February 24, 1993
IRS Releases Data on Foreign-Controlled Corporations
WASHINGTON - In 1989, 44,840 United States corporations were
"controlled" by foreign entities. The Winter 1992-93 issue of
Statistics of Income Bulletin, available now, reports that these
foreign-controlled domestic corporations (FCDCs) generated $1
trillion in receipts. Their net income (less deficit) was $8.3
billion, down from $11.2 billion in 1988.
Sharp increases in deficits reported by companies without net
income caused the overall decrease. However, companies reporting
profits paid $6.2 billion in U.S. income tax after credits, up from
$5.8 billion the prior year.
Japanese-owned corporations reported over 25 percent of the
total receipts reported by all FCDCs, with British-owned
corporations in second place, reporting 18 percent.
In other articles, the BULLETIN reports that for 1989,
private foundations rebounded from the revenue losses reported for
the two previous years, with operating revenues increasing to
$19.9 billion, and that for 1990, 754 businesses reported
environmental excise tax (excluding taxes for ozone-depleting
chemicals) totaling $1.1 billion before adjustments and credits.
After statutory adjustments and credits, the tax was $1.07 billion.
The 31 percent increase over 1989 can be attributed almost entirely
to the new Oil Spill Liability Trust Fund on petroleum.
The STATISTICS OF INCOME BULLETIN is available from the
Superintendent of Documents, U.S. Government Printing Office, P.O.
Box 371954, Pittsburgh, PA. The annual subscription rate is $23 for
four issues; single issues cost $6.50.
For other statistical information, write to the Director,
Statistics of Income Division, Internal Revenue Service, P.O Box
2608, Washington, DC 20013-2608, dial its electronic bulletin board
at (202) 874-9574, or telephone its statistical information services
office at (202) 874-0410.
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