S Corporation Returns, 2003
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S Corporation Returns, 2003
by Kelly Luttrell
F
or 2003, S corporations accounted for 61.9
percent of the 5.4 million corporate returns
filed but only 20.4 percent of the $20,689.6
billion of total receipts and 4.1 percent of the $53,644.8
billion of total assets reported on corporate returns.
S corporations reported $4,232.6 billion of total receipts
and $2,186.6 billion of total assets, increases of 8.3
percent and 8.2 percent, respectively, from 2002.
Total net income (less deficit) reported by S corporations increased, from $183.5 billion for 2002 to $213.7
billion for 2003, an increase of $30.2 billion, or 16.5
percent (Figure A). The majority of this increase
came from net income (less deficit) from trade or
business, which grew $21.0 billion to $171.6 billion.
S corporation return filings have increased by
over 889.4 thousand returns, or 36.3 percent, since
1997. The total number of returns filed by S corporations for Tax Year 2003 increased 5.9 percent to 3.3
million, from 3.2 million reported in 2002.
The long-term growth of S corporation returns
was encouraged by four legislative acts: the Tax
Reform Act of 1986, the Revenue Reconciliation Act
of 1990, the Revenue Reconciliation Act of 1993, and
the Small Business Job Protection Act of 1996 [1].
Filings of S corporation returns have increased at an
average annual rate of 8.8 percent since the enact-
ment of the Tax Reform Act of 1986 (Figure B).
During the same time period, taxable corporations
have experienced an average annual decline of 1.4
percent. The term “taxable corporations” refers to
corporations other than S corporations [2].
For Tax Year 2003, some 342.9 thousand corporations elected subchapter S status for the first time.
Of these, 252.8 thousand were newly incorporated
businesses. The remaining 90.1 thousand elected to
make the conversion from a taxable corporation to an
S corporation. The number of businesses electing S
corporation status increased 2.8 percent. Other
measures of size also grew in 2003, including the
number of shareholders by 2.9 percent and total net
income (less deficit) by 16.5 percent (Figure C).
S Corporation Basics
Certain corporations may elect to be treated as S
corporations for Federal income tax purposes.
Electing to be treated as an S corporation allows the
income and expenses to pass through the corporate
structure to the shareholders. Shareholders are
responsible for any resulting tax liability. The S
corporation election allows S corporations and their
shareholders to avoid double taxation of the
corporation’s net income or capital gains. This
Figure A
S Corporation Total Net Income (Less Deficit), Tax Years 2002-2003
[Money amounts are in thousands of dollars]
Item
2002
(1)
2003
(2)
Increase or
decrease (-)
Percent change
(3)
(4)
Total net income (less deficit) ¹............................................................................
183,478,933
213,681,780
30,202,847
Net income (less deficit) from trade or business.....................................................
150,611,468
171,574,616
20,963,148
13.9
Portfolio dividend income........................................................................................
1,811,654
2,546,888
735,234
40.6
-10.0
16.5
Portfolio interest income..........................................................................................
9,438,865
8,496,728
-942,137
Portfolio royalty income...........................................................................................
597,672
758,448
160,776
26.9
Portfolio net short-term capital gain (less loss).......................................................
179,589
1,613,390
1,433,801
798.4
Portfolio net long-term capital gain (less loss)........................................................
13,475,631
20,976,005
7,500,374
55.7
Other portfolio income (net).....................................................................................
357,978
387,828
29,850
8.3
Real estate rental net income (less deficit).............................................................
6,623,212
6,759,271
136,059
2.1
Net income (less deficit) from other rental activity..................................................
382,863
568,606
185,743
48.5
¹ Total net income (less deficit) is discussed in the Explanation of Selected Terms section.
NOTE: Detail may not add to totals because of rounding.
Kelly Luttrell is an economist with the Corporation
Special Projects Section. This article was prepared
under the direction of Joseph Koshansky, Chief.
91
S Corporation Returns, 2003
Figure B
Number of Form 1120 Series Returns, by Type of Corporation, Tax Years 1986-2003
Number of returns (millions)
3.50
3.25
3.00
2.75
2.50
2.25
2.00
1.75
1.50
1.25
1.00
0.75
1986
1987
1988
1989
1990 1991
1992 1993
1994 1995 1996 1997 1998
1999
2000
2001
2002
2003
Tax year
S corporations
92
All other corporations
Figure C
S Corporation Annual Percentage Increase or Decrease for Tax Years 1995-2003
Tax year
1995...................................
1996...................................
1997...................................
1998...................................
1999...................................
2000...................................
2001...................................
2002...................................
2003...................................
Number of S
corporations
Number of
newly elected
S corporations ¹
Number of new
S corporations ²
Number of
shareholders
Total assets ³
Total receipts ³
Total net income
(less deficit) ³
(1)
(2)
(3)
(4)
(5)
(6)
(7)
6.4
7.0
6.4
5.5
5.3
4.9
4.4
5.6
5.9
9.2
-0.4
19.5
-3.3
-2.7
-3.0
2.2
11.5
2.8
8.3
0.9
18.3
2.8
-8.9
-0.7
-2.6
18.0
4.1
4.3
5.0
4.9
3.9
4.9
2.6
3.1
5.8
2.9
7.8
8.1
18.8
11.3
11.9
9.9
5.2
7.1
8.4
8.8
8.9
10.6
5.7
7.8
9.6
4.0
4.0
8.2
8.1
26.3
22.2
18.8
6.6
2.5
-5.5
-2.2
16.5
¹ Newly elected S corporations included start up businesses and corporations electing to convert to S corporations.
² New S corporations only includes corporations that started business within the reported tax year.
³ Percentages were calculated based on "current" dollars.
92
treatment is unlike taxable corporations, which incur
a tax liability first at the corporate level on their net
incomes and capital gains and again when profits are
distributed to shareholders in the form of dividends.
Corporations that are eligible to make a Subchapter S
election can achieve considerable tax savings by
eliminating double taxation. An S election may also
be beneficial for corporations that report net losses,
as the losses flow through to the individual shareholders and, for shareholders with active participation in
the business, can be used to offset net income from
other sources.
S Corporation Returns, 2003
A corporation must meet all the criteria in Subchapter S of the Internal Revenue Code for an election and file Form 2553, Election by a Small Business Corporation, with the IRS Submission Processing Center where the corporation files its Federal
tax forms to qualify under Subchapter S. All shareholders of the corporation must concur with the
election on Form 2553, and all eligibility requirements
must be met prior to the election [3]. The criteria for
Tax Year 2003 were that the corporation:
Ø be a domestic corporation (an unincorporated
association that is treated as a corporation
under Internal Revenue Code section 7702
may elect treatment as an S corporation);
Ø have no more than 75 shareholders (a hus-
band and wife (and their estates) are counted
as one shareholder for this requirement);
Ø have only individuals, estates, certain trusts,
and exempt organizations as shareholders [4];
Ø have no nonresident alien shareholders; and
Ø have only one class of stock.
Ineligible corporations were:
Ø affiliated group members eligible for inclusion
on a consolidated return;
Ø insurance companies subject to provisions of
Subchapter L of the Internal Revenue Code;
Ø Interest-Charge Domestic International Sales
Corporations (IC-DISC’s) or former Domestic International Sales Corporations (DISC’s);
Ø corporations eligible to elect the possessions
tax credit; and
Ø banks or thrift institutions that use the
reserve method of accounting for bad debts
under Internal Revenue Code section 585.
Form 1120S, U.S. Tax Return for an S Corporation, must be filed before the 15th day of the 3rd
month following the close of the corporation’s tax
year. Also, S corporations generally must file for a
calendar tax year to conform to the tax year of the
majority of their shareholders. While S corporations
may obtain an exemption from the calendar year rule,
for Tax Year 2003, about 97.8 percent of all S corporations filed a calendar year return [5].
Starting with Tax Year 2002, corporations, including S corporations, were no longer required to
complete Schedule L, Balance Sheets per Books,
nor a Schedule M-1, Reconcilation of Income
(Loss) per Books With Income (Loss) per Return,
if the following criteria were met:
r Total assets at the end of the year were less
than $250,000; and
r Total receipts were less than $250,000. (See
North American Industry Classification
System for definition of total receipts in
Explanation of Selected Terms.)
Income Statement Highlights
Total net income (less deficit) increased for Tax
Year 2003, as did the components, net income (less
deficit), portfolio income, real estate rental net
income (less deficit), and net income (less deficit)
from other rental activities. Net income (less deficit)
from a trade or business is the largest component of
total net income (less deficit), at $171.5 billion. (See
definition of total net income (less deficit) from a
trade or business in the Explanation of Selected
Terms.) Net income (less deficit) from a trade or
business increased by $21.0 billion from 2002 to 2003,
but decreased slightly as a share of total net income
(less deficit), accounting for 80.2 percent as compared to 82.1 percent for 2002, a decrease of 1.9
percent [6]. Portfolio income (less deficit) distributed
to shareholders increased 34.5 percent to $34.7
billion, an increase of $8.7 billion. (See definition of
portfolio income in Explanation of Selected Terms.)
About $7.5 billion of this increase came from higher
net long-term capital gains. Real estate rental net
income (less deficit) and net income (less deficit)
from other rental activities rose 2.1 percent and 48.5
percent, respectively.
Four industrial sectors dominated total net income
(less deficit) representing $125.9 billion, or 58.9
percent of the total. The wholesale and retail trade
93
S Corporation Returns, 2003
Figure D
S Corporations: Total Assets, Total Receipts, and Total Net Income (Less Deficit), by Industrial Sector,
Tax Year 2003
[Money amounts are in thousands of dollars]
Agriculture,
Item
All
forestry,
industries ¹
fishing, and
Mining
Utilities
Construction
Manufacturing
(2)
(3)
(4)
(5)
(6)
81,005
45,819,655
51,916,059
734,029
28,112
503,110
25,695
148,661
72,744
9,859
244,136
2,016
180,882
21,926
16,692
28,385,638
21,853,108
4,822,968
3,983,413
813,158
77,530
160,002
113,058
37,097
424,534
937
11,726
14,670
2,932
4,439,419
5,402,882
212,746
194,692
18,974
3,002
20,620
12
1,229
-5,889
--1,671
751
448,549
268,696,766
622,765,814
25,707,114
23,004,080
2,512,167
75,429
863,573
5,354
76,357
1,479,300
12,154
117,977
72,889
149,806
268,194,307
514,083,018
24,770,479
21,099,141
3,451,260
362,848
763,299
98,386
97,390
2,126,079
3,257
184,850
35,227
hunting
(1)
Number of returns..................................................................
3,341,606
Total assets............................................................................ 2,186,582,412
Total receipts......................................................................... 4,232,565,964
Total net income (less deficit)................................................ 213,681,780
Net income (less deficit) from a trade or business................. 171,574,616
Portfolio income (less deficit) distributed to shareholders.....
34,779,288
Dividend income................................................................
2,546,888
Interest income...................................................................
8,496,728
Royalty income..................................................................
758,448
Net short-term capital gain (less loss)...............................
1,613,390
Net long-term capital gain (less loss).................................
20,976,005
Other portfolio income (net)...............................................
387,828
Real estate rental net income (less deficit)............................
6,759,271
Net income (less deficit) from other rental activity.................
568,606
Wholesale and retail trade
Transportation
Item
Total
Wholesale
Retail
Not
and
trade
trade
allocable
warehousing
Information
(8)
(9)
(10)
(11)
(12)
190,108
227,741,370
750,217,607
27,483,799
21,374,297
5,791,523
118,482
841,678
142,700
10,142
4,675,792
2,729
319,813
-1,834
374,971
277,490,802
1,004,603,407
21,345,094
18,180,569
2,901,506
76,152
751,287
21,280
38,435
2,014,259
93
238,200
24,819
103,350
53,204,171
132,020,951
2,839,169
2,148,268
598,609
21,944
187,528
548
303
388,296
-9
99,822
-7,530
66,683
46,145,744
55,363,314
5,083,564
3,564,245
1,444,786
636,580
279,424
13,314
189,806
316,718
8,944
70,309
4,224
94
(7)
Number of returns..................................................................
567,183
Total assets............................................................................ 505,665,554
Total receipts......................................................................... 1,755,476,349
Total net income (less deficit)................................................
48,729,504
Net income (less deficit) from a trade or business.................
39,455,477
Portfolio income (less deficit) distributed to shareholders.....
8,693,029
Dividend income................................................................
194,634
Interest income...................................................................
1,592,966
Royalty income..................................................................
163,980
Net short-term capital gain (less loss)...............................
48,577
6,690,050
Net long-term capital gain (less loss).................................
Other portfolio income (net)...............................................
2,822
Real estate rental net income (less deficit)............................
558,013
Net income (less deficit) from other rental activity.................
22,985
*2,104
*433,382
*655,335
*-99,388
*-99,388
----------
Footnotes at end of table.
94
sector represented 22.8 percent of total net income
(less deficit), or $48.7 billion. Professional, scientific,
and technical services represented 12.5 percent of
total net income (less deficit), while construction and
manufacturing accounted for 12.0 percent and 11.6
percent, respectively (Figure D).
Total receipts for S corporations increased
$321.6 billion to $4,232.6 billion, an increase of 8.2
percent. Business receipts, the major component of
total receipts increased $311.1 billion to $4,152.4
billion for Tax Year 2003. (See definition of total
deductions in Explanation of Selected Terms.) Cost
of goods sold, the largest component of total deductions, accounted for 63.5 percent, or $2,576.4 billion,
of total deductions, a $189.6-billion increase from the
previous year. The next largest component of total
deductions, salaries and wages, increased $30.7
billion to $449.7 billion from $419.0 billion in 2002.
S Corporation Returns, 2003
Figure D--Continued
S Corporations: Total Assets, Total Receipts, and Total Net Income (Less Deficit), by Industrial Sector,
Tax Year 2003--Continued
[Money amounts are in thousands of dollars]
Administrative
Item
Real estate
Professional,
Management
Finance
and rental
scientific,
of
and support
and waste
and
and
and technical
companies
management
insurance
leasing
services
(holding
and remediation
companies)
services
(13)
(14)
(15)
(16)
(17)
Number of returns................................................................................
Total assets.........................................................................................
Total receipts.......................................................................................
Total net income (less deficit)..............................................................
Net income (less deficit) from a trade or business..............................
Portfolio income (less deficit) distributed to shareholders...................
Dividend income..............................................................................
Interest income................................................................................
Royalty income................................................................................
Net short-term capital gain (less loss).............................................
Net long-term capital gain (less loss)..............................................
Other portfolio income (net).............................................................
Real estate rental net income (less deficit).........................................
Net income (less deficit) from other rental activity...............................
135,308
192,117,404
99,720,676
18,708,478
14,230,262
4,429,157
467,419
943,109
7,362
625,532
2,231,629
154,105
29,752
19,307
372,205
231,628,147
88,399,807
15,619,156
5,833,952
4,494,563
189,680
1,433,633
61,333
175,778
2,625,801
8,337
5,095,567
195,073
512,862
78,989,541
283,874,647
26,646,874
23,596,385
2,952,148
65,063
584,851
16,896
79,455
2,194,787
11,097
135,694
-37,352
22,430
253,118,563
16,419,782
6,065,220
4,187,497
1,864,592
361,626
608,519
50,664
247,156
433,546
163,080
17,585
-4,454
167,901
36,641,334
146,046,787
7,925,759
6,804,408
1,076,175
14,636
238,516
5,753
1,455
815,812
3
40,175
5,002
Health care
Arts,
Accommodation
Item
Educational
and social
entertainment,
and food
Other
services
assistance
and recreation
services
services
(18)
(19)
(20)
(21)
(22)
27,480
4,446,501
12,226,122
913,197
759,689
148,810
3,088
17,636
3,249
714
124,123
-4,669
28
207,560
37,205,358
151,736,550
15,242,990
14,854,768
282,919
11,529
119,412
4
9,269
142,706
-1
51,891
53,413
73,598
26,078,213
35,010,501
2,708,406
1,967,493
556,705
11,188
122,551
133,329
12,232
256,371
21,034
70,239
113,969
187,737
74,694,231
148,518,935
3,985,619
3,089,450
786,432
10,699
317,771
12,462
-5,328
450,769
58
58,838
50,900
195,716
30,997,374
85,687,755
2,963,070
2,769,875
152,667
14,297
94,631
-6,508
37,236
-6
32,949
*7,578
Number of returns................................................................................
Total assets.........................................................................................
Total receipts.......................................................................................
Total net income (less deficit)..............................................................
Net income (less deficit) from a trade or business..............................
Portfolio income (less deficit) distributed to shareholders...................
Dividend income..............................................................................
Interest income................................................................................
Royalty income................................................................................
Net short-term capital gain (less loss).............................................
Net long-term capital gain (less loss)..............................................
Other portfolio income (net).............................................................
Real estate rental net income (less deficit).........................................
Net income (less deficit) from other rental activity...............................
* Estimate should be used with caution because of the small number of sample returns on which it is based.
¹ Includes returns not allocable by industrial sector, which are not shown separately.
NOTE: Detail may not add to totals because of rounding.
The four industrial sectors that accounted for the
majority of net income continued to dominate total
receipts for all S corporations (Figure E.) The
wholesale and retail trade sector represented 41.5
percent of total receipts, or $38.5 billion. Construction represented 14.7 percent of total receipts, while
manufacturing and professional, scientific, and techni-
cal services accounted for 12.1 percent and 6.7
percent, respectively.
Nearly two-thirds, 62.7 percent, of all S corporations reported positive net income (Table 2). These
2.1 million S corporations reported $276.5 billion in
positive total net income, an increase of $30.0 billion
from 2002 when $246.5 billion were reported. Total
95
S Corporation Returns, 2003
Figure E
S Corporation Total Receipts, by Industrial
Sector, Tax Year 2003
Wholesale
and retail
trade
41.5%
$4.2 Trillion
All other
25.0%
Construction
14.7%
Manufacturing
12.1%
96
1
Professional,
scientific, and
technical services
6.7%
¹ All other includes: agriculture, forestry, fishing and hunting; mining;
utilities; transportation and warehousing; information; finance and
insurance; management of companies; real estate and rental and leasing;
administrative and support and waste management and remediation
services; educational services; health care and social assistance; arts,
entertainment, and recreation; accommodation and food services; other
services; and not allocable.
net income (less deficit) from a trade or business
increased $20.7 billion for companies reporting positive total net income. Total receipts increased $266.7
billion, and total deductions also increased $245.8
billion for all S corporations with positive net income.
Four sectors accounted for 57.6 percent of the
2.0 million returns reporting positive total net income
in Tax Year 2003: wholesale and retail trade (16.4
percent); professional, scientific, and technical services (16.0 percent); construction (14.1 percent); and
real estate and rental and leasing (11.1 percent).
Positive total net income for the four largest industrial
sectors registered $146.9 billion for 2003, with the
wholesale and retail trade sector accounting for 21.4
percent, $59.3 billion, of all positive total net income
reported.
Balance Sheet Highlights
96
Total assets for S corporations increased $169.9
billion, or 8.4 percent, from the previous year (Table
3) [7]. The largest component of total assets for Tax
Year 2003 was net notes and accounts receivable.
(See definition of net notes and accounts receivable
in the Explanation of Selected Terms.) Net notes
and accounts receivable accounted for $491.6 billion,
or 22.5 percent of total assets. Depreciable assets
displayed the largest increase from the previous year,
growing $60.2 billion from $436.4 billion in 2002.
(See definition of depreciable assets in the Explanation of Selected Terms.) Tax-exempt securities and
investments in Government obligations reported the
largest percentage increases by asset category for
Tax Year 2003. Tax-exempt securities increased
24.6 percent to $16.8 billion, and investments in
Government obligations increased 21.8 percent to
$44.2 billion. (See definition of tax-exempt securities
and investments in Government obligations in the
Explanation of Selected Terms.)
Four industrial sectors, wholesale and retail trade;
manufacturing; construction; and management of
companies (holding companies), held the majority of
S corporation total assets: $1,295.7 billion (59.3 percent) (Figure F). Wholesale and retail trade repre-
Figure F
S Corporation Total Assets, by Industrial Sector,
Tax Year 2003
1
All other
30.4%
Real estate
and rental
and leasing
10.6%
$2.2 Trillion
Wholesale
and retail
trade
23.1%
Management
of companies
11.6%
Manufacturing
12.3%
Construction
12.3%
¹ All Other includes: agriculture, forestry, fishing and hunting; mining;
utilities; transportation and warehousing; information; finance and insurance;
professional, scientific, and technical services; administrative and support and
waste management and remediation services; educational services; health
care and social assistance; arts, entertainment, and recreation;
accommodation and food services; other services; and not allocable.
S Corporation Returns, 2003
sented $505.7 billion (23.1 percent) of total assets for
S corporations. S corporations in the construction
and manufacturing sectors reported $268.7 billion and
$268.2 billion respectively, or 12.3 percent of total
assets each. Assets in the management of companies sector totaled $253.1 billion.
The two largest components of total liabilities
and equity for Tax Year 2003 were total net worth
and mortgages, notes, and bonds payable in 1 year or
more. Total net worth accounted for $603.9 billion of
the total liabilities, or 27.6 percent. Total net worth
represents the shareholders’ equity in the corporation
and is comprised of capital stock, paid-in capital
surplus, retained earnings unappropriated, and adjustments to shareholder’s equity, reduced by cost of
treasury stock. Retained earnings unappropriated
accounted for $339.1 billion, 56.2 percent, of total net
worth. (See definition of retained earnings unappropriated in the Explanation of Selected Terms.)
Mortgages, notes, and bonds payable in 1 year or
more accounted for $432.4 billion of the total liabilities, or 19.8 percent.
Size of Business Receipts [8]
S corporation returns are dominated by companies
with small amounts of business receipts. Over half
of all S corporations (1.9 million) reported business
receipts (see definition of business receipts in the
Explanation of Selected Terms) of less than $250
thousand, for 2003 (Table 4). Even though the
majority of S corporations can be found in the smaller
business receipt classes, there were nearly 9.8
thousand companies in the $50-million-and-greater
business receipt class, and they accounted for over
one-quarter of all business receipts.
The bulk of S corporations in the under-$250thousand business receipt class can be found in the
professional, scientific, and technical sector; the real
estate and rental and leasing sector; the construction
sector; and the wholesale and retail trade sectors.
These sectors represent 57.8 percent of all companies reporting business receipts under $250 thousand.
The total of business receipts for these sectors, in the
less-than-$250-thousand classification, is $71.7 billion.
Overall, the wholesale and retail trade sectors
accounted for $1,733.4 billion of the $4,152.4 billion in
total business receipts reported, or 41.7 percent. This
sector also has the largest number of companies
reporting $250 thousand or more in business receipts,
322.7 thousand. Over half of all S corporations with
business receipts over $50 million can be found in the
wholesale and retail trade sectors. These companies
accounted for $713.3 billion of this sector’s business
receipts, or 41.2 percent.
Income from Rental Real Estate
The number of S corporations reporting Rental Real
Estate Income on Form 8825, Rental Real Estate
Income and Expenses of a Partnership or an S
Corporation, remained relatively constant, decreasing only 0.8 percent to 249.0 thousand (Table 5).
Rental real estate expenses decreased $151.1 million,
or 0.6 percent. Interest expense decreased $352.7
million from 2002 to $5,993.1 million in 2003. Real
estate rental net income (less deficit) increased by
2.1 percent to $6.8 billion for 2003. The real estate
and rental and leasing sector dominated all other
sectors, reporting $5.1 billion for real estate rental net
income (less deficit) of the $6.8 billion reported for all
industries. This industrial sector also accounted for
70.6 percent of all returns reporting income on Form
8825 and 85.8 percent of gross income reported on
Form 8825.
Shareholder Data
Other than individuals, there are five types of entities
that are allowed to be shareholders of an S corporation: estates, certain trusts, bankrupt shareholders and
bankruptcy estates, charitable organizations, and
employee shareholder trusts. Ineligible types of
shareholder include: nonresident aliens, nonqualifying
trusts, partnerships and limited liability companies
(LLCs), C corporations, and individual retirement
accounts (IRAs).
The number of S corporation shareholders increased 2.9 percent to 5,847,219 for Tax Year 2003
(Table 6). The total number of returns with only one
shareholder grew 9.2 percent from 1,809,402 in 2002
to 1,975,392 for 2003, representing 33.8 percent of all
S corporations. The professional, scientific, and
technical services sector accounted for the largest
number of returns with one shareholder, 18.2 percent
(Figure G). The total number of returns with four or
more shareholders decreased 2.5 percent from 2002,
and the number of shareholders on these returns
decreased 6.1 percent. About 99.4 percent of S
corporations had 10 or fewer shareholders. The
wholesale trade and retail trade sector represented
97
S Corporation Returns, 2003
Figure G
S Corporations: Number of Returns, by Number of Shareholders and Industrial Sector, Tax Year 2003
Number of shareholders
Industrial sector
Total ¹
(1)
All industries ²..................................................................... 3,341,606
Agriculture, forestry, fishing, and hunting............................
81,005
Mining.................................................................................
16,692
Utilities................................................................................
2,932
Construction........................................................................ 448,549
Manufacturing.....................................................................
149,806
Wholesale and retail trade ³...............................................
567,184
Transporation and warehousing.........................................
103,350
Information..........................................................................
66,683
Finance and insurance........................................................ 135,308
Real estate and rental and leasing.....................................
372,205
Professional, scientific, and technical services................... 512,862
Management of companies (holding companies)...............
22,430
Administrative and support and waste management and
remediation services....................................................... 167,901
Educational services...........................................................
27,480
Health care and social assistance......................................
207,560
Arts, entertainment, and recreation.....................................
73,598
Accommodation and food services..................................... 187,737
Other services..................................................................... 195,716
1
2
3
4-10
11-20
21-30
31 or more
(2)
(3)
(4)
(5)
(6)
(7)
(8)
1,975,392
31,195
9,030
1,826
266,951
63,690
315,039
57,752
43,409
90,440
190,237
359,148
9,436
968,321
32,161
4,068
418
138,866
56,474
182,872
35,533
14,019
31,761
108,029
116,737
5,298
187,465
6,580
1,490
*202
22,104
10,661
35,159
5,231
5,476
7,252
32,866
19,701
1,897
189,874
9,975
1,634
471
20,107
16,822
31,277
4,683
3,131
4,945
37,156
15,642
4,280
14,482
1,022
450
**
347
934
2,549
127
576
587
2,406
1,440
572
2,923
63
12
**
54
863
212
15
56
92
974
66
146
3,150
*10
*8
**
121
362
76
*9
15
232
537
128
801
103,124
19,663
166,114
45,180
89,163
111,969
52,825
5,456
30,043
18,704
66,676
67,801
6,420
1,861
4,717
4,150
12,320
9,381
5,247
495
5,405
5,369
17,235
5,995
275
**
613
176
1,977
416
**
-158
12
79
111
**
**
510
*6
288
43
* Data should be used with caution because of the small number of sample returns on which it is based.
** Not shown to avoid disclosure of information about specific taxpayers. However, the data are included in the appropriate totals.
¹ Total includes S corporations for which neither a number of shareholders was reported nor a Schedule K-1, Shareholder's Share of Income, Credits, Deductions, etc., was filed.
² Includes returns not allocable by industrial sector, which are not shown separately.
³ This industrial sector includes "Wholesale and Retail Trade Not Allocable", which are not shown separately,
NOTE: Detail may not add to total due to rounding.
98
the largest number of returns with 10 or fewer shareholders, 564.3 thousand. S corporations with more
than 30 shareholders decreased 15.5 percent to 3,150
for Tax Year 2003. The management of companies
sector displayed the largest number of S corporations
(801) with more than 30 shareholders, or 25.4 percent.
The Small Business Job Protection Act of 1996
increased the allowable number of shareholders from
35 to 75. S corporations with more than 35 shareholders decreased 33.2 percent from the 2,726 reported for Tax Year 2002 to 1,822 for Tax Year
2003. Overall, the total number of shareholders in S
corporations with more than 35 shareholders declined
to 84,505, a decrease of 46,390.
LIFO recapture tax (included in “Adjustments to tax”
in Figure H). (See Explanation of Selected Terms
for further detail.) The built-in gains tax is the most
common of these four. The built-in gains tax represented 88.3 percent, or $336.4 million, of all Federal
income tax reported by S corporations for 2003.
S corporations that were previously C corporations
Figure H
S Corporation Taxes, Tax Years 2002 and 2003
[Money amounts are in thousands of dollars]
98
Percent
change
(1)
(2)
(3)
368,227
380,904
3.4
336,409
21.3
2002
Total tax...............................................
Built-in gains tax…………………......
277,288
Excess net passive income tax.........
12,389
4,429
-64.3
Adjustments to tax……………….......
75,320
39,239
-47.9
Investment credit recapture tax.........
624
576
-7.7
Income tax adjustment………….......
2,606
251
-90.4
S Corporation Taxation
S corporations generally do not pay income tax, due
to their treatment as a flowthrough entity. However,
they may be subject to up to four different types of
Federal income taxes. S corporations are responsible
for the “built-in gains” tax, the excess net passive
income tax, the investment recapture tax, and the
2003
Item
NOTE: Detail may not add to totals because of rounding.
S Corporation Returns, 2003
and made a valid S election after 1986 must pay tax
on any realized gain from the sale of certain assets.
These assets must be held at the time of election, and
the sale must be made within 10 years from the first
day of the S corporation’s election for the built-in
gains tax to apply. The built-in gains tax is limited to
net appreciation occurring prior to a C corporation’s
election as an S corporation. S corporations that had
never been a C corporation are not subject to the
built-in gains tax [9].
The excess net passive income tax, the investment recapture tax, and the LIFO recapture tax also
apply to corporations that operated as taxable corporations before making their S elections. The excess
net passive income tax only applies to S corporations
with net passive investment income accounting for
more than 25 percent of gross receipts and with
subchapter C earnings. S corporations are required
to pay the investment credit recapture tax on the
recapture attributable to credits allowed on the corporation in the years prior to the S election. The last-in,
first-out (LIFO) recapture tax does not apply to S
corporations that made an S election prior to December 18, 1987, and use the LIFO method to value
inventory. A LIFO recapture amount, which is the
amount of inventory valued under the first-in, first-out
(FIFO) method that exceeds the inventory valued
under LIFO, is required to be included in gross income after a corporation converts to an S corporation. Inventory that is transferred to an S corporation
during a tax-free reorganization of a C corporation is
also subject to the LIFO recapture tax.
S corporations reported total net income of
$213.7 billion and total tax liability of $380.9 million
during Tax Year 2003. The total tax reported for all
S corporations increased 3.4 percent from 2002 to
2003 as shown in Figure H. The excess net passive
income tax decreased 64.3 percent to $4.4 million for
Tax Year 2003. Also displayed in this figure are the
adjustments to tax, which include Section 1363(d)
LIFO recapture taxes and interest due from Form
8697, Interest Computation under Look-Back
Method for Completed Long-Term Contracts. The
income tax adjustment includes Section 1291(c)(2)
deferred tax of a shareholder in a passive foreign
investment company.
Of the 3.3 million S corporations that filed in
2003, only 6,687 reported tax liability. Overall, S
corporations reporting tax liability represent only 0.2
percent of all S corporation returns filed.
Summary
Ø For Tax Year 2003, the number of S corpo-
rations grew to 3.3 million, an increase of 5.9
percent in the number of returns filed as
compared to Tax Year 2002. S corporations
remain the most popular corporate entity,
with 61.9 percent of all U.S. corporations
electing Federal tax treatment under Subchapter S. The number of shareholders for S
corporations increased to 5.8 million, up 2.9
percent from the previous year.
Ø Total net income (less deficit) increased
$30.2 billion to $213.7 billion for Tax Year
2003 from $183.5 billion. As the largest
component of total net income (less deficit),
net income from a trade or business accounted
for 80.2 percent of the total, down from 82.1
percent reported for Tax Year 2002. Portfolio income (less deficit) rose by $8.7 billion,
an increase of 34.5 percent, with most of this
growth coming from a $7.5-billion rise in net
long-term capital gain (less loss).
Ø Nearly two-thirds, 62.7 percent, of all S
corporations reported positive total net
income. S corporations reported $276.5
billion in positive total net income for Tax
Year 2003, an increase of $30.0 billion. Four
industrial sectors accounted for 57.6 percent
of positive total net income reported by S
corporations for Tax Year 2003.
Ø Total assets increased $169.9 billion for
Tax Year 2003, an 8.4-percent increase
from Tax Year 2002 when S corporations
reported $2.0 trillion. Four industrial sectors
accounted for 59.3 percent of total assets
reported. Total net worth accounted for
$603.9 billion of total liabilities, or 27.6 percent.
Ø Over half of all S corporations, or 1.9 million
companies reported business receipts of less
than $250 thousand for 2003. The majority
99
S Corporation Returns, 2003
of S corporations with less than $250 thousand in business receipts can be found in
four sectors: the professional, scientific and
technical; real estate rental and leasing;
construction; and wholesale and retail
tradesectors.
Ø The number of S corporations reporting
rental real estate income remained relatively
constant, decreasing 0.8 percent to 249.0
thousand companies. The real estate and
rental and leasing sector accounted for 70.6
percent of all returns reporting income on
Form 8825 and 85.8 percent of gross income
reported on Form 8825.
Ø The number of S corporation shareholders
increased 2.9 percent to 5,847,219 for Tax
Year 2003. During the same time period, the
total number of companies with one shareholder grew 9.2 percent to 1,975,392.
Ø Less than one quarter of 1.0 percent of all S
100
corporations reported Federal tax liability, for
a total tax liability of $380.9 million. This
was a 3.4-percent decrease from the previous year when $368.2 million were reported.
The largest component of total tax liability
was the built-in gains tax of $336.4 million, an
increase of 21.3 percent from 2002.
Explanation of Selected Terms
Built-in Gains Tax.--The built-in gains tax is a
corporate level tax on S corporations that dispose of
assets that appreciated in value during years when
the corporation was a C corporation. The S corporation may be liable for the tax on its built-in gains if: it
was a C corporation prior to making its S election;
the S corporation election was made after 1986; it
has net recognized built-in gain within the recognition
period; and the net recognized built-in gain for the tax
year does not exceed the net unrealized gain minus
the net recognized built-in gain for prior years in the
recognition period, to the extent that such gains were
subject to tax.
Business Receipts.--Business receipts are defined
as the gross operating receipts of the corporation
reduced by the cost of returned goods and allowances.
100
Depreciable Assets.--Depreciable assets from
the corporation’s end-of-year balance sheet were the
book value of tangible property subject to depreciation.
Excess Net Passive Income.--The excess net
passive income is the income that bears the same
ratio to net passive income as the amount of passive
investment income, exceeding 25 percent of gross
receipts, bears to passive investment income.
Investment in Government Obligations.-Investment in Government obligations is a balance
sheet asset item that is comprised of U.S. Federal,
State and local government obligations.
Investment Recapture Tax.--S corporations are
liable for recapture attributable to credits allowed in
years before the corporation was an S corporation.
LIFO Recapture Tax.--The last in, first out
(LIFO) recapture amount is the amount, if any, by
which the amount of inventory assets using the first
in, first out (FIFO) method exceeds the inventory
amount of such assets under the LIFO method.
Limited Liability Company (LLC).--A limited
liability company is a State-registered entity that can
be taxed like a partnership for Federal income tax
purposes, but its members, like corporate shareholders, are not personally liable for the entity’s liabilities.
Net Intangible Assets.--Net intangible assets are
intangible assets reduced by accumulated amortization as reported on the Balance Sheet, Schedule L, of
Form 1120S.
Net Notes and Accounts Receivable.--Net notes
and accounts receivable are notes and accounts
receivable reduced by allowance for bad debts on the
Balance Sheet, Schedule L, of Form 1120S.
Net Passive Income.--Net passive investment
income is passive investment income reduced by any
allowable deduction directly connected with the
production of such income except for the net operating loss deduction under Internal Revenue Code
section 172 and the special deductions allowed to
corporations by Internal Revenue Code section 241.
North American Industry Classification System.--In 1997, the North American Standard Industry
Classification System (NAICS) replaced the Standard Industrial Classification (SIC) system. The IRS
began using the NAICS coding system for S corporations in 1998. The NAICS classification system is
amended every 5 years to include changes for evolving industries. NAICS 2002 was the first revision to
S Corporation Returns, 2003
the system and included changes in the structure for
both the construction and information sectors, along
with greater detail for the retail trade sector.
S corporation industries were determined from
which activity the business derived the largest percentage of its “total receipts.” Total receipts were
defined as the sum of:
r Gross receipts, or sales;
r Net gain from Form 4797, Sales of Business
Property;
r Other income;
r Gross income from other rental activities;
r Portfolio interest income;
r Portfolio ordinary income;
r Portfolio royalty income;
r Net short-term capital gains;
r Net long-term capital gains;
r Other portfolio income;
r Net section 1231 gain;
r Other income from Schedule K, Shareholders’ Shares of Income, Credits, Deductions, Etc.;
r Gross rents from rental real estate;
r Net gain from the disposition of property
from rental real estate activities; and
r Net income from rental real estate activities
from partnerships, estates, and trusts in
which this S corporation is a partner or
beneficiary.
(Total receipts for S corporation industry coding
purposes differ from total receipts used elsewhere in
this article and are defined under Total Receipts in
this section.)
Passive Investment Income.--Passive investment income is gross receipts derived from royalties,
rents, dividends, interest (excluding interest on installment sales of inventory to customers and income of
certain lending and financing businesses), annuities,
and sales or exchanges of stock or securities to the
extent of any gain.
Portfolio Income (less deficit).--Portfolio income
(less deficit) is interest, dividends, annuities, and
royalties, as well as gain or loss from the disposition
of income-producing or investment property that is
not derived in the ordinary course of trade or business.
Qualified Subchapter S Subsidiaries (QSUB).-Qualified subchapter S Subsidiaries include any
domestic subsidiary of an S corporation that is not an
ineligible corporation under Subchapter S of the
Internal Revenue Code, and in which the S corporation holds 100 percent of the stock and elects to treat
the subsidiary as a QSUB.
Retained Earnings Unappropriated.--Retained
earnings, unappropriated, are made up of the retained earnings and profits of the corporation less
any reserves.
Salaries and Wages.--Salaries and wages
included the amount of salaries and wages paid by
the corporation for the tax year. Expenses such as
bonuses, directors’ fees, wages, payroll, and salaries
listed in the other deductions schedule were included
with the statistics for salaries and wages.
Small Business Job Protection Act of 1996.-The Small Business Job Protection Act of 1996
increased the number of permitted shareholders for S
corporations from 35 to 75; allowed an electing small
business trust with multiple beneficiaries to qualify as
an S corporation shareholder; allowed charitable
organizations and qualified retirement plans (but not
individual retirement accounts) to be S corporation
shareholders; allowed corporations with subsidiaries
to become S corporations; and provided a special
qualified subchapter S subsidiary election so that
wholly owned subsidiaries could be considered part
of the S corporation for Federal income tax purposes.
Tax-Exempt Securities.--Tax exempt securities
are a balance sheet asset item that is comprised of
State and local government obligations and stock in a
mutual fund or other regulated investment company
that distributed exempt-interest dividends during the
tax year of the corporation.
101
S Corporation Returns, 2003
102
102
Total Deductions.--Total deductions are the sum
of cost of goods sold; compensation of officers;
salaries and wages; repairs; bad debts; rent paid on
business property; taxes paid; interest paid; amortization; depreciation; depletion; advertising; pension,
profit-sharing, stock, bonus, and annuity plans; employee benefit programs; net loss, noncapital assets;
and other deductions from the income statement of
Form 1120S.
Total Net Income (Less Deficit).--Since the Tax
Reform Act of 1986, total net income (less deficit) is
defined as the sum of: ordinary income (loss), ordinary dividends, interest income, royalty income, other
portfolio income, net income (loss) from rental real
estate activities, net income (loss) from other rental
activities, total net long-term capital gain (loss), and
net short-term capital gain (loss). Prior to 1987, S
corporation net income (less deficit) included most of
the components of total net income (less deficit)
above. The sum of the above components is a comprehensive measure of S corporation profits and
losses that enables comparisons to be made with
years prior to 1987.
Total Net Income (Less Deficit) From a Trade
or Business.--Total net income (less deficit) from a
trade or business included income from trade or
business activities for S corporations. For tax purposes, net income for S corporations excludes passive income such as rents and portfolio investment
income, which was passed through to the shareholders and reported on Form 1120S, Schedule K, Shareholders’ Share of Income, Credits, Deductions, Etc.
Total Receipts.--Total receipts are the sum of
business receipts; interest on Government obligations,
State and local; net gain, noncapital assets; and other
receipts. S corporations report receipts for interest,
rents, royalties, net capital gains, and dividends on
Form 1120S, Schedule K, and these items are not
included in the statistics.
Trusts.--Trust refers to “electing small business
trust,” which can be an S corporation shareholder.
An electing trust is one that does not have as a beneficiary any person other than an individual, an estate,
or an organization eligible to accept charitable contributions under Internal Revenue Code section 170 and
does not have “potential current beneficiaries.” This
type of trust is different from the qualified subchapter
S trust (QSST).
Data Sources and Limitations
The statistics for Tax Year 2003 are based on a
sample of S corporation income tax returns with
accounting periods ending July 2003 through June
2004 that posted to the Internal Revenue Service
Business Master File between July 2003 and the end
of June 2005.
The estimates in this article were based on a
stratified probability sample of 46,407 S corporation
returns drawn from a total population of 3,506,431
returns. The stratification was based on combinations
of total assets and ordinary income. Sample rates
ranged from 0.25 percent to 100 percent. The
sample was selected after administrative processing,
but before audit examination. The selected sample
included 45,560 active S corporation returns. Based
on this count, the number of active S corporations for
Tax Year 2003 was estimated to be 3,341,606.
Because the estimates are based on a sample,
they are subject to sampling error. Coefficients of
variation (CVs) are used to measure the magnitude
of this sampling error. The CV is defined in the
section on sampling variability in the “SOI Sampling
Methodology and Data Limitations” appendix of this
publication. Figure I presents the coefficients of
variation for S corporations for selected variables by
industrial division. The smaller the coefficient of
variation, the more reliable the estimate is judged to be.
Notes and References
[1] For detailed information on the impact of the
Tax Reform Act of 1986, the Revenue Reconciliation Act of 1993, and the Small Business Job
Protection Act of 1996 on S corporations, see
the following articles. For more information on
the impact of the Tax Reform Act of 1986 on S
corporations, see Gill, Amy, “S Corporation
Returns, 1992,” Statistics of Income Bulletin,
Spring 1995, Volume 14, Number 4; and Gill,
Amy and Wittman, Susan, “S Corporation
Election After the Tax Reform Act of 1986,”
Statistics of Income Bulletin, Spring 1998,
Volume 17, Number 4. For more information on
the impact of the Revenue Reconciliation Act of
1993, see Wittman, Susan, “S Corporation
Returns, 1994,” Statistics of Income Bulletin,
Spring 1997, Volume 16, Number 4. For more
S Corporation Returns, 2003
Figure I
S Corporations: Coefficients of Variation for Number of Returns, Number of Shareholders,
Total Receipts, Dividends, and Interest Income, by Industrial Sector, Tax Year 2003
Coefficients of variation (percentages)
Industrial Sector
All industries¹.............................................................
Agriculture,forestry,fishing,and hunting........................
M ining..............................................................................
U tilities............................................................................
C onstruction ...................................................................
M anufacturing.................................................................
W holesale and retailtrade..............................................
Transportation and warehousing....................................
Inform ation......................................................................
Finance and insurance....................................................
R ealestate and rentaland leasing.................................
Professional,scientific,and technicalservices...............
M anagem entofcom panies (holding com panies)...........
Adm inistrative and supportand w aste
m anagem entand rem ediation services.......................
Educationalservices.......................................................
H ealth care and socialassistance..................................
Arts,entertainm ent,and recreation.................................
Accom m odation and food services.................................
O therservices.................................................................
Number of
Number of
Total
Dividend
Interest
returns
shareholders
receipts
income
income
(1)
(2)
(3)
(4)
(5)
0.23
4.36
12.70
34.19
1.36
3.84
1.56
4.55
6.26
3.73
1.62
1.51
10.73
0.87
6.51
22.92
34.67
2.14
5.73
2.09
5.48
8.22
4.41
3.36
2.24
17.41
0.95
6.24
8.24
6.68
1.92
1.74
1.37
10.30
7.45
4.33
5.94
7.77
1.58
2.23
18.36
4.02
0.27
7.57
3.33
7.11
33.10
0.14
1.29
7.60
15.72
13.57
2.05
7.86
5.65
10.84
5.17
4.04
3.17
13.41
13.58
7.43
7.52
9.60
3.33
3.54
10.14
1.99
5.46
2.29
3.01
4.24
12.05
5.46
6.98
4.44
4.00
8.34
17.43
6.95
8.74
3.73
5.73
8.75
57.45
29.41
19.22
14.84
27.43
6.96
19.50
24.42
11.41
14.26
21.59
¹ Includes returns not allocable by industrial Sector, which are not shown separately.
information on the impact of the Small Business
Job Protection Act of 1996, see Wittman, Susan,
“S Corporation Returns, 1997,” Statistics of
Income Bulletin, Spring 2000, Volume 19,
Number 4.
[2] For the purpose of this article, taxable corporations are corporations that file the following
types of returns: Form 1120, Form 1120-A,
Form 1120F, Form 1120L, and Form 1120-PC.
Form 1120-REIT and Form 1120-RIC, while not
filed by taxable corporations, are included in the
statistics. Limited liability companies and
partnerships that choose to be taxed as a
corporation file Form 1120; if they meet the
conditions for S corporation status, LLCs and
partnerships that choose corporate treatment
may make an S corporation election and file an
1120S. Only an “LLC” designation in the name
can identify the unincorporated associations.
The number of returns with an “LLC” designa-
tion in the Statistics of Income corporate file is
unpublished and small. Most LLCs file a
partnership return for Federal tax purposes and
are included in the partnership statistics. For
more information on the impact of LLCs on
partnership data, see Wheeler, Tim and
Shumofsky, Nina, “Partnership Returns, 2003,”
Statistics of Income Bulletin, Fall 2005, Volume 25, Number 2.
[3] Provisions exist to allow for late-filed elections
to be considered as timely made. See Revenue
Procedure 97-40 for extended filings. For
further detail on filing an S election, see Internal
Revenue Service, Internal Revenue Code,
Subchapter S [Section 1362(a), (b)].
[4] Eligible trusts are defined in the Internal
Revenue Code section 1361(c)(2)(A); eligible
trusts are trusts that are treated as owned by an
individual who is a citizen or resident of the
103
S Corporation Returns, 2003
United States. Eligible exempt organizations are
described in Internal Revenue Code section
401(a) and section 501(c)(3); these organizations include qualified pension plans, profitsharing plans, stock bonus plans, and certain
organizations exempt from Federal income taxes.
[5] Calendar year S corporations are defined as full
year S corporations with an accounting period
ending in December or part-year S corporations
with an accounting period ending in December.
S corporations may elect another tax year if a
business purpose can be justified to the satisfaction of the Internal Revenue Service (IRS), or
they may use an alternate tax year but make
“required payments” to the IRS per Internal
Revenue Code section 1378.
104
104
[6] For further detail, see Luttrell, Kelly, “S Corporation Returns, 2002,” Statistics of Income
Bulletin, Spring 2005, Volume 24, Number 4.
[7] Ibid. (See [6].)
[8] Returns for nonfinance industries were classified by size of gross receipts from sales and
operations. Returns of industries within the
“Finance and Insurance” and “Management
Holding Companies” sectors were classified by
size of total receipts (the sum of business
receipts and investment income).
[9] For further detail, see Internal Revenue Service,
Internal Revenue Code, Subchapter S, Section
1374. Also see Gill, Amy, “S Corporation
Returns, 1992,” Statistics of Income Bulletin,
Spring 1995, Volume 14, Number 4.
S Corporation Returns, 2003
Table 1.--S Corporations: Total Receipts and Deductions, Portfolio Income, Rental Income, and
Total Net Income, by Major Industrial Group
[All figures and estimates based on samples--money amounts are in thousands of dollars]
Agriculture, forestry, fishing, and hunting
Construction
Support
All
Item
industries ¹
Agriculture
Total
production
Forestry
activities
and
and fishing,
logging
hunting and
Mining
Utilities
Total
trapping
(1)
Number of returns..............................................
3,341,606
Number of shareholders................................
5,847,219
Total receipts ²................................................... 4,232,565,964
Business receipts.......................................... 4,152,365,102
Interest on Government obligations:
1,363,342
State and local ².........................................
7,105,203
Net gain, noncapital assets...........................
Other receipts................................................
71,732,316
Total deductions................................................ 4,059,628,006
Cost of goods sold......................................... 2,576,430,390
Compensation of officers............................... 160,754,610
Salaries and wages....................................... 449,732,962
Repairs..........................................................
26,225,941
Bad debts......................................................
8,990,922
Rent paid on business property..................... 112,505,390
Taxes paid.....................................................
89,222,910
37,154,873
Interest paid...................................................
5,712,477
Amortization...................................................
Depreciation..................................................
82,261,523
Depletion.......................................................
388,873
40,398,858
Advertising.....................................................
Pension, profit-sharing, stock bonus,
17,974,203
and annuity plans......................................
39,766,082
Employee benefit programs...........................
915,490
Net loss, noncapital assets............................
Other deductions .......................................... 411,192,503
Total receipts less total deductions ²................. 172,937,958
Net income (less deficit) from a trade or
business ²...................................................... 171,574,616
Net income..................................................... 236,674,565
65,099,950
Deficit.............................................................
Portfolio income (less deficit) distributed to
34,779,288
shareholders..................................................
Dividend income............................................
2,546,888
Interest income..............................................
8,496,728
758,448
Royalty income..............................................
1,613,390
Net short-term capital gain (less loss)...........
20,976,005
Net long-term capital gain (less loss)............
387,828
Other portfolio income (net)...........................
6,759,271
Real estate rental net income (less deficit).......
9,544,351
Net income.....................................................
2,785,080
Deficit.............................................................
Net income (less deficit) from other rental
568,606
activity............................................................
1,282,959
Net income.....................................................
714,353
Deficit.............................................................
Total net income (less deficit)............................ 213,681,780
Net income..................................................... 276,531,538
62,849,757
Deficit.............................................................
(2)
(3)
(4)
(5)
(6)
(7)
(8)
81,005
183,392
56,256,395
51,916,059
52,987
124,655
36,987,642
33,512,745
6,639
12,973
5,776,140
5,559,734
21,379
45,764
13,492,613
12,843,581
16,692
38,495
23,426,004
21,853,108
2,932
5,786
5,521,630
5,402,882
448,549
727,510
622,765,814
617,163,047
22,625
310,369
4,007,342
56,205,658
26,216,864
1,427,242
4,687,664
1,365,144
31,733
2,655,760
1,164,158
1,037,949
54,953
3,308,835
24,229
212,459
19,227
216,689
3,238,981
37,522,085
15,110,331
690,331
3,329,877
888,596
19,750
2,303,078
800,925
785,845
32,449
2,187,765
20,001
150,721
213
43,742
172,451
5,808,825
3,705,359
193,660
438,075
170,942
5,126
49,464
95,574
100,666
3,400
545,011
4,225
3,998
3,186
49,938
595,909
12,874,748
7,401,174
543,252
919,712
305,606
6,857
303,218
267,658
151,438
19,104
576,059
3
57,741
17,345
187,441
1,368,110
19,425,247
9,269,133
507,583
1,638,843
434,246
19,518
560,589
753,054
382,878
22,426
1,398,911
215,316
23,303
207
14,412
104,129
5,326,731
4,331,685
32,116
176,789
19,926
8,153
68,225
64,310
61,642
10,101
125,610
-19,023
173,341
564,419
4,865,008
599,588,393
454,958,944
19,566,476
34,782,286
2,646,859
819,505
10,912,080
10,785,971
3,763,514
193,874
10,575,829
35,829
2,137,856
160,717
524,484
6,228
13,327,241
50,737
105,771
422,807
3,567
10,670,272
-534,444
21,586
34,684
142
436,913
-32,684
33,359
66,994
*2,518
2,220,056
617,865
92,577
294,335
13,451
3,799,084
4,000,758
5,529
12,435
41
391,147
194,899
2,336,477
6,221,599
72,676
39,778,619
23,177,421
28,112
3,221,226
3,193,114
-553,671
2,005,861
2,559,531
-32,897
259,848
292,746
614,680
955,517
340,837
3,983,413
4,705,363
721,949
194,692
335,381
140,689
23,004,080
31,536,187
8,532,107
503,110
25,695
148,661
72,744
9,859
244,136
2,016
180,882
196,948
16,066
475,070
14,152
107,297
68,488
5,565
277,641
1,927
163,997
176,760
12,762
13,832
8,200
11,405
1,621
1,966
-9,445
85
-696
1,731
2,427
14,208
3,342
29,960
*2,634
*2,328
-24,061
5
17,580
18,457
*877
813,158
77,530
160,002
113,058
37,097
424,534
937
11,726
17,776
6,049
18,974
3,002
20,620
12
1,229
-5,889
-* -1671
* 80
* 1751
2,512,167
75,429
863,573
5,354
76,357
1,479,300
12,154
117,977
411,943
293,966
21,926
34,987
*13,061
734,029
3,773,457
3,039,428
21,201
34,095
*12,895
106,597
2,521,792
2,415,196
299
465
166
-19,462
255,906
275,368
426
426
-646,894
995,759
348,864
14,670
21,361
6,691
4,822,968
5,501,848
678,880
751
751
-212,746
357,240
144,494
72,889
87,595
14,706
25,707,114
33,893,492
8,186,379
Footnotes at end of table.
105
S Corporation Returns, 2003
Table 1.--S Corporations: Total Receipts and Deductions, Portfolio Income, Rental Income, and
Total Net Income, by Major Industrial Group--Continued
[All figures and estimates based on samples--money amounts are in thousands of dollars]
Construction--continued
Manufacturing
Heavy
Item
Construction
and
Specialty
of
civil
trade
engineering
contractors
buildings
Total
Beverage
Textile
Food
and
mills and
Apparel
manufacturing
tobacco
textile
manufacturing
construction
106
Number of returns..............................................
Number of shareholders................................
Total receipts ²...................................................
Business receipts..........................................
Interest on Government obligations:
State and local ².........................................
Net gain, noncapital assets...........................
Other receipts................................................
Total deductions................................................
Cost of goods sold.........................................
Compensation of officers...............................
Salaries and wages.......................................
Repairs..........................................................
Bad debts......................................................
Rent paid on business property.....................
Taxes paid.....................................................
Interest paid...................................................
Amortization...................................................
Depreciation..................................................
Depletion.......................................................
Advertising.....................................................
Pension, profit-sharing, stock bonus,
and annuity plans......................................
Employee benefit programs...........................
Net loss, noncapital assets............................
Other deductions ..........................................
Total receipts less total deductions ².................
Net income (less deficit) from a trade or
business ²......................................................
Net income.....................................................
Deficit.............................................................
Portfolio income (less deficit) distributed to
shareholders..................................................
Dividend income............................................
Interest income..............................................
Royalty income..............................................
Net short-term capital gain (less loss)...........
Net long-term capital gain (less loss)............
Other portfolio income (net)...........................
Real estate rental net income (less deficit).......
Net income.....................................................
Deficit.............................................................
Net income (less deficit) from other rental
activity............................................................
Net income.....................................................
Deficit.............................................................
Total net income (less deficit)............................
Net income.....................................................
Deficit.............................................................
Footnotes at end of table.
106
product
product
manufacturing
mills
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
130,639
199,418
258,060,204
255,347,183
51,346
123,595
105,085,904
103,133,317
266,564
404,498
259,619,706
258,682,547
149,806
353,136
514,083,018
509,581,451
8,567
32,425
60,033,609
59,528,474
892
2,957
7,196,400
7,086,792
1,907
4,541
9,305,489
9,241,971
5,779
13,470
22,211,979
21,979,986
140,313
154,422
2,418,286
248,226,129
213,310,438
5,395,283
8,406,027
486,408
212,732
1,837,970
2,391,037
1,221,886
69,596
1,802,634
1,322
662,530
26,045
180,183
1,746,359
101,797,122
73,060,716
2,686,727
5,203,938
754,627
113,567
3,075,665
1,933,306
1,264,981
46,400
3,436,537
25,463
264,112
6,983
229,813
700,362
249,565,142
168,587,790
11,484,466
21,172,321
1,405,824
493,205
5,998,444
6,461,628
1,276,647
77,879
5,336,658
*9,044
1,211,213
157,594
784,369
3,559,604
492,826,283
343,244,308
14,376,141
40,226,663
2,625,301
1,194,934
10,213,191
11,024,751
4,673,527
695,491
16,054,456
101,497
4,998,979
9,164
102,774
393,196
57,804,592
43,732,393
786,325
3,595,868
403,005
58,132
736,166
756,538
429,134
111,573
1,788,575
-875,298
6,393
4,669
98,546
6,675,736
4,065,684
143,609
693,757
57,402
7,611
87,339
445,078
69,548
20,889
321,655
5,313
162,755
3,051
3,246
57,222
9,012,756
6,716,598
278,833
583,660
24,275
56,821
144,414
194,828
68,000
7,362
224,111
-59,875
4,006
6,323
221,664
21,315,172
14,837,718
632,657
2,186,784
47,603
37,217
497,425
457,662
141,581
16,886
239,454
-286,892
608,400
1,097,528
9,883
10,712,453
9,834,075
707,107
1,112,821
10,922
8,100,232
3,288,782
1,020,969
4,011,250
51,871
20,965,935
10,054,564
2,332,104
7,533,101
155,010
33,376,829
21,256,735
206,107
647,731
4,354
3,673,392
2,229,016
44,247
124,575
*1,945
424,328
520,664
29,265
119,486
1,181
504,047
292,733
64,423
171,055
4,243
1,693,571
896,807
9,693,762
12,283,469
2,589,707
3,262,737
5,744,364
2,481,627
10,047,581
13,508,354
3,460,774
21,099,141
28,905,535
7,806,393
2,219,852
2,561,255
341,403
514,271
638,172
123,902
289,683
522,743
233,061
892,801
1,152,225
259,424
962,439
31,065
385,915
523
28,478
514,786
1,672
74,550
152,014
77,464
1,222,098
24,429
298,381
3,000
32,829
853,321
10,139
32,524
242,351
209,826
327,630
19,935
179,277
*1,831
15,051
111,193
*343
10,903
17,578
6,675
3,451,260
362,848
763,299
98,386
97,390
2,126,079
3,257
184,850
204,303
19,453
224,309
18,785
63,353
1,423
1,536
139,047
166
7,737
10,552
2,815
27,747
6,536
15,579
-2,271
3,236
126
7,717
7,811
94
25,089
2,799
11,356
2,222
276
8,270
165
2,125
2,224
99
168,566
10,676
14,386
16,146
2,280
124,991
87
7,557
7,977
419
27,063
32,917
5,854
10,757,814
13,250,484
2,492,670
-31
8,266
8,297
4,517,329
6,818,959
2,301,630
45,858
46,412
555
10,431,971
13,824,049
3,392,078
35,227
56,266
21,039
24,770,479
31,970,618
7,200,139
-993
1,582
2,575
2,450,905
2,778,567
327,662
4,763
4,763
-554,498
668,031
113,533
619
639
20
317,516
546,014
228,498
271
271
-1,069,196
1,304,847
235,651
S Corporation Returns, 2003
Table 1.--S Corporations: Total Receipts and Deductions, Portfolio Income, Rental Income, and
Total Net Income, by Major Industrial Group--Continued
[All figures and estimates based on samples--money amounts are in thousands of dollars]
Manufacturing--continued
Leather
Plastics
and
Item
Number of returns..............................................
Number of shareholders................................
Total receipts ²...................................................
Business receipts..........................................
Interest on Government obligations:
State and local ².........................................
Net gain, noncapital assets...........................
Other receipts................................................
Total deductions................................................
Cost of goods sold.........................................
Compensation of officers...............................
Salaries and wages.......................................
Repairs..........................................................
Bad debts......................................................
Rent paid on business property.....................
Taxes paid.....................................................
Interest paid...................................................
Amortization...................................................
Depreciation..................................................
Depletion.......................................................
Advertising.....................................................
Pension, profit-sharing, stock bonus,
and annuity plans......................................
Employee benefit programs...........................
Net loss, noncapital assets............................
Other deductions ..........................................
Total receipts less total deductions ².................
Net income (less deficit) from a trade or
business ²......................................................
Net income.....................................................
Deficit.............................................................
Portfolio income (less deficit) distributed to
shareholders..................................................
Dividend income............................................
Interest income..............................................
Royalty income..............................................
Net short-term capital gain (less loss)...........
Net long-term capital gain (less loss)............
Other portfolio income (net)...........................
Real estate rental net income (less deficit).......
Net income.....................................................
Deficit.............................................................
Net income (less deficit) from other rental
activity............................................................
Net income.....................................................
Deficit.............................................................
Total net income (less deficit)............................
Net income.....................................................
Deficit.............................................................
Printing
Petroleum
and
Nonmetallic
allied
Wood
Paper
and related
and coal
Chemical
rubber
mineral
product
product
manufacturing
support
products
manufacturing
products
product
manufacturing
manufacturing
activities
manufacturing
manufacturing
manufacturing
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
1,147
1,834
3,145,647
3,117,388
7,329
14,124
31,955,233
31,593,959
2,129
4,265
18,777,283
18,658,374
20,044
47,930
30,207,924
29,891,412
978
3,003
6,781,165
6,805,429
4,528
14,613
21,080,499
20,916,245
5,807
16,142
35,399,242
35,171,330
6,350
14,291
18,507,378
18,270,474
*1,071
58
27,129
2,812,575
1,787,069
90,945
302,281
12,537
7,367
48,273
55,437
37,483
751
41,884
-90,080
41,039
50,696
269,540
30,717,672
23,458,494
634,448
1,987,598
196,869
46,051
365,253
579,692
288,598
24,289
872,070
67,009
192,443
11,527
9,914
97,468
18,403,913
13,359,043
466,075
1,317,837
65,576
26,183
427,265
346,564
275,990
26,461
623,197
*3,088
54,274
2,940
20,263
293,309
29,115,758
17,100,856
1,291,973
3,248,421
261,832
97,711
1,133,235
780,523
342,857
63,640
1,511,040
-328,478
1,148
4,239
-29,651
6,660,609
5,076,498
102,226
418,729
33,786
4,656
104,493
97,992
69,669
5,089
240,147
4,399
15,945
7,782
9,780
146,692
19,415,491
12,283,700
649,967
1,945,614
124,332
44,261
383,053
414,909
147,150
29,935
551,985
2,363
582,476
7,047
60,061
160,804
33,991,700
24,296,628
907,298
2,494,665
152,812
84,952
611,631
749,187
316,395
47,166
1,307,518
-250,386
2,346
31,178
203,380
17,704,469
11,365,863
535,108
1,449,260
193,749
53,642
530,015
456,467
192,493
24,352
983,412
18,783
96,988
5,203
29,804
781
302,679
333,072
123,447
344,633
2,220
1,534,559
1,237,561
123,545
325,511
379
962,923
373,370
125,050
387,776
3,278
2,439,088
1,092,166
12,942
35,259
134
438,646
120,556
125,054
282,273
7,277
1,841,143
1,665,009
160,875
577,715
4,042
2,030,430
1,407,541
68,435
281,608
552
1,453,743
802,909
332,001
341,105
*9,104
1,196,523
1,595,613
399,091
361,843
766,466
404,623
1,089,226
1,619,673
530,448
119,408
238,406
118,998
1,657,226
1,843,696
186,470
1,400,495
1,827,489
426,994
800,563
1,118,017
317,454
12,914
2,429
3,836
-*2,731
3,918
-26
83
57
125,957
3,882
43,001
7,722
-1,158
72,369
141
11,021
11,654
633
131,628
16,852
19,426
4,761
59,719
31,492
-622
14,761
16,095
1,334
90,439
2,683
52,209
207
-6,316
41,664
-7
3,209
3,281
72
7,509
2,154
4,576
24
482
272
-3,694
3,850
156
219,030
20,313
28,119
19,165
736
149,165
*1,532
2,103
2,221
118
183,061
5,193
36,213
3,485
-443
138,530
84
8,263
9,333
1,070
57,775
4,527
22,007
1,542
7,465
22,147
*87
24,560
24,789
229
-53
-53
344,888
352,649
*7,762
-736
1,936
2,672
1,332,764
1,708,510
375,746
-113
399
512
508,118
855,568
347,450
7,510
*7,597
86
1,190,384
1,691,774
501,390
93
106
13
130,703
249,560
118,857
-1,005
1,399
2,404
1,877,354
2,041,246
163,893
3,700
3,704
4
1,595,519
1,999,404
403,885
4,603
4,678
75
887,502
1,163,397
275,895
Footnotes at end of table.
107
S Corporation Returns, 2003
Table 1.--S Corporations: Total Receipts and Deductions, Portfolio Income, Rental Income, and
Total Net Income, by Major Industrial Group--Continued
[All figures and estimates based on samples--money amounts are in thousands of dollars]
Manufacturing--continued
Item
Primary
Fabricated
metal
metal
manufacturing
product
Computer
Electrical
and
equipment,
Transportation
Furniture
Machinery
electronic
appliance,
equipment
and related
Miscellaneous
manufacturing
product
and
manufacturing
product
manufacturing
manufacturing
component
manufacturing
108
Number of returns..............................................
Number of shareholders................................
Total receipts ²...................................................
Business receipts..........................................
Interest on Government obligations:
State and local ².........................................
Net gain, noncapital assets...........................
Other receipts................................................
Total deductions................................................
Cost of goods sold.........................................
Compensation of officers...............................
Salaries and wages.......................................
Repairs..........................................................
Bad debts......................................................
Rent paid on business property.....................
Taxes paid.....................................................
Interest paid...................................................
Amortization...................................................
Depreciation..................................................
Depletion.......................................................
Advertising.....................................................
Pension, profit-sharing, stock bonus,
and annuity plans......................................
Employee benefit programs...........................
Net loss, noncapital assets............................
Other deductions ..........................................
Total receipts less total deductions ².................
Net income (less deficit) from a trade or
business ²......................................................
Net income.....................................................
Deficit.............................................................
Portfolio income (less deficit) distributed to
shareholders..................................................
Dividend income............................................
Interest income..............................................
Royalty income..............................................
Net short-term capital gain (less loss)...........
Net long-term capital gain (less loss)............
Other portfolio income (net)...........................
Real estate rental net income (less deficit).......
Net income.....................................................
Deficit.............................................................
Net income (less deficit) from other rental
activity............................................................
Net income.....................................................
Deficit.............................................................
Total net income (less deficit)............................
Net income.....................................................
Deficit.............................................................
Footnotes at end of table.
108
manufacturing
(25)
(26)
(27)
(28)
manufacturing
(29)
(30)
(31)
(32)
4,819
11,875
22,424,976
22,307,607
28,543
58,284
75,840,653
75,155,145
10,282
26,314
28,239,245
27,944,757
5,493
14,718
22,287,182
22,182,742
2,664
8,441
15,179,350
15,036,454
5,358
11,628
28,335,771
28,107,673
6,033
11,015
17,329,371
17,058,529
21,158
41,267
39,844,622
39,526,710
1,625
16,709
99,035
22,024,180
17,432,803
398,445
1,006,786
133,241
42,692
319,633
357,706
214,695
25,831
747,771
-26,364
19,344
250,992
415,172
73,171,730
50,553,911
2,784,889
5,478,513
341,523
184,124
1,574,103
1,905,348
744,437
66,397
2,772,426
311
388,079
11,267
34,822
248,399
27,041,532
17,867,291
1,035,819
2,436,364
102,595
87,167
702,657
681,322
265,558
39,758
957,310
-226,899
4,552
11,614
88,274
21,545,112
14,017,299
776,335
2,486,478
85,967
54,532
564,034
566,670
138,391
31,080
564,434
-224,696
2,904
18,432
121,560
14,236,144
9,509,677
333,862
1,505,977
51,909
23,515
250,396
329,959
183,774
28,484
390,381
27
229,674
14,475
23,578
190,045
27,136,418
20,796,849
518,294
1,516,937
70,827
51,588
405,513
546,210
252,168
35,963
645,160
-187,526
1,736
7,544
261,562
16,549,989
11,404,924
567,232
1,541,525
104,712
109,984
427,826
383,477
146,969
14,098
359,366
*205
154,778
4,176
117,479
196,257
37,490,733
23,581,011
1,441,801
4,029,611
160,748
116,727
900,466
919,182
348,636
75,487
912,559
-565,074
68,356
278,098
1,130
970,628
400,797
411,778
1,471,334
4,526
4,490,032
2,668,923
164,317
579,457
99,334
1,795,684
1,197,713
107,579
419,508
2,065
1,506,045
742,070
136,068
266,456
2,071
993,913
943,206
106,622
435,030
12,981
1,554,750
1,199,352
45,126
185,756
872
1,103,138
779,382
203,664
570,033
1,645
3,664,090
2,353,889
399,172
745,725
346,553
2,649,579
3,972,205
1,322,626
1,186,446
1,859,151
672,706
737,518
1,491,174
753,655
940,302
1,098,552
158,250
1,184,877
1,678,287
493,411
777,646
1,002,943
225,297
2,349,713
2,832,637
482,925
94,401
25,712
48,061
2,631
16,234
1,417
346
8,129
10,681
2,552
416,326
26,131
144,059
3,307
6,223
235,817
789
27,702
32,045
4,342
706,364
29,577
58,250
5,284
-413
613,615
51
12,997
14,263
1,266
207,422
87,466
41,837
4,314
1,651
71,992
161
6,799
7,871
*1,071
295,036
32,916
34,301
11,359
-1,323
217,780
3
10,908
11,141
232
129,589
24,053
69,229
5,022
1,659
29,485
141
10,761
11,362
602
37,759
1,875
8,970
3
-409
27,334
-13
7,393
7,426
34
290,339
38,289
44,532
9,767
4,190
193,539
22
7,387
9,644
2,257
448
448
-502,150
775,312
273,162
11,036
11,161
126
3,104,642
4,364,268
1,259,626
6,104
6,104
-1,911,911
2,504,003
592,092
1,306
1,314
7
953,046
1,689,066
736,019
-6,665
524
7,189
1,239,581
1,345,260
105,679
1,320
6,546
5,226
1,326,546
1,776,180
449,634
596
596
-823,394
1,045,403
222,009
*2,423
*2,499
76
2,649,862
3,111,558
461,695
S Corporation Returns, 2003
Table 1.--S Corporations: Total Receipts and Deductions, Portfolio Income, Rental Income, and
Total Net Income, by Major Industrial Group--Continued
[All figures and estimates based on samples--money amounts are in thousands of dollars]
Wholesale and retail trade
Wholesale trade
Merchant wholesalers
Item
Total
(33)
Number of returns..............................................
567,183
Number of shareholders................................
982,862
Total receipts ²...................................................1,755,476,349
Business receipts.......................................... 1,733,442,944
Interest on Government obligations:
85,822
State and local ².........................................
1,104,018
Net gain, noncapital assets...........................
Other receipts................................................
20,843,565
Total deductions................................................ 1,715,935,050
Cost of goods sold......................................... 1,375,851,716
Compensation of officers...............................
28,726,453
Salaries and wages....................................... 116,116,031
Repairs..........................................................
6,061,704
Bad debts......................................................
2,559,498
Rent paid on business property..................... 29,177,190
Taxes paid.....................................................
22,227,727
8,496,541
Interest paid...................................................
1,380,179
Amortization...................................................
Depreciation..................................................
15,941,969
Depletion.......................................................
6,212
Advertising..................................................... 16,749,628
Pension, profit-sharing, stock bonus,
3,047,700
and annuity plans......................................
8,640,856
Employee benefit programs...........................
227,986
Net loss, noncapital assets............................
Other deductions ..........................................
80,723,659
Total receipts less total deductions ².................
39,541,299
Net income (less deficit) from a trade or
business ²......................................................
39,455,477
Net income..................................................... 50,819,958
Deficit............................................................. 11,364,481
Portfolio income (less deficit) distributed to
8,693,029
shareholders..................................................
Dividend income............................................
194,634
Interest income..............................................
1,592,966
163,980
Royalty income..............................................
48,577
Net short-term capital gain (less loss)...........
6,690,050
Net long-term capital gain (less loss)............
2,822
Other portfolio income (net)...........................
558,013
Real estate rental net income (less deficit).......
615,623
Net income.....................................................
57,610
Deficit.............................................................
Net income (less deficit) from other rental
22,985
activity............................................................
115,444
Net income.....................................................
92,459
Deficit.............................................................
Total net income (less deficit)............................ 48,729,504
Net income..................................................... 59,263,183
Deficit............................................................. 10,533,678
Total
Retail trade
Wholesale
electronic
Total
Motor
Furniture
vehicle
and home
Durable
Nondurable
markets and
dealers
furnishings
goods
goods
agents
and parts
stores
and brokers
(37)
(40)
(34)
(35)
(36)
(38)
dealers
(39)
190,108
351,188
750,217,607
742,270,310
114,853
206,494
347,069,207
343,602,781
70,631
138,270
402,470,951
398,125,008
4,624
6,424
677,449
542,520
374,971
629,566
1,004,603,407
990,518,817
54,057
93,643
510,577,779
501,060,828
21,915
33,498
31,143,221
30,885,395
50,302
504,548
7,392,447
728,793,008
591,251,448
14,248,822
46,905,102
2,368,572
1,571,887
9,454,907
9,246,424
3,394,096
548,783
6,596,952
3,898
3,789,301
29,929
430,511
3,005,985
336,246,905
259,717,072
8,159,598
27,213,314
1,229,286
861,664
5,616,807
4,155,839
1,922,445
234,896
3,931,783
2,294
1,962,291
20,373
74,037
4,251,533
391,952,260
331,511,428
5,939,994
19,562,682
1,137,918
710,223
3,810,838
5,070,961
1,468,861
309,160
2,653,253
1,604
1,814,423
--134,929
593,843
22,948
149,229
129,105
1,368
-27,261
19,624
2,790
4,727
11,916
-12,587
35,519
599,469
13,449,602
986,387,319
783,949,327
14,475,573
69,196,080
3,691,846
971,627
19,714,818
12,978,790
5,100,410
829,215
9,336,554
2,314
12,957,497
4,315
266,607
9,246,029
504,811,430
435,707,778
4,581,731
25,660,726
1,030,161
224,599
4,974,265
4,318,186
2,345,051
184,754
3,062,294
11
5,836,019
2,423
2,391
253,012
30,307,707
18,585,313
762,990
3,648,598
201,579
55,335
1,616,404
642,168
159,378
19,290
346,063
-1,285,577
1,874,298
3,765,357
40,284
33,732,877
21,424,599
1,083,378
2,260,172
23,949
17,872,118
10,822,302
778,877
1,489,240
16,335
15,676,462
10,518,691
12,043
15,945
-184,298
83,606
1,173,367
4,874,715
187,702
46,947,485
18,216,088
335,242
2,090,847
16,789
14,442,976
5,766,350
55,045
220,973
12,487
2,696,507
835,515
21,374,297
25,700,475
4,326,178
10,792,373
13,326,299
2,533,927
10,498,318
12,258,212
1,759,894
83,606
115,964
32,358
18,180,569
25,113,733
6,933,165
5,762,035
7,477,860
1,715,824
833,092
1,281,157
448,065
5,791,523
118,482
841,678
142,700
10,142
4,675,792
2,729
319,813
333,157
13,344
4,016,271
47,876
328,247
72,064
-18,110
3,585,679
517
172,541
176,936
4,396
1,776,026
70,077
511,063
70,636
27,509
1,094,529
2,212
147,272
156,220
8,948
-775
529
2,368
-743
-4,416
-----
2,901,506
76,152
751,287
21,280
38,435
2,014,259
93
238,200
282,466
44,266
1,745,931
8,826
342,304
*2,061
2,534
1,390,106
100
79,466
85,014
5,549
33,915
1,037
40,890
136
470
-8,621
2
17,254
17,618
363
-1,834
73,579
75,413
27,483,799
31,507,464
4,023,665
-17,018
58,253
75,271
14,964,167
17,319,560
2,355,393
15,184
15,326
142
12,436,800
14,069,521
1,632,721
---82,831
118,384
35,552
24,819
41,865
17,046
21,345,094
27,749,969
6,404,875
-1,730
14,467
16,197
7,585,702
9,137,878
1,552,176
1,441
1,441
-885,702
1,326,903
441,201
Footnotes at end of table.
109
S Corporation Returns, 2003
Table 1.--S Corporations: Total Receipts and Deductions, Portfolio Income, Rental Income, and
Total Net Income, by Major Industrial Group--Continued
[All figures and estimates based on samples--money amounts are in thousands of dollars]
Wholesale and retail trade--continued
Retail trade--continued
Building
Item
110
Number of returns..............................................
Number of shareholders................................
Total receipts ²...................................................
Business receipts..........................................
Interest on Government obligations:
State and local ².........................................
Net gain, noncapital assets...........................
Other receipts................................................
Total deductions................................................
Cost of goods sold.........................................
Compensation of officers...............................
Salaries and wages.......................................
Repairs..........................................................
Bad debts......................................................
Rent paid on business property.....................
Taxes paid.....................................................
Interest paid...................................................
Amortization...................................................
Depreciation..................................................
Depletion.......................................................
Advertising.....................................................
Pension, profit-sharing, stock bonus,
and annuity plans......................................
Employee benefit programs...........................
Net loss, noncapital assets............................
Other deductions ..........................................
Total receipts less total deductions ².................
Net income (less deficit) from a trade or
business ²......................................................
Net income.....................................................
Deficit.............................................................
Portfolio income (less deficit) distributed to
shareholders..................................................
Dividend income............................................
Interest income..............................................
Royalty income..............................................
Net short-term capital gain (less loss)...........
Net long-term capital gain (less loss)............
Other portfolio income (net)...........................
Real estate rental net income (less deficit).......
Net income.....................................................
Deficit.............................................................
Net income (less deficit) from other rental
activity............................................................
Net income.....................................................
Deficit.............................................................
Total net income (less deficit)............................
Net income.....................................................
Deficit.............................................................
Footnotes at end of table.
110
Sporting
Electronics
material
Food
Health and
and
and garden
and
personal
Gasoline
appliance
equipment
beverage
care
stations
stores
and supplies
stores
stores
(41)
dealers
(42)
(43)
(44)
19,412
28,405
29,321,675
29,127,892
22,399
37,240
59,362,764
58,919,389
58,459
107,543
107,813,379
106,455,322
1,075
14,524
178,185
28,213,488
20,214,447
846,237
3,052,153
71,942
47,022
519,850
449,002
125,405
31,945
315,703
-428,873
1,882
39,332
402,161
57,257,280
41,457,380
1,191,584
6,104,942
363,326
182,192
1,366,797
1,122,225
292,919
37,722
828,037
2,303
587,766
50,224
186,078
2,296
1,872,312
1,108,187
Clothing
goods,
General
and
hobby,
merchandise
stores
clothing
book, and
accessories
music
(45)
stores
(46)
stores
(47)
(48)
22,786
34,855
36,833,582
36,686,993
23,059
41,123
90,755,235
90,017,574
30,032
47,264
23,403,026
23,249,696
21,410
35,039
18,541,256
18,381,760
7,596
11,621
12,548,771
12,416,501
4,258
66,973
1,286,825
105,980,913
79,277,986
1,366,303
9,509,340
754,000
79,523
2,630,568
2,188,652
563,378
235,729
1,341,938
-876,087
*2,465
13,711
130,412
35,114,483
25,565,853
1,142,942
3,431,859
108,434
50,517
954,205
539,877
120,183
29,982
230,680
-412,951
3,231
69,653
664,777
89,963,018
77,594,326
613,116
3,621,727
468,208
38,316
1,494,564
1,066,463
440,928
92,866
1,277,332
-150,350
2,915
427
149,988
22,841,724
12,666,012
804,330
3,229,196
129,237
35,038
1,669,402
583,901
136,798
32,800
303,950
-697,064
207
5,056
154,233
18,007,679
12,052,315
458,048
1,741,612
81,946
16,486
995,252
367,581
163,652
18,177
246,488
-381,949
233
71
131,967
12,319,582
8,429,061
180,701
1,449,982
71,246
11,376
616,228
237,014
58,680
8,928
119,110
-128,656
140,086
420,693
1,591
3,157,716
2,105,484
168,741
863,909
1,266
6,123,495
1,832,466
84,173
130,789
205
2,311,832
1,719,098
32,098
123,948
1,992
2,946,783
792,217
62,374
123,356
78,849
2,289,417
561,302
30,720
104,173
4,527
1,344,754
533,577
9,095
77,088
*2,574
919,841
229,190
1,107,112
1,418,455
311,343
2,103,602
2,527,739
424,137
1,828,208
2,665,996
837,788
1,716,633
1,877,483
160,850
788,986
1,188,359
399,372
558,387
1,018,056
459,669
533,370
830,617
297,247
228,957
441,942
212,984
33,919
2,654
24,153
843
*7,014
-745
-20,663
20,776
113
126,019
21,168
77,930
*429
1,540
24,793
*159
20,305
25,589
5,284
180,867
17,948
68,776
1,066
15,988
77,725
*-636
58,833
74,614
*15,780
156,046
4,257
17,157
2,024
*2,153
130,433
21
*4,571
*4,571
--
68,648
9,500
37,882
1,284
767
18,971
245
18,513
29,246
10,733
20,216
658
16,140
3,490
1,145
-1,218
-784
823
39
93,907
989
27,336
-63
*65,521
-*-1,663
356
*2,019
17,625
1,011
8,288
110
3,718
*4,498
1
4,507
4,569
62
10
10
-1,161,705
1,458,728
297,023
652
689
37
2,250,577
2,656,132
405,555
6,696
6,739
42
2,074,605
2,797,710
723,105
*2,151
*2,152
1
1,879,401
2,035,345
155,945
9,641
9,694
54
885,788
1,253,258
367,470
*519
*1,070
551
579,906
1,031,246
451,341
*2,726
*2,726
-628,341
921,815
293,474
153
153
-251,243
465,024
213,782
S Corporation Returns, 2003
Table 1.--S Corporations: Total Receipts and Deductions, Portfolio Income, Rental Income, and
Total Net Income, by Major Industrial Group--Continued
[All figures and estimates based on samples--money amounts are in thousands of dollars]
Wholesale and retail trade--continued
Transportation and warehousing
Retail trade--continued
Wholesale
Item
Miscellaneous
Nonstore
and retail
store
retailers
trade not
retailers
Number of returns..............................................
Number of shareholders................................
Total receipts ²...................................................
Business receipts..........................................
Interest on Government obligations:
State and local ².........................................
Net gain, noncapital assets...........................
Other receipts................................................
Total deductions................................................
Cost of goods sold.........................................
Compensation of officers...............................
Salaries and wages.......................................
Repairs..........................................................
Bad debts......................................................
Rent paid on business property.....................
Taxes paid.....................................................
Interest paid...................................................
Amortization...................................................
Depreciation..................................................
Depletion.......................................................
Advertising.....................................................
Pension, profit-sharing, stock bonus,
and annuity plans......................................
Employee benefit programs...........................
Net loss, noncapital assets............................
Other deductions ..........................................
Total receipts less total deductions ².................
Net income (less deficit) from a trade or
business ²......................................................
Net income.....................................................
Deficit.............................................................
Portfolio income (less deficit) distributed to
shareholders..................................................
Dividend income............................................
Interest income..............................................
Royalty income..............................................
Net short-term capital gain (less loss)...........
Net long-term capital gain (less loss)............
Other portfolio income (net)...........................
Real estate rental net income (less deficit).......
Net income.....................................................
Deficit.............................................................
Net income (less deficit) from other rental
activity............................................................
Net income.....................................................
Deficit.............................................................
Total net income (less deficit)............................
Net income.....................................................
Deficit.............................................................
Air, rail
Total
Transit
and water
Truck
and ground
Pipeline
transportation
transportation
passenger
transportation
allocable
transportation
(49)
(50)
(51)
(52)
(53)
(54)
(55)
(56)
64,091
110,782
42,115,031
41,801,994
29,756
48,553
42,187,687
41,515,474
*2,104
*2,107
*655,335
*653,818
103,350
171,332
132,020,951
130,122,429
8,725
12,494
10,859,040
10,503,837
56,325
92,114
69,097,961
68,218,694
12,025
16,076
7,329,483
7,279,353
*354
*537
*830,938
*641,077
556
45,623
266,857
41,155,899
25,953,968
1,400,176
4,376,446
255,057
57,250
2,242,386
905,184
423,974
68,766
515,094
-610,209
11,959
75,100
585,154
40,414,118
26,444,887
1,127,416
3,369,501
156,710
173,973
634,896
558,536
270,064
68,256
749,866
-1,561,997
-1
*1,516
*754,723
*650,942
*2,059
*14,849
*1,285
*15,984
*7,465
*2,512
*2,035
*2,181
*8,462
-*2,831
7,865
812,669
1,077,987
129,864,818
55,385,064
2,800,168
19,049,785
2,493,908
293,097
6,947,794
5,834,896
1,460,663
116,309
7,022,041
765
305,182
881
231,315
123,007
11,044,186
3,990,815
209,990
1,092,845
320,260
24,417
644,851
210,928
279,601
16,547
1,423,535
-49,250
1,970
447,883
429,414
68,129,821
19,819,380
1,556,402
13,428,604
1,740,517
205,978
4,188,012
2,648,490
769,356
22,064
4,166,901
764
131,695
26
25,968
24,136
7,134,606
2,954,270
259,565
948,216
117,901
3,342
524,514
264,086
130,696
39,038
505,226
-49,702
-33,793
*156,067
*689,293
*177,865
*16,148
*180,788
*15,581
59
*40,047
*16,067
*16,257
*7,187
*43,657
-*4,523
88,113
228,227
54,692
3,976,356
959,132
117,455
304,634
*10,433
4,865,494
1,773,569
35
*785
-*43,297
*-99,388
355,605
1,961,982
26,139
25,811,420
2,156,133
57,120
159,939
1,782
2,562,304
-185,146
158,591
1,434,395
22,170
17,836,504
968,140
53,268
60,272
*886
1,223,622
194,877
55
674
97
*170,287
*141,644
958,576
1,853,861
895,285
1,761,610
2,532,210
770,600
*-99,388
*5,750
*105,138
2,148,268
4,986,041
2,837,773
-186,027
886,972
1,072,999
966,170
2,178,242
1,212,072
194,851
274,235
79,384
*141,644
*144,054
*2,409
180,559
2,651
51,943
*6,039
355
119,369
203
9,957
10,694
*737
243,853
5,454
38,488
3,797
2,688
193,427
-5,010
8,597
*3,587
-----------
598,609
21,944
187,528
548
303
388,296
-9
99,822
107,253
7,431
205,730
2,466
58,686
412
14
144,165
-14
10,386
10,705
319
238,300
13,652
70,706
126
-1,150
154,946
20
12,114
13,764
1,649
4,172
1,212
5,312
-*109
*-2,461
-1,044
1,046
1
*8,338
36
*6,178
--2,123
-67
67
--
2,262
2,328
66
1,151,354
1,944,076
792,722
298
394
97
2,010,771
2,721,854
711,083
---*-99,388
*5,750
*105,138
-7,530
68,275
75,805
2,839,169
5,535,273
2,696,104
11,255
35,705
24,450
41,344
1,094,044
1,052,700
-25,938
22,645
*48,583
1,190,647
2,398,570
1,207,923
-62
1,042
1,104
200,005
278,938
78,933
27
27
-*150,076
*150,231
155
Footnotes at end of table.
111
S Corporation Returns, 2003
Table 1.--S Corporations: Total Receipts and Deductions, Portfolio Income, Rental Income, and
Total Net Income, by Major Industrial Group--Continued
[All figures and estimates based on samples--money amounts are in thousands of dollars]
Information
Transportation and warehousing-continued
Motion
Other
Item
112
Number of returns..............................................
Number of shareholders................................
Total receipts ²...................................................
Business receipts..........................................
Interest on Government obligations:
State and local ².........................................
Net gain, noncapital assets...........................
Other receipts................................................
Total deductions................................................
Cost of goods sold.........................................
Compensation of officers...............................
Salaries and wages.......................................
Repairs..........................................................
Bad debts......................................................
Rent paid on business property.....................
Taxes paid.....................................................
Interest paid...................................................
Amortization...................................................
Depreciation..................................................
Depletion.......................................................
Advertising.....................................................
Pension, profit-sharing, stock bonus,
and annuity plans......................................
Employee benefit programs...........................
Net loss, noncapital assets............................
Other deductions ..........................................
Total receipts less total deductions ².................
Net income (less deficit) from a trade or
business ²......................................................
Net income.....................................................
Deficit.............................................................
Portfolio income (less deficit) distributed to
shareholders..................................................
Dividend income............................................
Interest income..............................................
Royalty income..............................................
Net short-term capital gain (less loss)...........
Net long-term capital gain (less loss)............
Other portfolio income (net)...........................
Real estate rental net income (less deficit).......
Net income.....................................................
Deficit.............................................................
Net income (less deficit) from other rental
activity............................................................
Net income.....................................................
Deficit.............................................................
Total net income (less deficit)............................
Net income.....................................................
Deficit.............................................................
Footnotes at end of table.
112
Total
Publishing
picture
Broadcasting
Internet
industries
and sound
(except
publishing
Telecom-
Internet)
and
munications
transportation
Warehousing
and support
and
(except
recording
activities
storage
Internet)
industries
(57)
(58)
(59)
(60)
(61)
(62)
(63)
(64)
22,357
39,911
36,998,693
36,811,619
3,563
10,202
6,904,836
6,667,850
66,683
116,054
55,363,314
53,517,018
17,282
32,939
26,475,288
25,838,091
20,261
27,670
10,130,822
9,801,046
4,772
8,158
4,328,518
4,055,254
2,034
2,938
201,803
*203,884
9,397
20,749
10,160,035
9,635,819
945
64,685
121,443
36,099,246
25,081,599
633,672
2,397,534
192,018
51,911
939,813
2,508,111
157,640
25,439
569,245
2
62,961
4,042
9,025
223,919
6,767,666
3,361,136
124,390
1,001,797
107,631
7,389
610,558
187,214
107,112
6,034
313,477
-7,051
42,224
181,673
1,622,399
51,756,845
18,741,541
3,430,042
9,786,742
416,515
343,537
2,100,367
1,401,291
808,244
555,579
2,076,495
47
810,931
18,531
6,293
612,374
24,679,263
9,102,034
1,151,215
5,499,586
216,096
94,747
890,497
731,711
250,824
196,954
618,492
47
390,999
4,828
900
324,047
8,791,814
2,985,512
1,243,513
921,755
62,219
59,912
408,162
183,481
68,152
131,028
447,601
-77,044
17,129
97,004
159,131
4,173,458
586,453
200,281
1,171,527
48,889
35,281
85,314
171,417
334,867
190,107
283,768
-93,173
9
1
*-2,092
173,258
*36,790
*9,672
*25,608
*2,195
-*6,840
3,684
*5,187
*2,640
*1,798
-*2,239
1,199
75,616
447,401
10,051,913
4,669,794
540,537
1,413,628
70,116
152,417
563,397
176,615
107,898
25,993
582,189
-139,889
53,587
206,346
1,198
3,218,169
899,447
32,985
100,355
5
800,533
137,170
464,871
790,290
38,523
9,991,829
3,606,469
253,733
571,315
7,377
4,703,638
1,796,025
114,406
64,647
*15,083
2,009,299
1,339,008
17,693
49,973
13,402
891,314
155,060
91
*4,073
375
*72,067
28,545
63,252
54,211
257
1,491,720
108,122
898,502
1,149,978
251,477
133,128
352,560
219,431
3,564,245
6,036,137
2,471,892
1,777,494
2,415,357
637,863
1,334,180
1,676,112
341,932
137,930
606,521
468,590
28,536
*45,774
*17,237
106,923
753,580
646,658
46,811
3,001
17,268
-4,190
22,352
-16,928
18,561
*1,633
95,258
1,576
29,378
10
-2,861
67,171
-16
59,282
63,110
*3,828
1,444,786
636,580
279,424
13,314
189,806
316,718
8,944
70,309
71,758
1,449
837,119
508,089
136,067
3,078
2,245
187,550
91
27,992
28,895
903
56,650
3,337
23,883
3,678
16,854
8,905
-7
2,927
2,931
4
100,661
6,070
36,202
2,067
13,748
33,699
8,875
10,247
10,282
35
*5,608
111
*2,438
--1,062
4,120
-----
436,455
118,302
72,543
335
158,176
87,115
-15
1,498
1,827
330
3,439
5,107
1,668
965,680
1,201,693
236,014
*3,749
*3,749
-291,418
411,798
120,380
4,224
6,390
2,166
5,083,564
7,282,551
2,198,987
-159
1,833
1,992
2,642,446
3,197,455
555,008
*248
*269
21
1,394,005
1,733,527
339,521
3,005
3,150
145
251,844
697,902
446,058
---34,144
*46,761
*12,617
1,072
1,080
8
545,947
1,034,615
488,667
broadcasting
S Corporation Returns, 2003
Table 1.--S Corporations: Total Receipts and Deductions, Portfolio Income, Rental Income, and
Total Net Income, by Major Industrial Group--Continued
[All figures and estimates based on samples--money amounts are in thousands of dollars]
Information--continued
Item
Finance and insurance
Internet
Securities,
service
commodity
providers,
Other
web search
information
portals, and
services
Depository
Total
data processing
Number of returns..............................................
Number of shareholders................................
Total receipts ²...................................................
Business receipts..........................................
Interest on Government obligations:
State and local ².........................................
Net gain, noncapital assets...........................
Other receipts................................................
Total deductions................................................
Cost of goods sold.........................................
Compensation of officers...............................
Salaries and wages.......................................
Repairs..........................................................
Bad debts.......................................................
Rent paid on business property.....................
Taxes paid.....................................................
Interest paid...................................................
Amortization...................................................
Depreciation..................................................
Depletion.......................................................
Advertising.....................................................
Pension, profit-sharing, stock bonus,
and annuity plans......................................
Employee benefit programs...........................
Net loss, noncapital assets............................
Other deductions ..........................................
Total receipts less total deductions ².................
Net income (less deficit) from a trade or
business ²......................................................
Net income.....................................................
Deficit.............................................................
Portfolio income (less deficit) distributed to
shareholders..................................................
Dividend income............................................
Interest income..............................................
Royalty income..............................................
Net short-term capital gain (less loss)...........
Net long-term capital gain (less loss)............
Other portfolio income (net)...........................
Real estate rental net income (less deficit)........
Net income.....................................................
Deficit.............................................................
Net income (less deficit) from other rental
activity............................................................
Net income.....................................................
Deficit.............................................................
Total net income (less deficit)............................
Net income.....................................................
Deficit.............................................................
Other
Non-
contracts,
Insurance
financial
credit
depository
and other
carriers and
vehicles
inter-
credit inter-
financial
related
and
mediation
mediation
investments and
activities
investment
companies
(72)
services
(65)
(66)
(67)
(68)
(69)
related activities
(70)
(71)
7,395
15,907
2,184,655
2,115,646
5,543
7,693
1,882,193
1,867,278
135,308
222,606
99,720,676
89,248,546
1,326
10,862
4,805,929
1,751,905
32,944
56,313
32,758,717
28,049,935
29,560
47,872
24,516,344
22,584,698
63,809
93,622
36,852,795
36,341,661
7,671
13,936
786,891
520,346
284
519
68,206
2,098,568
731,325
168,743
390,797
9,426
839
81,388
69,719
19,473
6,948
62,535
-34,575
243
*1,339
13,332
1,788,572
629,634
116,081
363,841
7,574
343
64,769
64,663
21,843
1,910
80,112
-73,012
169,921
962,862
9,339,348
85,320,493
7,924,035
10,683,762
28,952,382
542,786
1,146,704
3,930,954
2,722,478
3,284,222
389,055
1,480,608
70
1,433,618
75,340
212,699
2,765,984
3,490,328
-279,325
712,515
48,146
130,386
52,252
105,273
1,169,098
37,153
119,485
35
45,013
18,064
706,155
3,984,563
27,667,841
1,717,411
1,631,450
10,204,268
192,857
913,727
1,318,567
971,107
1,321,357
61,660
445,836
-765,330
56,119
30,527
1,845,000
22,236,056
1,215,821
3,928,137
7,490,743
82,174
24,760
1,156,428
659,314
496,125
58,366
396,368
35
225,455
3,852
13,120
494,162
31,207,537
4,972,457
4,624,551
10,461,456
218,108
58,630
1,385,000
959,605
273,911
229,976
500,340
-396,236
16,546
361
249,638
718,731
18,346
220,299
83,399
1,502
19,202
18,707
27,178
23,732
1,899
18,579
-1,584
6,129
15,994
*1,915
498,762
86,087
9,569
30,077
113
325,030
93,621
1,029,066
1,344,074
152,505
20,304,172
14,400,184
34,749
98,992
2,535
655,371
1,315,601
133,249
340,776
135,304
7,514,942
5,090,876
317,653
352,673
9,824
5,822,178
2,280,289
514,622
541,531
3,969
6,067,146
5,645,258
28,794
10,102
873
244,535
68,160
85,803
237,428
151,625
93,378
301,365
207,987
14,230,262
17,431,601
3,201,339
1,240,261
1,270,962
30,701
5,072,811
5,648,910
576,099
2,224,170
4,174,248
1,950,078
5,641,406
6,032,977
391,571
51,614
304,504
252,890
-341
104
3,423
--279
-3,590
-27,460
27,608
148
8,633
567
4,868
4,156
124
-1,081
-185
216
30
4,429,157
467,419
943,109
7,362
625,532
2,231,629
154,105
29,752
64,526
34,774
30,252
5,687
15,427
179
-125
9,066
18
4,632
5,202
570
321,111
6,049
201,964
15
38,314
74,428
*340
-5,741
6,158
11,899
3,020,351
323,869
440,700
6,913
558,181
1,537,157
153,531
35,223
48,871
13,647
400,265
29,508
160,090
26
3,112
207,529
--3,632
2,132
5,764
657,178
102,306
124,927
*230
26,051
403,450
215
-730
2,164
2,894
---112,922
263,319
150,398
58
58
-102,255
308,973
206,718
19,307
37,271
17,964
18,708,478
21,094,867
2,386,389
1,134
1,138
3
1,276,279
1,304,025
27,747
2,984
3,373
389
5,391,165
5,918,060
526,895
14,222
31,150
16,928
5,293,967
6,637,035
1,343,069
932
1,439
508
6,038,971
6,351,758
312,787
35
*170
135
708,097
883,989
175,892
Footnotes at end of table.
113
S Corporation Returns, 2003
Table 1.--S Corporations: Total Receipts and Deductions, Portfolio Income, Rental Income, and
Total Net Income, by Major Industrial Group--Continued
[All figures and estimates based on samples--money amounts are in thousands of dollars]
Real estate and rental and leasing
Item
114
Number of returns..........................................................
Number of shareholders............................................
Total receipts ²...............................................................
Business receipts.......................................................
Interest on Government obligations:
State and local ².....................................................
Net gain, noncapital assets........................................
Other receipts............................................................
Total deductions............................................................
Cost of goods sold.....................................................
Compensation of officers...........................................
Salaries and wages...................................................
Repairs......................................................................
Bad debts...................................................................
Rent paid on business property.................................
Taxes paid.................................................................
Interest paid...............................................................
Amortization...............................................................
Depreciation...............................................................
Depletion....................................................................
Advertising.................................................................
Pension, profit-sharing, stock bonus,
and annuity plans...................................................
Employee benefit programs.......................................
Net loss, noncapital assets........................................
Other deductions ......................................................
Total receipts less total deductions ².............................
Net income (less deficit) from a trade or
business ²..................................................................
Net income.................................................................
Deficit.........................................................................
Portfolio income (less deficit) distributed to
shareholders..............................................................
Dividend income........................................................
Interest income..........................................................
Royalty income..........................................................
Net short-term capital gain (less loss).......................
Net long-term capital gain (less loss)........................
Other portfolio income (net).......................................
Real estate rental net income (less deficit)....................
Net income.................................................................
Deficit.........................................................................
Net income (less deficit) from other rental
activity........................................................................
Net income.................................................................
Deficit.........................................................................
Total net income (less deficit)........................................
Net income.................................................................
Deficit.........................................................................
Footnotes at end of table.
114
Total
Real estate
Lessors of
Professional,
Rental
nonfinancial
scientific,
Management
of
and
intangible
and
companies
leasing
assets
technical
(holding
services
(except copy-
services
companies)
righted works)
(76)
(73)
(74)
(75)
(77)
(78)
372,205
773,803
88,399,807
84,276,834
339,648
717,435
69,885,998
66,726,285
31,786
55,134
18,352,112
17,482,173
771
1,234
161,696
*68,376
512,862
754,832
283,874,647
279,293,759
22,430
98,462
16,419,782
6,237,598
66,102
880,581
3,176,288
82,499,752
19,175,181
6,466,557
20,720,352
1,197,295
218,085
5,842,594
2,319,732
1,921,131
146,025
5,152,714
*1,340
1,776,800
56,688
362,944
2,740,081
63,674,918
13,970,892
5,799,674
18,078,100
726,504
131,941
3,987,559
1,735,891
1,313,053
99,122
1,421,397
*1,340
1,498,683
9,018
517,637
343,285
18,746,671
5,197,804
661,760
2,633,331
469,971
85,179
1,854,265
581,197
604,101
29,186
3,727,903
-276,869
397
-92,923
78,163
*6,485
5,123
8,921
819
965
*771
2,644
3,977
17,716
3,415
-1,248
17,230
165,805
4,397,852
260,261,031
78,077,458
30,599,723
57,554,278
1,367,852
686,430
9,553,338
8,235,527
1,315,751
372,620
3,640,114
36
2,626,298
542,739
243,681
9,395,765
11,689,546
*19,177
1,076,447
2,065,371
194,014
662,683
172,479
464,118
3,414,137
131,504
500,079
*546
159,937
930,214
906,561
42,135
15,683,034
5,900,054
879,683
713,545
14,725
13,302,810
6,211,080
50,171
192,586
27,409
2,354,939
394,559
360
431
1
25,286
83,533
3,333,536
3,749,762
24,143
59,124,166
23,613,615
139,306
313,069
15,329
2,361,352
4,730,236
5,833,952
10,671,762
4,837,811
6,154,392
9,561,415
3,407,023
-403,576
1,026,606
1,430,183
83,136
83,741
*605
23,596,385
29,398,297
5,801,912
4,187,497
5,575,381
1,387,883
4,494,563
189,680
1,433,633
61,333
175,778
2,625,801
8,337
5,095,567
7,268,377
2,172,810
3,929,108
181,741
1,255,921
47,159
172,716
2,263,281
8,290
5,151,460
7,223,009
2,071,549
533,533
7,909
172,903
*1,900
2,984
347,790
*47
-55,913
45,348
101,261
31,922
30
4,809
12,275
78
14,731
-20
20
--
2,952,148
65,063
584,851
16,896
79,455
2,194,787
11,097
135,694
168,978
33,284
1,864,592
361,626
608,519
50,664
247,156
433,546
163,080
17,585
66,075
48,490
195,073
543,426
348,353
15,619,156
21,531,571
5,912,415
42,678
94,831
52,153
15,277,639
19,556,112
4,278,473
151,251
447,451
296,200
225,295
1,858,707
1,633,412
1,144
1,144
-116,222
116,752
*529
-37,352
53,554
90,906
26,646,874
32,224,685
5,577,811
-4,454
19,975
24,430
6,065,220
8,314,290
2,249,070
S Corporation Returns, 2003
Table 1.--S Corporations: Total Receipts and Deductions, Portfolio Income, Rental Income, and
Total Net Income, by Major Industrial Group--Continued
[All figures and estimates based on samples--money amounts are in thousands of dollars]
Health care and social assistance
Administrative and support and waste
management and remediation services
Item
Total
(79)
Number of returns..............................................
167,901
Number of shareholders................................
255,407
Total receipts ²................................................... 146,046,787
Business receipts.......................................... 144,290,643
Interest on Government obligations:
25,336
State and local ².........................................
216,078
Net gain, noncapital assets...........................
Other receipts................................................
1,514,730
Total deductions................................................ 139,217,043
71,379,731
Cost of goods sold.........................................
Compensation of officers...............................
6,132,155
24,984,763
Salaries and wages.......................................
Repairs..........................................................
1,103,417
Bad debts......................................................
248,277
3,269,796
Rent paid on business property.....................
Taxes paid.....................................................
5,110,523
938,264
Interest paid...................................................
177,448
Amortization...................................................
Depreciation..................................................
2,947,829
Depletion.......................................................
288
1,210,088
Advertising.....................................................
Pension, profit-sharing, stock bonus,
407,938
and annuity plans......................................
2,463,788
Employee benefit programs...........................
12,207
Net loss, noncapital assets............................
Other deductions ..........................................
18,830,532
Total receipts less total deductions ².................
6,829,744
Net income (less deficit) from a trade or
business ²......................................................
6,804,408
8,647,581
Net income.....................................................
1,843,173
Deficit.............................................................
Portfolio income (less deficit) distributed to
1,076,175
shareholders..................................................
Dividend income............................................
14,636
Interest income..............................................
238,516
5,753
Royalty income..............................................
1,455
Net short-term capital gain (less loss)...........
815,812
Net long-term capital gain (less loss)............
3
Other portfolio income (net)...........................
40,175
Real estate rental net income (less deficit).......
48,282
Net income.....................................................
8,107
Deficit.............................................................
Net income (less deficit) from other rental
5,002
activity............................................................
10,389
Net income.....................................................
*5,387
Deficit.............................................................
7,925,759
Total net income (less deficit)............................
9,621,406
Net income.....................................................
1,695,647
Deficit.............................................................
Offices of
Administrative
Waste
Educational
and support
management
services
services
and
remediation
Total
health
Miscellaneous
Hospitals,
practitioners
health
nursing, and
and outpatient
care and
residential
care
social
care
centers
assistance
facilities
(80)
services
(81)
(82)
(83)
(84)
(85)
(86)
159,938
240,167
133,840,349
132,278,416
7,963
15,240
12,206,438
12,012,226
27,480
38,686
12,226,122
12,147,374
207,560
298,005
151,736,550
149,481,463
161,945
214,632
108,470,344
106,873,119
32,803
55,452
22,016,464
21,612,511
12,813
27,921
21,249,741
20,995,833
22,786
123,829
1,415,318
127,941,562
66,806,514
5,687,665
23,341,126
803,775
224,682
2,820,759
4,686,254
745,281
131,803
2,233,677
-1,125,363
2,551
92,249
99,412
11,275,481
4,573,217
444,489
1,643,637
299,642
23,596
449,036
424,268
192,984
45,645
714,151
288
84,725
844
10,679
67,226
11,465,590
2,263,704
851,254
3,608,460
142,063
28,685
721,195
464,232
69,391
27,751
253,877
-301,328
4,607
118,999
2,131,480
136,877,175
13,738,870
19,937,781
37,810,089
1,307,001
281,038
8,477,012
5,505,213
1,257,424
255,113
2,524,654
-1,337,730
3,192
83,882
1,510,152
95,381,235
9,274,439
18,164,337
22,863,395
778,406
84,279
5,227,916
3,360,475
575,300
160,038
1,574,437
-1,093,647
446
28,353
375,153
20,607,117
3,169,989
1,366,354
6,401,405
301,324
91,058
1,549,799
846,641
228,969
54,689
502,350
-156,811
969
6,764
246,175
20,888,822
1,294,441
407,091
8,545,289
227,272
105,701
1,699,297
1,298,097
453,154
40,386
447,867
-87,272
356,522
2,194,331
11,575
16,772,235
5,898,788
51,416
269,457
632
2,058,297
930,956
75,303
273,138
10,413
2,374,796
760,533
2,613,633
2,065,362
17,016
39,749,238
14,859,375
2,418,072
1,194,587
14,187
28,597,720
13,089,109
124,589
216,610
561
5,595,969
1,409,346
70,972
654,165
2,269
5,555,549
360,919
5,876,002
7,548,452
1,672,450
928,406
1,099,129
170,723
759,689
1,143,111
383,422
14,854,768
17,122,280
2,267,512
13,085,918
14,377,203
1,291,285
1,408,900
1,907,746
498,846
359,950
837,331
477,381
999,017
13,548
219,926
5,753
1,319
758,467
4
35,281
43,266
7,986
77,158
1,088
18,590
-136
57,345
-1
4,894
5,016
122
148,810
3,088
17,636
3,249
714
124,123
-4,669
*4,770
101
282,919
11,529
119,412
4
9,269
142,706
-1
51,891
68,388
16,496
143,048
7,018
46,859
-7,897
81,270
4
10,601
11,041
*440
57,801
303
43,395
--854
14,957
--7,576
3,254
*10,830
82,069
4,208
29,158
4
2,226
46,479
-5
48,866
54,093
5,226
-837
4,550
*5,387
6,909,462
8,448,017
1,538,555
*5,839
*5,839
-1,016,297
1,173,389
157,092
28
28
-913,197
1,283,279
370,082
53,413
53,528
115
15,242,990
17,447,992
2,205,002
*20,397
*20,508
111
13,259,964
14,543,128
1,283,164
*27,781
*27,781
-1,486,906
1,956,370
469,465
5,234
5,239
4
496,120
948,493
452,373
Footnotes at end of table.
115
S Corporation Returns, 2003
Table 1.--S Corporations: Total Receipts and Deductions, Portfolio Income, Rental Income, and
Total Net Income, by Major Industrial Group--Continued
[All figures and estimates based on samples--money amounts are in thousands of dollars]
Arts, entertainment, and recreation
Other arts,
Item
116
Number of returns..............................................................
Number of shareholders................................................
Total receipts ²...................................................................
Business receipts..........................................................
Interest on Government obligations:
State and local ²........................................................
Net gain, noncapital assets...........................................
Other receipts................................................................
Total deductions................................................................
Cost of goods sold.........................................................
Compensation of officers...............................................
Salaries and wages.......................................................
Repairs..........................................................................
Bad debts......................................................................
Rent paid on business property.....................................
Taxes paid.....................................................................
Interest paid...................................................................
Amortization...................................................................
Depreciation..................................................................
Depletion.......................................................................
Advertising.....................................................................
Pension, profit-sharing, stock bonus,
and annuity plans......................................................
Employee benefit programs...........................................
Net loss, noncapital assets............................................
Other deductions ..........................................................
Total receipts less total deductions ².................................
Net income (less deficit) from a trade or
business ²......................................................................
Net income....................................................................
Deficit............................................................................
Portfolio income (less deficit) distributed to
shareholders..................................................................
Dividend income............................................................
Interest income..............................................................
Royalty income..............................................................
Net short-term capital gain (less loss)...........................
Net long-term capital gain (less loss)............................
Other portfolio income (net)...........................................
Real estate rental net income (less deficit).......................
Net income....................................................................
Deficit............................................................................
Net income (less deficit) from other rental
activity...........................................................................
Net income....................................................................
Deficit............................................................................
Total net income (less deficit)............................................
Net income....................................................................
Deficit............................................................................
Footnotes at end of table.
116
Total
Accommodation and food services
Amusement,
Food
gambling,
services
entertainment,
and
and
recreation
Total
Accommodation
drinking
and
recreation
industries
places
(87)
(88)
(89)
(90)
(91)
(92)
73,598
125,733
35,010,501
33,287,246
39,330
59,208
16,435,720
15,646,595
34,268
66,524
18,574,782
17,640,651
187,737
384,059
148,518,935
146,280,899
26,035
83,701
17,176,429
16,689,190
161,702
300,358
131,342,506
129,591,708
5,028
152,902
1,565,325
33,037,980
6,243,719
4,496,079
6,292,120
604,831
38,606
1,795,510
1,445,675
675,513
298,037
1,895,654
-657,670
2,205
31,333
755,587
15,302,179
1,845,615
3,727,638
2,984,921
101,143
19,574
397,565
377,455
156,712
219,774
567,725
-185,399
2,823
121,569
809,739
17,735,801
4,398,104
768,441
3,307,199
503,688
19,032
1,397,945
1,068,219
518,801
78,263
1,327,929
-472,271
12,358
175,750
2,049,928
145,417,127
56,404,448
4,426,346
26,989,241
2,749,792
190,889
10,320,133
6,685,641
2,626,691
611,967
4,822,896
*2,698
4,025,315
1,563
28,168
457,508
17,486,814
3,062,890
436,360
3,085,456
604,036
53,500
926,187
1,347,575
1,295,456
135,358
1,461,861
-414,023
10,796
147,583
1,592,420
127,930,312
53,341,558
3,989,986
23,903,785
2,145,756
137,389
9,393,946
5,338,066
1,331,235
476,608
3,361,035
*2,698
3,611,292
364,600
295,762
3,067
7,931,138
1,972,521
302,814
85,484
2,665
4,327,695
1,133,541
61,786
210,279
402
3,603,442
838,980
132,856
1,255,237
83,786
24,089,193
3,101,808
36,420
258,050
10,869
4,358,772
310,386
96,436
997,186
72,917
19,730,420
3,412,194
1,967,493
4,000,385
2,032,892
1,131,335
2,214,600
1,083,265
836,158
1,785,784
949,627
3,089,450
7,118,737
4,029,287
-311,948
976,344
1,288,292
3,401,398
6,142,394
2,740,995
556,705
11,188
122,551
133,329
12,232
256,371
21,034
70,239
78,658
8,419
380,717
5,371
70,980
131,724
391
151,484
20,767
31,774
33,974
2,200
175,988
5,817
51,571
1,605
11,841
104,887
*266
38,465
44,684
6,219
786,432
10,699
317,771
12,462
-5,328
450,769
58
58,838
110,047
51,209
268,025
4,482
144,046
-2,431
116,985
81
17,764
59,946
42,182
518,406
6,217
173,725
12,462
-7,759
333,783
-23
41,074
50,101
9,027
113,969
115,092
*1,123
2,708,406
4,482,043
1,773,637
3,274
*3,773
*499
1,547,101
2,527,158
980,058
110,695
111,319
624
1,161,305
1,954,885
793,579
50,900
51,034
*135
3,985,619
7,789,487
3,803,868
597
619
*22
25,562
1,166,032
1,191,594
50,303
50,416
113
4,011,181
6,623,455
2,612,274
S Corporation Returns, 2003
Table 1.--S Corporations: Total Receipts and Deductions, Portfolio Income, Rental Income, and
Total Net Income, by Major Industrial Group--Continued
[All figures and estimates based on samples--money amounts are in thousands of dollars]
Other services
Religious,
Item
Total
Repair and
Personal
grantmaking,
maintenance
and laundry
civic,
services
professional,
organizations
(96)
and similar
Number of returns...........................................................................
Number of shareholders..............................................................
Total receipts ²................................................................................
Business receipts........................................................................
Interest on Government obligations:
State and local ²......................................................................
Net gain, noncapital assets.........................................................
Other receipts..............................................................................
Total deductions..............................................................................
Cost of goods sold......................................................................
Compensation of officers............................................................
Salaries and wages.....................................................................
Repairs........................................................................................
Bad debts....................................................................................
Rent paid on business property..................................................
Taxes paid...................................................................................
Interest paid................................................................................
Amortization................................................................................
Depreciation................................................................................
Depletion.....................................................................................
Advertising..................................................................................
Pension, profit-sharing, stock bonus,
and annuity plans....................................................................
Employee benefit programs........................................................
Net loss, noncapital assets.........................................................
Other deductions ........................................................................
Total receipts less total deductions ²...............................................
Net income (less deficit) from a trade or
business ²....................................................................................
Net income..................................................................................
Deficit..........................................................................................
Portfolio income (less deficit) distributed to
shareholders...............................................................................
Dividend income..........................................................................
Interest income............................................................................
Royalty income............................................................................
Net short-term capital gain (less loss).........................................
Net long-term capital gain (less loss)..........................................
Other portfolio income (net)........................................................
Real estate rental net income (less deficit).....................................
Net income..................................................................................
Deficit..........................................................................................
Net income (less deficit) from other rental
activity.........................................................................................
Net income..................................................................................
Deficit..........................................................................................
Total net income (less deficit).........................................................
Net income..................................................................................
Deficit..........................................................................................
(93)
(94)
(95)
195,716
313,863
85,687,755
84,814,947
102,338
152,303
51,089,156
50,836,744
92,556
160,713
34,588,709
33,968,934
*821
*847
*9,890
9,269
12,154
218,496
642,158
82,905,726
33,204,511
5,218,252
14,291,091
953,288
219,550
5,787,184
3,011,727
967,391
274,026
2,538,951
-1,612,669
163
88,505
163,744
49,305,084
24,539,430
3,175,305
6,588,377
450,251
68,026
2,530,887
1,701,518
503,686
109,232
1,113,441
-789,309
11,964
129,991
477,820
33,594,513
8,663,328
2,042,528
7,701,596
503,022
151,513
3,256,057
1,310,009
463,704
164,750
1,425,476
-823,221
27
-*595
*6,129
1,753
420
1,117
15
11
240
*199
-*44
34
-139
152,171
1,120,247
14,835
13,539,833
2,782,029
62,521
718,272
7,179
6,947,650
1,784,072
89,634
401,840
7,656
6,590,178
994,196
16
136
-*2,005
*3,761
2,769,875
5,009,695
2,239,820
1,783,909
2,745,620
961,711
982,232
2,260,311
1,278,078
*3,734
*3,764
*30
152,667
14,297
94,631
-6,508
37,236
-6
32,949
40,564
*7,615
66,674
2,412
39,600
-*6,345
18,317
-8,987
8,988
1
85,972
11,884
55,011
-164
18,919
-6
23,962
31,576
*7,614
21
-21
--------
*7,578
*7,592
*14
2,963,070
5,154,342
2,191,271
*7,392
*7,406
*14
1,866,963
2,802,479
935,517
186
186
-1,092,353
2,348,077
1,255,725
---*3,755
*3,785
*30
* Estimate should be used with caution because of the small number of sample returns on which it is based.
¹ Includes returns not allocable by industrial group, which are not shown separately.
² Includes interest on Government obligations: State and local, which is not reflected in net income (less deficit) from a trade or business.
NOTE: Detail may not add to totals because of rounding.
117
S Corporation Returns, 2003
Table 2.--S Corporations With Net Income: Total Receipts and Deductions, Portfolio Income,
Rental Income, and Total Net Income, by Major Industrial Group
[All figures are estimates based on samples--money amounts are in thousands of dollars]
Agriculture, forestry, fishing, and hunting
Construction
Support
All
Item
industries ¹
Agriculture
Total
production
Forestry
activities
and
and fishing,
logging
hunting and
Mining
Utilities
Total
trapping
(1)
Number of returns...............................................
2,096,270
Number of shareholders.................................
(2)
(3)
(4)
(5)
(6)
(7)
(8)
44,203
27,033
4,560
12,610
10,291
1,925
295,871
3,655,463
100,786
63,915
6,500
30,371
21,031
3,531
475,717
Total receipts ².................................................... 3,382,113,234
40,822,874
25,604,879
4,335,861
10,882,134
18,753,363
4,655,874
496,417,936
Business receipts........................................... 3,311,278,014
37,711,751
23,134,037
4,213,951
10,363,763
17,221,840
4,571,056
491,250,624
Interest on Government obligations:
118
State and local ².........................................
1,091,478
14,167
10,823
192
*3,152
16,116
182
53,322
Net gain, noncapital assets............................
5,574,210
185,102
110,890
32,221
41,991
178,412
13,788
378,438
Other receipts.................................................
64,169,532
2,911,854
2,349,129
89,497
473,228
1,336,995
70,848
4,735,552
Total deductions................................................. 3,148,314,847
37,673,071
23,660,983
4,083,960
9,928,128
14,066,449
4,321,388
465,118,556
Cost of goods sold.......................................... 2,061,700,904
19,697,941
11,103,604
2,641,664
5,952,674
6,812,159
3,697,342
359,569,193
Compensation of officers................................
129,215,702
1,138,282
543,437
158,663
436,183
362,104
17,251
15,444,705
Salaries and wages........................................
337,306,806
2,956,521
1,957,542
278,571
720,408
1,006,416
119,056
25,968,585
Repairs...........................................................
18,922,213
846,036
558,723
99,442
187,871
249,398
9,865
1,966,828
Bad debts.......................................................
5,434,397
24,376
15,755
4,112
4,509
15,923
7,288
447,101
Rent paid on business property......................
80,455,029
1,534,855
1,291,046
47,353
196,457
364,121
55,132
7,248,834
Taxes paid......................................................
67,538,850
737,450
481,966
69,279
186,205
573,961
40,931
7,861,642
Interest paid....................................................
24,730,876
501,876
369,839
62,001
70,036
290,512
28,243
2,448,917
Amortization....................................................
3,850,718
27,733
11,726
665
15,342
17,597
8,528
139,675
Depreciation...................................................
51,749,712
1,711,033
1,054,211
348,241
308,581
988,175
52,601
6,871,628
Depletion........................................................
300,341
*3,948
*3,939
6
3
182,333
--
21,795
Advertising......................................................
31,365,880
134,653
81,384
3,753
49,516
15,069
2,614
1,527,204
Pension, profit-sharing, stock bonus, and
annuity plans..............................................
14,488,179
123,875
70,517
20,104
33,253
84,530
3,884
1,816,356
Employee benefit programs............................
29,204,092
342,342
252,454
30,853
59,035
219,749
7,667
4,335,045
Net loss, noncapital assets.............................
394,720
2,568
*872
1
*1,695
1,688
--
23,447
Other deductions ...........................................
291,656,430
7,889,581
5,863,970
319,252
1,706,359
2,882,714
270,986
29,427,601
Total receipts less total deductions ²..................
233,798,387
3,149,803
1,943,896
251,901
954,006
4,686,914
334,486
31,299,380
business ².......................................................
232,706,909
3,135,636
1,933,072
251,709
950,854
4,670,798
334,304
31,246,058
Net income.....................................................
236,437,383
3,219,734
2,005,709
259,848
954,177
4,705,363
334,661
31,520,822
Deficit.............................................................
3,730,474
84,099
72,637
8,139
*3,322
34,565
357
274,764
2,282,839
Net income (less deficit) from a trade or
Portfolio income (less deficit) distributed to
shareholders...................................................
34,228,579
457,434
417,165
5,694
34,575
808,743
22,292
Dividend income.............................................
2,159,855
18,812
9,359
6,811
2,643
73,804
581
61,487
Interest income...............................................
6,945,183
108,547
74,949
7,923
25,676
138,166
7,499
663,704
Royalty income...............................................
699,670
71,347
67,647
1,066
*2,634
105,270
12
4,106
Net short-term capital gain (less loss)............
1,673,245
8,053
5,286
439
*2,328
33,222
1,144
76,945
Net long-term capital gain (less loss).............
22,362,042
250,038
259,294
-10,545
1,290
457,363
13,057
1,465,263
Other portfolio income (net)............................
388,584
636
631
--
5
918
--
11,334
Real estate rental net income (less deficit)........
8,687,573
148,594
140,299
-1,608
9,903
9,153
-45
292,141
Net income.....................................................
9,100,029
152,826
142,358
412
10,057
13,843
10
350,088
Deficit.............................................................
412,456
4,232
2,059
2,019
154
4,690
55
57,947
Net income (less deficit) from other rental
activity............................................................
908,477
31,794
31,257
111
426
13,154
688
72,454
Net income.....................................................
1,021,155
31,908
31,371
111
426
19,447
688
81,090
Deficit.............................................................
112,678
114
114
--
--
6,293
--
8,637
Total net income.................................................
276,531,538
3,773,457
2,521,792
255,906
995,759
5,501,848
357,240
33,893,492
Footnotes at end of table.
118
S Corporation Returns, 2003
Table 2.--S Corporations With Net Income: Total Receipts and Deductions, Portfolio Income,
Rental Income, and Total Net Income, by Major Industrial Group--Continued
[All figures are estimates based on samples--money amounts are in thousands of dollars]
Construction--continued
Manufacturing
Heavy
Item
Construction
and
Specialty
of
civil
trade
engineering
contractors
buildings
Total
Beverage
Textile
Food
and
mills and
Apparel
manufacturing
tobacco
textile
manufacturing
construction
product
mills
(14)
(15)
(9)
(10)
(11)
(12)
Number of returns...............................................
85,170
26,177
184,524
86,715
3,567
468
1,207
Number of shareholders.................................
128,081
63,406
284,231
209,663
21,480
1,932
2,874
9,824
Total receipts ².................................................... 209,896,472
78,398,553
208,122,912
396,044,437
46,866,368
6,236,060
7,318,679
20,239,791
76,545,132
207,153,407
392,287,385
46,414,355
6,137,698
7,244,170
20,047,807
Business receipts...........................................
207,552,085
(13)
product
manufacturing
(16)
3,730
Interest on Government obligations:
State and local ².........................................
25,481
21,983
5,858
101,371
8,539
6,181
2,655
3,623
Net gain, noncapital assets............................
115,555
102,904
159,979
562,509
100,459
2,073
2,586
5,538
Other receipts.................................................
2,203,350
1,728,534
803,667
3,093,172
343,016
90,108
69,268
182,823
Total deductions.................................................
197,633,565
72,840,721
194,644,270
367,333,245
44,301,083
5,594,399
6,798,701
19,102,266
Cost of goods sold.......................................... 171,591,843
53,714,418
134,262,931
258,197,431
34,074,377
3,432,471
5,093,442
13,314,858
Compensation of officers................................
4,096,143
2,211,708
9,136,855
10,797,326
608,004
132,840
207,748
577,223
Salaries and wages........................................
6,500,299
3,353,981
16,114,305
30,007,235
2,471,425
567,966
444,405
1,988,373
39,945
Repairs...........................................................
370,636
553,135
1,043,057
1,980,985
320,133
46,494
19,291
Bad debts.......................................................
60,964
74,132
312,004
678,220
42,980
6,814
24,428
34,121
Rent paid on business property......................
1,284,282
1,783,060
4,181,491
6,977,738
537,198
58,188
97,429
455,170
Taxes paid......................................................
1,799,631
1,251,032
4,810,979
8,149,285
576,712
384,429
142,914
413,431
Interest paid....................................................
911,061
708,587
829,269
2,769,404
295,937
52,074
39,474
118,695
Amortization....................................................
59,761
27,837
52,078
457,110
66,681
18,374
6,034
11,574
Depreciation...................................................
1,179,511
2,109,402
3,582,715
11,079,892
1,332,886
262,125
166,028
181,653
Depletion........................................................
1,001
19,843
951
82,344
--
5,036
--
--
Advertising......................................................
536,509
146,589
844,106
4,076,504
685,256
144,555
55,555
259,379
Pension, profit-sharing, stock bonus, and
annuity plans..............................................
496,057
471,906
848,393
1,957,651
151,065
39,687
23,763
56,226
Employee benefit programs............................
828,620
654,766
2,851,659
5,378,933
492,851
108,370
83,381
147,880
Net loss, noncapital assets.............................
6,765
1,113
15,569
120,860
3,551
375
543
2,276
Other deductions ...........................................
7,910,481
5,759,211
15,757,909
24,622,328
2,642,027
334,600
394,266
1,501,460
Total receipts less total deductions ²..................
12,262,906
5,557,832
13,478,642
28,711,192
2,565,285
641,660
519,978
1,137,525
Net income (less deficit) from a trade or
business ².......................................................
12,237,425
5,535,849
13,472,784
28,609,822
2,556,746
635,480
517,323
1,133,901
Net income.....................................................
12,274,919
5,739,431
13,506,472
28,901,176
2,561,255
638,172
522,359
1,152,225
Deficit.............................................................
37,494
203,582
33,689
291,354
4,509
2,692
5,036
18,323
163,110
Portfolio income (less deficit) distributed to
shareholders...................................................
903,083
1,088,265
291,492
3,203,722
215,854
23,257
26,874
Dividend income.............................................
25,057
18,227
18,203
303,216
18,264
6,456
1,787
9,371
Interest income...............................................
317,356
202,168
144,180
594,921
56,050
12,830
8,845
11,548
16,146
Royalty income...............................................
523
1,754
*1,830
77,958
1,418
--
1,592
Net short-term capital gain (less loss)............
28,336
33,400
15,209
77,270
1,467
2,270
-49
1,986
Net long-term capital gain (less loss).............
530,142
823,394
111,727
2,146,691
138,489
1,575
14,533
123,972
Other portfolio income (net)............................
1,669
9,322
*343
3,666
166
126
165
87
Real estate rental net income (less deficit)........
82,373
196,107
13,661
137,058
7,247
7,333
1,565
7,578
Net income.....................................................
111,377
221,886
16,825
147,732
9,696
7,427
1,663
7,684
Deficit.............................................................
29,004
25,779
3,164
10,674
2,449
94
99
106
activity............................................................
27,602
-1,263
46,114
20,016
-1,280
1,962
253
257
Net income.....................................................
29,957
4,926
46,207
40,319
1,285
1,962
273
257
Net income (less deficit) from other rental
Deficit.............................................................
2,355
6,188
94
20,303
2,565
--
20
--
Total net income.................................................
13,250,484
6,818,959
13,824,049
31,970,618
2,778,567
668,031
546,014
1,304,847
Footnotes at end of table.
119
S Corporation Returns, 2003
Table 2.--S Corporations With Net Income: Total Receipts and Deductions, Portfolio Income,
Rental Income, and Total Net Income, by Major Industrial Group--Continued
[All figures are estimates based on samples--money amounts are in thousands of dollars]
Manufacturing--continued
Leather
Plastics
and
Item
Printing
Petroleum
and
Nonmetallic
allied
Wood
Paper
and related
and coal
Chemical
rubber
mineral
product
product
manufacturing
support
products
manufacturing
products
product
manufacturing
manufacturing
activities
manufacturing
manufacturing
manufacturing
(17)
(18)
(20)
(21)
(23)
(24)
(19)
(22)
Number of returns...............................................
668
5,662
1,485
10,525
484
3,012
2,577
3,656
Number of shareholders.................................
1,330
10,961
2,598
18,899
690
10,584
8,483
8,005
Total receipts ²....................................................
3,028,060
24,198,152
14,250,485
21,454,523
5,569,763
17,546,979
25,838,090
13,805,912
Business receipts...........................................
3,000,231
23,971,480
14,133,090
21,188,907
5,523,806
17,393,212
25,630,233
13,646,081
Interest on Government obligations:
120
State and local ².........................................
*1,071
2,291
9,429
1,877
1,148
7,106
6,433
2,340
Net gain, noncapital assets............................
58
17,770
6,290
4,626
3,907
5,088
56,732
26,945
Other receipts.................................................
26,700
206,611
101,676
259,113
40,902
141,572
144,692
130,546
Total deductions.................................................
2,687,005
22,604,680
13,488,415
19,853,922
5,330,314
15,705,840
24,009,948
12,690,108
7,978,046
Cost of goods sold..........................................
1,704,194
17,185,725
9,687,983
11,922,985
4,266,955
9,927,688
17,355,722
Compensation of officers................................
87,509
533,236
401,329
817,871
74,770
554,023
638,178
417,941
Salaries and wages........................................
290,563
1,541,422
986,365
2,255,801
270,619
1,613,169
1,780,099
1,157,121
Repairs...........................................................
12,302
140,254
44,829
189,189
30,247
82,501
113,158
149,270
Bad debts.......................................................
6,052
41,460
20,474
49,113
3,541
38,136
38,674
36,802
Rent paid on business property......................
46,379
278,636
365,487
715,459
46,178
256,947
384,706
353,628
Taxes paid......................................................
52,704
425,382
263,522
510,022
74,808
314,832
526,493
333,959
Interest paid....................................................
35,045
174,428
179,636
186,873
23,013
101,872
175,320
124,256
Amortization....................................................
683
21,016
8,941
45,325
1,816
23,409
26,630
10,803
Depreciation...................................................
40,414
604,838
434,694
929,880
145,411
402,444
919,443
666,990
Depletion........................................................
--
59,006
*3,088
--
4,398
--
--
10,272
Advertising......................................................
88,068
156,675
43,451
253,651
12,898
553,420
173,265
67,587
Pension, profit-sharing, stock bonus, and
annuity plans..............................................
5,122
112,264
83,003
105,463
11,980
103,633
139,689
47,195
Employee benefit programs............................
29,285
259,814
258,751
233,510
25,464
205,855
410,527
196,100
Net loss, noncapital assets.............................
781
829
95
447
134
7,158
1,267
107
Other deductions ...........................................
287,902
1,069,694
706,767
1,638,333
338,081
1,520,752
1,326,778
1,140,032
Total receipts less total deductions ²..................
341,055
1,593,472
762,070
1,600,601
239,449
1,841,139
1,828,142
1,115,804
Net income (less deficit) from a trade or
business ².......................................................
339,984
1,591,181
752,641
1,598,724
238,301
1,834,032
1,821,710
1,113,464
Net income.....................................................
341,105
1,595,613
766,466
1,619,673
238,406
1,843,672
1,827,489
1,118,017
Deficit.............................................................
1,120
4,432
*13,825
*20,949
105
9,640
5,779
4,552
43,003
Portfolio income (less deficit) distributed to
shareholders...................................................
12,692
110,380
101,918
83,166
7,472
207,374
171,330
Dividend income.............................................
2,429
3,275
3,206
1,463
2,153
18,063
3,610
1,368
Interest income...............................................
3,686
32,706
10,511
45,547
4,204
24,405
27,082
17,662
1,332
Royalty income...............................................
--
3,116
57
200
24
16,660
2,613
Net short-term capital gain (less loss)............
*2,731
5,185
56,181
-4,854
482
334
929
137
Net long-term capital gain (less loss).............
3,846
66,051
31,955
40,809
609
146,380
137,011
22,436
Other portfolio income (net)............................
--
46
9
--
--
*1,532
84
67
Real estate rental net income (less deficit)........
26
8,419
699
2,395
3,694
1,392
6,102
5,462
Net income.....................................................
83
8,674
705
2,420
3,850
1,463
6,571
5,633
Deficit.............................................................
57
256
5
25
156
71
469
171
activity............................................................
-53
-1,469
310
*7,488
93
-1,553
264
1,467
Net income.....................................................
--
1,075
310
*7,488
106
851
268
1,542
Net income (less deficit) from other rental
Deficit.............................................................
53
2,545
--
--
13
2,404
4
75
Total net income.................................................
352,649
1,708,510
855,568
1,691,774
249,560
2,041,246
1,999,404
1,163,397
Footnotes at end of table.
120
S Corporation Returns, 2003
Table 2.--S Corporations With Net Income: Total Receipts and Deductions, Portfolio Income,
Rental Income, and Total Net Income, by Major Industrial Group--Continued
[All figures are estimates based on samples--money amounts are in thousands of dollars]
Manufacturing--continued
Item
Primary
Fabricated
metal
metal
manufacturing
product
Computer
Electrical
and
equipment,
Transportation
Furniture
Machinery
electronic
appliance,
equipment
and related
Miscellaneous
manufacturing
product
and
manufacturing
product
manufacturing
manufacturing
component
(28)
manufacturing
(29)
manufacturing
(25)
(26)
(27)
manufacturing
(30)
(31)
(32)
Number of returns...............................................
2,527
17,083
7,720
2,650
1,793
3,188
3,872
10,844
Number of shareholders.................................
7,089
35,709
19,389
10,036
4,890
5,872
7,220
21,799
Total receipts ²....................................................
15,302,075
55,400,324
22,466,660
15,456,288
12,687,890
23,060,539
12,557,053
32,760,747
Business receipts...........................................
15,203,851
54,969,446
22,215,717
15,324,864
12,568,567
22,861,721
12,322,410
32,489,741
Interest on Government obligations:
State and local ².........................................
1,487
13,009
9,623
4,037
2,471
12,927
1,112
4,013
Net gain, noncapital assets............................
15,487
146,333
27,454
7,740
12,139
12,466
6,130
102,687
Other receipts.................................................
81,251
271,535
213,866
119,648
104,712
173,425
227,401
164,307
Total deductions.................................................
1
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