The just-released Statistics of Income Bulletin (Summer 2004) includes Foreign-Controlled Domestic Corporations, 2001, by James Hobbs (SOI). Here is the opening:

For Tax Year 2001, the 60,618 domestic corporations each “controlled” by a foreign “person generated $2.5 trillion of total receipts and reported $6.5 trillion of total assets on income tax returns filed with the IRS. Total receipts for 2001 were actually less than those reported for 2000, while total assets increased for 2001 over the previous year. These corporations were relatively few in number, just 1.2% of the U.S. total. However, they accounted for 12.2% and 13.2% of receipts and assets, respectively, reported on all U.S. corporation income tax returns. They also accounted for 12.0% “taxable income” and 13.1% of total U.S. income tax after credits reported on these returns. 95.3% of total assets, 93.2% of total receipts, 91.5% of taxable income, and 90.8% of total income tax after credits. After an overview of all FCDC’s, this article focuses on the largest foreign-controlled domestic companies and compares them to the largest domestic corporations not controlled by foreign persons.