Get the free 1998 Form 1120IC-DISC (Schedule P) - IRS - 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 1998 form 1120ic-disc schedule

How to fill out 1998 form 1120ic-disc schedule:

1. Gather all necessary information and documents, including your company's financial statements and any supporting documents.
2. Start by completing the general information section, including your company's name, address, EIN (Employer Identification Number), and tax year.
3. Proceed to Part I: Background Information. Fill in the required details about your company's activities and disc activities during the tax year. Provide accurate information about export gross receipts and related export expenses.
4. Move on to Part II: IC-DISC Ownership Information. Here, you need to provide details about each shareholder or beneficiary of the IC-DISC. Include their names, SSN or EIN, percentage ownership, and any changes in ownership during the tax year.
5. Complete Part III: IC-DISC Computation. Follow the instructions carefully to calculate your IC-DISC's taxable income, dividends, and related deductions. Input accurate figures based on your financial statements and supporting documents.
6. Once you have completed all the necessary sections, review the form for accuracy and completeness. Make sure you haven't missed any required information or calculations.
7. Sign and date the form, certifying that the information provided is accurate and that you are authorized to file this tax return for the IC-DISC.
8. Keep a copy of the completed form for your records and submit it to the appropriate tax authority by the due date.

Who needs 1998 form 1120ic-disc schedule:

1. Companies that qualify as an Interest Charge Domestic International Sales Corporation (IC-DISC) for the tax year 1998.
2. Companies engaged in exporting U.S. produced goods or services for direct use, consumption, or disposition outside the United States.
3. Shareholders or beneficiaries of the IC-DISC who need to report their share of the IC-DISC's taxable income, dividends, and related deductions on their individual tax returns.

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What is form 1120ic-disc schedule p?

Form 1120IC-DISC Schedule P is a schedule that must be filed by an Interest Charge Domestic International Sales Corporation (IC-DISC) to report its interest expense allocation among its shareholders.

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

An Interest Charge Domestic International Sales Corporation (IC-DISC) is required to 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 information about the IC-DISC and the allocation of interest expense among its shareholders. This includes details such as the name, address, and identification number of the IC-DISC, as well as the calculation of interest expense allocated to each shareholder.

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

The purpose of Form 1120IC-DISC Schedule P is to report the allocation of interest expense among the shareholders of an IC-DISC.

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

On Form 1120IC-DISC Schedule P, you must report the name, address, and identification number of the IC-DISC, as well as the calculation of interest expense allocated to each shareholder.