The Internal Revenue Service recently announced that the summer 2014 issue of the Statistics of Income Bulletin is now available at IRS.gov. This Bulletin provides the most recent data available from various tax and information returns filed by U.S. taxpayers. The current issue has articles covering the following topics:
- Foreign-Controlled Domestic Corporations, 2011. Foreign-controlled domestic corporations (76,793) accounted for a small share (1.3 percent) of all U.S. corporation income tax returns filed for tax year 2011. Collectively, these corporations produced 16.2 percent ($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. FCDC’s accounted for 14.4 percent ($11.7 trillion) of the total assets reported by U.S. corporations for 2011.
- Municipal Bonds, 2011. The municipal bond market was dominated by the more than 21,000 tax-exempt governmental bonds issued in 2011, raising $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.
See IR-2014-85, (Sept. 2, 2014).
Posted by Chuba Abaelu,
Associate Editor, Wealth Strategies Journal