Washington (Sept. 12, 2002) -- The Internal Revenue Service Summer 2002 issue of the Statistics of Income Bulletin zeroes in on nonfarm sole proprietorships, corporate profits, capital gains for individuals, and income paid to foreigners.Profits for nonfarm sole proprietorships grew 3.3 percent to $214.7 billion in tax year 2000. The real estate and rental leasing sector reported the largest growth at 12.4 percent. However, the professional, scientific and technical services sector had the largest profits of any sector at $48.1 billion, or 22.4 percent of total sole proprietorship profits.
In addition, corporate pre-tax profits grew 10.8 percent in 1999 to $929.0 billion. The finance, insurance, real estate, and rental and leasing division had the largest pre-tax profit increase by division, up 24.9 percent to $367.2 billion. Net capital gains for individuals increased by almost 22 percent for Tax Year 1998, up by over $77 billion from Tax Year 1997 amounts to $432.2 billion.
Finally, the Bulletin shows that U.S.-source income paid to foreign persons increased more than 27 percent over 1998 figures to $158.8 billion in 1999. Payments to residents of Japan and the United Kingdom were responsible for nearly 44 percent of the $34 billion increase. Interest and dividend payments continued to lead the way as the most significant types of U.S.-source income.
-- Electronic Accountant Newswire staff
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