1120-US: Calculating taxable income for the IC-DISC (FAQ)

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Question

Why isn't UltraTax/1120 calculating taxable income for the corporation?

Answer

A former DISC or former IC-DISC is not required to complete lines 1 through 8 on page 1 or the schedules for figuring taxable income. The former DISC or IC-DISC status is indicated on Screen DISC and is also annotated at the top of Form 1120-IC-DISC.

Related topic: 1120-US: Form 1120-IC-DISC - Interest Charge Domestic International Sales Corporation FAQs

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