IRS News Release  
November 27, 1991

1988 Profits of Foreign-Controlled
U.S. Corporations Reach New High

WASHINGTON - Profits of foreign-controlled U.S. corporations reached $11.2 billion for 1988, twice the $5.6 billion reported for 1987. This is just one of the facts reported in the fall 1991 issues of the Internal Revenue Service quarterly publication, the "Statistics of Income Bulletin," available now.

These 42,000 companies also reported $5.8 billion in income tax for 1988, compared with $4.6 billion the year before. The receipts they reported amounted to $800 million. Companies controlled by Japanese businesses accounted for 25 percent of these receipts. Those controlled by United Kingdom companies accounted for another 18 percent.

Partnerships for 1989 continued to turn around their long-term trend of net losses, reporting $14.1 billion in profits, slightly less than the $14.5 billion reported for 1988.

Total revenue reported by nonprofit charitable organizations was $310.8 billion for 1987, up from $292.5 billion for 1986. Total expenses were $288.7 billion, 84 percent of which was for the cost of conducting their programs.

This issue of the Bulletin also presents summary statistics on the nation's 37,000 private foundations, historical and summary statistics, individual income tax return data by state for 1989 and quarterly tax collections and refunds.

The "Statistics of Income Bulletin" is for sale from the Superintendent of Documents, U.S. Government Printing Office, Washington, DC 20402. The phone number is (202) 783-3238. The annual subscription rate is $20 for four issues; single issues cost $7.50.

For other statistics of income information, write to the Director, Statistics of Income DIvision R:S:P, Internal Revenue Service, P.O. Box 2608, Washington, DC 20013-2608, or telephone the statistical information service office at (202) 874-0410. These numbers are not toll-free.

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