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Form 4876-A Irving Texas: What You Should Know

The corporation is a domestic international sales corporation, which is taxable under section 891. You paid the property taxes because you are a United States citizen. The sale of an interest charge IC-DISC was made through and within the United States and at a sale price equal to or less than the fair market value of the property you sold. Therefore, you do not recognize any gain from this sale. In 2019, the corporation files its Form 4876 with taxpayer of record and a sale price for the property equal to or less than its fair market value. The corporation has sold the property at, or within, the election period. The corporation will be treated as having elected to be treated as an interest charge foreign corporate entity for sales tax purposes. The purpose of this election is to: (a) Allow for the tax-exempt status of the corporation. (b) Allow the corporation to deduct certain expenses normally incurred by corporations that are incidental to conducting a trade or business under section 871(a). Allow the corporation to use its deduction for depreciation. (d) Allow the corporation to take items of income or deduction (other than allowable income or deduction) to which section 669 applies. [Back to Top of Page] IRS Form 4876-A Exclusion In general, if you are a United States citizen and your corporation is a domestic international sales corporation (IC-DISC) for income tax purposes, and you have the election to be treated as an interest charge domestic international sales corporation (IC-DISC), you will generally not be eligible to claim items of income or deduction (other than allowable income or deduction) to which section 669 applies. Form 4876-A Election (Rev. September 2016) 26 CFR § 1.992-2 — Election to be treated as a DISC. IRS Form 4876 (Rev. September 2016) (a) An interest charge IC-DISC shall be treated for the purposes of this subchapter, and all other applicable rules, as if it were a corporation. (b) An interest charge IC-DISC shall be the same corporation as a corporation to which this paragraph applies.

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