The IRS said its summer 2011 issue of the Statistics of Income Bulletin is now available.
The SIB, which features sole proprietorship data for tax year 2009 said roughly 22.7 million individual income tax returns reported non-farm sole proprietorship activity for that year. Reported profits for those sole proprietorships were $244.8 billion.
The IRS's Statistics of Income Division produces the SOI Bulletin on a quarterly basis. The publication features updated data from various tax and information returns filed by U.S. taxpayers.
The summer 2011 issue also includes:
• Foreign-controlled domestic corporations. For tax year 2008, almost 67,000 foreign-controlled domestic corporations reported combined profits (i.e., net income less deficit) of $21.8 billion.
• Interest-charge domestic international sales corporations. Corporations formed for the purpose of providing limited incentives to small exporters of U.S. products and certain services reported $36.5 billion in export gross receipts for tax year 2008. Export gross receipts is one measure of overall export activity.
• Corporations claiming a foreign tax credit. For tax year 2007, 6,675 corporations claimed a total foreign tax credit of $86.5 billion against their U.S. income tax liability.
• Federal estate tax returns. Roughly 37,000 estate tax returns were filed for decedents who died in 2007 with total gross estates of $2 million or more, the filing threshold for that year. A combined $224.8 billion in total assets was reported on these returns.
The SIB can be downloaded at IRS.gov/taxstats.
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