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2001 Form 8404, (Fill-in Version). Interest Charge On DISC-Related Deferred Tax Liability
Get 2001 Form 8404, (Fill-in Version). Interest Charge On DISC-Related Deferred Tax Liability
Eturn. See Where to File below. A Check applicable box to show type of taxpayer: Name of shareholder Corporation Individual Trust or Decedent s estate B Shareholder s identifying number Address (number, street, room, suite, or P.O. box number) C IC-DISC s identifying number City, state, and ZIP code D Shareholder s tax year for which interest charge is required to be paid (see instructions) E Name of IC-DISC for which identifying number in item C is reported: Note: See line-by-l.
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Cordova FAQ
IC-DISCs are tax-exempt corporate entities that act as sales commission agents for export businesses. IC-DISCs don't have to have employees, office space, provide any services or participate in sales; they are created solely to give exporters a mechanism to legally reduce federal tax liabilities.
Generally, shareholders of interest charge domestic international sales corporations (DISCs) must pay interest each year on the product of the amount of the shareholder's DISC-related deferred tax liability for the year and the base period T-bill rate (IRC § 995(f)(1)). Interest on DISC-Related Deferred Tax Liability - CCH AnswerConnect cch.com https://answerconnect.cch.com › federal › irc › explanation cch.com https://answerconnect.cch.com › federal › irc › explanation
When closely-held C corporations utilize an Interest Charge – Domestic International Sales Corporation (“IC-DISC”), it is fairly common to deal with deferred DISC income. This occurs when the IC-DISC chooses not to distribute income to its shareholder(s) but instead, retain it as accumulated IC-DISC income. Deferred Income and Tax Liability Treatment - McGuire Sponsel McGuire Sponsel https://mcguiresponsel.com › blog › deferred-income-... McGuire Sponsel https://mcguiresponsel.com › blog › deferred-income-...
An IC-DISC is a domestic corporation, which has elected IC-DISC status and annually meets specific requirements under U.S. tax law and generally operates by the terms of related-party agreements. An IC-DISC is not generally required to perform substantial economic functions.
How is the IC-DISC commission calculated? The sales commission paid to the IC-DISC is calculated using one of three permissible methods: (1) 4% of qualified export receipts; (2) 50% of the combined taxable income from export sales; or (3) the arm's length amount determined under section 482.
The operating company pays a tax-deductible commission to the IC-DISC equal to the greater of 4% of operating company's gross receipts from qualified exports or 50% of the operating company's net income from qualified exports.
Shareholders of Interest Charge Domestic International Sales Corporations (IC-DISCs) use Form 8404 to figure and report their interest owed on DISC-related deferred tax liability. Interest Charge on DISC-Related Deferred Tax Liability - IRS IRS (.gov) https://.irs.gov › pub › f8404_accessible IRS (.gov) https://.irs.gov › pub › f8404_accessible PDF
The Interest Charge Domestic International Sales Corporation (IC-DISC) offers significant Federal income tax savings for making or distributing US products for export. The IC-DISC was originally created by Congress to promote export sales by allowing companies to defer income, with interest charged on the deferred tax. IC-DISC | Exporter Tax Incentives - KBKG kbkg.com https://.kbkg.com › ic-disc kbkg.com https://.kbkg.com › ic-disc
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Instruction 1120 IC DISC (Rev. 2001 )
deferred tax liability. See Form 8404, or statement that the payment represents the...
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