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Screen DISC J - Distributions and Deferred DISC Income (1120)

Deemed Distributions Section 995(b)(1)

The application limits the IC-DISC's gain for each item you entered in the statement to the amount of gain the transferor did not recognize on the previous transfer.
Use the statement to enter the sale or exchange of property described in section 995(b)(1)(C). The application limits the IC-DISC's gain for each item entered in the statement dialog to the amount of gain the transferor did not recognize on the previous transfer.
Use the statement dialog to enter the gross income attributable to military property, and the deductions allocated to that income. The application transfers 50% of the taxable income attributable to military property to Schedule J.

Deferred DISC Income Section 995(f)(3)

Enter the amount of distributions-in-excess-of-income for the tax year following the computation year. The distributions-in-excess-of-income means the excess (if any) of:
  • Actual distributions to shareholder out of accumulated IC-DISC income, over
  • The amount of IC-DISC income for the tax year following the computation year. The IC-DISC income is defined in section 996(f)(1) as the earnings and profits during the tax year, before reduction for any distributions during the year, but after deemed distributions under section 995(b)(1).
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