Form 1120-IC-DISC - Interest Charge Domestic International Sales Corporation Return

Form 1120-IC-DISC - Interest Charge Domestic International Sales Corporation Return

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Interest Charge Domestic International Sales Corporation Return. Form 1120-IC-DISC

Form 1120-IC-DISC is an information return filed by interest charge domestic international sales corporations (IC-DISCs), former DISCs, and former IC-DISCs.

An IC-DISC is a domestic corporation that has elected to be an IC-DISC and its election is still in effect. The IC-DISC election is made by filing Form 4876-A, Election To Be Treated as an Interest Charge DISC.

Generally, an IC-DISC is not taxed on its income. Shareholders of an IC-DISC are taxed on its income when the income is actually (or deemed) distributed. In addition, section 995(f) imposes an interest charge on shareholders for their share of DISC-related deferred tax liability. See Form 8404, Interest Charge on DISC-Related Deferred Tax Liability, for details.

From Fedforms.Gov:
"Qualified corporations who elect to be interest charge domestic international sales corporations (IC-DISCs) file Form 1120-IC-DISC, an information return."

DOWNLOAD Form 1120-IC-DISC

This form may be downloaded directly from the IRS website. To open or download, in PDF format, simply click on the link below:

Form 1120-IC-DISC

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