Statistics of Income (SOI) Bulletin - Fall 2014
(entire publication in PDF)
Corporate Foreign Tax Credit, 2010
By Scott Luttrell
The foreign tax credit is the largest tax credit claimed by corporations; however, very few corporations claim this credit each year. While less than half of 1 percent (6,922) of all U.S. corporations reported a foreign tax credit for Tax Year 2010, the amount claimed ($118.1 billion) reduced the tax liability for these corporations 43.6 percent. When other credits were added, the overall tax liability was reduced an additional 5 percent to 48.6 percent, or from $270.6 billion to $139.1 billion. Corporations claiming a foreign tax credit in 2010 reported $470.4 billion in foreign-source taxable income. The Netherlands (7.6 percent), United Kingdom (7.1 percent), and Canada (6.7 percent) accounted for the largest shares of foreign source taxable income for the year.
Related Link: Corporate Foreign Tax Credit Statistics
Unrelated Business Income Tax Returns, 2010
By Jael Jackson
Gross unrelated business income reported by tax-exempt organizations on Form 990-T for Tax Year 2010 totaled $9.9 billion and represented a 13-percent increase from Tax Year 2009. Total unrelated business income tax liability increased even more, 28 percent, to $341.3 million. As in previous years, charitable organizations, tax exempt under Internal Revenue Code section 501(c)(3), made up the most common Form 990-T filers, representing more than one-third (34.9 percent) of all organizations that filed the return for Tax Year 2010.
In the Next Issue
Articles on the following topics are tentatively planned for inclusion in the Winter 2015 issue of the Statistics of Income Bulletin, scheduled to be published in March 2015:
- To be determined