# 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 Ret

[Text truncated at 120,000 characters. The full text is on the page linked above.]

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Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Airs%3A600ebed073bdda44. Public record. Not legal advice.