The Internal Revenue Service has released the summer 2014 edition of its quarterly Statistics of Income Bulletin, providing data on foreign controlled domestic corporations and municipal bonds from tax year 2011.
The IRS’s Statistics of Income Division produces the online bulletin, whose articles provide the most recent data available from various tax and information returns filed by U.S. taxpayers.
The IRS found that 76,793 foreign-controlled domestic corporations, or FCDCs, filed in tax year 2011, but they accounted for only 1.3 percent of all U.S. corporate income tax returns filed that year.
Collectively, FCDCs produced 16.2 percent (or $4.6 trillion) of the total receipts reported by all U.S. corporation income tax returns for the year; however, a small portion of these corporations accounted for most of this amount. FCDCs accounted for 14.4 percent ($11.7 trillion) of the total assets reported by U.S. corporations for 2011.
The total receipts for FCDCs rose substantially, by 13.1 percent, compared to 8.2 percent for all corporations between 2010 and 2011. FCDCs accounted for 16.2 percent of total receipts reported by corporations in 2011, up from 15.5 percent in 2010. Total receipts includes all income actually (as opposed to constructively) received by a corporation and reported to the IRS for the tax year.
Another article based on tax year 2011 data found the municipal bond market was dominated by the more than 21,000 tax-exempt governmental bonds issued in 2011, which raised $297.3 billion in proceeds for public projects, such as schools, transportation infrastructure, and utilities. Tax-exempt bond proceeds totaled nearly $384.3 billion, accounting for almost all (98.4 percent) municipal bond proceeds for the year.
Municipal bond issues decreased from $556.9 billion in 2010 to $390.6 billion in 2011, according to the IRS statistics. One of the main reasons for that was the expiration of the Build America Bond program, which ended on Jan. 1, 2011. Proceeds from direct payment bonds totaled less than $6.2 billion and made up 1.6 percent of all municipal bond proceeds for the year. Tax credit bond proceeds totaled $0.2 billion and accounted for 0.1 percent of all municipal bond proceeds in 2011.
The articles are available for download at www.IRS.gov/taxstats.