Interest Charge Domestic International Sales Corporation Return

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form 1120-IC-DISC (Sch. Intercompany Transfer Price or Commission	Form	Modified	Available
Form 1120-IC-DISC (Sch. Shareholder's Statement of IC- DISC Distributions	Form	Modified	Available
Form 1120-IC-DISC 1120-IC-DISC, Interest Charge Domestic International Sales Corporation Return	Form	Modified	Available
Expiration Explanation.rtf	Supplementary Document	Uploaded 2009-12-03	Available
2013SS1120icd.doc	Supporting Statement A	Uploaded 2013-02-22	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
183797	Intercompany Transfer Price or Commission	Form	Modified	Intercompany Transfer Price or Commission
183796	Shareholder's Statement of IC-DISC Distributions	Form	Modified	Shareholder's Statement of IC- DISC Distributions
17546	Interest Charge Domestic International Sales Corporation Return	Instruction	Modified
17546	Interest Charge Domestic International Sales Corporation Return	Form	Modified	1120-IC-DISC, Interest Charge Domestic International Sales Corporation Return

ICR Details

OMB Control No: 1545-0938	ICR Reference No: 201302-1545-020
Status: Historical Active	Previous ICR Reference No: 200912-1545-003
Agency/Subagency: TREAS/IRS	Agency Tracking No: ah-0938-003
Title: Interest Charge Domestic International Sales Corporation Return
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: 04/02/2013
Retrieve Notice of Action (NOA)	Date Received in OIRA: 02/28/2013
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2016	36 Months From Approved	04/30/2013
Responses	6,480	0	6,480
Time Burden (Hours)	242,340	0	242,340
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 deductions. 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: Returns, etc., of DISCS and former DISCS and FSC's and former FSC's
  

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:
	77 FR 50764	08/22/2012
30-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 13758	02/28/2013
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 3

table that charts list of burden

IC Title	Form No.	Form Name
Intercompany Transfer Price or Commission	1120-IC-DISC (Sch. P)	Intercompany Transfer Price or Commission
Interest Charge Domestic International Sales Corporation Return	1120-IC-DISC	1120-IC-DISC, Interest Charge Domestic International Sales Corporation Return
Shareholder's Statement of IC-DISC Distributions	1120-IC-DISC (Sch. K)	Shareholder's Statement of IC- DISC Distributions

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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)	242,340	242,340	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]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

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: 02/28/2013

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