Statistics of Income (SOI) Bulletin - Winter 2015
(entire publication in PDF)
Sole Proprietorship Returns, 2012
By Adrian Dungan
For Tax Year 2012, taxpayers reported nonfarm sole proprietorship activity on approximately 23.6 million individual income tax returns, a 0.5-percent increase from 2011. Profits rose to $304.9 billion in 2012, a 7.9-percent improvement over the previous year. In constant dollars, total nonfarm sole proprietorship profits increased 6.0 percent in 2012. Profits as a percent of business receipts rose 1.1-percentage points to 23.4 percent, resulting in the highest level during the 25-year period, 1988 through 2012.
Related Link: Sole Proprietorships
Foreign Recipients of U.S. Income, 2011
By Scott Luttrell
US.-source income paid to foreign persons, as reported on Form 1042-S, totaled $568.5 billion for Calendar Year 2011. This represents an increase of 1.9 percent from 2010. Withholding taxes on this income fell by 11.9 percent to $8.9 billion in 2011. Almost 90 percent of all U.S. source income paid to foreign persons was exempt from withholding tax. The residual U.S.-source income subject to tax was withheld at an average rate of 15 percent.
Related Link: Foreign Recipients of U.S. Income
Individual Tax Returns Filed by Dependents, 1987–2011
By Adrian Dungan and Michael Parisi
The goal of this article is to help customers, who use individual tax data published in Statistics of Income’s annual publications, separate the data collected from tax returns filed by dependents (dependent returns) from the data collected from all individual tax returns. Prior to the Tax Reform Act of 1986 (TRA86), all taxpayers received the benefit of taking a personal exemption, including those claimed as a dependent on another person’s tax return. Separating tax returns filed by dependents from all returns claiming a personal exemption would be difficult to determine for years prior to TRA86. For that reason, the figures and tables in this article include only post-1986 tax data.
Related Link: Individual Income Tax Return (Form 1040) Statistics
Partnership Returns, 2012
By Ron Decarlo and Nina Shumofsky
The number of partnerships and partners in the United States continued to increase for Tax Year 2012. Partnerships filed more than 3 million tax returns for the year, representing more than 25 million partners. The real estate and leasing sector contained nearly half of all partnerships (49.1 percent) and just over a quarter of all partners (28.9 percent).
Related Link: Partnership Statistics
In the Next Issue
Articles on the following topics are tentatively planned for inclusion in the Spring 2015 issue of the Statistics of Income Bulletin, scheduled to be published in May 2015:
- To be determined