Schedule K (Form 1120-Ic-Disc) - Shareholder'S Statement Of Ic-Disc Distributions - 2014 Page 5
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1
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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 Form 1120-
Code.
accumulated IC-DISC income and other
IC-DISC, Schedule J, Part IV, line 4d.
earnings and profits.
Future developments. For the latest
Part III—Other Information
information about developments related to
Line 4a. Enter on line 4a each shareholder’s
Schedule K (Form 1120-IC-DISC) and its
Line 9. If (1) a shareholder disposes of stock
amount of dividends out of other earnings and
instructions, such as legislation enacted after
in an IC-DISC or former DISC or (2) the stock
profits that are eligible for the dividends-
this form and instructions were published, go
of an IC-DISC, former IC-DISC, or former
received deduction under section 243. No
to
DISC is disposed of in a transaction that
dividends-received deduction is allowed for a
terminates the separate corporate existence
dividend from an IC-DISC, former IC-DISC, or
General Instructions
of an IC-DISC, former IC-DISC, or former
former DISC if it is:
DISC (other than a mere change in the place
Complete Schedule K (Form 1120-IC-DISC)
1. Paid out of accumulated IC-DISC income
of organization), enter on line 9 the
for each shareholder who had an actual or
or accumulated pre-1985 DISC income;
accumulated IC-DISC income attributable to
deemed distribution during the tax year or to
2. Paid out of previously taxed income; or
the stock that was accumulated during the
whom the corporation is reporting deferred
period the shareholder held the stock.
3. A deemed distribution under section
DISC income for the tax year. Attach Copy A
995(b)(1).
Line 10. Enter the shareholder’s share of the
to Form 1120-IC-DISC. Give Copy B to the
shareholder by the last day of the second
corporation’s deferred DISC income at tax
Line 5. Complete for shareholders that are
month after your tax year ends. Keep Copy C
year end. See section 995(f) and the
individuals, partnerships, S corporations,
for your records.
instructions for Schedule J, Part V, in the
estates, or trusts. Enter on line 5 each
Instructions for Form 1120-IC-DISC for
shareholder’s pro rata share of taxable
Note. Do not report on Form 1099-DIV actual
information on figuring deferred DISC income.
dividends included on line 3.
and deemed distributions or deferred DISC
The total of this line for all shareholders
income.
Part II—Nontaxable Distributions
should equal the total amount reported on
Specific Instructions
Form 1120-IC-DISC, Schedule J, Part V,
Line 6. Enter the shareholder’s pro rata share
line 3.
of actual distributions from previously taxed
Part I—Taxable Distributions
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) 2014
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