Foreign Sales Corporation

About Foreign Sales Corporation:

Foreign Sales Corporation (FSC) was an electing corporation organized under the laws of a country other than the United States, that has taxable income attributable to gross receipts from foreign trade. Part of the income from an FSC is exempt from U.S. taxation, and another portion may be taxed on a current or deferred basis according to the pricing rules and the source of the income. Former IRC (check if this IRC provision is current here) §921-927.