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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