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Guidance and other useful information to assist in understanding issues that may exist with S corporation ESOPs.

Some small corporate taxpayers reported CAMT for tax year 2023 when they may not be subject to the tax. CAMT applies to corporations based on their AFSI. Only applicable corporations pay CAMT.

Form 1120-FSC is used to report the income, deductions, gains, losses, credits and tax liability of a foreign sales corporation. Corporations electing to be treated as a Foreign Sales Corporation (FSC) or small FSC file this form to report their income, deductions, gains, losses, credits and income tax liability.

Table 15: Corporation Returns With Net Income, Form 1120S Corporation Complete Report

Table 11: Corporation Returns With Net Income, Form 1120-F

Use Form 1120-X, Amended U.S. Corporation Income Tax Return, Form 1120X to correct a Form 1120 as originally filed, or as later adjusted by an amended return, a claim for refund, or an examination, or make certain elections after the prescribed deadline (see Regulations sections 301.9100-1 through 3).

Form 1120 (Schedule G), Information on Certain Persons Owning the Corporation's Voting Stock, is used to provide information applicable to certain entities, individuals, and estates that own, directly, 20% or more, or own, directly or indirectly, 50% or more of the total voting power of all classes of a corporation's stock entitled to vote.

A foreign corporation files Form 1120-F, U.S. Income Tax Return of a Foreign Corporation, to report their income, gains, losses, deductions, credits, and to figure their U.S. income tax liability.

Form 1120-IC-DISC, Interest Charge Domestic International Sales Corporation Return, is an information return filed by interest charge domestic international sales corporations (IC-DISCs), former DISCs, and former IC-DISCs.

A corporation that is a component member of a controlled group must use Form 1120 (Schedule O), Consent Plan and Apportionment Schedule for a Controlled Group, to report the apportionment of certain tax benefits between all component members of the group.