The Statistics of Income Division has released (IR-2005-147) the Fall 2005 Statistics of Income Bulletin with these new studies:
- Individual Income Tax Returns, 2003, by Michael Parisi & Scott Hollenbeck:
The Bulletin contains an in-depth look at the 130.4 million individual income tax returns filed for tax year 2003, a slight increase from the 130.1 million returns filed for tax year 2002. The adjusted gross income (AGI) less deficit reported on these returns totaled just over $6.2 trillion, while taxable income totaled $4.2 trillion. The largest component of AGI was salaries and wages totaling just over $4.6 trillion. A total of $268.6 billion in business net income was reported on 14.4 million returns. In addition, the Bulletin contains articles with the following information:
- Partnership Returns, 2003, by Tim Wheeler and Nina Shumofsky:
The total number of partnerships increased 5.9% to 2,375,375 for tax year 2003. Since 1994, the number of partnerships has increased at an average annual rate of 4.9%. Total partnership net income (less deficit) increased by 11.4% to $301.4 billion. Partnerships classified in finance and insurance accounted for over half of the increase. Total assets of partnerships reporting balance sheets increased 9.1% to $9.7 trillion for 2003. For the second consecutive year, the number of limited liability companies surpassed all other entity types, including the number of general partnerships, which had been the leader for decades, increasing 15.3% to 1,091,502, about 46.0% of all partnerships.
- Domestic Private Foundations, Tax Years 1993-2002, by Melissa Ludlum:
Tax years 1993-2002 represented a period of both growth and consistency for private foundations. Between those years, the total number of domestic private foundations filing information returns increased 66.7%, from 43,956 returns filed for tax year 1993 to 73,255 filed for 2002. By the end of the period, the aggregate fair market value of total assets held by private foundations had grown by 82.2%, reaching $413.0 billion by tax year 2002. Total disbursements for charitable purposes doubled during this same period.
- Fiduciary Income Tax Returns, Filing Years 2003 and 2004. by Lisa Schreiber:
In 2004, approximately 3.7 million estates and trusts filed income tax returns. The number of forms 1041 filed decreased by 0.5% from the number of returns filed in 2003. Grantor trusts were the most common type of trust for which a Form 1041 was filed in 2003 and 2004. Complex trusts, however, made up the greatest share of aggregate gross income, total deductions and total tax liability in 2003 and 2004. Capital gains made up the largest share of income reported in both years, while income distributions to beneficiaries accounted for the largest portion of deductions claimed.
- Corporate Foreign Tax Credit, 2001, by Scott Luttrell:
The total foreign tax credit claimed by U.S. corporations for tax year 2001 fell by 14.5% to $41.4 billion. As a result of the foreign tax credit benefits, these corporations were able to reduce their U.S. tax liabilities by 31.9%, from $129.3 to $87.9 billion. Corporations claiming a foreign tax credit in 2001 reported worldwide taxable income of $368.1 billion, with 44.8% of it earned from foreign sources.
- U.S. Possessions Corporation Returns, 2001, by Daniel S. Holik:
For tax year 2001, some 171 U.S. corporations reported $1.3 billion of possessions tax credits. The number of U.S. corporations claiming a possessions tax credit and the total amount of the credit reported continued declines that began in the 1990s. Assets and receipts reported for 2001 were $34.1 billion and $25.5 billion, respectively.
- Charities and Other Tax-Exempt Organizations, 2002, by Paul Arnsberger:
Nonprofit charitable organizations exempt from income tax under Internal Revenue Code section 501(c)(3) filed nearly 252,000 information returns for tax year 2002, an increase of 4.6% from the previous year. These organizations held over $1.7 trillion in assets, an increase of 6.3% from 2001, and reported $955 billion in revenue, 72.4% of which came from program services and activities.
- An Analysis of Select Large Nonfinancial Corporations with Total Assets Greater Than $2.5 Billion, Tax Years 1998-2002, by Heather R. Duffy:
This article examines data collected on a select group of large non-financial corporations over a five-year period, tax years 1998 through 2002, representing less than 0.01% of all returns filed. These large non-financial corporations, despite representing such a small percentage of corporations, account for an average of 20.5% of total assets and an average of 29.0% of total receipts of all returns. Most of the large non-financial corporations represented in the analysis are classified in the manufacturing or wholesale and retail trade industrial sectors.
