1120-IC-DISC, Interest Charge Domestic International Sales Corporation Return; Schedule K, Shareholder's Statement of IC- DISC Distributions; Schedule P, Intercompany Transfer Price .....

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form 1120-DISC 1120-IC-DISC, Interest Charge Domestic International Sales Corporation Return; Schedule K, Shareholder's Statement of IC- DISC Distributions; Schedule P, Intercompany Transfer Price .....	Form	Modified	Available
sch Pbrdn_busi.pdf	Supplementary Document	Uploaded 2006-10-10	Available
sch Kbrdn_busi.pdf	Supplementary Document	Uploaded 2006-10-10	Available
brdn_busi.pdf	Supplementary Document	Uploaded 2006-10-10	Available
ombat2.doc	Supplementary Document	Uploaded 2006-10-10	Available
SS1120icd.doc	Supporting Statement A	Uploaded 2006-10-10	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
17546	1120-IC-DISC, Interest Charge Domestic International Sales Corporation Return; Schedule K, Shareholder's Statement of IC- DISC Distributions; Schedule P, Intercompany Transfer Price .....	Form	Modified

ICR Details

OMB Control No: 1545-0938	ICR Reference No: 200610-1545-011
Status: Historical Active	Previous ICR Reference No: 200310-1545-008
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: 1120-IC-DISC, Interest Charge Domestic International Sales Corporation Return; Schedule K, Shareholder's Statement of IC- DISC Distributions; Schedule P, Intercompany Transfer Price .....
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 12/28/2006
	Date Received in OIRA: 10/17/2006
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2009	36 Months From Approved	12/31/2006
Responses	6,480	0	6,480
Time Burden (Hours)	229,676	0	229,676
Cost Burden (Dollars)	0	0	0

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Abstract: U.S. Corporations that have elected to be an interest charge domestic international sales corporation (IC-DISC) file Form 1120 IC-DISC to report their income and deductons. The IC-DISC is not taxed, but IC-DISC shareholders are taxed on their share of IC- DISC income. IRS uses Form 1120-IC-DISC to check the IC-DISC's computation of income. Schedule K (Form 1120-IC-DISC) is used to report income to shareholders; Schedule P (Form 1120-IC-DISC) is used by the IC-DISC to report its dealing with related suppliers, etc.

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Authorizing Statute(s): US Code: 26 USC 6011(c) 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 44769	08/07/2006
30-day Notice:	Federal Register Citation:	Citation Date:
	71 FR 61140	10/17/2006
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
1120-IC-DISC, Interest Charge Domestic International Sales Corporation Return; Schedule K, Shareholder's Statement of IC- DISC Distributions; Schedule P, Intercompany Transfer Price .....	1120-DISC, SCHEDULE-K, SCHEDULE-P	Interest Charge Domestic International Sales Corporation Return ,   Shareholder's Statement of IC- DISC Distributions ,   Intercompany Transfer Price .....

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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	6,480	6,480	0	0	0	0
Annual Time Burden (Hours)	229,676	229,676	0	0	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: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $4,785

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: 10/17/2006

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