The Internal Revenue Service announced the release of the fall 2005 issue of the Statistics of Income Bulletin.
The bulletin contains an in-depth look at the 130.4 million individual income tax returns filed for tax year 2003, a slight increase from the 130.1 million returns filed for tax year 2002. The adjusted gross income less deficit reported on these returns totaled just over $6.2 trillion, while taxable income totaled $4.2 trillion. The largest component of AGI was salaries and wages totaling just over $4.6 trillion. A total of $268.6 billion in business net income was reported on 14.4 million returns.
Other interestings statistics in the bulletin included:
- The total number of partnerships increased 5.9 percent to 2,375,375 for tax year 2003. Since 1994, the number of partnerships has increased at an average annual rate of 4.9 percent.
- For the second consecutive year, the number of limited liability companies surpassed all other entity types, including the number of general partnerships, which had been the leader for decades, increasing 15.3 percent to 1,091,502, about 46.0 percent of all partnerships.
- Tax years 1993-2002 represented a period of both growth and consistency for private foundations. Between those years, the total number of domestic private foundations filing information returns increased 66.7 percent, from 43,956 returns filed for tax year 1993 to 73,255 filed for 2002.
- The total foreign tax credit claimed by U.S. corporations for tax year 2001 fell by 14.5 percent to $41.4 billion. As a result of the foreign tax credit benefits, these corporations were able to reduce their U.S. tax liabilities by 31.9 percent, from $129.3 to $87.9 billion.
- Nonprofit charitable organizations exempt from income tax under Internal Revenue Code section 501(c)(3) filed nearly 252,000 information returns for tax year 2002, an increase of 4.6 percent from the previous year. These organizations held over $1.7 trillion in assets, an increase of 6.3 percent from 2001, and reported $955 billion in revenue, 72.4 percent of which came from program services and activities.
To access the complete bulletin, visit the IRS Web site, www.irs.gov, and click on "Tax Stats" under "Information About." From the Tax Stats page, select "SOI Bulletins" under "Products, Publications, and Papers."
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