U.S. Income Tax Return of a Foreign Sales Corporations; Schedule P, Transfer Price or Commission

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form SCHEDULE-P U.S. Income Tax Return of a Foreign Sales Corporations; Schedule P, Transfer Price or Commission	Form	Modified	Available
SS1120fsc.doc	Supporting Statement A	Uploaded 2006-09-13	Available
burden comp.pdf	Supplementary Document	Uploaded 2006-09-01	Available
ombat2.doc	Supplementary Document	Uploaded 2006-09-01	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
17540	U.S. Income Tax Return of a Foreign Sales Corporations; Schedule P, Transfer Price or Commission	Form	Modified

ICR Details

OMB Control No: 1545-0935	ICR Reference No: 200609-1545-001
Status: Historical Active	Previous ICR Reference No: 200308-1545-013
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: U.S. Income Tax Return of a Foreign Sales Corporations; Schedule P, Transfer Price or Commission
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/20/2006
	Date Received in OIRA: 09/13/2006
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2009	36 Months From Approved	11/30/2006
Responses	30,000	0	30,000
Time Burden (Hours)	1,089,500	0	1,089,900
Cost Burden (Dollars)	0	0	0

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Abstract: Form 1120-FSC is filed by foreign corporations that have elected to be FSCs or small FSCs. The FSC uses Form 1120-FSC to report income and expenses and to figure its tax liability. IRS uses Form 1120-FSC and Schedule P (Form 1120-FSC) to determine whether the FSC has correctly reported its income and expenses and figured its tax liability correctly.

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Authorizing Statute(s): US Code: 26 USC 921 Name of Law: null
   US Code: 26 USC 927 Name of Law: null
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	71 FR 36607	06/27/2006
30-day Notice:	Federal Register Citation:	Citation Date:
	71 FR 54113	09/13/2006
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

table that charts list of burden

IC Title	Form No.	Form Name
U.S. Income Tax Return of a Foreign Sales Corporations; Schedule P, Transfer Price or Commission	1120-FSC, SCHEDULE-P	Tranfer price or commission ,   U.S. Income Tax Return of a Foreign Sales Corporations; Schedule P, Transfer Price or Commission

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ICR Summary of Burden

table that charts list of burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	30,000	30,000	0	0	0	0
Annual Time Burden (Hours)	1,089,500	1,089,900	0	-400	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Changing Forms

Short Statement: The total burden changed as a result of the deletion of 2 Code references and 2 lines.

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Annual Cost to Federal Government: $32,120

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 09/13/2006

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