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SOI Tax Stats - Summer Bulletin 2012

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Statistics of Income (SOI) Bulletin - Summer 2012
(Entire Publication in .pdf)

Sole Proprietorship Returns, 2010
by Adrian Dungan

For Tax Year 2010, there were approximately 23 million individual income tax returns that reported nonfarm sole proprietorship activity, a 1.5-percent increase from 2009. Profits reported on these returns rose to $267.7 billion in 2010, a 9.3-percent increase over 2009. The professional, scientific, and technical services sector, reporting $70.7 billion in profits, accounted for 26.4 percent of total profits for all nonfarm sole proprietorship industries.

Excel Tables:

1, 2

From 2007–2009, the total number of partnership returns filed increased 3.1 percent. The Southwest region experienced the largest growth with a 4.6-percent increase. Partnership gross receipts (less returns and allowances) for the United States increased 17.7 percent from 2007 to 2008, but decreased by 19.9 percent from 2008 to 2009. While all regions showed growth from 2007–2008, the rates varied widely among regions. From 2007–2009, the total number of sole proprietorship returns filed declined 1.9 percent.

Excel Tables:

Foreign-controlled domestic corporations (FCDC's) accounted for only 1.1 percent of all U.S. corporation income tax returns filed for Tax Year 2009. However, FCDCs generated $3.5 trillion of total receipts with $10.5 trillion of total assets, and accounted for 14.2 percent of the receipts and 13.8 percent of the assets reported on all U.S. corporation income tax returns.

Excel Tables:

1, 2, 3, 4

Corporate Foreign Tax Credit, 2008
by Melissa Costa

For Tax Year 2008, corporations reported over $100 billion in foreign tax credits, a rise of 11.8 percent from 2007 (in constant 2008 dollars). Foreign-source taxable income from corporations claiming the foreign tax credit grew 1.4 percent in real terms from Tax Year 2007, to $413 billion, while their current foreign taxes paid rose 17.7 percent, to $121 billion. Firms in the manufacturing industry accounted for almost two-thirds of the foreign-source taxable income. Together, the United Kingdom, Canada, the Netherlands, Ireland, and Norway were responsible for about one-third of the foreign-source taxable income.

Excel Tables:

Related Link:

Corporate Foreign Tax Credit Statistics

In the Next Issue
The following articles are tentatively planned for inclusion in the Fall 2012 issue of the Statistics of Income Bulletin, scheduled to be published in November 2012:

Individual income tax returns, Tax Year 2010;
Partnership returns, Tax Year 2010;
Charities and other tax-exempt organizations, Tax Year 2008; and
Transactions between large and foreign-owned domestic corporations and related foreign persons, Tax Year 2008

Link: Historical Tables and Appendix

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Page Last Reviewed or Updated: 2013-02-26