# S Corporation Returns, 1995

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S Corporation Returns, 1995

SCorporationReturns,1995
by Susan M. Wittman

S

Corporation data for Tax Year 1995 show a
continuation of the increasing number of returns
filed, which began following the Tax Reform Act
of 1986 (TRA 86). The number of S Corporation income
tax returns filed for Tax Year 1995 increased by 6.4
percent to 2,153,119 (Figure A). This growth started
when the number of S Corporation returns filed for Tax
Year 1987, the first post-TRA 86 tax year, increased by
36.5 percent [1,2]. One advantage of S Corporation
election is the avoidance of double taxation as S Corporations are generally subject to income tax only at the
shareholder level. The Revenue Reconciliation Act of
1993, which raised the top individual tax rate above the
top corporate tax rate, however, has apparently not slowed
the rate of growth in the number of S Corporation returns
filed [3]. The avoidance of double taxation may be the
key determinant of continued growth for S Corporations
despite an increase in the top individual income tax rate.
S Corporation returns represent 48.1 percent of the
total number of corporate returns filed for Tax Year 1995.
The growth rate of taxable corporations slowed from 9.5
percent for Tax Year 1994 to 0.1 percent for Tax Year
1995 [4,5]. The term “taxable corporations,” used herein,
refers to all corporations other than S Corporations.
S Corporations continue to represent a small portion of
the overall corporate net income (less deficit) despite the
increase in number of returns filed. Total net income (less
deficit) as reported by S Corporations for Tax Year 1995
was $99.1 billion (Table 1), an 8.2-percent increase from
Tax Year 1994. Net income (less deficit) for taxable
corporations was $637.3 billion for Tax Year 1995. S
Corporations’share of total adjusted corporate net income
(less deficit) decreased slightly from 18.2 percent for Tax
Year 1994 to 15.6 percent for Tax Year 1995.
Nearly 270 thousand returns were filed for new S
Corporations for Tax Year 1995. Of these, 70.7 percent
were for newly-incorporated businesses. The remaining
29.3 percent were returns filed by corporations that
elected Subchapter S status for the first time.

Advantages to Subchapter S Election
Organizing as an S Corporation offers many advantages.
One advantage of S Corporation status is the avoidance of
double taxation on income. Unlike taxable corporations,
whose income is subject to tax at both the corporate level

Susan M. Wittman is an economist with the Corporation Special
Projects Section. This article was prepared under the direction
of Doug Shearer, Chief.

and then again at the shareholder level, the income of S
Corporations is generally subject to tax only at the
shareholder level. Shareholders of S Corporations report
their pro rata shares of income or loss on their own tax
returns and are assessed tax at their individual income tax
brackets. This ability to “pass through” income can result
in significant tax savings.
Election as an S Corporation also offers the advantages
of limited liability, unlimited life span, and freely transferable corporate ownership. These attributes are shared
with taxable corporations.

S Corporation Criteria
An S Corporation is required to file Form 1120S, U.S.
Income Tax Return for an S Corporation, by the 15th day
of the third month following the close of the tax year [6].
Provisions of TRA 86 required that S Corporations
generally file a calendar tax year to conform to the tax
year of the majority of its shareholders. A business entity
must meet all of the criteria in Subchapter S of the Internal
Revenue Code to qualify as an S Corporation. The criteria
for S Corporation election for Tax Year 1995 are [7]:

r no more than 35 shareholders;
r shareholders can only be individuals, estates, or
certain defined trusts;

r no nonresident alien shareholders; and
r only one class of stock.
Corporations that are ineligible to elect Subchapter S
status include:

r insurance companies subject to provisions of
Subchapter L of the Internal Revenue Code;

r corporations eligible to elect a possessions tax
credit;

r banks or building and loan associations to which
Internal Revenue Code section 585 applies;

r Interest-Charge Domestic International Sales
Corporations or former Domestic International
Sales Corporations; or
r affiliated group members that are eligible for
inclusion on a consolidated return.
If any of the criteria for qualifying as an S Corporation
is no longer met, then status as an S Corporation is automatically terminated. Corporations that converted from
Subchapter C to Subchapter S status have additional
restrictions. If a corporation reports three consecutive
years of accumulated earnings and profits as a C Corpora43

S Corporation Returns, 1995

Figure A
All Returns: Selected Items for Selected Industrial Division, Tax Years 1994 and 1995
[Money amounts are in thousands of dollars]

Industrial division, item

1994

1995

Percentage
change

(1)

(2)

(3)

All industries
Number of returns...................................................................................................................................................................................
2,023,754
2,153,119
6.4
Net income (less deficit) from a trade or business...................................................................................................................................................................................
73,951,541
76,899,029
4.0
Net income...................................................................................................................................................................................
106,971,622
115,087,307
7.6
Deficit...................................................................................................................................................................................
33,020,082
38,188,278
15.7
Total net income (less deficit)...................................................................................................................................................................................
91,676,443
99,128,672
8.1
Net income...................................................................................................................................................................................
123,970,916
134,958,619
8.9
Deficit...................................................................................................................................................................................
32,294,473
35,829,947
10.9
Manufacturing
Number of returns...................................................................................................................................................................................
129,408
138,856
7.3
Net income (less deficit) from a trade or business...................................................................................................................................................................................
20,477,819
21,083,883
3.0
Net income...................................................................................................................................................................................
24,578,526
26,207,148
6.6
Deficit...................................................................................................................................................................................
4,100,708
5,123,265
24.9
Total net income (less deficit)...................................................................................................................................................................................
23,625,110
24,934,073
5.5
Net income...................................................................................................................................................................................
27,424,187
29,682,061
8.2
Deficit...................................................................................................................................................................................
3,799,078
4,747,988
25.0

44

Wholesale and retail trade
Number of returns...................................................................................................................................................................................
517,812
537,539
3.8
Net income (less deficit) from a trade or business...................................................................................................................................................................................
20,517,727
19,831,198
-3.3
Net income...................................................................................................................................................................................
28,957,479
29,933,470
3.4
Deficit...................................................................................................................................................................................
8,439,752
10,102,272
19.7
Total net income (less deficit)...................................................................................................................................................................................
23,887,745
24,075,672
0.8
Net income...................................................................................................................................................................................
31,830,108
33,428,372
5.0
Deficit...................................................................................................................................................................................
7,942,363
9,352,701
17.8
Finance, insurance, and real estate
Number of returns...................................................................................................................................................................................
314,490
326,149
3.7
Net income (less deficit) from a trade or business...................................................................................................................................................................................
4,153,682
4,533,532
9.1
Net income...................................................................................................................................................................................
9,411,766
10,055,178
6.8
Deficit...................................................................................................................................................................................
5,258,084
5,521,646
5.0
Total net income (less deficit)...................................................................................................................................................................................
8,576,635
10,671,258
24.4
Net income...................................................................................................................................................................................
14,816,449
16,330,818
10.2
Deficit...................................................................................................................................................................................
6,239,814
5,659,560
-9.3
Services
Number of returns...................................................................................................................................................................................
687,981
753,890
9.6
Net income (less deficit) from a trade or business...................................................................................................................................................................................
18,257,112
20,149,971
10.4
Net income...................................................................................................................................................................................
26,243,712
29,309,851
11.7
Deficit...................................................................................................................................................................................
7,986,600
9,159,880
14.7
Total net income (less deficit)...................................................................................................................................................................................
21,567,432
24,785,445
14.9
Net income...................................................................................................................................................................................
29,117,434
33,255,123
14.2
Deficit...................................................................................................................................................................................
7,550,001
8,469,678
12.2

tion and also reports passive investment income that
exceeds 25.0 percent of reported gross receipts, then
Subchapter S status will be revoked beginning the following tax year.

S Corporation Size
Although S Corporations share many advantages of
corporate organization, restrictions on the number of
44

shareholders and consequently on the ability to raise
capital means that, on average, S Corporations are
considerably smaller than C Corporations. For Tax Year
1995, as in prior years, the vast majority (82.0 percent) of
S Corporations have only one or two shareholders (Figure
B). Although there are no restrictions on the amount of
income an S Corporation can earn or on the size or type of
assets it can hold, both income and assets are, on average,

S Corporation Returns, 1995

Figure B
Percentage of S Corporations, by Number of Shareholders, Tax Year 1995
3
7.6%

2
30.0%

4-10
8.7%

Other ¹
1.6%

2.2 million

1
52.0%

¹ Other category includes returns with more than 10 shareholders and returns for which a
number of shareholders was not reported.
NOTE: Detail may not add to 100 percent due to rounding.

smaller than those for taxable corporations. Average total
assets for S Corporations were $473 thousand for Tax
Year 1995, while average total assets for taxable corporations were $10.8 million (Table 3)[8].

Distribution of Returns by Industrial Division
Figure A presents selected 1994 and 1995 data for all S
Corporations. These data show that, as in prior years, S
Corporations remain concentrated in the services,
wholesale and retail trade, and finance, insurance, and
real estate industrial divisions. The services division
comprises 35.0 percent of all S Corporation returns filed
for Tax Year 1995 with 753,890 returns. This is a 9.6percent increase over the 687,981 returns filed for Tax
Year 1994. The wholesale and retail trade division
accounted for 25.0 percent of the total number of S
Corporation returns for Tax Year 1995, a 3.8-percent
increase over Tax Year 1994. The finance, insurance,
and real estate division reported the third largest number
of S Corporation returns filed for Tax Year 1995 with

326,149, which represents 15.2 percent of the total number
of returns filed for Tax Year 1995. These three industrial
divisions comprise three-fourths of all S Corporation
returns filed for Tax Year 1995, as they also did for Tax
Year 1994.

S Corporation Income from a Trade or
Business
S Corporations reported an increase of 4.0 percent in net
income (less deficit) from a trade or business for Tax Year
1995. Overall net income (less deficit) from a trade or
business increased to $76.9 billion for Tax Year 1995 from
$74.0 billion reported for Tax Year 1994 (Figure A).
While positive net income (less deficit) from a trade or
business increased by 7.6 percent to $115.1 billion for Tax
Year 1995, deficits also increased 15.7 percent to $38.2
billion (Table 1). Returns with positive net income from a
trade or business represent 60.4 percent of all S Corporations for Tax Year 1995 (Table 2). Seven of the nine
industrial divisions reported increases in positive net
45

S Corporation Returns, 1995

46

46

income from a trade or business, and eight of nine
reported increases in deficits from a trade or business.
The services division reported a 10.4-percent increase
in net income (less deficit) from a trade or business with a
$1.9 billion increase. This increase was bolstered by a
14.5-percent increase reported by other services that had
net income (less deficit) from a trade or business of $10.4
billion for Tax Year 1995. This group reported $9.0
billion for Tax Year 1994. Business services accounted
for 41.2 percent of the increase in this division, as net
income (less deficit) from a trade or business increased
from $6.4 billion for Tax Year 1994 to $7.0 billion for
Tax Year 1995. These two major groups (other services
and business services) also reported the largest increases
for Tax Year 1994.
Wholesale and retail trade reported a modest decline of
3.3 percent, while still
accounting for 25.8 percent
Totalnetincome(less
of net income (less deficit)
from a trade or business.
deficit)was$99.1
Total receipts increased by
billionforTaxYear
5.8 percent, while total
deductions increased by
1995,anincreaseof
5.9 percent. Increases in
8.1percentoverthe
the cost of goods sold
accounted for 76.7 percent
$91.7billionreported
of this increase. Positive
forTaxYear1994.
net income from a trade or
business increased by 3.4
percent, while deficits from a trade or business increased
by 19.7 percent over Tax Year 1994. This increase in
deficits from a trade or business compared with a decrease
of 1.2 percent from Tax Year 1993 to Tax Year 1994.
Net income (less deficit) from a trade or business for
Tax Year 1995 for the manufacturing division was $21.1
billion, an increase of 3.0 percent. This represents 27.4
percent of the total net income (less deficit) from a trade
or business for all S Corporations for Tax Year 1995.
The construction division reported an increase of $1.3
billion for net income (less deficit) from a trade or business for Tax Year 1995. This was a 18.8-percent increase
over Tax Year 1994 and was the largest percentage increase of any industrial division (Table 1). Special trade
contractors accounted for nearly all ($1.2 billion) of the
increase.
The agriculture division reported a decline in net deficit
from a trade or business from $146.6 million for Tax Year
1994 to $34.1 million for Tax Year 1995. This improvement is attributable to an increase in positive net income
from a trade or business of $472.5 million. The number

of returns filed for Tax Year 1995 remained relatively
constant with only a 1.0-percent increase.
The transportation and public utilities division reported
a 25.6-percent ($0.6 billion) decrease in net income (less
deficit) from a trade or business for Tax Year 1995, while
the number of returns filed increased by 11.9 percent.
This is mainly attributable to increases in deficits from a
trade or business and a $0.8-billion decrease in net longterm capital gain (less loss) for this division.

Income from Rental Real Estate
For 1995, 178.7 thousand S Corporations reported rental
real estate income and expenses on Form 8825, Rental
Real Estate Income and Expenses of a Partnership or an S
Corporation (Table 4). This is an increase of 6.0 percent
over the number of returns filed for Tax Year 1994. Net
rental income (less deficit) increased from $1.8 billion for
Tax Year 1994 to $2.3 billion for 1995, an increase of
26.0 percent. As might be expected, the finance, insurance, and real estate division accounts for 61.9 percent of
all real estate rental net income (less loss) and 73.3
percent of all returns filed (Figure C). The real estate
industrial group reported $1.4 billion in net rental income,
61.8 percent of the net rental income reported by all S
Corporations. Net rental income for this industrial group
increased 46.2 percent over the $945.6 million reported
for Tax Year 1994. The increase in net rental income
(less deficit) for the real estate industrial group is attributable to a 21.3-percent increase in positive net rental
income to $3.1 billion and a 6.6-percent decrease in the
net rental deficit to $1.7 billion.

S Corporation Total Net Income
Total net income (less deficit) for an S Corporation
includes net income from a trade or business (less deficit),
portfolio income (less loss) distributed to shareholders,
real estate rental income (less deficit), and net income
(less deficit) from other rental activity (Figure D).
Portfolio income (or loss) includes interest income,
dividend income, royalty income, net long-term and shortterm capital gains and losses, and other portfolio income.
Total net income (less deficit) is thus a much more
comprehensive measure of S Corporation income than
trade or business net income. Total net income (less
deficit) was $99.1 billion for Tax Year 1995, an increase
of 8.1 percent over the $91.7 billion reported for Tax Year
1994 (Figure A). Net income (less deficit) from a trade or
business was the largest component of total net income
(less deficit) at 77.6 percent. Portfolio income as a
percentage of total net income (less deficit) increased

S Corporation Returns, 1995

Figure C
Real Estate Rental Net Income (Less Deficit), by Selected Industrial Division, Tax
Year 1995
Transportation and
public utilities
4.4%

Manufacturing
3.9%
Services
11.3%

Wholesale and
retail trade
13.5%

All other ¹
4.9%

$2.3 billion
Finance, insurance,
and real estate
61.9%

¹ Includes agriculture, forestry, and fishing; mining; construction; and nature of business not allocable.
NOTE: Detail may not add to 100 percent due to rounding.

from 16.5 percent for Tax Year 1994 to 19.3 percent for
Tax Year 1995. Net long-term capital gain (less loss)
increased by 17.1 percent to $9.0 billion for Tax Year
1995. Interest income increased by 31.7 percent to $7.7
billion for Tax Year 1995. The increase in interest income
is consistent with increases in interest rates reported in the
overall economy for 1995. One such rate is the prime
lending rate, which increased from 7.15 percent for 1994
to 8.83 percent for 1995, a 24-percent increase. Manufacturing, services, and wholesale and retail trade combined
to account for nearly three-fourths of the total net income
(less deficit) (Figure E).
The services division reported continued growth for
Tax Year 1995, as total net income (less deficit) was
$24.8 billion, an increase of 14.9 percent from Tax Year
1994. The two largest major groups within this industry
are business services and other services. An increase of
10.1 percent was reported by the business services group
for Tax Year 1995, as total net income (less deficit) was
$8.5 billion, up from the $7.7 billion reported for Tax
Year 1994. Overall, S Corporations in the services divi-

sion derived 81.3 percent of total net income (less deficit)
from net income (less deficit) from a trade or business.
Other services reported $12.0 billion in total net income
(less deficit), an increase of 15.6 percent for Tax Year
1995.
Manufacturing reported an increase of 5.5 percent for
total net income (less deficit). This division accounted for
$24.9 billion, the largest amount of total net income (less
deficit) reported. This represents 25.2 percent of total net
income (less deficit) reported by all S Corporations for
Tax Year 1995.
Wholesale and retail trade did not continue to report
large increases in total net income (less deficit) as reported
for Tax Year 1994. This division reported an increase of
only 0.8 percent in total net income (less deficit) for Tax
Year 1995. While positive total net income increased by
5.0 percent to $33.4 billion, total deficit net income
increased by 17.8 percent to $9.4 billion. This increase in
deficits is consistent with the increase in deficits from a
trade or business. Tax Year 1994 data show a decrease of
3.5 percent in total deficit income, while data for Tax
47

S Corporation Returns, 1995

Figure D
Total Net Income (Less Deficit), by Industrial Division, Tax Year 1995
[Money amounts are in thousands of dollars]

Item

All industries

Agriculture,
forestry, and
fishing

Mining

Construction

Manufacturing

(1)

(2)

(3)

(4)

(5)

Net income (less deficit) from a trade or business....................................................................................................................................................................
76,899,029
-34,123
1,077,589
8,407,250
21,083,883
Portfolio income (less deficit)....................................................................................................................................................................
19,145,525
451,802
561,129
868,454
3,689,419
Dividend income..........................................................................................................................
936,893
24,273
38,574
53,339
138,078
Interest income..........................................................................................................................
7,672,052
222,511
164,393
660,170
1,098,248
Royalty income..........................................................................................................................
510,708
23,146
106,116
3,193
96,028
Net short-term capital gain (less loss)..........................................................................................................................
874,524
4,705
-2,867
-10,386
-3,950
Net long-term capital gain (less loss)..........................................................................................................................
9,010,772
175,241
253,239
158,498
2,348,093
Other portfolio income (net)..........................................................................................................................
140,576
*1,926
*1,674
3,641
12,922
Real estate rental net income (less deficit)....................................................................................................................................................................
2,287,046
47,951
9,421
54,280
89,990
Net income (less deficit) from other rental activity....................................................................................................................................................................
797,072
17,984
9,610
26,416
70,780
Total net income (less deficit)....................................................................................................................................................................
99,128,672
483,613
1,657,750
9,356,399
24,934,073
99,128,672
483,614
1,657,749
9,353,208
24,934,072
Item

Transportation
and public
utilities

Wholesale
and retail
trade

Finance,
insurance,
and real estate

Services

Nature of
business
not allocable

(6)

(7)

(8)

(9)

(10)

Net income (less deficit) from a trade or business....................................................................................................................................................................
1,862,419
19,831,198
4,533,532
20,149,971
-12,690

48

Portfolio income (less deficit)....................................................................................................................................................................
1,083,679
3,710,996
4,670,037
4,109,704
*305
Dividend income..........................................................................................................................
35,486
156,918
336,542
153,683
-Interest income..........................................................................................................................
398,712
1,637,995
2,080,844
1,408,875
*305
Royalty income..........................................................................................................................
*1,435
53,616
45,897
181,275
-Net short-term capital gain (less loss)..........................................................................................................................
-17,673
77,478
731,155
96,064
-Net long-term capital gain (less loss)..........................................................................................................................
662,101
1,776,446
1,380,995
2,256,159
-Other portfolio income (net)..........................................................................................................................
3,618
8,543
94,604
13,648
-Real estate rental net income (less deficit)....................................................................................................................................................................
100,898
309,806
1,414,706
259,128
*867
Net income (less deficit) from other rental activity....................................................................................................................................................................
128,985
223,672
52,982
266,643
-Total net income (less deficit)....................................................................................................................................................................
3,175,980
24,075,672
10,671,258
24,785,445
-11,519
*Estimate should be used with caution because of the small number of sample returns on which it is based.
NOTE: Detail may not add to total due to rounding.

Year 1995 show an increase of 17.8 percent.

Taxation of S Corporations
Since S Corporations are flow-through entities, taxes,
generally, are not levied at the corporate level. S Corporations report distributions of income, credits, deductions,
and other miscellaneous items for each shareholder.
Shareholders are responsible for reporting and paying
taxes on amounts received or credits allowed. A few taxes
are levied at the corporate level, the built-in gains tax
being the most common tax paid by an S Corporation.
Other taxes include the excess net passive income tax, the
investment recapture tax, and the “last-in, first-out”
(LIFO) inventory recapture tax and interest due under the
48

“look-back method” for completed long-term contracts
[9].
Total taxes paid by S Corporations continued to increase,
from $121.1 million for Tax Year 1994 to $173.2 million
for Tax Year 1995, an increase of 43.1 percent. The largest
increase was from the built-in gains tax, which increased
by 46.6 percent. The built-in gains tax, which applies
only to those S Corporations that converted from C Corporation status after 1986, accounted for $141.2 million,
or 82.0 percent, of the total taxes paid by all S Corporations for Tax Year 1995 (Figure F). The S Corporation is
taxed on the built-in gain, which is recognized on the
disposition of any asset within ten years from the first day
of the S Corporation’s first tax year. Gain is built in to the

S Corporation Returns, 1995

Figure E
Total Net Income (Less Deficit), by Selected Industrial Division, Tax Year 1995

Finance, insurance,
and real estate
10.8%
All other ¹
2.1%

Wholesale and
retail trade
24.3%

Construction
9.4%
$99.1 billion
Transportation and
public utilities
3.2%

Services
25.0%

Manufacturing
25.2%

¹ Includes agriculture, forestry, and fishing; mining; and nature of business not allocable.
NOTE: Detail may not add to 100 percent due to rounding.

Figure F
S Corporation Taxes, Tax Years 1994 and 1995
[Money amounts are in thousands of dollars]

Item

1994

1995

(1)

(2)

extent of net appreciation arising prior to a C Corporation’s
election as an S Corporation. The increase in the built-in
gains tax from 1994 to 1995 can be largely attributed to
the increase in returns filed by S Corporations that elected
Subchapter S status for the first time for Tax Year 1995.

Balance Sheet Data

The wholesale and retail trade industrial division reported
Total tax.......................................................................................................................
121,051
173,240
Built-in gains tax.......................................................................................................................
96,325
141,218
$315.7 billion in total assets for Tax Year 1995, accountExcess net passive income tax.......................................................................................................................
8,123
8,924
ing for 31.5 percent of the total assets of all S CorporaAdjustments to tax.......................................................................................................................
15,149
20,781

tions (Figure G and Table 3). Not surprisingly, the largest
asset item for this division is inventories. Inventories
Income tax adjustment.......................................................................................................................
*132
*936
reported by this division accounted for nearly 61.0 percent
*Estimate should be used with caution because of the small number of sample returns
of all inventories reported by S Corporations for Tax Year
on which it is based.
Investment credit recapture tax.......................................................................................................................
*1,322
*1,381

49

S Corporation Returns, 1995

Figure G

Total Assets, by Selected Industrial Division, Tax Year 1995

Wholesale and
retail trade
31.0%

Finance, insurance,
and real estate
17.5%

$1,017.6 billion

Transportation and
public utilities
4.7%

All other ¹
13.2%

50
Manufacturing
18.7%

Services
14.9%

¹ Includes agriculture, forestry, and fishing; mining; construction; and nature of business not allocable.
NOTE: Detail may not add to 100 percent due to rounding.

1995, and 37.4 percent of total assets reported within the
division. This division also reported the largest amount of
net worth at $87.5 billion, nearly 28.0 percent of the net
worth of all S Corporations.
The manufacturing division reported the second largest
amount of total assets with $191.0 billion. The largest
asset item for this division was net depreciable assets,
which accounted for 27.1 percent of the total assets for
Tax Year 1995. This division also accounted for $82.1
billion in net worth for Tax Year 1995, or 28.1 percent of
the net worth of all S Corporations.
The finance, insurance, and real estate division reported
the third largest amount of total assets for Tax Year 1995
with $178.2 billion. The largest asset item was net depreciable assets with $51.5 million, accounting for 29.0
50

percent of the total assets held by the division.
The services division reported the fourth largest amount
of total assets with $151.4 billion. Net depreciable assets
were the largest single asset item for the services division
with $57.3 billion reported, accounting for nearly 38.0
percent of the total assets of the division.

Data by Number of Shareholders
The majority of S Corporations (98.4 percent) have ten or
fewer shareholders (Table 5). More than 82.0 percent of
all S Corporations have one or two shareholders for Tax
Year 1995 (Figure B). S Corporations with one or two
shareholders accounted for 57.0 percent of total net income
(less deficit). S Corporations with ten or fewer shareholders had average total assets of $437.5 thousand and average

S Corporation Returns, 1995

Figure H
Coefficients of Variation for Number of Returns, Number of Shareholders, Total Receipts, Dividends,
and Interest, by Industrial Division, Tax Year 1995
Number
Industrial division

Number

of

of

Total

returns

shareholders

receipts

(1)

(2)

Dividends

Interest

(3)

(4)

(5)

0.74

4.98

1.45

Agriculture, forestry, and fishing.......................................................................................................................
5.64
6.45
5.76
Mining.......................................................................................................................
12.77

All industries ¹.......................................................................................................................
0.29
0.95

20.95

7.76

16.27

8.95

13.02

11.44

Construction.......................................................................................................................
3.36
3.51

2.58

12.70

4.48

Manufacturing.......................................................................................................................
3.79
4.38

1.98

7.20

2.69

Transportation and public utilities.......................................................................................................................
5.36
5.65
4.85

16.89

6.11

Wholesale and retail trade.......................................................................................................................
1.86
2.32

1.32

8.42

2.54

Finance, insurance, and real estate.......................................................................................................................
2.48
3.79
4.25

11.41

3.66

Services.......................................................................................................................
1.58

11.51

4.16

2.11

2.49

¹ Includes returns not allocable by industrial division.

total net income (less deficit) of $42.2 thousand for Tax
Year 1995. These averages are up slightly from $432.7
thousand and $41.4 thousand, respectively, for Tax Year
1994. S Corporations with more than ten shareholders
had average total assets of $4.0 million and average total
net income (less deficit) of $432.0 thousand for Tax Year
1995. These averages are up from Tax Year 1994 averages
of $3.5 million and $397.0 thousand, respectively.

Summary
S Corporations continued to show steady growth for Tax
Year 1995, as the number of returns increased by 6.4
percent to nearly 2.2 million. Total net income (less
deficit) for all S Corporations was $99.1 billion for Tax
Year 1995, which represents an increase of 8.1 percent
over Tax Year 1994. S Corporation returns accounted for
48.1 percent of all corporate returns filed for Tax Year
1995, up slightly from 47.0 percent for Tax Year 1994. S
Corporations with one or two shareholders continued to
dominate the number of returns filed with 82.1 percent of
the total. S Corporations also continued to be concentrated in the services, wholesale and retail trade, and
finance, insurance, and real estate divisions, as over threefourths of all returns filed are from these divisions.

Data Sources and Limitations
The statistics for Tax Year 1995 are based on a sample of
S Corporation income tax returns with accounting periods
ending between July 1995 and June 1996 that posted to
the Internal Revenue Service Business Master File between
July 1995 and the end of June 1997.

The estimates in this article were based on a stratified
probability sample of 24,188 S Corporation returns drawn
from a total population of 2,267,178. The stratification
was based on combinations of total assets and ordinary
income from a trade or business. Sample rates ranged
from 0.25 percent to 100 percent. The sample was selected after administrative processing but before audit
examination. The selected sample included 23,608 active
S Corporation returns. Based on this count, the number of
active S Corporations for Tax Year 1995 was estimated to
be 2,153,119.
Because the estimates are based on a sample, they are
subject to sampling error. To properly use the data, the
magnitude of the potential sampling error needs to be
known. Coefficients of variation (CV’s) are used to
measure this magnitude. Figure H presents coefficients of
variation for S Corporations by industrial division. The
smaller the coefficient of variation, the more reliable the
estimate is judged to be [10].

Notes and References
[1] Provisions of TRA 86 required an S Corporation to
align its tax year with the tax year of the majority of
its shareholders. Individuals comprise the majority
of S Corporation shareholders. Thus, many corporations that converted from C to S status had to change
over to a calendar year accounting period. The 36.5percent growth rate includes S Corporations that
filed two returns to meet the required changeover to
a calendar year accounting period. Approximately
51

S Corporation Returns, 1995

100,000 filed such returns for Tax Year 1987.
Excluding these returns, the number of S Corporation returns filed increased by 20.5 percent for 1987.
For a more complete explanation of the effects of
TRA 86 on S Corporations, see Gill, Amy, “S
Corporation Returns, 1992,” Statistics of Income
Bulletin, Spring 1995, Volume 14, Number 4.
[2] For more information on the effects of TRA 86 on S
Corporation election, see, in this issue, Gill, Amy
and Wittman, Susan, “S Corporation Elections After
and Tax Reform Act of 1986,” Statistics of Income
Bulletin, Spring 1998, Volume 17, Number 4. The
study of S Corporation Elections After Tax Reform
Act of 1986 findings were presented at the 1996
Annual Allied Social Science Associations Conference in San Francisco, CA.
[3] For more information, see Wittman, Susan, “S
Corporation Returns, 1994,” Statistics of Income
Bulletin, Spring 1997, Volume 16, Number 4.

52

[4] Over half of the 9.5-percent increase for Tax Year
1994 is attributable to a sampling change that, for the
first time since 1987, subjected all personal service
corporations to sampling. Excluding the increase in
the number of personal service corporation returns, a
4.2-percent increase in the total number of returns
would have been realized for Tax Year 1994.
Statistics for taxable corporation data for Tax Year
1995 are unpublished Statistics of Income tabulations.

[5] Taxable corporation return types include Form
1120, Form 1120-A, Form 1120F, Form 1120L,
Form 1120-PC, Form 1120-REIT, and Form 1120RIC.
[6]

For further detail, see Internal Revenue Service,
Internal Revenue Code, Subchapter S [Section
1361(a)].

[7] The Small Business Jobs Protection Act of 1996
modified some of the criteria for Subchapter S
election. Provisions of this Act are effective for tax
years beginning after December 31, 1996. One of
the modifications is an increase in the number of
shareholders allowed, from 35 up to 75.
[8] For more corporation data, see Internal Revenue
Service, Statistics of Income, Corporation Income
Tax Returns, Publication 16. See also Internal
Revenue Service, Statistics of Income, Corporation
Source Book, Publication 1053. Source Book data
are classified by size of total assets and by major
and minor industries for taxable corporations. For S
Corporations, data are presented by size of total
assets and by industrial division. Data presented are
balance sheet, income and deductions, tax, and
selected items.
[9] For further detail, see Internal Revenue Service,
Internal Revenue Code, Subchapter S [Section
1374].
[10] For further information on data sources and
limitations, see SOI Sampling Methodology and
Data Limitations in this issue.
SOURCE: IRS, Statistics of Income Bulletin, Publication
1136, Spring 1998.

52

S Corporation Returns, 1995

Table 1.--All Returns: Total Income and Deductions, Portfolio Income, Rental Income, and Total Net
Income, by Major Industrial Group
[All figures are estimates based on samples--money amounts are in thousands of dollars]

Mining

Item

All
industries

(1)

Agriculture,
forestry,
and fishing

(2)

Total

Metal
mining

Coal
mining

Oil
and
gas
extraction

Nonmetallic
minerals,
except fuels

(3)

(4)

(5)

(6)

(7)

Number of returns.......................................................................................................................................................
2,153,119
72,085
14,794
*845

780

10,822

2,347

Number of shareholders.......................................................................................................................................................
4,227,544
190,020
39,681
*6,690
2,465
Income from a trade or business:

25,583

4,943

Total receipts ¹.......................................................................................................................................................
2,405,073,461
40,130,194
13,232,848
*200,531
3,800,647
Business receipts.......................................................................................................................................................
2,366,453,853
38,098,929
12,155,204
*156,177
3,727,135
Interest on Government obligations:
State and local...........................................................................................................................................
612,389
18,148
10,706
*65
-Net gain, noncapital assets.......................................................................................................................................................
4,811,274
356,652
164,074
*2
25,571
Other receipts.......................................................................................................................................................
33,195,945
1,656,464
902,864
*44,287
47,941

5,900,253
5,036,419

3,331,417
3,235,472

8,272
114,615
740,946

*2,369
23,885
69,691

Total deductions.......................................................................................................................................................
2,327,562,043
40,146,168
12,144,553
*158,916
3,826,597
Cost of goods sold.......................................................................................................................................................
1,558,014,880
20,383,176
6,029,053
*26,493
2,241,223
Compensation of officers.......................................................................................................................................................
88,534,774
1,128,057
363,721
*3,973
30,143
Salaries and wages.......................................................................................................................................................
214,023,087
3,346,546
1,006,007
*27,143
268,630
Repairs.......................................................................................................................................................
14,923,736
935,948
227,245
*19,008
65,080
Bad debts.......................................................................................................................................................
4,904,519
79,705
14,603
*416
*776
Rent paid on business property.......................................................................................................................................................
48,007,962
1,379,237
154,192
*10,151
56,653
Taxes paid.......................................................................................................................................................
50,605,800
906,629
486,374
*9,199
149,266
Interest paid.......................................................................................................................................................
27,807,346
1,083,263
388,097
*2,548
77,142
Amortization.......................................................................................................................................................
3,070,907
40,358
33,683
*1,640
12,692
Depreciation.......................................................................................................................................................
41,283,783
1,804,820
709,632
*11,133
185,753
Depletion.......................................................................................................................................................
255,183
*7,027
117,978
*1,999
44,573
Advertising.......................................................................................................................................................
23,417,922
122,007
15,036
*97
2,436
Pension, profit-sharing, stock
bonus, and annuity plans...........................................................................................................................................
7,857,924
65,467
49,419
*119
*11,311
Employee benefit programs.......................................................................................................................................................
16,759,491
204,610
281,576
*6,417
188,971
Net loss, noncapital assets.......................................................................................................................................................
525,930
36,212
18,791
-*794
Other deductions.......................................................................................................................................................
227,568,799
8,623,106
2,249,146
*38,580
491,152

5,077,772
1,906,442
220,836
503,699
72,622
7,976
62,613
232,084
248,275
16,365
303,750
*4,038
5,880

3,081,268
1,854,896
108,769
206,535
70,535
5,436
24,775
95,824
60,132
2,987
208,996
67,368
6,622

10,832
52,873
*17,554
1,411,934

27,157
33,315
443
307,479

Total receipts less total deductions ¹.......................................................................................................................................................
77,511,418
-15,975
1,088,295
*41,615
-25,950
822,481

250,149

Net income (less deficit)
from a trade or business.....................................................................................................................................
76,899,029
-34,123
1,077,589
*41,551
Net income.......................................................................................................................................................
115,087,307
2,296,664
1,631,137
*56,044
Deficit.......................................................................................................................................................
38,188,278
2,330,787
553,548
*14,494

-25,950
155,197
181,147

Portfolio income (less deficit)
distributed to shareholders.....................................................................................................................................
19,145,525
451,802
561,129
*8,478
33,029
Dividend income.......................................................................................................................................................
936,893
24,273
38,574
-*2,690
Interest income.......................................................................................................................................................
7,672,052
222,511
164,393
*3,977
18,992
Royalty income (less loss).......................................................................................................................................................
510,708
23,146
106,116
-*4,625
Net short-term capital gain
(less loss)...........................................................................................................................................
874,524
4,705
-2,867
-*1,743
Net long-term capital gain
(less loss)...........................................................................................................................................
9,010,772
175,241
253,239
*4,502
*4,175
Other portfolio income (net).......................................................................................................................................................
140,576
*1,926
*1,674
-*803

814,209
1,132,725
318,516

247,780
287,171
39,391

485,003
32,689
120,097
96,863

34,619
3,195
21,327
*4,628

-6,436

*1,825

240,978
*811

3,585
*59

Real estate rental net income
(less deficit).....................................................................................................................................
2,287,046
47,951
9,421
*13
Net income.......................................................................................................................................................
4,285,458
84,310
16,433
*13
Deficit.......................................................................................................................................................
1,998,412
36,360
7,012
--

*1,594
*1,676
*82

10,303
13,945
*3,642

-2,488
*800
*3,288

Net income (less deficit)
from other rental activity.....................................................................................................................................
797,072
17,984
9,610
-Net income.......................................................................................................................................................
1,031,811
19,870
10,964
-Deficit.......................................................................................................................................................
234,740
*1,887
*1,354
--

*7,423
*7,423
--

2,213
*3,191
*978

*-25
*351
*376

Total net income (less deficit).......................................................................................................................................................
99,128,672
483,613
1,657,750
*50,042
16,095
Net income.......................................................................................................................................................
134,958,619
2,630,822
2,139,716
*64,420
176,937
Deficit.......................................................................................................................................................
35,829,947
2,147,209
481,966
*14,378
160,842

1,311,728
1,578,667
266,939

279,885
319,692
39,807

Footnotes at end of table.

53

S Corporation Returns, 1995

Table 1.--All Returns: Total Income 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

Item
Total

(8)

General
building
contractors
and
operative
builders
(9)

Manufacturing

Heavy
construction
contractors

Special
trade
contractors

Total

Food and
kindred
products

Tobacco
manufactures

Textile
mill
products

(10)

(11)

(12)

(13)

(14)

(15)

Number of returns.......................................................................................................................................................
216,192
85,601
7,836
122,755
138,856

54

7,159

**

3,256

Number of shareholders.......................................................................................................................................................
354,575
137,116
15,592
201,867
334,974
30,177
Income from a trade or business:

**

7,958

Total receipts ¹.......................................................................................................................................................
241,113,967 109,901,478
25,575,223 105,637,266 431,543,312
56,404,112
Business receipts.......................................................................................................................................................
239,286,056 109,121,067
25,183,504 104,981,485 427,646,655
55,997,489
Interest on Government obligations:
State and local...........................................................................................................................................
54,824
23,328
18,717
12,779
143,373
8,983
Net gain, noncapital assets.......................................................................................................................................................
307,452
54,887
116,629
135,936
822,798
94,345
Other receipts.......................................................................................................................................................
1,465,636
702,196
256,374
507,066
2,930,486
303,294

**
**

18,650,494
18,550,594

**
**
**

4,846
13,030
82,024

Total deductions.......................................................................................................................................................
232,651,893 107,245,031
24,585,503 100,821,359 410,316,056
54,404,647
Cost of goods sold.......................................................................................................................................................
182,238,890
92,157,322
19,129,916
70,951,653 302,253,399
42,711,660
Compensation of officers.......................................................................................................................................................
8,091,209
2,604,266
610,476
4,876,467
12,907,824
919,157
Salaries and wages.......................................................................................................................................................
11,109,521
3,101,418
980,102
7,028,002
24,378,611
2,507,765
Repairs.......................................................................................................................................................
1,137,086
237,788
240,550
658,748
1,870,065
281,579
Bad debts.......................................................................................................................................................
309,657
92,652
21,123
195,882
890,679
68,586
Rent paid on business property.......................................................................................................................................................
2,003,303
508,526
210,051
1,284,726
4,079,499
375,949
Taxes paid.......................................................................................................................................................
4,950,924
1,330,936
456,305
3,163,683
8,698,427
904,627
Interest paid.......................................................................................................................................................
1,666,062
731,777
235,130
699,154
4,971,147
516,231
Amortization.......................................................................................................................................................
71,568
12,489
2,819
56,259
422,698
48,395
Depreciation.......................................................................................................................................................
3,574,589
710,739
1,062,791
1,801,060
9,815,376
1,187,574
Depletion.......................................................................................................................................................
14,990
*1,732
13,076
*181
83,398
-Advertising.......................................................................................................................................................
686,492
267,796
25,757
392,939
3,518,885
872,234
Pension, profit-sharing, stock
bonus, and annuity plans...........................................................................................................................................
815,592
214,172
122,784
478,636
1,829,719
160,833
Employee benefit programs.......................................................................................................................................................
1,664,302
378,151
197,340
1,088,811
4,450,404
466,190
Net loss, noncapital assets.......................................................................................................................................................
14,089
3,988
*1,229
8,873
129,226
4,243
Other deductions.......................................................................................................................................................
14,303,618
4,891,278
1,276,054
8,136,286
30,016,699
3,379,626

**
**
**
**
**
**
**
**
**
**
**
**
**

18,193,386
14,421,760
451,170
648,753
77,261
55,843
130,130
349,126
278,244
13,760
515,093
-42,474

**
**
**
**

48,752
228,384
*2,841
929,794

Total receipts less total deductions ¹.......................................................................................................................................................
8,462,074
2,656,447
989,720
4,815,906
21,227,256
1,999,465

**

457,108

**
**
**

452,262
758,817
306,555

**
**
**
**

57,436
7,208
50,403
1

**

595

**
**

-771
--

Net income (less deficit)
from a trade or business.....................................................................................................................................
8,407,250
2,633,120
971,003
4,803,127
21,083,883
Net income.......................................................................................................................................................
10,946,176
3,862,917
1,300,046
5,783,213
26,207,148
Deficit.......................................................................................................................................................
2,538,926
1,229,797
329,043
980,086
5,123,265

1,990,482
2,437,638
447,156

Portfolio income (less deficit)
distributed to shareholders.....................................................................................................................................
868,454
343,671
196,272
328,510
3,689,419
516,233
Dividend income.......................................................................................................................................................
53,339
19,474
11,236
22,629
138,078
11,794
Interest income.......................................................................................................................................................
660,170
314,396
130,428
215,346
1,098,248
128,522
Royalty income (less loss).......................................................................................................................................................
3,193
*49
*3,143
*1
96,028
*17,659
Net short-term capital gain
(less loss)...........................................................................................................................................
-10,386
-23,406
4,402
8,618
-3,950
-7,925
Net long-term capital gain
(less loss)...........................................................................................................................................
158,498
30,503
46,252
81,742
2,348,093
364,028
Other portfolio income (net).......................................................................................................................................................
3,641
*2,655
*812
*174
12,922
*2,155

54

Real estate rental net income
(less deficit).....................................................................................................................................
54,280
48,130
10,536
-4,386
89,990
Net income.......................................................................................................................................................
92,272
73,335
10,625
8,312
116,215
Deficit.......................................................................................................................................................
37,992
25,205
*89
12,698
26,225

3,040
5,506
2,466

**
**
**

9,725
9,764
*39

Net income (less deficit)
from other rental activity.....................................................................................................................................
26,416
4,414
7,492
14,510
70,780
Net income.......................................................................................................................................................
26,962
4,415
7,580
*14,967
72,799
Deficit.......................................................................................................................................................
*546
*1
88
*457
2,019

873
*1,628
*755

**
**
**

*270
*270
--

Total net income (less deficit).......................................................................................................................................................
9,356,399
3,029,335
1,185,303
5,141,761
24,934,073
2,510,628
Net income.......................................................................................................................................................
11,671,566
4,156,137
1,477,009
6,038,420
29,682,061
2,944,402
Deficit.......................................................................................................................................................
2,315,167
1,126,802
291,706
896,659
4,747,988
433,774

**
**
**

519,694
810,537
290,843

Footnotes at end of table.

S Corporation Returns, 1995

Table 1.--All Returns: Total Income and Deductions, Portfolio Income, Rental Income, and Total Net
Income, by Major Industrial Group--Continued
[All figures are estimates based on samples--money amounts are in thousands of dollars]

Manufacturing--continued

Item

Apparel
and
other
textile
products

Lumber
and
wood
products

Furniture
and
fixtures

Paper
and
allied
products

Printing
and
publishing

Chemical
and
allied
products

Petroleum
(including
integrated)
and coal
products

Rubber and
miscellaneous
plastics
products

(16)

(17)

(18)

(19)

(20)

(21)

(22)

(23)

Number of returns.......................................................................................................................................................
8,022
7,533
4,472
1,485
29,151

5,411

351

5,880

Number of shareholders.......................................................................................................................................................
17,662
18,616
9,295
3,816
54,657
14,034
Income from a trade or business:

1,014

15,508

Total receipts ¹.......................................................................................................................................................
28,254,919
25,388,802
10,205,881
16,759,608
35,962,420
21,515,394
Business receipts.......................................................................................................................................................
27,849,218
25,169,257
10,095,340
16,633,032
35,380,645
21,329,545
Interest on Government obligations:
State and local...........................................................................................................................................
4,324
3,067
*3,919
10,856
15,204
5,954
Net gain, noncapital assets.......................................................................................................................................................
12,963
55,599
4,191
45,193
118,087
45,041
Other receipts.......................................................................................................................................................
388,415
160,879
102,431
70,526
448,484
134,854

2,406,367
2,372,191

25,109,101
24,944,283

*44
*797
33,335

16,237
49,370
99,210

Total deductions.......................................................................................................................................................
27,637,327
24,347,011
9,834,116
15,735,559
34,415,532
20,340,762
2,330,698
Cost of goods sold.......................................................................................................................................................
20,523,247
19,386,713
7,346,025
12,322,016
19,754,746
14,323,641
1,831,330
Compensation of officers.......................................................................................................................................................
976,631
596,205
266,982
403,424
1,645,640
657,522
46,360
Salaries and wages.......................................................................................................................................................
1,836,474
884,289
453,390
810,153
3,800,984
1,354,395
109,453
Repairs.......................................................................................................................................................
60,672
159,582
30,299
58,693
206,961
106,964
*14,214
Bad debts.......................................................................................................................................................
82,827
26,124
27,575
26,956
133,292
51,041
*5,109
Rent paid on business property.......................................................................................................................................................
391,212
157,730
110,789
127,546
611,331
227,748
14,022
Taxes paid.......................................................................................................................................................
531,264
498,069
257,831
280,950
930,133
358,187
34,490
Interest paid.......................................................................................................................................................
400,894
325,101
104,332
172,808
545,234
270,581
23,296
Amortization.......................................................................................................................................................
13,878
15,302
4,009
11,453
99,791
28,896
*3,477
Depreciation.......................................................................................................................................................
313,018
648,460
181,977
426,860
1,096,139
487,983
58,376
Depletion.......................................................................................................................................................
-*61,364
-*3,323
-*3,941
*121
Advertising.......................................................................................................................................................
219,343
93,686
102,771
44,774
405,706
259,269
4,970
Pension, profit-sharing, stock
bonus, and annuity plans...........................................................................................................................................
89,293
73,910
34,303
92,310
222,156
82,724
*5,230
Employee benefit programs.......................................................................................................................................................
216,335
185,319
131,577
134,400
429,657
203,633
*8,599
Net loss, noncapital assets.......................................................................................................................................................
*14,503
*7,007
*87
*531
6,771
11,501
-Other deductions.......................................................................................................................................................
1,967,737
1,228,150
782,167
819,360
4,526,990
1,912,737
171,653
Total receipts less total deductions ¹.......................................................................................................................................................
617,593
1,041,791
371,765
1,024,050
1,546,888
1,174,631
75,669

23,557,309
17,275,187
739,812
1,201,252
112,778
52,047
186,989
590,530
325,638
16,363
812,101
-132,668

Net income (less deficit)
from a trade or business.....................................................................................................................................
613,269
1,038,724
367,847
1,013,193
1,531,684
Net income.......................................................................................................................................................
1,191,906
1,411,026
544,803
1,080,292
2,126,043
Deficit.......................................................................................................................................................
578,637
372,302
176,956
67,099
594,359

1,168,677
1,349,716
181,039

Portfolio income (less deficit)
distributed to shareholders.....................................................................................................................................
164,763
93,320
39,953
188,603
849,862
59,671
Dividend income.......................................................................................................................................................
5,998
3,894
3,186
2,084
17,868
4,880
Interest income.......................................................................................................................................................
55,380
62,326
22,212
28,603
139,361
48,056
Royalty income (less loss).......................................................................................................................................................
*4,294
*5,050
*6
33
5,938
*3,854
Net short-term capital gain
(less loss)...........................................................................................................................................
*-42
*1,665
*71
392
2,577
-2,060
Net long-term capital gain
(less loss)...........................................................................................................................................
97,535
18,607
13,126
157,390
678,673
4,797
Other portfolio income (net).......................................................................................................................................................
*1,599
*1,778
*1,352
101
*5,445
*144

106,305
323,325
28,626
1,653,688
1,551,791

75,625
*132,134
*56,509

1,535,554
1,705,202
169,648

9,897
*412
9,289
*104

110,104
7,240
65,391
*1,525

*22

11,539

*60
*11

24,372
*37

Real estate rental net income
(less deficit).....................................................................................................................................
7,705
7,027
*3,069
-942
7,995
Net income.......................................................................................................................................................
10,046
7,712
*3,113
*1,254
13,336
Deficit.......................................................................................................................................................
*2,341
*685
*45
*2,196
5,341

1,207
1,453
*245

*248
*248
--

6,165
7,922
*1,757

Net income (less deficit)
from other rental activity.....................................................................................................................................
*337
18,464
*265
*-319
4,226
Net income.......................................................................................................................................................
*337
18,464
*265
7
4,226
Deficit.......................................................................................................................................................
---*326
--

*3,325
*3,325
--

*43
*43
--

*7,626
*7,626
--

Total net income (less deficit).......................................................................................................................................................
786,074
1,157,535
411,133
1,200,535
2,393,767
1,232,881
Net income.......................................................................................................................................................
1,348,052
1,494,248
578,058
1,257,484
2,895,346
1,408,645
Deficit.......................................................................................................................................................
561,978
336,713
166,925
56,950
501,579
175,764

85,814
139,092
*53,278

1,659,449
1,808,422
148,973

Footnotes at end of table.

55

S Corporation Returns, 1995

Table 1.--All Returns: Total Income and Deductions, Portfolio Income, Rental Income, and Total Net
Income, by Major Industrial Group--Continued
[All figures are estimates based on samples--money amounts are in thousands of dollars]

Manufacturing--continued

Item

Leather
and
leather
products

Stone,
clay, and
glass
products

Primary
metal
industries

Fabricated
metal
products

(24)

(25)

(26)

(27)

Machinery,
except
electrical

Electrical
and
electronic
equipment

Motor
vehicles and
equipment

(30)

(28)

(29)

10,525

9,571

1,221

Number of shareholders.......................................................................................................................................................
1,364
9,389
3,251
42,827
24,387
Income from a trade or business:

24,520

2,689

27,691,264
27,448,921

9,627,887
9,570,862

6,067
44,047
192,228

*6,440
23,187
27,398

Total deductions.......................................................................................................................................................
2,795,063
9,746,747
19,735,495
55,158,352
23,999,817
25,939,201
Cost of goods sold.......................................................................................................................................................
2,120,516
6,650,005
17,265,775
41,368,107
16,410,654
18,671,567
Compensation of officers.......................................................................................................................................................
134,284
309,338
278,206
2,030,960
1,122,271
908,336
Salaries and wages.......................................................................................................................................................
107,680
674,083
513,170
2,888,711
1,844,503
1,961,847
Repairs.......................................................................................................................................................
4,374
87,326
76,574
262,135
92,484
82,228
Bad debts.......................................................................................................................................................
4,457
36,924
12,952
95,525
54,094
38,954
Rent paid on business property.......................................................................................................................................................
16,435
122,970
56,917
591,343
241,377
253,381
Taxes paid.......................................................................................................................................................
47,816
260,855
240,180
1,277,024
613,218
555,272
Interest paid.......................................................................................................................................................
39,594
140,924
155,127
648,067
287,022
268,746
Amortization.......................................................................................................................................................
*2,491
19,056
6,714
54,171
22,004
22,734
Depreciation.......................................................................................................................................................
28,226
436,469
350,439
1,434,130
546,348
489,333
Depletion.......................................................................................................................................................
-14,626
---23
Advertising.......................................................................................................................................................
43,915
44,092
23,604
284,329
210,635
263,161
Pension, profit-sharing, stock
bonus, and annuity plans...........................................................................................................................................
*5,583
38,586
62,455
303,429
176,757
108,809
Employee benefit programs.......................................................................................................................................................
26,328
127,655
126,927
734,765
360,490
261,265
Net loss, noncapital assets.......................................................................................................................................................
*15
*875
*1,410
1,629
1,815
30,640
Other deductions.......................................................................................................................................................
213,348
782,964
565,046
3,184,025
2,016,146
2,022,905

9,220,115
7,538,552
165,937
388,320

Total receipts less total deductions ¹.......................................................................................................................................................
75,711
709,293
922,090
3,791,171
1,692,710
1,752,063

407,772

Number of returns.......................................................................................................................................................
610
4,278
1,300
18,633

Total receipts ¹.......................................................................................................................................................
2,870,774
10,456,039
20,657,585
58,949,523
25,692,527
Business receipts.......................................................................................................................................................
2,867,752
10,330,075
20,568,043
58,413,567
25,458,355
Interest on Government obligations:
State and local...........................................................................................................................................
*1,438
14,443
2,394
20,578
9,567
Net gain, noncapital assets.......................................................................................................................................................
*146
32,407
24,238
159,598
29,343
Other receipts.......................................................................................................................................................
1,438
79,114
62,910
355,779
195,262

56

Net income (less deficit)
from a trade or business.....................................................................................................................................
74,274
694,850
919,695
3,770,593
Net income.......................................................................................................................................................
130,820
812,191
1,007,634
4,281,219
Deficit.......................................................................................................................................................
*56,546
117,341
87,938
510,625

1,683,143
2,001,118
317,975

Portfolio income (less deficit)
distributed to shareholders.....................................................................................................................................
13,547
134,843
50,943
613,853
166,257
Dividend income.......................................................................................................................................................
*7,063
2,647
2,122
19,088
9,513
Interest income.......................................................................................................................................................
6,164
42,697
33,589
138,685
83,209
Royalty income (less loss).......................................................................................................................................................
-*553
319
2,312
6,397
Net short-term capital gain
(less loss)...........................................................................................................................................
-*138
*1,320
-280
3,016
Net long-term capital gain
(less loss)...........................................................................................................................................
*320
88,746
13,593
454,060
64,114
Other portfolio income (net).......................................................................................................................................................
-*63
-*-12
*8
Real estate rental net income
(less deficit).....................................................................................................................................
*12
9,270
3,503
19,259
Net income.......................................................................................................................................................
*151
9,386
*3,614
20,980
Deficit.......................................................................................................................................................
*139
*116
*111
1,721

56

5,764
6,070
*306

Net income (less deficit)
from other rental activity.....................................................................................................................................
*939
*421
*2,408
8,349
2,427
Net income.......................................................................................................................................................
*939
*421
*2,455
8,355
3,271
Deficit.......................................................................................................................................................
--*47
6
*845
Total net income (less deficit).......................................................................................................................................................
88,771
839,384
976,550
4,412,055
1,857,592
Net income.......................................................................................................................................................
144,601
943,587
1,063,233
4,875,380
2,163,613
Deficit.......................................................................................................................................................
*55,829
104,203
86,683
463,325
306,021
Footnotes at end of table.

31,858
8,534
44,835
180,010
83,772
5,879
167,045
-28,330
25,240
113,429
*15,076
423,299

1,745,996
2,227,851
481,855

401,332
467,583
*66,250

352,056
21,169
74,009
5,312

41,115
*1,813
17,503
53

920

*109

250,404
242

*21,637
--

5,620
6,245
*625

*706
*706
--

*8,041

*5,315

*8,041
-2,111,713
2,556,016
444,303

*5,315
-448,468
517,490
*69,022

S Corporation Returns, 1995

Table 1.--All Returns: Total Income 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

Transportation and public utilities

Transportation
equipment,
except
motor
vehicles

Instruments
and
related
products

Miscellaneous
manufacturing
and
manufacturing
not allocable

Total

Transportation

Communication

(31)

(32)

(33)

(34)

(35)

(36)

73,310

12,188

6,324

Number of shareholders.......................................................................................................................................................
5,877
12,846
**
175,408
129,833
Income from a trade or business:

30,167

15,408

Total receipts ¹.......................................................................................................................................................
7,238,527
7,492,473
**
94,665,458
72,089,329
Business receipts.......................................................................................................................................................
7,174,096
7,434,899
**
92,802,625
70,894,320
Interest on Government obligations:
State and local...........................................................................................................................................
*3,400
3,010
**
38,252
26,503
Net gain, noncapital assets.......................................................................................................................................................
4,772
23,176
**
641,074
484,017
Other receipts.......................................................................................................................................................
56,258
31,388
**
1,183,508
684,488

14,267,623
13,856,933

8,308,506
8,051,371

5,271
127,456
277,963

*6,478
29,600
221,057

Total deductions.......................................................................................................................................................
6,863,078
6,853,629
**
92,764,787
71,161,868
13,717,919
Cost of goods sold.......................................................................................................................................................
5,300,639
4,074,046
**
42,460,360
33,141,991
5,985,716
Compensation of officers.......................................................................................................................................................
132,680
320,905
**
2,597,699
1,790,288
490,788
Salaries and wages.......................................................................................................................................................
339,573
782,081
**
11,939,690
9,315,181
1,794,158
Repairs.......................................................................................................................................................
20,588
29,015
**
1,787,010
1,454,857
110,083
Bad debts.......................................................................................................................................................
12,607
23,654
**
338,903
189,779
135,281
Rent paid on business property.......................................................................................................................................................
48,290
107,699
**
3,282,922
2,807,761
293,734
Taxes paid.......................................................................................................................................................
179,547
175,500
**
2,970,469
2,278,394
411,644
Interest paid.......................................................................................................................................................
77,844
67,069
**
1,857,004
1,170,293
480,994
Amortization.......................................................................................................................................................
4,151
10,515
**
363,256
94,474
224,078
Depreciation.......................................................................................................................................................
131,756
138,434
**
4,692,518
3,680,418
588,530
Depletion.......................................................................................................................................................
--**
*8,831
--Advertising.......................................................................................................................................................
47,656
128,203
**
596,725
302,964
270,434
Pension, profit-sharing, stock
bonus, and annuity plans...........................................................................................................................................
46,472
69,630
**
306,595
234,565
31,074
Employee benefit programs.......................................................................................................................................................
82,983
90,590
**
1,030,077
857,079
72,319
Net loss, noncapital assets.......................................................................................................................................................
*60
*109
**
13,331
4,871
*4,747
Other deductions.......................................................................................................................................................
438,232
836,180
**
18,519,397
13,838,954
2,824,338

7,885,000
3,332,653
316,623
830,351
222,070
13,843
181,427
280,431
205,717
44,703
423,570
*8,831
23,328

Total receipts less total deductions ¹.......................................................................................................................................................
375,448
638,844
**
1,900,671
927,461
549,704

423,506

Item

Number of returns.......................................................................................................................................................
2,270
3,894
**
91,822

Net income (less deficit)
from a trade or business.....................................................................................................................................
372,048
635,834
**
1,862,419
Net income.......................................................................................................................................................
449,358
710,442
**
4,696,324
Deficit.......................................................................................................................................................
77,310
74,608
**
2,833,905

900,958
2,781,460
1,880,502

Portfolio income (less deficit)
distributed to shareholders.....................................................................................................................................
25,839
32,415
**
1,083,679
523,959
Dividend income.......................................................................................................................................................
*2,328
1,244
**
35,486
19,502
Interest income.......................................................................................................................................................
22,469
22,903
**
398,712
201,143
Royalty income (less loss).......................................................................................................................................................
1,027
*2,314
**
*1,435
*1,434
Net short-term capital gain
(less loss)...........................................................................................................................................
*94
*4
**
-17,673
4,279
Net long-term capital gain
(less loss)...........................................................................................................................................
*-81
*5,951
**
662,101
296,898
Other portfolio income (net).......................................................................................................................................................
--**
3,618
704

Electric,
gas, and
sanitary
services

(37)

40,956
100,679
*3,712
1,856,105

544,433
1,280,337
735,903

417,028
634,528
217,500

354,187
14,708
112,446
--

205,533
1,276
85,124
*1

-21,968

*15

248,941
*60

116,262
*2,855

Real estate rental net income
(less deficit).....................................................................................................................................
*1,003
*-996
**
100,898
Net income.......................................................................................................................................................
*1,003
*418
**
105,044
Deficit.......................................................................................................................................................
-*1,414
**
4,147

95,461
97,924
*2,463

2,294
2,353
59

3,143
*4,768
*1,625

Net income (less deficit)
from other rental activity.....................................................................................................................................
*3,797
*273
**
128,985
Net income.......................................................................................................................................................
*3,797
*273
**
168,771
Deficit.......................................................................................................................................................
--**
39,786

116,410
153,547
*37,137

12,303
14,574
*2,271

*272
*650
*378

Total net income (less deficit).......................................................................................................................................................
402,687
667,526
**
3,175,980
1,636,787
Net income.......................................................................................................................................................
474,841
735,817
**
5,807,611
3,419,136
Deficit.......................................................................................................................................................
72,154
68,291
**
2,631,631
1,782,349

913,217
1,599,935
686,718

625,976
788,540
162,564

Footnotes at end of table.

57

S Corporation Returns, 1995

Table 1.--All Returns: Total Income and Deductions, Portfolio Income, Rental Income, and Total Net
Income, by Major Industrial Group--Continued
[All figures are estimates based on samples--money amounts are in thousands of dollars]

Wholesale and retail trade
Wholesale trade

Item
Total

Total

(38)

(39)

Groceries
and
related
products

Machinery,
equipment,
and
supplies

Miscellaneous
wholesale
trade

(40)

(41)

(42)

Total

(43)

(44)
20,140

5,013

Number of shareholders.......................................................................................................................................................
1,038,889
285,060
24,242
42,686
218,131
748,584
Income from a trade or business:

38,837

10,398

Total receipts ¹.......................................................................................................................................................
1,137,934,320 473,472,502 60,917,429 43,512,298 369,042,775
662,352,780
Business receipts.......................................................................................................................................................
1,124,336,551 469,120,687 60,609,310 42,750,649 365,760,728
653,194,233
Interest on Government obligations:
State and local...........................................................................................................................................
124,643
73,869
4,919
10,188
58,761
50,232
Net gain, noncapital assets.......................................................................................................................................................
815,181
345,793
16,502
171,415
157,876
469,084
Other receipts.......................................................................................................................................................
12,657,945
3,932,153
286,698
580,046
3,065,410
8,639,231

29,999,843
29,751,073

7,837,212
7,763,188

1,441
13,314
234,015

*183
*640
73,201

Total deductions.......................................................................................................................................................
1,117,978,479 461,658,087 60,088,911 41,726,443 359,842,733
654,226,243 29,351,346
Cost of goods sold.......................................................................................................................................................
871,031,029 376,619,371 51,838,434 31,591,358 293,189,580
492,869,029 21,366,514
Compensation of officers.......................................................................................................................................................
21,978,015 10,283,589
979,263
1,227,036
8,077,290
11,642,488
838,054
Salaries and wages.......................................................................................................................................................
78,644,742 25,625,048
2,696,702
3,059,670
19,868,675
52,869,054
2,583,277
Repairs.......................................................................................................................................................
5,152,865
1,586,090
183,257
161,542
1,241,292
3,559,840
201,597
Bad debts.......................................................................................................................................................
1,898,704
960,928
136,260
100,237
724,431
935,133
97,110
Rent paid on business property.......................................................................................................................................................
20,487,297
4,610,623
412,220
464,303
3,734,100
15,844,412
543,025
Taxes paid.......................................................................................................................................................
16,721,773
5,966,088
496,491
565,090
4,904,507
10,721,800
575,262
Interest paid.......................................................................................................................................................
9,522,822
3,558,302
268,793
437,206
2,852,303
5,925,256
357,723
Amortization.......................................................................................................................................................
926,593
281,645
39,661
19,381
222,604
640,017
22,232
Depreciation.......................................................................................................................................................
9,920,833
3,514,681
301,523
587,919
2,625,239
6,380,398
322,036
Depletion.......................................................................................................................................................
*3,261
*1,880
--*1,880
*1,381
1,184
Advertising.......................................................................................................................................................
12,443,969
2,431,972
275,680
186,063
1,970,229
10,000,220
390,133
Pension, profit-sharing, stock
bonus, and annuity plans...........................................................................................................................................
1,716,170
1,057,258
87,917
156,628
812,713
654,857
72,624
Employee benefit programs.......................................................................................................................................................
4,505,088
1,791,460
161,341
265,831
1,364,288
2,701,038
153,161
Net loss, noncapital assets.......................................................................................................................................................
132,366
37,421
*815
763
35,843
94,944
*3,584
Other deductions.......................................................................................................................................................
62,892,952 23,331,729
2,210,554
2,903,415
18,217,760
39,386,375
1,823,828
Total receipts less total deductions ¹.......................................................................................................................................................
19,955,841 11,814,415
828,518
1,785,855
9,200,042
8,126,537
648,498

7,791,779
5,237,246
147,093
952,643
41,130
11,341
309,742
194,542
80,208
7,842
80,819
-159,194

Net income (less deficit)
from a trade or business.....................................................................................................................................
19,831,198 11,740,546
823,598
1,775,666
9,141,281
Net income.......................................................................................................................................................
29,933,470 15,029,635
1,144,163
2,130,285
11,755,187
Deficit.......................................................................................................................................................
10,102,272
3,289,089
320,565
354,618
2,613,906

8,076,305
14,864,237
6,787,933

Portfolio income (less deficit)
distributed to shareholders.....................................................................................................................................
3,710,996
1,606,258
116,315
166,898
1,323,045
2,099,099
Dividend income.......................................................................................................................................................
156,918
91,490
16,352
9,416
65,722
64,276
Interest income.......................................................................................................................................................
1,637,995
803,277
65,804
93,958
643,515
830,277
Royalty income (less loss).......................................................................................................................................................
53,616
41,491
-*3
41,488
12,126
Net short-term capital gain
(less loss)...........................................................................................................................................
77,478
51,264
249
5,652
45,363
26,214
Net long-term capital gain
(less loss)...........................................................................................................................................
1,776,446
612,596
33,116
57,735
521,744
1,163,819
Other portfolio income (net).......................................................................................................................................................
8,543
6,140
*793
*134
5,213
2,387

58

Building
materials,
General
garden
merchandise
supplies,
stores
and mobile
home dealers

395,052

Number of returns.......................................................................................................................................................
537,539
140,160
11,275
21,926
106,959

58

Retail trade

(45)

11,722
30,163
*356
527,739
45,433

647,056
975,198
328,142

45,249
240,608
195,359

76,076
8,516
63,595
*335

8,185
*947
9,763
--

-583

*-1,633

4,156
*57

*-892
--

Real estate rental net income
(less deficit).....................................................................................................................................
309,806
135,525
10,849
8,681
115,995
Net income.......................................................................................................................................................
356,855
150,703
12,108
10,147
128,448
Deficit.......................................................................................................................................................
47,050
15,178
*1,259
*1,466
12,453

173,300
205,172
31,872

13,349
20,297
*6,948

5,155
*5,157
2

Net income (less deficit)
from other rental activity.....................................................................................................................................
223,672
119,425
*2,290
75,566
41,570
Net income.......................................................................................................................................................
237,080
119,599
*2,341
75,566
41,693
Deficit.......................................................................................................................................................
13,407
*174
*51
-*123

104,247
117,480
13,234

2,287
2,287
--

----

Total net income (less deficit).......................................................................................................................................................
24,075,672 13,601,755
953,052
2,026,811
10,621,891
10,452,951
Net income.......................................................................................................................................................
33,428,372 16,534,192
1,242,669
2,349,163
12,942,360
16,849,211
Deficit.......................................................................................................................................................
9,352,701
2,932,437
289,616
322,352
2,320,469
6,396,261

738,768
1,045,087
306,319

58,589
246,938
188,350

Footnotes at end of table.

S Corporation Returns, 1995

Table 1.--All Returns: Total Income and Deductions, Portfolio Income, Rental Income, and Total Net
Income, by Major Industrial Group--Continued
[All figures are estimates based on samples--money amounts are in thousands of dollars]

Wholesale and retail trade--continued
Retail trade--continued

Item

Food
stores

(46)

Automotive
dealers
and
service
stations

Apparel
and
accessory
stores

Furniture
and
home
furnishing
stores

(47)

(48)

(49)

Eating
and
drinking
places

Miscellaneous
retail
stores

Wholesale
and
retail
trade
not
allocable

(50)

(51)

(52)

116,932

120,300

2,328

Number of shareholders.......................................................................................................................................................
73,782
91,810
37,264
38,369
231,944
Income from a trade or business:

226,181

5,246

Total receipts ¹.......................................................................................................................................................
71,365,171
339,044,103
15,050,584
25,298,045
72,089,882
Business receipts.......................................................................................................................................................
70,453,893
334,055,041
14,879,728
24,757,148
71,208,057
Interest on Government obligations:
State and local...........................................................................................................................................
12,856
11,729
*4,904
*4,100
2,293
Net gain, noncapital assets.......................................................................................................................................................
93,250
148,375
1,018
38,765
113,821
Other receipts.......................................................................................................................................................
805,171
4,828,957
164,933
498,033
765,711

101,667,940
100,326,104

2,109,038
2,021,632

12,724
59,901
1,269,211

*542
*303
86,561

Total deductions.......................................................................................................................................................
70,522,740
336,336,847
14,987,695
24,659,902
71,271,057
99,304,877
Cost of goods sold.......................................................................................................................................................
53,063,794
291,849,351
9,289,848
15,528,896
29,128,927
67,404,452
Compensation of officers.......................................................................................................................................................
891,488
3,194,890
578,441
686,498
2,132,911
3,173,113
Salaries and wages.......................................................................................................................................................
6,402,732
15,811,658
1,555,797
2,773,357
13,560,029
9,229,561
Repairs.......................................................................................................................................................
508,981
866,272
90,293
142,349
1,215,138
494,080
Bad debts.......................................................................................................................................................
80,153
253,716
23,165
143,426
66,563
259,660
Rent paid on business property.......................................................................................................................................................
1,629,260
3,132,916
938,985
1,032,579
4,932,023
3,325,882
Taxes paid.......................................................................................................................................................
1,186,036
3,040,405
334,389
498,874
3,108,158
1,784,135
Interest paid.......................................................................................................................................................
362,050
2,832,756
138,570
209,266
987,227
957,456
Amortization.......................................................................................................................................................
58,545
90,505
17,170
19,163
290,064
134,497
Depreciation.......................................................................................................................................................
790,459
1,666,824
159,024
287,172
1,769,599
1,304,465
Depletion.......................................................................................................................................................
-*171
---*26
Advertising.......................................................................................................................................................
757,767
3,208,497
379,280
1,037,131
2,155,921
1,912,297
Pension, profit-sharing, stock
bonus, and annuity plans...........................................................................................................................................
117,374
153,642
31,646
43,259
46,345
178,246
Employee benefit programs.......................................................................................................................................................
401,909
1,111,373
57,172
129,451
369,479
448,330
Net loss, noncapital assets.......................................................................................................................................................
12,725
12,753
*1,300
*378
51,510
12,338
Other deductions.......................................................................................................................................................
4,259,468
9,111,118
1,392,616
2,128,104
11,457,162
8,686,340
Total receipts less total deductions ¹.......................................................................................................................................................
842,430
2,707,256
62,889
638,144
818,825
2,363,063

2,094,149
1,542,628
51,938
150,640
6,935
*2,643
32,262
33,885
39,264
4,930
25,754
-11,776

Number of returns.......................................................................................................................................................
40,043
51,653
19,859
21,110

Net income (less deficit)
from a trade or business.....................................................................................................................................
829,574
2,695,527
57,985
634,043
Net income.......................................................................................................................................................
1,339,390
4,026,241
443,310
882,365
Deficit.......................................................................................................................................................
509,816
1,330,714
385,325
248,321

816,532
2,967,071
2,150,540

Portfolio income (less deficit)
distributed to shareholders.....................................................................................................................................
202,481
556,521
28,345
69,351
239,554
Dividend income.......................................................................................................................................................
10,942
12,374
873
3,047
8,270
Interest income.......................................................................................................................................................
86,849
304,480
17,737
52,777
143,753
Royalty income (less loss).......................................................................................................................................................
17
*757
*1,488
1,069
(²)
Net short-term capital gain
(less loss)...........................................................................................................................................
1,409
508
*714
*5,082
5,414
Net long-term capital gain
(less loss)...........................................................................................................................................
103,215
236,505
*7,533
7,288
81,823
Other portfolio income (net).......................................................................................................................................................
*49
*1,897
-*88
*294

*4,054
12,590
-174,848
14,890

2,350,339
3,990,054
1,639,716

14,347
39,598
*25,250

918,587
19,308
151,323
*8,460

5,639
*1,152
4,441
--

15,302

--

724,191
1

*31
*16

Real estate rental net income
(less deficit).....................................................................................................................................
27,419
37,068
*1,572
8,516
Net income.......................................................................................................................................................
29,978
46,881
*3,283
8,746
Deficit.......................................................................................................................................................
2,559
9,813
*1,711
*230

44,960
49,480
*4,521

35,261
41,349
6,089

*980
*980
--

Net income (less deficit)
from other rental activity.....................................................................................................................................
*3,692
50,001
*1,104
*8,248
Net income.......................................................................................................................................................
*3,692
60,643
*1,104
*8,248
Deficit.......................................................................................................................................................
-10,642
---

*6,292
*7,308
*1,016

32,623
34,198
*1,575

----

Total net income (less deficit).......................................................................................................................................................
1,063,167
3,339,116
89,005
720,159
1,107,337
Net income.......................................................................................................................................................
1,531,001
4,534,464
458,773
951,351
3,217,058
Deficit.......................................................................................................................................................
467,833
1,195,348
369,768
231,192
2,109,721

3,336,809
4,864,538
1,527,729

20,967
44,969
*24,002

Footnotes at end of table.

59

S Corporation Returns, 1995

Table 1.--All Returns: Total Income and Deductions, Portfolio Income, Rental Income, and Total Net
Income, by Major Industrial Group--Continued
[All figures are estimates based on samples--money amounts are in thousands of dollars]

Finance, insurance, and real estate

Total

Banking

Credit
agencies
other
than
banks

(53)

(54)

(55)

Insurance

Insurance
agents,
brokers,
and
services

(56)

(57)

(58)

(59)

39,659

244,123

21,147

Number of shareholders.......................................................................................................................................................
780,167
*116
20,041
16,919
-64,986
Income from a trade or business:

617,224

60,881

Total receipts ¹.......................................................................................................................................................
77,811,520
*13,163
6,279,646
9,073,117
-13,652,261
Business receipts.......................................................................................................................................................
72,757,502
*11,769
5,247,685
8,185,439
-13,296,775
Interest on Government obligations:
State and local...........................................................................................................................................
132,725
-*6,558
29,956
-6,271
Net gain, noncapital assets.......................................................................................................................................................
344,389
*1,259
65,950
15,110
-11,084
Other receipts.......................................................................................................................................................
4,576,903
*134
959,452
842,611
-338,132

46,459,461
44,511,306

2,333,873
1,504,528

42,135
223,786
1,682,235

47,805
27,199
754,340

Total deductions.......................................................................................................................................................
73,145,262
*11,400
5,702,928
8,493,132
-12,152,474
44,509,564
Cost of goods sold.......................................................................................................................................................
23,277,194
-464,300

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

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Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Airs%3Ae70e55b7958892e3. Public record. Not legal advice.