SCorporationReturns,1996
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SCorporationReturns,1996
by Susan Wittman and Robert Grant
tatistics on S Corporations for Tax Year 1996
reflect the favorable economic conditions for
that year, as well as the continued tax advantages relative to taxable corporations, as the number
of returns filed rose along with higher net income
and lower deficits. The increases followed enactment of the Tax Reform Act of 1986 (TRA 86) and
continued after the Revenue Reconciliation Act of
1993. Provisions of TRA 86 had significant impact
on S Corporations as they encouraged many corporations to elect to have their profits taxed through
shareholders at the newly lowered individual tax
rates, rather than at the higher corporate tax rates.
The Revenue Reconciliation Act of 1993 raised the
top individual tax rate back above the top corporate
tax rate, in effect reversing one of the provisions of
TRA 86.
S Corporations accounted for nearly half of the
4.6 million corporate returns filed for Tax Year 1996.
While S Corporation returns grew by 7.0 percent to
2.3 million, returns of taxable corporations grew by
only 0.3 percent [1]. The term “taxable corporations,” used herein, refers to all corporations other
than S Corporations. S Corporations experienced
average annual growth of 11.1 percent in returns
filed after provisions of TRA 86 improved the tax
benefits associated with S Corporation election.
Taxable corporations experienced an average annual
decline of 1.0 percent in returns filed over the same
period [2,3]. While S Corporations comprised 24.1
percent of all corporation returns for 1986 (the year
before TRA 86 was effective), by 1996, they comprised 49.8 percent of the total.
S Corporations reported total net income (less
deficit) of $125.2 billion for Tax Year 1996, an
increase of 26.3 percent, three times the 8.1-percent
increase for Tax Year 1995 (Figure A). Total net
income (less deficit) is a comprehensive measure of
S Corporation profits in that it encompasses net
income (less deficit) “from a trade or business,” real
estate rental net income (less deficit), net income
(less deficit) from other rental activity, and portfolio
income (less deficit) distributed to shareholders, each
of which is reported separately on the Form 1120S
filed by S Corporations.
S
40
40
Susan Wittman and Robert Grant are economists with the
Corporations Special Projects Section. This article was
written under the direction of Doug Shearer, Chief.
While the number of returns and amount of total
net income (less deficit) for S Corporations continued to rise, their total net income (less deficit) still
comprised a small though growing percentage of
overall corporate net income (less deficit). Adjusted
net income (less deficit) for taxable corporations was
$713.3 billion for Tax Year 1996 [4]. The share of
overall corporate net income (less deficit) attributable to S Corporations was 17.6 percent, up from
15.6 percent the year before.
Over 268,000 corporations filed for the first time
as S Corporations for Tax Year 1996, accounting for
11.7 percent of total S Corporation returns filed.
Newly incorporated businesses represented 71.6
percent of the new filers; the remaining 28.4 percent
were previously taxable corporations. New S Corporations’ share of the total net income (less deficit)
was only 2.6 percent. Thus, much of the growth in
total net income (less deficit) reported is attributable
to growth experienced by existing S Corporations.
AdvantagestoSubchapterSElection
Eligible corporations may benefit greatly from
electing Internal Revenue Code Subchapter S Corporation status. The tax advantage attracting the most
attention is the avoidance of double taxation of
income. Unlike taxable corporations, whose income
is subject to tax at both the corporate level and at the
shareholder level as dividends or capital gains, the
income of S Corporations is generally subject to tax
only at the shareholder level. Shareholders of S
Corporations report their pro rata shares of income
or loss on their own income tax returns and are
assessed tax at their individual income tax rates. The
ability to “pass through” income can result in significant tax savings. The tax savings depend on the
relation between the relevant corporate and individual tax rates, and on the shareholder’s plans for
saving or consuming the income. If the individual
rate exceeds the corporate rate, and if the individual
plans to save rather than consume the income, and
there is a preferential rate on capital gains, then in
some cases, the present value of taxes could be lower
on taxable corporation income than on S Corporation
income. S Corporations share with taxable corporations the advantages of limited liability, unlimited life
span, and freely transferable corporate ownership.
TRA 86 greatly improved the advantages of
Subchapter S status by, for the first time, setting the
S Corporation Returns, 1996
FigureA
All Returns: Income Items for Selected Industrial Divisions, Tax Years 1995 and 1996
[Money amounts are in thousands of dollars]
Industrial division, item
1995
1996
Percentage
change
(1)
(2)
(3)
All industries ¹
Number of returns… … … … ........................................................................................................
2,153,119
Net income (less deficit) from a trade or business......................................................................................................
76,899,029
2,304,416
+7.0
93,138,842
+21.1
+15.2
Net income… … … .....................................................................................................................
115,087,307
132,544,004
Deficit… … … … … .… .....................................................................................................................
38,188,278
39,405,161
+3.2
Total net income (less deficit)......................................................................................................
99,128,672
125,245,496
+26.3
Net income… … … ......................................................................................................................
134,958,619
161,896,380
+20.0
Deficit… … … … … ..… .....................................................................................................................
35,829,947
36,650,884
+2.3
Manufacturing
Number of returns… … … … ........................................................................................................
138,856
Net income (less deficit) from a trade or business......................................................................................................
21,083,883
141,171
+1.7
23,778,603
+12.8
+10.1
Net income… … … .....................................................................................................................
26,207,148
28,863,877
Deficit… … … … .… … .....................................................................................................................
5,123,265
5,085,274
-0.7
Total net income (less deficit)......................................................................................................
24,934,073
28,733,161
+15.2
Net income… … … ......................................................................................................................
29,682,061
33,400,086
+12.5
Deficit… … … … .… … .....................................................................................................................
4,747,988
4,666,926
-1.7
Wholesale and retail trade
Number of returns… … … … ........................................................................................................
537,539
556,908
+3.6
23,439,466
+18.2
29,933,470
33,187,443
+10.9
Deficit… … … … ...… … ..................................................................................................................... 10,102,272
9,747,977
-3.5
Net income (less deficit) from a trade or business......................................................................................................
19,831,198
Net income… … … .....................................................................................................................
Total net income (less deficit)......................................................................................................
24,075,672
29,972,943
+24.5
Net income… … … ......................................................................................................................
33,428,372
39,008,036
+16.7
Deficit… … … … ..… … .....................................................................................................................
9,352,701
9,035,094
-3.4
Finance, insurance, and real estate
Number of returns… … … … ........................................................................................................
326,149
Net income (less deficit) from a trade or business......................................................................................................
4,533,532
356,778
+9.4
6,567,588
+44.9
+25.1
Net income… … … .....................................................................................................................
10,055,178
12,580,546
Deficit… … … … … ...… .....................................................................................................................
5,521,646
6,012,958
+8.9
Total net income (less deficit)......................................................................................................
10,671,258
15,088,860
+41.4
Net income… … … ......................................................................................................................
16,330,818
20,974,039
+28.4
Deficit… … … … ...… … .....................................................................................................................
5,659,560
5,885,179
+4.0
Services
Number of returns… … … … ........................................................................................................
753,890
815,494
+8.2
23,919,085
+18.7
29,309,851
33,973,434
+15.9
Deficit… … … … … … … ..… .....................................................................................................................9,159,880
10,054,350
+9.8
Net income (less deficit) from a trade or business......................................................................................................
20,149,971
Net income… … … .....................................................................................................................
Total net income (less deficit)......................................................................................................
24,785,445
31,113,590
+25.5
Net income… … … ......................................................................................................................
33,255,123
40,313,108
+21.2
Deficit… … … … … … ..… ..................................................................................................................... 8,469,678
9,199,517
+8.6
¹ Includes agriculture, forestry, and fishing; mining; construction; transportation and public utilitites; and nature of business not allocable.
top individual tax rate below the top corporate tax
rate. Therefore, not only did income earned by the
eligible corporation avoid double taxation, it was
taxed to shareholders at the newly lower individual
rate. The Revenue Reconciliation Act of 1993 raised
the top individual rate back above the top corporate
rate, thus reducing but not eliminating the tax benefit
of S Corporation status. The growth of S Corporations has continued despite the increased individual
income tax rate.
41
S Corporation Returns, 1996
SCorporationCriteria
SCorporationSize
S Corporations file Form 1120S, U.S. Income Tax
Return for an S Corporation, and generally use a
calendar tax year to conform to the tax year of the
majority of their shareholders. (Provisions of TRA
86 generally required the use of the calendar year.)
The criteria for S Corporation election did not
change significantly for Tax Year 1996 [5]. A
business entity must have met all of the criteria in
Subchapter S to qualify as an S Corporation. The
criteria for Tax Year 1996 were:
Data for Tax Year 1996 continue to show that, on
average, S Corporations are much smaller than
taxable corporations, when measured in terms of
total assets and net income. Average total assets for
taxable corporations were $11.8 million for Tax Year
1996, while average total assets for S Corporations
were $0.5 million (Table 3) [6]. Average net income
for a taxable corporation was $306,600, while
average total net income for an S Corporation was
just $54,400 (Table 1). S Corporations continued
typically to have a small number of shareholders,
generally far fewer than the statutory limit of 35
(Figure B).
Ø no more than 35 shareholders;
Ø shareholders could only be individuals, estates,
or certain defined trusts;
Ø no nonresident alien shareholders; and
Ø only one class of stock.
Corporations ineligible to elect Subchapter S
status included:
Ø insurance companies;
42
Ø corporations eligible to elect a possessions tax
credit;
Ø banks or building and loan associations to which
Internal Revenue Code section 585 regarding
deductions for bad debt allowance applied;
Ø Interest-Charge Domestic International Sales
Corporations or former Domestic International
Sales Corporations; and
Ø Affiliated group members eligible for inclusion
on a consolidated return.
Corporations that converted from taxable corporations to Subchapter S status were subject to an
additional restriction. If a corporation reported three
consecutive years of “accumulated earnings and
profits” as a taxable corporation and also reported
“passive investment income” exceeding 25.0 percent
of gross receipts, then the corporation’s status as an S
Corporation was revoked, starting with the next tax
year.
42
DistributionofReturnsbyIndustrial
Division
Data for Tax Year 1996 show, as with prior years, a
concentration of S Corporations classified in just
three industrial divisions. Seventy-five percent of all
S Corporation returns were classified in services,
wholesale and retail trade, and finance, insurance,
and real estate (Figure A). The services division
accounted for 35.4 percent of all S Corporation
returns and showed an 8.2-percent increase in the
number of returns filed over the 753,890 returns filed
for 1995. The wholesale and retail trade division
accounted for 24.2 percent of S Corporations, a 3.6percent increase over the 537,539 returns filed for
the previous year, while the finance, insurance, and
real estate division accounted for 15.5 percent, the
third largest number (356,778), and 9.4 percent more
than for Tax Year 1995.
S Corporation Income from a Trade or
Business
Net income (less deficit) that is derived from a trade
or business increased by 21.1 percent for Tax Year
1996 to $93.1 billion and accounted for nearly threequarters of total net income (less deficit) (Figure A).
Positive net income from a trade or business increased by 15.2 percent to $132.5 billion, while net
deficits from a trade or business increased by only
3.2 percent to $39.4 billion. The percentage of
returns reporting positive net income from a trade or
business increased slightly to 61.9 percent for Tax
Year 1996, or 1.4 million out of a total of 2.3 million
returns (Table 2). A decrease in the percentage of
returns reporting net deficits from a trade or business
S Corporation Returns, 1996
FigureB
S Corporations by Number of Shareholders, Tax Year 1996
3
7.7%
4-10
8.3%
Other ¹
0.9%
2
29.9%
2.3 million
1
53.3%
¹ Other category includes returns with more than 10 shareholders and returns for which a number of
shareholders were not reported.
NOTE: Detail may not add to 100 percent due to rounding.
contributed to the overall improved economic
performance of S Corporations taken as a whole, as
the percentage of deficit returns declined slightly
from 39.6 percent to 38.1 percent. All nine industrial
divisions reported an increase in net income from a
trade or business. Five of the nine industrial divisions reported decreases in deficits.
The services division reported an overall increase in net income (less deficit) from a trade or
business of 18.7 percent to $23.9 billion and accounted for nearly 26 percent of the total net income
(less deficit) from a trade or business (Table 1). The
increase was largely attributable to two industry
groups, business services with a $1.3-billion increase
to $8.2 billion and “other” services with a $1.8billion increase to $12.1 billion. “Other” services
include offices of physicians; dentists; or other health
practitioners; nursing and personal care facilities;
hospitals; medical laboratories; and other medical
services; and legal, educational, social, architectural,
engineering, accounting, auditing, and bookkeeping
services. These two groups accounted for 85.2
percent of the total net income (less deficit) from a
trade or business for this division, and also accounted
for the largest increases for the two proceeding years.
The wholesale and retail trade division accounted
for another 25 percent of net income from a trade or
business (less deficit) with $23.4 billion (Figure A).
This division showed an 18.2-percent increase,
compared to a 3.3-percent drop for Tax Year 1995.
While positive net income from a trade or business
increased by 10.9 percent to $33.2 billion, deficits
from trade or business declined by 3.5 percent to
$9.7 billion. This compared with an increase of 19.7
percent in deficits for Tax Year 1995. An increase in
business receipts from $1.1 billion to $1.2 billion
accounted for much of the overall increase for this
division, the second largest industrial division when
ranked by number of returns filed. The miscellaneous wholesaler group contributed the largest
43
S Corporation Returns, 1996
44
amount to net income (less deficit) from a trade or
business. This group includes motor vehicles and
automotive equipment, furniture and home furnishings, lumber and construction materials, and electrical goods. Among retailers, auto dealers and service
stations, along with certain other retail stores, accounted for $6.5 billion of the $10.4 billion reported
for net income (less deficit) from a trade or business.
The manufacturing division, the third principal
division, accounted for only 6 percent of the total
returns filed for S Corporations and yet accounted for
26 percent of the net income (less deficit) from a
trade or business. The fabricated metal products
group contributed $4.3 billion to the $23.8-billion
total for this division. The food and kindred products
group contributed $2.4 billion.
Finance, insurance, and real estate reported the
largest percentage increase (44.9 percent) in net
income (less deficit) from a trade or business for Tax
Year 1996. However, this division accounted for
only for 7.1 percent of all S Corporation net income
from a trade or business, with $6.6 billion. The real
estate group accounted for $3.1 billion of the $6.6
billion net income (less deficit) from a trade or business, the largest single contributor. The real estate
group also contributed the largest amount of net
income from a trade or business for Tax Year 1995.
IncomefromRentalRealEstate
44
For Tax Year 1996, nearly 193,000 S Corporations
reported rental real estate income and expenses on
Form 8825, Rental Real Estate Income and Expenses
of a Partnership or an S Corporation (Table 4). This
represented an increase of 7.9 percent over the
number reported for 1995. Net rental real estate
income (less deficit) increased from $2.3 billion for
Tax Year 1995 to $2.9 billion for 1996, or by 26
percent. As would be expected, the finance, insurance, and real estate division reported the vast
majority of this type of income (65.9 percent).
Nearly 82.0 percent of the increase in net rental real
estate income (less deficit) was also reported by this
one division for 1996. The data show that, as with
prior years, real estate rental net income (less deficit)
within the finance, insurance, and real estate division
remained concentrated in one industrial group, real
estate. This group reported $1.9 billion in net rental
real estate income, 64.5 percent of the net rental
income reported by all S Corporations. Net rental
real estate income (less deficit) for this group also
increased 34.0 percent over the $1.4 billion reported
for Tax Year 1995. The increase in net rental real
estate income (less deficit) for the real estate industrial group can be pinpointed to an 11.3-percent gain
in positive net rental income to $3.4 billion and a 7.1percent decrease in net rental deficit to $1.6 billion.
SCorporationTotalNetIncome
Total net income (less deficit) for an S Corporation
includes net income (less deficit) from a trade or
business, real estate rental income (less deficit), net
income (less deficit) from other rental activity, and
portfolio income (less loss) distributed to shareholders (Figure C). The total of these components is a
comprehensive measure of S Corporation profits.
Total net income (less deficit) increased to
$125.2 billion, up for 1996 by 26.3 percent over the
$99.1 billion reported for Tax Year 1995. Net income (less deficit) from a trade or business accounted for 74.4 percent of the total net income (less
deficit) reported by all S Corporations for Tax Year
1996. The percentage of the total that represented
net income (less deficit) from a trade or business was
down slightly from 77.6 percent for Tax Year 1995;
this was due to the near 50-percent increase of portfolio income for Tax Year 1996 to $28.6 billion.
Portfolio income (or loss) includes interest, dividends, royalties, net long-term and short-term capital
gains and losses, and other income.
Increases in portfolio income (or loss) can be
attributed to increased net long-term capital gains
(less loss), the largest component of portfolio income, for Tax Year 1996. Net long-term capital
gains (less loss) accounted for $7.4 billion of the
$9.5-billion increase in portfolio income (less loss).
Data for 1996 on net capital gain (less loss) reported
by individuals, including shareholders of S Corporations, on individual income tax returns also showed
substantial increases, 43.5 percent for Tax Year
1996, from $111.8 billion to $160.5 billion [7]. The
second largest component of portfolio income was
taxable interest, which amounted to $9.0 billion for
Tax Year 1996, a 17.5-percent increase over Tax
Year 1995.
The services, wholesale and retail trade, and
manufacturing divisions continued to account for the
vast majority (71.7 percent) of total net income (less
deficit). This reflected the predominance of net
S Corporation Returns, 1996
FigureC
All Returns: Total Net Income (Less Deficit), Selected by Industrial Division, Tax Year 1996
[Money amounts are in thousands of dollars]
Agriculture,
Item
All Industries ¹
forestry, and
Mining
Construction
Manufacturing
(3)
(4)
(5)
2,290,463
11,441,644
28,733,161
10,399,598
23,778,603
Portfolio income (less deficit) distributed to shareholders.......................................................................................................................
28,610,573
453,743
561,600
943,688
4,813,724
fishing
(1)
(2)
Total net income (less deficit).......................................................................................................................
125,245,496
1,388,924
Net income (less deficit) from a trade or business.......................................................................................................................
93,138,842
834,788
1,694,207
Dividend income................................................................................................................
1,167,715
25,043
39,607
66,295
167,535
Interest income................................................................................................................
9,015,900
245,363
152,108
687,672
1,250,601
Royalty income (less loss)................................................................................................................
719,000
31,552
154,017
102,661
*4,173
Net short-term capital gain (less loss)................................................................................................................
1,202,698
-4,031
21,810
15,523
25,382
Net long-term capital gain (less loss)................................................................................................................
16,383,117
154,603
245,018
164,438
3,205,306
*395
5,586
10,884
Real estate rental net income (less deficit).......................................................................................................................
2,870,283
74,399
12,226
Other portfolio income (net)................................................................................................................
122,143
*1,213
86,963
101,473
Net income (less deficit) from other rental activity.......................................................................................................................
625,798
25,994
22,429
11,396
39,360
Transportation
Wholesale
Finance,
and public
and retail
insurance
utilities
trade
and real estate
(6)
(7)
(8)
(9)
29,972,943
15,088,860
31,113,590
6,567,588
23,919,085
Portfolio income (less deficit) distributed to shareholders.......................................................................................................................
2,581,942
6,044,947
6,547,374
6,662,405
Item
Total net income (less deficit).......................................................................................................................
5,214,707
Net income (less deficit) from a trade or business.......................................................................................................................
2,505,871
23,439,466
Services
Dividend income................................................................................................................36,592
173,963
489,522
169,157
Interest income................................................................................................................897,805
1,774,321
2,424,462
1,582,420
Royalty income (less loss)................................................................................................................
*3,038
113,919
138,126
171,513
Net short-term capital gain (less loss)................................................................................................................
-36,814
20,427
938,120
222,282
Net long-term capital gain (less loss)................................................................................................................
1,672,952
3,956,172
2,479,307
4,505,321
Other portfolio income net................................................................................................................
8,369
6,146
77,836
11,713
Real estate rental net income (less deficit).......................................................................................................................
69,200
318,741
1,891,402
315,460
82,496
216,640
Net income (less deficit) from other rental activity.......................................................................................................................
57,694
169,789
*Estimate should be used with caution because of the small number of sample returns on which it is based.
¹ Includes nature of business not allocable, not shown separately.
NOTE: Detail may not add to totals because of rounding.
income (less deficit) from a trade or business. The
services division reported a 26.0-percent increase in
total net income (less deficit) to $31.1 billion and
accounted for 25.0-percent of the total net income
(less deficit) reported for all S Corporations, the
largest percentage of all divisions. Net income from
a trade or business accounted for 76.9 percent of total
net income (less deficit) for this industrial division.
Portfolio income (less loss) increased $2.6 billion
with net long-term capital gains (less loss) accounting for $2.2 billion of the total increase for this
division. The two major contributors to the increase
45
S Corporation Returns, 1996
46
46
for the division were business services and other
services; these two groups were also the dominant
groups for Tax Year 1995 and contributed greatly to
the increase in net income (less deficit) from a trade
or business. Business services contributed to the
increase in total net income (less loss) with $2.7
billion, and other services added $2.0 billion to the
$6.3-billion increase for the division for Tax Year
1996.
Manufacturers contributed $3.8 billion, or 14.5
percent, to the overall increase in total net income
(less deficit) for Tax Year 1996. Total net income
(less deficit) grew to $28.7 billion for Tax Year
1996, with most of the increase resulting from the
$2.7-billion increase in net income (less deficit) from
a trade or business and the $1.1-billion increase in
portfolio income (less loss). Net long-term capital
gain (less loss) contributed the greatest amount to the
increase in portfolio income ($0.9 billion) for Tax
Year 1996. Deficit income from a trade or business
declined by 0.7 percent, and total deficit income
declined by 1.7 percent for Tax Year 1996. This
division accounted for 22.9 percent of total net income (less loss) reported by all S Corporations, the
third largest amount.
Wholesalers and retailers reported $30.0 billion
in total net income (less deficit), which represented a
24.5-percent increase over the $24.0 billion reported
for 1995. This division accounted for 23.9 percent of
the $125.2 billion total net income (less deficit) for
all S Corporations (78.2 percent of it was from a
trade or business). A large increase in net income
(less deficit) from a trade or business ($3.6 billion),
accompanied by a large increase in portfolio income
(less loss) ($2.3 billion), accounted for much of the
growth within this division. The increase in portfolio
income (less loss) was largely due to a $2.2-billion
increase in net long term capital gain (less loss) to
$4.0 billion from $1.8 billion for 1995. This division, like manufacturing, experienced a decline in
deficits from a trade or business and total net deficits
of 3.5 percent and 3.4 percent, respectively. These
declines demonstrated improved economic activity as
the number of profitable returns increased and the
number of non-profitable returns declined.
Finance, insurance, and real estate contributed
much less to total net income (less deficit) for Tax
Year 1996 (12.0 percent) than the other three princi-
pal divisions, but did report significant increases.
Increases in the capital gains (less loss) and interest
income included in portfolio income (less loss)
accounted for most of the growth. Total net income
(less deficit) for this division increased by 41.4
percent to $15.1 billion, but unlike the other divisions, this division derived 43.4 percent of total net
income (less deficit) from portfolio income (less
loss), thus accounting for 22.9 percent of total portfolio income (less loss). Net long-term capital gain
(less loss) bolstered portfolio income (less loss) by
$1.1 billion. The real estate group was the largest
contributor to total net income (less deficit) with an
improved $7.2 billion.
TaxationofSCorporations
S Corporations pay relatively few taxes, inasmuch as
they are “flow-through” entities or conduits. As a
flow-through entity, the S Corporation reports the pro
rata shares of income, losses, credits, deductions, and
other miscellaneous items that it allocates to shareholders for tax reporting purposes, without paying
taxes directly at the business entity level, barring a
few exceptions. Less than 1 percent of all S Corporations report any tax directly. The most common
tax is the “built-in gains” tax. This tax is levied on
corporations that elected S Corporation status after
1986 and realized gains on the sale of an asset
representing the gain accumulated from that asset in
years prior to the election and realized less than 10
years after the S election. The tax was designed to
prevent taxable corporations from avoiding double
taxation on a gain by electing Subchapter S status
[8]. Other taxes levied on S Corporations include the
“excess net passive income” tax and the “last-in,
first-out” (LIFO) inventory recapture tax. The
excess net passive income tax is levied on the
“excess passive income” of an S Corporation that has
accumulated earnings and profits from years prior to
the S election, in excess of 25 percent of business
receipts, and net income for the year [9]. The LIFO
inventory recapture tax is applied to the excess value
of inventories resulting from varying methods of
inventory valuation for certain S Corporations [10].
The total taxes reported by S Corporations increased by 11.0 percent for Tax Year 1996 to $192.3
million (Figure D). The built-in gains tax represented 83.6 percent of the total. While the amount of
S Corporation Returns, 1996
FigureD
26.9 percent of the total assets for the division. This
division also accounted for $87.7 billion in net worth
S Corporation Taxes, Tax Years 1995 and 1996
for Tax Year 1996, or 27.0 percent of the net worth
[Money amounts are in thousands of dollars]
of all S Corporations.
The finance, insurance, and real estate division
Item
1995
1996
reported the third largest amount for total assets for
Tax Year 1996 with $198.7 billion. The real estate
Total tax.......................................................................................................................
173,240
192,303
group was the dominant group in terms of number of
Built-in gains tax.......................................................................................................................
141,218
160,682
returns and total assets for this division. The largest
Excess net passive income tax.......................................................................................................................
8,924
10,703
asset account was net depreciable assets, $55.7
Adjustments to tax.......................................................................................................................
20,781
19,869
billion, accounting for 28.1 percent of the total.
Investment credit recapture tax.......................................................................................................................
*1,381
*894
The service division reported the fourth largest
Income tax adjustment.......................................................................................................................
*936
*155
amount
for total assets, $165.4 billion. Net depre*Estimate should be used with caution because of the small number of sample returns
on which it is based.
ciable assets were the largest single asset account,
$62.6 billion, nearly 37.9 percent of the total assets
of the division. Business services and “other” serbuilt-in gains tax was up 13.8 percent for Tax Year
vices, once again, contributed the largest amount to
1996, the increase was down from a 46.6-percent
the division totals.
increase for Tax Year 1995. The excess net passive
income tax for Tax Year 1996 was reported at $10.7
Data by Number of Shareholders
Despite gradual increases in the maximum number of
million, up 19.9 percent over the $8.9 million reallowable shareholders, 99.0 percent of all S Corpoported in the prior year. Adjustments to tax include
rations were owned by ten or fewer shareholders for
LIFO recapture taxes, which amounted to $19.9
Tax Year 1996 (Figure B). Over 90 percent of total
million for 1996.
net income (less deficit) was derived from S CorpoBalanceSheetData
rations with ten or fewer shareholders (Table 5).
Assets reported by all S Corporations for Tax Year
Average total net income for S Corporations with ten
1996 totaled more than $1.1 trillion (Table 3). This
or fewer shareholders was $49,500, compared to the
was 8.1 percent more than the $1.0 trillion reported
average total net income of S Corporations with
for Tax Year 1995. Despite increases in S Corporamore than ten shareholders, $575,000. S Corporation total assets, S Corporations continued to hold a
tions with ten or fewer shareholders had average total
disproportionately small percentage of all corporate
assets of $440,900, while those with more than ten
assets, only 3.8 percent. For Tax Year 1996, the
shareholders had average total assets of $4.4 million.
largest percentage increase in total assets was for
These statistics are consistent with prior years and
mortgage and real estate loans, up 15.2 percent to
confirm that S Corporations continued to be gener$13.1 billion. Net depreciable assets represented the
ally small with a small number of shareholders and
single largest asset category, comprising 26.0 percent
that the larger the number of shareholders, the larger
of the assets reported by all S Corporations.
the company.
The wholesale and retail trade industrial division
reported $335.5 billion in total assets, accounting for
Summary
S Corporations continued to grow at a steady pace, as
30.5 percent of the total assets of all S Corporations
their number increased by 7.0 percent to over 2.3
(Figure E). As anticipated, the largest asset account
million for Tax Year 1996. Increases in net income
was for inventories, nearly 61 percent of all invento(less deficit) from a trade or business and in portfolio
ries reported by S Corporations. This division also
income (less loss) bolstered total net income (less
reported the largest net worth, $95.9 billion, nearly
deficit). Net income (less deficit) from a trade or
30 percent of the net worth of all S Corporations.
business, alone, increased by 21.1 percent to $93.1
The manufacturing division reported the second
billion. Portfolio income (less loss) showed an
largest amount of total assets, $201.6 billion. The
increase of 49.4 percent, mainly due to net long-term
largest asset account was for net depreciable assets,
47
S Corporation Returns, 1996
FigureE
Total Assets, by Selected Industrial Division, Tax Year 1996
Wholesale and
retail trade
30.5%
Finance, insurance,
and real estate
18.1%
$1.1 trillion
All other ¹
9.1%
Construction
9.0%
Services
15.0%
48
Manufacturing
18.3%
¹ Includes agriculture, forestry, and fishing; mining; transportation and public utilities; and nature of business
not allocable.
capital gains (less loss). The growth in these two
components of total net income (less deficit) contributed to the 26.3-percent increase in overall net
income (less deficit) to $125.2 billion. S Corporations continued to be held by a small number of
shareholders, with 99 percent of all S Corporations
being held by ten or fewer shareholders and 90
percent of total net income (less deficit) attributed to
S Corporations with ten or fewer shareholders.
Nearly three-fourths of all S Corporations were
classified in the services, wholesale and retail trade,
and finance, insurance, and real estate industrial
divisions.
DataSourcesandLimitations
48
The statistics for Tax Year 1996 are based on a
sample of S Corporation income tax returns with
accounting periods ending July 1996 through June
1997 that posted to the Internal Revenue Service
Business Master File between July 1996 and the end
of June 1998.
The estimates in this article were based on a
stratified probability sample of 24,864 S Corporation
returns drawn from a total population of 2,420,886
returns. The stratification was based on combinations
of total assets and net income (less deficit) from a
trade or business. 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 24,315
active S Corporation returns; the remainder represented inactive corporations, i.e., those with neither
receipts nor deductions. Based on this count, the
number of active S Corporations for Tax Year 1996
S Corporation Returns, 1996
was estimated to be 2,304,416.
Because the estimates are based on a sample,
they are subject to sampling error. Coefficients of
variation (CV’s) 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 F 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 .
Number 4; 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.
[3] For more information on the growth of S
Corporations and the Revenue Reconciliation
Act of 1993, see Wittman, Susan, “S Corporation Returns, 1995,” Statistics of Income
Bulletin, Spring 1998, Volume 17, Number 4.
[4] Total net income for S Corporations is the result
of combining net income (less deficit) from a
trade or business, rental real estate net income
(less deficit), net income (less deficit) from
rentals other than real estate, and portfolio
income. This constructed measure of S Corporation total net income (less deficit) allows for
comparisons between S Corporation total net
income (less deficit) and net income (less
deficit) of a taxable corporation. It also allows
comparisons to be made with data for S Corporations prior to 1987. Starting with Tax Year
1987, Statistics of Income— Corporation Income
Tax Returns has presented annual data on S
Corporations for only the receipts, deductions,
Notes and References
[1] For purposes of this article, taxable corporation
return types include Form 1120, Form 1120-A,
Form 1120F, Form 1120L, and Form 1120-PC.
Form 1120-REIT and Form 1120-RIC while not
taxable corporations are included in the statistics
along with all other corporations.
[2] For more information on the growth of S
Corporations in the wake of TRA 86, see Gill,
Amy, “S Corporation Returns, 1992,” Statistics
of Income Bulletin, Spring 1995, Volume 14,
FigureF
Coefficients of Variation for Number of Returns, Number of Shareholders, Total Receipts, and
Dividends, by Industrial Division, Tax Year 1996
Number
Number
of
of
Total
Dividend
returns
shareholders
receipts
income
(1)
(2)
(3)
(4)
Industrial division
0.85
0.72
4.31
Agriculture, forestry, and fishing.......................................................................................................................
4.05
All industries ¹.......................................................................................................................
0.27
5.36
5.37
22.93
Mining.......................................................................................................................
12.17
17.04
7.48
10.78
Construction.......................................................................................................................
1.75
2.30
1.92
12.22
Manufacturing.......................................................................................................................
3.18
4.21
1.84
8.05
Transportation and public utilities.......................................................................................................................
4.03
4.70
7.45
11.81
Wholesale and retail trade.......................................................................................................................
1.02
1.65
0.96
9.17
Finance, insurance, and real estate.......................................................................................................................
1.35
2.75
3.49
8.24
Services....................................................................................................................... 0.93
2.15
10.85
1.61
¹ Includes nature of business not allocable, not shown separately.
49
S Corporation Returns, 1996
and net income (or deficit) from a trade or
business. Statistics were not published for
portfolio income and rental income. Consequently, totals for these receipts and for the net
income of all corporations are understated.
[5] For further detail, see Internal Revenue Service,
Internal Revenue Code, Subchapter S, Section
1361(a). The Small Business Jobs Protection
Act of 1996 modified some of the criteria in
Section 1361. Provisions of this Act were
effective for tax years beginning after December
31, 1996. One of the modifications was an
increase in the number of shareholders allowed,
from 35 to 75.
50
[6] For income statement and balance sheet data for
corporations in general, see Statistics of Income— 1996, Corporation Income Tax Returns.
See also Source Book of Statistics of Income,
Corporation Income Tax Returns. Source Book
data are classified by size of total assets for
major and minor industrial groups for taxable
corporations. For S Corporations, data are
presented by size of total assets for each industrial division.
[7] See Cruciano, Therese, “Individual Income Tax
Returns, 1996,” Statistics of Income Bulletin,
Fall 1998, Volume18, Number 2.
[8] 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.
[9] “Passive investment income” means 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 gains.
“Excess net passive income” is the amount that
bears the same ratio to net passive income as
the amount of passive investment income that
exceeds 25 percent of gross receipts bears to
passive investment income.
[10] The recapture of LIFO benefits applies to
corporations that select S Corporation status
after December 17, 1987. A regular, taxable
corporation that maintains its inventory, using
the last-in, first-out (LIFO) method for its last
tax year before an S Corporation election, must
include in gross income a LIFO recapture
amount when it converts to S Corporation
status. The LIFO recapture amount is the
amount, if any, by which the inventory under
the first-in, first-out (FIFO) method exceeds the
inventory amount of such assets under the
LIFO method.
SOURCE: IRS, Statistics of Income Bulletin, Spring
1999
50
S Corporation Returns, 1996
Table 1.--All Returns: Total Receipts and Deductions, Portfolio Income, Rental Income, and Total Net
Income, by Major Industrial Group
[All figures are estimates based on samples--money amounts are in thousands of dollars]
Mining
Item
All
industries
(1)
Agriculture,
forestry,
and fishing
Total
Metal
mining
Coal
mining
extraction
except fuels
(6)
(7)
(2)
(3)
82,712
15,950
*1,275
776
11,729
2,170
Number of shareholders............................................
4,440,778
Income from a trade or business:
209,992
39,318
*7,377
2,867
24,432
4,642
Total receipts ¹......................................................................
2,618,094,172
48,474,500
Business receipts..........................................................
2,571,988,996
46,028,622
Interest on Government obligations:
State and local...............................................................................
719,651
16,934
Net gain, noncapital assets..........................................................
5,687,811
223,612
Other receipts..........................................................
39,697,715
2,205,331
14,563,056
13,366,578
*231,355
*158,175
4,450,347
4,369,616
6,484,577
5,491,178
3,396,777
3,347,608
11,168
211,793
973,518
*46
*32,606
*40,528
*2,616
14,121
63,993
5,805
156,768
830,827
*2,700
8,299
38,170
Total deductions......................................................................
2,524,235,678
47,622,777
Cost of goods sold..........................................................
1,686,903,273
25,024,823
Compensation of officers..........................................................
98,748,923
1,205,415
Salaries and wages..........................................................
229,323,211
3,722,077
Repairs..........................................................
16,881,022
1,077,014
Bad debts.......................................................... 5,445,328
32,950
Rent paid on business property..........................................................
53,480,778
1,601,706
Taxes paid..........................................................53,897,108
994,058
Interest paid..........................................................
28,529,779
1,093,126
Amortization..........................................................3,232,667
34,890
Depreciation..........................................................
44,778,017
2,125,391
Depletion..........................................................
216,613
*11,552
Advertising..........................................................25,016,854
141,915
Pension, profit-sharing, stock
bonus, and annuity plans......................................................
8,525,203
58,069
Employee benefit programs..........................................................
17,847,342
213,242
Net loss, noncapital assets..........................................................
550,963
23,491
Other deductions..........................................................
250,858,598
10,263,061
12,857,681
6,571,646
347,522
989,511
278,337
28,144
154,340
553,541
342,520
35,745
722,192
132,432
17,524
*196,857
*69,782
*1,499
*8,416
*20,970
*146
*6,646
*11,139
*2,628
*1,960
*9,474
*3,103
*1
4,366,366
2,701,546
32,254
225,988
85,607
*4,422
65,630
162,607
98,056
15,650
189,788
46,642
1,500
5,122,405
1,872,514
203,016
571,230
97,915
15,436
63,619
261,277
175,274
13,843
298,801
*16,371
8,277
3,172,053
1,927,805
110,753
183,878
73,845
8,141
18,445
118,518
66,563
4,291
224,128
66,316
7,747
55,612
282,542
12,704
2,333,370
*1,807
*2,328
-*56,959
*9,359
196,183
*1,858
529,278
16,542
44,703
*10,275
1,453,313
27,904
39,328
*571
293,820
Total receipts less total deductions ¹...........................................................
93,858,493
851,722
1,705,375
*34,498
83,981
1,362,172
224,724
1,694,207
2,112,621
418,415
*34,451
*67,687
*33,235
81,364
161,868
80,504
1,356,367
1,593,570
237,203
222,024
289,497
67,473
561,600
39,607
152,108
102,661
*4,019
-*3,983
36
39,885
*3,348
21,617
*3,622
485,958
32,370
104,444
99,004
31,738
3,889
22,064
--
21,810
--
*3,387
18,136
*287
245,018
*395
---
7,911
--
231,666
*339
5,440
*57
74,399
103,337
28,938
12,226
14,306
*2,079
*28
*28
--
*2,271
*2,386
*115
10,432
10,629
*197
-505
1,263
*1,768
25,994
27,787
*1,793
22,429
23,241
*811
60
60
--
*9,675
*9,675
--
*2,348
*3,160
*811
*10,346
*10,346
--
Total net income (less deficit).......................................................................
125,245,496
1,388,924
Net income..........................................................................
161,896,380
3,230,657
Deficit..........................................................................
36,650,884
1,841,732
2,290,463
2,634,466
344,003
*38,559
*69,989
*31,430
133,195
194,205
61,010
1,855,105
2,044,209
189,104
263,603
326,063
*62,459
834,788
2,848,672
2,013,883
Portfolio income (less deficit)
distributed to shareholders.........................................................
28,610,573
453,743
Dividend income..........................................................................
1,167,715
25,043
Interest income..........................................................................
9,015,900
245,363
Royalty income (less loss)..........................................................................
719,000
31,552
Net short-term capital gain
(less loss).......................................................
1,202,698
-4,031
Net long-term capital gain
(less loss).......................................................
16,383,117
154,603
Other portfolio income (net)..........................................................................
122,143
*1,213
(5)
Nonmetallic
minerals,
Number of returns.......................................................................
2,304,416
Net income (less deficit)
from a trade or business.........................................................
93,138,842
Net income..........................................................................
132,544,004
Deficit..........................................................................
39,405,161
(4)
Oil
and
gas
Real estate rental net income
(less deficit)......................................................... 2,870,283
Net income..........................................................................
4,738,874
Deficit..........................................................................
1,868,592
Net income (less deficit)
from other rental activity.........................................................
625,798
Net income..........................................................................
945,454
Deficit..........................................................................319,656
Footnotes at end of table.
51
S Corporation Returns, 1996
Table 1.--All Returns: Total Receipts and Deductions, Portfolio Income, Rental Income, and Total Net
Income, by Major Industrial Group--Continued
[All figures are estimates based on samples--money amounts are in thousands of dollars]
Construction
General
building
contractors
Item
Manufacturing
Heavy
Special
Food and
Tobacco
Textile
Total
and
operative
builders
construction
contractors
trade
contractors
Total
kindred
products
manufactures
mill
products
(8)
(9)
(10)
(13)
(14)
(15)
(11)
(12)
Number of returns.......................................................................
234,047
90,545
7,233
136,268
141,171
8,081
3
3,083
Number of shareholders............................................
378,105
142,614
14,333
221,158
338,520
33,490
14
7,327
Total receipts ¹......................................................................
276,283,862 123,058,361
Business receipts..........................................................
274,124,185 122,220,915
Interest on Government obligations:
State and local...............................................................................
76,173
38,836
Net gain, noncapital assets..........................................................
319,638
83,019
Other receipts..........................................................
1,763,867
715,591
29,457,044
28,964,767
123,768,457
122,938,503
450,440,118
445,461,247
59,950,654
59,284,364
235,219
234,831
20,188,074
20,077,566
18,209
132,607
341,461
19,127
104,012
706,816
156,361
1,176,596
3,645,914
9,018
224,107
433,165
-10
378
3,258
6,918
100,332
Total deductions......................................................................
265,808,092 119,927,468
Cost of goods sold..........................................................
207,100,144 103,371,899
Compensation of officers..........................................................
9,474,124
2,857,435
Salaries and wages..........................................................
12,995,285
3,483,591
Repairs.......................................................... 1,327,718
250,170
Bad debts.......................................................... 471,005
195,416
Rent paid on business property..........................................................
2,334,064
564,070
Taxes paid..........................................................5,284,128
1,300,710
Interest paid..........................................................
1,769,995
751,410
Amortization.......................................................... 52,493
16,814
Depreciation..........................................................
4,062,183
758,398
Depletion..........................................................
11,738
*259
Advertising.......................................................... 775,712
307,829
Pension, profit-sharing, stock
bonus, and annuity plans......................................................
875,492
216,017
Employee benefit programs..........................................................
2,065,716
404,481
Net loss, noncapital assets..........................................................
23,230
5,452
Other deductions..........................................................
17,185,064
5,443,517
28,414,597
22,285,625
875,513
1,200,410
225,739
33,118
183,480
591,241
261,456
2,577
1,110,746
11,357
32,207
117,466,026
81,442,620
5,741,175
8,311,284
851,809
242,470
1,586,515
3,392,177
757,130
33,103
2,193,038
*122
435,677
426,505,154
311,295,340
14,186,869
26,510,695
2,048,565
1,004,036
4,458,977
9,061,530
5,081,142
430,500
10,510,009
50,678
3,734,258
57,499,501
45,151,628
958,637
2,687,960
310,766
63,970
402,308
949,318
569,685
52,815
1,202,532
-873,331
202,784
163,519
3,580
6,977
352
333
1,568
5,058
2,150
85
2,428
-2,615
19,774,498
15,517,415
479,175
888,820
78,130
71,563
184,252
375,659
274,109
8,967
489,122
-42,632
133,906
166,020
*582
1,300,621
525,569
1,495,216
17,195
10,440,927
1,915,389
4,664,895
50,027
31,502,243
173,286
454,598
2,942
3,645,726
604
1,249
-12,267
48,099
213,763
*319
1,102,473
Total receipts less total deductions ¹...........................................................
10,475,770
3,130,892
1,042,447
6,302,431
23,934,964
2,451,153
32,435
413,575
1,024,238
1,363,244
339,006
6,283,304
7,379,107
1,095,803
23,778,603
28,863,877
5,085,274
2,442,135
2,787,388
345,252
32,435
32,435
--
410,317
733,956
323,639
193,762
12,884
139,693
*4,172
326,567
32,851
223,928
*1
4,813,724
167,535
1,250,601
154,017
594,457
12,709
137,484
*45,419
775
25
659
6
65,818
5,749
51,217
--
2,650
4,965
25,382
1,710
39
315
33,786
*577
65,068
*-245
3,205,306
10,884
396,396
*740
46
--
8,538
--
73,336
96,597
23,261
14,336
14,393
*56
-709
10,221
10,931
101,473
121,320
19,847
4,309
7,177
2,868
36
41
5
7,989
8,570
*581
7,426
7,613
187
6,344
6,344
--
-2,374
*2,676
*5,051
39,360
47,990
8,629
*-114
*202
*316
----
*1,393
*1,401
8
Total net income (less deficit).......................................................................
11,441,644
3,596,176
Net income..........................................................................
14,275,423
5,087,448
Deficit..........................................................................
2,833,779
1,491,271
1,238,681
1,527,377
288,696
6,606,787
7,660,599
1,053,812
28,733,161
33,400,086
4,666,926
3,040,787
3,341,519
300,731
33,246
33,246
--
485,518
791,337
305,820
Income from a trade or business:
52
Net income (less deficit)
from a trade or business.........................................................
10,399,598
Net income..........................................................................
13,439,342
Deficit..........................................................................
3,039,744
3,092,056
4,696,991
1,604,935
Portfolio income (less deficit)
distributed to shareholders.........................................................
943,688
423,359
Dividend income..........................................................................
66,295
20,560
Interest income..........................................................................
687,672
324,051
Royalty income (less loss)..........................................................................
*4,173
-Net short-term capital gain
(less loss).......................................................
15,523
7,908
Net long-term capital gain
(less loss).......................................................
164,438
65,585
Other portfolio income (net)..........................................................................
5,586
*5,255
Real estate rental net income
(less deficit).........................................................
86,963
Net income..........................................................................
121,211
Deficit..........................................................................34,248
Net income (less deficit)
from other rental activity.........................................................
11,396
Net income..........................................................................
16,634
Deficit..........................................................................*5,238
52
Footnotes at end of table.
S Corporation Returns, 1996
Table 1.--All Returns: Total Receipts and Deductions, Portfolio Income, Rental Income, and Total Net
Income, by Major Industrial Group--Continued
[All figures are estimates based on samples--money amounts are in thousands of dollars]
Manufacturing--continued
Item
Apparel
Lumber
and
other
textile
and
wood
products
Paper
Furniture
and
fixtures
and
allied
products
Printing
and
publishing
Chemical
Petroleum
Rubber and
and
allied
products
(including
integrated)
and coal
miscellaneous
plastics
products
products
(16)
products
(17)
(18)
(19)
(20)
(21)
(22)
(23)
Number of returns.......................................................................
6,648
8,526
4,811
2,156
28,248
6,124
382
5,697
Number of shareholders............................................
12,976
Income from a trade or business:
19,972
9,610
5,163
54,770
13,627
736
14,180
Total receipts ¹......................................................................
27,561,745
24,173,223
Business receipts..........................................................
27,164,032
23,851,429
Interest on Government obligations:
State and local...............................................................................
3,748
2,401
Net gain, noncapital assets..........................................................
22,276
93,847
Other receipts..........................................................
371,688
225,547
10,269,378
10,172,129
17,778,142
17,647,450
39,416,750
38,373,810
19,513,687
19,341,909
2,392,577
2,353,604
25,462,548
25,298,684
*3,311
13,113
80,825
15,463
26,742
88,487
14,938
268,470
759,531
4,517
10,989
156,272
*59
*1,323
37,591
12,202
48,821
102,842
Total deductions......................................................................
26,971,249
23,179,900
Cost of goods sold..........................................................
19,867,293
17,923,401
Compensation of officers..........................................................
945,901
556,170
Salaries and wages..........................................................
1,852,267
1,034,946
Repairs..........................................................
53,759
202,716
Bad debts.......................................................... 101,609
29,494
Rent paid on business property..........................................................
400,975
133,317
Taxes paid.......................................................... 579,977
474,655
Interest paid..........................................................374,451
344,409
Amortization.......................................................... 13,021
16,625
Depreciation..........................................................315,674
703,927
Depletion..........................................................
-*31,564
Advertising.......................................................... 208,189
95,837
Pension, profit-sharing, stock
bonus, and annuity plans......................................................
70,206
78,269
Employee benefit programs..........................................................
186,782
194,670
Net loss, noncapital assets..........................................................
*11,071
*469
Other deductions..........................................................
1,990,072
1,359,434
9,854,975
7,182,195
302,773
500,239
37,118
30,632
125,976
220,891
104,215
5,589
170,630
-132,281
16,660,882
12,690,182
468,212
948,679
77,529
22,404
151,671
322,209
189,761
12,682
491,539
-50,935
37,003,123
20,690,179
2,082,416
4,486,880
230,399
150,357
686,032
996,024
515,187
81,502
1,177,621
-475,957
18,418,590
12,711,222
546,568
1,255,288
121,171
82,166
221,673
318,641
234,329
34,389
460,456
3,620
268,389
2,270,020
1,808,193
35,673
93,685
11,538
3,633
12,364
37,535
19,636
*606
48,298
*1,246
5,013
23,864,612
17,512,695
834,662
1,215,318
106,405
34,311
190,688
553,408
327,071
21,400
872,521
-152,820
43,621
122,015
*547
876,253
80,795
172,216
*800
981,269
254,012
446,481
6,874
4,723,202
79,275
192,743
2,900
1,885,760
*6,568
*12,336
-173,695
110,873
319,252
2,670
1,610,516
Total receipts less total deductions ¹...........................................................
590,496
993,323
414,402
1,117,260
2,413,627
1,095,097
122,558
1,597,937
411,092
575,261
164,169
1,101,797
1,249,091
147,294
2,398,689
2,844,445
445,757
1,090,580
1,353,601
263,021
122,499
132,451
*9,952
1,585,735
1,821,347
235,612
48,415
*1,032
21,856
*8
139,922
7,503
58,263
*-22
592,993
25,674
156,638
*18,016
307,265
6,006
49,812
*3,249
7,606
(²)
7,401
*44
132,920
7,137
68,223
*6,240
*99
-233
2,783
-1,507
*28
1,751
*24,152
*1,269
74,310
102
385,582
*4,300
249,385
*321
*89
*44
49,568
--
Net income (less deficit)
from a trade or business.........................................................
586,748
Net income..........................................................................
1,201,115
Deficit..........................................................................
614,367
990,923
1,245,122
254,199
Portfolio income (less deficit)
distributed to shareholders.........................................................
99,810
80,829
Dividend income..........................................................................
13,135
3,026
Interest income..........................................................................
55,007
59,595
Royalty income (less loss)..........................................................................
*2,137
*196
Net short-term capital gain
(less loss).......................................................
*9,645
2,343
Net long-term capital gain
(less loss).......................................................
19,482
13,763
Other portfolio income (net)..........................................................................
*403
*1,905
Real estate rental net income
(less deficit).........................................................
7,881
Net income..........................................................................
10,961
Deficit..........................................................................*3,080
2,800
4,247
*1,447
*725
*725
--
-368
*1,754
*2,122
10,553
14,147
3,594
847
*1,000
*153
*-75
-*75
3,937
6,007
*2,070
Net income (less deficit)
from other rental activity.........................................................
*483
Net income..........................................................................
*483
Deficit..........................................................................
--
4,224
4,224
--
*185
*185
--
----
7,223
7,231
*7
*1,144
*1,145
1
*28
*28
--
*2,504
*3,017
*513
Total net income (less deficit).......................................................................
694,922
1,078,776
Net income..........................................................................
1,285,561
1,314,512
Deficit..........................................................................
590,639
235,736
460,417
615,200
154,783
1,241,351
1,378,958
137,606
3,009,458
3,378,523
369,065
1,399,837
1,652,353
252,517
130,058
139,946
*9,888
1,725,095
1,932,676
207,581
Footnotes at end of table.
53
S Corporation Returns, 1996
Table 1.--All Returns: Total Receipts and Deductions, Portfolio Income, Rental Income, and Total Net
Income, by Major Industrial Group--Continued
[All figures are estimates based on samples--money amounts are in thousands of dollars]
Manufacturing--continued
Item
54
Leather
Stone,
and
leather
products
clay, and
glass
products
Primary
metal
industries
Fabricated
metal
products
Machinery,
except
electrical
and
electronic
equipment
Motor
vehicles and
equipment
(24)
(25)
(26)
(27)
(28)
(29)
(30)
Number of returns.......................................................................
1,041
3,407
1,282
20,371
9,064
8,690
1,122
Number of shareholders............................................
1,897
Income from a trade or business:
7,945
3,904
46,211
22,607
23,517
2,478
Total receipts ¹......................................................................
2,573,661
11,972,009
Business receipts..........................................................
2,567,140
11,866,596
Interest on Government obligations:
State and local...............................................................................
*930
4,945
Net gain, noncapital assets..........................................................
*965
19,660
Other receipts..........................................................4,626
80,809
22,200,333
22,091,370
64,813,926
64,137,470
25,745,396
25,528,452
27,593,697
27,332,642
8,846,851
8,792,085
3,293
46,361
59,310
25,356
199,623
451,477
7,153
48,731
161,059
30,995
38,314
191,747
*5,374
11,985
37,407
Total deductions......................................................................
2,507,843
11,096,278
Cost of goods sold..........................................................
1,934,696
7,739,141
Compensation of officers..........................................................
98,833
298,217
Salaries and wages..........................................................
86,380
750,378
Repairs..........................................................
6,318
102,475
Bad debts..........................................................
6,930
25,809
Rent paid on business property..........................................................
19,679
147,410
Taxes paid.......................................................... 46,854
272,557
Interest paid..........................................................31,076
142,168
Amortization..........................................................*10,928
13,968
Depreciation..........................................................28,872
476,629
Depletion..........................................................
-14,163
Advertising.......................................................... 31,920
53,971
Pension, profit-sharing, stock
bonus, and annuity plans......................................................
*6,127
56,783
Employee benefit programs..........................................................
30,982
134,891
Net loss, noncapital assets..........................................................
-*478
Other deductions..........................................................
168,247
867,241
21,414,948
18,817,993
304,917
545,920
60,533,180
44,653,219
2,579,034
3,343,219
23,910,029
16,633,024
1,028,081
1,719,848
25,661,127
18,345,282
841,658
2,052,249
8,332,867
6,930,659
159,201
316,104
80,008
39,324
62,165
247,399
173,788
8,788
376,530
-26,873
280,308
112,959
636,752
1,444,171
705,811
41,178
1,646,852
-297,942
88,470
51,162
263,803
628,211
323,094
23,589
661,448
-217,898
85,617
65,102
247,719
557,182
254,676
16,688
527,347
56
253,291
26,846
6,800
31,308
159,693
73,076
4,284
150,005
-34,112
65,531
143,757
296,083
826,314
186,205
421,688
120,712
275,289
23,173
105,058
*823
521,131
12,792
3,656,546
*899
1,662,608
2,202
2,016,057
*1,243
311,305
Total receipts less total deductions ¹...........................................................
65,817
875,731
785,385
4,280,746
1,835,366
1,932,571
513,984
782,092
952,173
170,081
4,255,390
4,894,290
638,900
1,828,213
2,105,670
277,457
1,901,575
2,250,729
349,153
508,610
537,348
*28,737
145,842
1,337
41,281
995
384,530
22,958
189,409
2,222
165,663
18,604
93,126
7,095
1,287,092
15,013
77,502
6,080
268,076
*5,533
12,204
2,169
321
5,107
134
1,639
282
*101,907
--
164,624
*210
45,402
*1,302
1,186,665
193
*247,888
--
12,366
12,373
*6
4,076
4,256
*181
28,597
29,402
805
4,094
4,177
*83
4,010
4,304
*293
*229
*267
38
*285
*2,570
8,321
1,825
*4,531
*1,330
*702
*417
Total net income (less deficit).......................................................................
78,309
939,980
Net income..........................................................................
143,677
1,076,883
Deficit..........................................................................
*65,369
136,903
*2,583
14
934,579
1,091,225
156,646
9,301
*980
4,676,838
5,267,595
590,757
*2,223
*398
1,999,796
2,260,705
260,910
*4,531
-3,197,209
3,525,491
328,282
*1,330
-778,245
803,287
*25,042
Net income (less deficit)
from a trade or business.........................................................
64,887
Net income..........................................................................
131,032
Deficit..........................................................................
*66,145
870,786
1,027,110
156,324
Portfolio income (less deficit)
distributed to shareholders.........................................................
12,688
56,542
Dividend income..........................................................................
*6,234
6,730
Interest income..........................................................................
5,701
43,720
Royalty income (less loss)..........................................................................
*38
*1,140
Net short-term capital gain
(less loss).......................................................
-*-84
Net long-term capital gain
(less loss).......................................................
*715
4,973
Other portfolio income (net)..........................................................................
-*64
Real estate rental net income
(less deficit).........................................................
*-123
Net income..........................................................................
*71
Deficit..........................................................................*194
Net income (less deficit)
from other rental activity.........................................................
*856
Net income..........................................................................
*856
Deficit.......................................................................... --
54
Electrical
Footnotes at end of table.
S Corporation Returns, 1996
Table 1.--All Returns: Total Receipts and Deductions, Portfolio Income, Rental Income, and Total Net
Income, by Major Industrial Group--Continued
[All figures are estimates based on samples--money amounts are in thousands of dollars]
Manufacturing--continued
Item
Transportation and public utilities
Transportation
Instruments
Miscellaneous
Electric,
equipment,
except
motor
and
related
products
manufacturing
and
manufacturing
vehicles
(31)
Total
Transportation
Communication
gas, and
sanitary
services
(37)
not allocable
(33)
(34)
(35)
(36)
Number of returns.......................................................................
2,109
5,484
14,842
98,311
80,342
12,330
5,638
Number of shareholders............................................ 5,013
Income from a trade or business:
16,074
37,011
193,169
146,456
31,921
14,792
Total receipts ¹......................................................................
7,311,895
8,975,635
Business receipts..........................................................
7,157,715
8,888,437
Interest on Government obligations:
State and local...............................................................................
*2,697
*3,844
Net gain, noncapital assets..........................................................
47,662
34,456
Other receipts..........................................................103,820
48,898
23,464,718
23,299,534
109,038,953
106,514,262
86,690,964
85,391,002
14,165,881
13,207,130
8,182,107
7,916,131
2,858
12,222
150,104
43,918
1,085,323
1,395,449
20,785
523,180
755,998
19,688
531,817
407,247
*3,445
30,326
232,205
Total deductions......................................................................
6,885,441
8,188,697
Cost of goods sold..........................................................
5,265,324
4,684,835
Compensation of officers..........................................................
189,860
456,735
Salaries and wages..........................................................
353,497
964,565
Repairs..........................................................
28,838
33,876
Bad debts..........................................................
23,470
28,820
Rent paid on business property..........................................................
77,966
148,774
Taxes paid.......................................................... 184,215
225,163
Interest paid.......................................................... 75,473
84,667
Amortization..........................................................
4,494
32,925
Depreciation.......................................................... 132,310
160,832
Depletion..........................................................
--Advertising..........................................................
38,000
119,867
Pension, profit-sharing, stock
bonus, and annuity plans......................................................
42,198
73,280
Employee benefit programs..........................................................
78,202
111,557
Net loss, noncapital assets..........................................................
*17
*96
Other deductions..........................................................
391,577
1,062,705
22,274,611
15,073,245
1,016,566
1,407,476
85,925
53,188
312,576
462,709
262,312
25,978
414,437
*28
352,384
106,489,164
50,011,767
3,059,748
13,172,326
1,922,860
401,045
4,537,938
3,234,365
1,899,146
346,984
4,869,339
*1,592
746,502
85,215,524
40,502,607
2,319,074
10,606,742
1,696,826
182,143
4,084,325
2,576,731
1,253,516
98,714
3,989,673
-383,485
13,427,420
5,416,311
504,243
1,895,159
115,479
183,595
272,141
385,194
449,044
213,802
527,444
-333,304
7,846,221
4,092,849
236,430
670,425
110,556
35,307
181,473
272,440
196,585
34,468
352,222
*1,592
29,714
99,691
221,053
2,885
2,484,157
281,864
1,044,386
75,438
20,883,863
217,728
879,191
12,115
16,412,653
44,501
80,505
63,130
2,943,568
19,636
84,689
*192
1,527,642
Total receipts less total deductions ¹...........................................................
426,454
786,938
1,190,108
2,549,788
1,475,440
738,462
335,886
1,187,249
1,574,992
387,743
2,505,871
5,519,628
3,013,757
1,454,655
3,376,681
1,922,025
718,774
1,547,694
828,920
332,441
595,253
262,812
293,386
4,536
66,985
36,573
2,581,942
36,592
897,805
*3,038
930,285
18,260
243,428
*2,879
1,509,477
16,155
561,870
--
142,181
2,178
92,507
*160
499
-36,814
2,055
-44,541
*5,673
184,762
32
1,672,952
8,369
662,497
1,166
972,745
*3,248
37,709
*3,955
Net income (less deficit)
from a trade or business.........................................................
423,757
Net income..........................................................................
516,244
Deficit.......................................................................... 92,487
(32)
783,094
898,077
114,982
Portfolio income (less deficit)
distributed to shareholders.........................................................
31,692
97,401
Dividend income..........................................................................
3,127
1,467
Interest income..........................................................................
25,876
28,642
Royalty income (less loss)..........................................................................
238
*22,172
Net short-term capital gain
(less loss).......................................................
*449
*64
Net long-term capital gain
(less loss).......................................................
2,002
*45,056
Other portfolio income (net)..........................................................................
--Real estate rental net income
(less deficit).........................................................
*2,449
Net income..........................................................................
*2,449
Deficit..........................................................................
--
*359
*1,157
*798
6,782
8,236
*1,454
69,200
82,823
13,622
60,067
71,145
11,078
4,566
4,855
*289
*4,567
*6,823
*2,255
Net income (less deficit)
from other rental activity.........................................................
*-1,716
Net income..........................................................................
*4,260
Deficit.......................................................................... *5,976
*373
*373
--
*3,914
*3,914
--
57,694
119,572
61,878
37,004
96,901
59,897
17,517
19,498
*1,981
*3,173
*3,173
--
Total net income (less deficit).......................................................................
456,182
881,227
Net income..........................................................................
546,466
982,757
Deficit.......................................................................... 90,283
101,530
1,491,332
1,838,169
346,838
5,214,707
8,040,558
2,825,851
2,482,012
4,317,767
1,835,755
2,250,334
3,019,113
768,779
482,361
703,678
221,317
Footnotes at end of table.
55
S Corporation Returns, 1996
Table 1.--All Returns: Total Receipts and Deductions, Portfolio Income, Rental Income, and Total Net
Income, by Major Industrial Group--Continued
[All figures are estimates based on samples--money amounts are in thousands of dollars]
Wholesale and retail trade
Wholesale trade
Item
Retail trade
Groceries
Machinery,
Miscellaneous
Building
materials,
garden
supplies,
and mobile
General
Total
Total
and
related
products
equipment,
and
supplies
wholesale
trade
Total
merchandise
stores
(38)
(39)
(40)
(41)
(42)
(43)
(44)
Number of returns.......................................................................
556,908
148,370
10,327
23,271
114,772
407,287
19,877
5,202
Number of shareholders............................................
1,059,268
290,578
22,374
44,050
224,154
766,386
36,514
11,025
Total receipts ¹......................................................................
1,225,474,736 508,123,870
Business receipts..........................................................
1,211,072,741 503,414,100
Interest on Government obligations:
State and local...............................................................................
150,731
74,002
Net gain, noncapital assets..........................................................
809,704
381,721
Other receipts..........................................................
13,441,561
4,254,046
61,046,215
60,659,161
48,221,060
47,447,819
398,856,595
395,307,120
715,291,395
705,678,963
32,178,924
31,894,069
9,744,224
9,637,099
2,959
78,119
305,975
8,424
84,408
680,409
62,619
219,194
3,267,662
76,146
427,855
9,108,431
1,405
14,355
269,094
*1,003
*389
105,733
Total deductions......................................................................
1,201,884,539 495,013,130
Cost of goods sold..........................................................
938,458,997 403,220,667
Compensation of officers..........................................................
23,800,574
11,076,209
Salaries and wages..........................................................
83,378,301
27,494,504
Repairs..........................................................
5,741,245
1,773,369
Bad debts.......................................................... 1,857,027
954,724
Rent paid on business property..........................................................
21,978,596
4,991,868
Taxes paid..........................................................
17,628,300
6,356,003
Interest paid..........................................................
9,476,709
3,616,907
Amortization.......................................................... 933,025
306,899
Depreciation..........................................................
10,797,837
3,928,366
Depletion..........................................................
*4,630
*3,269
Advertising..........................................................
12,975,664
2,578,975
Pension, profit-sharing, stock
bonus, and annuity plans......................................................
1,916,818
1,151,040
Employee benefit programs..........................................................
4,759,665
1,861,094
Net loss, noncapital assets..........................................................
153,668
71,699
Other deductions..........................................................
68,023,485
25,627,538
60,172,358
52,197,162
1,030,858
2,575,808
183,430
90,623
452,824
426,002
247,224
49,053
307,109
-228,183
46,345,521
35,106,734
1,408,959
3,350,572
200,771
109,761
516,218
579,909
465,800
16,061
629,025
157
222,984
388,495,251
315,916,771
8,636,391
21,568,124
1,389,168
754,340
4,022,826
5,350,092
2,903,883
241,785
2,992,232
*3,112
2,127,808
704,848,603
533,768,019
12,689,550
55,719,970
3,960,894
899,253
16,944,014
11,248,358
5,821,161
621,327
6,834,639
*1,361
10,377,818
31,400,407
22,974,346
859,655
2,911,768
205,083
86,884
581,648
599,832
384,352
11,119
322,688
1,297
328,119
9,670,625
6,405,270
242,471
1,140,457
64,333
11,890
461,401
202,452
79,199
8,854
87,310
-198,605
85,966
170,516
*135
2,127,465
182,564
267,166
3,119
3,285,719
882,509
1,423,412
68,445
20,214,354
764,212
2,890,724
81,934
42,225,371
80,726
173,078
*170
1,879,644
14,437
44,062
325
709,560
873,857
1,875,539
10,361,344
10,442,793
778,517
73,599
870,898
1,058,503
187,606
1,867,116
2,183,599
316,484
10,298,725
12,929,387
2,630,662
10,366,647
16,935,894
6,569,247
777,112
1,076,024
298,912
72,595
277,224
204,629
168,409
6,819
63,464
*13,755
358,593
9,091
94,301
508
3,041,098
86,834
664,365
86,311
2,461,589
68,753
945,913
13,346
118,998
9,242
79,640
*242
15,395
*1,656
13,282
--
185
*1,552
-3,427
22,027
559
23
83,803
*383
253,058
*84
2,203,278
3,738
1,409,609
1,942
29,073
*243
*435
--
128,220
141,521
13,301
6,456
10,393
*3,937
11,163
11,653
*490
110,601
119,475
8,875
189,509
226,914
37,405
21,349
24,461
*3,113
3,639
*6,715
*3,076
93,468
103,056
*9,588
*352
*599
*247
59,630
68,863
*9,233
33,486
33,594
*107
75,870
92,135
16,265
*965
*966
*1
----
Total net income (less deficit).......................................................................
29,972,943
16,826,527
Net income..........................................................................
39,008,036
19,600,493
Deficit..........................................................................
9,035,094
2,773,967
1,046,115
1,204,348
158,233
2,296,502
2,581,558
285,056
13,483,910
15,814,587
2,330,677
13,093,615
19,320,215
6,226,600
918,424
1,182,351
263,928
91,630
284,916
193,287
home dealers
(45)
Income from a trade or business:
56
Total receipts less total deductions ¹...........................................................
23,590,197
13,110,740
Net income (less deficit)
from a trade or business.........................................................
23,439,466
13,036,738
Net income..........................................................................
33,187,443
16,171,489
Deficit..........................................................................
9,747,977
3,134,751
Portfolio income (less deficit)
distributed to shareholders.........................................................
6,044,947
3,568,101
Dividend income..........................................................................
173,963
102,744
Interest income..........................................................................
1,774,321
822,129
Royalty income (less loss)..........................................................................
113,919
100,573
Net short-term capital gain
(less loss).......................................................
20,427
-1,690
Net long-term capital gain
(less loss).......................................................
3,956,172
2,540,139
Other portfolio income (net)..........................................................................
6,146
4,205
Real estate rental net income
(less deficit).........................................................
318,741
Net income..........................................................................
369,447
Deficit..........................................................................50,706
Net income (less deficit)
from other rental activity.........................................................
169,789
Net income..........................................................................
195,641
Deficit..........................................................................25,853
56
Footnotes at end of table.
S Corporation Returns, 1996
Table 1.--All Returns: Total Receipts and Deductions, Portfolio Income, Rental Income, and Total Net
Income, by Major Industrial Group--Continued
[All figures are estimates based on samples--money amounts are in thousands of dollars]
Wholesale and retail trade--continued
Retail trade--continued
Item
Automotive
dealers
Apparel
and
Furniture
and
Eating
and
Miscellaneous
stores
and
service
stations
accessory
stores
home
furnishing
stores
drinking
places
retail
stores
(46)
Food
Wholesale
and
retail
trade
not
allocable
(47)
(48)
(49)
(50)
(51)
(52)
Number of returns.......................................................................
42,068
53,787
20,242
20,637
124,659
120,815
1,251
Number of shareholders............................................
77,028
96,107
36,745
35,933
250,615
222,420
2,304
Total receipts ¹......................................................................
76,023,377
370,947,830
Business receipts..........................................................
75,004,205
365,585,568
Interest on Government obligations:
State and local...............................................................................
11,904
24,851
Net gain, noncapital assets..........................................................
46,526
221,884
Other receipts..........................................................
960,742
5,115,526
13,704,405
13,548,193
24,700,840
24,280,655
79,191,956
78,248,033
108,799,839
107,481,141
2,059,471
1,979,677
4,583
1,122
150,507
*5,595
3,870
410,720
3,162
96,783
843,978
23,642
42,926
1,252,131
*583
*127
79,084
Total deductions......................................................................
74,933,529
367,393,577
Cost of goods sold..........................................................
56,339,138
319,892,546
Compensation of officers..........................................................
967,227
3,430,592
Salaries and wages..........................................................
6,732,023
17,034,380
Repairs..........................................................
575,689
962,449
Bad debts..........................................................
56,858
285,120
Rent paid on business property..........................................................
1,689,568
3,380,759
Taxes paid..........................................................1,291,241
3,126,323
Interest paid..........................................................445,581
2,665,746
Amortization.......................................................... 64,548
84,045
Depreciation..........................................................944,571
1,752,915
Depletion..........................................................
--Advertising.......................................................... 771,114
3,441,595
Pension, profit-sharing, stock
bonus, and annuity plans......................................................
124,379
175,397
Employee benefit programs..........................................................
445,195
1,198,162
Net loss, noncapital assets..........................................................
11,983
9,331
Other deductions..........................................................
4,474,414
9,954,217
13,579,897
8,472,324
455,272
1,431,062
65,789
32,999
820,258
286,179
130,514
15,318
143,936
-335,679
23,871,177
15,169,053
679,766
2,646,398
144,450
99,215
1,004,466
513,518
174,237
23,545
264,239
-937,715
78,225,498
32,480,190
2,435,984
14,188,136
1,398,850
70,226
5,495,286
3,392,676
1,024,022
286,288
1,983,529
-2,266,481
105,773,893
72,035,152
3,618,582
9,635,747
544,251
256,061
3,510,627
1,836,138
917,511
127,610
1,335,451
*64
2,098,510
2,022,807
1,470,310
34,816
163,827
6,982
3,051
42,713
23,939
38,641
*4,799
34,833
-18,871
34,962
51,155
*3,468
1,300,982
49,282
120,365
*1,014
2,043,913
44,025
384,106
44,442
12,731,258
241,005
474,601
11,202
9,131,382
*1,567
7,847
*35
170,576
Total receipts less total deductions ¹...........................................................
1,089,848
3,554,253
124,508
829,663
966,459
3,025,946
36,664
119,925
487,303
367,378
824,069
984,182
160,114
963,296
3,094,113
2,130,816
3,002,304
4,581,574
1,579,270
36,081
80,060
*43,979
65,288
1,316
17,729
*5
66,678
8,512
52,893
1,009
654,474
10,162
157,949
*1,160
407,917
12,292
169,817
*10,231
15,258
*2,466
6,279
--
*628
*255
-6,027
6,332
*89
45,610
--
3,653
*357
490,887
*343
209,252
*-7
*6,424
--
45,771
55,987
10,217
*2,933
*3,489
*556
8,098
8,611
*512
45,917
49,243
*3,326
33,675
46,373
12,698
*1,012
*1,012
--
31,507
45,327
13,821
*581
*581
--
*10,132
*10,132
--
*-72
*2,318
*2,390
27,225
27,278
*53
*451
*451
--
Total net income (less deficit).......................................................................
1,637,407
4,213,714
Net income..........................................................................
2,083,285
5,472,309
Deficit..........................................................................
445,878
1,258,595
188,727
545,499
356,771
908,977
1,049,228
140,251
1,663,616
3,735,172
2,071,556
3,471,120
4,967,455
1,496,335
52,801
87,328
*34,527
Income from a trade or business:
Net income (less deficit)
from a trade or business.........................................................
1,077,944
Net income..........................................................................
1,565,783
Deficit..........................................................................
487,839
3,529,401
4,869,691
1,340,290
Portfolio income (less deficit)
distributed to shareholders.........................................................
525,804
607,035
Dividend income..........................................................................
13,909
11,665
Interest income..........................................................................
102,409
352,193
Royalty income (less loss)..........................................................................
30
*669
Net short-term capital gain
(less loss).......................................................
81
20,177
Net long-term capital gain
(less loss).......................................................
409,363
221,337
Other portfolio income (net)..........................................................................
*12
*994
Real estate rental net income
(less deficit).........................................................
28,127
Net income..........................................................................
32,035
Deficit.......................................................................... 3,908
Net income (less deficit)
from other rental activity.........................................................
*5,532
Net income..........................................................................
*5,532
Deficit..........................................................................
--
Footnotes at end of table.
57
S Corporation Returns, 1996
Table 1.--All Returns: Total Receipts and Deductions, Portfolio Income, Rental Income, and Total Net
Income, by Major Industrial Group--Continued
[All figures are estimates based on samples--money amounts are in thousands of dollars]
Finance, insurance, and real estate
Holding
Item
Total
(53)
Banking
Credit
agencies
Security,
commodity
other
than
brokers,
and
banks
services
Insurance
agents,
Insurance
brokers,
and
Real
estate
services
(57)
and other
investment
companies,
except bank
holding
companies
(54)
(55)
(56)
(58)
(59)
(60)
Number of returns.......................................................................
356,778
*109
11,642
12,540
--
45,358
264,591
22,538
Number of shareholders............................................
818,106
*191
21,821
21,017
--
71,468
646,801
56,809
Total receipts ¹......................................................................
87,396,401 *151,493
Business receipts..........................................................
80,733,584 *151,398
Interest on Government obligations:
State and local...............................................................................
167,411
-Net gain, noncapital assets..........................................................
308,594
-Other receipts..........................................................
6,186,812
*95
5,717,632
4,572,225
10,284,850
9,070,451
---
16,803,846
16,254,395
51,464,028
48,746,129
2,974,552
1,938,986
*2,396
56,448
1,086,563
47,564
38,929
1,127,906
----
9,855
6,077
533,519
50,120
205,046
2,462,733
57,476
2,094
975,997
Total deductions......................................................................
80,661,402 *104,535
Cost of goods sold..........................................................
24,209,800
-Compensation of officers..........................................................
8,326,340
*9,720
Salaries and wages..........................................................
12,740,324
*23,823
Repairs..........................................................
614,311
*1,273
Bad debts.......................................................... 658,377
*756
Rent paid on business property..........................................................
2,263,056
*8,843
Taxes paid..........................................................2,366,360
*3,777
Interest paid..........................................................
3,305,782
*5,849
Amortization..........................................................225,749
*29
Depreciation..........................................................
1,107,540
*1,302
Depletion..........................................................
*2,177
-Advertising..........................................................1,385,617
*4,925
Pension, profit-sharing, stock
bonus, and annuity plans......................................................
491,089
*187
Employee benefit programs..........................................................
661,122
-Net loss, noncapital assets..........................................................
81,956
*237
Other deductions..........................................................
22,221,801
*43,814
5,220,061
-497,085
1,215,854
30,088
270,945
178,458
190,434
931,005
34,234
73,783
*9
118,063
9,263,327
-2,218,649
2,209,760
36,171
28,335
269,913
332,183
441,669
7,768
97,280
-90,800
--------------
14,962,328
2,450,210
2,380,136
3,419,465
107,109
61,645
640,645
531,503
170,326
70,025
196,979
*25
305,184
48,300,699
21,449,813
2,881,553
5,352,289
429,927
285,759
1,118,652
1,240,969
1,595,221
105,090
690,325
*2,117
856,932
2,810,452
309,776
339,197
519,132
9,744
10,937
46,545
67,495
161,713
8,603
47,871
*26
9,713
24,783
46,070
21,256
1,587,993
91,131
75,933
*6,581
3,357,155
-----
164,808
199,608
*278
4,264,382
187,584
312,874
52,854
11,738,739
22,597
26,636
*750
1,229,719
497,571
1,021,523
--
1,841,518
3,163,329
164,100
495,175
1,046,874
551,699
973,959
2,030,581
1,056,622
----
1,831,663
2,113,573
281,910
3,113,209
6,087,891
2,974,682
106,624
1,253,406
1,146,782
401,669
6,267
223,384
*97
1,903,050
55,371
363,415
*219
-----
283,376
25,244
163,796
*3
2,130,144
78,027
1,173,445
6,793
1,828,847
324,613
500,134
131,015
31,087
589,734
--
2,464
96,170
218,664
133,849
*6,984
880,621
13,690
---
88,603
*3,265
740,175
35,535
636,059
18,362
*524
*524
--
1,769
7,952
6,183
666
*2,432
*1,766
----
3,175
*7,827
*4,653
1,852,127
3,436,361
1,584,235
33,141
63,607
30,465
----
4,103
*7,189
*3,086
*651
*651
--
----
*2,836
*2,836
--
86,010
102,362
16,352
-11,104
4,213
*15,317
902,716
1,336,250
433,534
2,878,326
3,387,687
509,360
----
2,121,049
2,344,264
223,215
7,181,490
10,944,434
3,762,944
1,957,509
2,913,058
955,550
Income from a trade or business:
58
Total receipts less total deductions ¹...........................................................
6,734,999
*46,958
Net income (less deficit)
from a trade or business.........................................................
6,567,588
Net income..........................................................................
12,580,546
Deficit..........................................................................
6,012,958
*46,958
*48,221
*1,263
Portfolio income (less deficit)
distributed to shareholders.........................................................
6,547,374
*288
Dividend income..........................................................................
489,522
-Interest income..........................................................................
2,424,462
*288
Royalty income (less loss)..........................................................................
138,126
-Net short-term capital gain
(less loss).......................................................
938,120
-Net long-term capital gain
(less loss)....................................................... 2,479,307
-Other portfolio income (net)..........................................................................
77,836
-Real estate rental net income
(less deficit)......................................................... 1,891,402
Net income..........................................................................
3,518,704
Deficit..........................................................................
1,627,301
Net income (less deficit)
from other rental activity.........................................................
82,496
Net income..........................................................................
117,251
Deficit..........................................................................34,755
58
Total net income (less deficit).......................................................................
15,088,860
*47,770
Net income..........................................................................
20,974,039
*48,346
Deficit..........................................................................
5,885,179
*576
Footnotes at end of table.
S Corporation Returns, 1996
Table 1.--All Returns: Total Receipts and Deductions, Portfolio Income, Rental Income, and Total Net
Income, by Major Industrial Group--Continued
[All figures are estimates based on samples--money amounts are in thousands of dollars]
Services
Item
Total
(61)
Hotels
and other
lodging
places
Personal
services
Business
services
Auto repair;
miscellaneous
repair
services
Amusement
and
recreation
services
Other
services
Nature of
business
not
allocable
(62)
(63)
(64)
(65)
(66)
(67)
(68)
Number of returns.......................................................................
815,494
19,028
56,819
246,698
76,990
64,908
351,051
3,046
Number of shareholders............................................
1,396,554
Income from a trade or business:
53,471
92,025
414,113
125,753
122,714
588,479
7,745
Total receipts ¹......................................................................
406,198,180
14,542,838
Business receipts..........................................................
394,464,342
14,193,664
Interest on Government obligations:
State and local...............................................................................
96,956
5,524
Net gain, noncapital assets..........................................................
1,552,551
35,115
Other receipts..........................................................
10,084,330
308,534
20,008,363
19,702,077
140,563,918
136,284,538
34,696,195
33,996,010
32,003,727
30,593,097
164,383,140
159,694,956
*224,366
*223,435
4,525
52,157
249,604
37,306
569,094
3,672,979
*274
439,374
260,537
12,672
258,257
1,139,701
36,655
198,554
4,452,975
--*932
Total deductions......................................................................
382,182,139
14,332,178
Cost of goods sold..........................................................
124,077,272
2,196,358
Compensation of officers..........................................................
38,334,545
312,147
Salaries and wages..........................................................
75,804,660
2,863,875
Repairs.......................................................... 3,870,644
521,935
Bad debts.......................................................... 990,137
14,596
Rent paid on business property..........................................................
16,144,570
1,027,825
Taxes paid..........................................................
14,773,146
897,623
Interest paid..........................................................
5,561,358
1,035,371
Amortization..........................................................
1,173,282
48,257
Depreciation..........................................................
10,582,342
959,097
Depletion..........................................................
*1,816
-Advertising..........................................................
5,237,956
407,607
Pension, profit-sharing, stock
bonus, and annuity plans......................................................
2,929,765
10,141
Employee benefit programs..........................................................
4,155,637
126,288
Net loss, noncapital assets..........................................................
128,316
20,100
Other deductions..........................................................
78,416,693
3,890,958
19,088,003
6,572,814
1,301,038
3,593,779
278,426
65,601
1,629,301
857,121
232,233
60,450
523,376
*725
498,566
132,281,750
54,006,762
10,499,160
25,528,429
907,650
326,240
3,613,374
4,631,172
1,269,480
218,960
3,147,570
*41
1,641,343
33,484,557
16,581,571
1,882,955
4,126,546
347,365
62,669
1,578,779
1,206,027
644,902
43,278
1,907,952
-482,461
30,787,874
7,848,643
2,629,699
5,053,922
692,325
65,904
1,761,570
1,309,331
777,352
575,161
1,575,500
*133
720,141
152,207,777
36,871,124
21,709,546
34,638,109
1,122,942
455,126
6,533,722
5,871,872
1,602,021
227,175
2,468,847
*917
1,487,837
224,729
*153,484
*13,786
*10,033
*327
*2,607
*7,530
*1,680
*1
-*1,185
-*1,706
58,149
173,412
*20,225
3,222,784
730,899
1,372,441
18,026
24,370,202
53,964
271,918
23,854
4,270,315
97,499
205,116
12,919
7,462,659
1,979,113
2,006,461
33,190
35,199,775
*1,103
*137
*2,134
*29,017
920,360
8,282,168
1,211,638
1,215,852
12,175,363
-363
915,835
1,348,643
432,808
8,244,861
11,263,582
3,018,721
1,211,364
1,779,379
568,015
1,203,181
3,088,966
1,885,785
12,138,708
15,523,427
3,384,719
-363
*18,440
*18,803
332,434
6,426
48,802
2,687
2,783,792
68,834
601,373
44,653
68,931
3,493
54,066
382
1,622,686
19,307
233,526
76,610
1,673,843
62,682
500,206
42,323
*1,150
-*1,150
--
869
63,417
*330
17,791
142,544
--
272,357
*1,293
1,997,035
8,480
10,660
--
1,275,247
*204
925,719
*368
---
Total receipts less total deductions ¹...........................................................
24,016,041
210,660
Net income (less deficit)
from a trade or business.........................................................
23,919,085
Net income..........................................................................
33,973,434
Deficit..........................................................................
10,054,350
205,135
969,436
764,301
Portfolio income (less deficit)
distributed to shareholders.........................................................
6,662,405
180,720
Dividend income..........................................................................
169,157
8,416
Interest income..........................................................................
1,582,420
144,447
Royalty income (less loss)..........................................................................
171,513
*4,858
Net short-term capital gain
(less loss).......................................................
222,282
-2,670
Net long-term capital gain
(less loss)....................................................... 4,505,321
24,301
Other portfolio income (net)..........................................................................
11,713
*1,368
Real estate rental net income
(less deficit)......................................................... 315,460
Net income..........................................................................
407,311
Deficit..........................................................................
91,850
72,021
82,883
10,861
22,483
22,915
*432
61,289
103,273
41,984
28,161
34,577
*6,416
35,690
41,785
*6,095
95,816
121,878
26,062
*418
*418
--
Net income (less deficit)
from other rental activity.........................................................
216,640
Net income..........................................................................
397,339
Deficit..........................................................................
180,699
*350
*402
*52
*351
*372
*21
165,830
289,039
123,209
16,577
60,126
*43,549
-5,608
5,771
*11,378
39,139
41,628
*2,489
----
Total net income (less deficit).......................................................................
31,113,590
458,227
Net income..........................................................................
40,313,108
1,156,392
Deficit..........................................................................
9,199,517
698,165
1,271,104
1,682,126
411,022
11,255,773
13,972,146
2,716,373
1,325,033
1,909,341
584,309
2,855,949
4,585,897
1,729,949
13,947,505
17,007,204
3,059,699
1,204
*20,007
*18,803
* Estimate should be used with caution because of the small number of sample returns on which it is based.
** Data deleted to avoid disclosure of information for specific corporations. Deleted data are included in the appropriate totals.
¹ Includes interest on Government obligations: State and local, which is not reflected in net income (less deficit) from a trade or business.
² Less than $500.
NOTE: Detail may not add to total due to rounding.
59
S Corporation Returns, 1996
Table 2.--Returns With Net Income: Total Receipts and Deductions, Portfolio Income, Rental Income,
and Total Net Income, by Major Industrial Group
[All figures are estimates based on samples--money amounts are in thousands of dollars]
Mining
Item
All
Agriculture,
industries
forestry,
and fishing
(1)
(2)
Oil
Total
Metal
Coal
and
mining
mining
gas
Nonmetallic
minerals,
extraction
except fuels
(3)
(4)
(5)
(6)
(7)
Number of returns.....................................................................................
1,426,650
47,591
9,336
*514
334
6,961
1,527
Number of shareholders......................................................................
2,731,324
119,118
20,574
*928
1,531
14,975
3,140
36,113,312
12,354,480
*228,650
3,367,796
5,896,236
2,861,798
Business receipts....................................................................
2,104,394,833
34,529,081
Interest on Government obligations:
State and local............................................................................
625,048
13,079
Net gain, noncapital assets....................................................................
4,725,665
155,904
Other receipts....................................................................
33,142,436
1,415,247
Total deductions......................................................................
2,012,406,301
33,292,278
11,352,040
*155,594
3,314,209
5,055,560
2,826,676
9,225
197,339
795,876
10,258,744
*46
*32,481
*40,528
*160,917
*705
13,977
38,904
3,210,463
5,773
145,377
689,525
4,313,604
*2,700
5,503
26,919
2,573,760
Cost of goods sold....................................................................
1,378,184,052
19,266,133
5,092,753
Compensation of officers....................................................................
81,813,344
996,952
294,582
Salaries and wages....................................................................
177,414,977
2,539,592
863,117
Repairs....................................................................
12,378,172
736,076
229,873
Bad debts....................................................................
3,448,176
18,514
19,246
Rent paid on business property....................................................................
38,953,242
1,113,274
131,066
Taxes paid....................................................................
41,793,990
671,110
454,421
Interest paid....................................................................
18,455,255
563,269
273,876
Amortization....................................................................
2,131,359
11,733
25,801
Depreciation....................................................................
31,502,214
1,262,169
601,815
Depletion....................................................................
162,883
*3,367
115,644
Advertising....................................................................
18,963,349
103,992
14,541
Pension, profit-sharing, stock
bonus, and annuity plans............................................................................
7,234,493
52,152
46,723
Employee benefit programs....................................................................
14,077,379
146,964
244,530
Net loss, noncapital assets....................................................................
189,541
*7,216
*1,501
Other deductions....................................................................
185,703,875
5,799,764
1,849,255
Total receipts less total deductions ¹......................................................................
130,481,680
2,821,034
2,095,736
*69,780
*1,428
*1,372
*19,976
*146
*3,719
*9,622
*2,587
-*7,682
*3,103
*1
1,706,187
31,277
222,627
67,444
*4,248
61,289
137,064
81,949
*11,272
150,909
*37,143
1,195
1,694,354
167,299
497,460
88,207
10,406
49,246
222,431
137,074
10,646
251,329
*16,371
6,887
1,622,432
94,578
141,658
54,246
4,447
16,813
85,304
52,265
3,883
191,895
59,027
6,459
*1,653
*2,328
-*37,522
*67,733
*8,767
186,266
*6
502,820
157,333
15,397
38,009
*924
1,107,565
1,582,632
20,907
17,926
*571
201,349
288,038
Income from a trade or business:
Total receipts ¹......................................................................
2,142,887,981
60
Net income (less deficit)
from a trade or business....................................................................
129,856,632
2,807,954
2,086,511
*67,687
156,628
1,576,859
285,338
Net income....................................................................
132,473,979
Deficit....................................................................2,617,347
Portfolio income (less deficit)
2,848,573
40,619
2,111,574
25,063
*67,687
--
161,868
*5,240
1,593,570
16,711
288,450
*3,112
distributed to shareholders....................................................................
27,128,263
327,128
517,495
*2,274
30,852
455,130
29,239
Dividend income......................................................................
1,056,191
13,938
Interest income......................................................................
7,720,540
184,905
Royalty income (less loss)......................................................................
643,344
9,837
Net short-term capital gain
(less loss)....................................................................................
1,254,731
-1,535
Net long-term capital gain
(less loss)....................................................................................
16,341,413
118,952
Other portfolio income (net)......................................................................
112,044
*1,029
Real estate rental net income
37,254
126,684
89,798
-*2,274
--
*2,511
15,361
*2,775
30,950
88,108
87,023
3,793
20,941
--
21,033
--
*3,460
17,286
*287
242,452
*273
---
*6,746
--
231,546
*217
4,160
*57
(less deficit)....................................................................
4,156,690
73,937
12,654
*28
*1,600
9,872
1,153
Net income......................................................................
4,412,759
Deficit...................................................................... 256,069
Net income (less deficit)
77,180
3,243
13,075
*421
*28
--
*1,715
*115
10,069
*197
1,263
*110
from other rental activity....................................................................
754,794
21,638
17,806
--
*5,125
*2,348
*10,333
18,617
*811
2,634,466
--*69,989
*5,125
-194,205
*3,160
*811
2,044,209
*10,333
-326,063
Net income......................................................................
801,903
Deficit...................................................................... 47,109
Total net income.......................................................................
161,896,380
60
Footnotes at end of table.
21,910
*272
3,230,657
S Corporation Returns, 1996
Table 2.--Returns With Net Income: Total Receipts and Deductions, Portfolio Income, Rental Income,
and Total Net Income, by Major Industrial Group--Continued
[All figures are estimates based on samples--money amounts are in thousands of dollars]
Construction
Manufacturing
General
building
Item
Total
contractors
Heavy
Special
and
construction
trade
operative
contractors
contractors
(10)
(11)
Total
Food and
Tobacco
kindred
manufac-
Textile
mill
products
tures
products
(13)
(14)
builders
(8)
(9)
(12)
(15)
Number of returns.....................................................................................
164,878
59,309
5,050
100,519
89,675
5,371
3
2,198
Number of shareholders......................................................................
269,192
94,740
10,047
164,405
217,506
23,912
14
5,172
Income from a trade or business:
Total receipts ¹......................................................................
231,398,271 103,106,675
24,080,004
104,211,592
375,883,088
50,421,083
235,219
14,354,474
Business receipts....................................................................
229,520,492 102,271,942
Interest on Government obligations:
State and local............................................................................
64,229
35,218
Net gain, noncapital assets....................................................................
227,366
64,937
Other receipts....................................................................
1,586,183
734,578
Total deductions......................................................................
217,961,145
98,400,284
23,750,876
103,497,674
371,838,473
49,785,242
234,831
14,310,319
13,461
89,886
225,781
22,726,128
15,550
72,543
625,824
96,834,734
151,962
1,081,466
2,811,186
347,083,232
8,006
213,063
414,772
47,656,825
-10
378
202,784
3,258
4,091
36,805
13,632,689
Cost of goods sold....................................................................
171,857,069
85,794,520
17,968,563
Compensation of officers....................................................................
7,785,467
2,284,041
720,586
Salaries and wages....................................................................
10,405,002
2,814,783
940,138
Repairs....................................................................
1,018,849
193,380
131,409
Bad debts....................................................................
241,271
45,829
23,075
Rent paid on business property....................................................................
1,804,361
428,422
137,709
Taxes paid....................................................................
4,264,832
1,065,959
467,819
Interest paid....................................................................
1,215,640
493,283
182,716
Amortization....................................................................
39,196
12,319
1,514
Depreciation....................................................................
3,127,558
597,542
892,065
Depletion....................................................................
10,838
*259
10,457
Advertising....................................................................
567,804
215,612
19,369
Pension, profit-sharing, stock
bonus, and annuity plans............................................................................
706,661
196,404
117,818
Employee benefit programs....................................................................
1,571,416
327,959
121,481
Net loss, noncapital assets....................................................................
17,313
3,940
*582
Other deductions....................................................................
13,327,867
3,926,033
990,827
Total receipts less total deductions ¹......................................................................
13,437,126
4,706,391
1,353,876
68,093,986
4,780,840
6,650,082
694,060
172,367
1,238,230
2,731,054
539,642
25,363
1,637,952
*122
332,822
253,686,543
12,070,926
21,463,884
1,654,466
684,873
3,509,451
7,468,528
3,610,994
307,157
8,319,345
25,237
3,102,850
37,384,924
841,477
2,194,394
240,686
51,902
305,909
815,011
402,878
37,747
970,788
-786,575
163,519
3,580
6,977
352
333
1,568
5,058
2,150
85
2,428
-2,615
10,858,903
386,189
488,907
47,134
33,607
124,695
258,224
148,554
5,385
338,346
-25,665
392,440
1,121,977
12,791
8,411,008
7,376,858
1,747,004
3,853,591
27,927
25,550,455
28,799,855
159,783
378,732
2,072
3,083,948
2,764,257
604
1,249
-12,267
32,435
38,752
142,440
*319
735,568
721,785
Net income (less deficit)
from a trade or business....................................................................
13,372,896
4,671,174
1,340,415
7,361,308
28,647,893
2,756,251
32,435
718,527
Net income....................................................................
13,438,168
Deficit.................................................................... 65,271
Portfolio income (less deficit)
4,695,995
24,822
1,363,244
22,829
7,378,929
17,621
28,862,107
214,214
2,787,388
31,137
32,435
--
733,956
*15,429
distributed to shareholders....................................................................
835,362
357,643
173,515
304,204
4,630,195
582,681
775
65,012
Dividend income......................................................................
54,754
14,817
Interest income......................................................................
594,037
265,288
Royalty income (less loss)......................................................................
*4,095
-Net short-term capital gain
(less loss)....................................................................................
17,633
10,010
Net long-term capital gain
(less loss)....................................................................................
162,200
64,686
Other portfolio income (net)......................................................................
*2,643
*2,841
Real estate rental net income
11,324
125,307
*4,094
28,612
203,442
*1
152,119
1,111,725
134,003
12,322
126,772
*45,405
25
659
6
5,749
42,661
--
1,786
5,837
31,948
1,789
39
3,542
30,958
*47
66,557
*-245
3,190,655
9,746
395,654
*740
46
--
13,061
--
(less deficit)....................................................................
58,984
52,256
9,005
-2,277
91,007
2,733
36
6,463
Net income......................................................................
83,513
Deficit...................................................................... 24,529
Net income (less deficit)
66,512
14,256
9,030
*25
7,972
10,249
104,022
13,015
5,075
2,342
41
5
*7,043
*581
4,442
*-2,636
30,991
*-147
--
*1,336
4,442
-1,527,377
*2,176
*4,811
7,660,599
33,095
2,104
33,400,086
*169
*316
3,341,519
--33,246
*1,344
8
791,337
from other rental activity....................................................................
8,181
6,374
Net income......................................................................
13,179
Deficit...................................................................... *4,998
Total net income.......................................................................
14,275,423
Footnotes at end of table.
6,561
187
5,087,448
61
S Corporation Returns, 1996
Table 2.--Returns With Net Income: Total Receipts and Deductions, Portfolio Income, Rental Income,
and Total Net Income, by Major Industrial Group--Continued
[All figures are estimates based on samples--money amounts are in thousands of dollars]
Manufacturing--continued
Item
Apparel
Lumber
and
and
Paper
Furniture
and
Printing
Chemical
Petroleum
Rubber and
and
(including
miscellaneous
other
wood
and
allied
and
allied
integrated)
plastics
textile
products
fixtures
products
publishing
products
and coal
products
products
(16)
products
(17)
(18)
(19)
(20)
(21)
(22)
(23)
Number of returns.....................................................................................
3,544
5,589
2,512
1,147
18,230
3,911
266
3,957
Number of shareholders......................................................................
7,095
14,266
4,865
3,370
35,478
9,999
602
10,834
Income from a trade or business:
Total receipts ¹......................................................................
20,461,251
62
19,554,048
7,974,735
15,895,035
33,967,583
17,365,186
2,059,599
22,518,079
Business receipts....................................................................
20,140,605
19,270,515
Interest on Government obligations:
State and local............................................................................
3,646
2,353
Net gain, noncapital assets....................................................................
12,636
86,302
Other receipts....................................................................
304,365
194,878
Total deductions......................................................................
19,262,082
18,309,825
7,892,400
15,768,459
33,396,401
17,204,344
2,022,805
22,359,901
*3,305
12,712
66,319
7,402,546
14,426
25,503
86,647
14,635,870
14,561
265,713
290,907
31,149,749
4,517
10,693
145,633
16,018,289
*59
*109
*36,626
1,927,089
12,088
44,663
101,427
20,691,767
Cost of goods sold....................................................................
14,366,775
14,198,568
5,495,974
Compensation of officers....................................................................
760,991
486,787
246,828
Salaries and wages....................................................................
1,251,381
808,318
317,092
Repairs....................................................................
36,250
140,361
24,784
Bad debts....................................................................
41,642
25,014
17,648
Rent paid on business property....................................................................
269,652
104,152
68,998
Taxes paid....................................................................
396,554
386,085
166,875
Interest paid....................................................................
237,580
235,288
60,469
Amortization....................................................................
9,452
9,630
4,463
Depreciation....................................................................
203,603
512,745
115,643
Depletion.................................................................... -*8,938
-Advertising....................................................................
165,499
89,565
68,179
Pension, profit-sharing, stock
bonus, and annuity plans............................................................................
57,423
69,922
41,984
Employee benefit programs....................................................................
114,029
166,216
94,883
Net loss, noncapital assets....................................................................
*1,595
*127
*422
Other deductions....................................................................
1,349,656
1,068,109
678,303
Total receipts less total deductions ¹......................................................................
1,199,169
1,244,223
572,189
11,202,587
393,765
867,365
70,355
19,695
135,358
279,068
148,986
10,912
424,864
-47,368
17,745,052
1,667,105
3,721,278
195,232
116,652
582,990
836,383
381,661
66,594
939,617
-381,972
11,140,500
510,133
1,054,291
111,764
49,130
182,360
269,799
180,309
31,397
389,605
3,620
225,249
1,620,114
*26,102
59,446
*4,397
*2,573
*7,203
25,580
12,928
*255
38,635
*646
4,696
15,256,321
738,670
1,022,926
95,498
29,129
157,627
466,153
251,756
12,007
729,211
-128,777
78,197
148,548
*800
808,002
1,259,165
212,613
371,732
*5,494
3,925,373
2,817,833
78,429
170,616
*974
1,620,113
1,346,897
*4,655
*7,883
-111,975
132,510
106,898
281,215
1,795
1,413,785
1,826,312
Net income (less deficit)
from a trade or business....................................................................
1,195,523
1,241,870
568,884
1,244,739
2,803,272
1,342,380
132,451
1,814,224
Net income....................................................................
1,201,115
Deficit.................................................................... *5,592
Portfolio income (less deficit)
1,245,122
*3,252
575,261
*6,377
1,249,091
*4,352
2,844,445
41,173
1,353,601
*11,221
132,451
--
1,819,577
*5,353
distributed to shareholders....................................................................
80,449
67,907
45,414
133,827
562,525
307,993
7,562
112,799
Dividend income......................................................................
12,506
2,601
Interest income......................................................................
40,364
53,351
Royalty income (less loss)......................................................................
*955
*20
Net short-term capital gain
(less loss)....................................................................................
*9,579
*2,331
Net long-term capital gain
(less loss)....................................................................................
*16,642
7,699
Other portfolio income (net)......................................................................
*403
*1,905
Real estate rental net income
*1,027
19,182
*8
6,907
55,747
*-22
22,854
142,814
*5,417
6,005
48,254
*3,249
(²)
7,401
--
6,746
56,776
*3,105
*91
*-457
2,677
779
*28
1,682
*23,838
*1,269
71,645
7
384,484
*4,279
249,385
*321
*89
*44
44,489
--
(less deficit)....................................................................
9,106
2,885
*716
392
9,719
836
*-75
3,691
Net income......................................................................
9,106
Deficit......................................................................
-Net income (less deficit)
3,913
*1,029
*716
--
*1,754
*1,362
12,817
3,098
*989
*153
-*75
5,195
*1,504
from other rental activity....................................................................
*483
*1,851
Net income......................................................................
*483
Deficit......................................................................
-Total net income.......................................................................
1,285,561
62
Footnotes at end of table.
*1,851
-1,314,512
*185
--
3,007
*1,144
8
*1,963
*185
-615,200
--1,378,958
3,014
*7
3,378,523
*1,145
1
1,652,353
8
-139,946
*1,963
-1,932,676
S Corporation Returns, 1996
Table 2.--Returns With Net Income: Total Receipts and Deductions, Portfolio Income, Rental Income,
and Total Net Income, by Major Industrial Group--Continued
[All figures are estimates based on samples--money amounts are in thousands of dollars]
Manufacturing--continued
Item
Leather
Stone,
and
clay, and
Primary
Fabricated
Machinery,
Electrical
and
Motor
leather
glass
metal
metal
except
electronic
vehicles and
products
products
industries
products
electrical
equipment
equipment
(24)
(25)
(26)
(27)
(28)
(29)
(30)
Number of returns.....................................................................................
536
2,557
981
14,277
5,151
4,973
717
Number of shareholders......................................................................
1,295
6,475
2,925
33,371
13,282
11,443
1,702
10,469,487
14,526,681
56,112,052
22,252,867
23,059,944
7,831,037
Business receipts....................................................................
2,292,158
10,385,761
Interest on Government obligations:
State and local............................................................................
*930
4,945
Net gain, noncapital assets....................................................................
*906
11,100
Other receipts....................................................................
2,229
67,681
Total deductions......................................................................
2,164,854
9,443,194
14,425,703
55,512,447
22,056,675
22,826,443
7,775,954
3,293
46,177
51,508
13,573,098
24,719
179,186
395,700
51,218,087
6,916
42,014
147,262
20,146,845
30,727
35,044
167,731
20,781,498
*5,374
11,802
37,907
7,288,394
Cost of goods sold....................................................................
1,688,902
6,638,841
11,487,776
Compensation of officers....................................................................
96,108
280,689
277,280
Salaries and wages....................................................................
72,788
623,385
451,917
Repairs.................................................................... 5,460
91,712
69,235
Bad debts....................................................................1,952
22,644
19,893
Rent paid on business property....................................................................
18,131
123,964
49,302
Taxes paid....................................................................
42,028
239,591
200,614
Interest paid....................................................................
25,337
98,270
123,486
Amortization....................................................................
*1,881
12,133
7,447
Depreciation....................................................................
23,455
398,109
277,983
Depletion....................................................................
-11,976
-Advertising....................................................................
28,170
47,849
25,079
Pension, profit-sharing, stock
bonus, and annuity plans............................................................................
*4,673
53,971
60,791
Employee benefit programs....................................................................
27,606
107,599
125,276
Net loss, noncapital assets....................................................................
-*478
*807
Other deductions....................................................................
128,361
691,983
396,213
Total receipts less total deductions ¹......................................................................
131,370
1,026,293
953,583
38,036,532
2,128,136
2,815,007
227,837
99,886
509,286
1,229,315
513,720
27,816
1,323,558
-271,124
14,086,000
872,142
1,450,238
74,180
44,226
204,553
543,642
249,154
19,903
542,469
-168,459
14,961,309
706,508
1,685,729
74,272
36,878
194,156
427,093
166,913
10,666
409,868
56
208,978
6,019,087
156,519
290,556
25,397
6,210
24,334
143,587
59,593
3,623
131,001
-27,332
272,213
706,962
6,236
3,050,459
4,893,965
176,577
364,797
*899
1,349,608
2,106,022
110,361
202,301
1,818
1,584,591
2,278,446
22,358
92,047
*1,243
285,508
542,644
Income from a trade or business:
Total receipts ¹......................................................................
2,296,224
Net income (less deficit)
from a trade or business....................................................................
130,439
1,021,347
950,290
4,869,246
2,099,106
2,247,719
537,270
Net income....................................................................
131,032
Deficit....................................................................
*593
Portfolio income (less deficit)
1,027,110
*5,762
952,173
*1,883
4,894,290
25,044
2,105,670
*6,564
2,250,729
*3,010
537,348
*78
distributed to shareholders....................................................................
12,630
47,762
134,290
364,465
156,333
1,273,751
264,420
Dividend income......................................................................
*6,234
3,380
Interest income......................................................................
5,642
37,432
Royalty income (less loss)......................................................................
*38
*1,092
Net short-term capital gain
(less loss)....................................................................................
-*821
Net long-term capital gain
(less loss)....................................................................................
*715
4,973
Other portfolio income (net)......................................................................
-*64
Real estate rental net income
1,256
29,863
995
22,207
169,471
2,222
18,387
84,714
6,963
10,330
70,910
*5,834
*5,533
11,500
188
267
5,038
134
*1,680
282
*101,907
--
165,317
*210
45,854
*281
1,184,803
193
*246,918
--
(less deficit)....................................................................*-123
8,133
4,076
26,530
3,405
3,420
*267
Net income...................................................................... *71
Deficit......................................................................
*194
Net income (less deficit)
8,140
*6
4,256
*181
27,335
805
3,487
*83
3,471
*51
*267
--
from other rental activity....................................................................
*731
*-360
*2,570
7,354
1,862
*600
*1,330
*57
*417
1,076,883
*2,583
14
1,091,225
*8,333
*980
5,267,595
*2,223
*361
2,260,705
*600
-3,525,491
*1,330
-803,287
Net income......................................................................*731
Deficit......................................................................
-Total net income.......................................................................
143,677
Footnotes at end of table.
63
S Corporation Returns, 1996
Table 2.--Returns With Net Income: Total Receipts and Deductions, Portfolio Income, Rental Income,
and Total Net Income, by Major Industrial Group--Continued
[All figures are estimates based on samples--money amounts are in thousands of dollars]
Manufacturing--continued
Item
Transportation and public utilities
Transportation
Instruments
Miscellaneous
Electric,
equipment,
and
manufacturing
gas, and
except
related
and
motor
products
manufacturing
vehicles
Total
Transportation
Communication
sanitary
services
not allocable
(33)
(34)
(35)
(36)
(37)
Number of returns.....................................................................................
1,566
3,882
(31)
(32)
8,307
55,797
43,457
8,052
4,288
Number of shareholders......................................................................
3,563
8,677
19,166
114,921
83,899
21,082
9,940
Income from a trade or business:
Total receipts ¹......................................................................
6,139,207
64
8,430,460
19,958,838
79,878,889
63,115,773
10,486,588
6,276,529
Business receipts....................................................................
6,006,407
8,351,565
Interest on Government obligations:
State and local............................................................................
*2,225
*3,844
Net gain, noncapital assets....................................................................
34,831
34,430
Other receipts....................................................................
95,744
40,620
Total deductions......................................................................
5,622,230
7,541,027
19,819,540
77,896,954
62,086,731
9,788,707
6,021,516
2,770
10,481
126,048
18,414,490
42,998
846,215
1,092,721
74,531,021
19,871
408,074
601,096
59,778,589
19,688
410,234
267,959
9,051,200
*3,439
27,907
223,666
5,701,231
Cost of goods sold....................................................................
4,380,659
4,338,491
12,615,709
Compensation of officers....................................................................
158,442
435,318
898,159
Salaries and wages....................................................................
280,866
900,646
1,100,377
Repairs....................................................................
15,464
30,786
73,308
Bad debts....................................................................
15,347
19,159
31,353
Rent paid on business property....................................................................
72,505
132,231
240,475
Taxes paid....................................................................
145,166
213,168
379,536
Interest paid....................................................................
49,804
62,654
199,504
Amortization....................................................................
1,057
16,591
18,116
Depreciation....................................................................
79,424
130,269
337,725
Depletion.................................................................... ---Advertising....................................................................
31,114
116,615
251,971
Pension, profit-sharing, stock
bonus, and annuity plans............................................................................
28,937
69,509
98,355
Employee benefit programs....................................................................
64,007
102,470
182,982
Net loss, noncapital assets....................................................................
*17
*96
*2,734
Other deductions....................................................................
299,423
973,023
1,984,188
Total receipts less total deductions ¹......................................................................
516,977
889,433
1,544,348
37,447,150
2,132,305
8,726,586
1,129,528
186,611
3,202,740
2,188,567
1,005,890
174,083
2,762,596
-452,340
30,724,868
1,578,491
6,899,168
944,007
89,344
2,867,153
1,684,182
629,765
36,366
2,213,527
-237,205
3,784,277
396,900
1,329,134
95,137
90,238
187,224
276,794
234,922
108,510
293,579
-197,480
2,938,005
156,914
498,285
90,384
7,029
148,362
227,592
141,203
29,207
255,489
-17,655
215,718
723,530
34,955
14,148,424
5,347,868
156,229
608,827
6,409
11,103,047
3,337,183
43,095
49,609
28,365
1,935,939
1,435,388
16,394
65,094
*182
1,109,438
575,297
Net income (less deficit)
from a trade or business....................................................................
514,752
885,589
1,541,578
5,304,870
3,317,312
1,415,700
571,858
Net income....................................................................
516,244
Deficit.................................................................... 1,492
Portfolio income (less deficit)
898,077
*12,488
1,574,992
*33,414
5,517,111
212,240
3,374,164
56,851
1,547,694
131,994
595,253
23,395
distributed to shareholders....................................................................
26,399
96,810
286,391
2,601,247
891,056
1,584,633
125,558
Dividend income......................................................................
*2,080
1,467
Interest income......................................................................
22,169
28,051
Royalty income (less loss)......................................................................
83
*22,172
Net short-term capital gain
(less loss)....................................................................................
*562
*64
Net long-term capital gain
(less loss)....................................................................................
*1,505
*45,056
Other portfolio income (net)......................................................................
--Real estate rental net income
4,502
57,991
*36,272
34,533
817,662
*3,029
16,264
191,526
*2,870
16,099
549,185
--
2,170
76,951
*160
1,021
-35,776
2,052
-43,518
*5,691
186,574
32
1,776,769
5,031
677,273
*1,071
1,062,862
*5
36,633
*3,955
(less deficit)....................................................................
*1,068
*359
7,372
70,495
63,539
2,388
*4,567
Net income......................................................................
*1,068
Deficit......................................................................
-Net income (less deficit)
*1,157
*798
8,119
*748
73,581
3,087
64,082
*543
*2,677
*289
*6,823
*2,255
from other rental activity....................................................................
*4,247
Net income......................................................................
*4,247
Deficit......................................................................
-Total net income.......................................................................
546,466
64
Footnotes at end of table.
--
*2,828
63,946
45,860
16,392
*1,694
--982,757
*2,828
-1,838,169
74,440
*10,494
8,040,558
54,374
*8,514
4,317,767
*18,372
*1,981
3,019,113
*1,694
-703,678
S Corporation Returns, 1996
Table 2.--Returns With Net Income: Total Receipts and Deductions, Portfolio Income, Rental Income,
and Total Net Income, by Major Industrial Group--Continued
[All figures are estimates based on samples--money amounts are in thousands of dollars]
Wholesale and retail trade
Wholesale trade
Retail trade
Building
Item
Total
Total
Groceries
Machinery,
Miscellaneous
and
equipment,
wholesale
related
and
trade
products
supplies
Total
materials,
General
garden
merchandise
supplies,
stores
and mobile
home dealers
(40)
(41)
(42)
(43)
(44)
(45)
Number of returns.....................................................................................
323,337
98,264
(38)
(39)
7,664
15,781
74,819
224,397
12,384
1,997
Number of shareholders......................................................................
625,694
194,698
14,003
31,392
149,303
429,586
23,215
4,336
Total receipts ¹......................................................................
1,010,693,147 440,771,367
52,654,844
42,036,121
346,080,402
568,055,900
25,566,419
6,347,893
Business receipts....................................................................
998,467,857 436,486,026
Interest on Government obligations:
State and local............................................................................
125,399
65,972
Net gain, noncapital assets....................................................................
692,605
326,076
Other receipts....................................................................
11,407,287
3,893,293
Total deductions......................................................................
977,858,279 424,819,323
52,285,280
41,336,539
342,864,207
560,196,803
25,335,264
6,275,480
2,879
77,167
289,517
51,613,365
6,910
62,999
629,673
39,855,390
56,183
185,910
2,974,103
333,350,568
58,845
366,401
7,433,851
551,251,283
1,405
7,321
222,429
24,501,598
*536
*333
71,544
6,070,133
Cost of goods sold....................................................................
775,910,777 347,722,136 44,644,112
Compensation of officers....................................................................
19,641,429
9,691,712
945,402
Salaries and wages....................................................................
65,780,322
23,482,302
2,278,347
Repairs....................................................................
4,364,880
1,482,287
166,856
Bad debts....................................................................
1,364,719
756,627
69,282
Rent paid on business property....................................................................
15,724,389
4,123,449
407,597
Taxes paid....................................................................
13,771,116
5,473,073
382,412
Interest paid....................................................................
6,736,116
2,825,073
189,823
Amortization....................................................................
585,346
229,816
38,759
Depreciation....................................................................
7,808,517
3,174,712
271,263
Depletion....................................................................
*4,566
*3,269
-Advertising....................................................................
10,041,027
2,134,046
189,511
Pension, profit-sharing, stock
bonus, and annuity plans............................................................................
1,757,351
1,064,257
78,457
Employee benefit programs....................................................................
3,890,962
1,603,820
152,050
Net loss, noncapital assets....................................................................
41,692
14,757
*135
Other deductions....................................................................
50,435,072
21,037,988
1,799,359
Total receipts less total deductions ¹......................................................................
32,834,868
15,952,044
1,041,479
30,355,772
1,236,168
2,850,542
153,697
96,712
443,470
499,256
374,459
15,241
504,259
157
171,198
272,722,252
7,510,143
18,353,413
1,161,734
590,634
3,272,381
4,591,404
2,260,792
175,816
2,399,189
*3,112
1,773,337
426,869,118
9,917,912
42,159,588
2,875,691
605,285
11,567,919
8,277,608
3,875,409
351,341
4,600,554
1,297
7,888,688
18,236,628
628,011
2,219,660
157,919
67,279
407,001
421,934
259,977
5,076
254,924
1,297
229,642
4,111,093
187,504
690,653
36,899
10,211
239,635
122,472
41,059
4,238
47,957
-115,049
165,623
231,164
*3,114
2,754,557
2,180,731
820,176
1,220,607
11,507
16,484,071
12,729,834
691,527
2,280,103
26,901
29,262,345
16,804,617
64,431
130,188
*170
1,417,462
1,064,821
14,243
30,276
325
418,519
277,760
Income from a trade or business:
Net income (less deficit)
from a trade or business....................................................................
32,709,469
15,886,072
1,038,600
2,173,821
12,673,651
16,745,772
1,063,416
277,224
Net income....................................................................
33,178,047
Deficit....................................................................468,578
Portfolio income (less deficit)
16,170,360
284,287
1,058,503
*19,903
2,183,599
9,778
12,928,258
254,606
16,927,627
181,855
1,076,024
*12,608
277,224
--
distributed to shareholders....................................................................
5,876,880
3,522,447
165,356
349,169
3,007,921
2,346,191
100,643
9,026
Dividend income......................................................................
162,118
99,684
Interest income......................................................................
1,590,559
751,270
Royalty income (less loss)......................................................................
107,089
95,446
Net short-term capital gain
(less loss)....................................................................................
73,863
38,708
Net long-term capital gain
(less loss)....................................................................................
3,937,831
2,533,821
Other portfolio income (net)......................................................................
5,420
3,518
Real estate rental net income
6,724
60,931
*13,755
8,768
86,576
508
84,192
603,763
81,183
60,962
833,717
11,643
7,775
69,130
*242
*751
8,312
--
27
*-81
38,763
35,066
*373
--
83,538
*383
253,314
*84
2,196,969
3,051
1,402,902
1,901
22,881
*243
*-37
--
(less deficit)....................................................................
271,610
104,974
587
549
103,838
165,624
17,327
*-1,334
Net income......................................................................
300,818
Deficit...................................................................... 29,208
Net income (less deficit)
114,782
9,807
4,177
*3,590
1,039
*490
109,565
5,727
185,025
19,401
18,166
*838
*1,212
*2,546
from other rental activity....................................................................
150,078
86,999
*-195
58,018
29,177
62,627
*965
--
*52
*247
1,204,348
58,018
-2,581,558
29,213
*37
15,814,587
69,583
6,955
19,320,215
*966
*1
1,182,351
--284,916
Net income......................................................................
157,317
Deficit...................................................................... 7,239
Total net income.......................................................................
39,008,036
Footnotes at end of table.
87,283
*284
19,600,493
65
S Corporation Returns, 1996
Table 2.--Returns With Net Income: Total Receipts and Deductions, Portfolio Income, Rental Income,
and Total Net Income, by Major Industrial Group--Continued
[All figures are estimates based on samples--money amounts are in thousands of dollars]
Wholesale and retail trade--continued
Retail trade--continued
Wholesale
Item
Food
stores
Automotive
Apparel
Furniture
Eating
dealers
and
and
and
and
accessory
home
service
stores
furnishing
stations
(46)
(47)
and
Miscellaneous
retail
drinking
retail
trade
places
stores
stores
not
allocable
(48)
(49)
(50)
(51)
Number of returns.....................................................................................
24,958
33,837
9,623
12,339
64,565
64,692
(52)
677
Number of shareholders......................................................................
47,895
61,540
16,814
22,879
129,759
123,147
1,410
305,191,888
10,436,526
21,470,352
54,373,917
85,556,097
1,865,880
Business receipts....................................................................
58,364,647
300,681,814
Interest on Government obligations:
State and local............................................................................
11,755
23,776
Net gain, noncapital assets....................................................................
36,787
197,826
Other receipts....................................................................
699,619
4,288,472
Total deductions......................................................................
57,566,396
300,356,940
10,325,367
21,085,304
53,591,940
84,536,987
1,785,028
*4,464
*1,086
105,608
9,952,209
*3,578
2,780
378,690
20,489,291
3,162
90,242
688,573
51,299,136
10,169
30,025
978,916
81,015,580
*583
*127
80,142
1,787,673
Cost of goods sold....................................................................
43,741,291
262,842,678
6,299,570
Compensation of officers....................................................................
721,216
2,816,900
354,248
Salaries and wages....................................................................
5,247,237
13,761,475
1,073,321
Repairs....................................................................
423,419
757,831
48,037
Bad debts....................................................................
40,814
157,399
21,203
Rent paid on business property....................................................................
1,145,612
2,557,388
563,148
Taxes paid....................................................................
1,001,027
2,491,653
202,912
Interest paid....................................................................
297,953
1,955,527
75,251
Amortization....................................................................
40,664
56,077
7,359
Depreciation....................................................................
652,744
1,304,392
104,750
Depletion.................................................................... ---Advertising....................................................................
570,195
2,772,420
259,017
Pension, profit-sharing, stock
bonus, and annuity plans............................................................................
115,691
155,935
30,944
Employee benefit programs....................................................................
343,801
978,225
34,909
Net loss, noncapital assets....................................................................
*2,468
5,774
*1,749
Other deductions....................................................................
3,222,264
7,743,265
875,790
Total receipts less total deductions ¹......................................................................
1,546,412
4,834,948
484,317
13,164,753
570,965
2,309,133
118,727
92,369
815,420
433,336
130,698
10,039
219,039
-805,835
21,876,543
1,731,705
9,761,260
921,588
34,150
3,548,936
2,234,392
526,859
147,446
1,136,968
-1,584,620
56,596,561
2,907,364
7,096,850
411,269
181,859
2,290,780
1,369,882
588,085
80,442
879,779
-1,551,910
1,319,523
31,805
138,431
6,903
*2,807
33,022
20,435
35,634
*4,189
33,252
-18,293
48,940
107,863
*1,014
1,661,160
981,061
42,995
284,729
*6,618
7,460,328
3,074,781
218,347
370,112
8,783
6,463,557
4,540,517
*1,567
7,038
*35
134,739
78,207
Income from a trade or business:
Total receipts ¹......................................................................
59,112,808
66
Net income (less deficit)
from a trade or business....................................................................
1,534,657
4,811,173
479,853
977,483
3,071,618
4,530,348
77,624
Net income....................................................................
1,565,783
Deficit....................................................................31,126
Portfolio income (less deficit)
4,863,425
52,252
487,303
*7,450
984,182
*6,700
3,094,113
22,494
4,579,573
49,225
80,060
*2,436
distributed to shareholders....................................................................
516,109
580,548
62,169
63,541
628,358
385,798
8,241
Dividend income......................................................................
13,785
10,269
Interest income......................................................................
92,513
319,502
Royalty income (less loss)......................................................................
3
*153
Net short-term capital gain
(less loss)....................................................................................
81
24,635
Net long-term capital gain
(less loss)....................................................................................
409,715
225,033
Other portfolio income (net)......................................................................
*12
*954
Real estate rental net income
1,265
14,662
*5
8,346
50,029
1,009
7,032
128,069
*1
11,739
151,500
*10,231
*1,472
5,572
--
*628
*255
2,862
6,231
*89
45,610
--
3,546
*357
490,051
*343
206,104
*-7
*1,108
--
(less deficit)....................................................................
28,276
46,624
*3,148
8,205
33,900
29,478
*1,012
Net income......................................................................
30,067
Deficit...................................................................... *1,791
Net income (less deficit)
50,508
3,884
*3,185
*37
8,221
*17
35,829
*1,929
37,836
8,358
*1,012
--
from other rental activity....................................................................
*4,243
33,965
*328
--
*1,296
21,831
*451
*328
-545,499
--1,049,228
*2,318
*1,022
3,735,172
21,880
*49
4,967,455
*451
-87,328
Net income..............................................
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