Instructions For Form 1120-Ic-Disc - 2006
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162006
Department of the Treasury
Internal Revenue Service
Instructions for
Form 1120-IC-DISC
Interest Charge Domestic International
Sales Corporation Return
will work with the corporation to address
Section references are to the Internal
What’s New
its concerns. The corporation can expect
Revenue Code unless otherwise noted.
•
the advocate to provide:
Contents
Page
The IRS has changed the filing address
•
A “fresh look” at a new or ongoing
for Form 1120-IC-DISC. See Where To
What’s New . . . . . . . . . . . . . . . . . . . . 1
problem.
File on page 3.
Photographs of Missing Children . . . . 1
•
•
Timely acknowledgment.
Corporations must include in income
Unresolved Tax Issues . . . . . . . . . . . . 1
•
part or all of the proceeds received from
The name and phone number of the
How To Make a Contribution To
certain corporate-owned life insurance
individual assigned to its case.
Reduce Debt Held by the
•
contracts issued after August 17, 2006.
Updates on progress.
Public . . . . . . . . . . . . . . . . . . . . . . 1
•
See section 101(j) for details.
Timeframes for action.
•
How To Get Forms and
•
Cash contributions made in tax years
Speedy resolution.
Publications . . . . . . . . . . . . . . . . . . 1
beginning after August 17, 2006, must be
•
Courteous service.
General Instructions . . . . . . . . . . . . . 2
supported by a dated bank record or
receipt. See Substantiation requirements
When contacting the Taxpayer
Purpose of Form . . . . . . . . . . . . . . . . 2
on page 11.
Advocate, the corporation should be
Who Must File . . . . . . . . . . . . . . . . . . 2
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The larger deduction for contributions
prepared to provide the following
When To File . . . . . . . . . . . . . . . . . . . 2
of certain food inventory and qualified
information:
Where To File . . . . . . . . . . . . . . . . . . 3
•
book contributions to certain schools has
The corporation’s name, address, and
Who Must Sign . . . . . . . . . . . . . . . . . 3
been extended through December 31,
employer identification number (EIN).
Other Forms and Statements
•
2007. See Other special rules on page
The name and telephone number of an
That May Be Required . . . . . . . . . . 3
11.
authorized contact person and the hours
•
Corporations that paid the federal
Assembling the Return . . . . . . . . . . . . 3
he or she can be reached.
telephone excise tax on long distance or
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Accounting Methods . . . . . . . . . . . . . . 3
The type of tax return and year(s)
bundled service may be able to request a
Accounting Periods . . . . . . . . . . . . . . 4
involved.
credit. See the instructions for line 9 on
•
A detailed description of the problem.
Rounding Off to Whole Dollars . . . . . . 4
page 6.
•
Previous attempts to solve the problem
Recordkeeping . . . . . . . . . . . . . . . . . . 4
and the office that was contacted.
Photographs of
Definitions . . . . . . . . . . . . . . . . . . . . . 4
•
A description of the hardship the
Penalties . . . . . . . . . . . . . . . . . . . . . . 5
Missing Children
corporation is facing and verifying
Specific Instructions . . . . . . . . . . . . 5
documentation (if applicable).
The Internal Revenue Service is a proud
Taxable Income . . . . . . . . . . . . . . . . . 6
partner with the National Center for
The corporation can contact a
Schedule A — Cost of Goods
Missing and Exploited Children.
Taxpayer Advocate as follows:
Sold . . . . . . . . . . . . . . . . . . . . . . . . 6
Photographs of missing children selected
•
Call the Taxpayer Advocate’s toll-free
Schedule B — Gross Income . . . . . . . . 7
by the Center may appear in instructions
number: 1-877-777-4778.
Schedule C — Dividends and
on pages that would otherwise be blank.
•
Call, write, or fax the Taxpayer
Dividends-Received Deduction . . . . 8
You can help bring these children home
Advocate office in its area (see Pub. 1546
by looking at the photographs and calling
Schedule E — Deductions . . . . . . . . . . 9
for addresses and phone numbers).
1-800-THE-LOST (1-800-843-5678) if you
Schedule J — Deemed and
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TTY/TDD help is available by calling
recognize a child.
Actual Distributions and
1-800-829-4059.
Deferred DISC Income for the
•
Unresolved Tax Issues
Visit the website at
Tax Year . . . . . . . . . . . . . . . . . . . 12
advocate.
If the corporation has attempted to deal
Schedule K — Shareholder’s
with an IRS problem unsuccessfully, it
Statement of IC-DISC
How To Make a
should contact the Taxpayer Advocate.
Distributions . . . . . . . . . . . . . . . . . 13
The Taxpayer Advocate independently
Contribution To Reduce
Schedule L — Balance Sheets
represents the corporation’s interests and
per Books . . . . . . . . . . . . . . . . . . 13
Debt Held by the Public
concerns within the IRS by protecting its
Schedule N — Export Gross
rights and resolving problems that have
To help reduce debt held by the public,
Receipts of the IC-DISC and
not been fixed through normal channels.
make a check payable to “Bureau of the
Related U.S. Persons . . . . . . . . . . 14
While Taxpayer Advocates may not
Public Debt.” Send it to Bureau of Public
Schedule O — Other Information
. . . 14
change the tax law or make a technical
Debt, Department G, P.O. Box 2188,
Schedule P — Intercompany
tax decision, they may clear up problems
Parkersburg, WV 26106-2188. Or,
Transfer Price or Commission
. . . 14
that resulted from previous contacts and
enclose a check with Form
Codes for Principal Business
ensure that the corporation’s case is
1120-IC-DISC. Contributions to reduce
given a complete and impartial review.
Activity . . . . . . . . . . . . . . . . . . . . . 15
debt held by the public are deductible
Schedule N Product Code
The corporation’s assigned personal
subject to the rules and limitations for
System . . . . . . . . . . . . . . . . . . . . 16
advocate will listen to its point of view and
charitable contributions.
Cat. No. 11476W
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