The Tax Reform Act of 1976 requires annual publication of data on individual income tax returns reporting income of $200,000 or more, including the number of such returns reporting no income tax liability and the importance of various tax provisions in making these returns nontaxable.
In the 1970’s, the United States Congress responded to the Arab League’s boycott of Israel by passing legislation designed to discourage U.S. persons from participating in unsanctioned boycotts of other countries.
As they have been since 1997, S corporations once again are the most prevalent type of corporation filing Form 1120. Since then, S corporation return filings have increased by over 702.1 thousand returns. Nearly 58.9 percent of all corporations filed Form 1120S for 2002.
The Real Estate Investment Trust (REIT) Modernization Act of 1999 provided for the creation of taxable REIT subsidiaries (TRS's), corporations which could be 100-percent owned by REIT's. In 2001, 480 firms elected to be TRS's, 404 of these filed corporate income tax returns.
Between 1985 and 2000, female-owned sole proprietorships grew at a faster rate than those owned by men. Their numbers increased at an average annual rate of 4.1 percent compared with just 2.2 percent for male-owned sole proprietorships.