S Corporation Returns, 2001
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S Corporation Returns, 2001
by Kelly Bennett
S
corporations continue to be the most prevalent
type of corporation filing Form 1120, U.S. Tax
Return for a Corporation. For Tax Year
2001, about 58.2 percent of all corporations filed a
Form 1120S. The total number of returns filed by S
corporations for Tax Year 2001 increased 4.4
percent to nearly 3.0 million, from nearly 2.9 million
reported in Tax Year 2000. S corporations became
the most common corporate entity type in 1997.
Since then, S corporation return filings have increased 29.5 percent.
The growth of S corporation returns was encouraged by four legislative acts: the Tax Reform Act of
1986, the Revenue Reconciliation Act of 1990, the
Revenue Reconciliation Act of 1993, and the Small
Business Job Protection Act of 1996 [1]. Filings of S
corporation returns have increased at an average
annual rate of 9.2 percent since the enactment of the
Tax Reform Act of 1986 (Figure A). During the
same time period, taxable corporations have experienced an average annual decline of 1.2 percent. The
term “taxable corporations” refers to all other corporations other than S corporations [2].
For Tax Year 2001, approximately 299.2 thousand corporations elected subchapter S status for the
first time. Of these, 205.8 thousand were newly
incorporated businesses. The remaining 93.4 thousand elected to make the conversion from a taxable
corporation to an S corporation. The growth rate for
all S corporations continued to slow, but the number
of businesses electing S corporation status rose 2.2
percent (Figure B).
For Tax Year 2001, S corporation total assets
and total receipts continued to grow, but at a slower
rate than in any of the previous 6 years. S corporations reporting total net income (less deficit) showed
a decrease of 5.5 percent from the previous year
(Figure B). The utilities sector reported the largest
percentage decline in number of returns, decreasing
27.2 percent. At the same time, the health care and
social assistance sector displayed the largest percentage increase in number of returns, 19.1 percent.
Kelly Bennett is an economist with the Corporation
Special Projects Section. This article was prepared
under the direction of Joseph Koshansky, Chief.
SCorporationBasics
Certain corporations may elect to be treated as S
corporations for Federal tax purposes. Electing to be
treated as an S corporation allows the income and
expenses to pass through the corporate structure to
the shareholders. Shareholders are generally responsible for any resulting tax liability. The S corporation
election allows S corporations and their shareholders
to avoid double taxation of the corporation’s net
income or capital gains. This treatment is unlike
taxable corporations, which incur a tax liability first at
the corporate level on their net incomes and capital
gains and again when profits are distributed to
shareholders in the form of dividends. Corporations
that are eligible to make a Subchapter S election can
achieve considerable tax savings by eliminating
double taxation. The tax benefits of an S election are
equally beneficial for corporations that report net
losses, as the losses flow through to the individual
shareholders and, for shareholders with active
participation in the business, can be used to offset net
income from other sources.
A corporation must meet all the criteria in Subchapter S of the Internal Revenue Code for an election and file Form 2553, Election by a Small Business Corporation, with the IRS Submission Processing Center where the corporation files its Federal
tax forms to qualify under Subchapter S. All shareholders of the corporation must concur with the
election on Form 2553, and all eligibility requirements
must be met prior to the election [3]. The criteria for
Tax Year 2001 were that the corporation:
Ø
be a domestic corporation (an unincorporated
association, that is treated as a corporation
under Internal Revenue Code section 7702,
may elect treatment as an S corporation);
Ø
have no more than 75 shareholders (a husband and wife (and their estates) are counted
as one shareholder for this requirement);
Ø
have only individuals, estates, certain trusts,
and exempt organizations as shareholders [4];
Ø
have no nonresident alien shareholders; and
Ø
have only one class of stock.
47
S Corporation Returns, 2001
Figure A
Number of Form 1120 Series Returns, by Type of Corporation, Tax Years 1986-2001
Number of returns
3,250,000
3,000,000
2,750,000
2,500,000
2,250,000
2,000,000
1,750,000
1,500,000
1,250,000
1,000,000
750,000
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
Tax year
48
S corporations
Ineligible corporations were:
Ø
Ø
affiliated group members eligible for inclusion
on a consolidated return;
insurance companies subject to provisions of
Subchapter L of the Internal Revenue Code;
Ø Interest-Charge Domestic International Sales
Corporations (IC-DISC’s) or former Domestic International Sales Corporations (DISC’s);
All other corporations
method of accounting for bad debts under
Internal Revenue Code section 585.
Form 1120S, U.S. Tax Return for an S Corporation, must be filed before the 15th day of the 3rd
month following the close of the corporation’s tax
year. Also, S corporations must generally file for a
calendar tax year to conform to the majority of their
shareholders. While S corporations may obtain an
exemption from the calendar year rule, for Tax Year
2001, nearly 92.5 percent of all S corporations filed a
calendar year return [5].
Ø corporations eligible to elect the possessions
tax credit; and
Ø banks or thrift institutions that use the reserve
48
FinancialDataHighlights
For 2001, S corporations accounted for 58.2 percent
of the 5.1 million corporate returns but only 18.6
S Corporation Returns, 2001
Figure B
S Corporations: Annual Percentage Change for Tax Years 1995-2001
Tax year
Number of
S corporations
Number of newly
elected
S corporations ¹
Number of new
S corporations ²
Number of
shareholders
Total assets
Total receipts
Total net income
(less deficit)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
1995...........................................................................................................
6.4
9.2
8.3
4.3
7.8
8.8
8.1
1996...........................................................................................................
7.0
-0.4
1997...........................................................................................................
6.4
19.5
0.9
18.3
5.0
4.9
8.1
18.8
8.9
10.6
26.3
22.2
1998...........................................................................................................
5.5
-3.3
1999...........................................................................................................
5.3
-2.7
2.8
-8.9
3.9
4.9
11.3
11.9
5.7
7.8
18.8
6.6
2000...........................................................................................................
4.9
-3.0
2001...........................................................................................................
4.4
2.2
-0.7
-2.6
2.6
3.1
9.9
5.2
9.6
4.0
2.5
-5.5
¹ Newly elected S corporations include startup businesses and corporations electing to convert to an S corporation.
² New S corporations only include corporations that started business within the reported tax year.
IncomeStatement
percent of the nearly $20,273.0 billion of total receipts
and 3.8 percent of the $49,154.4 billion of total assets
reported on corporate returns. S corporations
reported $1,883.0 billion of total assets and $3,761.5
billion of total receipts for 2001, increases of 5.2
percent and nearly 4.0 percent, respectively, from
2000. Net income (less deficit) reported by S
corporations decreased, from $198.5 billion for 2000
to $187.7 billion for 2001, a decrease of 5.5 percent
(Figure C). S corporations in the wholesale and retail
trade sector, which accounted for the largest share of
returns (17.5 percent) also accounted for the largest
share of total assets (22.6 percent) and total receipts
(41.3 percent) reported by S corporations for 2001.
Total net income (less deficit) reported by S corporations decreased to $187.7 billion for Tax Year 2001
from $198.5 billion reported for Tax Year 2000
(Table 1) [6]. At $142.6 billion, net income (less
deficit) from a trade or business is the largest component of total net income (less deficit). Net income
(less deficit) from a trade or business, as a share of
total net income (less deficit) increased slightly,
accounting for nearly 76.0 percent as compared to
70.1 percent for 2000. Portfolio income (less deficit)
distributed to shareholders decreased 28.2 percent to
$38.2 billion. (See definition of Portfolio Income in
Explanation of Selected Terms.) Net long-term
Figure C
S Corporation Total Net Income (Less Deficit), Tax Years 2000-2001
[Money amounts are in thousands of dollars]
Item
2000
2001
(1)
(2)
Increase or decrease (-)
Percent change
(3)
(4)
Total net income (less deficit) ¹.......................................................................................................................
198,535,888
187,686,917
Net income (less deficit) from trade or business.......................................................................................................................
139,109,127
142,552,181
-10,848,971
3,443,054
-5.5
2.5
22,172
-1,326,414
1.0
-9.7
Portfolio royalty income.......................................................................................................................
769,597
749,408
Portfolio net short-term capital gain (less loss).......................................................................................................................
-1,918,358
-672,803
-20,189
1,245,555
-2.6
64.9
Portfolio net long-term capital gain (less loss).......................................................................................................................
38,110,217
23,175,142
Other portfolio income (net).......................................................................................................................
340,849
362,813
Real estate rental income (less deficit).......................................................................................................................
5,448,040
6,226,832
-14,935,075
21,964
778,792
-39.2
6.4
14.3
-78,829
-10.0
Portfolio dividend income.......................................................................................................................
2,145,920
Portfolio interest income.......................................................................................................................
13,744,331
2,168,092
12,417,917
Net income (less deficit) from other rental activity.......................................................................................................................
786,164
707,335
¹ Total net income (less deficit) is discussed in the Explanation of Selected Terms section.
NOTE: Detail may not add to totals due to rounding.
49
S Corporation Returns, 2001
capital gain (less loss) fell from $38.1 billion net gain
in 2000 to a $23.2 billion net gain in 2001, a decline of
39.2 percent.
Total receipts for S corporations increased by
nearly 4.0 percent, from $3,617.5 billion for 2000 to
nearly $3,761.5 billion for 2001. Total deductions
rose 4.0 percent to over $3,617.6 billion for Tax Year
2001 from $3,617.5 for the previous year. (See definition of Total Deductions in Explanation of Selected Terms.) Cost of goods sold, the largest com-
ponent of deductions, accounted for 64.1 percent, or
$2,318.6 billion, of total deductions, a 2.4-percent
increase from $2,264.7 billion for 2000. Other deductions, a component of total deductions, represented
the largest percentage change, displaying an increase
of 132.1 percent from 2000 [7].
Four industrial sectors continued to account for
the majority, 62.7 percent or $117.7 billion, of total
net income (less deficit) reported for all S corporations (Figure D.) Wholesale and retail trade sectors
Figure D
S Corporations: Total Assets, Total Receipts, and Total Net Income (Less Deficit), by Industrial Sector,
Tax Year 2001
[Money amounts are in thousands of dollars]
Agriculture,
Item
All
forestry,
industries ¹
fishing, and
Mining
Utilities
(2)
(3)
(4)
74,522
17,868
Construction
Manufacturing
hunting
(1)
Number of returns..........................................................................................................
2,986,486
50
Total assets..........................................................................................................
1,883,045,385
41,563,944
26,249,544
Total receipts..........................................................................................................
3,761,512,350
51,076,075
22,615,938
Total net income (less deficit)..........................................................................................................
187,686,917
450,999
4,650,751
Net income (less deficit) from a trade or business..........................................................................................................
142,552,181
-156,770
3,777,632
Portfolio income..........................................................................................................
38,200,569
419,010
834,763
Dividend income..........................................................................................................
2,168,092
39,837
103,157
Interest income..........................................................................................................
12,417,917
260,688
264,210
Royalty income..........................................................................................................
749,408
22,075
130,029
Net short-term capital gain (less loss)..........................................................................................................
-672,803
-45,793
-35,261
Net long-term capital gain (less loss)..........................................................................................................
23,175,142
136,522
371,869
Other portfolio income (net)..........................................................................................................
362,813
5,683
759
Real estate rental net income (less deficit)..........................................................................................................
6,226,832
173,838
18,301
Net income (less deficit) from other rental activity..........................................................................................................
707,335
14,921
20,055
(5)
(6)
1,861
386,362
139,487
3,308,475
5,034,542
379,177
218,672
160,133
1,085
38,396
36
52,334
*68,281
-1
372
230,612,599
553,619,493
26,375,055
23,518,509
2,607,208
115,435
1,485,690
5,250
39,011
949,908
11,913
220,858
28,480
269,519,616
507,245,450
24,816,054
19,074,748
5,434,318
323,220
1,462,064
169,469
-40,305
3,518,007
1,863
229,034
77,955
Wholesale and retail trade
Transportation
Item
Total
(7)
Wholesale
Retail
Not
and
trade
trade
allocable
warehousing
(9)
(10)
(8)
Number of returns..........................................................................................................
522,880
172,350
Total assets..........................................................................................................
425,793,907
196,043,273
Total receipts..........................................................................................................
1,553,819,428
656,547,572
50
348,880
229,468,592
896,622,561
Total net income (less deficit)..........................................................................................................
41,100,658
22,592,383
18,537,744
Net income (less deficit) from a trade or business..........................................................................................................
31,940,679
16,914,084
15,057,015
Portfolio income..........................................................................................................
8,572,654
5,406,176
3,165,527
Dividend income..........................................................................................................
248,685
166,682
82,003
Interest income..........................................................................................................
2,215,981
1,042,616
1,172,414
Royalty income..........................................................................................................
110,413
79,934
30,479
Net short-term capital gain (less loss)..........................................................................................................
-285,836
-200,450
-85,387
Net long-term capital gain (less loss)..........................................................................................................
6,272,556
4,317,167
1,955,388
Other portfolio income (net)..........................................................................................................
10,856
226
10,630
Real estate rental net income (less deficit)..........................................................................................................
421,176
180,515
240,661
Net income (less deficit) from other rental activity..........................................................................................................
166,149
91,609
74,540
Footnotes at end of table.
Information
(11)
(12)
1,650
282,042
649,295
91,188
45,100,635
95,743,687
62,666
50,534,226
49,394,198
-29,469
-30,420
951
-951
-------
1,580,245
960,465
559,157
25,694
248,185
1,082
-37,525
324,142
-2,421
56,480
4,143
1,371,503
-699,755
2,014,172
68,935
548,165
7,838
-58,004
1,437,018
10,219
52,674
4,413
S Corporation Returns, 2001
Figure D--Continued
S Corporations: Total Assets, Total Receipts, and Total Net Income (Less Deficit), by Industrial Sector,
Tax Year 2001--Continued
[Money amounts are in thousands of dollars]
Administrative
Item
Real estate
Professional,
Management
Finance
and rental
scientific,
of
and waste
and
and
and technical
companies
management
insurance
leasing
services
(13)
and support
(holding
and remediation
companies)
services
(16)
(17)
(14)
(15)
331,953
449,812
21,447
151,658
Total assets..........................................................................................................
139,523,452
202,358,007
Total receipts..........................................................................................................
74,235,235
75,679,558
Total net income (less deficit)..........................................................................................................
12,345,520
12,677,180
75,291,505
242,934,166
25,417,941
179,137,808
15,484,743
6,145,644
32,287,213
130,772,974
6,717,277
Net income (less deficit) from a trade or business..........................................................................................................
7,967,931
4,220,677
20,899,200
Portfolio income..........................................................................................................
4,280,637
3,663,449
4,298,819
4,181,839
1,940,457
6,027,746
670,924
Number of returns..........................................................................................................
121,754
Dividend income..........................................................................................................
442,530
Interest income..........................................................................................................
1,010,210
231,742
1,642,842
115,647
957,646
318,823
915,068
49,098
342,649
Royalty income..........................................................................................................
14,154
53,659
Net short-term capital gain (less loss)..........................................................................................................
431,884
-21,721
Net long-term capital gain (less loss)..........................................................................................................
2,278,939
1,743,876
19,552
-98,388
3,302,996
38,034
-395,097
873,481
*10,750
-98,918
367,287
Other portfolio income (net)..........................................................................................................
102,922
13,052
Real estate rental net income (less deficit)..........................................................................................................
82,282
4,608,059
1,367
105,473
190,148
17,168
58
15,684
Net income (less deficit) from other rental activity..........................................................................................................
14,670
184,994
114,448
6,180
2,923
Health care
Arts,
Accommodation
Educational
and social
entertainment,
and food
Other
services
assistance
and recreation
services
services
(18)
(19)
(20)
(21)
(22)
170,214
31,863,636
67,225
26,047,641
166,897
67,851,625
181,213
31,566,014
Total receipts..........................................................................................................
10,828,035
122,701,519
Total net income (less deficit)..........................................................................................................
676,080
12,132,222
34,489,926
1,796,234
127,114,680
5,125,270
88,047,642
3,919,556
Net income (less deficit) from a trade or business..........................................................................................................
624,563
11,883,153
1,259,456
Portfolio income..........................................................................................................
49,565
202,595
471,850
Dividend income..........................................................................................................
2,912
16,183
29,013
3,369,319
1,644,184
25,459
3,475,004
376,229
10,639
Item
Number of returns..........................................................................................................
24,073
Total assets..........................................................................................................
4,244,234
Interest income..........................................................................................................
30,859
Royalty income..........................................................................................................
6,495
178,397
1
225,298
150,847
411,500
9,342
179,627
*384
Net short-term capital gain (less loss)..........................................................................................................
*269
-16,948
Net long-term capital gain (less loss)..........................................................................................................
9,030
27,322
-17,354
66,453
-23,805
1,220,981
-21,348
206,475
Other portfolio income (net)..........................................................................................................
--2,359
Real estate rental net income (less deficit)..........................................................................................................
1,080
19,786
17,594
50,974
*706
94,227
*453
59,745
Net income (less deficit) from other rental activity..........................................................................................................
*872
26,689
13,954
17,539
8,578
*Estimate should be used with caution because of the small number of returns on which it is based.
¹ Includes returns not allocable by industrial sector, which are not shown separately.
NOTE: Detail may not add to totals because of rounding.
(column 7) accounted for 21.9 percent of total net
income (less deficit), or $41.1 billion. The construction sector (column 5) reported $26.4 billion in total
net income (less deficit), an increase of 1.8 percent
from 2000 when $25.9 billion were reported. Professional, scientific, and technical services (column 15)
reported $25.4 billion for Tax Year 2001, an increase
of 10.5 percent. The manufacturing sector (column
6) represented 13.2 percent of total net income
(less deficit), or $24.8 billion. These four industrial
sectors also accounted for nearly 76.0 percent of
total receipts, 76.3 percent of total deductions, and
54.7 percent of portfolio income (less deficit) distributed to shareholders.
51
S Corporation Returns, 2001
52
Nearly two-thirds of all S corporations reported
positive net income (Table 2). These nearly 1.9
million S corporations reported $248.9 billion in
positive total net income for 2001, a decrease of 2.1
percent from 2000 when $254.2 billion were reported. For Tax Year 2001, all components of portfolio income (less deficit) distributed to shareholders
decreased with the exception of net short-term capital gain (less loss). Overall net long-term capital gain
(less loss) decreased 34.6 percent for S corporations
with positive total net income. Net long-term capital
gain (less loss) decreased $5.4 billion for the finance
and insurance sector, from $7.6 billion in 2000 to $2.1
billion in 2001. Within the finance and insurance
sector, the securities, commodity contracts, other
financial investments, and related activities decreased
$5.1 billion.
S corporations that reported positive total net
income reported an increase of 3.3 percent in total
receipts, from $2,953.5 billion for Tax Year 2000 to
$3,051.8 billion for Tax Year 2001. Total deductions
also increased 3.2 percent to $2,849.3 for 2001 from
the prior year when $2,758.6 billion were reported.
Other receipts increased by 9.3 percent from $50.9
billion for 2000 to $55.7 billion for 2001. Other deductions more than doubled for 2001, from $235.1
billion to $561.5 billion. [See Note 7.]
Four sectors accounted for 57.6 percent of the
nearly 1.9 million returns reporting positive total net
income in Tax Year 2001: wholesale and retail trade
(17.1 percent); professional, scientific, and technical
services (15.9 percent); construction (13.5 percent);
and real estate and rental and leasing (11.0 percent).
Positive total net income for the four largest industrial
sectors was nearly $130.9 billion for 2001. The
wholesale and retail trade accounted for 20.5 percent, $50.9 billion, of all positive total net income
reported. Construction represented 12.7 percent, or
nearly $31.7 billion, of positive total net income reported. Professional, scientific, and technical services accounted for 12.1 percent, and real estate and
rental and leasing accounted for 7.3 percent of positive total net income.
BalanceSheet
52
Total assets for S corporations increased 5.1 percent
from Tax Year 2000 to $1,883.1 billion for Tax Year
2001 (Table 3) [8]. The two largest asset categories
for Tax Year 2001 were net notes and accounts
receivable and net depreciable assets. (See definition
of Net Notes and Accounts Receivable and Net
Depreciable Assets in Explanation of Selected
Terms.) Net notes and accounts receivable accounted
for nearly $410.3 billion, or 21.8 percent, of total assets.
Net depreciable assets accounted for $422.8 billion,
or 22.5 percent, of total assets for all S corporations.
Mortgage and real estate loans and cash reported the
largest percentage increases by asset category for
Tax Year 2001. Mortgage and real estate loans
increased 18.2 percent to nearly $32.9 billion, and
cash increased 13.2 percent to $199.9 billion.
The two largest components of total liabilities and
equity for Tax Year 2001 were mortgages, notes, and
bonds payable due in 1 year or more and total net
worth. Mortgages, notes, and bonds payable in 1
year or more accounted for $395.2 billion of the total,
or 20.1 percent. Total net worth accounted for
$546.6 billion of the total, or 29.0 percent. Total net
worth is comprised of capital stock, paid-in capital
surplus, retained earnings unappropriated, and adjustments to shareholder’s equity, reduced by cost of
treasury stock. Adjustments to shareholder’s equity
declined 113.3 percent to -$915.4 million for 2001.
Retained earnings unappropriated accounted for
nearly $323.4 billion, or 59.2 percent, of total net
worth. S corporation returns in the manufacturing
and the wholesale and retail sectors accounted for
60.7 percent of retained earnings unappropriated, or
nearly $196.2 billion.
Four industrial sectors make up nearly $1,128.3
billion (59.9 percent) of total assets: wholesale and
retail trade; manufacturing; construction; and real
estate and rental and leasing (Figure E). Wholesale
and retail trade represented nearly $ 425.8 billion
(22.6 percent) of total assets for S corporations. S
corporations in the manufacturing sector represented
$269.5 billion, or 14.3 percent, of total assets. The
construction sector totaled for $230.6 billion, and the
real estate and rental and leasing sector totaled for
nearly $202.4 billion.
IncomeFromRentalRealEstate
The number of S corporations reporting Rental Real
Estate Income on Form 8825, Rental Real Estate
Income and Expenses of a Partnership or an S
Corporation, increased 3.0 percent to 237.0 thousand (Table 4). Net rental real estate income (less
deficit) increased to $6.2 billion for 2001, or 14.2
S Corporation Returns, 2001
Figure E
S Corporations: Total Assets, by Industrial Sector, Tax Year 2001
Wholesale and
retail trade
22.6%
All other ¹
28.5%
$1.9 Trillion
Manufacturing
14.3%
Management of
companies (holding
companies)
9.5%
Real estate and rental
and leasing
10.7%
Construction
12.2%
¹ All other includes: agriculture, forestry, fishing, and hunting; mining; utilities; transportation and warehousing; information; finance and
insurance; professional, scientific, and technical services; administrative and support and waste management and remediation services;
educational services; health care and social assistance; arts, entertainment, and recreation; accommodation and food services; other services;
and not allocable.
percent. The real estate group dominated all other
sectors, reporting 74.4 percent of net rental income
(less deficit) for all S corporations. The real estate
group also accounted for 68.2 percent of all returns
reporting income on Form 8825.
S corporations reporting rental real estate income
had gross income of $28.5 billion, an increase of 8.1
percent from 2000. Repairs, a component of rental
real estate expenses, increased 26.3 percent to nearly
$1.6 billion for Tax Year 2001. Net income (less
deficit) from partnerships and fiduciaries reported on
Form 8825 increased by 23.9 percent to $551.1
million for 2001, from $444.6 million for 2000.
ShareholderData
Other than individuals, there are five types of entities
that are allowed to be shareholders of an S corporation. These include: estates, trusts, bankrupt shareholders and bankruptcy estates, charitable organizations, and employee shareholder trusts. There are
also five types of ineligible shareholder entities:
nonresident aliens, nonqualifying trusts, partnerships
and limited liability companies (LLC’s), C corporations, and individual retirement accounts (IRA’s).
The number of S corporation shareholders increased 3.1 percent to 5,371,820 for Tax Year 2001.
Approximately 98.8 percent of S corporations had 10
or fewer shareholders, and an even larger percentage
of new S corporations (99.3 percent) were owned by
10 or fewer shareholders. The total number of
returns with only one shareholder grew 5.3 percent,
from 1,598,795 for 2000 to 1,684,861 for 2001. At
the same time, returns with 11-30 shareholders decreased 5.0 percent, from 18,188 for 2000 to 17,274
in Tax Year 2001. The Small Business Job Protection Act of 1996 increased the allowable number of
shareholders from 35 to 75. S corporations with
more than 30 shareholders decreased 2.5 percent to
2,296 for Tax Year 2001, and their total net income
(less deficit) decreased by 43.6 percent to nearly
$5.8 billion in Tax Year 2001. The mining sector
displayed the largest number of returns (510) with
53
S Corporation Returns, 2001
more than 30 shareholders, or 22.2 percent of the
more-than-30 category (Figure F).
S corporations with more than 35 shareholders
increased 46.1 percent from the 1,051 reported for
Tax Year 2000 to 1,536 for Tax Year 2001. Overall,
the total number of shareholders increased to 81,654
for returns with more than 35 shareholders, from
56,091 in Tax Year 2000.
SCorporationTaxation
S corporations generally do not pay income tax, due
to their treatment as a flow-through entities. However, they may be subject to up to four different types
of Federal income taxes. S corporations are responsible for the “built-in gains” tax, the excess net passive
income tax, the investment recapture tax, and the
LIFO recapture tax (included in “Adjustments to tax”
in Figure G). (See Explanation of Selected Terms
for further detail.) The built-in gains tax is the most
common of these four. The built-in gains tax repre-
sented 82.1 percent, or $303.2 millions of all Federal
income tax reported by S corporations for 2001. S
corporations that were previously C corporations and
made a valid S election after 1986 must pay tax on
any realized gain from the sale of certain assets.
These assets must be held at the time of elections
and the sale must be made within 10 years from the
first day of the S corporation’s election for the built-in
gains tax to apply. The built-in gains tax is limited to
net appreciation occurring prior to a C corporation’s
election as an S corporation. S corporations that had
a valid S election since the inception of the business
are not subject to the built-in gains tax [9].
The excess net passive income tax, the investment recapture tax, and the LIFO recapture tax also
apply to corporations that operated as taxable corporations before making their S elections. The excess
net passive income tax only applies to S corporations
with net passive investment income accounting for
more than 25 percent of gross receipts and with
Figure F
54
S Corporations: Number of Returns, by Number of Shareholders and Industrial Sector
Number of shareholders
Industrial sector
Total ¹
1
2
3
4-10
11-20
21-30
31 or more
(2)
(3)
(4)
(5)
(6)
(7)
(8)
182,738
192,242
14,356
2,918
2,296
Agriculture, forestry, fishing, and hunting.............................................................................................................................
74,522
25,991
30,770
6,394
10,021
Mining.............................................................................................................................
17,868
9,204
4,404
1,370
1,535
1,139
680
97
166
61
510
(1)
All industries ².............................................................................................................................
2,986,486
1,684,861
886,673
Utilities.............................................................................................................................
1,861
753
109
Construction.............................................................................................................................
386,362
224,812
115,066
54
23,282
921
20,150
**
690
**
66
**
58
Manufacturing.............................................................................................................................
139,487
57,033
49,688
12,027
Wholesale and retail trade ³.............................................................................................................................
522,880
273,867
179,780
31,252
17,057
31,482
1,914
2,660
664
151
170
59
Transportation and warehousing.............................................................................................................................
91,188
51,651
28,993
4,560
Information.............................................................................................................................
62,666
34,010
17,138
6,150
Finance and insurance.............................................................................................................................
121,754
77,559
29,417
6,507
4,251
4,372
7,143
287
477
349
53
106
200
52
17
179
Real estate and rental and leasing.............................................................................................................................
331,953
154,001
100,317
32,539
40,842
Professional, scientific, and technical services.............................................................................................................................
449,812
305,663
108,059
18,407
13,689
2,516
609
622
92
135
215
Management of companies (holding companies).............................................................................................................................
21,447
9,625
5,606
1,645
3,843
Administrative and support and waste management
306
106
299
and remediation services..................................................................................................................
151,658
89,556
48,025
7,260
Educational services.............................................................................................................................
24,073
16,910
4,446
1,061
Health care and social assistance.............................................................................................................................
170,214
134,137
25,168
3,624
5,548
1,302
4,661
67
**
897
6
-481
23
**
41
Arts, entertainment, and recreation.............................................................................................................................
67,225
37,288
18,320
4,016
Accommodation and food services.............................................................................................................................
166,897
72,856
59,904
15,918
Other services.............................................................................................................................
181,213
107,885
60,523
6,672
5,513
14,589
5,323
139
1,285
313
8
40
**
323
149
**
** Not shown to avoid disclosure of information about specific taxpayers. However, the data are included in the appropriate totals.
¹ Total includes S corporations for which neither a number of shareholders was reported nor a Schedule K-1, Shareholder's Share of Income, Credits, Deductions, etc., was filed.
² Includes returns not allocable by industrial sector, which are not shown separately.
³ This industrial sector includes "Wholesale and retail trade not allocable," which is not shown separately.
NOTE: Detail may not add to total due to rounding.
54
S Corporation Returns, 2001
subchapter C earnings. S corporations are required
to pay the investment credit recapture tax on the
recapture attributable to credits allowed on the corporation in the years prior to the S election. The last-in,
first-out (LIFO) recapture tax does not apply to S
corporations that made an S elections prior to December 18, 1987, and use the LIFO method to value
inventory. A LIFO recapture amount, which is the
amount of inventory valued under the first-in, first-out
(FIFO) method that exceeds the inventory valued
under LIFO, is required to be included in gross income after a corporation converts to an S corporation. Inventory that is transferred to an S corporation
during a tax-free reorganization of a C corporation is
also subject to the LIFO recapture tax.
S corporations reported total net income of
$187.6 billion and total tax liability of $369.1 million
during Tax Year 2001. The total tax reported for all
S corporations decreased 35.8 percent from 2000 to
2001 as shown in Figure G. The built-in gains tax
decreased 35.2 percent to $303.2 million for Tax
Year 2001. Excess net passive income tax decreased 62.8 percent to $9.1 million, and the investment recapture tax decreased 96.6 percent to $0.1
million for Tax Year 2001. Also displayed in this
figure are the adjustments to tax, which include
Section 1363(d) LIFO recapture taxes and interest
due from Form 8697, Interest Computation under
Look-Back Method for Completed Long-Term
Contracts. The income tax adjustment includes
Section 1291(c)(2) deferred tax of a shareholder in a
passive foreign investment company.
Of the nearly 3.0 million S corporations that filed
in 2001, only 7,258 reported tax liability. Overall, S
corporations reporting tax liability represent only 0.2
percent of all S corporation returns filed.
Figure G
r Total assets increased to nearly $1.9 trillion for
S Corporation Taxes, Tax Years 2000 and 2001
[Money amounts are in thousands of dollars]
Items
2000
2001
Percent
change
(1)
(2)
(3)
Total tax....................................................................................
574,831
369,166
-35.8
Built-in gains tax…………………....................................................................................
467,930
303,236
-35.2
Excess net passive income tax......................................................................................
24,548
9,131
-62.8
Adjustments to tax………………....................................................................................
77,466
53,974
-30.3
Investment credit recapture tax......................................................................................
3,549
120
-96.6
Income tax adjustment…………....................................................................................
1,338
2,707
102.3
Summary
r For Tax Year 2001, the number of S corporations grew to nearly 3.0 million, an increase of
4.4 percent in the number of returns filed as
compared to Tax Year 2000. S corporations
remain the most popular corporate entity, with
58.2 percent of all U.S. corporations electing
Federal tax treatment under Subchapter S. The
number of shareholders for S corporations
increased to 5.3 million, up 3.1 percent from the
previous year.
r Total net income (less deficit) decreased to
$187.7 billion for Tax Year 2001 from $198.5
billion reported for Tax Year 2000. As the
largest component of total net income (less
deficit), net income from a trade or business
accounted for 76.0 percent of the total, up from
the 70.1 percent reported for Tax Year 2000.
Portfolio income (less deficit) distributed to
shareholders declined to $38.2 billion in Tax
Year 2001, a decrease of 28.2 percent.
r Nearly 1.9 million S corporations reported
positive total net income, an increase of 3.2
percent from the previous tax year. S corporations reported $248.9 billion in positive total net
income for Tax Year 2001, a decrease of 2.1
percent. Four industrial sectors accounted for
57.6 percent of positive total net income reported by S corporations for Tax Year 2001.
Tax Year 2001, a 5.1-percent increase from
Tax Year 2000 when S corporations reported
$1.8 trillion. Four industrial sectors accounted
for 59.9 percent of total assets reported. Mortgages, notes, and bonds payable in 1 year or
more accounted for $395.2 billion of total
liabilities, or 20.1 percent.
r Less than half of 1.0 percent of all S corporations reported Federal tax liability, for a total tax
liability of $369.1 million. This was a 35.8-
NOTE: Detail may not add to totals because of rounding.
55
S Corporation Returns, 2001
percent decrease from Tax Year 2000, when
$574.8 million were reported. The largest
component of total tax liability was the built-in
gains tax of $303.2 million in total tax liability, a
decrease of 35.2 percent from the prior year.
ExplanationofSelectedTerms
56
56
Built-in Gains Tax.--The built-in gains tax is a
corporate level tax on S corporations that dispose of
assets that have appreciated in value during years
when the corporation was a C corporation. The S
corporation may be liable for the tax on its built-in
gains if: it was a C corporation prior to making its S
election; the S corporation election was made after
1986; it has net recognized built-in gain within the
recognition period; and the net recognized built-in
gain for the tax year does not exceed the net unrealized gain minus the net recognized built-in gain for
prior years in the recognition period, to the extent that
such gains were subject to tax.
Excessive Net Passive Income.--The excess net
passive income is the income that bears the same
ratio to net passive income as the amount of passive
investment income, exceeding 25 percent of gross
receipts, bears to passive investment income.
Investment Recapture Tax.--S corporations are
liable for recapture attributable to credits allowed in
years before the corporation was an S corporation.
LIFO Recapture Tax.--The last in, first out
(LIFO) recapture amount is the amount, if any, by
which the amount of inventory assets using the firstin, first out (FIFO) method exceeds the inventory
amount of such assets under the LIFO method.
Limited Liability Company (LLC).--The limited
liability company is a State-registered entity that can
be taxed like a partnership for Federal income tax
purposes, but its members, like corporate shareholders, are not personally liable for the entity’s liabilities.
Net Depreciable Assets.--Net depreciable
assets are depreciable assets reduced by accumulated depreciation as reported on the Balance Sheet,
Schedule L, of Form 1120S.
Net Intangible Assets.--Net intangible assets are
intangible assets reduced by accumulated amortization as reported on the Balance Sheet, Schedule L, of
Form 1120S.
Net Notes and Accounts Receivable.--Net
notes and accounts receivable are notes and accounts
receivable reduced by allowance for bad debts on the
Balance Sheet, Schedule L, of Form 1120S.
Net Passive Income.--Net passive investment
income is passive investment income reduced by any
allowable deduction directly connected with the
production of such income, except for the net operating loss deduction under Internal Revenue Code
section 172 and the special deductions allowed to
corporations by Internal Revenue Code section 241.
Passive Investment Income.--Passive investment income is gross receipts derived from royalties,
rents, dividends, interest (excluding interest on installment sales of inventory to customers and income of
certain lending and financing businesses), annuities,
and sales or exchanges of stock or securities to the
extent of any gain.
Portfolio Income (Less Deficit).--Portfolio
income (less deficit) is interest, dividends, annuities
and royalties, as well as gain or loss from the disposition of income-producing or investment property that
is not derived in the ordinary course of trade or business.
Small Business Job Protection Act of 1996.-The Small Business Job Protection Act of 1996
increased the number of permitted shareholders for
S corporations from 35 to 75; allowed an electing
small business trust with multiple beneficiaries to
qualify as a S corporation shareholder; allowed charitable organizations and qualified retirement plans (but
not individual retirement accounts) to be S corporation shareholders; allowed corporations with subsidiaries to become S corporations; and provided a special
qualified subchapter S subsidiary election so that
wholly owned subsidiaries could be considered part of
the S corporation for Federal income tax purposes.
Total Deductions.--Total deductions are the sum
of cost of goods sold; compensation of officers;
salaries and wages; repairs; bad debts; rent paid on
business property; taxes paid; interest paid; amortization; depreciation; depletion; advertising; pension,
profit-sharing, stock, bonus, and annuity plans; employee benefit programs; net loss, noncapital assets;
and other deductions from the income statement of
Form 1120S.
Total Net Income (Less Deficit).--Since the Tax
Reform Act of 1986, total net income (less deficit) is
defined as the sum of: ordinary income (loss), ordinary dividends, interest income, royalty income, other
S Corporation Returns, 2001
portfolio income, net income (loss) from rental real
estate activities, net income (loss) from other rental
activities, total net long-term capital gain (loss), and
net short-term capital gain (loss). Prior to 1987, S
corporation net income (less deficit) included most of
the components of total net income (less deficit)
above. The sum of the above components is a comprehensive measure of S corporation profits and
losses that enables comparisons to be made with
years prior to 1987.
Total Receipts.--Total receipts are the sum of
business receipts; interest on Government obligations,
State and local; net gain, noncapital assets; and other
receipts. S corporations report receipts for interest,
rents, royalties, net capital gains, and dividends on
Form 1120S, Schedule K, and these items are not
included in the statistics.
Trusts.--Trust refers to “electing small business
trust,” which can be an S corporation shareholder.
An electing trust is one that does not have as a beneficiary any person other than an individual, an estate,
or an organization eligible to accept charitable contributions under Internal Revenue Code section 170 and
does not have “potential current beneficiaries.” This
type of trust is different from the qualified subchapter
S trust (QSST).
DataSourcesandLimitations
The statistics for Tax Year 2001 are based on a
sample of S corporation income tax returns with
accounting periods ending July 2001 through June
2002 that posted to the Internal Revenue Service
Business Master File between July 2001 and the end
of June 2003.
The estimates in this article were based on a
stratified probability sample of 46,632 S corporation
returns drawn from a total population of 3,147,642
returns. The stratification was based on combinations
of total assets and ordinary income. Sample rates
ranged from 0.25 percent to 100 percent. The
sample was selected after administrative processing,
but before audit examination. The selected sample
included 45,595 active S corporation returns. Based
on this count, the number of active S corporations for
Tax Year 2001 was estimated to be 2,986,486.
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 H presents the coefficients of
variation for S corporations for selected variables by
industrial sector. The smaller the coefficient of
variation, the more reliable the estimate is considered.
NotesandReferences
[1] For detailed information on the impact of the
Tax Reform Act of 1986, the Revenue Reconciliation Act of 1993, and the Small Business Job
Protection Act of 1996 on S corporations, see
the following articles. For more information on
the impact of the Tax Reform Act of 1986 on S
corporations, see Gill, Amy, “S Corporation
Returns, 1992,” Statistics of Income Bulletin,
Spring 1995, Volume 14, Number 4; and Gill,
Amy and Wittman, Susan, “S Corporation
Election After the Tax Reform Act of 1986,”
Statistics of Income Bulletin, Spring 1998,
Volume 17, Number 4. For more information on
the impact of the Revenue Reconciliation Act of
1993, see Wittman, Susan, “S Corporation
Returns, 1994,” Statistics of Income Bulletin,
Spring 1997, Volume 16, Number 4. For more
information on the impact of the Small Business
Job Protection Act of 1996, see Wittman, Susan,
“S Corporation Returns, 1997,” Statistics of
Income Bulletin, Spring 2000, Volume 19,
Number 4.
[2] For the purpose of this article, taxable corporations file the following types of returns: Form
1120, Form 1120-A, Form 1120F, Form 1120L,
and Form 1120-PC. Form 1120-REIT and Form
1120-RIC, while not filed by taxable corporations, are included in the statistics. Limited
liability companies that choose to be taxed as a
corporation can file Form 1120; however, only
an “LLC” designation in the name can identify
the unincorporated associations. The number of
returns with an “LLC” designation in the
Statistics of Income corporate file is unpublished
and small. Partnership returns indicating that
they are LLC’s are included in the partnership
statistics because most LLC’s file a partnership
return for Federal tax purposes. For more
57
S Corporation Returns, 2001
Figure H
S Corporations: Coefficients of Variation for Number of Returns, Number of Shareholders, Total
Receipts, Dividends, and Interest, by Industrial Sector, Tax Year 2001
Industrial sector
Number of
Number of
Total
Dividend
Interest
returns
shareholders
receipts
income
income
(1)
(2)
(3)
(4)
(5)
0.67
8.83
1.37
Agriculture, forestry, fishing, and hunting............................................................................................................
4.18
6.10
Mining............................................................................................................
9.79
26.71
All industries ¹............................................................................................................
0.25
0.91
5.03
6.32
27.92
3.32
6.97
5.39
Utilities............................................................................................................
40.18
43.74
8.10
0.32
10.33
Construction ............................................................................................................
1.54
2.26
1.61
5.80
3.41
Manufacturing............................................................................................................
3.74
5.28
Wholesale and retail trade ²............................................................................................................
1.57
2.07
1.24
1.08
24.59
10.55
3.09
2.52
Transportation and warehousing ............................................................................................................
4.72
5.72
4.51
27.13
7.20
Information............................................................................................................
6.45
5.85
5.47
5.10
Finance and insurance............................................................................................................
3.83
4.89
Real estate and rental and leasing............................................................................................................
1.66
2.93
4.42
6.67
38.07
5.82
4.15
4.72
Professional, scientific, and technical services............................................................................................................
1.60
2.27
4.08
13.61
6.27
Management of companies (holding companies)............................................................................................................
11.03
10.31
1.11
3.34
6.23
7.65
Administrative and support and waste management
and remediation services............................................................................................................
3.79
4.56
6.53
43.36
6.24
Educational services............................................................................................................
10.13
13.52
33.05
27.16
Health care and social assistance............................................................................................................
2.48
5.94
6.49
27.86
10.55
Arts, entertainment, and recreation............................................................................................................
5.40
14.24
Accommodation and food services............................................................................................................
2.16
4.15
6.59
2.93
19.41
19.95
16.69
7.75
Other services............................................................................................................
3.10
6.58
34.30
30.42
13.21
3.82
¹ Includes returns not allocable by industrial sector, which are not shown separately.
² This industrial sector includes "wholesale and retail trade not allocable," which is not shown separately.
58
information on the impact of LLC’s on partnership data, see Pratt, Bill and Parsons, Maureen,
“Partnership Returns, 2001,” Statistics of Income
Bulletin, Fall 2003, Volume 23, Number 2.
[3] Provisions exist to allow for late-filed elections
to be considered as timely made. See Revenue
Procedure 97-40 for extended filings. For
further detail on filing an S election, see Internal
Revenue Service, Internal Revenue Code, Subchapter S [Section 1362(a), (b)].
[4] Eligible trusts are defined in the Internal Revenue
Code section 1361(c)(2)(A); eligible trusts are
trusts that are treated as owned by an individual
who is a citizen or resident of the United States.
Eligible exempt organizations are described in
Internal Revenue Code section 401(a) and
section 501(c)(3); these organizations include
qualified pension plans, profit-sharing plans,
stock bonus plans, and certain organizations
exempt from Federal income taxes.
58
[5] S corporations may elect another tax year if a
business purpose can be justified to the satisfaction of the Internal Revenue Service (IRS), or
they may use an alternate tax year but make
“required payments” to the IRS per Internal
Revenue Code section 1378.
[6] For further detail, see Bennett, Kelly, “S Corporation Returns, 2000,” Statistics of Income
Bulletin, Spring 2003, Volume 22, Number 4.
[7] Beginning in Tax Year 2001, for publication
purposes, other deductions now include salaries
and wages. For tax years prior to 2001, salaries
and wages were published as a separate row.
[8] Ibid. (see [6]).
[9] For further detail, see Internal Revenue Service,
Internal Revenue Code, Subchapter S, Section
1374. Also see Gill, Amy, “S Corporation
Returns, 1992,” Statistics of Income Bulletin,
Spring 1995, Volume 14, Number 4.
S Corporation Returns, 2001
Table 1.--S Corporations: Total Receipts and Deductions, Portfolio Income, Rental Income, and Total
Net Income, by Major Industrial Group
[All figures are estimates based on samples--money amounts are in thousands of dollars]
Agriculture, forestry, fishing, and hunting
Support
All
Item
industries ¹
Forestry
Total
Construction
activities and
Agriculture
and
fishing,
production
logging
hunting,
Mining
Utilities
Total
and trapping
(1)
(2)
(3)
(4)
(5)
(6)
49,362
124,313
7,148
18,516
18,012
39,848
17,868
62,791
1,861
5,329
386,362
641,265
Total receipts ²..................................................................................................
3,761,512,350
51,076,075
Business receipts..................................................................................................
3,691,120,151
46,756,133
35,363,456
31,745,869
5,327,510
5,220,315
10,385,109
9,789,949
22,615,938
21,045,041
5,034,542
4,768,769
553,619,493
548,845,825
Interest on Government obligations:
State and local ²..................................................................................................
1,372,965
14,333
Number of returns..................................................................................................
2,986,486
74,522
Number of shareholders..................................................................................................
5,371,820
182,677
(7)
(8)
14,000
106
*227
18,076
653
93,816
Net gain, noncapital assets..................................................................................................
6,349,825
474,607
374,319
Other receipts..................................................................................................
62,669,409
3,831,002
3,229,268
Total deductions..................................................................................................
3,617,587,204
51,218,511
35,572,174
43,175
63,913
5,575,875
57,113
537,821
10,070,462
315,919
1,236,902
18,820,230
162,595
102,525
4,815,217
652,205
4,027,647
530,007,168
Cost of goods sold..................................................................................................
2,318,618,935
23,004,570
14,331,441
Compensation of officers..................................................................................................
143,262,179
1,119,415
525,954
3,133,969
175,902
5,539,160
417,559
9,319,435
528,498
3,783,959
73,356
410,510,618
17,469,241
986,299
16,226
148,775
4,950
251,326
18,876
390,264
49,120
25,798
5,499
2,099,390
970,109
Rent paid on business property..................................................................................................
97,040,772
2,378,942
2,055,833
Taxes paid..................................................................................................
76,968,469
1,015,243
717,047
83,641
102,936
239,468
195,259
660,326
717,729
82,590
68,751
8,549,853
8,902,894
Interest paid..................................................................................................
49,420,350
1,241,053
Amortization..................................................................................................
5,809,155
45,133
968,177
32,752
129,497
2,619
143,379
9,762
458,353
42,112
63,604
9,338
3,942,172
216,544
Depreciation..................................................................................................
67,038,799
2,852,958
Depletion..................................................................................................
394,116
143,801
2,098,400
12,030
354,538
131,771
400,020
--
1,163,445
164,142
124,210
7
8,171,959
20,584
Advertising..................................................................................................
34,456,718
186,755
Pension, profit-sharing, stock bonus,
120,976
7,015
58,764
34,298
19,205
1,624,237
and annuity plans..................................................................................................
14,629,966
104,419
46,580
Employee benefit programs..................................................................................................
32,180,869
361,514
272,643
14,005
29,425
43,834
59,445
65,742
220,262
14,137
22,157
2,074,991
5,125,977
Net loss, noncapital assets..................................................................................................
1,059,332
195,422
173,604
Other deductions ³..................................................................................................
744,098,618
17,142,835
13,214,212
5,635
1,251,196
*16,183
2,677,428
2,756
5,003,748
*649
521,959
62,362
60,266,236
Total receipts less total deductions ²..................................................................................................
143,925,146
-142,436
-208,718
-248,365
Net income (less deficit) from a trade or business ²..................................................................................................
142,552,181
-156,770
-222,718
-248,471
Net income..................................................................................................
205,846,678
2,900,809
2,026,695
163,020
314,647
314,420
711,095
3,795,708
3,777,632
4,474,041
219,325
218,672
362,979
23,612,325
23,518,509
29,231,568
Deficit..................................................................................................
63,294,497
Portfolio income (less deficit) distributed to
Repairs..................................................................................................
23,000,445
1,386,400
Bad debts..................................................................................................
9,608,485
40,051
3,057,579
2,249,413
411,491
396,675
696,408
144,307
5,713,059
shareholders..................................................................................................
38,200,569
419,010
Dividend income..................................................................................................
2,168,092
39,837
277,183
16,472
85,364
8,023
56,463
15,341
834,763
103,157
160,133
1,085
2,607,208
115,435
Interest income..................................................................................................
12,417,917
260,688
Royalty income..................................................................................................
749,408
22,075
206,882
20,327
20,111
1,658
33,695
89
264,210
130,029
38,396
36
1,485,690
5,250
Net short-term capital gain (less loss)..................................................................................................
-672,803
-45,793
-44,967
Net long-term capital gain (less loss)..................................................................................................
23,175,142
136,522
72,820
-111
55,607
*-716
8,095
-35,261
371,869
52,334
*68,281
39,011
949,908
Other portfolio income (net)..................................................................................................
362,813
5,683
5,648
Real estate rental net income (less deficit)..................................................................................................
6,226,832
173,838
167,285
76
156
-41
6,396
759
18,301
-1
11,913
220,858
1,692
1,536
6,934
538
23,283
4,982
1
--
411,955
191,097
-16
325
252
253
20,055
20,497
372
372
28,480
40,165
341
-162,968
1
377,531
442
4,650,751
-379,177
11,684
26,375,055
215,402
378,370
764,385
386,855
5,257,103
606,353
506,116
126,939
31,680,849
5,305,794
Net income..................................................................................................
8,781,354
182,798
Deficit..................................................................................................
2,554,522
8,960
174,172
6,886
Net income (less deficit) from other rental activity..................................................................................................
707,335
14,921
14,686
Net income..................................................................................................
1,184,909
16,205
15,628
Deficit..................................................................................................
477,574
*1,284
*942
Total net income (less deficit)..................................................................................................
187,686,917
450,999
236,436
Net income..................................................................................................
248,863,846
3,348,373
Deficit..................................................................................................
61,176,929
2,897,374
2,368,586
2,132,149
Footnotes at end of table.
59
S Corporation Returns, 2001
Table 1.--S Corporations: Total Receipts and Deductions, Portfolio Income, Rental Income, and Total
Net Income, by Major Industrial Group--Continued
[All figures are estimates based on samples--money amounts are in thousands of dollars]
Construction--continued
Building,
Item
60
60
Manufacturing
Special
developing,
Heavy
trade
and general
construction
contractors
Total
contracting
(9)
(10)
(11)
(12)
Number of returns..................................................................................................
150,974
12,141
223,247
139,487
Number of shareholders..................................................................................................
266,490
28,454
346,322
338,502
Total receipts ²..................................................................................................
262,552,793
69,584,343
221,482,357
507,245,450
Business receipts..................................................................................................
259,683,264
68,632,087
220,530,473
502,809,907
Interest on Government obligations:
State and local ²..................................................................................................
47,913
35,536
10,367
229,136
Net gain, noncapital assets..................................................................................................
136,869
239,280
276,057
629,322
Other receipts..................................................................................................
2,684,747
677,439
665,460
3,577,086
Total deductions..................................................................................................
253,099,183
67,061,278
209,846,707
487,941,567
Cost of goods sold..................................................................................................
217,526,756
52,124,488
140,859,374
341,743,135
Compensation of officers..................................................................................................
5,502,194
1,382,682
10,584,365
15,384,498
Repairs..................................................................................................
543,114
418,134
1,138,142
2,364,025
Bad debts..................................................................................................
299,682
134,170
536,257
1,498,263
Rent paid on business property..................................................................................................
2,041,773
1,945,285
4,562,795
10,136,315
Taxes paid..................................................................................................
2,585,516
1,045,205
5,272,174
10,841,396
Interest paid..................................................................................................
2,025,388
514,384
1,402,400
6,583,863
Amortization..................................................................................................
124,111
14,878
77,554
638,917
Depreciation..................................................................................................
1,646,849
2,230,793
4,294,317
14,549,157
Depletion..................................................................................................
794
16,658
3,132
41,636
Advertising..................................................................................................
649,262
70,285
904,690
4,806,335
Pension, profit-sharing, stock bonus,
and annuity plans..................................................................................................
674,660
330,775
1,069,556
2,200,641
Employee benefit programs..................................................................................................
1,106,303
725,398
3,294,276
6,897,890
Net loss, noncapital assets..................................................................................................
11,909
2,648
47,806
142,416
Other deductions ³..................................................................................................
18,360,871
6,105,496
35,799,869
70,113,081
Total receipts less total deductions ²..................................................................................................
9,453,610
2,523,065
11,635,650
19,303,883
Net income (less deficit) from a trade or business ²..................................................................................................
9,405,698
2,487,528
11,625,283
19,074,748
Net income..................................................................................................
12,547,782
3,008,942
13,674,843
28,139,864
Deficit..................................................................................................
3,142,085
521,414
2,049,560
9,065,117
Portfolio income (less deficit) distributed to
shareholders..................................................................................................
1,855,510
341,883
409,815
5,434,318
Dividend income..................................................................................................
53,318
29,892
32,225
323,220
Interest income..................................................................................................
937,355
208,206
340,129
1,462,064
Royalty income..................................................................................................
1,301
3,600
348
169,469
Net short-term capital gain (less loss)..................................................................................................
60,866
-3,102
-18,752
-40,305
Net long-term capital gain (less loss)..................................................................................................
790,912
103,045
55,951
3,518,007
Other portfolio income (net)..................................................................................................
11,758
241
*-85
1,863
Real estate rental net income (less deficit)..................................................................................................
184,903
19,683
16,271
229,034
Net income..................................................................................................
366,585
20,437
24,934
247,755
Deficit..................................................................................................
181,681
753
8,663
18,721
Net income (less deficit) from other rental activity..................................................................................................
20,301
6,899
1,280
77,955
Net income..................................................................................................
29,944
7,033
3,188
87,377
Deficit..................................................................................................
9,643
133
1,908
9,423
Total net income (less deficit)..................................................................................................
11,466,412
2,855,994
12,052,649
24,816,054
Net income..................................................................................................
14,319,463
3,335,833
14,025,553
32,935,622
Deficit..................................................................................................
2,853,051
479,839
1,972,904
8,119,568
Footnotes at end of table.
Beverage
Textile mills
Food
and tobacco
and textile
Apparel
manufacturing
product
product
manufacturing
(13)
6,241
26,169
57,360,098
57,079,089
manufacturing
(14)
780
3,405
7,510,502
7,344,338
mills
(15)
1,289
3,418
10,798,064
10,729,316
(16)
6,308
13,258
24,328,654
23,971,350
8,600
42,331
230,079
55,353,516
42,905,734
918,958
282,639
87,180
606,937
869,206
538,155
66,934
1,291,154
-744,688
5,062
29,625
131,477
7,127,933
4,335,555
127,688
57,144
28,585
86,766
432,275
116,951
20,755
298,062
3,740
199,824
2,699
14,108
51,941
10,581,424
7,904,260
276,400
37,880
60,874
201,058
194,540
145,843
9,004
297,397
-65,131
6,895
4,934
345,475
23,681,639
16,580,267
843,649
70,263
65,435
595,187
593,174
273,987
15,655
269,077
-297,182
193,032
558,984
7,849
6,282,067
2,006,582
1,997,982
2,351,985
354,003
35,548
115,548
*573
1,268,919
382,569
377,507
563,820
186,313
32,126
138,851
1,320
1,216,740
216,640
213,941
516,499
302,558
48,174
173,992
3,128
3,852,468
647,015
640,120
1,110,908
470,788
313,269
15,111
101,588
1,666
-6,477
201,209
171
11,260
16,523
5,263
2,644
2,851
207
2,325,155
2,627,837
302,681
307,325
8,738
35,677
8
-105
262,985
23
7,465
7,481
15
4,174
4,874
700
696,472
777,463
80,991
58,406
4,019
30,274
2,971
-812
21,733
220
3,428
3,591
163
187
187
-275,962
567,732
291,770
90,889
7,848
34,139
15,027
-2,016
35,575
315
11,730
14,284
2,554
*1,168
*1,168
-743,906
1,187,779
443,873
S Corporation Returns, 2001
Table 1.--S Corporations: Total Receipts and Deductions, Portfolio Income, Rental Income, and Total
Net Income, by Major Industrial Group--Continued
[All figures are estimates based on samples--money amounts are in thousands of dollars]
Manufacturing--continued
Leather and
Printing
Petroleum
Item
allied
Wood
Paper
and related
and coal
product
product
manufacturing
support
products
manufacturing manufacturing
activities
manufacturing
(17)
(18)
(19)
(20)
(21)
Number of returns..................................................................................................
1,285
6,710
1,403
18,568
421
Number of shareholders..................................................................................................
2,028
14,297
3,824
41,581
1,770
Total receipts ²..................................................................................................
3,656,613
29,503,337
16,903,168
28,700,102
4,211,070
Business receipts..................................................................................................
3,624,901
29,159,798
16,769,427
28,417,487
4,211,917
Interest on Government obligations:
State and local ²..................................................................................................
*415
4,174
11,287
5,340
*2,398
Net gain, noncapital assets..................................................................................................
13,944
72,531
10,920
22,702
3,052
Other receipts..................................................................................................
17,354
266,835
111,534
254,574
-6,297
Total deductions..................................................................................................
3,464,456
28,630,722
16,396,628
27,920,936
3,948,991
Cost of goods sold..................................................................................................
2,399,042
22,189,539
12,160,700
16,655,893
2,971,893
Compensation of officers..................................................................................................
104,464
578,774
434,333
1,354,089
82,962
Repairs..................................................................................................
7,513
146,246
69,033
215,664
28,793
Bad debts..................................................................................................
29,420
55,079
35,432
123,022
16,307
Rent paid on business property..................................................................................................
57,316
369,676
373,666
1,153,851
67,200
Taxes paid..................................................................................................
61,240
498,023
304,406
693,522
57,579
Interest paid..................................................................................................
54,907
402,510
249,773
400,260
46,957
Amortization..................................................................................................
3,019
21,464
18,037
65,940
3,044
Depreciation..................................................................................................
57,898
772,475
556,692
1,232,449
144,548
Depletion..................................................................................................
-11,071
*5,200
-4,409
Advertising..................................................................................................
88,823
174,317
51,617
324,098
20,011
Pension, profit-sharing, stock bonus,
and annuity plans..................................................................................................
7,754
107,644
76,809
116,748
16,681
Employee benefit programs..................................................................................................
26,598
286,404
191,676
328,398
33,198
Net loss, noncapital assets..................................................................................................
*247
48,750
1,781
5,567
1,226
Other deductions ³..................................................................................................
566,217
2,968,751
1,867,474
5,251,434
454,181
Total receipts less total deductions ²..................................................................................................
192,158
872,615
506,540
779,167
262,079
Net income (less deficit) from a trade or business ²..................................................................................................
191,743
868,442
495,253
773,827
259,681
Net income..................................................................................................
258,752
1,409,477
754,956
1,384,188
316,343
Deficit..................................................................................................
67,009
541,035
259,704
610,361
*56,662
Portfolio income (less deficit) distributed to
shareholders..................................................................................................
41,832
134,870
91,771
158,218
14,711
Dividend income..................................................................................................
*3,192
5,463
9,728
6,205
2,329
Interest income..................................................................................................
13,969
69,125
39,625
91,670
9,276
Royalty income..................................................................................................
17,265
*2,732
6,283
197
-Net short-term capital gain (less loss)..................................................................................................
150
-2,106
-5,731
-4,430
-547
Net long-term capital gain (less loss)..................................................................................................
*7,257
59,476
41,767
64,577
3,652
Other portfolio income (net)..................................................................................................
-180
99
(4 )
2
Real estate rental net income (less deficit)..................................................................................................
*-506
7,916
5,068
3,795
1,544
Net income..................................................................................................
129
9,396
5,266
4,748
1,544
Deficit..................................................................................................
*634
*1,480
198
*953
-Net income (less deficit) from other rental activity..................................................................................................
-3,006
241
10,048
*30
Net income..................................................................................................
-3,089
311
10,150
*58
Deficit..................................................................................................
-83
71
101
28
Total net income (less deficit)..................................................................................................
233,069
1,014,234
592,332
945,888
275,966
Net income..................................................................................................
296,249
1,510,136
827,171
1,512,416
329,299
Deficit..................................................................................................
63,180
495,901
234,838
566,527
*53,334
Footnotes at end of table.
Chemical
manufacturing
(22)
5,167
13,275
22,219,938
22,002,302
Plastics and
Nonmetallic
rubber
mineral
products
product
manufacturing manufacturing
(23)
(24)
6,328
4,059
17,051
8,578
34,080,500
16,715,250
33,901,375
16,552,707
4,227
6,887
206,522
21,145,342
12,978,703
907,931
133,198
119,899
458,421
445,631
230,731
28,425
534,409
2,089
589,475
11,556
47,599
119,970
32,779,441
23,564,890
943,175
144,448
107,817
589,093
703,819
515,232
41,256
1,317,584
-164,810
3,378
33,087
126,078
15,834,091
10,579,908
373,109
164,266
41,804
402,443
404,528
228,083
28,980
742,077
14,811
87,414
113,611
312,284
10,890
4,279,646
1,074,595
1,070,369
1,491,103
420,734
148,068
500,302
6,082
4,032,864
1,301,059
1,289,503
1,785,226
495,722
72,959
206,768
811
2,486,131
881,158
877,780
1,143,699
265,918
554,628
15,222
72,211
15,483
-19,488
471,031
169
3,008
3,075
67
1,063
1,072
10
1,629,068
2,051,415
422,346
100,419
9,605
87,022
4,066
-33,223
32,734
217
12,431
13,968
*1,536
*1,695
*2,146
451
1,404,049
1,863,590
459,540
99,606
4,447
56,244
1,886
1,777
35,240
12
22,878
22,982
103
969
969
-1,001,234
1,244,127
242,893
61
S Corporation Returns, 2001
Table 1.--S Corporations: 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
Electrical
Item
62
62
Primary
Fabricated
Computer
equipment,
metal
metal
Machinery
Transportation
Furniture
equipment
and related
manufacturing
product
manufacturing
product
component
Miscellaneous
manufacturing
product
(25)
manufacturing
(26)
(27)
manufacturing
(28)
manufacturing
manufacturing
(29)
(30)
manufacturing
(31)
Number of returns..................................................................................................
3,439
27,551
10,763
4,809
Number of shareholders..................................................................................................
9,067
59,591
31,692
12,808
Total receipts ²..................................................................................................
21,014,764
76,899,188
28,696,929
20,869,625
Business receipts..................................................................................................
20,848,585
76,116,831
28,468,594
20,797,794
Interest on Government obligations:
State and local ²..................................................................................................
3,858
110,356
12,485
8,394
Net gain, noncapital assets..................................................................................................
25,043
101,657
30,159
35,897
Other receipts..................................................................................................
137,277
570,345
185,690
27,539
Total deductions..................................................................................................
20,831,276
73,444,892
27,474,881
20,012,128
Cost of goods sold..................................................................................................
16,459,860
50,378,495
17,962,161
13,516,380
Compensation of officers..................................................................................................
357,209
3,008,051
1,094,692
653,991
Repairs..................................................................................................
73,765
391,078
117,370
83,816
Bad debts..................................................................................................
62,803
201,208
79,351
67,452
Rent paid on business property..................................................................................................
252,025
1,781,794
629,103
430,758
Taxes paid..................................................................................................
322,470
1,883,759
710,070
460,002
Interest paid..................................................................................................
451,707
1,016,469
379,468
241,685
Amortization..................................................................................................
16,076
61,207
44,494
37,635
Depreciation..................................................................................................
638,693
2,787,748
842,043
480,542
Depletion..................................................................................................
55
251
--Advertising..................................................................................................
31,579
380,307
228,441
144,058
Pension, profit-sharing, stock bonus,
and annuity plans..................................................................................................
72,251
484,340
176,612
99,707
Employee benefit programs..................................................................................................
228,202
1,271,705
615,262
296,621
Net loss, noncapital assets..................................................................................................
2,647
12,865
2,382
4,181
Other deductions ³..................................................................................................
1,861,935
9,785,613
4,593,432
3,495,299
Total receipts less total deductions ²..................................................................................................
183,488
3,454,296
1,222,048
857,497
Net income (less deficit) from a trade or business ²..................................................................................................
179,629
3,343,940
1,209,563
849,103
Net income..................................................................................................
678,129
4,719,260
1,844,492
1,496,413
Deficit..................................................................................................
498,500
1,375,320
634,929
647,310
Portfolio income (less deficit) distributed to
shareholders..................................................................................................
624,767
1,206,339
228,568
315,785
Dividend income..................................................................................................
19,146
37,979
90,258
9,073
Interest income..................................................................................................
90,426
233,284
96,508
66,847
Royalty income..................................................................................................
54,496
3,803
7,130
7,685
Net short-term capital gain (less loss)..................................................................................................
84,041
-16,197
-7,166
-14,031
Net long-term capital gain (less loss)..................................................................................................
376,622
947,177
41,814
246,162
Other portfolio income (net)..................................................................................................
37
293
25
49
Real estate rental net income (less deficit)..................................................................................................
13,942
45,137
20,734
8,145
Net income..................................................................................................
13,957
46,095
24,388
8,156
Deficit..................................................................................................
15
958
3,654
11
Net income (less deficit) from other rental activity..................................................................................................
1,925
21,349
1,737
*7,147
Net income..................................................................................................
*2,836
21,357
2,639
*8,191
Deficit..................................................................................................
*911
8
*902
1,044
Total net income (less deficit)..................................................................................................
820,263
4,616,765
1,460,603
1,180,180
Net income..................................................................................................
1,144,561
5,888,530
2,044,584
1,785,500
Deficit..................................................................................................
324,298
1,271,765
583,981
605,320
Footnotes at end of table.
(32)
4,121
11,544
20,010,217
19,895,837
5,487
12,194
27,899,978
27,614,805
5,206
11,019
15,080,373
14,901,450
19,552
41,934
40,787,081
40,402,003
3,749
5,961
104,671
19,256,961
13,110,069
588,753
49,222
38,231
347,426
424,385
255,650
32,840
493,996
-318,412
13,240
55,991
215,942
27,095,049
20,651,278
484,415
76,146
79,199
438,991
546,146
315,920
45,358
622,224
-152,927
2,202
9,388
167,333
14,513,691
9,915,808
503,537
61,549
42,171
378,871
360,118
204,528
18,223
272,507
-160,594
8,822
63,508
312,748
38,447,570
24,522,699
1,748,320
153,992
156,996
915,733
876,500
515,047
60,572
897,583
9
582,629
98,195
280,537
2,093
3,217,152
753,256
749,508
1,116,547
367,040
85,653
413,784
3,712
3,179,297
804,929
791,689
1,422,307
630,618
42,542
251,719
21,764
2,279,761
566,682
564,480
790,741
226,261
172,188
667,055
4,547
7,173,699
2,339,511
2,330,689
2,985,021
654,331
95,597
34,883
46,608
6,627
-2,366
9,845
-6,953
7,358
*405
-2,971
417
3,388
849,086
1,165,219
316,132
385,148
11,827
117,557
13,620
-2,064
244,196
12
10,004
10,431
427
23,525
23,541
15
1,210,366
1,753,144
542,778
35,659
3,732
33,240
54
-4,733
3,367
4
( )
18,978
19,066
88
521
525
3
619,638
829,509
209,870
576,511
24,415
136,775
8,469
-4,780
411,589
42
15,122
15,319
196
*-505
*996
1,501
2,921,817
3,529,365
607,548
and electronic appliance, and
S Corporation Returns, 2001
Table 1.--S Corporations: 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
Item
Total
(33)
Total
(34)
Durable
Nondurable
goods
goods
(35)
(36)
Number of returns..................................................................................................
522,880
172,350
106,508
65,842
Number of shareholders..................................................................................................
925,761
321,525
191,940
129,585
Total receipts ²..................................................................................................
1,553,819,428
656,547,572
313,290,581
343,256,991
Business receipts..................................................................................................
1,535,581,415
651,090,111
310,399,528
340,690,583
Interest on Government obligations:
State and local ²..................................................................................................
143,918
100,343
69,440
30,903
Net gain, noncapital assets..................................................................................................
1,207,880
495,816
287,996
207,820
Other receipts..................................................................................................
16,886,216
4,861,302
2,533,617
2,327,685
Total deductions..................................................................................................
1,521,734,831
639,533,146
303,938,036
335,595,110
Cost of goods sold..................................................................................................
1,217,364,804
514,885,896
235,340,088
279,545,808
Compensation of officers..................................................................................................
27,717,933
13,426,737
7,874,897
5,551,840
Repairs..................................................................................................
5,415,947
2,157,791
1,044,534
1,113,257
Bad debts..................................................................................................
2,950,966
1,812,304
1,144,999
667,305
Rent paid on business property..................................................................................................
25,695,259
8,230,821
4,622,099
3,608,722
Taxes paid..................................................................................................
18,901,678
8,114,600
3,551,287
4,563,313
Interest paid..................................................................................................
11,063,197
4,715,324
2,701,158
2,014,166
Amortization..................................................................................................
1,267,514
677,111
350,792
326,319
Depreciation..................................................................................................
12,407,372
5,443,218
3,194,153
2,249,065
Depletion..................................................................................................
15,511
13,302
*13,261
41
Advertising..................................................................................................
14,053,284
3,216,444
1,669,310
1,547,134
Pension, profit-sharing, stock bonus,
and annuity plans..................................................................................................
2,722,419
1,606,134
959,520
646,613
Employee benefit programs..................................................................................................
7,010,210
3,081,613
1,795,363
1,286,250
Net loss, noncapital assets..................................................................................................
216,962
68,829
56,437
12,392
Other deductions ³..................................................................................................
174,931,776
72,083,021
39,620,137
32,462,884
Total receipts less total deductions ²..................................................................................................
32,084,597
17,014,427
9,352,546
7,661,881
Net income (less deficit) from a trade or business ²..................................................................................................
31,940,679
16,914,084
9,283,105
7,630,978
Net income..................................................................................................
42,838,715
21,073,370
11,712,671
9,360,698
Deficit..................................................................................................
10,898,036
4,159,286
2,429,566
1,729,720
Portfolio income (less deficit) distributed to
shareholders..................................................................................................
8,572,654
5,406,176
4,125,675
1,280,501
Dividend income..................................................................................................
248,685
166,682
71,472
95,210
Interest income..................................................................................................
2,215,981
1,042,616
581,893
460,723
Royalty income..................................................................................................
110,413
79,934
22,151
57,783
Net short-term capital gain (less loss)..................................................................................................
-285,836
-200,450
-72,204
-128,246
Net long-term capital gain (less loss)..................................................................................................
6,272,556
4,317,167
3,521,937
795,230
Other portfolio income (net)..................................................................................................
10,856
226
426
-200
Real estate rental net income (less deficit)..................................................................................................
421,176
180,515
83,969
96,546
Net income..................................................................................................
511,951
198,676
93,342
105,334
Deficit..................................................................................................
90,775
18,161
9,373
8,787
Net income (less deficit) from other rental activity..................................................................................................
166,149
91,609
58,509
33,100
Net income..................................................................................................
209,086
118,703
84,890
33,814
Deficit..................................................................................................
42,937
27,094
26,381
714
Total net income (less deficit)..................................................................................................
41,100,658
22,592,383
13,551,258
9,041,125
Net income..................................................................................................
50,897,816
26,174,416
15,537,667
10,636,749
Deficit..................................................................................................
9,797,158
3,582,032
1,986,409
1,595,623
Footnotes at end of table.
Total
Motor vehicle
Furniture
dealers and
and home
Electronics
and
parts dealers
furnishings
appliance
stores
stores
(37)
(38)
(39)
(40)
348,880
602,973
896,622,561
883,845,831
54,061
92,917
454,741,401
447,038,320
19,457
32,896
29,911,428
29,650,157
14,870
24,197
27,759,279
27,430,364
43,575
711,901
12,021,254
881,521,971
702,010,505
14,276,572
3,255,724
1,126,301
17,442,715
10,780,775
6,335,035
589,415
6,954,165
2,209
10,827,797
7,638
196,917
7,498,527
448,878,470
389,275,002
4,295,389
931,180
329,108
4,208,768
3,585,152
3,034,762
153,701
2,008,512
11
4,503,229
2,840
3,067
255,364
29,257,005
17,910,126
845,661
202,576
65,470
1,431,138
664,302
260,379
22,494
352,435
-1,171,859
919
9,560
318,435
26,895,226
20,867,420
720,560
57,194
45,952
440,393
351,144
122,004
14,328
211,272
-351,305
1,116,238
3,927,040
148,132
102,729,349
15,100,591
15,057,016
21,741,521
6,684,505
260,892
1,682,583
55,182
34,554,997
5,862,931
5,855,293
7,365,567
1,510,273
62,915
190,904
16,185
6,060,561
654,422
651,582
1,042,747
391,165
49,176
92,018
22,120
3,550,340
864,053
863,133
1,157,235
294,102
3,165,527
82,003
1,172,414
30,479
-85,387
1,955,388
10,630
240,661
313,275
72,615
74,540
90,383
15,843
18,537,743
24,699,576
6,161,832
1,043,840
10,497
463,402
*2,321
-24,513
591,367
768
83,387
93,748
10,361
16,343
31,526
15,183
6,998,864
8,369,810
1,370,946
66,652
5,399
58,542
625
-2,506
4,326
*266
14,791
16,996
*2,204
*21,646
*21,646
-754,672
1,113,220
358,547
69,245
2,841
36,269
640
-629
30,124
-13,706
14,570
864
*163
*163
-946,247
1,241,085
294,838
63
S Corporation Returns, 2001
Table 1.--S Corporations: 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]
Retail trade--continued
Item
Buliding
Food,
material
beverage,
Health
and garden
and
and
Gasoline
Clothing and
clothing
goods,
General
equipment
liquor
personal care
stations
accessories
hobby, book,
merchandise
store
and supplies
stores
stores
stores
and music
stores
retailers
(42)
(43)
dealers
(41)
64
64
Sporting
Miscellaneous
stores
(44)
Number of returns..................................................................................................
23,611
51,680
23,404
22,255
Number of shareholders..................................................................................................
42,391
95,422
36,848
41,828
Total receipts ²..................................................................................................
48,569,256
98,746,221
31,168,476
77,828,987
Business receipts..................................................................................................
48,147,260
97,492,988
30,931,858
77,061,250
Interest on Government obligations:
State and local ²..................................................................................................
1,951
5,405
1,896
5,429
Net gain, noncapital assets..................................................................................................
120,136
114,667
59,248
83,972
Other receipts..................................................................................................
299,909
1,133,161
175,475
678,336
Total deductions..................................................................................................
47,080,783
97,302,783
30,211,019
77,403,722
Cost of goods sold..................................................................................................
33,828,248
72,405,313
21,705,344
66,267,966
Compensation of officers..................................................................................................
1,219,881
1,329,849
1,271,994
560,587
Repairs..................................................................................................
277,656
717,263
81,617
359,653
Bad debts..................................................................................................
150,257
93,415
25,543
41,176
Rent paid on business property..................................................................................................
1,124,975
2,548,148
872,361
1,368,688
Taxes paid..................................................................................................
869,132
1,709,805
449,126
799,870
Interest paid..................................................................................................
394,388
632,848
149,041
522,598
Amortization..................................................................................................
19,455
119,981
36,538
83,943
Depreciation..................................................................................................
573,736
1,148,348
203,763
982,844
Depletion..................................................................................................
2,197
---Advertising..................................................................................................
443,403
933,793
366,889
132,789
Pension, profit-sharing, stock bonus,
and annuity plans..................................................................................................
112,958
156,385
78,558
41,215
Employee benefit programs..................................................................................................
342,386
656,712
107,784
152,362
Net loss, noncapital assets..................................................................................................
1,290
19,277
*5,611
2,359
Other deductions ³..................................................................................................
7,720,821
14,831,646
4,856,851
6,087,672
Total receipts less total deductions ²..................................................................................................
1,488,473
1,443,438
957,458
425,265
Net income (less deficit) from a trade or business ²..................................................................................................
1,486,522
1,438,033
955,562
419,836
Net income..................................................................................................
1,773,258
2,286,268
1,376,305
943,950
Deficit..................................................................................................
286,736
848,235
420,743
524,114
Portfolio income (less deficit) distributed to
shareholders..................................................................................................
114,313
659,801
27,848
144,541
Dividend income..................................................................................................
14,447
15,350
5,433
6,165
Interest income..................................................................................................
103,126
141,182
31,034
68,238
Royalty income..................................................................................................
-1,115
312
1,054
Net short-term capital gain (less loss)..................................................................................................
-7,776
-2,797
-16,059
-6,672
Net long-term capital gain (less loss)..................................................................................................
4,505
504,860
7,117
75,690
Other portfolio income (net)..................................................................................................
11
91
10
66
Real estate rental net income (less deficit)..................................................................................................
30,426
55,613
12,443
28,781
Net income..................................................................................................
32,905
67,171
12,612
46,406
Deficit..................................................................................................
2,479
*11,558
169
17,625
4
Net income (less deficit) from other rental activity..................................................................................................
4,202
16,106
( )
11,628
4
Net income..................................................................................................
*4,514
16,120
( )
11,717
Deficit..................................................................................................
312
13
-89
Total net income (less deficit)..................................................................................................
1,635,463
2,169,554
995,853
604,786
Net income..................................................................................................
1,880,739
2,937,850
1,403,705
1,080,413
Deficit..................................................................................................
245,276
768,296
407,852
475,627
Footnotes at end of table.
(45)
(46)
(47)
(48)
30,167
49,953
21,414,742
21,219,903
17,424
27,265
15,010,904
14,841,645
6,321
10,821
8,220,433
8,131,705
58,938
105,791
51,097,937
50,295,711
7,709
332
186,798
20,794,371
11,938,279
887,890
103,470
39,743
1,522,210
488,058
213,347
23,408
185,266
-533,849
521
48,734
120,004
14,674,043
9,509,686
343,405
72,065
42,526
830,993
318,361
156,207
15,920
185,178
-357,138
*279
606
87,844
8,165,478
5,567,661
173,025
35,300
22,276
382,133
162,946
69,463
3,210
85,358
-131,603
4,554
31,270
766,401
49,860,090
33,954,992
1,641,909
246,732
101,908
2,127,037
837,689
436,363
52,947
458,543
-630,718
64,861
109,892
*194
4,683,905
620,371
612,662
986,557
373,895
28,370
57,405
*490
2,756,298
336,861
336,340
667,787
331,448
12,402
36,018
238
1,483,844
54,956
54,677
319,600
264,923
145,448
215,668
24,711
8,985,424
1,237,847
1,233,293
2,089,311
856,019
46,517
2,290
29,800
*7,378
-3,870
10,918
-2,051
2,123
71
*727
*727
-661,957
1,027,272
365,315
40,953
1,432
25,935
16
*-1,443
*5,601
9,411
-215
*2,017
*2,232
837
837
-377,915
689,036
311,121
26,915
*730
25,751
47
*3,479
*-3,092
(4 )
1,249
*3,829
*2,579
---82,841
347,986
265,144
431,587
5,695
85,281
*11,691
-10,975
339,886
9
-1,299
15,237
*16,536
*870
*870
-1,664,450
2,464,093
799,643
S Corporation Returns, 2001
Table 1.--S Corporations: 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]
Retail trade-continued
Item
Transportation and warehousing
Wholesale
Nonstore
and retail trade
retailers
not allocable
Transit and
Total
Air, rail,
Truck
and water
transportation
transportation
(49)
(50)
(51)
(52)
Number of returns..................................................................................................
26,691
1,650
91,188
7,520
Number of shareholders..................................................................................................
42,644
*1,263
152,748
12,890
Total receipts ²..................................................................................................
32,153,498
649,295
95,743,687
10,345,305
Business receipts..................................................................................................
31,604,669
645,473
94,544,623
10,067,700
Interest on Government obligations:
State and local ²..................................................................................................
4,435
-10,681
784
Net gain, noncapital assets..................................................................................................
43,393
*163
444,480
157,536
Other receipts..................................................................................................
501,002
*3,659
743,903
119,285
Total deductions..................................................................................................
30,998,981
679,715
94,772,541
10,649,647
Cost of goods sold..................................................................................................
18,780,467
*468,403
35,894,997
4,156,636
Compensation of officers..................................................................................................
986,422
*14,624
2,499,643
182,505
Repairs..................................................................................................
171,018
*2,433
2,236,977
359,629
Bad debts..................................................................................................
168,927
*12,361
243,670
41,537
Rent paid on business property..................................................................................................
585,870
*21,724
6,309,834
858,036
Taxes paid..................................................................................................
545,190
6,303
3,094,234
197,421
Interest paid..................................................................................................
343,635
*12,838
1,625,553
319,359
Amortization..................................................................................................
43,490
*988
113,970
14,440
Depreciation..................................................................................................
558,911
*9,988
5,542,354
937,219
Depletion..................................................................................................
--429
-Advertising..................................................................................................
1,271,223
*9,043
257,116
51,859
Pension, profit-sharing, stock bonus,
and annuity plans..................................................................................................
103,056
48
315,320
34,183
Employee benefit programs..................................................................................................
283,308
*1,557
1,304,139
125,648
Net loss, noncapital assets..................................................................................................
474
-17,818
*4,824
Other deductions ³..................................................................................................
7,156,989
119,406
35,316,487
3,366,351
Total receipts less total deductions ²..................................................................................................
1,154,517
-30,420
971,146
-304,342
Net income (less deficit) from a trade or business ²..................................................................................................
1,150,082
-30,420
960,465
-305,126
Net income..................................................................................................
1,732,935
*23,824
3,827,237
681,625
Deficit..................................................................................................
582,853
*54,244
2,866,772
986,752
Portfolio income (less deficit) distributed to
shareholders..................................................................................................
493,316
951
559,157
-18,153
Dividend income..................................................................................................
11,723
-25,694
1,837
Interest income..................................................................................................
103,852
951
248,185
46,690
Royalty income..................................................................................................
5,279
-1,082
795
Net short-term capital gain (less loss)..................................................................................................
-11,625
--37,525
-10,672
Net long-term capital gain (less loss)..................................................................................................
384,086
-324,142
-56,868
Other portfolio income (net)..................................................................................................
---2,421
65
Real estate rental net income (less deficit)..................................................................................................
-275
-56,480
4,464
Net income..................................................................................................
5,662
-70,938
4,674
Deficit..................................................................................................
*5,936
-14,458
*209
Net income (less deficit) from other rental activity..................................................................................................
*2,018
-4,143
-20,109
Net income..................................................................................................
*2,264
-81,426
26,389
Deficit..................................................................................................
246
-77,283
46,498
Total net income (less deficit)..................................................................................................
1,645,142
-29,469
1,580,245
-338,924
Net income..................................................................................................
2,144,368
*23,824
4,387,794
707,894
Deficit..................................................................................................
499,226
*53,293
2,807,549
1,046,818
Footnotes at end of table.
Other
ground
Pipeline
transportation
passenger
transportation
and support
transportation
activities
(53)
(54)
(55)
(56)
48,081
77,698
51,979,333
51,413,648
11,862
16,105
7,727,382
7,668,623
*161
*339
*236,625
*228,916
20,879
38,732
19,342,800
19,147,152
2,106
217,663
345,916
51,291,469
14,771,961
1,294,044
1,418,388
88,852
3,758,466
2,020,495
812,413
19,540
3,306,124
429
96,318
57
12,486
46,215
7,511,031
3,131,336
231,560
145,042
4,681
396,054
256,543
147,522
22,371
443,527
-38,850
-475
*7,235
*228,809
*71,613
*11,496
*203
38
*7,162
*2,886
*9,733
*4,489
*14,771
-*965
4,689
52,841
138,118
19,217,500
11,284,532
627,124
212,544
99,476
590,592
424,182
223,530
47,915
608,067
-59,663
155,358
807,943
7,042
22,734,096
687,864
685,758
1,595,702
909,945
61,289
79,527
*1,235
2,551,495
216,350
216,293
397,795
181,502
-379
-*105,074
*7,816
*7,816
*17,780
*9,963
36,936
190,272
*4,252
4,808,417
125,301
120,612
734,379
613,768
180,297
7,001
95,939
64
-1,917
79,217
-7
7,197
12,535
5,338
32,672
48,371
*15,699
905,924
1,739,029
833,105
1,544
6,143
25,660
-*-10,623
*-17,157
*-2,479
886
910
24
1,166
1,552
385
219,888
416,590
196,702
*7,722
4
( )
*7,658
-1
63
-3
3
-8
8
-*15,549
*20,743
5,194
207,441
9,347
36,465
218
-1,722
163,120
13
7,686
11,312
*3,626
-10,671
4,029
*14,700
325,067
917,417
592,349
65
S Corporation Returns, 2001
Table 1.--S Corporations: 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]
Item
Transportation
Information
and warehousing
Motion
--continued
Warehousing
Total
and
picture
Broadcasting
services
Publishing
and sound
and
and data
industries
recording
telecom-
processing
inter-
industries
munications
services
mediation
(60)
(61)
(62)
(63)
(64)
16,284
37,085
13,433,963
15,524,285
14,260
28,092
5,702,573
5,820,805
121,754
214,439
74,235,235
67,888,976
436
9,976
4,347,911
1,557,777
23,235
205,076
-2,318,633
15,517,140
5,479,701
916,822
108,948
138,030
363,702
448,826
472,746
256,482
639,709
111
234,544
3,380
*4,054
-125,667
5,855,966
1,614,023
579,444
32,099
5,001
260,723
179,570
80,582
32,410
152,768
21
118,784
279,372
203,795
5,863,092
65,987,932
8,194,429
9,447,307
371,750
948,500
2,790,471
1,996,069
4,296,246
417,872
997,475
255
854,362
84,357
46,732
2,659,045
3,519,570
54
246,478
40,464
115,599
44,897
84,308
1,713,624
21,760
96,875
7
38,114
85,760
124,945
5,495
6,241,319
-2,083,177
-2,106,412
1,532,800
3,639,212
25,279
87,514
357
2,687,390
-153,394
-156,774
394,070
550,844
743,338
863,252
111,622
33,954,984
8,247,303
7,967,931
12,022,633
4,054,702
25,151
65,651
18,407
1,008,181
828,341
743,985
757,833
13,848
1,183,269
41,972
337,472
466
-28,753
821,977
10,136
11,622
12,366
744
8,969
9,226
257
-902,553
2,458,057
3,360,610
565,449
1,317
25,273
4,369
-1,061
535,575
-25
13,852
*13,936
84
240
311
71
422,766
923,906
501,139
4,280,637
442,530
1,010,210
14,154
431,884
2,278,939
102,922
82,282
100,237
17,956
14,670
30,480
15,809
12,345,520
15,553,825
3,208,304
65,424
3,417
44,120
266
1,818
15,757
46
1,969
7,249
5,280
219
238
19
811,597
823,860
12,263
storage
(57)
66
66
(58)
Finance and insurance
Information
(59)
Number of returns..................................................................................................
2,685
62,666
15,878
16,244
Number of shareholders..................................................................................................
6,984
119,566
28,654
25,735
Total receipts ²..................................................................................................
6,112,241
49,394,198
20,070,415
10,187,247
Business receipts..................................................................................................
6,018,585
50,260,811
19,557,488
9,358,232
Interest on Government obligations:
State and local ²..................................................................................................
3,044
55,334
17,244
11,474
Net gain, noncapital assets..................................................................................................
3,479
223,628
12,274
2,224
Other receipts..................................................................................................
87,134
-1,145,575
483,409
815,316
Total deductions..................................................................................................
5,874,084
50,038,619
18,936,840
9,728,673
Cost of goods sold..................................................................................................
2,478,919
17,649,603
7,403,554
3,152,326
Compensation of officers..................................................................................................
152,915
3,491,372
800,675
1,194,432
Repairs..................................................................................................
101,172
314,020
116,795
56,179
Bad debts..................................................................................................
9,087
289,047
133,825
12,191
Rent paid on business property..................................................................................................
699,523
1,549,724
515,934
409,365
Taxes paid..................................................................................................
192,708
1,364,747
540,076
196,275
Interest paid..................................................................................................
112,997
983,144
248,023
181,793
Amortization..................................................................................................
5,215
754,731
156,909
308,930
Depreciation..................................................................................................
232,646
1,823,322
493,364
537,481
Depletion..................................................................................................
-*1,257
-*1,125
Advertising..................................................................................................
9,460
775,354
307,055
114,970
Pension, profit-sharing, stock bonus,
and annuity plans..................................................................................................
27,553
305,367
166,987
27,340
Employee benefit programs..................................................................................................
100,371
618,790
344,376
61,954
Net loss, noncapital assets..................................................................................................
*465
12,289
6,416
21
Other deductions ³..................................................................................................
1,751,054
20,105,851
7,702,851
3,474,291
Total receipts less total deductions ²..................................................................................................
238,157
-644,422
1,133,575
458,574
Net income (less deficit) from a trade or business ²..................................................................................................
235,113
-699,755
1,116,331
447,100
Net income..................................................................................................
399,956
4,849,475
1,788,370
1,134,236
Deficit..................................................................................................
164,842
5,549,231
672,039
687,136
Portfolio income (less deficit) distributed to
shareholders..................................................................................................
180,306
2,014,172
169,080
96,375
Dividend income..................................................................................................
1,365
68,935
18,533
7,113
Interest income..................................................................................................
35,773
548,165
114,737
70,683
Royalty income..................................................................................................
4
7,838
2,520
*483
Net short-term capital gain (less loss)..................................................................................................
-12,592
-58,004
-21,709
-6,481
Net long-term capital gain (less loss)..................................................................................................
155,769
1,437,018
54,889
24,577
Other portfolio income (net)..................................................................................................
-13
10,219
109
-Real estate rental net income (less deficit)..................................................................................................
36,245
52,674
23,777
3,424
Net income..................................................................................................
41,505
54,125
24,177
3,646
Deficit..................................................................................................
*5,260
1,451
400
223
Net income (less deficit) from other rental activity..................................................................................................
1,077
4,413
-4,819
*23
Net income..................................................................................................
1,077
10,263
703
*23
Deficit..................................................................................................
-5,850
5,522
-Total net income (less deficit)..................................................................................................
452,741
1,371,503
1,304,369
546,922
Net income..................................................................................................
586,121
6,562,794
1,966,414
1,214,417
Deficit..................................................................................................
133,380
5,191,290
662,046
667,495
Footnotes at end of table.
Depository
Total
credit
S Corporation Returns, 2001
Table 1.--S Corporations: 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 and insurance--continued
Securities,
Item
Real estate and rental and leasing
Other
Non-
commodity
Insurance
financial
depository
contracts,
carriers and
vehicles
credit inter-
other financial
related
and other
mediation
investments,
activities
investment
and related
Lessors of
Total
Rental
nonfinancial
Real
and leasing
intangible
estate
services
assets
(69)
(70)
(71)
(72)
331,953
716,110
75,679,558
69,024,426
300,364
657,111
56,166,042
50,616,876
30,845
57,455
19,326,262
18,262,122
744
1,544
187,254
145,428
45,955
803,457
5,805,720
71,412,926
16,441,394
4,629,583
1,056,018
328,114
3,571,812
2,009,432
5,337,569
379,438
4,417,255
61
1,501,739
40,898
231,167
5,277,100
52,160,346
10,425,596
4,042,530
564,160
185,657
2,263,459
1,447,616
4,497,520
344,849
1,019,069
61
1,251,830
5,047
572,288
486,805
19,147,912
5,998,334
580,065
491,154
140,688
1,307,667
559,420
832,346
16,821
3,396,283
-248,191
9
2
41,815
104,668
17,463
6,987
703
1,769
686
*2,396
7,703
17,767
1,903
-*1,718
448,555
585,506
129,703
30,576,749
4,266,632
4,220,677
8,505,329
4,284,652
413,244
426,143
27,927
25,250,683
4,005,696
3,964,797
7,104,125
3,139,328
34,851
158,776
101,777
5,281,539
178,350
173,303
1,311,901
1,138,598
460
587
-44,526
82,586
82,577
89,302
*6,725
3,663,449
231,742
1,642,842
53,659
-21,721
1,743,876
13,052
4,608,060
6,637,386
2,029,326
184,994
460,240
275,246
12,677,180
18,042,633
5,365,453
3,387,391
222,286
1,476,455
28,747
-14,547
1,661,408
13,042
4,631,647
6,599,056
1,967,409
53,523
100,230
46,707
12,037,358
16,129,408
4,092,049
261,614
9,313
156,767
*20,234
-7,174
82,465
10
-23,587
38,330
61,917
131,471
360,010
228,539
542,800
1,809,837
1,267,037
14,444
143
9,620
4,678
4
( )
3
-------97,021
103,388
*6,367
companies
activities
(65)
(66)
(67)
(68)
Number of returns..................................................................................................
30,224
31,382
56,261
3,451
Number of shareholders..................................................................................................
47,634
59,576
88,905
8,347
Total receipts ²..................................................................................................
17,840,335
23,503,856
28,324,748
218,385
Business receipts..................................................................................................
16,128,262
22,002,009
27,967,904
233,024
Interest on Government obligations:
State and local ²..................................................................................................
10,387
114,593
69,397
*638
Net gain, noncapital assets..................................................................................................
111,341
36,342
9,197
183
Other receipts..................................................................................................
1,590,345
1,350,912
278,250
-15,461
Total deductions..................................................................................................
15,627,228
22,133,442
24,462,308
245,383
Cost of goods sold..................................................................................................
1,810,592
1,960,647
4,416,303
6,834
Compensation of officers..................................................................................................
1,065,018
4,433,007
3,684,195
*18,610
Repairs..................................................................................................
98,966
91,527
139,756
*1,038
Bad debts..................................................................................................
663,653
118,700
50,389
*159
Rent paid on business property..................................................................................................
747,685
900,223
1,088,221
9,445
Taxes paid..................................................................................................
473,939
644,456
784,200
9,166
Interest paid..................................................................................................
1,377,255
919,087
258,009
28,270
Amortization..................................................................................................
66,475
169,300
154,815
*5,522
Depreciation..................................................................................................
235,266
352,239
307,484
5,610
Depletion..................................................................................................
--248
-Advertising..................................................................................................
383,503
152,970
272,848
*6,926
Pension, profit-sharing, stock bonus,
and annuity plans..................................................................................................
79,774
306,485
331,682
246
Employee benefit programs..................................................................................................
121,816
254,464
416,616
*4,705
Net loss, noncapital assets..................................................................................................
8,764
84,046
388
17
Other deductions ³..................................................................................................
8,494,522
11,746,291
12,557,156
148,835
Total receipts less total deductions ²..................................................................................................
2,213,106
1,370,413
3,862,440
-26,998
Net income (less deficit) from a trade or business ²..................................................................................................
2,202,719
1,255,820
3,793,043
-27,636
Net income..................................................................................................
2,901,361
4,187,115
4,102,356
73,969
Deficit..................................................................................................
698,641
2,931,295
309,313
101,605
Portfolio income (less deficit) distributed to
shareholders..................................................................................................
277,525
3,461,466
353,619
122,603
Dividend income..................................................................................................
4,378
404,185
25,089
5,461
Interest income..................................................................................................
198,693
516,845
205,062
45,489
Royalty income..................................................................................................
7
13,877
-4
Net short-term capital gain (less loss)..................................................................................................
-1,491
468,541
-18,232
-18,751
Net long-term capital gain (less loss)..................................................................................................
75,886
1,958,982
137,945
90,368
Other portfolio income (net)..................................................................................................
*52
99,036
*3,755
*33
Real estate rental net income (less deficit)..................................................................................................
13,128
50,327
15,124
*1,734
Net income..................................................................................................
16,223
57,601
15,752
*3,411
Deficit..................................................................................................
3,095
7,275
*629
*1,676
Net income (less deficit) from other rental activity..................................................................................................
1,909
11,339
1,191
12
Net income..................................................................................................
1,930
27,106
1,191
14
Deficit..................................................................................................
*21
15,767
-2
Total net income (less deficit)..................................................................................................
2,495,281
4,778,952
4,162,977
96,713
Net income..................................................................................................
3,103,459
6,987,659
4,441,875
196,972
Deficit..................................................................................................
608,177
2,208,707
278,899
100,258
Footnotes at end of table.
67
S Corporation Returns, 2001
Table 1.--S Corporations: 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]
Professional,
Item
scientific, and
of
technical
companies
services
(73)
68
68
Management
Administrative and support and waste
management and remediation services
Total
Administrative
Health care and social
assistance
Waste
Educational
management
services
Offices of
Total
health practitioners
(holding
and support
and
companies)
services
remediation
(76)
(77)
(78)
(79)
(80)
8,916
17,295
10,212,121
10,055,990
24,073
35,464
10,828,035
10,723,655
170,214
243,766
122,701,519
120,644,625
132,284
179,262
83,562,054
81,952,312
2,538
32,737
120,856
9,597,635
3,737,241
317,718
199,125
32,704
407,082
347,652
220,623
35,485
601,396
935
60,552
7,448
29,621
67,311
10,196,024
2,272,591
675,327
170,686
40,237
754,141
392,690
72,715
20,975
234,460
-465,923
6,913
28,530
2,021,451
110,811,453
10,497,343
16,435,371
961,805
308,203
5,949,581
4,464,088
1,367,302
255,873
1,665,298
*127
1,044,823
4,629
18,682
1,586,431
73,248,994
4,809,346
14,593,339
561,716
90,501
3,938,618
2,598,819
637,761
182,524
952,167
1
842,702
36,267
181,814
19,142
3,399,902
614,486
611,948
884,954
273,006
51,667
160,936
*4,508
4,879,169
632,011
624,563
889,869
265,305
1,921,282
1,620,326
38,454
64,281,575
11,890,066
11,883,153
13,373,638
1,490,485
1,778,721
791,477
*24,258
41,447,046
10,313,060
10,308,431
11,019,317
710,886
111,472
1,810
41,940
--1,119
68,818
21
1,927
4,294
*2,367
*3,088
*3,088
-728,434
982,839
254,405
49,565
2,912
30,859
6,495
*269
9,030
-1,080
1,217
137
*872
*872
-676,080
924,520
248,440
202,595
16,183
178,397
1
-16,948
27,322
-2,359
19,786
44,972
25,186
26,689
26,931
*242
12,132,222
13,589,671
1,457,449
100,520
13,064
96,133
--13,044
6,725
-2,359
4,463
21,751
*17,288
*20,162
*20,162
-10,433,576
11,140,421
706,846
(74)
(75)
Number of returns..................................................................................................
449,812
21,447
151,658
142,742
Number of shareholders..................................................................................................
665,920
71,317
235,237
217,942
Total receipts ²..................................................................................................
242,934,166
15,484,743
130,772,974
120,560,853
Business receipts..................................................................................................
237,290,575
5,066,274
129,415,845
119,359,855
Interest on Government obligations:
State and local ²..................................................................................................
43,393
361,302
35,415
32,877
Net gain, noncapital assets..................................................................................................
153,198
121,789
101,023
68,286
Other receipts..................................................................................................
5,447,000
9,935,378
1,220,691
1,099,835
Total deductions..................................................................................................
221,991,573
10,941,603
124,709,813
115,112,178
Cost of goods sold..................................................................................................
70,529,876
126,813
59,908,971
56,171,730
Compensation of officers..................................................................................................
25,984,008
874,114
5,323,015
5,005,297
Repairs..................................................................................................
1,301,148
132,820
762,281
563,157
Bad debts..................................................................................................
463,502
487,591
531,413
498,709
Rent paid on business property..................................................................................................
8,437,896
113,651
3,224,612
2,817,530
Taxes paid..................................................................................................
7,304,774
334,870
5,329,778
4,982,126
Interest paid..................................................................................................
1,550,566
4,745,828
1,030,555
809,932
Amortization..................................................................................................
323,639
118,626
162,885
127,401
Depreciation..................................................................................................
2,873,583
343,719
2,193,498
1,592,102
Depletion..................................................................................................
*52
1,627
935
-Advertising..................................................................................................
2,313,630
91,918
1,050,848
990,297
Pension, profit-sharing, stock bonus,
and annuity plans..................................................................................................
2,682,562
81,206
341,363
305,096
Employee benefit programs..................................................................................................
3,115,146
200,594
2,008,773
1,826,960
Net loss, noncapital assets..................................................................................................
34,034
17,565
29,377
10,234
Other deductions ³..................................................................................................
95,077,156
3,270,660
42,811,508
39,411,607
Total receipts less total deductions ²..................................................................................................
20,942,594
4,543,140
6,063,161
5,448,675
Net income (less deficit) from a trade or business ²..................................................................................................
20,899,201
4,181,839
6,027,746
5,415,798
Net income..................................................................................................
26,153,136
5,137,167
7,766,629
6,881,676
Deficit..................................................................................................
5,253,936
955,329
1,738,883
1,465,878
Portfolio income (less deficit) distributed to
shareholders..................................................................................................
4,298,819
1,940,457
670,924
559,453
Dividend income..................................................................................................
115,647
318,823
49,098
47,288
Interest income..................................................................................................
957,646
915,068
342,649
300,709
Royalty income..................................................................................................
19,552
38,034
*10,750
*10,750
Net short-term capital gain (less loss)..................................................................................................
-98,388
-395,097
-98,918
-97,799
Net long-term capital gain (less loss)..................................................................................................
3,302,996
873,481
367,287
298,469
Other portfolio income (net)..................................................................................................
1,367
190,148
58
36
Real estate rental net income (less deficit)..................................................................................................
105,473
17,168
15,684
13,757
Net income..................................................................................................
137,941
80,175
24,298
20,004
Deficit..................................................................................................
32,469
63,008
8,615
6,248
Net income (less deficit) from other rental activity..................................................................................................
114,448
6,180
2,923
-164
Net income..................................................................................................
121,514
23,074
3,868
781
Deficit..................................................................................................
7,066
16,894
945
945
Total net income (less deficit)..................................................................................................
25,417,941
6,145,644
6,717,277
5,988,843
Net income..................................................................................................
30,315,409
8,797,454
8,413,134
7,430,295
Deficit..................................................................................................
4,897,469
2,651,810
1,695,857
1,441,452
Footnotes at end of table.
and outpatient
care centers
S Corporation Returns, 2001
Table 1.--S Corporations: 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]
Health care and social
assistance--continued
Item
Miscellaneous
Hospitals,
health care and
nursing,
Arts, entertainment, and recreation
Total
Other arts,
Amusement,
entertainment,
gambling, and
Accommodation and food services
Food
Total
Accom-
services
modation
and drinking
social
and residential
and
recreation
assistance
care facilities
recreation
industries
(81)
(82)
(84)
(85)
(86)
(87)
(88)
32,671
85,998
20,368,241
19,604,569
166,897
341,047
127,114,680
125,168,520
23,060
62,766
16,518,166
16,134,322
143,837
278,281
110,596,514
109,034,198
3,901
167,539
592,232
19,747,050
4,587,483
812,143
607,938
21,753
1,899,488
1,047,621
784,515
63,852
1,254,459
-442,946
8,037
436,481
1,501,643
123,737,324
47,873,775
3,565,161
2,360,197
219,075
8,750,746
5,780,657
2,988,933
530,921
3,886,440
*3,165
3,292,273
2,291
82,073
299,481
16,677,726
2,814,633
395,093
528,490
92,628
674,597
1,283,266
1,554,556
106,792
1,379,479
-371,716
5,746
354,408
1,202,162
107,059,598
45,059,143
3,170,069
1,831,706
126,447
8,076,149
4,497,391
1,434,377
424,129
2,506,961
*3,165
2,920,557
65,066
173,227
583
7,985,975
621,191
617,290
1,688,286
1,070,996
120,792
887,731
12,983
43,464,474
3,377,356
3,369,319
6,702,125
3,332,805
36,827
214,808
186
7,224,656
-159,560
-161,851
997,319
1,159,170
83,965
672,923
12,798
36,239,819
3,536,916
3,531,170
5,704,805
2,173,635
264,240
11,649
122,207
*54,609
-14,066
89,732
108
35,685
47,676
11,991
14,860
14,988
129
932,075
1,903,975
971,899
1,644,184
25,459
411,500
9,342
-23,805
1,220,981
*706
94,227
120,093
25,866
17,539
22,151
*4,612
5,125,270
8,217,154
3,091,884
901,787
8,545
233,054
--4,670
664,253
*606
38,172
58,469
20,296
2,426
6,865
*4,439
780,534
1,778,230
997,695
742,397
16,914
178,446
9,342
-19,135
556,729
*101
56,055
61,625
5,570
15,113
*15,287
173
4,344,736
6,438,924
2,094,189
(83)
Number of returns..................................................................................................
28,639
9,291
67,225
34,554
Number of shareholders..................................................................................................
43,674
20,830
137,801
51,804
Total receipts ²..................................................................................................
20,382,258
18,757,207
34,489,926
14,121,685
Business receipts..................................................................................................
20,151,142
18,541,172
33,184,725
13,580,156
Interest on Government obligations:
State and local ²..................................................................................................
1,046
1,238
11,569
7,668
Net gain, noncapital assets..................................................................................................
2,530
7,318
238,871
71,331
Other receipts..................................................................................................
227,541
207,480
1,054,762
462,530
Total deductions..................................................................................................
19,077,565
18,484,894
33,218,902
13,471,852
Cost of goods sold..................................................................................................
4,143,233
1,544,764
6,630,607
2,043,124
Compensation of officers..................................................................................................
1,506,591
335,441
2,664,547
1,852,405
Repairs..................................................................................................
200,380
199,709
683,799
75,861
Bad debts..................................................................................................
91,527
126,176
72,772
51,019
Rent paid on business property..................................................................................................
841,793
1,169,169
2,520,287
620,799
Taxes paid..................................................................................................
847,728
1,017,542
1,430,133
382,512
Interest paid..................................................................................................
189,563
539,978
998,887
214,372
Amortization..................................................................................................
42,511
30,839
298,452
234,599
Depreciation..................................................................................................
311,286
401,845
1,655,782
401,322
Depletion..................................................................................................
*127
---Advertising..................................................................................................
127,129
74,991
619,659
176,713
Pension, profit-sharing, stock bonus,
and annuity plans..................................................................................................
73,906
68,655
223,142
158,077
Employee benefit programs..................................................................................................
302,347
526,502
249,348
76,121
Net loss, noncapital assets..................................................................................................
*5,612
8,585
20,339
19,756
Other deductions ³..................................................................................................
10,393,833
12,440,698
15,151,147
7,165,172
Total receipts less total deductions ²..................................................................................................
1,304,693
272,314
1,271,025
649,834
Net income (less deficit) from a trade or business ²..................................................................................................
1,303,647
271,076
1,259,456
642,165
Net income..................................................................................................
1,548,379
805,942
3,556,353
1,868,067
Deficit..................................................................................................
244,733
534,866
2,296,898
1,225,902
Portfolio income (less deficit) distributed to
shareholders..................................................................................................
30,324
71,751
471,850
207,610
Dividend income..................................................................................................
942
2,177
29,013
17,363
Interest income..................................................................................................
31,974
50,290
225,298
103,091
Royalty income..................................................................................................
-1
150,847
96,237
Net short-term capital gain (less loss)..................................................................................................
*-390
-3,513
-17,354
-3,287
Net long-term capital gain (less loss)..................................................................................................
-2,200
22,797
66,453
-23,279
4
Other portfolio income (net)..................................................................................................
( )
-17,594
17,485
Real estate rental net income (less deficit)..................................................................................................
196
15,127
50,974
15,289
Net income..................................................................................................
306
22,915
69,680
22,004
Deficit..................................................................................................
110
7,788
18,706
*6,715
Net income (less deficit) from other rental activity..................................................................................................
*630
5,896
13,954
-906
Net income..................................................................................................
871
5,898
17,102
*2,114
Deficit..................................................................................................
*241
1
*3,148
*3,020
Total net income (less deficit)..................................................................................................
1,334,797
363,850
1,796,234
864,158
Net income..................................................................................................
1,570,401
878,849
3,979,900
2,075,925
Deficit..................................................................................................
235,603
514,999
2,183,666
1,211,767
Footnotes at end of table.
places
69
S Corporation Returns, 2001
Table 1.--S Corporations: 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]
Other services
Religious,
Item
Total
Repair
Personal
grantmaking,
and
and laundry
civic,
maintenance
services
professional,
and similar
organizations
(89)
70
(90)
Number of returns..................................................................................................
181,213
95,825
Number of shareholders.................................................................................................. 278,132
139,302
Total receipts ²..................................................................................................
88,047,642
51,552,373
Business receipts..................................................................................................
87,427,839
51,295,550
Interest on Government obligations: State and local ²..................................................................................................
7,616
447
Net gain, noncapital assets..................................................................................................122,425
59,363
Other receipts..................................................................................................
489,763
197,013
Total deductions..................................................................................................
84,565,022
49,875,928
Cost of goods sold..................................................................................................
36,856,179
25,907,198
Compensation of officers.................................................................................................. 5,358,923
3,096,481
Repairs…………………................................................................................................... 957,489
461,090
Bad debts……………….................................................................................................... 162,352
66,255
Rent paid on business property..................................................................................................
5,533,094
2,606,111
Taxes paid…………..................................................................................................
3,000,134
1,722,066
Interest paid………..................................................................................................
1,056,935
568,768
Amortization………...................................................................................................
212,186
99,112
Depreciation………...................................................................................................
2,135,637
985,443
Depletion…………..................................................................................................
*527
*419
Advertising………………....................................................................................................1,454,404
681,690
Pension, profit-sharing, stock bonus, and annuity plans..................................................................................................
208,980
104,442
Employee benefit programs..................................................................................................925,516
527,980
Net loss, noncapital assets.................................................................................................. 10,073
5,085
Other deductions ³..................................................................................................
26,692,591
13,043,787
Total receipts less total deductions ²..................................................................................................
3,482,619
1,676,446
Net income (less deficit) from a trade or business ²..................................................................................................
3,475,004
1,675,998
Net income…………….................................................................................................... 5,104,203
2,599,984
Deficit………………..................................................................................................
1,629,199
923,986
Portfolio income (less deficit) distributed to shareholders..................................................................................................
376,229
136,546
Dividend income..................................................................................................
10,639
1,537
Interest income..................................................................................................
179,627
64,928
Royalty income..................................................................................................
*384
133
Net short-term capital gain (less loss)..................................................................................................
-21,348
-5,919
Net long-term capital gain (less loss)..................................................................................................
206,475
75,783
Other portfolio income (net)..................................................................................................
*453
*84
Real estate rental net income (less deficit)..................................................................................................
59,745
24,379
Net income……………....................................................................................................
62,548
25,280
Deficit……….……...................................................................................................
2,803
*901
Net income (less deficit) from other rental activity..................................................................................................
8,578
*6,184
Net income………....................................................................................................
*13,287
*10,191
Deficit……………...................................................................................................
*4,709
*4,007
Total net income (less deficit)..................................................................................................
3,919,556
1,843,108
Net income…………....................................................................................................
5,442,344
2,737,488
Deficit………….…..................................................................................................
1,522,788
894,380
* Estimate should be used with caution because of the small number of returns on which it is based.
¹ Includes returns not allocable by industrial sector, which are not shown separately.
² Includes interest on Government obligations: State and local, which is not reflected in net income (less deficit) from a trade or business.
³ Other deductions include salaries and wages. Prior to 2001, salaries and wages were reported as a separate deduction.
4
Less than $500.
NOTE: Detail may not add to totals due to rounding.
70
(91)
(92)
84,504
137,852
36,182,545
35,819,509
7,168
63,062
292,806
34,409,006
10,859,222
2,252,870
496,189
96,081
2,912,911
1,275,029
487,719
113,009
1,148,797
108
746,292
104,522
396,518
*4,980
13,514,760
1,773,538
1,766,370
2,471,554
705,184
239,561
9,090
114,590
*251
-15,429
130,691
*368
35,366
37,267
*1,902
*2,395
*3,096
702
2,043,691
2,672,072
628,380
*884
*978
*312,724
*312,780
---56
*280,088
*89,759
*9,572
*211
16
*14,072
*3,040
448
*66
*1,397
-*26,423
16
1,018
8
*134,044
*32,635
*32,635
*32,665
*30
*121
12
*109
----------*32,756
*32,785
*28
S Corporation Returns, 2001
Table 2.--S Corporations with Net Income: Total Receipts and Deductions, Portfolio Income, Rental
Income, and Total Net Income, by Major Industrial Group
[All figures are estimates based on samples--money amounts are in thousands
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