Rev. September 2017
This document provides instructions on how to complete Schedule P of Form 1120-FSC, which is used by foreign sales corporations (FSCs) to report transactions with their related suppliers. The schedule requires reporting of various details related to the transactions, including the principal business activity code, foreign trading gross receipts, and costs incurred by both parties. The instructions explain how to determine combined taxable income using full costing or marginal costing methods, as well as the limitations on FSC income (no-loss rules). Additionally, information is provided on the use of the 23% method and the 1.83% method for determining allowable transfer prices.
Form 1120-FSC Schedule P is one of Tax forms that are documents used to report information related to taxes to the relevant tax authority. There are various types of tax forms, including federal, state, and local tax forms, which can vary depending on the taxpayer's circumstances and location.
The easiest way to fill Form 1120-FSC Schedule P online
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