Get 1998 Form 1120ic-disc (schedule K). Shareholder's Statement Of Ic-disc Distributions

Filling out the 1998 Form 1120IC-DISC (Schedule K) is essential for reporting distributions from an Interest Charge Domestic International Sales Corporation (IC-DISC). This guide provides step-by-step instructions to help you navigate the process effectively.

Follow the steps to accurately complete your Schedule K form.

1. Press the ‘Get Form’ button to download the form and access it for editing.
2. Provide the calendar year or other tax year dates in the designated fields at the beginning of the form.
3. Complete Part I by reporting the taxable distributions. Input the deemed distributions under section 995(b)(1) and annual installment under section 995(b)(2) in the appropriate lines.
4. Calculate the total taxable distributions by adding the figures from lines 1c and line 2. Report this total in the relevant sections below.
5. For shareholders that are C Corporations, fill out Section A. Enter the part of the total taxable distribution entitled to the dividends-received deduction on line 4a and the non-eligible amount on line 4b.
6. For other shareholders, complete Section B by reporting the taxable dividends included on line 3 in line 5.
7. In Part II, detail the actual distributions from previously taxed income and other actual nontaxable distributions in the appropriate lines.
8. In Part III, report any nontaxable distributions and gather information about accumulated IC-DISC income and deferred DISC income as required.
9. Review all entries for accuracy and ensure completeness before saving the changes.
10. Once completed, you may download, print, or share the form as needed.

Start filling out your 1998 Form 1120IC-DISC (Schedule K) online today.