Form 1120-Fsc - U.s. Income Tax Return Of A Foreign Sales Corporation Page 2
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Form 1120-FSC (Rev. 12-2010)
Page
Cost of Goods Sold Related to Foreign Trading Gross Receipts (see instructions)
Schedule A
(a) Using administrative pricing rules (b) Not using administrative pricing rules
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1
Inventory at beginning of year .
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2
2
Purchases
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3
Cost of labor .
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Additional section 263A costs (attach schedule) .
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5
Other costs (attach schedule) .
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5
6
Total. Add lines 1 through 5 .
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6
7
7
Inventory at end of year .
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Cost of goods sold. Subtract line 7 from line 6. Enter here and on
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line 7 of Schedule B. Small FSCs, see instructions for Schedule A
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9 a Check all methods used for valuing closing inventory:
(1)
Cost as described in Regulations section 1.471-3
(2)
Lower of cost or market as described in Regulations section 1.471-4
(3)
Other (Specify method used and attach explanation.)
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b Check if there was a writedown of subnormal goods as described in Regulations section 1.471-2(c) .
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c Check if the LIFO inventory method was adopted this tax year for any goods. (If checked, attach Form 970.) .
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d If the LIFO inventory method was used for this tax year, enter percentage (or amounts) of closing
inventory computed under LIFO
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9d
e If property is produced or acquired for resale, do the rules of section 263A apply to the FSC? .
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Yes
No
f
Was there any change in determining quantities, cost, or valuations between opening and closing inventory?
If “Yes,” attach explanation .
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Yes
No
Additional Information (see instructions). Note: Small FSCs, complete lines 1 through 8f only.
Yes No
Yes No
1
See the instructions and enter the FSC’s:
f
Small FSCs only: Check the applicable box if during the tax
a
Business activity code no.
year the small FSC was a member of a controlled group of
▶
b
Business activity
corporations that included a
DISC or a
FSC.
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c
g
Product or service
Check the applicable box if during the tax year the FSC
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Enter the amount of tax-exempt interest received or
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was a member of a controlled group of corporations that
accrued during the tax year
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$
included a
DISC or a
FSC.
At any time during the tax year was the FSC engaged in
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9
Foreign management rules (does not apply to small FSCs):
a trade or business in the United States? .
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Did all formally convened meetings of the board of directors
a
and of the shareholders occur outside the U.S.? .
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During the tax year, did the FSC own any foreign entity
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b
(1) Were all cash dividends, legal and accounting fees,
that was disregarded as an entity separate from its
salaries of officers, and salaries or fees of members of
owner under Regulations sections 301.7701-2 and
the board of directors disbursed from bank accounts
maintained outside the United States? (If “Yes,” these
301.7701-3?
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accounts are considered to be the FSC’s principal
If “Yes,” attach a statement listing the name, country
bank accounts.) .
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under whose laws the entity was organized, and EIN (if
(2) At all times during the tax year, did the FSC maintain
any) of each such entity.
its principal bank accounts in a qualifying foreign
During the tax year, did the FSC own at least a 10%
country or U.S. possession (see instructions)? .
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interest, directly or indirectly, in any foreign partnership?
Name of bank(s)
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If “Yes,” see the instructions for required attachment.
Account number(s)
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If the FSC has an NOL for the tax year and is electing to
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Foreign economic process rules (does not apply to small FSCs):
forego the carryback period, check here .
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a
Check the applicable box if the FSC is electing to group transactions
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from its sales activities (Regulations section 1.924(d)-1(c)(5)):
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Enter the available NOL carryover from prior tax years.
(Do not reduce it by any deduction on Schedule B, Part
Customer grouping
Contract grouping
II, line 19a.) .
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$
Product or product line grouping
Product or product line subgroupings
Check the applicable box(es) to indicate how the FSC met the
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FSC qualification rules (see instructions):
b
foreign direct costs requirement (see instructions):
a
Enter the largest number of shareholders the FSC had
at any time during the tax year
The FSC (or any person under contract with the FSC) met the
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50% test of section 924(d)(1).
b
Did the FSC have any preferred stock outstanding at
any time during the tax year?
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The FSC (or any person under contract with the FSC) met the alternative
85% test of section 924(d)(2). Check to indicate the subparagraphs of
c
During the tax year, did the FSC maintain an office in a
section 924(e) for which this alternative test was met:
qualifying foreign country or U.S. possession in which a
complete set of books and records was maintained?
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(e)(1)
(e)(2)
(e)(3)
(e)(4)
(e)(5)
d
During the tax year did the FSC maintain the records
c
If box (e)(5) is checked, enter which of the five methods listed in
required under section 6001 at a location within the U.S.?
Regulations section 1.924(e)-1(e)(1)(i) through (v) describes how the
FSC bears the economic risk of nonpayment
e
At all times during the tax year, did the FSC have at
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least one non-U.S. resident on its board of directors?
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Check the applicable box if the FSC is electing to group its foreign
d
direct costs on one of the following (Regulations section 1.924(d)-1(e)):
Customer grouping
Contract grouping
Product or product line grouping
1120-FSC
Form
(Rev. 12-2010)
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