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

Forms and Documents

Document Name	Status
Form Schedule P (Form 1 Schedule P (Form 1120-FSC) - Transfer Price or Commission Form and Instruction	New
Form 1120-FSC U.S. Income Tax Return of a Foreign Sales Corporations; Schedule P, Transfer Price or Commission Form	Modified
1120-FSC&Sch.P_2009SS.doc Supporting Statement A	2009-10-08
ombat2.doc Supplementary Document	2006-09-01

IC Document Collections

IC ID	Document Title	Status
190941	Schedule P (Form 1120-FSC) - Transfer Price or Commission Form and Instruction	New
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: 200909-1545-037
Status: Historical Active	Previous ICR Reference No: 200609-1545-001
Agency/Subagency: TREAS/IRS	Agency Tracking No: EM-0935-037
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: 01/20/2010
	Date Received in OIRA: 11/17/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2013	36 Months From Approved	01/31/2010
Responses	30,000	0	30,000
Time Burden (Hours)	1,088,250	0	1,089,500
Cost Burden (Dollars)	0	0	0

---

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.

---

Authorizing Statute(s): None

Citations for New Statutory Requirements: None

---

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

---

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 36547	07/23/2009
30-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 59030	11/16/2009
Did the Agency receive public comments on this ICR? No

---

Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
U.S. Income Tax Return of a Foreign Sales Corporations; Schedule P, Transfer Price or Commission	1120-FSC	U.S. Income Tax Return of a Foreign Sales Corporation
Schedule P (Form 1120-FSC) - Transfer Price or Commission	Schedule P (Form 1120-FSC)	Transfer Price or Commission

---

ICR Summary 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)	1,088,250	1,089,500	0	0	-1,250	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: 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. There were no significant changes to the form previously approved by OMB. The separation of the burden to each individual document covered under this ICR results in a total burden decrease of 1,250 hours. The separation of the burden between the two documents (IC's) helps clarify more accurate filing estimates and eliminates potential double counting.

---

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)? No

Is this ICR related to the Pandemic Response? Uncollected

---

Common Form ICR:  No

---

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: 11/17/2009

---