Foreign Sales Corporation Act of 1983

[AI summary unavailable — showing source text] Foreign Sales Corporation Act of 1983 - Amends the Internal Revenue Code to provide for the tax treatment of foreign sales corporations (FSC) and exports of goods and services. Excludes from gross income the exempt foreign trade income of a foreign sales corporation. Requires the allocation of the deductions of a FSC to its exempt and nonexempt income. Limits the types of income tax credits which a FSC may claim. Treats the foreign trade income (other than exempt foreign trade income), investment income, and carrying charges of a FSC as U.S. source income, subject to the income tax. Defines a "FSC" as any corporation which: (1) was created under the laws of any foreign country or possession of the United States; (2) has no more than 25 shareholders at any time during the taxable year; (3) has no preferred stock; (4) maintains an office inside and outside the United States at which permanent tax records are kept; (5) has one director who is not a U.S. resident; (6) is not a member of a controlled group of corporations of which a domestic international sales corporation is a member; and (7) has made an election to be treated as a FSC. Defines a "small foreign sales corporation" as ha…