Partnerships Continue to Rise
The number of partnerships and partners in the U.S. continued to increase for Tax Year 2014, according to the IRS Fall 2016 issue of the Statistics of Income Bulletin.
Partnerships filed more than 3.6 million returns for the year, representing more than 27 million partners.
The SOI Division produces the online bulletin quarterly, providing the most recent data available from various tax and information returns filed by U.S. taxpayers. This issue also includes:
For Tax Year 2014, taxpayers reported nonfarm sole proprietorship activity on approximately 24.6 million individual income tax returns, a 2.3% increase from 2013. Profits rose to $317.1 billion for 2014, up almost 5% from the previous year.
The total value of non-loan transactions between large foreign-owned domestic corporations and related foreign parties amounted to $1.208 trillion for Tax Year 2010, a 1.8 percent increase from the 2008 study’s $1.187 trillion.
SOI Bulletin articles are available for download on IRS.gov.