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

Document Name	Status
Form Schedule P (Form 1 Intercompany Transfer Price or Commission Form and Instruction	New
Form Schedule K (Form 1 Shareholder's Statement of IC-DISC Distributions Form and Instruction	New
Form 1120-DISC Interest Charge Domestic International Sales Corporation Return Form	Modified
1120ICDISC Summary of Changes.pdf Justification for No Material/Nonsubstantive Change	2008-02-19
SS1120icd.doc Supporting Statement A	2006-10-10

IC Document Collections

IC ID	Document Title	Status
183797	Intercompany Transfer Price or Commission Form and Instruction	New
183796	Shareholder's Statement of IC-DISC Distributions Form and Instruction	New
17546	Interest Charge Domestic International Sales Corporation Return Form	Modified

ICR Details

OMB Control No: 1545-0938	ICR Reference No: 200802-1545-006
Status: Historical Active	Previous ICR Reference No: 200610-1545-011
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: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 03/05/2008
	Date Received in OIRA: 02/27/2008
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2009	12/31/2009	12/31/2009
Responses	6,480	0	6,480
Time Burden (Hours)	242,340	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 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:
	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: 3

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

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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	6,480	6,480	0	0	0	0
Annual Time Burden (Hours)	242,340	229,676	0	12,664	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to: Miscellaneous Actions

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

Burden Reduction Due to: Changing Forms

Short Statement: Changes were made to the form(s)to improve the accountability of data being requested. Most changes were made to the form to update annual revisions. There have been additions and subtractions of lines and Code references since our last OMB submission. The adjustments of these changes resulted in an over burden increase of 12,664 hours.

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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: 02/27/2008

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