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SOI Tax Stats - SOI Bulletin: Summer 2010

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Statistics of Income (SOI) Bulletin - Summer 2010
(entire publication in PDF)

Sole Proprietorship Returns, 2008
by Adrian Dungan

For Tax Year 2008, about 22.6 million individual income tax returns reported nonfarm sole proprietorship activity, a 2.2-percent decrease since Tax Year 2007. Between Tax Years 2007 and 2008, reported profits for those sole proprietorships shrank by 5.7 percent to $264.5 billion. In constant dollars, reported profits decreased for the third consecutive year, by 7.7 percent, after decreasing 1.8 percent between 2006 and 2007 and 0.4 percent between 2005 and 2006. This was the first time that profits (in constant dollars) have decreased for 3 consecutive years since before 1988.
Professional, scientific, and technical services had the largest profits of any sector, at $74.3 billion, representing 28.1 percent of total sole proprietorship profits. The largest sole proprietorship industrial sector, based on business receipts, was construction, which accounted for 15.7 percent of receipts and reported a 10.5-percent decrease between Tax Years 2007 and 2008. The finance and insurance sector showed the largest percentage increase in both receipts and deductions, reporting a 19.5-percent increase in receipts and a 27.8-percent increase in deductions. The real estate and rental and leasing sector, which reported the largest decline in profits between 2006 and 2007, at 17.7 percent, reported a 36.1-percent decline in profits between 2007 and 2008.

Excel Tables:

1, 2

Related Link:

Nonfarm Sole Proprietorship Statistics



Foreign-Controlled Domestic Corporations, 2007
by James R. Hobbs

Foreign-controlled domestic corporations (FCDCs) filed 64,026 U.S. income tax returns for Tax Year 2007, accounting for only 1.1 percent of all U.S. corporation income tax returns filed for the year. However, FCDCs accounted for 14.7 percent of receipts and 13.7 percent of assets reported on all corporate returns filed for 2007.
FCDCs reported $4.2 trillion in total receipts for 2007, a 9.8-percent increase since 2006. Manufacturers produced $1.9 trillion in receipts, wholesalers accounted for $0.9 trillion in receipts, and finance and insurance companies tallied $0.6 trillion.
Domestic corporations controlled by persons in the United Kingdom reported total receipts of $1.0 trillion, 22.9 percent of the FCDC total. Domestic corporations with owners resident in Japan (15.1 percent of the total), Germany (11.5 percent), Canada (8.6 percent), the Netherlands (7.2 percent), France (6.7 percent), and Switzerland (6.6 percent) also accounted for significant amounts of receipts.
All FCDCs reported a combined net income (less deficit) of $152.3 billion for 2007. Almost half (30,929 or 48.3 percent) of FCDCs reported profits (i.e., net income) totaling $226.4 billion, and those companies reported $183.8 billion in taxable income.  FCDCs reported $52.8 billion in U.S. tax liability for 2007.

Excel Tables:

1, 2, 3, 4

Related Link:

Foreign-Controlled Domestic Corporations

Corporate Foreign Tax Credit, 2006
by Nuria E. McGrath

For Tax Year 2006, U.S. corporations reported more than $78 billion in foreign tax credits on about $847 billion in worldwide taxable income. The manufacturing industry accounted for the largest percentage of foreign-source taxable income. Together, income earned in the United Kingdom, Canada, Norway, and Japan accounted for almost 34 percent of foreign-source taxable income reported for 2006. Excel Tables:

1, 2, 3

Related Link:

Corporate Foreign Tax Credit Statistics

 

Statistics of Income Studies of International Income and Taxes
by Melissa Costa and Nuria E. McGrath

Based on data from the Statistics of Income Division’s studies of international income and taxes, this article presents trends toward increased foreign activity of U.S. persons, as well as increased U.S. activity of foreign persons.  Real foreign-source taxable income for corporations with a foreign tax credit, for example, rose 43 percent between Tax Years 2002 and 2004. Likewise, real total receipts of controlled foreign corporations grew 19 percent between Tax Years 2004 and 2006, while total receipts for U.S. corporations increased by only 11.5 percent. The portion of total receipts from all U.S. corporations earned by those controlled by foreign persons grew from 2 percent for Tax Year 1971 to nearly 14 percent for Tax Year 2006. Individual foreign-source income and foreign earned income have also risen faster than individual worldwide income in recent years, while the real amount of payments distributed to foreign persons continues to rise.

Excel Tables:

Tables will be uploaded as they become available

Related Link:

International Individual Tax Statistics

 

 

In the Next Issue
The following articles or data releases are tentatively planned for inclusion in the fall 2010 issue of the Statistics of Income Bulletin, scheduled to be published in November 2010:

■ Individual Income Tax Returns, Tax Year 2008
■ Partnership returns, Tax Year 2008
■ Charities and other Tax Exempt Organizations, Tax Year 2007
■ Private Foundations and Charitable Trusts, Tax Year 2007
■ Tax-exempt Governmental and Private Activity Bonds, Calendar Year 2007

Link: Historical Tables and Appendix

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Page Last Reviewed or Updated: 08-May-2013