U.S. CORPORATIONS THAT HAVE ELECTED TO
BE TREATED AS DOMESTIC INTERNATIONAL SALES CORPORATIONS FILE FORM
1120-DISC TO REPORT THEIR INCOME AND DEDUCTIONS. DISCS ARE NOT
TAXED, HOWEVER, SHAREHOLDERS OF A DISC ARE TAXED ON DISC INCOME.
THE IRS USES FORM 1120-DISC TO ASCERTAIN IF THE DISC HAS CORRECTLY
COMPUTED ITS INCOME AND SCHEDULE K (FORM 1120-DISC) TO DETERMINE IF
SHAREHOLDERS OF A DISC HAVE CORRECTLY REPORTED DISC INCOME. SCHED.
N GIVES HISTORICAL INFO. ON A DISC'S INC.
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:
(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;
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.