Rev. Proc. 72-44

Section 1. Purpose

The purpose of this Revenue Procedure is to grant additional time to file the return of a domestic international sales corporation (DISC) for a short taxable year beginning and ending in 1972.

Sec. 2. Background

.01 Section 6072(b) of the Internal Revenue Code of 1954 provides that returns required for a taxable year by section 6011(e)(2) of the Internal Revenue Code (relating to returns of a DISC) shall be filed on or before the fifteenth day of the ninth month following the close of the taxable year.

.02 Form 1120-DISC is the form prescribed for use by domestic international sales corporations. Because Form 1120-DISC will not be available until the latter part of 1972, certain DISCs with short taxable years beginning and ending in 1972 would be required to file their returns prior to the time the forms are available.

Sec. 3. Procedure

.01 A DISC with a short taxable year beginning and ending in 1972 has until the 15th day of the 9th month after the close of its taxable year or January 15, 1973, whichever is later, to file its return for the short period.

.02 Except as provided in this Revenue Procedure, no extension of time to file a Form 1120-DISC will be granted.