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How do I set up an IC-disc?

What steps are required to properly execute the IC-DISC strategy? Form the new IC-DISC entity under state law. Make the IC-DISC election within 90 days of formation. Offer only one class of stock with par or stated value of stock of at least $2,500. Maintain a separate set of books and records for the IC-DISC.

How do I report dividends paid on 1120?

Where do I enter dividends received by or paid by the corporation on an 1120 return? Enter dividends received by the corporation, and special deductions, on screen C, Schedule C Dividends Received. The Dividends Received Deduction Worksheet (Wks DRD) is generated from data entered in fields 3-1, 3-2, 3-3, and 3-4.

What is 1120-IC-disc?

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

What does an IC-disc do?

The Interest Charge Domestic International Sales Corporation (IC-DISC) offers docHub 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.

CAN 1120-IC-DISC be filed?

File Form 1120-IC-DISC by the 15th day of the 9th month after the IC-DISCs tax year ends. No extensions are allowed. If the due date falls on a Saturday, Sunday, or a legal holiday, the corporation may file on the next business day. Private delivery services (PDSs).

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