IRS News Release  
February 18, 1992

Newly Released IRS Statistic
Show Foreign Earned Income Data

WASHINGTON - The Winter 1991-92 issue of the Internal Revenue Service quarterly publication, the "Statistics of Income Bulletin" is now available.

The new issue reports that on approximately 171,000 U.S. individual income tax returns for 1987 over $6.4 billion of net foreign earned income and "excess" housing expenses were excluded from gross income. Over 561,000 returns claimed foreign tax credits totaling $1.0 billion.

Individual income tax data for 1987 also indicates that average gross foreign-source income for those claiming the foreign tax credit was $13,700 and average foreign tax credit was about $1,800. Total foreign tax credit decreased the U.S. income tax of those who claimed it by 6.1 percent, while the total foreign earned income exclusion reduced the gross income of the individuals who claimed it by 57.8 percent.

The report also shows that assets of private foundations increased markedly between 1987 and 1988, while total revenues continued to decline.

Total assets increased by 13 percent for 1988, to $128.9 billion; total private foundation revenues fell by 5 percent to $16.3 billion. Even so, charitable grants made by foundations increased by 9 percent to $7.4 billion.

Environmental excise taxes totaling $848.2 million (before adjustments and credits) were reported by 704 businesses for 1989. After statutory adjustments and credits, the tax was $834.8 million, an increase of $7.5 million over 1988.

The Bulletin also includes:

  • Projections of returns to be filed with IRS,
  • A section of SOI abstracts about recent methodological and analytical papers,
  • A section with statistics on estate tax returns filed in 1989 and 1990, and
  • Tax-exempt organization business income tax returns for 1987.

The "Statistics of Income Bulletin" is available from the Superintendent of Documents, U.S. Government Printing Office, Washington, DC 20402. The annual subscription rate is $20 for four issues; a single issue is $7.50.

For other statistical information, write to the Director, Statistics of Income Division, Internal Revenue Service, P.O. Box 2608, Washington, DC 20013.

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