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42 SOI Bull. 1 (2022-2023)

handle is hein.tera/stadeint0042 and id is 1 raw text is: The Statistics of Income (SOI) Bulletin is issued quarterly by the Statistics of Income Division of the Internal Revenue Service. This report provides written descriptive analyses of sta- tistics previously released on SOI's Tax Stats webpage (see www. irs.gov/statistics) based on the data collected from the distinct types of tax and information returns filed with the IRS and in- cluded in SOI's programs. Periodically, this report also includes results from special analytical studies of particular interest to students of the U.S. tax system, tax policymakers, and tax ad- ministrators. Selected historical and other data tables previously published in the spring issue of the SOI Bulletin are now only available on SOI's Tax Stats webpages of the IRS website (https:// www.irs.gov/statistics/soi-tax-stats-historical-data-tables). In- formation on the availability of supplemental data on the topics included in this issue or other SOI subjects may be obtained by sending an email to SOI's Statistical Information Services at sis@ irs.gov, or by writing to the Director, Statistics of Income Divi- sion OS:RAAS:S, Internal Revenue Service, 1111 Constitution Avenue, NW, K-Room 4112, Washington, D.C. 20224. The SOI Bulletin was prepared under the direction of Wayne Kei, Chief, Data Dissemination Section. Camille Swick (lay- out and graphics editor) and Lisa Smith (layout and graphics editor) prepared the manuscript. Beth Kilss and Sarah Swisher (contractors) also made major contributions in the produc- tion of this issue. Views expressed in the article are those of the author(s) and do not necessarily represent the views of the Treasury Department or the Internal Revenue Service. NOTE: When using information from this report, cite the publication as follows- Internal Revenue Service Statistics of Income Bulletin Summer 2022 Washington, D.C. Inside This Issue Individual Noncash Charitable Contributions, Tax Year 2019 2 by Christopher Williams, Janette Wilson, and Shamika France This article presents Tax Year 2019 cross-section data for non- cash charitable contributions carried to the Form 1040, U.S. Individual Income Tax Return, Schedule A, Itemized Deductions, from Form 8283, Noncash Charitable Contributions. Total non- cash charitable contributions were $74.8 billion as reported on approximately 8.8 million returns, of which $72.8 billion, from approximately 3.9 million returns, was carried to the Schedule A using Form 8283. This represents an increase of 2.8 percent, or approximately $2.0 billion, from Tax Year 2018, while the number of Forms 8283 filed decreased by 7.5 percent. Corporate Foreign Tax Credit, Tax Year 2018 28 by Melissa Costa For Tax Year 2018, over 9,800 corporations reported almost $768 billion of foreign-source taxable income and claimed a foreign tax credit totaling over $103 billion. Although the foreign tax credit appears to have increased 71 percent over Tax Year 2017, much of the apparent jump is due to differences in the reporting requirements for section 965, a one-time provi- sion which applied mostly to Tax Years 2017 and 2018. Data for Tax Year 2017 section 965 amounts for these statistics are not available since corporations with tax years ending before December 31, 2018, were not required to report section 965 amounts on Form 1118, Foreign Tax Credit-Corporations. Taxable income from the section 965 provisions was respon- sible for about 45 percent of the foreign-source taxable income for Tax Year 2018, while the new global intangible low-taxed income (GILTI) provisions were responsible for nearly 22 per- cent of the foreign taxable income. Corporations that produce pharmaceuticals and medicines filed less than 1 percent of the number of returns with a foreign tax credit but were respon- sible for 23 percent of the total foreign-source taxable income. .r/R S Statistics of Income Bulletin I Summer 2022

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