Form Fsc - Foreign Sales Corporation - 2012
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12012 FSC
Foreign Sales Corporation 2012
Calculation of Minnesota Taxable Income
Name of corporation/designated filer
FEIN
Minnesota tax ID
Name of foreign sales corporation (FSC)
FEIN
Attach a copy of your federal Form 1120-FSC to this schedule .
You must round amounts
to nearest whole dollar.
1 Foreign trade income (from federal Form 1120-FSC, Schedule B, line 8) . . . . . . . . . . . . . . . . . . . . . . . 1
2 Total deductions (from federal Form 1120-FSC, Schedule G, line 15) . . . . . . . . . . . . . . . . . . . . . . . . . . 2
3 FSC operating income (subtract line 2 from line 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
4 Taxable nonforeign trade income (from federal Form 1120-FSC, Schedule F, line 19) . . . . . . . . . . . . . 4
5 Net income from nonexempt foreign trade income
(from federal Form 1120-FSC, Schedule F, line 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
6 FSC income (add lines 3, 4 and 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
7 FSC dividends received (from federal Form 1120, Schedule C) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
8 FSC adjustment (subtract line 7 from line 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Enter on Form M4I, line 2f.
Instructions
Federal Line References Not
The foreign trade income of an FSC as
FSC Filers
defined in IRC sections 291 and 921(a) is
• Include FSC factors in the apportionment
Verified
not exempt for Minnesota tax purposes. The
computations for the unitary group on
At the time Minnesota Corporate Franchise
FSC’s entire income is subject to tax.
Form M4A.
Tax forms were created (11/12), federal tax
• Do not include FSC income on
forms were delayed indefinitely. As a result,
Form M4I, line 1, federal taxable income.
the federal line references on this form have
not been updated for 2012.
• Do not make any adjustment for FSC
dividends as an intercompany elimina-
tion on Form M4I, line 5.
• The FSC dividends received are removed
in calculating the deduction for dividends
received on Schedule DIV, line 3.
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