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QUESTION DETAIL
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For Form 1120 IC-DISC, which is a commission only disc. Commission, was calculated based on a related companies Foreign sales using the 50% method. The calculation was done at the end of the year but payment to the IC-DISC wasn't made until February which created an accounts receivable for this commission income. Where do I list the A/R on Schedule L of 1120-IC-DISC?
ANSWER
The BIDaWIZ Team's Answer:
Why would you not put it on line 1d of Schedule L of the 1120-IC-DISC as per IC Disc Audit Guide & 26 CFR 1.994-1?
References: IC Disc Audit Guide; 26 CFR 1.994-1
State: Michigan
