Schedule K (Form 1120-Ic-Disc) - Shareholder'S Statement Of Ic-Disc Distributions - 2014 Page 3
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1
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5Instructions for Shareholder
Line 5. If you are an individual, partnership,
received a distribution with respect to that
S corporation, estate, or trust, line 5 shows
stock, you may be able to treat part of that
Section references are to the Internal Revenue
the amount of line 3 distributions taxable to
distribution as a nontaxable distribution. See
Code.
you as a dividend.
section 996(d) for details.
Purpose of forms. Copy B of Schedule K
For a tax-exempt entity, treat any deemed
Part II—Nontaxable Distributions
(Form 1120-IC-DISC) reports an actual or
distribution or actual distribution of previously
deemed distribution from an IC-DISC, former
Actual distributions from previously taxed
untaxed income as derived from the conduct
IC-DISC, or former DISC. It also reports
income and accumulated pre-1985 DISC
of an unrelated trade or business.
deferred DISC income from an IC-DISC.
income are generally not taxable to the extent
Disposing of IC-DISC stock. If you disposed
Keep it for your records; do not file it with
of your basis in the stock for which the
of stock in an IC-DISC, former IC-DISC, or
your income tax return.
distribution was made. Except for
former DISC, you may need to include all or
distributions of accumulated IC-DISC income
Part I—Taxable Distributions
part of the gain in your income. The gain,
and of earnings and profits from the time
reported as a dividend under section 995(c), is
before the corporation became an IC-DISC,
Report as distributions from an IC-DISC:
included to the extent of accumulated
actual distributions are not taxable to the
1. Deemed and actual taxable distributions
IC-DISC income attributable to the stock
extent of your basis in the stock for which the
and
while you held it (line 9). This dividend is not
distribution was made. Treat distributions in
eligible for the section 243 deduction.
2. Gain, to the extent of accumulated
excess of your basis as a gain from the sale
IC-DISC income, on the sale of stock (see
For a tax-exempt entity, treat the gain
or exchange of property. See section 996(e).
Disposing of IC-DISC Stock below).
under section 995(c) as derived from the
Part III—Other Information
conduct of an unrelated trade or business.
Line 1—Deemed distributions. You are
treated as having received deemed
Foreign shareholders treat all gains on the
Line 10—Deferred DISC income. Line 10
distributions (line 1c) as of the last day of the
disposition of stock in an IC-DISC, former
shows your share of the IC-DISC’s deferred
IC-DISC tax year. You must pay tax on the
IC-DISC, or former DISC, and all distributions
income for the year. Section 995(f) imposes
distributions in your tax year that includes that
from accumulated IC-DISC income or
an interest charge on the additional tax you
date.
accumulated pre-1985 DISC income,
would pay if you included this deferred
including deemed distributions, as effectively
income in your income for your tax year that
Line 2—Actual taxable distributions. You
connected with the conduct of a trade or
ends with or includes the IC-DISC’s tax year
must pay tax on actual taxable distributions in
business through a permanent establishment
end shown on Schedule K. Complete Form
the year of receipt.
within the United States. See section 996(g)
8404, Interest Charge on DISC-Related
Line 4. Line 4a shows the part of the total
for details.
Deferred Tax Liability, to figure the interest
taxable distribution on line 3 that qualifies for
charge.
Acquiring IC-DISC stock. If you acquired
the 70% or 80% dividends-received
stock in an IC-DISC and subsequently
Future developments. For the latest
deduction under section 243. Line 4b shows
information about developments related to
the part that does not qualify for the
Schedule K (Form 1120-IC-DISC) and its
deduction.
instructions, such as legislation enacted after
this form and instructions were published, go
to
Schedule K (Form 1120-IC-DISC) 2014
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