SOI Tax Stats - SOI Bulletin: Summer 2007

A History of Controlled Foreign Corporations and the Foreign Tax CreditPDF
Article by Melissa Redmiles and Jason Wenrich, SOI

As U.S. corporations have expanded their businesses overseas in the last several decades, the United States Tax Code has been modified to account for increasingly complex international corporate structures and transactions. Two important international tax concepts that have emerged over the years are the corporate foreign tax credit and controlled foreign corporations.

Foreign-Controlled Domestic Corporations, 2004PDF
Article by James R. Hobbs, SOI

For Tax Year 2004, the 57,935 domestic corporations each controlled by a foreign “person” generated $3.1 trillion of total receipts with $8.0 trillion of total assets, reported on income tax returns filed with the Internal Revenue Service (IRS). Both total receipts and total assets increased substantially for 2004, by 19.0 percent and 29.2 percent, respectively, over the previous year.

Recent Changes in the Estate Tax Exemption Level and Filing PopulationPDF
Article by Brian G. Raub, SOI

With the enactment of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), Congress significantly altered the framework of the Federal estate tax. Most noteworthy, of course, is the law’s eventual repeal of the estate tax. The exemption amount for estates was increased incrementally from $675,000 for 2001 deaths to $2 million for deaths in 2006. The exemption amount will increase to $3.5 million for 2009 deaths.

SOI Approaches First Century in the Twenty-FirstPDF
Article by James Dalton, SOI

As we celebrate our 90th year of doing business and meeting the needs of our many customers, we would like to take a look back at the exceptional trailblazers who have made our products and services possible.

Sole Proprietorship Returns, 2005PDF
Article by Jeff Curry and Justin Bryan, SOI

For Tax Year 2005, there were approximately 21.5 million individual income tax returns that reported nonfarm sole proprietorship activity. Nearly every sole proprietor industrial sector reported an increase in profits. Total profits for all nonfarm sole proprietorships were $269.9 billion, a 9.0-percent increase from Tax Year 2004.

The Estate Tax: Ninety Years and CountingPDF
Article by Darien B. Jacobson, Brian G. Raub, and Barry W. Johnson, SOI

For the past 90 years and at key points throughout American history, the Federal Government has relied on estate and inheritance taxes as sources of funding. Proponents have frequently advocated that these taxes are effective tools for preventing the concentration of wealth in the hands of a relatively few powerful families, while opponents believe that transfer taxes discourage capital accumulation, curbing national economic growth.

What’s New in Federal Excise Taxation, Fiscal Years 1992-2006PDF
Article by Melissa Laine, SOI

Federal receipts from excise taxation reached a level of $76.1 billion for Fiscal Year (FY) 2006. The FY 2006 receipts represented a 1.2-percent increase from FY 2005 and a 35.9-percent increase since FY 1996. Excise taxes accounted for 3 percent of total receipts for the U.S. Government in FY 2006.