Schedule K (Form 1120-Ic-Disc) - Shareholder'S Statement Of Ic-Disc Distributions - 2015 Page 5
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1
2
3
4
5Instructions for IC-DISC
Line 2. Enter the amount of actual
(3) other earnings and profits. The total of this
distributions that are taxable to the
line for all shareholders should equal the total
Section references are to the Internal Revenue
shareholder. These distributions come from
nontaxable income reported on
Code.
accumulated IC-DISC income and other
Form 1120-IC-DISC, Schedule J, Part IV, line
earnings and profits.
4d.
Future developments. For the latest
information about developments related to
Line 4a. Enter on line 4a each shareholder’s
Part III—Other Information
Schedule K (Form 1120-IC-DISC) and its
amount of dividends out of other earnings and
instructions, such as legislation enacted after
Line 9. If (1) a shareholder disposes of stock
profits that are eligible for the dividends-
they were published, go to
in an IC-DISC or former DISC, or (2) the stock
received deduction under section 243. No
form1120icdisc.
of an IC-DISC, former IC-DISC, or former
dividends-received deduction is allowed for a
DISC is disposed of in a transaction that
dividend from an IC-DISC, former IC-DISC, or
General Instructions
terminates the separate corporate existence
former DISC if it is:
of an IC-DISC, former IC-DISC, or former
Complete Schedule K (Form 1120-IC-DISC)
1. Paid out of accumulated IC-DISC income
DISC (other than a mere change in the place
for each shareholder who had an actual or
or accumulated pre-1985 DISC income,
of organization), enter on line 9 the
deemed distribution during the tax year or to
2. Paid out of previously taxed income, or
accumulated IC-DISC income attributable to
whom the corporation is reporting deferred
the stock that was accumulated during the
3. A deemed distribution under section
DISC income for the tax year. Attach Copy A
period the shareholder held the stock.
995(b)(1).
to Form 1120-IC-DISC. Give Copy B to the
shareholder by the last day of the second
Line 10. Enter the shareholder’s share of the
Line 5. Complete for shareholders that are
month after your tax year ends. Keep Copy C
corporation’s deferred DISC income at tax
individuals, partnerships, S corporations,
for your records.
year end. See section 995(f) and the
estates, or trusts. Enter on line 5 each
instructions for Schedule J, Part V, in the
shareholder’s pro rata share of taxable
Note: Do not report on Form 1099-DIV actual
Instructions for Form 1120-IC-DISC for
dividends included on line 3.
and deemed distributions or deferred DISC
information on figuring deferred DISC income.
income.
Part II—Nontaxable Distributions
The total of this line for all shareholders
Specific Instructions
should equal the total amount reported on
Line 6. Enter the shareholder’s pro rata share
Form 1120-IC-DISC, Schedule J, Part V,
of actual distributions from previously taxed
Part I—Taxable Distributions
line 3.
income and distributions from accumulated
pre-1985 DISC income. The total of line 6 for
Line 1. On line 1a, enter the shareholder’s pro
all shareholders should equal the total the
rata share of the deemed distributions under
corporation reports on Form 1120-IC-DISC,
section 995(b)(1). On line 1b, enter the
Schedule J, Part IV, line 4a.
shareholder’s pro rata share of the annual
Line 7. Enter the shareholder’s pro rata share
installment under section 995(b)(2). The sum
of the amounts on these lines for all
of actual nontaxable distributions out of other
shareholders should equal the total the
than (1) previously taxed income or
corporation reports in Part I and Part III,
accumulated pre-1985 DISC income,
Schedule J, Form 1120-IC-DISC.
(2) accumulated IC-DISC income, and
Schedule K (Form 1120-IC-DISC) 2015
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