X-ray magnetic-circular-dichroism (MCD) spectra, orbital ($$) and spin magnetic moments ($$) for Co(110) monolayers a free standing mode or sandwiched between Pd(Pd/1Co/Pd)and Cu layers (Cu/1Co/Cu) are calculated using the thin film full potential linearized augmented plane wave energy band method. In contrast to the double peak structure predicted for the Co(0001) surface, only a minor side peak is found in the MCD spectra for Cu/Co/Cu, while MCD spectra for the other systems show a single peak structure. The MCD sum rules originally derived from a single ion model are found in the band approach to be valid for the systems investigated. However, for the spin sum rule, the magnetic dipole term ($$) is not negligible and needs to be included.