresh look” at a new or on-going
Photographs of Missing Children . . . . . . . 1
appraisal if claiming a deduction of more
problem.
Unresolved Tax Issues . . . . . . . . . . . . . 1
than $5,000. See sections 170(e)(1)(B) and
Timely acknowledgment.
How To Get Forms and
section 170(m).
The name and phone number of the
Publications . . . . . . . . . . . . . . . . . . . 1
For charitable contributions of patents and
individual assigned to its case.
General Instructions . . . . . . . . . . . . . . 2
certain other intellectual property made after
Updates on progress.
Purpose of Form . . . . . . . . . . . . . . . . 2
June 3, 2004, FSCs will receive a reduced
Timeframes for action.
FSC Repeal and Extraterritorial
deduction but can deduct certain qualified
Speedy resolution.
Income Exclusion . . . . . . . . . . . . . . 2
donee income. See sections 170(e)(1)(B)
Courteous service.
Pre-Repeal FSC Rules . . . . . . . . . . . 2-4
and section 170(m).
When contacting the Taxpayer Advocate,
Who Must File . . . . . . . . . . . . . . . . . . 4
Charitable contributions made in January
the FSC should be prepared to provide the
When To File . . . . . . . . . . . . . . . . . . 4
2005 for the relief of victims in areas
following information:
affected by the Indian Ocean tsunami may
Where To File . . . . . . . . . . . . . . . . . . 4
The FSC’s name, address, and employer
be treated as if made on December 31,
Who Must Sign . . . . . . . . . . . . . . . . . 4
identification number (EIN).
2004.
Paid Preparer Authorization . . . . . . . . 4
The name and telephone number of an
Special rules apply to charitable
Other Forms That May Be
authorized contact person and the hours he
contributions after 2004 of used motor
Required . . . . . . . . . . . . . . . . . . . . 4
or she can be reached.
vehicles, boats, or airplanes with a claimed
Assembling the Return . . . . . . . . . . . . 5
The type of tax return and year(s)
value of more than $500. See section
involved.
Accounting Methods . . . . . . . . . . . . . . 5
170(f)(12).
A detailed description of the problem.
Accounting Periods . . . . . . . . . . . . . . 5
The deduction for certain travel, meals,
Previous attempts to solve the problem
Rounding Off To Whole Dollars . . . . . . 5
and entertainment expenses incurred after
and the office that was contacted.
Recordkeeping . . . . . . . . . . . . . . . . . 5
October 22, 2004, is limited to the amount
A description of the hardship the FSC is
Payment of Tax Due . . . . . . . . . . . . . 6
treated as compensation to officers,
facing and verifying documentation (if
Estimated Tax Payments . . . . . . . . . . 6
directors and more-than-10% shareholders.
applicable).
Interest and Penalties . . . . . . . . . . . . . 6
See section 274(e)(2).
.
The FSC may contact a Taxpayer
Specific Instructions . . . . . . . . . . . . . . 6
Advocate by calling 1-877-777-4778 (toll
Tax and Payments . . . . . . . . . . . . . . . 7
free). Persons who have access to TTY/
Schedule A – Cost of Goods Sold
Photographs of
TDD equipment may call 1-800-829-4059
Related To Foreign Trading
Missing Children
and ask for Taxpayer Advocate assistance.
Gross Receipts . . . . . . . . . . . . . . 7-8
If the FSC prefers, it may call, write, or fax
Additional Information . . . . . . . . . . . . . 8
The Internal Revenue Service is a proud
the Taxpayer Advocate office in its area.
partner with the National Center for Missing
Schedule B – Taxable Income or
See Pub. 1546 for a list of addresses and
and Exploited Children. Photographs of
(Loss) . . . . . . . . . . . . . . . . . . . . . 8-9
fax numbers.
missing children selected by the Center may
Schedule E – Exemption
appear in instructions on pages that would
Percentages Used in Figuring
How To Get Forms
otherwise be blank. You can help bring
Exempt Foreign Trade Income
. . . . 9
these children home by looking at the
and Publications
Schedule F – Net Income From
photographs and calling 1-800-THE-LOST
Nonexempt Foreign Trade
(1-800-843-5678) if you recognize a child.
Personal computer. You can access the
Income and Taxable
IRS website 24 hours a day, 7 days a week,
Nonforeign Trade Income . . . . . . 9-10
at to:
Unresolved Tax Issues
Schedule G – Deductions
Order IRS products online.
Allocated or Apportioned to
If the FSC has attempted to deal with an
Download forms, instructions, and
Foreign Trade Income Other
IRS problem unsuccessfully, it should
publications.
Than Foreign Trade Income
contact the Taxpayer Advocate. The
See answers to frequently asked tax
Reported on Schedule F . . . . . . 10-12
Taxpayer Advocate independently
questions.
Schedule J – Tax Computation . . . . 12-13
represents the FSC’s interests and concerns
Search publications online by topic or
Schedule L – Balance Sheets per
keyword.
within the IRS by protecting its rights and
Books . . . . . . . . . . . . . . . . . . . . . 12
Send us comments or request help by
resolving problems that have not been fixed
Schedule M-1 . . . . . . . . . . . . . . . . . 13
through normal channels.
email.
Sign up to receive local and national tax
Principal Business Activity Codes . . . 14
While Taxpayer Advocates cannot
news by email.
change the tax law or make a technical tax
What’s New
decision, they can clear up problems that
CD-ROM. Order Pub. 1796, Federal Tax
Products on CD-ROM, and get:
resulted from previous contacts and ensure
FSCs cannot deduct certain interest paid
that the FSC’s case is given a complete and
or incurred in tax years beginning after
Current year forms, instructions, and
impartial review.
October 22, 2004, on an underpayment of
publications.
tax from certain undisclosed transactions.
The FSC’s assigned personal advocate
Prior year forms, instructions, and
See section 163(m).
will listen to its point of view and will work
publications.
Cat. No. 11532V

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