TAX CONNECTIONSTag Archive for controlled foreign corporations
07 Mar 2013
Written by Ronald Marini
WASHINGTON — The Internal Revenue Service today announced that the winter 2013 issue of the Statistics of Income Bulletin is available at IRS.gov. The winter 2013 issue features preliminary data from more than 145 million individual income tax returns for tax year 2011. The Statistics of Income (SOI) Division produces the SOI Bulletin on a quarterly basis. Articles included in the publication provide the most recent data available from various tax and information returns filed by U.S. taxpayers. This issue of the SOI Bulletin also includes articles on the following topics:
- Individual Income Tax Rates and Shares, 2010. Of the 142.9 million individual tax returns filed in tax year 2010, 84.5 million (59.1 percent) were classified as taxable returns or returns with a total income tax greater than $0. Adjusted gross income (AGI) for taxable returns was nearly $7.25 trillion, and total income tax was $952 billion.
- Individual Noncash Charitable Contributions, 2010. More than 7. million individual taxpayers reported a total of $34.9 billion in deductions for noncash charitable contributions for tax year 2010.
- Split-Interest Trusts, Filing Year 2011. Charitable remainder trusts, charitable lead trusts, and pooled income funds reported $9.7 billion in gross income and $118.1 billion in end-of-year assets.
- Domestic Private Foundations and Related Excise Taxes, Tax Year 2009. For tax year 2009, domestic private foundations reported $588.5 billion in total assets and $52.2 billion in total revenue. These foundations distributed $40.9 billion in contributions, gifts, and grants to the charitable sector.
- Controlled Foreign Corporations, 2008. For tax year 2008, foreign corporations controlled by U.S. multinational corporations held $14.5 trillion in assets and reported receipts of $6.0 trillion.