Get 2002 Form 1120fsc (schedule P) - Irs

Filling out the 2002 Form 1120FSC (Schedule P) is an essential task for foreign sales corporations to report transfer price information effectively. This guide provides clear instructions for users, including those with little legal experience, to complete the form online accurately.

Follow the steps to fill out Form 1120FSC (Schedule P) online.

1. Click ‘Get Form’ button to obtain the form and open it for completion.
2. Enter the name as shown on Form 1120-FSC in the designated field at the top of Schedule P.
3. Provide the employer identification number (EIN) in the specified section of the form.
4. In Item A, specify the product or product line that corresponds to the foreign trading activities of your FSC.
5. In Item B, indicate the basis of reporting. Choose between transaction-by-transaction or group of transactions. Select the appropriate boxes based on your chosen method.
6. Complete Part I, Section A—Combined Taxable Income by entering foreign trading gross receipts and the costs and expenses allocable to these receipts.
7. For Section B, if you are using the 23% of Combined Taxable Income Method or Section C for the 1.83% method, fill in the relevant fields based on your calculations.
8. In Part II, if applicable, report the transfer price from related suppliers to your FSC as instructed.
9. Finalize the form by reviewing all entries for accuracy and coherence. After completing the form, you have options to save changes, download a copy, print it, or share it as needed.

Complete your forms online to ensure timely and accurate submissions.