Get the free 1992 Form 1120IC-DISC (Schedule P) - irs

SCHEDULE P (Form 1120-IC-DISC) Department of the Treasury Internal Revenue Service Intercompany Transfer Price or Commission OMB No. 1545-0938 Attach a separate schedule for each transaction or group

How to fill out 1992 form 1120ic-disc schedule

1992 form 1120ic-disc schedule is required by those taxpayers who are electing to be treated as a DISC (Domestic International Sales Corporation) for the current year. The schedule is used to provide detailed information on qualifying transactions and to calculate the allowable deduction attributable to the DISC.

Here is a step-by-step guide on how to fill out the 1992 form 1120ic-disc schedule:

1. Start by entering the taxpayer's name, address, and EIN (Employer Identification Number) at the top of the form.
2. Next, indicate the tax year for which the form is being filed.
3. Part I of the schedule requires you to provide information on the DISC, such as its name, address, and EIN. Fill in these details accurately.
4. In Part II, report the gross receipts derived from qualified export property sales. These are sales made by the DISC that qualify for the export tax incentives. Include the gross receipts from these sales and compute the related deductions.
5. Part III is for reporting interest and carrying charges allocated and apportioned to gross receipts from qualified export property sales. Provide the required details and calculations as per the instructions.
6. Part IV of the schedule asks for information about the sale or exchange of a DISC stock or a DISC's assets. Include the necessary details about any such transactions that occurred during the tax year.
7. Part V is for reporting deductions related to income from the sale or exchange of a DISC stock or a DISC's assets. Provide the required information and calculations accurately.
8. Part VI requires you to report the dividends and deemed dividends paid by the DISC during the tax year. Include the necessary details and compute the related deductions.
9. Finally, complete Part VII by reporting any tax-exempt income received from a foreign corporation that is a related supplier to the DISC.

Remember, it is important to carefully review the instructions and guidelines provided with the form to ensure accurate and complete reporting. Additionally, seeking the assistance of a tax professional or referring to IRS resources can be helpful in navigating any complexities or specific requirements related to this form.

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What is form 1120ic-disc schedule p?

Form 1120IC-DISC Schedule P is used by an Interest Charge-Domestic International Sales Corporation (IC-DISC) to report income and allocate interest expense under section 994(d)(1)(G) of the Internal Revenue Code.

Who is required to file form 1120ic-disc schedule p?

Any IC-DISC that has taxable income or any section 995(f) shareholder that has an inclusion of gross receipts and is also an IC-DISC must file Form 1120IC-DISC Schedule P.

How to fill out form 1120ic-disc schedule p?

To fill out Form 1120IC-DISC Schedule P, you need to provide detailed information about the IC-DISC's income, expenses, interest expense, and allocations. The form contains specific lines for each item that needs to be reported.

What is the purpose of form 1120ic-disc schedule p?

The purpose of Form 1120IC-DISC Schedule P is to calculate and report the interest expense allocation of an IC-DISC, as required by the Internal Revenue Code.

What information must be reported on form 1120ic-disc schedule p?

Form 1120IC-DISC Schedule P requires information such as the IC-DISC's taxable income, interest expense, gross receipts, allocation percentages, and any election regarding interest expense allocations.