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Form 1120-FSC, Income Tax Return of a Foreign Sales Corporation

This is a foreign income tax return of a Foreign Sales Corporation. The form provided here is simply a sample of what the actual Form 1120-FSC looks like.

Form 1120-FSC
OMB No. 1545-0935 Form

Department of the Treasury
Internal Revenue Service

1120-FSC U.S. Income Tax Return of a Foreign Sales Corporation

For calendar year _________

or other tax year beginning ________________, _______,

and ending ________________, _________.

Name ____________________________________

Number, street, and room or suite no. (See page 7 of the instructions.)

____________________________________

____________________________________

City or town ____________________________________

State ____________________________________

ZIP code ____________________________________

A Foreign country or U.S. possession of incorporation ____________________________________

B Check type of election made: ____ FSC ____ Small FSC

Enter the effective date of the election: ______________________________

C Employer identification number ____________________________________

D Date incorporated ____________________________________

E Total assets (See page 8 of the instructions.) $_____________________

F Check applicable boxes:

(1) ____ Initial return

(2) ____ Final return

(3) ____ Change of address

(4) ____ Amended return

FSC Information

1 Principal shareholder. Complete for the shareholder that was the principal shareholder at the beginning of the FSC's tax year. If two or more shareholders own equal amounts of stock, complete for the shareholder that has the same tax year as the FSC. (See page 8 of the instructions.)

a Name ____________________________________

b Identification number ____________________________________

c Address

number and street ____________________________________

room or suite no. ____________________________________

city or town ____________________________________

state ____________________________________

ZIP code or country ____________________________________

d Total assets (corporations only)

$____________________________________

e Percentage of voting stock of the principal shareholder ____________%

f Tax year ends (month and year) ____________________________________

g Service Center where tax return is filed ____________________________

h Foreign owner? (check one)

____ Yes ____ No

2 Parent-subsidiary controlled group. Is the FSC a subsidiary in a parent-subsidiary controlled group? ____ Yes ____ No

If "Yes," and the principal shareholder (described in 1 above) is not the common parent of the group, complete lines 2a through 2g below for the common parent. (See page 8 of the instructions.)

a Name of common parent ____________________________________

b Identification number ____________________________________

c Address

number and street____________________________________

room or suite no. ____________________________________

city or town ____________________________________

state ____________________________________

ZIP code or country ____________________________________

d Total assets (consolidated, if applicable) $______________________

e Percentage of voting stock of the common parent _______________%

f Tax year ends (month and year) ____________________________________

g Service Center where tax return is filed _________________________

3 Administrative pricing rules

a Check the applicable box(es) to show the pricing rule(s) used to determine taxable income on transactions resulting in foreign trading gross receipts.

(1) 1.83% of foreign trading gross receipts

(2) 23% of combined taxable income

(3) Marginal costing

(4) Section 482 method

(5) Transactions at arm's length with unrelated supplier(s)

b If the FSC and the related supplier(s) meet the payment rules of Temporary Regulations section 1.925(a)-1T(b)(2)(ii) and elect to use the administrative pricing rules, check here

Tax and Payments (See page 8 of instructions.)

1 Total tax (Schedule J, line 8) 1 ____________________________________

2 Payments:

a 1998 overpayment credited to 1999 2a _______________________

b 1999 estimated tax payments 2b _________________________

2c Less 1999 refund applied for on Form 4466 2c (_________________)

d Bal 2d ____________________________________

e Tax deposited with Form 7004 2e _________________________

f Credit for Federal tax paid on fuels (attach Form 4136) 2f ____________________________________

g U.S. income tax paid or withheld at source (attach Form 1042-S) 2g ____________________________________

h Add lines 2d through 2g ____________________________________

3 Estimated tax penalty. Check if Form 2220 is attached ____ 3 _________________________________

4 Tax due. If line 2h is smaller than the total of lines 1 and 3, enter amount owed 4 ____________________________________

5 Overpayment. If line 2h is larger than the total of lines 1 and 3, enter amount overpaid 5 ____________________________________

6 Enter amount of line 5 you want: Credited to 2000 estimated tax ____________________________________

Refunded 6 ____________________________________

Sign Here

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.

Signature of officer ____________________________________

Date ____________________________________

Title ____________________________________

Preparer's Signature ____________________________________

Date ____________________________________

Preparer's SSN or PTIN ____________________________________

Check if self-employed ____

Paid Preparer's Use Only

Firm's name (or yours if self-employed) and address ____________________________________

EIN ____________________________________

ZIP code ____________________________________

For Paperwork Reduction Act Notice, see page 1 of separate instructions. Cat. No. 11531K

Schedule A Cost of Goods Sold Related to Foreign Trading Gross Receipts (See page 8 of the instructions.)

1 Inventory at beginning of year

1 (a) Using administrative pricing rules __________________________

(b) Not using administrative pricing rules ___________________________

2 Purchases

2 (a) Using administrative pricing rules __________________________

(b) Not using administrative pricing rules ___________________________

3 Cost of labor

3 (a) Using administrative pricing rules ___________________________

(b) Not using administrative pricing rules _____________________________

4 Additional section 263A costs (attach schedule)

4 (a) Using administrative pricing rules __________________________

(b) Not using administrative pricing rules ___________________________

Other costs (attach schedule)

5 (a) Using administrative pricing rules ___________________________

(b) Not using administrative pricing rules ___________________________

6 Total. Add lines 1 through 5

6 (a) Using administrative pricing rules ____________________________

(b) Not using administrative pricing rules ___________________________

7 Inventory at end of year

7 (a) Using administrative pricing rules __________________________

(b) Not using administrative pricing rules ___________________________

8 Cost of goods sold. Subtract line 7 from line 6. Enter here and on line 7 of Schedule B. Small FSCs, see instructions for Schedule A.

8 (a) Using administrative pricing rules ___________________________

(b) Not using administrative pricing rules __________________________

9a Check all methods used for valuing closing inventory:

(1) ____ Cost as described in Regulations section 1.471-3

(2) ____ Lower of cost or market as described in Regulations section 1.471-4

(3) ____ Other (Specify method used and attach explanation.) ____________________________________

b Check if there was a writedown of subnormal goods as described in Regulations section 1.471-2(c) ____

c Check if the LIFO inventory method was adopted this tax year for any goods. (If checked, attach Form 970.) ____

d If the LIFO inventory method was used for this tax year, enter percentage (or amounts) of closing inventory computed under LIFO 9d ____________________________________

e If property is produced or acquired for resale, do the rules of section 263A apply to the FSC? ____ Yes ____ No

f Was there any change in determining quantities, cost, or valuations between opening and closing inventory? If "Yes," attach explanation ____ Yes ____ No

Additional Information (See page 9 of the instructions.) Note: Small FSCs, complete lines 1 through 7f only.

1 See the instructions on page 16 and enter the FSC's:

a Business activity code no. ____________________________________

b Business activity ____________________________________

c Product or service ____________________________________

2 Enter the amount of tax-exempt interest received or accrued during the tax year $____________________________________

3 At any time during the tax year was the FSC engaged in a trade or business in the United States? Yes ____ No ____

4 Is the FSC a foreign personal holding company or a personal holding company? (See page 9 of the instructions.) Yes ____ No ____

5 If the FSC has an NOL for the tax year and is electing to forego the carryback period, check here ____

6 Enter the available NOL carryover from prior tax years. (Do not reduce it by any deduction in Schedule B, Part II, line 19a.) $____________________________________

7 FSC qualification rules (See page 2 of the instructions.):

a Enter the largest number of FSC shareholders at any time during the tax year ____________________________________

b Did the FSC have any preferred stock outstanding at any time during the tax year? Yes ____ No ____

c During the tax year, did the FSC maintain an office in a qualifying foreign country or U.S. possession in which a complete set of books and records was maintained? (See page 2 of the instructions.) Yes ____ No ____

d During the tax year did the FSC maintain the records required under section 6001 at a location within the U.S.? Yes ____ No ____

e At all times during the tax year, did the FSC have at least one non-U.S. resident on its board of directors? Yes ____ No ____

f Small FSCs only: Check the applicable box if during the tax year the small FSC was a member of a controlled group of corporations that included a ____ DISC or a ____ FSC.

g Check the applicable box if during the tax year the FSC was a member of a controlled group of corporations that included a ____ DISC or a ____ small FSC.

8 Foreign management rules (does not apply to small FSCs):

a Did all formally convened meetings of the board of directors and of the shareholders occur outside the U.S.? Yes ____ No ____

b (1) Were all cash dividends, legal and accounting fees, salaries of officers, and salaries or fees of members of the board of directors disbursed from bank accounts maintained outside the United States? (If "Yes," these accounts are considered to be the FSC's principal bank accounts.) Yes ____ No ____

(2) At all times during the tax year, did the FSC maintain its principal bank accounts in a qualifying foreign country or U.S. possession? (See page 3 of the instructions.) Yes ____ No ____

Name of bank(s) ____________________________________

Account number(s) ____________________________________

9 Foreign economic process rules (does not apply to small FSCs):

a Check the applicable box if the FSC is electing to group transactions from its sales activities (Regulations section 1.924(d)-1(c)(5)):

____ Customer grouping

____ Contract grouping

____ Product or product line grouping

____ Product or product line subgroupings

b Check the applicable box(es) to indicate how the FSC met the foreign direct costs requirement: (See page 3 of the instructions.)

____ The FSC (or any person under contract with the FSC) met the 50% test of section 924(d)(1).

____ The FSC (or any person under contract with the FSC) met the alternative 85% test of section 924(d)(2). Check to indicate the subparagraph of section 924(e) for which this alternative test was met:

(e)(1) ____ (e)(2) ____ (e)(3) ____ (e)(4) ____ (e)(5)

c If box (e)(5) on line 9b is checked, enter which of the five methods listed in Regulations section 1.924(e)-1(e)(1) (i) through (v) describes how the FSC bears the economic risk of nonpayment ____________________________________

d Check the applicable box if the FSC is electing to group its foreign direct costs on one of the following (Regulations section 1.924(d)-1(e)):

____ Customer grouping

____ Contract grouping

____ Product or product line grouping

Schedule B Taxable Income or (Loss)
(See page 9 of the instructions.)

Part I--Net Income Attributable to Nonexempt Foreign Trade Income

1 Sale, exchange, or other disposition of export property. (Enter 50% of military property sales. Include the other 50% on Schedule F, line 1.)

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

2 Lease or rental of export property for use outside the United States

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

3 Services related and subsidiary to:

a Sale, exchange, or other disposition of export property. (Enter 50% of services related to the sale or other disposition of military property. Include the other 50% on Schedule F, line 1.)

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

b Lease or rental of export property

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

4 Engineering or architectural services for construction projects outside the U.S.

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

5 Managerial services for an unrelated FSC or IC-DISC

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

6a Total foreign trading gross receipts. Add lines 1 through 5

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

b Small FSC limitation (section 924(b)(2)(B)) 6b $5,000,000

c Controlled group member's share of line 6b 6c ________________________

d Enter 1. (Short tax year: Divide the number of days in the short tax year by the number of days in the full tax year. Enter as a decimal less than 1.00000.) 6d ________________________

e Multiply line 6b or line 6c (whichever applies) by line 6d 6e ________________________

f Total of line 6a, columns (a) and (b) 6f ________________________

g Enter the smaller of line 6e or line 6f. Note: If line 6f exceeds line 6e, enter the excess on line 7 of Schedule F 6g ________________________

h Allocate the amount from line 6g to columns (a) and (b) (see instructions) Cost of goods sold (Schedule A, line 8). (Small FSCs, enter only the part of cost of goods sold from the receipts on line 6h above. See instructions for Schedule A on page 8.)

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

8 Foreign trade income. Subtract line 7 from line 6a or line 6h (whichever applies)

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

9a Exemption percentage from Schedule E, line 3d 9a (a) Using administrative pricing rules ________________________%

b Exemption percentage from Schedule E, line 2d 9b (b) Not using administrative pricing rules ________________________%

10 Exempt foreign trade income. Multiply line 8 (column (a)) by line 9a and line 8 (column (b)) by line 9b

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

11 Nonexempt foreign trade income. Subtract line 10 from line 8

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

12 Deductions attributable to nonexempt foreign trade income. Enter amount from Schedule G, line 18

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

13 Net income attributable to nonexempt foreign trade income. Subtract line 12 from line 11

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

14 Net income attributable to nonexempt foreign trade income from Schedule F, line 6

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

15 Total net income attributable to nonexempt foreign trade income. Add lines 13 and 14

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

Part II--Taxable Income or (Loss)

16 Taxable income from foreign trade income. Enter total of line 15, columns (a) and (b), minus any nontaxable income included in line 15, column (b). Attach a schedule that shows the computation of the taxable and nontaxable income included in line 15, column (b)

(b) Not using administrative pricing rules ________________________

17 Taxable nonforeign trade income from Schedule F, line 19

(b) Not using administrative pricing rules ________________________

18 Taxable income or (loss) before net operating loss deduction and dividends-received deduction. Add lines 16 and 17

(b) Not using administrative pricing rules ________________________

19a Net operating loss deduction (attach schedule)

b Dividends-received deduction (attach schedule)

c Add lines 19a and 19b (b) Not using administrative pricing rules ________________________

20 Taxable income or (loss). Subtract line 19c from line 18. (See instructions for Schedule J on page 13 to figure the tax on this income.)

(b) Not using administrative pricing rules ________________________

Schedule E Exemption Percentages Used in Figuring Exempt Foreign Trade Income (See page 10 of the instructions.)

Note: Enter .30000 on line 2d and .65217 on line 3d if all shareholders of the FSC are C corporations. Skip all other lines. Enter .32000 on line 2d and .69565 on line 3d if all shareholders of the FSC are other than C corporations. Skip all other lines.

1 Percentage (round to at least five decimal places) of voting stock owned by shareholders that are C corporations 1 ________________________

2 Exemption percentage for foreign trade income determined by not using the administrative pricing rules:

a Difference between section 923(a)(2) and section 291(a)(4)(A) percentage 2a .02000

b Section 923(a)(2) percentage 2b .32000

c Multiply line 1 by line 2a 2c ________________________

d Exemption percentage. Subtract line 2c from line 2b. Enter here and on Schedule B, line 9b, and on Schedule G, line 16b 2d ________________________

3 Exemption percentage for foreign trade income determined using administrative pricing rules:

a Difference between section 923(a)(3) fraction and section 291(a)(4)(B) fraction (16/23 - 15/23 = 1/23) shown as a decimal 3a .04348

b Section 923(a)(3) fraction (16/23) shown as a decimal 3b .69565

c Multiply line 1 by line 3a 3c ________________________

d Exemption percentage. Subtract line 3c from line 3b. Enter here and on Schedule B, line 9a, and on Schedule G, line 16a 3d ________________________

Schedule F Net Income From Nonexempt Foreign Trade Income and Taxable Nonforeign Trade Income (See page 10 of the instructions.)

Part I--Net Income From Nonexempt Foreign Trade Income

1 Enter 50% of total receipts from the sale, exchange, or other disposition of military property and related services

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

2 International boycott income

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

3 Illegal bribes and other payments

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

4 Total. Add lines 1, 2, and 3

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

5 Cost of goods sold and other costs related to above income (attach schedule)

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

6 Net income from nonexempt foreign trade income. Subtract line 5 from line 4. Enter here and on Schedule B, line 14, columns (a) and (b)

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

Part II--Taxable Nonforeign Trade Income

7 Small FSCs: If line 6f, Schedule B, is greater than line 6e, Schedule B, enter the excess here 7 ________________________

8 Interest 8 ________________________

9 Dividends (attach schedule--see page 11 of the instructions) 9 ________________________

10 Carrying charges 10 ________________________

11 Royalties 11 ________________________

12 Other investment income 12 ________________________

13 Receipts excluded under section 924(f) on the basis of use, subsidized receipts, and receipts from related parties 13 ________________________

14 Income from excluded property under sections 927(a)(2) and (3) 14 ________________________

15 Income from transactions that did not meet the Foreign economic process rules (see page 3 of the instructions). (See Foreign Trading Gross Receipts on page 3 of the instructions.) 15 ________________________

16 Other income 16 ________________________

17 Total. Add lines 7 through 16 17 ________________________

18 Enter deductions allocated or apportioned to line 17 income. (Attach schedule. Small FSCs also include the cost of goods sold deduction attributable to the amount entered on line 7 above) 18 ________________________

19 Taxable nonforeign trade income. Subtract line 18 from line 17. Enter here and on Schedule B, line 17 19 ________________________

Schedule G Deductions Attributable to Foreign Trade Income Other Than Foreign Trade Income Reported on Schedule F (See instructions on pages 12 and 13 for limitations before completing lines 1 through 14.)

1 Foreign direct costs described in section 924(e):

a Advertising and sales promotion

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

b Certain processing and arranging costs

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

c Certain transportation costs

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

d Certain determination and transmittal costs

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

e Assumption of credit risk

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

f Total foreign direct costs. Add lines 1a through 1e

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

2 Advertising

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

3 Interest

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

4 Depreciation from Form 4562 (less any depreciation claimed elsewhere on this return) (attach Form 4562)

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

5 Salaries and wages

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

6 Rents

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

7 Sales commissions

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

8 Warehousing

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

9 Freight

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

10 Compensation of officers

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

11 Bad debts

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

12 Pension, profit-sharing, etc., plans

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

13 Employee benefit programs

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

14 Other deductions (attach list)

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

15 Total deductions. Add lines 1f through 14

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

16a Exemption percentage from Schedule E, line 3d 16a (a) Using administrative pricing rules ________________________%

b Exemption percentage from Schedule E, line 2d 16b (b) Not using administrative pricing rules ________________________%

17 Deductions attributable to exempt foreign trade income. Multiply line 15, column (a) by line 16a and enter the result in column (a), and multiply line 15, column (b) by line 16b and enter the result in column (b)

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

18 Deductions attributable to nonexempt foreign trade income other than foreign trade income reported on Schedule F. Subtract line 17 from line 15. Enter here and in Schedule B, line 12, columns (a) and (b)

(a) Using administrative pricing rules ________________________

(b) Not using administrative pricing rules ________________________

Schedule J Tax Computation (See page 13 of the instructions.)

1 Check if the FSC is a member of a controlled group (see section 927(d)(4)) ____

Important: Members of a controlled group, see page 13 of the instructions.

2a If the box on line 1 is checked, enter the FSC's share of the $50,000, $25,000, and $9,925,000 taxable income brackets (in that order):

(1) $________________________ (2) $________________________ (3) $________________________

b Enter the FSC's share of:

(1) Additional 5% tax (not more than $11,750) $________________________

(2) Additional 3% tax (not more than $100,000) $________________________

3 Income tax. Check this box if the FSC is a qualified personal service corporation as defined in section 448(d)(2). (See page 14 of the instructions.) ____ 3 ________________________

4 Foreign tax credit (attach Form 1118) 4 ________________________

5 Subtract line 4 from line 3 5 ________________________

6 Personal holding company tax (attach Schedule PH (Form 1120)) 6 ________________________

7 Alternative minimum tax (attach Form 4626) 7 ________________________

8 Total tax. Add lines 5 through 7. Enter here and on line 1, page 1 8 ________________________

Schedule L Balance Sheets per Books

1 Cash

Beginning of tax year

(b) _____________________

End of tax year

(d) _____________________

2a Trade notes and accounts receivable

Beginning of tax year

(a) _____________________

End of tax year

(c) _____________________

b Commissions receivable

Beginning of tax year

(a) _____________________

End of tax year

(c) _____________________

c Less allowance for bad debts

Beginning of tax year

(a) (_____________________)

(b) _____________________

End of tax year

(c) (_____________________)

(d) _____________________

3 Inventories

Beginning of tax year

(b) _____________________

End of tax year

(d) _____________________

4 U.S. government obligations

Beginning of tax year

(b) _____________________

End of tax year

(d) _____________________

5 Tax-exempt securities (See page 14 of the instructions.)

Beginning of tax year

(b) _____________________

End of tax year

(d) _____________________

6 Other current assets (attach schedule)

Beginning of tax year

(b) _____________________

End of tax year

(d) _____________________

7 Loans to shareholders

Beginning of tax year

(b) _____________________

End of tax year

(d) _____________________

8 Mortgage and real estate loans

Beginning of tax year

(b) _____________________

End of tax year

(d) _____________________

9 Other investments (attach schedule)

Beginning of tax year

(b) _____________________

End of tax year

(d) _____________________

10a Buildings and other depreciable assets

Beginning of tax year

(a) _____________________

End of tax year

(c) _____________________

b Less accumulated depreciation

Beginning of tax year

(a) (_____________________)

(b) _____________________

End of tax year

(c) (_____________________)

(d) _____________________

11a Depletable assets

Beginning of tax year

(a) _____________________

End of tax year

(c) _____________________

b Less accumulated depletion

Beginning of tax year

(a) (_____________________)

(b) _____________________

End of tax year

(c) (_____________________)

(d) _____________________

12 Land (net of any amortization)

Beginning of tax year

(b) _____________________

End of tax year

(d) _____________________

13a Intangible assets (amortizable only)

Beginning of tax year

(a) _____________________

End of tax year

(c) _____________________

b Less accumulated amortization

Beginning of tax year

(a) (_____________________)

(b) _____________________

End of tax year

(c) (_____________________)

(d) _____________________

14 Other assets (attach schedule)

Beginning of tax year

(b) _____________________

End of tax year

(d) _____________________

15 Total assets

Beginning of tax year

(b) _____________________

End of tax year

(d) _____________________

Liabilities and Shareholders' Equity

16 Accounts payable

Beginning of tax year

(b) _____________________

End of tax year

(d) _____________________

17 Mtges., notes, bonds payable in less than 1 year

Beginning of tax year

(b) _____________________

End of tax year

(d) _____________________

18 Transfer prices payable

Beginning of tax year

(b) _____________________

End of tax year

(d) _____________________

19 Other current liabilities (attach schedule)

Beginning of tax year

(b) _____________________

End of tax year

(d) _____________________

20 Loans from shareholders

Beginning of tax year

(b) _____________________

End of tax year

(d) _____________________

21 Mtges., notes, bonds payable in 1 year or more

Beginning of tax year

(b) _____________________

End of tax year

(d) _____________________

22 Other liabilities (attach schedule)

Beginning of tax year

(b) _____________________

End of tax year

(d) _____________________

23 Capital stock

Beginning of tax year

(b) _____________________

End of tax year

(d) _____________________

24 Additional paid-in capital

Beginning of tax year

(b) _____________________

End of tax year

(d) _____________________

25 Retained earnings--Appropriated (attach schedule)

Beginning of tax year

(b) _____________________

End of tax year

(d) _____________________

26 Retained earnings--Unappropriated

Beginning of tax year

(b) _____________________

End of tax year

(d) _____________________

27 Adjustments to shareholders' equity (attach schedule)

Beginning of tax year

(b) _____________________

End of tax year

(d) _____________________

28 Less cost of treasury stock

Beginning of tax year

(b) (_____________________)

End of tax year

(d) (_____________________)

29 Total liabilities and shareholders' equity

Beginning of tax year

(b) (_____________________)

End of tax year

(d) (_____________________)

Schedule M-1 Reconciliation of Income (Loss) per Books With Income per Return (See page 15 of the instructions.)

1 Net income (loss) per books 1 _____________________

2 Federal income tax 2 _____________________

3 Excess of capital losses over capital gains 3 _____________________

4 Income subject to tax not recorded on books this year (itemize): _____________________ 4 _____________________

5 Expenses recorded on books this year not deducted on this return (itemize):

a Depreciation $_____________________

b Deductions attributable to exempt foreign trade income $_____________________

c Travel and entertainment $_____________________

6 Add lines 1 through 5 6 _____________________

7 Income recorded on books this year not included on this return (itemize):

a Tax-exempt interest $_____________________

b Exempt foreign trade income $_____________________

8 Deductions on this return not charged against book income this year (itemize): Depreciation $_____________________

9 Add lines 7 and 8 9 _____________________

10 Taxable income (line 18, Schedule B)--line 6 less line 9 10 _____________________

Schedule M-2 Analysis of Unappropriated Retained Earnings per Books (Line 26, Schedule L)

1 Balance at beginning of year

Beginning of tax year 1 _____________________

2 Net income (loss) per books 2 _____________________

3 Other increases (itemize): _____________________ 3 _____________________

4 Add lines 1, 2, and 3 4 _____________________

5 Distributions:

a Cash _____________________

b Stock _____________________

c Property _____________________

6 Other decreases (itemize): _____________________ 6 _____________________

7 Add lines 5 and 6 7 _____________________

8 Balance at end of year (line 4 less line 7) 8 _____________________

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