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STATISTICS OF INCOME 
FOR 1940 



PART 1 

COMPILED FROM INDIVIDUAL INCOME AND DEFENSE TAX 

RETURNS, TAXABLE FIDUCIARY INCOME AND DEFENSE 

TAX RETURNS. ESTATE TAX RETURNS, AND 

GIFT TAX RETURNS 



UNITED STATES TREASURY DEPARTMENT 
BUREAU OF INTERNAL REVENUE - WASHINGTON, D. C. 



U. S. TREASURY DEPARTMENT 

BUREAU OF INTERNAL REVENUE 



STATISTICS OF INCOME 
FOR 1940 



PART 1 

COMPILED FROM INDIVIDUAL INCOME AND 

DEFENSE TAX REjyR^?, TAXABLE FIDUCIARY 

INCOME AND DEFENSE TAX RETURNS, 

ESTATE TAx returns, AND 

GIFT TAX RETURNS 



PREPARED UNDER DIRECTION OF THE 

COMMISSIONER OF INTERNAL REVENUE 
BY THE 

STATISTICAL SECTION, INCOME TAX UNIT 




UNITED STATES 

GOVERNMENT PRINTING OFFICE 

WASHINGTON : 1943 



For sale by the Superintendent of Documents, Washington, D. C. 



- Price 30 cents (paper) 



U. S. SUPERINTCTDOrrW ■eUMBBl 

JUL 9 IMS 



CONTENTS 



Page 
Official transmittal 1 

INDIVIDUAL INCOME AND DEFENSE TAX RETURNS AND TAXABLE FIDUCIARY 
INCOME AND DEFENSE TAX RETURNS 

Summar}' data 2 

Changes in provisions of the Internal Revenue Code 3 

Returns included 3 

Data tabulated 4 

Selection of samples . 4-5 

Estimated data _' 5 

Description of suminary items 5-7 

Net income exempt from normal tax 7-8 

Classification of returns 8-9 

Simple and cumulative distribution by net income classes 9-11 

Individual returns with no net income 11-12 

Family relationship — individual returns 12-13 

Sources of income and deductions 14-24 

Sole proprietorsh ips 24-25 

Amount distributable to beneficiaries 25-26 

Frequency distribution of selected sources of income and loss by net in- 
come classes and by size of the selected source 26-40 

Government obligations and interest 41-42 

Number of individual returns by counties, cities, and towns 42-43 

Comparability of statistics 43-44 

HISTORICAL DATA 

Capital gains, 1922-1940; capital losses, 1924-1940 44-46 

Individual returns and returns of fiduciaries, 1913-1940: 

Number of returns, net income, tax before tax credits, tax credits, and 
tax for returns with net income, 1913-1940, and number of returns 

and deficit for individual returns with no net income, 1928-1940 47-48 

Number of returns, net income, tax, and effective tax rate; also aggre- 
gate for individual returns with no net income: 

Number of returns, 1914-1940 48-50 

Net income, 1916-1940; deficit, 1928-1940 50-51 

Tax, 1916-1940 52-53 

Effective tax rate (percent), 1916-1940 53-54 

Sources of income, deductions, and net income, 1916-1940; deficit, 
1928-1940: 

All returns 54-60 

Returns with net income of $5,000 and over 61-67 

Partnership returns of income, 1917-1940 68 

Source book data . 68-69 

ni 



IV CONTENTS 

BASIC TABLES Page 

Description of basic tables 

Taxable and nontaxable individual income and defense tax returns with 69 
net income and with no net income, and taxable fiduciary income and 
defense tax returns with net income: 
United States in aggregate: 

Number of returns, net income or deficit, personal exemption, 
credit for dependents and tax, by States and Territories: 

1. Individual returns and taxable fiduciary returns, with 

net income, and individual returns with no net income. _ 72-73 
1-A. Individual returns with net income and with no net in- 
come 74-75 

Number of returns, net income, personal exemption, credit for 
dependents, earned income credit, taxes, average tax, and ef- 
fective tax rate, by taxable and nontaxable returns, and by net 
income classes for returns with net income, and in aggregate for 
taxable and nontaxable individual returns with no net income: 

2. Individual returns and taxable fiduciary returns, with net 

income, and individual returns with no net income: 

All returns 76-79 

Returns with normal tax and surtax 80-81 

Returns with alternative tax 82-89 

2-A. Individual returns with net income and with no net 
income: 

All returns 90-93 

Returns with normal tax and surtax 94-95 

Returns with alternative tax 96-103 

2-B. Taxable fiduciary returns with net income: 

All returns 104-105 

Returns with normal tax and surtax 106-107 

Returns with alternative tax 108-11 1 

Simple and cumulative distribution of number of returns, net in- 
come, and total tax, with corresponding percentage distribution; 
bjr net income classes for returns with net income, and in ag- 
gregate for returns with no net income: 

3. Individual returns and taxable fiduciary returns with net 

income, and individual returns with no net income 112-114 

3-A. Individual returns with net income and with no net 

income 115-117 

Individual returns with net income, by sex and family relation- 
ship: 

4. Number of returns and net income by States and Terri- 

tories _- 118-120 

5. Number of returns, net income, personal exemption, and 

credit for dependents, by taxable and nontaxable re- 
turns and by net income classes 121-125 

6. Sources of income, deductions, net income and deficit, by 
States and Territories, individual returns with net income 

and with no net income 126-132 

Number of returns and amount for each source of income and 
deduction, and net income, by taxable and nontaxable returns 
and by net income classes for returns with net income, also 
aggregates for taxable and nontaxable individual returns with 
no net income: 

7. Individual returns and taxable fiduciary returns with net 

income, and individual returns with no net income. _ 133-143 
7-A. Individual returns with net income and with no net 

income 144-153 

7-B. Taxable fiduciary returns with net income 154-159 

States and Territories separately: 

8. Number of returns, net income, and total tax, by net in- 
come classes for individual returns with net income, also 
aggregates for taxable and nontaxable individual returns 
with no net income, and taxable fiduciary returns with net 
income; and historical summary for aggregate of individual 
and taxable fiduciary returns, with net income, 1940-1930, 160-185 



CONTENTS V 

Page 
Government obligations, and wholly and partially tax-exempt interest, by 
type of obligation, and by net income classes: 

9. Individual returns with net income of $5,000 and over 186-187 

10. Taxable fiduciarv returns with net income, showing balance income 

of $5,000 and over 188-189 

ESTATE TAX RETURNS 

Summary data 195 

Filing requirements 195-196 

Data tabulated 196 

Description of items 196-198 

Classification of returns 198 

Description of tables 199 

Estate tax returns filed in 1941 for estates of citizens and resident aliens: 
Items of gross estate, deductions, net (or no net) estate, and tax: 

1 . Taxable and nontaxable, by revenue acts 200-203 

2. Taxable, by net estate classes 204-211 

3. Taxable, by gross estate classes 212-215 

4. Nontaxable, by gross estate classes 216-219 

By States and Territories: 

5. Taxable and nontaxable, selected items 220-221 

Historical — Table 6. Returns for citizens and aliens, 1916-1941 222-223 

GIFT TAX RETURNS 

Summary data 227 

Filing requirements 227 

Data tabulated 227 

Description of items 227-228 

Classification of returns 228-229 

Gifts 229 

Identical donors 229-230 

Description of tables 230 

Gift tax returns, 1940: 

Number of returns, total gifts before exclusions, exclusions, total gifts 
after exclusions, deductions, net gifts, and tax: 

1. By net gift classes 230-231 

2. Taxable by total gift plus tax classes; nontaxable by total gift 

classes 232-234 

3. Value of gifts transferred in trust or othemdse 235 

Identical donors: 

4. Number of returns, total gifts after exclusions, deductions, net 

gifts, and tax, by taxable status for current year and for 
prior years 235 

5. Number of taxable returns, by size of net gifts for current year 

and by size of net gifts for prior years 236 

Historical — Table 6. Number of returns, total gifts, net gifts, and tax, 

1932-1940 237 

SYNOPSIS OF FEDERAL TAX LAWS AFFECTING THE COMPARABILITY OF 
HISTORICAL DATA IN STATISTICS OF INCOME 

Individuals and fiduciaries: 

A. Requirements for filing income tax returns, personal exemption, 

credit for dependents, and normal tax rates, under the Federal 

tax laws for the income years 1913 through 1940 242-245 

B. Surtax rates and total surtax, under the Federal tax laws for the 

income years 1913 through 1940 246-247 

C. Supplemental income and profits tax rates and credits, under the 

_ Federal tax laws for the income vears 1917 through 1940 248-251 

Estates: ' ^ 

D. Tax rates, total estate tax, specific exemptions, and credits against 

estate tax, under the Federal tax laws applicable to estates of 
citizens and aliens who died in the period September 9, 1916, 

through December 31, 1941 252-255 

Gifts: ^ ' 

E. Tax rates, total gift tax, specific exemptions, exclusions and de- 

ductions, under the Federal tax laws affecting gifts made during 

the calendar years 1924 through 1940 256-257 

INCOME TAX FORMS 

Facsimiles of Forms 1040, 1040A, 1041, and 1065 for 1940 261-287 

Index 289-30a 



STATISTICS OF INCOME FOR 1940 



PART 1 



INDIVIDUAL INCOME AND DEFENSE TAX RETURNS, TAXABLE FIDUCIARY 

INCOME AND DEFENSE TAX RETURNS, ESTATE TAX 

RETURNS, AND GIFT TAX RETURNS 

Treasury Department, 
Office of Commissioner of Internal Revenue, 

Washington, D. C, April 26, 1943. 
Sir: In accordance with the provisions of the Revenue Act of 1916 
and subsequent federal tax laws requirmg the publication annually 
of statistics with respect to the operation of the income, war-profits, 
aijd excess-profits tax laws, I have the honor to transmit herewith a 
report entitled "Statistics of Income for 1940, Part 1," prepared from 
individual income and defense tax returns and taxable fiduciary- 
income and defense tax returns for 1940 filed during 1941, with a 
historical presentation of the income data and of the tax liability 
reported on income tax returns since the inception of the present period 
of income taxation under the sixteenth amendment to the Constitu- 
tion. The report also contains tabulations of data from estate tax 
returns, filed during 1941, for the estates of individuals irrespective 
of the date of death, and tabulations of data from gift tax returns for 
1940 filed during 1941, with a brief historical summary for each. On 
pages 242-257 there is presented a synopsis of the Federal tax laws 
relating to rates, credits, and exemptions for individual income and 
profits taxes, fiduciary income tax, estate tax, and gift tax, which 
affect the comparability of historical data in Statistics of Income, 
Respectfully, 

Guy T. Helvering, 

Commissioner of Internal Revenue, 

Hon. Henry Morgenthau, Jr., 

Secretary oj the Treasury. 



STATISTICS OF INCOAIE FOR 194 — PART 1 



INDIVIDUAL INCOME AND DEFENSE TAX RETURNS AND TAXABLE 
FIDUCIARY INCOME AND DEFENSE TAX RETURNS 

SUMMARY DATA 

The number of individual and taxable fiduciary returns filed for 
1940 is 14,778,159 — an increase of 91.5 percent as compared with 
those filed the previous year. The total net income is $36,588,545,894, 
and the total tax liability is $1,496,403,386, an mcrease of 57.8 percent 
and 61.1 percent, respectively. 

There are 7,504,695 taxable returns, of which 7,437,261 are indi- 
vidual returns with $23,279,203,093 net income and $1,440,967,144 
tax liabihty; 67,388 are fiduciary returns wdth $278,827,290 net 
income and $54,963,289 tax liability; and 46 are individual returns 
with no net income, showing a deficit of $2,550,665, but with alterna- 
tive tax of $472,953. 

Of the 7,273,464 nontaxable returns, 7,160,813 are individual 
returns with net income of $13,030,515,511 — nontaxable because 
exemptions and credits exceed net income; and 112,651 are individual 
returns with no net income showing a deficit of $308,833,907 — returns 
on which deductions equal or exceed total incomxC. 

The normal tax and surtax liabihty of $824,280,936 is reported on 
7,478,649 individual and fiduciary returns with net income. The 
alternative tax of $543,772,173 is reported on 26,000 returns with net 
income, of which 25,240 are individual returns and 760 are fiduciary 
returns, and on 46 individual returns with no net income owing to net 
long-term capital loss. The defense tax of $128,350,277 is reported 
on individual and fiduciary returns with net income. 

The average tax for all returns \^'ith net income is $102 and the 
effective tax rate 4.1 percent; the average tax for taxable returns with 
net income is $199 and the effective tax rate 6.4 percent. 

The increase in number of returns, amounts of net income, deficit, 
and tax, for 1940 over 1939, and percent of increase, is as follows: 

Individual returns and taxable fiduciary returns, 1940 and 1939: Number of returns, 
net income, deficit, and taxes 

[Money figures in thousands of dollars] 





1940 


1939 


Increase 1940 over 1939 




Number or 
amount 


Percent 


Total individual and taxable fiduciary returns: 

Number of returns 


14, 778. 159 

36, 588. 546 

311.385 

1,496,403 

7, 504. 649 
23. 558, 030 

1,495,930 
388. 9.50 
435, 331 
543. 299 
128, 350 

46 

2,551 

473 

7,160,813 
13,030,516 

112, 651 
308, 834 


7, 715, 6fi0 

23,191,871 

284, 327 

928, 694 

3, 959. 297 
15, 803, 945 
928, 394 
286, 345 
31.3, 518 
328, 532 


7, 062, 499 

13, 396. 675 

27, 0.58 

567, 709 

3. 545. 352 
7, 7.54. 085 
567. 537 
102, 606 
121,813 
214. 768 
128, 350 

29 

1,423 

173 

3,486,911 
5, 642, 590 

30, 207 

25, 635 


91.53 


Net income' 

Deficit 


57.76 
9.52 


Tax 

Taxable individual and fiduciary returns: 
With net income: 


61.13 
89.54 


Net income ' .• 


49.06 


Tax 


61.13 


Normal tax .... 


35. 83 


Surtax 


38.85 


Alternative tax ' 


65.37 






Individual returns with no net income:* 
Number of returns 


17 

1.128 

300 

3, 673, 902 
7, 387, 926 

82, 444 
283. 199 


170. 59 


Deficit 


126. 11 




57.58 


Nontaxable individual returns: 
With net income:' 

Number of returns 


94.91 


Net income 


76.38 


With no net income: 


36.64 


Deficit _ 


9.05 







For footnotes, see page 40. 



STATISTICS OF INCOME F0« 194 — PART 1 3 

CHANGES IN PROVISIONS OF THE INTERNAL REVENUE CODE 

The major changes in the Internal Revenue Code as amended by 
the Revenue Act of 1940, affecting individual and fiduciary income 
data for 1940, are: The amount of gross income for which a return is 
required to be filed is reduced (a) from $5,000 to $2,000 in the case of 
a married person living with husband or wife for the entire taxable 
year, and (6) from $5,000 to $800 in the case of a single person, a 
married person not living with husband or wife, an estate, and a trust; 
the personal exemption is reduced (a) from $2,500 to $2,000 for the 
head of a family, and a married person living with husband or wife 
for the entire taxable year, and (b) from $1,000 to $800 for a single 
person, a married person not living with husband or wife, and an estate; 
the surtax rates are increased on surtax net income in excess of $6,000 
and not in excess of $100,000; and a defense tax is added, which is 10 
percent of the total income tax, but not in excess of 10 percent of the 
amount by wliich the net income exceeds the income tax computed 
without regard to the defense tax. 

The provisions of the Internal Revenue Code as amended by the 
Revenue Act of 1940 do not apply to the returns for a fiscal year or 
part year begmning in 1939. 

The returns for 1940 are the first on which the net operating loss 
deduction is reported. Provision for tliis deduction, section 23 (s), 
was added to the Code by the Revenue Act of 1939. 

RETURNS INCLUDED 

Each volume of Statistics of Income contains data from returns for 
the calendar year indicated, a certain number of returns for a fiscal 
year ending within the period July of the calendar year through June 
of the succeeding year, and returns for a part year with the greater 
number of months of the accounting period falling in the calendar year. 

The returns covered by this report are, in general, for the calendar 
year ending December 31, 1940. Data also include returns for a 
fiscal year, other than the calendar year, ending within the period 
July 1940 thi'ough June 1941, and for a part year with the greater 
part of the accounting period in 1940. 

The returns used for this report are individual returns. Forms 1040, 
1040 A, 1040B, and taxable fiduciary returns. Form 1041, filed for the 
income of estates and trusts. Unlike 1939, nontaxable fiduciary 
returns with net income and fiduciary returns with no net income, 
Form 1041, are not available for 1940 statistics. The composite data, 
for individual returns and taxable fiduciary returns with net income for 
1940, in basic tables 1, 2, 3, and 7, are comparable with composite data 
shown in similar tables in Statistics of Income for 1939, Part 1. 

Returns included in this report are as filed by the taxpayer, prior to 
revisions that may be made as a result of audit by the Bureau of 
Internal Revenue. Amended returns and tentative returns are 
excluded. 

Facsimiles of individual income and defense tax returns, Forms 
1040 and 1040A, and of fiduciary income and defense tax return, 
Form 1041, are on pages 261-279. 

Returns with net income of less than $1,000 or with no net income 
are included in Statistics of Income because of (1) the requirement that 
a return be filed for (a) a married person living with husband or wife 
for the entire taxable year, if the gross income of either husband or 



4 STATISTICS OF INCOME FOR 194 — PAET 1 

wife or the combined gross income of both husband and wife is $2,000 
or over, regardless of the amount of net income, (6) a single person, a 
married person not living with husband or wife, an estate, or a trust 
if the gross income is $800 or over, regardless of the amount of net 
income; and (c) a trust with net income of $100 or over, or with a 
nonresident alien beneficiary regardless of the amount of net income, 
(2) separate returns which married persons may elect to file, either 
one or both of which may show net income under $1,000, or no net 
income, and (3) part year returns filed (a) for a deceased person cover- 
ing the income period prior to death and (b) by a taxpayer changing 
his accounting period. 

DATA TABULATED 

The 16 basic tables, pages 72-189, present detailed information 
from individual returns and taxable fiduciary returns. All text 
tables in this report contain summary data from individual returns 
exclusively. In both basic tables and text tables, the data for in- 
dividual returns with no net income are in aggregate, except the text 
table on page 12, which shows an analysis of individual returns with 
no net income by deficit classes. 

The data from taxable fiduciary returns, completely tabulated 
from each such return, are presented in basic tables 2-B, 7-B, and 10. 
Each table also includes data from taxable returns for estates and 
trusts incorrectly filed on Form 1040. In tabulating the data from 
these incorrectly filed returns, an adjustment was made whereby 
"Amount distributable to beneficiaries" (if any) was removed from 
"Other deductions" and "Total deductions," and tabulated under its 
proper caption. 

The data from individual returns, in part completely tabulated 
from each such return and in part estimated on the basis of samples, 
are presented in basic tables 1-A, 2-A, 3-A, 4, 5, 6, 7-A, 8, and 9, 

Composite data for individual and taxable fiduciary returns, with 
net income, are tabulated in basic tables 1, 2, 3, and 7. 

The data from mdividual returns are completely tabulated from 
each return with (1) net income of $5,000 and over. Forms 1040 
and 1040 A, (2) net income under $5,000, Form 1040, showing 
income characteristics similar to those usually found on returns with 
net income of $5,000 and over, such as unusual sources of income or 
large total income (approximately 338,000 returns), and (3) no net 
income, Form 1040. The data pertaining to individual returns with 
net inconie under $5,000, Form 1040A, and data from Form 1040 not 
included in (2) above, are estimated data- — based on samples of such 
returns. 

Selection of samples. — The samples, which provide the basis for 
estimating the 1940 data for individual returns with net income 
under $5,000, are selected from returns filed in each of the 64 collection 
districts as follows: The muiimum number of returns. Form 1040, is 
2,000 taxable and 2,000 nontaxable; and the minimum number of 
returns, Form 1040A, is 1,000 taxable and 1,000 nontaxable, or 5 
percent of the total taxable returns and 5 percent of the total non- 
taxable returns, Form 1040A, Avitli net income under $5,000, whichever 
is larger. If less than the minimum number of returns is filed in a 
collection district for any one of the four catagories, data are tabulated 
from the entire number of returns filed and no estimate is necessary. 



STATISTICS OF INCOIVIE FOR 194 — ^PART 1 5 

For 1940 and 1939, the samples of returns, Form 1040, for each 
collection district are the same as that stated above; but for returns, 
Form 1040 A, the samples for 1939 consist of a minimum number of 
1,000 taxable and 1,000 nontaxable returns, or 10 percent of the total 
taxable returns and 10 percent of the total nontaxable returns, 
Form 1040A, with net mcome under $5,000, whichever is larger. 

The samples of 1940 individual returns with net income under $5,000 
total (1) approximately 276,000 returns, Form 1040, representing 9.0 
percent of all taxable and nontaxable returns, Form 1040, with net 
income under $5,000, after deducting those from which data are com- 
pletely tabulated (described above), and (2) approximately 532,000 
returns, Form 1040A, representing 5.1 percent of all taxable and 
nontaxable returns, Form 1040A, with net income under $5,000. 

Estimated data. — The estimated data for individual returns with net 
income mider $5,000 (except that for business of sole proprietors 
tabulated on page 25) are computed separately, by States, for each 
net income class in each of four categories of returns: Form 1040, 
taxable and nontaxable, and Form 1040A, taxable and nontaxable. 
The total number of returns filed in each of the four categories in 
each State is obtained from records of the Bureau of Internal Revenue. 
From the total number of returns filed for each category there is 
subtracted the number of returns from which data are completely 
tabulated. The remainder in each category is the number of returns 
with net income under $5,000 for which estimated data are to be 
computed. For each State, and for each net income class of the four 
categories of returns, estimated data are secured by applying to the 
various data in each net income class of the sample the appropriate 
ratio of the number of returns in the sample to the number of returns 
for which estimated data are to be computed. The estimated data 
tabulated for income classes under $5,000, in this report, are a combi- 
nation of these estimated data for Forms 1040 and 1040A, and the 
completely tabulated data from approximately 338,000 returns, 
Form 1040, and in composite data, 50,297 returns, Form 1041. The 
number of returns, Forms 1040 and 1041, for which data are com- 
pletely tabulated and the number of returns. Form 1040, in the 
sample, total 670,785, representing 19.3 percent of the total number 
of returns, Forms 1040 and 1041, with net income under $5,000. 

The estimated number of individual returns with net income under 
$5,000 on which specific sources of income are reported is available 
only for two sources: "Salaries and other Compensation" and "Divi- 
dends from domestic and foreign corporations." 

DESCRIPTION OF SUMMARY ITEMS 

Total income in this report is the sum of the positive amounts of 
income reported on the returns. Net short-term gain and net long- 
term gain from sales or exchanges of capital assets are included in 
total income to the extent provided by law. 

Total deductions is the sum of the deductions reported on the 
returns and the negative amounts reported under income. Net 
long-term loss from sales or exchanges of capital assets is included in 
total deductions to the extent provided by law. Deductions do not 
include personal exemption or credit of $100 allowed a trust in lieu 
thereof, credit for dependents, earned income credit allowed indi- 
viduals, or the amount distributable to beneficiaries reported by 
fiduciaries. 



6 STATISTICS OF INCOME FOR 1940 — PART 1 

Net income, for individual returns, means the amount of total 
income in excess of total deductions. "Net income," for fiduciary 
returns, means the net income taxable to the fiduciary and is the 
excess of total income over the sum of total deductions and amount 
distributable to beneficiaries. 

Deficit, for individual returns, means the excess of total deductions 
over total income. 

Ordinary net income, for individual returns, means net income 
exclusive of net long-term capital gain or loss, and for fiduciary 
returns means net income taxable to the fiduciary exclusive of net 
long-term capital gain or loss. 

Net income svbject to surtax, for individual returns with normal tax 
and surtax, is the excess of net income over the sum of personal 
exemption and credit for dependents; for returns with alternative tax 
liability it is the excess of ordinary net income over personal exemp- 
tion and credit for dependents. "Net income subject to surtax," 
for fiduciary returns with normal tax and surtax, is the excess of net 
income taxable to the fiduciary over personal exemption allowed an 
estate or the credit allowed a trust in lieu thereof; for fiduciary returns 
with alternative tax liability, it is the excess of ordinary net income 
over personal exemption allowed an estate or the credit allowed a 
trust in lieu thei'eof. 

Net income subject to normal tax, for individual returns, is the surtax 
net income less (a) interest on partially tax-exempt Government 
obligations, (b) dividends on share accounts in Federal savings and 
loan associations, and (c) earned income credit. "Net income sub- 
ject to normal tax," for fiduciary returns, is the surtax net income 
less the fiduciary's balance of (a) interest on partially tax-exempt 
Government obligations and (b) dividends on share accounts in 
Federal savings and loan associations. 

Normal tax and surtax liability is based on net income as previously 
defined, and is reported on (1) returns without net long-term capital 
gain or loss, (2) returns with net long-term capital gain when the 
combined normal tax and surtax is less than the alternative tax based 
on ordinary net income, and (3) returns with net long-term capital 
loss when the combined normal tax and surtax is greater than alter- 
native tax based on ordinary net income. The normal tax is imposed, 
on the net income subject to normal tax, at a flat rate of 4 percent. 
The surtax is imposed on the net income subject to surtax at graduated 
rates ranging from 4 percent on surtax net income over $4,000 to 75 
percent on surtax net income over $5,000,000. The first $4,000 of 
surtax net income is exempt from surtax. 

Alternative tax liability is based on ordinary net income as pre- 
viously defined, and is reported on (1) returns with net long-term 
capital gain, if the alternative tax is less than the sum. of normal 
tax and surtax based on net income, and (2) returns with net long- 
term capital loss, if the alternative tax is greater than the sum of 
normal tax and surtax based on net income. The alternative tax 
on returns with net long-term, capital gains, is the normal tax and 
surtax on ordinary net income plus 30 percent of the net long-terra 
capital gain; on returns with net long-term capital loss, it is the nor- 
mal tax and surtax on ordinary net income minus 30 percent of the 
net long-term capital loss. The normal tax and surtax rates are the 
sam.e as stated in the preceding paragraph. 



STATISTICS OF INCOME FOR 1940 — PART 1 7 

Defense tax liability is 10 percent of the total income tax before 
deducting any credit, but not in excess of 10 percent of the amount 
by which the net income exceeds such income tax computed without 
regard to the defense tax. The limitation on the amount of defense 
tax operates only in case the total tax (computed without regard to 
the defense tax) is in excess of 50 percent of the net income. 

Total tax as tabulated in this report is the aggregate of normal tax, 
surtax, alternative tax, and defense tax. The credits, for income 
taxes paid at source, income taxes paid to a foreign country or any 
possession of the United States, have not been deducted. 

NET INCOME EXEMPT FROM NORMAL TAX 

Net income, to the extent of the amounts reported on returns under 
the following items, is exempt from norm.al tax: personal exem.ption, 
credit for dependents, earned income credit, interest on partially 
tax-exempt Government obligations, dividends on share accounts in 
Federal savings and loan associations, and net long-term capital gain 
on returns with alternative tax. 

For 1940, the personal exemption allowed the head of a family, or a 
married person living with husband or wife for the entire taxable year, 
is $2,000; that for a single person, a married person not living with 
husband or wife, or an estate, is $800 ; and a trust is allowed, in lieu 
of personal exemption, a credit of $100 against net income. The 
credit for each dependent is $400. If the taxpayer's status with 
respect to personal exemption and credit for dependents changed 
during the taxable year, such exemption and credit are apportioned 
according to the number of months each status existed. Earned 
income credit is 10 percent of the earned net income which cannot 
exceed $14,000, or 10 percent of the net income, whichever is smaller. 
There is neither credit for dependents nor earned income credit on 
returns of estates and trusts. The interest on Government obliga- 
tions exempt from normal tax is that received from issues specifically 
exempt from all income taxes except Federal surtax. Other details 
concerning interest on Government obligations will be found on pages 
41 and 42. Dividends on share accounts in Federal savings and loan 
associations are exempt from normal tax. 

In determining the aggregate amount of net income exempt from 
normal tax on returns with alternative tax, the amount of net long- 
term capital loss must be added to the net income tabulated, since such 
loss is not deductible from the ordinary net income in computing the 
alternative tax. The net long-term capital gain on returns with 
alternative tax, while included in the net income tabulated, is not 
subject to normal tax in the computation of the alternative tax. 

The followino; table for all individual returns with net income for 
1940 shows that $25,471,307,034, or 69.9 percent of the net income,, 
is exempt from .normal tax on account of exemption and credits. 
The remaining net income, subject to normal tax, is $10, 945,001, 200y 
of which $9,531,930,400 is net income on returns with .normal tax 
and surtax liability and $1,413,070,800 is ordinary net income on 
returns with alternative tax liability. Of the latter amount, $923,- 
424,250 is ordinary net income on returns with net long-term capital 
loss and $489,646,550 is ordinary net income on returns with net 
long-term capital gain. 



STATISTICS OF INCOJVIE FOR 1940 — PART 1 



Individual returns with net income, not including fiduciary returns, 1940: Net income 
exempt from and amount subject to normal tax 

[For description ofitems and classifications, and methods of tahu'.atingandestiraatine; data, see pp. 4-7,8-9] 

[Money figures in thousands of dollars] 



Net income 

Add: Net lone-term capital loss on returns with alternative tax... 

Income exempt from normal tax: 

Nontaxable returns— net income 

Taxable returns: 

Personal exemption 

Credit for dependents 

Earned income credit . 

Interest on partially tax-exempt Government obligations. 

Other exemptions ' (estimated) 

Net long-term capital gain on returns with alternative tax 

Net income exempt from normal tax 

Net income subject to normal tax 



Amount 


Percent of 
income 


36, 809, 719 
106, 590 








36, 416, 308 


100. 00 


13, 030. 516 

9, 463, 548 

916, 107 

1, 898, 980 

58, 483 

2,513 

101, 162 


35.78 

25.99 
2.51 
5.21 
.16 
.01 
.28 


25,471,307 
10, 94.5, 001 


69.94 
30. 06 



For footnote, see p. 40. 



CLASSIFICATION OF RETURNS 



Individual and fiduciary returns are segregated according to the 
following classifications: Individual returns are classified (1) as taxable 
or nontaxable, (2) as returns with net income or returns with no net 
income, (3) by geographic divisions, and (4) by family relationship. 
Taxable returns are further classified by type of tax liability. Retm*ns 
with net income are further classified by net income classes; returns 
with no net income are classified by deficit classes. Taxable fiduciary- 
returns with net income are classified (1) by type of tax liability, (2) 
by net income classes, and (3) by geographic divisions. DatR in the 
tables of this report are presented by such classifications but not all 
tabulated items are available for every classification. 

Taxable or nontaxable. — This classification is based on the existence 
or nonexistence of a tax liability, regardless of the amount of net 
income or deficit. 

Type of tax liability.— B^eturns, showing either noiinal tax or surtax 
or both are classified as returns with normal tax and surtax, while 
returns showing alternative tax are classified as returns with alter- 
native tax. In Statistics of Income for 1939, "Returns with normal 
tax and surtax" are designated as "Returns with no alternative 
tax." 

Net income or no net income. — Returns are classified as returns with 
net income when total income exceeds total deductions, and as re- 
turns with no net income when total deductions equal or exceed total 
income. This classification is based on the existence of a net income 
or a deficit, regardless of the ordinary net income or the tax liability. 

Net income classes. — Returns with net income are segregated into 
40 net income classes based on the amount of net income, e. g., basic 
table 2. 



STATISTICS O'F INCOME FOR 194 — PART 1 9 

Deficit classes. — Individual returns with no net income are segregated 
into 10 deficit classes based on the amount of deficit. See table, 
page 12. 

Geographic divisions. — This classification consists of 48 States, Alas- 
ka, Hawaii, and District of Columbia. The segregation of returns 
by States and Territories is determined by the location of the collec- 
tion district in which the retm-n is filed, except for the two divisions, 
Alaska and District of Columbia, the segregation of which is deter- 
mined by the address of the taxpayer. The distribution does not 
represent what may be called the geographic distribution of income. 
Income tax retiu-ns may be filed either in the collection district in 
which the individual or fiduciary resides or that in which his principal 
place of business is located. There is no way of ascertaining from 
income tax returns the amount of income originatmg in the respective 
States or the amount of tax paid on that basis. 

Family relationship. — The five classifications for family relation- 
ship, applicable only to individual returns with net income, are based 
on the taxpayer's status as of the last day of the taxable year. The 
taxpayer's status is determined from answers to questions 4 and 5, 
page 4, Form 1040, and on page 1, Form 1040A, and from infor- 
mation concerning personal exemption and credit for dependents. 
When the taxpayer's status has changed dm-ing the year, the personal 
exemption and credit for dependents are prorated according to the 
number of months for which each status is maintained. Returns in 
each classification, except joint returns, are classified also as returns 
of men or returns of women. The first table in which the five classi- 
fications are shown is the text table, page 13. 

Two classifications of retiu-ns shown in Statistics of Income for 
1939, Part 1, namely, industrial classification for business activity 
on returns of sole proprietors, and balance income classification for 
fiduciary returns, are not used for returns included m this report. 

SIMPLE AND CUMULATIVE DISTRIBUTION BY NET INCOME CLASSES 

, The following table presents, for individual returns with net in- 
come, the simple and cumulative distribution of number of returns, 
net income, and total tax with corresponding percentages, by a limited 
number of net income classes. Only aggregate data are shown for 
individual returns with no net income. Due to the provision for 
computation of alternative tax in case of a net long-term capital loss, 
there is a tax liability on 46 returns classified as returns with no net 
income (for further explanation see page 11). 

Similar data for individual returns are tabulated by detailed net 
income classes in basic table 3-A. Composite data for individual 
returns and taxable fiduciary returns, with net income, also by 
detailed net income classes, are contained in basic table 3. 



10 



STATISTICS OF INCOME FOR 1940 — PART 1 



Individual returns with net income, not including fiduciary returns, 1940, by net 
income classes: Simple and cumulative distribution of number of returns, net income, 
and total tax, with corresponding percentage distribution; aho aggregate for indi- 
vidual returns with no net income 

[For description of items and classifications, and methods of tabulating and estimating data, 

see pp. 4-7, 8-9] 

[Net income classes and money figures in thousands of dollars] 





Number of returns 


Net income classes 


Simple distribution 


Cumulative distribu- 
tion from highest 
income class 


Cumulative distribu- 
tion from lowest 
income class 




Number 


Percent 
of total 


Number 


Percent 
of total 


Number 


Percent 
of total 


Individual returns with net income: 


1,911,457 

5, 012, 619 

5, 258, 565 

1, 646, 595 

533, 345 

185, 687 

36, 176 

10, 285 

1,866 

1,066 

252 

112 

49 


13.09 

34.34 

36.02 

11.28 

3.66 

1.27 

.25 

.07 

.01 

m 
m 
(«) 
(«) 


14, 598. 074 

12, 686, 617 

7, 673, 998 

2, 415, 433 

768. 838 

235, 493 

49, 806 

13, 630 

3,345 

1,479 

413 

161 

49 


100.00 

86.91 

52.57 

16.55 

5.27 

1.61 

.34 

.09 

.02 

.01 

(«) 

(8) 

m 


1,911,457 
6, 924, 076 
12, 182, 641 

13, 829, 236 

14, 362, 581 
14, 548, 268 
14, 584, 444 
14, 594, 729 
14, 596, 595 
14. 597, 661 
14,597,913 
14, 598, 025 
14, 598, 074 


13i,09 


1 under 2 (estimated) 


47.43 


2 under 3 (estimated) 


83.45 


3 under 5 (estimated) 


94.73 




98.39 


10 under 25 ■.. 


99. 66 


25 under 50 ---.--.. 


99.91 


50underl00 


99.98 


100 under 150 


' 99.99 


150 under 300 


99.99 


300 under 500 - 


99.99 


500 under 1,000 


99.99 


1,000 and over _ 


100. 00 


Total, individual returns 
with net income 


14, 598, 074 
112, 697 


100.00 

m 










Individual returns with no net in- 
income * 




















Grand total 


14, 710, 771 


(») 























Net income 


Net income classes 


Simple distribution 


Cumulative distribu- 
tion from highest 
income class 


Cumulative distribu- 
tion from lowest 
income class 




Amount 


Percent 
of total 


Amount 


Percent 
of total 


Amount 


Percent 
of total 


Individual returns with net income: 
Under 1 (estimated) 


1, 512, 563 
7, 341, 533 

12, 567, 963 
5, 990, 765 
3, 564, 378 

2, 730, 926 
1, 219, 853 

686, 313 
223, 988 
213, 764 
95, 757 
74, 170 
87, 746 


4.17 

20.22 

34.61 

16.50 

9.82 

7.52 

3.35 

1.89 

.62 

.59 

.26 

.21 

.24 


36, 309, 719 

34,797,155 

27, 455, 623 

14, 887, 660 

8, 896, 895 

5, 332, 516 

2, 601, 590 

1,381,737 

695, 424 

471, 436 

257, 672 

161,915 

87, 746 


100. 00 

95.83 

75.61 

41.00 

24.50 

14.68 

7.16 

3.81 

1.92 

1.30 

.71 

.45 

.24 


1, 512, 563 
8, 854, 096 
21, 422. 0.59 
27, 412, 824 
30, 977, 202 

33, 708, 128 

34, 927, 982 

35, 614, 294 

35, 838, 282 

36, 052, 047 
36, 147, 803 
36, 221. 973 
36, 309, 719 


4.17 


1 under 2 (estimated) 


24.39 


2 under 3 (estimated) 


59.00 


3 under 5 (estimated) 


75.50 


5 under 10 


85.32 


10 under 25 


92.84 


25 under 50 


96. 19 


sounder 100 


98.08 


100 under 150 


98.70 


150 under 300- 


99.29 


300 under 500 ... . 


99.55 


500 under 1,000 


99.76 


1,000 and over 


100. 00 






Total, individual returns 
with net income 


36, 309, 719 
w 311, 385 


100.00 
(«) 










Individual returns with no net in- 
come 





















For footnotes, see p. 40. 



STATISTICS OF INCOME FOR 1940 — ^PART 1 



11 



Individual returns with net income, not including fiduciary returns, 1940, by net 
income classes: Simple and cumulative distribution of number of returns, net 
income, and total tax, with corresponding percentage distribution; also aggregate 
for individual returns with no net income — Continued 

[For description of items and classifications, and methods of tabulating and estimating data, 

see pp. 4-7, 8-9] 

[Net income classes and money figures in thousands of dollars] 





Total tax u 


Net income classes 


Simple distribution 


Cumulative distribu- 
tion from highest 
income class 


Cumulative distribu- 
tion from lowest 
income class 




Amount 


Percent 
of total 


Amount 


Percent 
of total 


Amount 


Percent 
of total 


Individual returns with net income: 
Under 1 (estimated) 


1,771 

57, 156 

49, 275 

77, 887 

117, 144 

246, 837 

262, 234 

242, 066 

105, 337 

116, 538 

57, 778 

46, 138 

60,805 


0.12 
3.97 
3.42 
5.41 
8.13 
17.13 
18.20 
16.79 
7.31 
8.09 
4.01 
3.20 
4.22 


1, 440, 967 

1, 439, 196 

1, 382, 040 

1, 332, 765 

1, 254, 878 

1, 137, 734 

890, 897 

628, 663 

386, 597 

281, 260 

164, 722 

106, 943 

60,805 


100. 00 
99.88 
95.91 
92.49 
87.08 
78.95 
61.82 
43.62 
26.83 
19.52 
11.43 
7.42 
4.22 


1,771 

58, 927 

108, 202 

186, 089 

303, 233 

550, 070 

812, 304 

1, 054, 370 

1, 159, 708 

1, 276, 245 

1, 334, 024 

1, 380, 162 

1, 440, 967 


0.12 


1 under 2 (estimated) 


4.09 




7.51 


3 under 5 (estimated) 


12.92 




21.05 


10 under 25 


38.18 


25 under 50... 


56,38 


50 under 100 


73.17 


100 under 150 


80.48 


150under300 


88.57 


300 under 500 


92.58 


500 under 1,000 


95.78 


1,000 and over 


100. 00 






Total, individual returns 


1, 440, 967 
473 


100.00 

(•) 










Individual returns with no net 




















Grand total 


1, 441, 440 


m 





















For footnotes, see p. 40. 

INDIVIDUAL RETURNS WITH NO NET INCOME 

The 112,697 individual returns with no net income are tabulated 
below by taxable and nontaxable returns and by deficit classes. In 
all other text tables and in the basic tables showing data for returns 
with no net income, only aggregates for taxable and nontaxable 
data are tabulated. 

Forty-six returns, with deficit due to net long-term capital loss, show 
an alternative tax liability because the partial tax computed on ordi- 
nary net income exceeds 30 percent of the net long-term capital loss. 



498968—43 2 



12 



STATISTICS OF INCOME FOR 1940 — PART 1 



Individual rehirns with no net income, 1940, by taxable and nontaxable returns, 
and by deficit classes: Number of returns, total income, net long-term capital loss, 
total deductions, deficit and alternative tax 

[For description of items and classifications, and method of tabulating data, see pp. 4 and 5-6] 

[Deficit classes and money figures in thousands of dollars] 



Deficit classes 


Number 
of returns 


Total in- 
income 


Net long- 
term cap- 
ital loss 


Total de- 
duction 


Deficit 


Alterna- 
tive tax 


Taxable individual returns with no net 
income: * 

Under 5..- - — 

5 under 10 . 


12 
4 
12 
10 
3 


1,192 

433 

1,992 

1,901 

633 


1,060 

424 

1,707 

1,815 

665 


1,222 

462 

2,175 

2,258 

832 


30 

29 

183 

357 

199 


63 
31 


10 under 25 


128 


25 under 50 . 


126 


50 under 100 


23 


100 under 150 




150 under 300 ..-^ 


2 
2 
1 


592 

1,333 

686 


865 
1,753 
1,184 


908 
2,188 
1,267 


316 

855 
581 


44 


300 under 500 


25 


500 under 1,000 


32 


1,000 and over 


















Total taxable 


46 


8.761 


9,475 


11.312 


2,551 


473 






Nontaxable individual returns with no 
net income: 
Under 5 .. . 


101, 114 

6,507 

3,575 

912 

358 

89 

69 

14 

10 

3 


133, 461 

28, 961 

30, 500 

15, 872 

9,786 

4,189 

3,948 

892 

1,020 

2,194 


52, 442 
21, 936 

29, 417 
17. 805 
14. 447 
8,078 
6,280 
2,648 
3,134 
9,885 


241, 969 
74, 035 
84, 254 
46, 909 
34, 459 
14,923 
18, 059 
6,461 
7,762 
10, 826 


108, 508 

45, 073 

53, 754 

31, 037 

24, 673 

10. 734 

14, 111 

5,569 

6,742 

8,632 








10 under 25 . . 




25 under 50 -. 




50 under 100 . 




100 under 150 




150 under 300 




300 under 500 _ 




500 under 1,000 . . 




1,000 and over 








Total nontaxable 


112,651 


230, 822 


166, 072 


539, 656 


^ 308, 834 








Grand total 


112, 697 


239, 583 


175, 547 


550, 968 


311, 385 


473 







For footnote, see p. 40. 

FAMILY RELATIONSHIP— INDIVIDUAL RETURNS 

The summary table below, for individual returns with net income, 
shows the number of returns and amount of net income classified by 
the family relationship of the taxpayer on the last day of the taxable 
year. Returns in each classification, except joint returns of husbands 
a,nd wives, are classified also as returns of men or returns of women. 
Similar data are distributed by States and Territories in basic table 4, 
pages 118-120. The number of returns, net income, personal 
exemption, and credit for dependents, classified by family relation- 
ship and by net income classes, are tabulated in basic table 5. The 
family relationship classification is not applied to individual returns 
with no net income, owing to the lack of sufficient data on which to 
base the classification. 

The community property classification of returns is applied to 
returns showing community property income, filed in the States of 
Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Okla- 
homa, Texas, and Washington. In this report all returns showing 
community property income, regardless of amount of net incom.e, are 
classified as community property returns. For 1939, this classifica- 
tion excluded separate returns of husbands and wives showing com- 
munity property net income under $5,000 and joint returns with 



STATISTICS OF INOOIVIE FO'R 1940 — PART 1 



13 



community property net income under $10,000, which were classified 
as separate returns of husbands and wives and as joint returns, 
respectively. Community pioperty returns are classified as returns 
of men or returns of women for the first time in this report. 

The net income classes for separate community property returns 
filed by husband and wife are based on the respective amounts of net 
income. In tabulating data from a joint return showing community 
property net income with the tax liability apportioned equally 
between husband and wife, the items of income, deductions, and tax 
are divided to represent two returns, which are classified as separate 
community property returns, and the net income class for each is 
based on one-half the combined community property net incom.e. 
The return of a married person, not reporting com.ro.unity property 
income filed in the States listed above, is classified either as a joint 
return of husband and wife or as a separate return of husband or wife, 
according to the status on the last day of the taxable year. 

The unequal number of returns for men and women in the two 
classifications, separate returns of husbands and wives, and com- 
munity property returns results from (1) use of samples of returns as 
the basis for estimating data for returns m net income classes under 
$5,000, when the net income of one spouse is under $5,000 and that 
of the other spouse is $5,000 or over, and (2) certain cases in which 
incomplete or inaccurate answers to questions 4 and 5 on page 4, 
Form 1040, and on page 1, Form 1040A, make it impossible to identify 
the returns as separate returns. 

Individual returns with net income, not including fiduciary returns, 1940, by sex 
and family relationship: Number of returns, net income, and percentages 

[For description of items and classifications, and methods of tabulating and estimating data, 

see pp. 4-7, 8-9] 





Returns 


Net income 


Family relationship 


Number 


Percent 
of total 


Amount 
(thou.sands 
of dollars) 


Percent 
of total 


Joint returns of husbands and wives, or of either hus- 


7,456,432 

184,983 
170,070 

77, 593 
77,841 

773, 207 

491,273 

3, 131, 177 

2,235,498 


51.08 

1.27 
1.16 

.53 
.53 

5.30 

3.37 

21.45 
15.31 


21,213,046 

2,118,585 
795, 394 

497, 889 
409, 072 

1,738,209 

942, 366 

5,053,307 

3,481,851 


58.42 


Separate returns of husbands and wives: '2 

Men '3 


5.83 




2.19 


Community property returns: >2 

Men 13 


1.37 




1.29 


Heads of families: 

Single men and married men not living with wives.. - 
Single women and married women not Uving with 


4.79 
2.60 


Not heads of families: 

Single men and married men not living with wives- 

Single women and married women not living with 

husbands - 


13.92 
9.59 






Total individual returns with net income . 


14,598,074 


100.00 


33, 309, 719 


100. 00 







For footnotes, see p. 40. 



14 ■ STATISTICS OF INCOME FOR 1940 — PART 1 

SOURCES OF INCOME AND DEDUCTIONS 

Income from the various sources, tabulated in this report, is the 
net amount, that is, the excess of gross receipts over the deductions 
as reported in the schedules on the returns, and the aggregate tabu- 
lated for each source is the sum of the net amounts of income from 
that source. Negative amounts reported under "Income" are trans- 
ferred in tabulation to deductions, and are included in the amount 
tabulated for a specified deduction or "Other deductions." Two 
information items, "Net short-term capital loss of preceding taxable 
year deducted," and "Current 3^ear net short-term capital gaui," both 
of wliich are used by the taxpayer in computuig net short-term capital 
gain, are tabulated in addition to the items comprising total income. 
Both information items tabulated for 1940 are equivalent to those 
tabulated in Statistics of Income for 1939; the captions, however, 
have been revised. In the 1939 volume ''Net short-term capital loss 
of preceding taxable year deducted" is designated as "Prior year net 
short-term capital loss deducted," and ''Current year net short-term 
capital gain" is designated as "Net short-term capital gain before 
deducting prior year net short-term capital loss." 

Sources of income and deductions, for individual returns, are tabu- 
lated by States and Territories and by returns with net income and 
with no net income in basic table 6. Composite data pertaining to 
sources of income and deductions for individual returns and taxable 
fiduciary returns, with net income, are classified by net income 
classes in basic talkie 7, which also presents in aggregate the sources of 
income and deductions for taxable and nontaxable individual returns 
with no net income. In addition there is tabulated in basic table 7, 
for returns with net income of $5,000 and over, by net income classes, 
the number of returns for each specified source of income and deduc- 
tion and for the information item "Net short-term capital loss of pre- 
ceding taxable year deducted." The number of returns for two 
sources of income, "Salaries and other compensation" and "Dividends 
from domestic and foreign corporations," is estimated for individual 
returns with net income under $5,000. Data, identical to those in 
basic table 7, are tabulated separately for individual returns and for 
taxable fiduciary returns in basic tables 7-A and 7-B, respectively. 

It should be observed that a portion of the amount distributable to 
beneficiaries, as reported on fiduciary returns and tabulated in basic 
tables 7 and 7-B, is also reported on the income tax returns of the 
beneficiaries and is therefore included in the following sources: "In- 
come from fiduciaries"; "Interest on partially tax-exempt Govern- 
ment obligations"; "Net short-term capital gain"; "Net long-term 
capital gain or loss" when distributable by a common trust fund; and 
in "Total income" and "Net income." Thus, in basic tables of com- 
posite data for individual and fiduciary returns, there is a duplication 
of income which, however, is a negligible percent of total income. A 
discussion of the "Amount distributable to beneficiaries" appears 
on pages 25-26. 

The following table shows each source of income and deduction, and 
two information items "Net short-term capital loss of preceding tax- 
able year deducted" and "Current year net short-term capital gain" 
reported on individual returns with net income and with no net income: 



STATISfTICS OF ESTOOME FO'R 1940 — ^PAET 1 



15 



Individual returns with net income and wich no net income, not including fiduciary 
returns, 1940: Number of returns, sources of income and deductions, net income, 
and deficit 

[For description of items and classifications, and methods of tabulating and estimating data, 

see pp. 4-7, 8-9] 

[Money figures in thousands of dollars] 



Sources of income and deductions 



Number of returns.. 

Sources of income: 

Salaries and other compensation 

Dividends from domestic and foreign corporations '* 

Interest: 

Bank deposits, notes, mortgages, corporation bonds i'.. 

Partially tax-exempt Government obligations '« 

Partnership profit " 

Income from fiduciaries " -.. 

Rents and royalties 

Business profit i* 

Capital gain: 2° 
Short-term: 2' 

Net short-term capital gain included in total income 

and net income 

Net short-term capital loss of preceding taxable 

year deducted 22 

Current year net short-term capital gain 2" 

Net lonsf-term capital gain 24 

Net gain from sales of property other than capital assets 25. . 
O ther income 

Total income 

Deductions: 

Partnership loss'^ 

Business loss '* 

Net long-term capital loss 20 2* 

Net loss from sales of property other than capital assets 25_ . 

Contributions 26 

Interest paid 2? 

Taxes paid 2" 

Losses from fire, storm, etc. 2? 2s (Form 1040) 

Bad debts 2" (Form 1040) 

Other deductions 29 

Total deductions 29.... 

Net income 



Individual returns 



Total 



27, 707, 261 
2, 998, 642 

931,958 

71, 304 

1,5S8,929 

769, 933 
1, 182, 297 
4,161,913 



109, 732 

5,204 
114,936 
228, 262 
42, 048 

754, 949 



40, 517, 228 



54,264 
259, 033 
554, 861 

70, 800 

739, 992 

741, 586 

1,268,848 

39, 521 
138, 01?, 
651,9!? 

4, 518, 894 



30 35, 998, 334 



With net 
income 



27, 653, 985 
2,930,105 

910, 803 

70, 044 

1, 548, 670 

756, 369 
1,146,484 
4,145,171 



105, 193 

4,864 

110,057 

223, 619 

39, 675 

747, 526 



28, 801 
131,454 
379, 314 

37, 713 

734, 645 

710,687 

1,235,611 

30, 516 

92, 457 
586, 728 



37, 926 



36,309,719 



With no 
net in- 
come ' 



112, 697 



53, 276 

68, 537 

21, 155 
1,260 
10, 259 
13, 564 
35,813 
16, 742 



4,540 

339 

4,879 
4,642 
2, 373 
7,423 



239, 583 



25, 463 
127, 579 
175, 547 
33, 087 
5,347 
30, 899 
33, 237 
9,005 
45, 585 
65, 219 

550, 968 



10 311,385 



For footnotes, see pp. 40-41. 

Salaries and other comj^ensation reported on individual return? 
include compensation of officers and employees of State and local 
governments or any agency or instrumentality thereof. The com- 
pensation tabulated in this report for individuals and partners wdio 
received during the taxable year compensation for personal services 
covering five or more calendar years is the proportionate amount 
which would have been reported on the return for 1940 if the com- 
pensation had been received in equal portions in each of the years 
for which the personal service was rendered. According to section 
107 of the Internal Revenue Code, the tax attributable to such 
compensation shall not exceed the aggregate of taxes which would 
have been due had the compensation been received in equal portions 
in each of the years for which the personal service was rendered. 
The compensation tabulated for 1940 is that portion used for com- 
puting the tax for 1940, and the compensation and tax allocated to 
prior years are not included in this report nor in Statistics of Income, 
Part 1, for prior years. 



16 STATISTIGS OF LNCOME FOR 1940 — PART 1 

Dividends from domestic and foreign corjwraHons exclude dividends 
received through partnerships and fiduciaries and dividends received 
on share accounts in Federal savings and loan associations. 

Interest on partially tax-exempt Government obligations is interest 
received on United States savings bonds and Treasury bonds, owned 
in excess of $5,000, and on obligations of instrumentalities of the 
United States other than those issued under the Federal Farm Loan 
Act, or such Act as amended. This interest is subject to surtax only. 
There is included each partner's or beneficiary's share of interest 
received on such obligations owned by partnerships, estates, or trusts. 
In this report, for the first time, the amount of partially tax-exempt 
interest is shown for net income classes under $5,000. In prior years, 
such interest for the net income classes under $5,000 is included in 
"Interest from bank deposits, notes, mortgages, corporation bonds." 
For other infonnation concerning interest on partially tax-exempt 
Govcrimient obligations, see the section of this report entitled "Gov- 
ernment obligations and interest" on pages 41-42. 

Partnership profit or partnership loss for the current year excludes 

(1) interest on partially tax-exempt Government obligations, and 

(2) net gain or loss from the sales or exchanges of capital assets. 
Charitable contributions and the net operating loss deduction are not 
allowable deductions in computing partnership profit or loss. The 
items of interest on partially tax-exempt Government obligations, 
net gain or loss from sales or exchanges of capital assets, and charitable 
contributions are reported on the individual income tax returns filed 
by each partner, under their respective sources, and the net operating 
loss deduction is reported in "Other deductions." 

Income from fiduciaries excludes (1) interest on partially tax-exempt 
Government obligations and (2) net gain or loss from the sales or 
exchanges of capital assets received from "Common trust funds." 
Each item excluded from income from fiduciaries is reported under 
its respective source on the return of the beneficiarj^ The net operat- 
ing loss deduction, which is allowed estates and trusts (but not 
"Common trust funds"), has been deducted from income from 
fiduciaries. 

Rents and royalties are the net profits after deducting depreciation, 
repairs, interest, taxes, and other expenses from, gross rent received, 
and after deducting depletion from, the gross royalties received. 

Business profit or business loss is the current year net profit or loss 
after deducting business expenses as reported in the business schedule. 
The net operating loss deduction due to a net operating loss from 
business for the preceding taxable year is not a business deduction. 
It is reported on the return in "Other deductions" and is not tabu- 
lated separately. The text table on page 25 shows, in aggregate, a 
few items tabulated from the schedules for business or profession. 

Capital gain or loss from sales or exchanges of capital assets, both 
short-term and long-term, and the two information items, "Net 
short-term capital loss of preceding taxable year deducted" and "Cur- 
rent year net short-term capital gain," are described in the section of 
this report entitled "Capital gains and losses," pages 45-46. 



STATISTICS OF ESTOOME FOR 1940 — PART 1 17 

Net gain or loss from sales of j^roperty other than capital assets is 
the net gain or loss from sales or exchanges of property used in trade 
or business of a character which is subject to the allowance for 
depreciation. 

Other income includes dividends on share accounts in Federal 
savings and loan associations, taxable annuities, earnings of minor 
children, and all other items of taxable income or profit for which 
an entry is not provided on the return. 

Contributions are those made by individuals to religious, charitable, 
scientific, literary, or educational domestic organizations, and include 
each partner's share of such contributions made by partnerships of 
which they are a member. Contributions are not an allowable 
deduction from fiduciary income. The total charitable contributions 
allowed as a deduction is limited, in general, to 15 percent of the 
individual's net income before deducting the contributions. 

Interest paid is that paid on personal indebtedness and excludes 
amounts deducted m schedule for rents and royalties or in schedule 
for business profit. 

Taxes paid exclude (1) taxes assessed against local benefits, (2) 
Federal income taxes, (3) Federal estate, inheritance, legacy, succes- 
sion, and gift taxes, (4) taxes, imposed upon the taxpayer's interest as 
shareholder of a corporation, which are paid by the corporation 
without reimbursement from the taxpayer, (5) income taxes paid to 
a foreign country or possession of United States if any portion thereof 
is claimed as a tax credit, (6) taxes deducted in schedule for rents and 
royalties or in schedule for business profits, and (7) Federal social 
security and employment taxes paid by or for an employee. 

Losses from fire, storm, etc.. and bad debts, tabulated from individual 
returns. Form 1040, exclude amounts reported in schedules for 
business and for rents and royalties. Losses from fire, storm, ship- 
wreck, or other casualty, or from theft, are those not compensated 
for by insurance or otherwise. 

Other deductions include the net operating loss deduction due to 
an operating loss from business or partnership for the preceding tax- 
able year. 

Amount distributable to beneficiaries reported on fiduciary returns, 
tabulated in basic tables 7 and 7-B, is described in a section by 
that name on pages 25-26 of this report. 

The following table shows, for a limited number of net income 
classes, the sources of income, deductions, net income, and two 
information items from individual returns. In net income classes 
$5,000 and over, the number of returns is tabulated for each source of 
income and deduction. For net income classes under $5,000, the 
number of returns on which specific sources of income and deductions 
are reported is available only for two sources, ** Salaries and other com- 
pensation" and "Dividends from domestic and foreign corporations." 
On pages 22-24, the percentage distribution of sources of income, 
deductions, and net income is tabulated for the limited number 
of net income classes. 



18 



STATISTICS OF INCOME FOR 19 40 — PART 1 



Individual returns with net income, not including fidticiary returns, 1940, by net 
income classes, also aggregate for individual returns with no net income: Total 
number of returns, number of returns ^^ and amount for each specific source of in- 
come and deduction, net income, and deficit 

[For description of items and classifications, and methods of tabulating and estimating data, see pp. 4-7, 8-9] 

[Net income classes and money figures in thousands of dollars] 





Total 

number of 

returns 

(2) 


Sources of income 


Net income classes 


Salaries and other 
compensation 


Dividends from 

domestic and foreign 

corporations n 


(1) 


Number of 
returns 

(3) 


Amount 


Number of 
returns 

(5) 


Amount 
(6) 


Returns with net income: 

Under 5 (estimated)-. 


13, 829, 236 

533, 345 

185,687 

36, 176 

10, 285 

1,866 

1,066 

252 

112 

49 


11,541,910 

358, 970 

117,361 

22, 967 

6,765 

1,238 

705 

145 

73 

30 


23, 390, 710 

2, 130, 072 

1,318,322 

480, 487 

219, 920 

58, 522 

40,915 

10, 428 

3,110 

1,499 


2, 375, 810 

277, 941 

131,221 

30, 384 

9,369 

1,774 

1,021 

239 

106 

47 


895,042 
396, 824 


6 under 10 - 


10 under 25 


553, 759 
385, 578 


25 under 50. 


50 under 100 


289 562 


100 under 150 - 


116,010 
125, 735 


150 under 300 -- 


300 under 500 .. 


61, 849 


500 under 1,000 


45. 187 


1,000 and over 


60,561 


Total. _- 

Returns with no net income « 


14,598,074 
112,697 


12, 050, 164 
21, 776 


27, 653, 985 
53, 276 


2,827,912 
28,976 


2, 930. 105 
68, 537 


Grand total, individual returns 


14, 710, 771 


12, 071, 940 


27, 707, 261 


2, 856, 888 


2, 998, 642 





Sources of income— Continued 




Interest 




Net income classes 


Bank deposits, notes, 

mortgages, corporation 

bonds 


Partially tax-exempt 
Government obligations 
(subject to surtax only) 


Partnership profit " 


(1) 


Number of 
returns 32 

(7) 


Amount >5 
(8) 


Number of 
returns 32 

(9) 


Amount " 

(10) 


Number of 
returns 32 

(11) 


Amount 
(12) 


Returns with net income: 

Under 5 (estimated) 




576, 235 

128.223 

117,971 

49, 437 

22, 590 

6, 714 

5,072 

1,532 

1,748 

1,282 




22, 549 

13,317 

17,428 

9,752 

4,101 

1,415 

1,095 

134 

246 

8 




525 809 


5 under 10 . 


215, 604 

97, 928 

23, 688 

7,656 

1,547 

885 

218 

101 

44 


26, 282 

19, 406 

6,296 

2.350 

473 

271 

51 

30 

7 


71,694 

35, 614 

7,681 

2,263 

330 

168 

30 

14 

2 


353 288 


10 under 25 


365 942 


25 under 50 

50 under 100.... 


169, 055 
91 020 


100 under 150 


20 282 


150 under 300 . 


16 025 


300 under 500. 


5 027 


600 under 1,0C0 


921 


1,000 and over 


1,301 


Total 


32 347, 671 
26, 218 


16 91C, 803 
21, 155 


32 55. 106 
2,228 


16 70, 044 
1,260 


32 117, 796 
4,105 


1, 548, 670 
10, 259 


Returns with no net income 6. _ . 


Grand total, individual 
returns... 


'2 373, 889 


IS 931, 958 


32 57, 394 


i« 71, 304 


32 121,901 


1, 558, 929 





For footnotes, see pp. 40-41. 



STATISTICS OF INrCOME FOR 194 — PART 1 



19 



Individual returns with net income, not including fiduciary returns, 1940, hy net 
income classes, also aggregate for individual returns with no net income: Total 
number of returns, number of returns^' and amount for each specific source of in- 
come and deduction, net income, and deficit — Continued 

[Net inccme classes and money figures in thousands of dollars] 





Sources of income— Continued 


Net income classes 


Income from fiduciaries 's 


Bents and royalties 


Business profit i» 


(1) 


Number of 
returns ^2 

(13) 


Amount 
(14) 


Number of 
returns 32 

(16) 


Amount 
(16) 


Number of 
returns 32 

(17) 


Amount 
(18) 


Returns with net income: 
Under 5 (estimated) 




123,980 
120, 934 
170,912 
119,026 
81, 734 
33, 203 
38,910 

19, 754 

20, 291 
27, 624 




805, 060 

151,443 

112,568 

45, 855 

20, 171 

5,287 

3,455 

1,242 

1,286 

115 




2, 862, 548 


5 under 10 - .. 


37, 786 

23,816 

7,405 

2,703 

617 

40O 

118 

64 

32 


121,919 

48, 797 

10, 322 

3, 051 

563 

345 

87 

38 

15 


121,325 

36. 305 

5,028 

1,057 

138 

66 

11 

7 

1 


685, 712 


10 under 25 - 


412,818 


25 under 50 . . 


120, 301 


50 under 100 -.. ... 


44, 663 


100 under 150 .-. 


10, 363 


150 under 300 


4,677 


300 under 500 . 


2,130 


500 under 1,000 


1,958 


1, COO and over . . 


(33) 






Total 


32 72. 941 
4,151 


756, 369 
13, 564 


32 185, 137 
29. 870 


1, 146, 484 
35, 813 


32 163, 938 
10, 201 


4, 145, 171 


Betums with no net Income «... 


16, 742 


Grand total, individual 
returns . . 


32 77, 092 


769, 933 


32 215, 007 


1, 182, 297 


32 174, 139 


4, 161, 913 











Sources of income— Continued 






Capital gain 20 




Short-term 21 


Net income classes 


Net short-term capital 
gain included in total 
income and net in- 
come 


Net short-term capital 
loss of preceding tax- 
able year deducted 22 


Current 

year net 

short-term 

capital 


(1) 


Number of 
returns 32 

(19) 


Amount 
(col. 23-22) 

(20) 


Number of 
returns '2 

(21) 


Amount 
(22) 


gain 23 
(col. 20-f 22) 

(23) 


Betums with net income: 




36, 107 

23, 047 

25, 483 

10,920 

5,222 

1,770 

1,570 

891 

151 

32 




1,333 

874 

1,288 

800 

348 

73 

98 

26 

20 

6 


37, 440 




32, 277 

21, 303 

5,945 

1,901 

384 

220 

64 

32 

10 


1,356 

1,314 

515 

208 

55 

49 

10 

6 

2 


23,920 


10 under 25 


26, 770 


25 under 50 


11, 720 


50 under 100 


5,570 


100 under 150 


1,843 


150 under 300 


1,668 


300 under 500 


917 


500 under 1,000 


171 


1,000 and over 


38 






Total 


32 62, 136 
3,831 


105, 193 
4,540 


32 3, 515 
138 


4,864 
339 


110, 057 


Beturns with no net income « 


4,879 






Grand total, individual returns 


32 65, 967 


109, 732 


32 3, 653 


5,204 


114, 936 



For footnotes, see pp. 40-41. 



20 



STATISTICS OF INCOIME FOR 1940 — PART 1 



Individual returns rrith net income, not including fiduciary returns, 1940, by net 
income classes, also aggregate for individual returns with no net income: Total 
number of returns, number of returns ^^ and amount for each specific source of in- 
come and deduction, net income, and deficit — Continued 

[Net income classes and money figures in thousands of dollars] 





Sources of income— Continued 




Capital gain s" 
(Continued) 


Net gain from sales 
of property other 
than capital as- 
sets 25 


Other income 




Net income classes 


Net long-term 
capital gain 2* 


Total 
income 


(1) 


Number 

of re- 
turns 32 

,(24) 


Amoimt 

(26) 


Number 

of re- 
turns 32 

(26) 


Amount 
(27) 


Number 

of le- 
turns 32 

(28) 


Amount 
(29) 


(30) 


Returns with net income: 
Under 5 (estimated) 




40, 490 
29, 888 
38, 389 
24, 556 
22, 509 
12,413 
17, 675 

11, 155 
13, 580 

12, 964 




23, 263 

8,300 

5,918 

1,274 

596 

48 

271 

4 

1 

(33) 




654, 580 

39, 037 

29, 047 

12, 201 

6,583 

1,984 

2,198 

1,192 

407 

297 


29,956 372 


5 under 10 


37, 683 

23, 794 

6,906 

2,498 

555 

419 

86 

53 

27 


7,259 

3, 357 

674 

173 

42 

20 

4 

3 

1 


47, 117 

22, 602 

6,189 

2,109 

462 

300 

74 

43 

18 


4, 080, 085 
3 168 556 


10 under 25 .. 


25 under 50 


1, 428, 442 
808, 672 
268, 013 
257, 599 


50 under 100 - .. 


100 under 150 

150 under 300 


300 under 500 


115,337 


500 under 1,000 


88, 885 


1,000 and over 


105, 684 




Total 


32 72, 031 
2,970 


223, 619 
4,642 


32 11,533 
1,507 


39, 675 
2,373 


32 78,914 
9,178 


747, 526 
7,423 


40, 277, 645 
239, 583 


Returns with no net income 9.. 


Grand total, individual 
returns. 


32 75, 001 


228, 262 


32 13, 040 


42,048 


32 88, 092 


764, 949 


40, 517, 228 





Deductions 


Net income classes 


Partnership loss i' 


Business loss " 


Net long-term capital 

loss 20 24 


(1) 


Number of 
returns 32 

(31) 


Amount 
(32) 


Number of 
returns '2 

(33) 


Amount 
(34) 


Number of 
returns 32 

(35) 


Amount 
(36) 


Returns with net income: 

Under 5 (estimated) 




14, 137 

4,779 

4,419 

2,057 

1, 552 

460 

1,196 

186 

11 

4 


10,347 

6,011 

1,931 

787 

198 

132 

31 

29 

17 


76,115 
14, 927 
16, 176 
9,007 
6,018 
2,976 
1,839 
943 
1,242 
2,211 




142, 945 
68, 466 
84, 422 
44, 074 
22, 612 
6 215 


5 under 10 -. 


4,551 

2,903 

874 

369 

93 

64 

18 

5 

3 


49, 871 

35, 023 

:0. 685 

3,627 

753 

409 

110 

37 

16 


10 under 25- 


25 under 50_ 


sounder 100 


100 under 150 


150 under 300 


5,880 
2,662 
1 161 


300 under 500 


500 under 1,000 


1,000 and over 


877 






Total 


32 8, 880 
6,102 


28, 801 
25, 463 


32 19, 483 
68, 550 


131,454 
127, 579 


32 100, 531 
20, 036 


379, 314 
175, 547 


Returns with no net income « 


Grand total, individual re- 
turns -- 


32 14, 982 


54,264 


32 88, 033 


259, 033 


32 120, 567 


554, 861 





For footnotes, see pp. 40^1. 



STATISTICS OF INCOME FOR 1940 — PART 1 



21 



Individual returns with net income, not including fiduciary returns, 1940, by net 
income classes, also aggregate for individual returns witJi no net income: Total 
number of returns, number of returns ^i and amount for each specific source of 
income and deduction, net income, and deficit — Continued 

[Net income classes and money figures in thousands of dollars] 







Deductions- 


Continued 






Net income classes 


Net loss from sales of 

property other than 

capital assets 26 


Contributions 2« 


Interest paid 2' 


(1) 


Number of 
returns 32 

(37) 


Amount 
(38) 


Number of 
returns 32 

(39) 


Amount 

(40) 


Number of 
returns 32 

(41) 


Amount 

(42) 


Eeturns with net income: 




23,164 

5,655 

5,025 

2,149 

865 

260 

178 

239 

174 

4 


"'"453, sis' 

163, 383 

32, 968 

9,605 

1,782 

1,027 

244 

110 

48 


493, 486 

78, 655 

63, 554 

33, 881 

24, 267 

10, 251 

11,745 

5,899 

6,060 

6,847 




490, 591 


5 under 10 


6,067 

3,335 

913 

301 

64 

34 

14 

6 

2 


280, 417 

100, 222 

20, 432 

6,318 

1,239 

737 

191 

89 

41 


102, 999 


10under25 


67, 393 


25 under 50 


24, 992 


50 under 100 


12, 387 


100 under 150 -.. 


4,854 


150 under 300 


4,099 


300 under 500 


1,551 


500 under 1,000 


622 


1,000 and over 


1,199 






Total - 


32 10, 736 
6,519 


37, 713 
33, 087 


32 662, 485 
32, 042 


734, 645 
5,347 


32 409, 686 
28,903 


710, 687 


Returns with no net income ' 


30, 899 






Grand total, individual re- 
turns - 


32 17, 255 


70, 800 


32 694, 527 


739, 992 


32 438, 589 


741, 586 








r 


(eductions— ( 


Ziontinued 






Net income classes 


Taxes paid " 


Losses fr 

storm, e 

(Form 


3m fire, 

tC.2' 2S 

1040) 


Bad debts 27 
(Form 1040) 


(1) 


Number of 
returns ^^ 

(43) 


Amount 
(44) 


Number of 
returns '2 

(45) 


Amount 

(46) 


Number of 
returns 32 

(47) 


Amount 
(48) 


Returns with net income: 




821, 206 

152, 166 

128,810 

61, 963 

35, 901 

12, 118 

11,461 

4,380 

3,678 

3,928 




16, 194 

4,675 

4,342 

2,170 

1,386 

626 

463 

210 

257 

193 




40,327 


5 under 10 - - - 


469, 678 

170, 451 

34, 148 

9,924 

1,826 

1,051 

245 

110 

49 


18, 648 

7,820 

1,974 

772 

202 

137 

34 

21 

14 


24,562 

12, 616 

3, 673 

1,422 

312 

205 

46 

26 

17 


15,760 


10 under 25 


16,884 


25under50 


7,912 


50 under 100 


5,510 


100 under 150 


1,765 


150 under 300_. - 


2,130 


300 imder 500 


1,077 


600 under 1,000 


306 


1,000 and over 


787 






Total 


32 687, 482 
45, 401 


1,235,611 
33, 237 


32 29, 622 
2,583 


30, 516 
9,005 


32 42, 879 
5,162 


92, 457 


Returns with no net income • 


45, 585 


Grand total, individual re- 
turns --- --- 


32 732. 883 


1. 268. 848 


32 32, 205 


39, 521 


32 48, 041 


138,043 















For footnotes, see pp. 40-41, 



22 



STATISTICS OF INCOME FOR 1940 — PART 1 



Individual returns with net income, not including fiduciary returns, 1940, by net 
income classes, also aggregate for individual returns with no net income: Total 
number of returns, number of returns '' and amount for each specific source of 
income and deduction, net income, and deficit — Continued 

[Net income classes and money figures in thousands of dollars] 





Deductions— Continued 




Net income classes 


Other deductions 2' 


Total de- 
ductions 2« 

(51) 


Net income 


(1) 


Number of 
returns '^ 

(•19) 


Amount 
(50) 


(52) 


Returns with net income: 

Under 5 (estimated) - 




425, 385 

67, 624 

46, 604 

20, 383 

11,862 

4,499 

4,844 

2,433 

1,204 

1,889 


2, 543, 548 

515, 707 

437, 630 

208, 588 

122, 359 

44,025 

43, 835 

19, .580 

14,716 

17, 938 


27, 412, 824 




129, 683 

55, 738 

14, 006 

4,870 

1,040 

681 

177 

90 

39 


3. 564, 378 


10 under 25 _ 


2, 730, 926 


25 under 50 . -.. 


1, 219, 853 


50 under 100 -- 


686, 313 


100 under 150 

150 under 300 


223, 988 
213, 764 


300 under 500 


95, 757 


500 under 1,000 


74, 170 


1,000 and over .-- - 


87, 746 






Total 

Returns with no net income ^ 


32 206, 324 
24, 872 


586, 728 
65, 219 


3, 967, 926 
550, 968 


36, 309, 719 
i» 311, 385 






Grand total, individual returns 


32 231, 196 


651, 947 


4, 518, 894 


30 35, 998, 334 







Individual returns unth net income, not including fiduciary returns, 1940, by net 
income classes, also aggregate for individual returns with no net income: Percentage 
distribution of sources of income, total income, deductions, and net income 

[Fordescription of items and classifications, and methods of tabulating and estimating data, see pp. 4-7, 8-9] 



Net income classes 
(Thousands of dollars) 



(1) 



Returns with net income: 

Under 5 (estimated) 

5 under 10 

10 under 25 

25 under .50 

50 under 100 

100 under 150 

1.50 under 300_. 

300 under 500 

500 under 1,000 

1,000 and over 

Total. - __ 

Returns with no net income ^ 

Grand total, individual re 
turns 



Sources of income 



Salaries 
and other 
compen- 
sation 



(2) 



78.08 

52. 21 

41.61 

33. 64 

27.20 

21.83 

15.88 

9. 04 

3.50 

1.42 



68.66 
22.24 



Dividends 
from do- 
mestic and 
foreign 
corpora- 
tions >< 



(3) 



2.99 
9.73 
17.48 
26.99 
3.5. 81 
43.28 
48.81 
53. 62 
.50. 84 
57.30 



7.27 
28.61 



Interest 



Bank de- 
posits, 
notes, 
mortgages, 
corpora- 
tion 
bonds '5 

(4) 



1.92 
3.14 
3.72 
3.46 
2.79 
2.51 
1.97 
1.33 
1.96 
1.21 



2.26 

8.83 



2.30 



Partially 
tax-exempt 

Govern- 
ment obli- 
gations 
(subject to 
surtax 
only) '6 

(5) 



0.08 
.33 
.55 
.68 
..51 
..53 
.43 
.12 
.28 
.01 



Partner- 
ship 
profit " 



(e) 



1.74 
8.66 
11. .55 
11.84 
11.26 
7. .57 
6.22 
4.36 
1.03 
1.23 



3.84 
4.28 



3.85 



Income 
from fi- 
duci- 
aries " 



(7) 



0.41 

2.96 

.5.39 

8. .33 

10.11 

12.39 

15.10 

17.13 

22.83 

26.14 



1.90 



For footnotes, see pp. 40-41. 



STATISfnCS OF INCOME FOR 1940 — PART 1 



23 



Individual returns with net income, not including fiduciary returns, 1940, by net 
income classes, also aggregate for individual returns with no net income: Percentage 
distribution of soiirces of income, total income, deductions, and net income — Con. 









Sources of income— Continued 








Rents 

and 

royalties 

(8) 


Business 
profit '» 

(9) 




Capital 


gain 20 






Net income classes 


Short-term 21 


Net long- 
term 
capital 
gain 24 

(13) 


Net gain 
from sales 
of prop- 
erty other 
than 
capital 
assets 25 

(14) 


(Thousands of dollars) 
(1) 


Net short- 
term capital 
gain in- 
cluded in 
total in- 
come and 
net income 
(col. 12-11) 

(10) 


Net short- 
term capital 

IO.SS of 

preceding 
year de- 
ducted 22 

(11) 


Current 

year net 

short-term 

capital 

gain 23 

(col. 10-t-ll) 

(12) 


Returns with net income: 
Under 5 (estimated).. 
5 under 10 


2.69 
3.71 
3.55 
3.21 
2.49 
1.97 
1.34 
1.08 
1.45 
.11 


9.55 

16.81 

13.03 

8.42 

5.52 

3.87 

1.82 

1.85 

2.20 

(») 


0.12 
.56 
.80 
.76 
.65 
.66 
.61 
.77 
.17 
.03 


(«) 
0.02 
.04 
.06 
.04 
.03 
.04 
.02 
.02 
.01 


0.12 
.58 
.84 
.82 
.69 
.69 
.65 
.79 
.19 
.04 


0.14 

.73 

1.21 

1.72 

2.78 

4.63 

6.86 

9.67 

15.28 

12.27 


0.08 
20 


10 under 25 


.19 


25 under 50 


.09 


50 under 100 

100 under 150 


.07 
.02 


150 under 300..._ 

300 under 500 


.11 

(9) 


500 under 1,000 

1,000 and over 


(8) 
(9) 


Total 

Returns with no net in- 
come « -- 


2.85 
14.95 


10.29 
6.99 


.26 
1.89 


.01 
.14 


.27 
2.03 


.56 
1.94 


.10 
.99 


Grand total, indi- 
vidual returns 


2.92 


10.27 


.27 


.01 


.28 


.56 


.11 





Sources of income- 
Continued 


Deductions 


Net income classes 
(Thousands of dollars) 

(1) 


Other 
income 

(15) 


Total 
income 

(16) 


Partner- 
ship 
loss '7 

(17) 


Business 
loss '» 

(18) 


Net long- 
term 
capital 

loss 20 24 

(19) 


Net loss 
from sales 

of prop- 
erty 
other 
than 

capital 

assets 25 

(20) 


Contribu- 
tions 2» 

(21) 


Returns with net income: 

Under 5 (estimated) 

5 under 10 


2.19 
.96 
.92 
.86 
.81 
.74 
.85 

1.03 
.46 
.28 


100.00 
100. 00 
100.00 
100. 00 
100.00 
100. 00 
100. 00 
100. 00 
100.00 
100. 00 


0.04 
.12 
.14 
.14 
.19 
.17 
.47 
.16 
.01 
(«) 


0.26 
.36 
.51 
.63 
.74 

1.11 
.71 
.82 

1.40 

2.09 


0.48 
1.68 
2.66 
3.09 
2.80 
2.32 
2.28 
2.31 
1.31 
.83 


0.08 
.14 
.16 
.15 
.11 
.10 
.07 
.21 
.20 
(») 


1.65 
1.93 


10 under 25 


2.00 


25 under 50 


2.37 


50 under 100 


3.00 


100 under 150 


3.83 


150 under 300 


4.56 


300 under 500 .__ 


5.12 


500 under 1,000,. 


6.82 


1,000 and over 


6.48 






Total 

Returns with no net income * . . . 


1.86 
3.10 


100.00 
100.00 


.07 
10.63 


.33 
53.25 


.94 
73.27 


.09 
13.81 


1.82 
2.23 


Grand total, individual 
returns 


1.86 


100.00 


.13 


.64 


1.37 


.17 


1.83 



For footnotes, see pp. 40-41. 



24 



STATISTICS OF INC03ME FOR 1940 — PART 1 



Individual returns with net income, not including fiduciary returns, 1940, by net 
income classes, also aggregate for individual returns with no net income: Percentage 
distribution of sources of income, total income, deductions, and net income — Con. 





Deductions— Continued 


Net income classes 
(Thousands of dollars) 


Interest 
paid 2' 

(22) 


Taxes 
paid 27 

(23) 


Losses 

from fire, 

storm, 

etc. 27 2S 

(Form 
1040) 

(24) 


Bad 

debts 27 
(Form 
1040) 

(26) 


Other 
deduc- 
tions 28 

(26) 


Total 
deduc- 
tions 29 

(27) 


Net 
income 

(28) 


Returns with net income: 

Under 5 (estimated) 

5 under 10 .. _ 


1.64 
2.52 
2.13 
1.75 
1.53 
1.81 
1.59 
1.34 
.70 
1.13 


2.74 
3.73 
4.07 
4.34 
4.44 
4.52 
4.45 
3.80 
4.14 
3.72 


0.05 
.11 
.14 
.15 
.17 
.23 
.18 
.18 
.29 
.18 


0.13 
..39 
.53 
.55 
.68 
.66 
.83 
.93 
.34 
.75 


1.42 
1.66 
1.47 
1.43 
1.47 
1.68 
1.88 
2.11 
1.35 
1.79 


8.49 
12.64 
13.81 
14.60 
15.13 
16.43 
17.02 
16.98 
16. 56 
16.97 


91.51 
87.36 


10 imder 25 


86 19 


25 under 50 . 


85.40 


sounder 100 

100 under 150 


84.87 
83.57 


150imder300 


82 98 


."^OO under 500 


83.02 


500 under 1,000 


83.44 


1,000 and over 


83.03 






Total 


1.76 
12.90 


3.07 
13.87 


.08 
3.76 


.23 
19.03 


1.46 
27.22 


9.85 
229.97 


90.15 


Returns with no net income *--- 


(9) 


Grand total, individual 
returns. 


1.83 


3.13 


.10 


.34 


1.61 


11.16 


'<88 85 







For footnotes, see pp. 40-41. 



SOLE PROPRIETORSHIPS 



The business profit or business loss of sole proprietors reported as 
a source of income or as a deduction, respectively, on all individual 
returns. Form 1040, are tabulated below. These data are from 
schedule D, Form 1040, and from the schedule of farm income and 
expenses, Form 1040F, when submitted with the return. When 
schedules are not submitted the data are tabulated from the face ol 
the retm-n. Data for businesses with net profit are shown sepa- 
rately from those with net loss, and the information from complete 
schedules is separate from that ol incomplete or fragmentary sched- 
ules. Fragmentary schedule D data include that from schedules 
showing fewer items than "Total receipts," 'Total deductions," 
and "Net profit or loss," and business data from the lace of the 
return when schedules are not submitted. 

These data are in part completely tabulated and in part estimated 
on the basis of the business data on returns in the sample. Form 1040, 
used for estimating other statistics in this report. Data are com- 
pletely tabulated from a total of 427,586 sole proprietorships reported 
on (1) returns with net income of $5,000 and over, (2) returns with 
no net income, and (3) returns with net income under $5,000 showing 
income characteristics usually found on returns with net income of 
$5,000 and over. Data from 138,548 sole proprietorships in the 
saniple of returns. Form 1040, constitute the basis for estimating 
business data on the remaining returns with net income under $5,000. 
The estimated portion of the data is secured separately for each State 
by applying to the business data in the sample for each State the 
ratio of the number of returns in the sample to the nimiber of returns 
for which estimated data are to be computed. 



STATISTICS OF INCOME FOR 19 40 — PAET 1 



25 



The net amounts of business profit and business loss are tabulated 
(1) by net income classes, for individual retiu-ns with net income in 
basic table 7-A; for taxable fiduciary returns in basic table 7-B; and 
for composite data of individual and fiduciary returns in basic table 
7; and (2) by States and Territories, for individual retm^ns, in basic 
table 6. 

The number of returns showing net profit and net loss from busi- 
ness, on individual returns with net income of $5,000 and over, by 
net income classes and by size of the business profit and business 
loss, is shown in the frequency distribution of selected sources of 
income or loss on pages 33-35. 

There is no industrial classification lor the business of sole pro- 
prietors for 1940, and there are no tables corresponding to basic 
tables 8 and 8-A, pages 140-175, Statistics oi Income for 1939, Part 1. 

Sole proprietorships reported on individual retw^ns with net income and with no net 
income, Form 1040, for 1940 and 1939, by business with net profit or business 
with net loss, and by complete or fragmentary schedule D: Number of businesses, 
net profit or loss, and in addition for business with complete schedule D: Total 
receipts and total deductions 

[Money figures in thousands of dollars] 



Total number of sole proprietorships ss (2 plus 10) 

Business with net profit: 

Number of businesses 35 (4 plus 8) -- 

Net profit 36 (7 plus 9) 

Schedule D '7 showing not fewer than the following items: total receipts 
total deductions, and net profit: 

Number of businesses 33 

Total receipts 

Total deductions ^8 

Net profit 36 

Schedule D 3" fragmentary: 38 

Number of businesses 35. 

Net profit 3' --- - 

Business with net loss: 

Number of businesses 35 (12 plus 16) 

Net loss 36 (15 plus 17) 

Schedule D 3? showing not fewer than the following items: total receipts, 
total deductions, and net loss: 

Number of businesses 35 

Total receipts 

Total deductions 36... 

Net loss 36 

Schedule D ^' fragmentary: 38 

Number of businesses 35 

Net loss 36 



2,017,711 

1, 815, 101 
4, 177, 045 



1, 770, 663 
28, 815, 892 
24, 746, 168 

4, 069, 725 

44,438 
107, 320 

202, 610 
270, 331 



189, 989 
2, 297, 499 
2, 549, 941 

252, 442 

12, 621 
17,889 



1, 052, 002 

921, 091 
2, 710, 628 



900, 096 
21, 342, 472 
18, 683, 745 
2, 658, 728 

20,995 
51,800 

130,911 
232, 572 



123, 191 
2, 162, 697 
2, 377, 107 

214, 410 

7,720 
18, 162 



For footnotes, see p. 41. 



AMOUNT DISTRIBUTABLE TO BENEFICIARIES 

On taxable fiduciary returns the amount distributable to bene- 
ficiaries (item 16, page 1, Form 1041) is the amount paid to or per- 
manently set aside for all beneficiaries, including charitable contribu- 
tions. The amount distributable to beneficiaries, tabulated in basic 
tables 7 and 7-B, is a deduction from fiduciary income and is not taxable 
to the fiduciary. Each beneficiary who files an income tax return 
must report his share of the amount distributable to beneficiaries on 
bis income tax return. Consequently, a portion of the amoimt 
distributable to beneficiaries, deducted from the fiduciary income, 



26 STATISTICS OF INCOME FOR 1940 — PART 1 

is reported in sources of income on (1) the individual returns of the 
beneficiaries, and (2) the fiduciary returns filed for estates and trusts 
which are recipients of an amount distributable. 

Duplication of data may occur as follows: On the income tax 
return of each beneficiary (individual or fiduciary), his share of the 
amount distributable from an estate or trust is reported as "Income 
from fiduciaries," except that ''Interest on partially tax-exempt 
Government obligations" and "Net gain or loss from sales or ex- 
changes of capital assets" received from common trust funds are 
reported in their respective source of income. Therefore, the above- 
mentioned sources as well as "Total income" and "Net income" 
tabulated from the returns of the beneficiaries may include all or a 
portion of the fiduciary income distributable to beneficiaries, depend- 
ing upon whether or not every beneficiary is required to file a return. 
It is impossible to determine the amount of duplication, for the 
following reasons: (1) Every beneficiary may not be required to 
file an income tax return; (2) certain returns are not included in 
this report, namely, those of (a) nonresident aliens not engaged in 
trade or business within the United States, (b) charitable organiza- 
tions, and (c) nontaxable fiduciary returns which show income 
from fiduciaries, as well as those which show an amount distributable 
to beneficiaries whose income tax returns are included in this report; 
and (3) the data for returns. Form 1040, with net income under 
$5,000 are estimated on basis of samples, 

FREQUENCY DISTRIBUTION OF SELECTED SOURCES OF INCOME AND LOSS BY NET 
INCOME CLASSES AND BY SIZE OF THE SELECTED SOURCE 

For individual returns with net income of $5,000 and over, there is 
shown in the following table the frequency distribution of five sources 
of income and three losses, by net income classes and by size of the 
source of income or loss. 

Partnership profit or loss and business profit or loss relate to the 
current year. The net operating loss deduction allowed partners 
and sole proprietors is reported on the income tax return of the 
partner in "Other deductions," and does not affect the net profit 
or the net loss tabulated in this table. 

Net short-term capital gain, net long-term capital gain, and net 
long-term capital loss are amounts used in computing net income 
and are reported as items 10 (a) and (b), page 1, Form 1040. Similar 
to 1939, the net short-term capital gain is alter the deduction of the 
net short-term capital loss of preceding taxable year. Current 
year net short-term capital loss, which is not a deductible loss in 
computing net income, is not included in this table. (See section 
of this report entitled "Capital Gains and Losses," pages 45-46.) 



STATISTICS OF INTCOME FOR 194 — PAET 1 



27 



Individual returns with net income of $5,000 and over, not including fiduciary returns, 
1940: Frequency distribution of selected sources of income and loss by net income 
classes and by size of the selected source 

[For description of items and classifications, and method of tabulating data, see pp. 4. 8-9, and 15] 

SALARIES AND OTHER COMPENSATION 

[Net income classes and salary and other compensation classes in thousands of dollars] 





Salary and other compensation classes 


Net income classes 


Aggre- 
gate 


Under 
0.1 


0.1 under 
0.2 


02 under 
0.3 


0.3 under 
0.4 


0.4 under 
0.5 


0.5 under 

1 


I under 
2 


5 under 6 


152. 540 

86. 165 

54,360 

37, 3.')0 

28, 555 

72, 162 

29, 843 

15,356 

8,824 

9,331 

4,812 

2,729 

l,6fi0 

1,090 

757 

529 

1,238 

415 

180 

110 

100 

45 

50 

23 

30 


1,469 

938 

685 

486 

428 

1,143 

511 

275 

169 

201 

94 

52 

31 

18 

15 

15 

24 

12 

2 

5 

1 

4 


1,111 

766 

499 

420 

289 

847 

417 

219 

120 

122 

81 

38 

22 

15 

14 

13 

16 

6 

4 

5 

3 


810 

550 

370 

278 

204 

630 

242 

164 

93 

105 

45 

39 

26 

11 

12 

8 

14 

5 


756 

469 

331 

264 

188 

498 

210 

123 

77 

55 

35 

23 

15 

11 

7 

6 

6 

2 


593- 

411 

250 

196 

158 

355 

174 

93 

47 

43 

18 

21 

16 

6 

6 

3 

9 

2 


2.840 

1,674 

1,010 

809 

597 

1,574 

661 

318 

245 

240 

104 

68 

33 

26 

19 

15 

43 

11 

8 


5,935 
3.205 
2.041 
1,407 
1.033 
2.627 
960 
487 


6 under 7 


7 under 8 


8 under 9 


fi under 10 -. .- 


10 under 15 

15 under 20 


20 under 25 

25 under 30 


30 under 40 


280 
151 


40 under 50 


50 under 60 


88 


60 under 70 


61 


70 under SO 


46 


80 unier 90 




sounder 100 

100 under 150 

150 under 200 

200 under 250 


12 

46 

16 

3 


250 under 300 


2 
3 


3 


2 


2 


300 under 400 


1 
2 
2 
3 
2 


4 


400 under 500 








500 under 750 


1 
1 




2 


1 




750 under 1,000 


3 
1 


1 




1,000 and over . 






I 














Total 


508, 254 


6,582 


5.029 


3,612 


3,081 


2,404 


10, 335 


18 707 










Salary and other compensation classes— Continued 


Net income classes 


2 under 
3 


3 under 
4 


4 under 
5 


5 under 
10 


10 under 
15 


15 under 
20 


20 under 
25 


25 under 
30 


5 under 6 


6, 266 

3,356 

1,906 

1,271 

904 

2,134 

822 

428 

228 

213 

115 

66 

37 

22 

11 

10 

25 

9 

6 

3 

2 


8,768 

3,961 

2,156 

1,361 

977 

2,184 

795 

408 

194 

197 

99 

52 

39 

17 

10 

10 

17 

7 

2 

1 

1 

1 

1 

1 

3 


15. 644 

4. 932 

2.402 

1, 344 

934 

1,949 

642 

318 

155 

145 

70 

36 

25 

19 

11 

4 

17 

10 

5 

1 

2 

1 

1 


107. 681 
64. 949 
41,145 
25.831 

13. 386 

14, 787 
3,672 
1,526 

752 

785 

383 

191 

135 

80 

51 

31 

73 

26 

14 

6 

4 

1 

1 


549 

797 

1,370 

3.500 

9,205 

37, 155 

5,981 

2,449 

869 

845 

357 

192 

104 

60 

45 

30 

71 

24 

10 

6 

7 

3 

6 

1 

2 


72 

105 

110 

139 

196 

5.745 

11, 768 

2,259 

1,110 

868 

383 

190 

115 

75 

51 

25 

51 

21 

12 

7 

3 


28 

29 

34 

26 

25 

368 

2,605 

4,554 

1,465 

1,013 

378 

216 

112 

71 

48 

32 

68 

24 

10 

5 

3 

3 

2 

1 


6 


6 under 7 


5 


7 under 8 


8 


8under9 --. 


12 


9 under 10 


19 


30 under 15 


98 


15 under 20 


266 


20 under 25 


1 471 


25 under 30 -- 


2 035 


30 under 40 - 


1 102 


40 under 50 


430 


50 under 60 


178 


60 under 70 


105 


70 under 80 -.. 


58 


80 under 90 


37 


rounder 100. 

100 under 150... 

150 under 200 

200 under 250 

250 under 300-.- 

300 under 400 

400 under 500 


31 
66 
18 
15 

5 
12 

5 


500 under 750 

750 under 1,000 


3 


3 
1 
1 


2 
1 


1,000 and over 


1 


1 


4 


1 








Total 


17, 838 


21, 262 


28,668 


275, 514 


63, 638 


23, 310 


11, 120 


5,986 







498968 — 43- 



28 



STATISTICS OF INCOME FOR 1940 — PART 1 



Individval returns with net income of $5,000 and over, not including fiduciary returns, 
1940: Frequency distribution of selected sources of income and loss by net income 
classes and by size of the selected source — Continued 

SALARIES AND OTHER COMPENSATION— Continued 

[Net income classes and salary and other compensation classes in thousands of dollars] 





Salary and other compensation classes— Continued 


Net income classes 


30 under 
40 


40 under 
50 


50 under 

75 


75 under 
100 


100 under 
250 


250 under 
500 


500 under 
1,000 


1,000 and 
over 




8 
9 
9 

4 

8 

46 

86 

215 

907 

2, 625 

797 

346 

187 

111 

90 

48 

108 

36 

11 

7 

5 

4 

4 


3 
5 
1 

1 

1 

15 

20 

28 

54 

419 

949 

367 

146 

93 

52 

50 

96 

29 

3 

4 

5 

2 

5 

1 

1 




1 












3 
2 


1 
1 
1 


















8nn'1(T9 










2 
6 
6 
16 

i: 

66 

304 

543 

397 

221 

118 

84 

188 

51 

22 

13 

15 

5 

8 

5 

3 


1 








in under 15 


1 










5 
5 
5 
5 

15 

19 

50 

121 

123 

69 

115 

39 

13 

10 

11 

2 

3 

2 

1 




















2 

2 

4 

4 

4 

9 

15 

33 

184 

63 

37 

15 

11 

8 

4 

2 

6 
































































100 under 150 

150 under 200 

200 under 250 

2.':0 under 300 

300 under 400 --. 

400 under 500 

500 under 7,50 


1 
4 
3 
8 
7 
4 
1 


































l.OCOand over 


2 








28 






Total 


5,673 


2,350 


2,095 


615 


407 













DIVIDENDS n 
[Net income classes and dividend classes in thousands of dollars] 





Dividend classes 


Net income classes 


Aggre- 
gate 


Under 
0.1 


0.1 under 
0.2 


0.2 under 
0.3 


0.3 under 
0.4 


0.4 under 
0.5 


0.5 under 

1 


1 under 
2 




102, 502 
66, 958 
46, 580 

34, 538 
27, 363 
76, 888 

35, 230 
19, 103 
11,443 
12, 464 

6,477 

3,738 

2,346 

1,478 

1,081 

726 

1,774 

598 

263 

160 

156 

83 

73 

33 

47 


27.618 

14, 899 

9.103 

5, 972 

4,316 

9,348 

3,033 

1,221 

573 

527 

220 

89 

51 

27 

23 

15 

25 

4 


13,515 

8,134 

4,939 

3,370 

2,539 

5,794 

1,970 

822 

380 

377 

135 

59 

40 

14 

14 

11 

10 

1 


8,549 

5,362 

3,523 

2,328 

1,779 

4,173 

1,410 

638 

304 

238 

90 

61 

33 

9 

10 

5 

12 


6,257 

3,971 

2.614 

1,917 

1,341 

3,429 

1,1.59 

522 

261 

220 

92 

49 

28 

20 

6 

2 

7 

6 


4,902 

3.080 

2,052 

1,491 

1,124 

2,764 

1,005 

421 

244 

181 

91 

27 

27 

7 

11 

7 

7 

1 


14,118 

9,465 

6,527 

4,833 

3,744 

9,809 

3,669 

1,650 

819 

731 

292 

139 

84 

42 

22 

18 

39 

3 

5 


11.512 




8.454 




6,311 




4,768 


9 under 10 


3,873 


10 under 15 -. 


10. 738 


15 under 20 


4,419 


20 under 25 


2,077 


25 under 30 


1,051 




926 




422 


50 under 60 


208 




115 


70 under 80 .. 


66 


80 under 90 


53 


90 under 100..- 

ICO under 150 

150 under 200 

200 under 250 

250 under 300 

300 under 400 

4(10 under 500 

500 under 750 

750 under 1 ,000 

1,000 and over 


29 
48 
16 


2 


4 


3 
2 
1 








3 


1 




1 


4 
1 


6 




2 
































2 
















Total 


452, 102 


77, 070 


42, 125 


28, 531 


21, 901 


17, 443 


56, 014 


55, 103 







For footnote see pp. 40. 



STATISTICS OF ESTCOME FOR 1940 — ^PART 1 



29 



Individual returns with net income of $5,000 and over, not including fiduciary returns, 
1940: Frequency distrihuiion of selected sources of income and loss by net income 
classes and by size of the selected source — Continued 

DIVIDENDS "—Continued 

[Net income classes and dividend classes in thousands of dollars] 





Dividend classes— Continued 


Net income classes 


2 under 3 


3 under 4 


4 under 5 


5 under 
10 


10 under 
15 


15 under 
20 


20 under 
25 


25 under 
30 




5,427 

4.142 

3,297 

2,611 

2,098 

6,406 

2,998 

1,412 

783 

669 

295 

158 

83 

48 

40 

11 

32 

5 

2 


3.457 

2.680 

2,078 

1.691 

1,436 

4,428 

2,168 

1,153 

579 

594 

251 

117 

66 

45 

35 

15 

32 

6 

7 

3 

1 

1 

1 


2,538 

1,885 

1,481 

1,127 

1.036 

3,400 

1,739 

906 

524 

475 

211 

98 

49 

34 

20 

12 

26 

4 

6 

3 


4, 2.59 

4.458 

4,151 

3.791 

3,086 

9.620 

5.577 

3,178 

1.919 

1,909 

844 

425 

241 

114 

72 

40 

96 

30 

15 

5 

5 

2 

2 

1 


229 

308 

336 

489 

798 

5.318 

2,871 

1.910 

1,288 

1,343 

613 

322 

167 

95 

64 

37 

78 

29 

6 

5 

3 


47 

61 

98 

81 

106 

1,052 

2.152 

1,323 

867 

1,089 

513 

266 

115 

74 

63 

34 

65 

17 

5 

4 

1 

1 

1 


35 

25 

36 

28 

44 

277 

671 

1,124 

708 

829 

634 

238 

156 

68 

44 

29 

60 

22 

4 

3 

6 


7 

10 

12 

14 

16 

145 

189 

425 

633 

647 

413 

213 

112 

72 

42 

26 

61 

11 

4 

2 


6 under 7 


7 under 8 


8 under 9 


9 under 10 


10 under 15 


15 under 20 


20 under 25 


25 under 30 .- 


30 under 40 


40 under 50 


50 under CO 


60 under 70 


70 under 80 -. _ 


80 under 90 


90 under 100 .... 


100 under 150 - 

150 under 200 -- 

200 under 250 

250 under 300 


300 under 400 


3 
1 


400 under 500 


3 
1 


I 


500 under 750.-- 


1 


2 




750 under 1,000 


1 


I 


1,000 and over 






1 


1 




















Total 


30. 522 


20. 844 


15.578 


43. 840 


16.301 


8,036 


4.942 


3,056 






Dividend classes— Continued 


Net income classes 


30 under 
40 


40 under 
50 


50 under 
75 


75 under 
100 


100 under 250under 
250 500 


500 under 
1,000 


1,000 and 
over 


5under6 


12 

12 

7 

14 

14 

108 

109 

209 

367 

1,178 

589 

399 

244 

139 

82 

45 

106 

22 

13 

7 

5 


8 

4 

7 

6 

5 

32 

48 

57 

74 

349 

509 

285 

193 

129 

77 

46 

87 

26 

7 

3 

2 


7 

6 

7 

5 

3 

36 

26 

32 

54 

138 

304 

514 

431 

291 

184 

138 

275 

47 

22 

5 

6 

6 

1 

2 


1 
2 


3 


1 






6 under 7-- 






7 under 8 


1 








8 under9 


2 
3 

7 

8 

16 

11 

29 

36 

51 

82 

153 

169 

122 

214 

49 

15 

7 

6 

1 

4 

4 








9 under 10 


2 
4 
9 

7 

4 

14 

23 

18 

29 

31 

59 

82 

486 

285 

113 

43 

25 

13 

12 

1 

4 








10 under 15 








15 under 20 








20 under 25 








25 under 30 








30 under 40 


1 






40 under 50 






60 under 60 


2 






60 under 70 -.- 






70 under 80 








80 under 90 


1 

2 

7 

14 

33 

59 

73 

27 

11 

5 

7 






90 under 100 






100 under 150 - 


1 




150 under 200.- 




200 under 250 






250 under 300. _. 


4 
6 
22 
30 
14 
7 




300 under 400 




400 under 500 




600 under 750 


5 


1 




750 under 1,000 


3 


1,000 and over 


2 




1 2 1 


20 




Total — 


3,688 


1,955 


2,541 


994 


1,268 


243 


84 


23 









For footnote, see p. 40. 



30 



STATISTICS OF INCOME FOR 194 — PART 1 



Individual refvrnf with vpI ivcome of $-^,000 and over, nnt inchidinq fidvcinry retiirns, 
1910: Frequency distrihvtion of selected soi'ttps of income and loss by net income 
classes and by size of the selected sovrce — Continued 

PARTNERSHIP PROFIT " 

[Net income classes and partnership profit classes in thousands of dollars] 





Partnership profit classes 


Net income classes 


Aggrepate 


Under 0.1 


0.1 under 
0.2 


0.2 under 
0.3 


0.3 under 
0.4 


0.4 under 
0.5 


0.5 under 

1 


1 under 2' 


6 linricr 6 


25. 409 

17.370 

12.2.'^.2 

9.302 

7. 361 

20. 924 

9. 594 

5. 096 

2, POfi 

3,107 

1,668 

924 

597 

329 

253 

160 

330 

108 

37 

23 

21 

9 

12 

2 

2 


1.601 
899 
.581 
371 
329 
847 
291 
1.59 
101 
88 
59 
32 
17 
7 
5 
3 

10 
2 
1 
1 
1 


643 

417 

296 

213 

144 

442 

264 

99 

61 

60 

36 

19 

10 

1 

4 

3 

17 

1 

1 


510 

351 

216 

1.50 

105 

340 

156 

91 

35 

40 

27 

11 

5 

7 

2 

4 

5 

2 

1 


463 

290 

189 

124 

95 

270 

119 

66 

29 

34 

16 

13 

3 

2 

4 

1 

5 

2 


369 

269 

183 

138 

97 

240 

83 

55 

31 

36 

27 

19 

6 

6 

2 


1.483 
892 
6.54 
419 
371 
944 
385 
199 

inn 
in9 

53 
27 
14 

in 

6 
4 
16 
2 
2 


2 080 




1 291 




873 


8 under 9... 


612 


9 under 10 


477 


in under 15 


1 187 


15 under 20 


489 


2n under 25 

25 under 3n_ 


232 
123 


3n under 4n . . 


133 


40 under 5n . 


60 


50 under 60 


31 


60 under 70... 


17 


70 under 80 


13 


80 under 90 


15 


90 under 100 . .. 


g 


lOOinder 150 

150 under 200 

200 under 250 


4 
2 


18 
4 
2 


250 under 300 






1 


SnO under 400 






1 


1 


4 




400 under 500 








500 under 750 


1 


1 










2 


75n under l.nOO 












1,000 and over 














1 
















Total 


117,796 


5,406 


2,732 


2,058 


1,726 


1,568 


5,685 


7,669 









Partnership profit classes— Continued 


Net income classes 


2 under 3 


3 under 4 


4 under 5 


5 under 10 


10 under 
15 


15 under 
20 


20 under 
25 


25 under 
30 


5 under 6 


1.713 

1,029 

610 

459 

345 

872 

383 

158 

98 

70 

49 

32 

27 

6 

4 

5 

7 

2 

2 


1,827 

986 

5S0 

393 

284 

722 

270 

144 

80 

70 

40 

28 

12 

5 

6 

1 

10 
3 


2,488 

1,162 

668 

3.53 

280 

565 

232 

101 

60 

48 

30 

12 

14 

6 

6 

5 

9 

2 


12, 104 

9, 625 

7.106 

5,436 

3, 175 

3.848 

1,044 

421 

227 

242 

107 

55 

32 

20 

11 

13 

16 

5 

2 


105 

128 

249 

587 

1,602 

9, 220 

1,389 

447 

177 

161 

79 

42 

29 

18 

9 

4 

10 

1 

1 

1 


8 

21 

29 

28 

44 

1,312 

3,654 

666 

202 

153 

65 

36 

23 

11 

5 

3 

6 

3 

1 

1 


8 
5 
5 

12 

11 

79 

734 

1,728 

323 

201 

55 

26 

14 

4 

5 
8 
3 


3 




4 


7 under 8 


1 


8 under 9 


2 


9 under 10 


1 


10 under 15 


24 


15 under 20 


67 


20 under 25 . . 


445 


25 under 30 . 


929 


30 under 40 


2S7 


40 under 50 


74 


SO under 60 . 


31 


60 under 70 


17 


70 under 80 


13 


80 under 90 


5 


sounder 100 

100 under l.'0_ 

150 under 200 

200 under 2.50 


2 
4 
3 


250 under 3no 


1 


2 

1 


2 
1 




300 under 400. 




1 
2 

1 




400 under -500 .. . 




1 


2 






500 under 750 


1 




2 
1 


1 


1 


750 under 1.000 








1,000 and over 


































Total 


5.872 


5,473 


6,044 


43, 493 


14, 261 


6,274 


3, 225 


1,913 





For footnote, see p. 40. 



STATISTICS OF ESrCOIVIE FOR 1940 — PART 1 



31 



Individual returns with net incnme of $5,000 and over, not including fiduciary returns, 
I94O: Frequency distribution of selected sources of income and loss by net income 
classes and by size of the selected source — Continued 

PARTNERSHIP PROFIT "— CoDtinued 

[Net income classes and partnership profit classes in thousands of dollars] 









Partnership profit classes— Continued 




Net income classes 


30 under 
40 


40 under 
50 


50 under 
75 


75 under 
100 


100 under 
250 


250 under 
500 


500 under 
1.000 


1.000 and 
over 


6 under fi 


1 
1 
1 
3 


1 


2 












6 under 7 












7 under 8 


1 
1 














8 under 9 . 


1 












9 under 10 ... . 




1 








10 under 15 


7 

25 

82 

305 

1. 135 

191 

72 

20 

19 

14 

8 

7 

4 

6 

2 

1 

1 


2 
6 

17 

211 

55t 

103 

40 

24 

9 

5 

13 

2 

1 

1 


3 
3 
3 

8 

26 

144 

326 

265 

OS 

27 

14 

15 

4 










IS under 20 












20und<'r25 




2 








2.") under 30 










30 under 40 


3 

1 

7 

23 

82 

107 

54 

31 

11 

2 

1 










40 under 50 


1 
2 
3 
7 

12 

IS 

119 

50 

15 

7 

1 








50 under e,o 








60 under 70 








70 under 80 








80 under 00 








SO under 100 








100 under 150 .. 








150 under 200 . 








200 un(!er250 








2r.0 under 300 




3 
9 
2 






300 under 400 








400 under 500 








1 
1 




500 under 750 








1 




750 under 1,000 




1 










1,000 and over 












1 




















Total 


1,911 


999 


909 


322 


239 


14 


2 


1 







PARTNERSHIP LOSS" 
[Net income classes and partnership loss classes in thousands of dollars] 





Partnership loss cla.sses 


Net incorae classes 


Aggregate 


Under O.l 


0.1 under 
0.2 


0.2 under 
0.3 


0.3 under 
0.4 


0.4 under 
0.5 


0.5 under 

1 


1 under 2 


fi under 6 


1, 537 

1,082 

792 

593 

547 

1,599 

7S2 

522 

310 

361 

203 

142 

74 

62 

47 

44 

93 

32 

22 

10 

11 

7 

3 

2 

3 


321 
246 

160 

114 

91 

244 

138 

68 

48 

45 

16 

14 

6 

3 

5 

3 

8 

4 

4 


249 

155 

112 

81 

88 

194 

81 

47 

' 32 

23 

25 

7 

6 

5 

8 

4 

7 


155 

111 

89 

68 

44 

149 

62 

29 

27 

22 

15 

11 

4 

5 

5 

2 

5 

2 

2 

1 


104 

84 

62 

45 

30 

95 

63 

26 

20 

18 

16 

8 

1 

5 

1 

3 

2 

2 

1 


91 
48 
45 
39 
33 
72 
48 
29 
14 
20 
11 
11 
2 
2 


279 

179 

135 

90 

88 

291 

124 

94 

47 

67 

24 

23 

11 

7 

5 

3 

5 

2 

3 


176 


6 under 7 


134 


7 under S 


1(>8 


8under 9 


64 


9 under 10 ... 


76 


lOundei 15 


252 


15 under 20 


109 


20 under 25 


8S 


25 under 30 


44 


30 under 40-. 


64 


40 under 50 


36 


50 under 60. 


21 


60 under 70 


17 


"Oundei 80 


13 


80 under 90 


7 


sounder 100 


3 
5 
2 


9 


100 under 150 

150 under 200 


16 
6 


200 under 250 


1 




250 under 300 




^ 2 


300 under 400 










3 


V 3 


400 under 500 


1 










12 


600 under 750 










1 


1 


750 under 1.000 














1,000 and over . 










1 




1 
















Total 


8,880 


1,539 


1,125 


808 


586 


476 


1,481 


1,249 







For footnote, see p. 40. 



32 



STATISTICS OF INCOME FOR 1940 — PART 1 



Individual returns with net income of $5,000 and over, not including fiduciary returns, 
1940: Frequency distribution of selected sources of income and loss by net income 
classes and by size of the selected source — Continued 

PARTNERSHIP LOSS "—Continued 

[Net income classes and partnership loss classes in thousands of dollars] 





Partnership loss classes— Continued 


Net income classes 


2 under 3 


3 under 4 


4 under 5 


5 under 
10 


10 under 
15 


15 under 
20 


20 under 
25 


25 under 
30 


6 under 6 


78 

49 

30 

44 

40 

109 

50 

43 

25 

32 

15 

12 

5 

6 

1 

2 

12 

1 

2 

1 


36 
22 
14 
14 
18 
69 
35 
28 
16 
17 
13 
4 
4 
3 
1 
3 
10 
3 
1 


13 

20 

10 

11 

9 

37 

21 

14 

7 

10 

3 

3 

2 


26 
17 
18 
16 
24 
59 
35 
43 
15 
17 
18 
11 
7 
8 
2 
3 
5 
4 
6 
2 
1 


4 
8 
7 
5 
2 
18 
11 
10 
9 
12 
6 
8 
1 
2 
2 
2 
4 
1 


2 
1 
1 

2 
1 
6 
2 
1 
4 
7 
4 
4 
4 






6 under 7_. 


4 


2 


7 under 8 




8 under 9 






9 under 10. 




1 


10 under 15 


2 


1 


15 under 20 


1 


20 under 25 






25 under 30 




2 


30 under 40 


4 


1 


40 under 50... 




sounder 60 


2 
1 




60 under 70 


1 


70 under 80 


1 


sounder 90 


3 
3 
4 


2 
3 
2 
1 
2 
1 


3 




90 under 100 


1 


100 under 150. 

150 under 200 


3 


3 
1 


200 under 250 








250 under 300 






1 




300 under 400... 




1 

1 
1 


1 
2 




400 under 500 










1 


600 under 750... 














750 under 1,000 


2 

1 














1,000 and over 
































Total 


560 


311 


173 


337 


115 


60 


20 


16 








Partnership loss classes— Continued 


Net income classes 


30 under 
40 


40 under 
50 


50 under 

75 


75 under 
100 


100 under 
250 


250 under 
500 


500 under 
1,000 


1,000 and 
over 


Sunder 6. 


2 
2 








1 








6under7 














7 under 8 




1 












8under9 
















9 under 10 




1 

1 
1 
1 


1 












10 under 15 . 














]5under 20 


1 














20 under 25 


1 












25 under 30 














30 under 40 


1 




1 












40 under 50 




1 










60 under fiO 






3 










60 under 70. 


1 

1 
2 


1 












70 under 80 


1 












80 under 90. _ 














90 under 100 
















100 under 150. 


2 
3 
















150 under 200 
















200 under 250.- 
















250 under 300 




1 










1 




300 under 400 


1 


1 










400 under 500.. 














600 under 750. 


















750 under 1,000 


















1,000 and over 




































Total 


16 


6 


9 


1 


1 




1 











For footnote, see p. 40, 



STATISTICS OF INCOIME FOR 1940 — PART 1 



33 



Individual returns with net income of $5,000 and over, not including fiduciary returns, 
I94O: Frequency distribution of selected sources of income and loss by net income 
classes and by size of the selected source — Continued 

BUSINESS PROFIT 3« 

[Net income classes and business profit classes in thousands of dollars] 









Business profit classes 








Net income classes 


Aggre- 
gate 


Under 
0.1 


0.1 under 
0.2 


0.2 under 
0.3 


0.3 under 
0.4 


0.4 under 
0.5 


0.5 under 

1 


1 under 2 


6 under 6 . 


48, 492 

30, 186 

19. 296 

13.366 

9,985 

23.515 

8,737 

4,053 

2.072 

2,050 

906 

480 

266 

146 

112 

53 

138 

40 

12 

14 

10 

1 

3 

4 

1 


608 

320 

223 

174 

108 

250 

95 

44 

25 

29 

12 

11 

3 

1 

1 

1 

2 

4 


509 

267 

179 

146 

98 

231 

87 

54 

13 

17 

10 

1 

1 

2 

3 

2 

3 

1 


431 
233 
163 
92 

77 
197 
63 
30 
17 
12 
11 
8 
8 
2 
3 
1 
4 
1 
1 


402 

209 

136 

81 

67 

146 

62 

23 

13 

19 

8 

4 

1 


401 

210 

120 

86 

54 

139 

68 

16 

10 

5 

13 

5 

1 

2 


1,650 

827 

487 

318 

254 

fi09 

202 

97 

43 

60 

37 

13 

3 

4 

3 

2 

1 


2 728 


6 under 7 . 


1 508 


7 under 8 


823 


8 under 9 . 


474 


9 under 10. - 


376 


10 under 15 . 


819 


15 under 20 . 


278 


20 under 25 


120 


25 under 30 


70 


30 under 40 


73 


40 under 50 


36 


sounder GO 


11 


COund(r 70 


10 


70und(r80 


4 


80und(rP0 


1 

1 


4 


sounder 100 




1 


100 under 150 


4 

1 
1 


g 


150 under 200.. 


1 


1 


200 under 250 


1 




250 under 300 




1 




3 


300 under 400. 














400 under 500 
















600 under 750 ... 




2 












750 under 1,000 














1,000 and over 










1 




















Total.. 


163, 938 


1,911 


1,627 


1,354 


1,174 


1,137 


4,611 


7,347 













Business profit classes— Continued 






Net income classes 


2 under 3 


3 under 4 


4 under 5 


5 under 
10 


10 under 
15 


15 under 
20 


20 under 
25 


25 under 
30 


6 under 6 . 


3,037 

1,430 

817 

492 

335 

690 

224 

88 

50 

47 

10 

9 

14 

2 

4 

1 

2 


3,659 

1,673 

824 

493 

307 

626 

175 

80 

32 

45 

12 

9 

8 

3 

9 

1 


6, 058 

2,137 

983 

530 

350 

640 

157 

77 

27 

37 

22 

7 

4 

3 


28, 798 

21.005 

14.168 

9. 769 

5,675 

4,865 

964 

299 

152 

104 

47 

25 

13 

7 


173 

230 

326 

661 

2.221 

12.964 

1,505 

342 

136 

120 

38 

19 

10 

6 

8 

1 

3 

5 


20 

37 

35 

36 

44 

1,200 

4,211 

702 

154 

98 

27 

13 

12 

3 

4 

1 


6 

2 

6 

9 

12 

100 

572 

1, 705 

327 

133 

31 

19 

4 

4 

3 

4 

8 

2 


5 


6 under 7 


2 


7 under 8 


4 


8under9 


I 


9 under 10 


1 


10 under 15 


20 


15 under 20 


46 


20 under 25 . 


324 


25 under 30 .. 


807 


sounder 40 


230 


40 under 50 


36 


50 under 60 


14 


60 under 70 


4 


70 undergo.. 


1 


80 under eo 


1 


sounder 100 




1 
5 


2 


100 under 150 


6 
2 




150 under 200 




1 


200 under 250 








1 
2 




250 under 300 








1 
2 








300 under 400 .. 














400 under ,500 




1 












500 under 750 










1 






750 under 1,000 


1 














1,000 and over 


































Total 


7,253 


7,957 


11,040 


85, 990 


18, 768 


6,607 


2,947 


1,499 







For footnote, see p. 40. 



34 



STATISTICS OF INCOME FOR 1940 — PART 1 



Individual returns with net income of $5,000 and over, not includinq fiduciary returns, 
19JfO: Fre<;vcncy distribvtion of selected sources of income and loss by net income 
classes and by size of the selected source — Continued 

BUSINESS PROFIT 39— Continued 

[Net income classes and business profit classes in thousands of dollars] 





Business profit classes— Continued 


Net income classes 


30 under 
40 


40 under 
50 


50 under 
75 


75 under 
100 


100 under 
250 


250 under 
500 


500 under 
1,000 


1.000 and 
over 


5 under G . .. ... . 


4 

6 

1 

3 

5 

14 

2! 

38 

1S3 

890 

139 

31 

18 

3 

2 

2 

3 

3 

1 

1 


1 


2 












fi under 7 












7 under 8 


1 

r 

2 

4 

9 

8 

106 

349 

76 

23 

8 

6 

1 














8 under 


1 












9 under 10 .. . 












10 under 15 


3 

3 

4 

5 

16 

65 

109 

117 

57 

15 

4 

5 

1 












IS under 20 












20 under 25 




1 








25 under 30 










30 under 40 


3 

2 

4 

11 

33 

40 

21 

19 

3 










40undei 50 


1 
2 
1 
1 
5 
6 
59 
14 
5 
4 








50 under 00 








60 under 70., 








70nnderS0_.. 








80 underdo 








sounder 100 








iro under 150 








150 under 200. 










200 under 250_ 


2 

1 








250 under 300 


1 










300 under 400 .. 


2 


6 






400 under 500 














500 under 750 


















750 under 1,000 














3 




1,000 and over 


































Total 


1,374 


598 


498 


138 


99 


6 


3 









BUSINESS LOSS" 
[Net income classes and business loss classes in thousands of dollars] 





Easiness los." classes 


Net income classes 


Asere- 
gate 


Under 
0.1 


0.1 under 
0.2 


0.2 under 
0.3 


0.3 under 
0.4 


0.4 under 
0.5 


0.5 under 
1 


1 under 2 


SunderC. 


3, 763 

2. 485 

1.746 

1.280 

1.073 

3.310 

1.709 

992 

632 

791 

508 

276 

205 

123 

110 

73 

198 

72 

36 

24 

21 

10 

19 

10 

17 


485 

281 

162 

99 

87 

224 

97 

52 

27 

28 

15 

4 

8 

4 

2 

2 

5 


393 

213 

144 

112 

86 

220 

76 

42 

25 

24 

13 

5 

8 

2 

1 

1 


329 

217 

125 

81 

91 

163 

70 

30 

17 

24 

14 

9 

4 

2 

4 

1 

3 


282 

169 

113 

91 

75 

185 

87 

34 

16 

16 

14 

4 

8 

2 

1 

2 

2 


261 
146 
92 
68 
51 
159 
6S 

16 
10 
8 
5 
3 
1 


795 

.503 

358 

255 

204 

575 

299 

135 

89 

107 

60 

26 

18 

5 

6 

4 

12 
6 
3 
1 


641 


r. under 7 


477 


7 under8 


369 


8 underO 


235 


9 under 10 


202 


10 under 15 . 


720 


15 under 20 


339 


20 under 25 


197 


25 under 30 


111 


30 under 40. 


142 


40 under .50 


78 


50 under 60.. 


66 


60 under 70 


27 


70under80 


17 


80 under 90 


11 


90 under 100 


11 


100 under 1.50.... 




29 


150 under 200 


3 


1 


5 


200 under 2.50.. . 








2 


2.50 under 300 












4 


300 under 400 


1 


1 




1 






400 under .500 










600 under 7.50 














2 


750 under 1.000 
















1,000 and over 
































Total... 


19, 483 


1.583 


1.369 


1,184 


1.102 


955 


3.461 


3,675 





For footnote, see p. 41. 



STATISTICS OF INCOME FOR 1940 — PART 1 



35 



Individual returns with net income of $5,000 and over, not including fiduciary returns, 
1940: Frequency distribution of selected sources of income and loss by net income 
classes and by size of the selected source — Conlimied 

BUSINESS LOSS 39— Continued 

[Net income classes and business loss classes in thousands of dollars] 





Business loss classes— Continued 


Net income classes 


2 under 
3 


3 under 
4 


4 under 
5 


5 under 
10 


10 under 
15 


15 under . 
20 


20 under 
25 


25 under 
30 




258 

199 

158 

133 

9fi 

358 

203 

123 

82 

105 

61 

26 

19 

12 

13 

4 

13 

3 

11 

2 


126 
97 
88 
72 
59 
218 
124 
100 
56 
62 
45 
19 
25 
7 
11 
7 
14 

3 
1 
1 
3 


56 

50 

39 

54 

36 

147 

90 

51 

42 

53 

30 

14 

18 

5 

12 

7 

14 

5 

1 

2 


106 

96 

63 

62 

62 

242 

190 

115 

86 

128 

99 

60 

39 

34 

24 

19 

48 

16 

6 

3 

4 

1 

3 

4 

1 


17 

24 

22 

9 

14 

56 

28 

39 

28 

40 

28 

14 

8 

14 

8 

4 

21 

11 

1 

5 

2 

1 

2 

1 


6 
9 
6 
5 
3 
21 
15 
14 
14 
19 
17 
14 
4 
4 
7 
3 
7 
2 
2 
2 
2 


4 
2 
3 
2 
4 

12 
7 
6 
6 

11 
9 
4 
6 
7 
2 
1 
7 
5 
3 
1 


2 


6 under 7 . 


1 




1 


8 tinder 9 


1 


9 under 10 


2 


10 under 15.- 


2 


15 under 20 


2 


20 under 25 

25 under 30 . 


4 
3 


30 under 40 


6 


40 under 50 ..- 


6 


50 under 00 .- 


3 


60 under 70 


1 


70 under 80 




80 undergo 

90 under 100. _ _ 


I 
1 


100 under 150 

150 under 200 


5 


200 under 250 

250 under 300 

300 under 400 . 


1 
2 


400 under 500 


2 






1 


500 under 750 




1 






750 under 1,000 


1 
1 






1 
2 




1,000 and over 


1 




1 










Total 


1,883 


1, 146 


726 


1,511 


397 


178 


105 


45 









Business loss classes— Continued 


Net income classes 


30 under 
40 


40 under 
50 


50 under 
75 


75 under 
100 


100 under 
250 


250 under 
500 


500 under 
1,000 


1,000 and 
over 


5 under 6 


2 
















6 under 7 . 


1 














7 under 8 - 


1 
1 
1 
4 
8 
2 
5 
3 
5 
5 
1 
3 
2 


1 




1 








8 under 9 . . 












9 under 10 
















10 under 15 




1 
3 
2 


2 

1 
2 


1 

1 








15 under 20 


1 
2 
1 
1 
1 
2 
3 








20 under 25 








25 under 30 










30 under 40 


4 
1 
2 
2 
1 
1 
2 
4 


1 


1 
2 








40 under 50 








50 under 60 


1 
1 
1 
1 
1 
1 
3 








60 under 70 










70 under 80 










80 under 90 _ 




2 
1 
4 
1 
1 








90 under 100 


2 

1 
2 








100 under 150 


7 
2 
1 
2 
1 




1 




150 under 200 






200 under 250 . 


1 

1 
2 








250 under 300 












300 under 400 


1 


3 










400 under 500 


2 
3 








500 under 750 


3 


2 
1 
3 


1 
1 
4 


2 
1 
2 








750 under 1.000 








1,000 and over 


1 








I 










Total 


60 


24 


34 


23 


20 




1 











For footnote, see p. 41. 



36 



STATISTICS OF INCOME FOR 1940 — PART 1 



Indiindval returns with net income of $5,000 and over, not includinq fiduciary returns, 
1940: Frequency distribution of selected sources of income and loss by net income 
classes and by size of the selected source — Continued 

NET SHORT-TERM C.A.PITAL GAIN "i -'no 

[Net income classes and net short-term capital gain classes in thousands of dollars] 





Net short-term capital gain classes 


Net income classes 


Aggre- 
gate 


Under 0.1 


0.1 under 
0.2 


0.2 under 
0.3 


0.3 under 
0.4 


0.4 under 
05 


0.5 under 
1 


1 under 2 


5 undcr6 


10. 575 

7. 513 

5.819 

4. 543 

3.827 

11.723 

6.063 

3.517 

2.201 

2.453 

1,291 

751 

501 

284 

232 

133 

384 

125 

f4 

31 

40 

24 

18 

14 

10 


3.056 

2.086 

1.563 

1.206 

967 

2.853 

1, 453 

751 

430 

463 

248 

152 

106 

58 

57 

30 

100 

29 

8 

3 

7 

.8 

7 

1 

2 


1. 662 

1,188 

910 

694 

524 

1. .578 

776 

447 

257 

296 

130 

74 

49 

31 

26 

17 

34 

6 

4 
2 
3 

1 

1 
1 


1,145 

771 

569 

443 

386 

1. 160 

517 

281 

180 

108 

116 

65 

48 

24 

13 

11 

15 

7 

5 


766 

589 

461 

288 

264 

853 

390 

223 

154 

147 

72 

43 

21 

20 

8 

5 

15 

9 

4 

1 

1 

2 

1 


588 

4.il 

312 

250 

203 

655 

316 

188 

132 

117 

57 

32 

29 

8 

12 

3 

15 

4 

3 

1 

2 

3 


1.593 

1,147 

SCO 

723 

616 

1,793 

924 

572 

345 

427 

215 

107 

66 

35 

29 

17 

52 

19 

7 

4 

9 

2 

2 

2 

3 


1,000 
676 


7under8 

8under9 

9 under 10 


631 

467 
433 


10 under 15 . . . 


1,345 


15 under 20 

20 under 25 — 


694 
482 


25 under 30 


282 


30 under 40 


324 


40 under 50 . 


173 


50 undergo 


104 


60 under 70 

70 under 80 


69 
33 


80 under 90 . 


27 


sounder 100 


17 


ion under 150 

150 under 200. 

200 under 250 

250 under 300 


48 
11 
5 
4 


300 under 400 

400 under .500 

500 under 7.'i0 

750 under 1.000 


1 
1 
1 
3 


2 
2 

1 
2 


1,000 and over 






1 










Total... 


62. 136 


15, 644 


8.718 


5.960 


4.343 


3,381 


9.509 


6 833 











Net short-term capital gain classes 


—Continued 




Net income classes 


2 under 3 


3 under 4 


4 imder 5 


5 under 10 


10 under 
15 


15 under 
20 


20 under 
25 


25 under 
30 


5 under 6 


362 
259 
197 
178 
151 
484 
31^7 

113 

137 

88 

51 

34 

21 

9 

6 

25 

12 

4 

2 

4 

3 

2 


165 

125 

100 

105 

83 

289 

185 

102 

74 

93 

47 

25 

21 

12 

8 

6 

19 

6 

1 

1 

1 


108 

87 

75 

52 

62 

182 

123 

72 

51 

41 

34 

16 

5 

9 

9 

2 

2 

3 
2 
4 


117 

120 

124 

126 

116 

366 

210 

126 

103 

114 

64 

38 

24 

14 

18 

8 

27 

7 

8 

3 

3 

3 


11 
10 

10 

19 

125 

74 

46 

35 

44 

16 

15 

14 

5 

5 

1 

9 

1 

2 

1 

1 


6 
2 

5 

1 

1 

25 

58 

27 

21 

19 

6 

10 

7 

5 

5 

2 

3 






6 under 7. 






7 under 8 


1 


1 


8 under9 




9 under 10 






in under 15 


6 
13 
11 
12 
10 
5 
4 


4 


15 under 20 


1 


20 under 25 


4 


25 under 30 . 


8 


30 under 40 

40 under .^0. 

50 under 60 


5 
8 
3 


60 under 70 


1 


70 under 80 


2 
3 
2 
3 
3 
1 
1 
1 


1 


80 under 90 


1 


90 under 100 

100 under 150. 

ir)0 under 200 


2 
2 
2 


200 under 2.50 

2.'"fl under 300 


2 


1 


300 under 400 


1 




400 under 500 






600 under 7.50 














750 under 1,000 


1 


1 


1 
1 








1 


1,000 and over 




2 






















Total... 


2,634 


1,469 


940 


1,741 


453 


206 


78 


45 







For footnotes, see p. 41. 



STATISTICS OF INCOME FOR 1940 — PART 1 



37 



Individual returns with net income of $5,000 and over, not including fiduciary returns, 
1940: Frequency distribution of selected sources of income and loss by net income 
classes and by size of the selected source — Continued 

NET SHORT-TERM CAPITAL GAIN m 21 « —Continued 

[Net income classes and net short-term capital gain classes in thousands of dollars] 





Net short-term capital gain classes— Continued 


Net income classes 


30 under 
40 


40 under 
50 


50 under 
75 


75 under 
100 


100 under 
250 


250 under 
. 500 


500 undei 
1.000 


1,000 and 
over 


B under 6 




















1 
































8 under 9 


















9 under 10 


1 
4 
5 
5 
2 
12 

3 
3 
3 
1 
2 
5 
2 

'1 

1 


1 
1 
1 
2 
1 
4 
4 
3 
3 














10 under 15 














15 under 20 . 
















? 

2 
2 
4 

1 
2 
1 
2 
3 
2 
1 
1 
1 


1 










25 under 30 










30 under 40 












40 under 50 












60 under 60 




2 








CO under 70 










70 under SO 




1 








80 undr-r 90 












90 under 100 














100 under 150 


1 


1 
1 


5 

1 
1 








J 50 under 200 








200 under 250 


2 








250 under 300 










300 under 400 






2 


1 






400 under 500 










fiflO under 750 


















750 under 1,000 








1 










1,000 and over 


































Total 


57 


23 


25 


4 


12 


1 













NET LONG-TERM CAPITAL GAIN »" 2* 
[Net income classes and net long-term capital gain classes in thousands of dollars] 









Net long-term capital gain 


classes 






Net income classes 


Aggregate 


Under 0.1 


0.1 under 
0.2 


0.2 under 
0.3 


0.3 under 
0.4 


0.4 under 
0.5 


0.5 under 

1 


1 under 2 


B under 6 


12.420 

8,936 

6.736 

5,149 

4,442 

13. 176 

6.737 

3.881 

2,546 

2,782 

1,578 

898 

643 

407 

328 

222 

555 

237 

111 

71 

61 

35 

40 

13 

27 


4,014 

2.712 

1,951 

1.361 

1,182 

3.162 

1,424 

776 

475 

481 

235 

118 

81 

56 

36 

35 

42 

21 

8 

3 

5 

1 

2 


1.946 

1,392 

1,041 

738 

615 

1,703 

741 

403 

244 

237 

119 

59 

51 

29 

24 

11 

29 

6 

1 

2 

1 


1,249 

806 

633 

443 

417 

1,130 

577 

305 

181 

184 

89 

52 

25 

15 

19 

12 

17 

7 

3 

1 

3 


836 

604 

469 

359. 

302 

791 

409 

225 

136 

163 

71 

35 

20 

16 

8 

8 

13 

6 

4 

1 

1 

2 


602 

447 

303 

232 

189 

616 

318 

170 

127 

108 

61 

31 

23 

16 

5 

12 

12 

2 

1 


1.602 

1,223 

854 

718 

594 

1,860 

970 

642 

337 

381 

185 

88 

75 

36 

42 

20 

54 

23 

4 

2 

4 

2 

2 


1,133 


6 under 7 


894 


7 under 8 


674 


Sunder 9 - -.. 


550 


9 under 10 -. 


473 


10 under 15 


1,528 


15 under 20 


786 


20 under 25 . 


491 


25 under 30 . 


289 


30 under 40 


3.55 


40 under 50 


201 


60 under 60 


121 


60 under 70 


79 


70 under 80 -. 


42 


80 under 90 


48 


90 under 100 

100 under 150 

150 under 200 

200 under 250 

250 under 300 


19 
61 
22 
9 
3 






4 


400 under 500 




2 


600 under 750 








2 


750 under 1,000 - 

1,000 and over. 


1 




















1 
















Total 


72,031 


18, 181 


9,393 


6,168 


4,479 


3,275 


9,618 


7,787 







For footnotes, see p. 41, 



38 



STATISTICS OF INCOME FOR 194 PART 1 



Individual returns with net income of $5,000 and over, not including fiduciary returns, 
1940: Frequency distribution of selected sources of income and toss by net income 
classes and by size of the selected source — Continued 

NET LONG-TERM CAPITAL GAIN J" "—Continued 

[Net income classes and net long-term capital gain classes in thousands of dollars] 







Net long-term capital gain classes 


—Continued 




Net income classes 


2 under 
3 • 


3 under 
4 


4 under 
5 


5 under 
10 


10 under 
15 


15 under 
20 


20 under 
25 


25 under 
30 


6 under R 


44(5 

332 

320 

271 

213 

747 

302 

222 

158 

159 

122 

56 

39 

25 

20 

10 

25 

14 

6 

5 

3 

3 


274 

205 

1(18 

15S 

130 

396 

231 

150 

107 

128 

64 

41 

22 

18 

11 

4 

26 

10 

4 

1 

2 

1 


153 

118 

108 

98 

102 

270 

150 

118 

73 

88 

38 

31 

16 

10 

9 

6 

20 

3 

4 

5 

3 


153 

188 

200 

202 

200 

709 

414 

240 

2n4 

219 

153 

87 

63 

43 

22 

18 

49 

18 

9 

13 

5 

1 

2 


9 
9 
10 
13 

15 

229 

224 

117 

85 

104 

78 

39 

25 

25 

10 

13 

23 

8 

6 

2 

1 

1 

1 


1 

4 

2 

3 

7 

24 

90 

71 

57 

75 

37 

23 

27 

14 

9 

4 

22 
11 
4 




1 


6 under 7 


1 
2 




7 under 8 




8 under 9 


1 


9 under 10 


1 

5 

2 

37 

44 

35 

33 

25 

17 

5 

2 

10 

12 

6 

4 

4 

1 




10 under 15 


3 


15 under 20 


1 


20 under 25 


8 


25 under 30 


18 


30 under 40 


33 


rounder 50 


28 


SO underdo 


21 


60 under 70 


ir. 


7C under SO 


8 


80 under 90 


6 


90 under ino 


6 


inn under isn 

150 under 2nn 

2no under 250 

2.'^0 under 300 


6 
5 

1 


300 under 400 

400 under 5no 


? 

1 


1 


500 under T50 




1 


3 


750 under 1.000 










1,000 and over 






1 


3 






2 
















Total 


3.588 


2,151 


1,424 


3,215 


1,047 


495 


249 


168 







1 




Net long-term capital gain classes 


—Continued 




Net income classes 


30 under 
40 


40 under 
50 


SO under 
75 


75 under 
100 


100 under 
250 


250 under 
500 


500 under 
1.000 


1,000 and 
over 


6 under 6 






1 












6 under 7 


1 














7 under 8 




1 












8 under 9 


1 

2 

1 

2 

4 

7- 

26 

41 

33 

29 

17 

11 

8 

19 

8 

5 

4 

1 

2 


1 












9 under 10 














10 under 15 




2 












15 under 20 














20 under 25 


2 

2 

5 

19 

25 

20 

15 

15 

8 

15 

7 

3 

1 

1 

1 

3 














25 under 30. 


1 

1 

4 

13 

11 

15 

22 

15 

49 

17 

6 

5 

2 

2 

1 

1 

1 


1 










30 under 40 










40 under 50 












60 under 60 












60 under 70 


2 
2 
6 
2 
3t 
13 
4 


2 








70 under 80 








80 under 90 


3 

1 
30 
30 
25 
15 

8 








90 under 100 _ 








100 under 150 _ 








150 under 2no 








200 under 250 








250 under 300 


4 
11 
15 
10 
4 
1 






300 under 400 


2 

1 






400 under 500 






500 under 750 


6 
2 
5 


6 
4 

7 




75n under l.nOO 


1 






1,000 and over 


2 




4 










Total 


223 


145 


170 


64 


127 


45 


17 


4 







For footnotes, see p. 41. 



STATISTICS OF ENTCOME FOR 1940 — PAUT 1 



39 



Individual returns with net income of $5,000 and over, not including fiduciary returns, 
1940: Frequency distribution of selected sources of ■income and loss by net income 
classes and by size of the selected source — Continued 

NET LONG-TERM CAPITAL LOSS " " 

[Net income classes and net long-term capital loss classes in thousands of dollars] 





Net long-term capital loss classes 


Net income classes 


Aggregate 


Under 0.1 


0.1 under 
0.2 


0.2 under 
0.3 


0.3 under 
0.4 


0.4 under 
0.5 


0.5 under 

1 


1 under 2 


6 under 6 . . .. 


15.927 

11,675 

8.984 

7. 267 

6.018 

19.018 

10. 020 

5.985 

3. 7,53 

4,430 

2.502 

1,448 

907 

567 

414 

291 

753 

251 

94 

64 

71 

39 

25 

12 

16 


2.8G5 

2.012 

1.485 

1,075 

856 

2.437 

1,152 

553 

346 

420 

181 

102 

75 

39 

35 

18 

48 

22 

9 

2 

2 

2 

1 


2.047 

1,411 

948 

742 

586 

1, 735 

822 

419 

215 

235 

140 

78 

37 

33 

17 

9 

28 

10 

6 


1, 572 

1,038 

797 

619 

476 

1,415 

078 

3.S6 

205 

216 

117 

58 

44 

17 

22 

9 

26 

6 

2 

1 

1 

1 


1, 215 

799 

606 

477 

373 

1,137 

532 

296 

167 

158 

95 

55 

37 

18 

4 

12 

25 

4 

4 

2 

2 

1 


936 

682 

486 

387 

324 

962 

438 

244 

152 

181 

88 

50 

31 

12 

14 

8 

20 

6 

4 

4 

1 


2,941 

2,129 

1. .564 

1.312 

1.049 

3, 2,'=0 

1,522 

883 

567 

605 

327 

173 

88 

45 

40 

25 

86 

20 

8 

6 

7 

3 

1 


2,154 

1,684 

1.397 

1.189 

1.030 

3.206 

1,634 

1,028 

607 

682 

369 

234 

124 

88 

55 

39 

84 

22 

7 

5 

9 

I 


6 under 7 


7 under 8 . 


8 under 9 


9 under 10 


10 under 15 


15 under 20 


21 under 25 


25 under 30 


30 under 40 


40 under 50 


60 under 60 . 


60 under 70 - 


70 under 80 - 


80 under 90 . . . 


90 under 100 


100 under 150.. 

150 under 200 

200 under 250_. 

250 under 300 


300 under 400 

400 under 500 


2 

1 
2 


500 under 750 




1 
3 


750 under 1.000 






1 


1,000 and over 


1 




1 




1 


Total 


100, 531 


13, 738 


9,523 


7.677 


6,019 


5,031 


16, 652 


15, 650 







Net long-term capital loss classes— Continued 


Net income classes 


2 under 3 


3 under 4 


4 under 5 


5 under 
10 


10 under 
15 


15 under 
20 


20 under 
25 


25 under 
30 


5 under 6 . . 


902 

734 

609 

494 

394 

1,591 

923 

573 

374 

451 

233 

120 

85 

54 

38 

25 

61 

13 

10 

7 

6 

2 

1 

1 

1 


430 

382 

339 

301 

271 

846 

565 

365 

225 

285 

173 

86 

54 

34 

24 

25 

62 

20 

10 

1 

5 

4 

1 

1 


258 

224 

189 

174 

173 

681 

381 

251 

163 

172 

115 

86 

69 

28 

25 

21 

35 

6 

7 

5 

2 

2 


412 

395 

409 

348 

332 

1,140 

824 

617 

396 

544 

324 

207 

120 

94 

57 

44 

116 

46 

6 

10 

7 

8 

4 

1 

4 


101 

102 

89 

68 

86 

368 

287 

193 

159 

227 

168 

85 

66 

41 

28 

20 

50 

14 

2 

6 

6 

2 


48 
39 
33 
38 
27 
160 
108 
73 
60 
97 
58 
38 
29 
23 
19 
12 
37 
12 
4 
4 
1 
2 
3 


10 
18 
12 
15 
17 
65 
60 
55 
55 
49 
32 
17 
14 
14 
8 
9 
22 
9 
2 
2 
5 
3 
1 
1 


""■ 8 
15 
6 
13 
7 
41 
22 
25 
20 
33 
27 
14 
11 
8 
6 
1 
14 
5 
3 
1 


6 under 7 . . . 


7 under 8 

8 under 9 


9 under 10.. 


10 under 15 _.. 


15 under 20 


20 under 25 


25 under 30 


30 under 40-- 


40 under 50 


sounder 60.. 


60 under 70 


70 under 80 


80 under 90 

90 under 100 


100 under 1,50-. 

150 under 200 

200 under 250... 

250 under 300 

300 under 400 


400 under 500 

500 under 750 


1 
2 
1 


750 under 1.000 


1 




1,000 and over. 


1 


1 


2 










Total 


7,702 


4.509 


2,958 


6,465 


2,169 


926 


495 


288 





For footnotes, see p. 41. 



40 



STATISTICS OF INCOME FOR 1940 — PAET 1 



Individual returns with net income of $5,000 and over, not including fiduciary returns, 
1940: Frequency dtstribution of selected sources of income and loss by net income 
classes and by size of the selected source — Continued 

NET LONG-TERM CAPITAL LOSS «»'«— Continued 

[Net income classes and net long-term capital loss classes in thousands of dollars] 



Net income classes 



Net lone-term capital loss classes— Continued 



30 under 
40 



40 under 
50 



50 under 
75 



75 under 
100 



100 under 250 under 500 undei 1,000 and 



250 



500 



1,000 



6 under 6 

P under 7 , 

7 under 8 

8 under 9 , 

9 under 10 , 

10 under 15 

15 under 20 

20 under 25 

25undei 30 

30 under 40 

40 under 50 

60 under GO 

60 under 70 

70 under 80 

80 under 90 

90 under 100_.-. 
ion under ISO... 
150 under 200... 
2C0 under 250... 
250 under 300... 
300 under 400... 
400 under 500... 
500 under 750... 
750 under 1,000. 
1,000 and over.. 



Total. 



148 



180 



Footnotes for text tables 
(Facsimiles of Forms 1040, 1040A, and 1041, to which rererences are made, appear on pages 261-279) 



1 For taxable fidnciary returns, the net income 
used for classification and tabulation is the net in- 
come taxable to the fiduciary after distribution to 
beneficiaries (item 17, page 1, Form 10411. 

2 The alternative tax is reported on (1) returns 
■with net long-term capital gain if such alternative 
tax is Zcs' than tht' sum of the normal tax and surtax 
corrputed on net income including not long-term 
capital gain, and (2) returns with net long-term capi- 
tal loss if such alternative tax is greater than the sum 
of the normal tax and surtax computed on net income 
after deducting net long-term capital loss. 

3 Defense tax is 10 percent of the total income tax 
before deducting any credit, but not in excess of 10 
percent of the amount by which the net income 
exceeds such income tax. 

* Returns with no net income due to net long- 
term caiiital loss, on which the partial tax computpd 
on net income before the deduction of net long- 
term capital loss exceeds 30 percent of the net long- 
term capital loss. 

» Exemptions and credits exceed net income. A 
negligible number of nontaxable individual returns 
in net income classes of $6,000 and over are tabulated 
•with taxable returns. 

« Total deductions equal or exceed total income. 

? Dividends on share accounts in Federal savings 
and loan associations and additional contributions 
on returns with alternative tax due to net long- 
term capital loss. 

8 Less than one-hundredth of 1 percent. 

' Not computed. 

w Deficit. 

" Aggregate of normal tax, surtax, alternative 
tax, and defense tax. 

» See text, pages 12-13. 



'3 An unequal number of separate returns is the 
result cf ( 1 ) use of the sample as the basis for e-^timatin? 
data for returns in net mcome classes under $i,000, 
when the not income of one spouse is under .$5,000 
and that of the other spouse is .$5,000 or over (see 
pages 12-13), and (2) certain cases in which incomplete 
or inaccurate answers to questions 4 and 5 on paee 
4, Form 1040, and on page 1, Form 1040.V, make it 
impossible to identify the returns as separate re- 
turns. 

" Excludes dividends received through partner- 
ships and fiduciariis and dividends received on share 
accounts in Federal savings and lian associations. 

'5 Unlike previous years, "Interest on bank de- 
posits, notes, mortgages, and corporation bonds" 
excludes interest on partially tax-oxemjit Govern- 
ment obligations reported on returns with net in- 
come under $5,000. 

|« Interest on partially tax-exempt Government 
ohlications received from United States "livings 
bonds and Treasury bonds owned in excess of $5,000, 
and obligations of instrumentalities of the United 
States other than those issued under the Federal 
Farm Loan Act or such Act as amended, including 
amounts received throusrh partnerships and fiduci- 
aries. For the first time, such interest reported on 
•■etnrns with net income under $5,000, is included 
in the ammnts shown. 

" Partnership profit or loss, as reported on the 
income tax return of the partner, excludes (1) interest 
on partially tax-exempt Government obligations, 
(2) net gain or loss from sales or exchanges of capital 
assets, each of which is reported in its respective 
source of income, and (3) dividends on share ac- 
counts in Federal savings and loan associations 
which are reported in "Other income." Charitable 
contributions and net operating loss deduction, not 
being deductible in computing partnership profit or 



STATISTICS OF INCOME FOR 1940 — PART 1 



41 



GOVERNMENT OBLIGATIONS AND INTEREST 

In the basic tables 9 and 10, Government obligations are classified 
as wholly tax-exempt or partially tax-exempt depending on the tax- 
ability of the interest thereon. Wholly tax-exempt Government obli- 
gations are securities the interest on which is wholly exempt from the 
normal tax and surtax of the Federal income tax. Partially tax- 
exempt Government obligations are securities the interest on which 
is exempt from the normal tax of the Federal income tax but is subject 
to surtax. In case of partial l;^ tax-exempt Treasury bonds and 
United States savings bonds, interest derived from $5,000 aggregate 
principal amount owned by any one holder is exempt from the surtax 



Footnotes for text tables — Continued 



loss, are reported on the partner's income tax return 
in "Contributions" and "Other deductions," 
respectively. 

18 Income from fiduciaries, as reported on the 
return of the beneficiary, excludes (1) interest on 
partially tax-exempt Government obligations, (2) 
net gain or loss from sales or exchanges of capital 
assets received from common trust funds, each of 
which is reported in its respective source of income, 
and (3) dividends on share accounts in Federal 
savings and loan associations which are reported in 
"Other income." The net operating loss deduction, 
not being deductible in computing income from 
common trust funds, is reported on the beneficiary'.s 
return in •'Other deductions"; however, the net 
operating loss deduction is deducted from all other 
fiduciary income reported on the beneficiary's 
return. 

" Current year business profit or loss. The net 
operating loss deduction is reported in "Other 
deductions." 

20 The tabulated amounts of "Net short-term 
capital gain," "Net long-term capital gain," and 
"Net long-term capital loss "include each partici- 
pant's share of net capital gain or loss to be taken 
into account from partnerships and common trust 
funds. The term ''Cai)ital assets" means property 
held by the taxpayer (whether or not connected with 
his trade or business), but not (1) stock in trade or 
other property which would properly be included 
in inventory if on hand at the close of the taxable 
year, (2) property held primarily for sale to cu.stom- 
crs in the ordinary course of trade or business, and 
(3) property used in trade or business of a character 
which is subject to the allowance for depreciation. 

2' "Short-term" applies to capital assets held 18 
months or less. 

22 Net short-term capital loss of preceding taxable 
year deducted is the amount allowed under the net 
short-term loss carry-over provision of the Internal 
Revenue Code. The amount carried over cannot 
exceed the net income for the year in which the loss 
is sustained, and can be deducted only to the extent 
of the net short-term capital gain of the current year. 

23 Current year net short-term capital gain before 
deducting net short-term cafiital loss of preceding 
taxable year. This amount would have been re- 
ported for computation of net income if the net 
short-term capital loss of preceding taxable year had 
not been deductible. 

2< "Long-term" applies to capital assets held over 
18 months. Losses, from worthless stocks and bonds 
which are capital assets, are deducted in computing 
"Net long-term capital gain" and "Net long-term 
capital loss." 

25 Net gain or loss from sales of property used in 
trade or business of a character which is subject to 
the allowance for depreciation. 

2« Include each partner's share of charitable con- 
tributions of partnerships. 

" Excludes amounts reported in schedule for (1) 
income from rents and royalties, and (2) profit or loss 
from business. 



28 Losses from fire, storm, shipwreck, or other 
casualty, or from theft, not compensated for by 
insurance or otherwise. 

29 Include net operating loss deduction reported 
on Form 1040, and losses from fire, storm, etc., and 
bad debts, reported on Form I040A. 

^ Net income less deficit. 

3" For returns with net income under $5,000, the 
number of returns on which specific source.* of income 
and deductions are reported is available only for 
"Salaries and other compensation." and "Divi- 
dends from domestic and foreign corporations." For 
returns with net income of $5,000 and over, the num- 
ber of returns is available for each specific source 
of income and deduction and for the information 
item "Net short-term capital loss of preceding 
taxable year deducted. " 

32 The number of returns with net income under 
$5,000 is not available, and, therefore, is not included 
in the total of this column. For "Business profit" 
and "Business loss" these figures represent the 
number of returns on which a net business profit or 
l)ss was reported for the computation of net income 
or deficit. Consequently, because of returns on 
which data for two or more businesses are reprtrted, 
these figures do not refiect the number of businesses 
in which sole proprietors are engaged. 

M Less than $500 

3* Percent which net income less deficit is of total 
income. 

" If two or more businesses in different industrial 
activities are reported on one return, each business is 
counted separately, with the result that the number 
of businesses exceeds the number of returns showin? 
business profit or loss for the computation of net 
income or deficit. However, if two or more busi- 
nesses in the same industrial activity are reported on 
one return, the financial data are combined and 
counted as one business. 

36 The compensation of the proprietor and the net 
operating Idss deduction are not allowable deduc- 
tions in computing current year business profit or 
loss (see item 11, schedule D, and instruction 18, 
Form 1040). 

3' Data are included from schedule of farm income 
and expenses, Form 1040F, if submitted with the 
return. 

38 Data from (1) incomplete or fragmentary sched- 
ules showing fewer than the following items: "Total 
receipts," "Total deductions," and "Net profit or 
loss", and (2) businesses for which no schedules are 
submitted. 

38 For "Business profit" and "Business loss" 
these figures represent the number of returns on 
which a net profit or loss from business was reported 
for the computation of net income or deficit. Conse- 
quently, because of returns on which data for two or 
more businesses are reported, these figures do not 
reflect the number of businesses in which sole pro- 
prietors are engaged. 

<« Net short-term capital gain reported on Form 
1040, item 10(a), included in total income and net 
income. 



42 STATISTICS OF INCOME FOR 1940 — PART 1 

as well as the normal tax. For the taxable year 1940, the wholly tax- 
exempt obligations to be reported on the returns are (1) obligations 
of a State, Territory, or political subdivision thereof, the District of 
Columbia, and United States possessions, (2) obligations issued 
under the Federal Farm Loan Act, or such act as amended, and (3) 
obligations of the United States issued on or before September 1, 
1917, Treasury bills, Treasury certificates of indebtedness, and Treas- 
uiy notes. Partially tax-exempt obligations to be reported are (1) 
United States savings bonds and Treasury bonds, and (2) obligations 
of instrumentalities of the United States other than those issued under 
the Federal Farm Loan Act, or such act as amended. 

Basic table 9 presents data for the interest received from both 
wholly and partially tax-exempt obligations and the amount of such 
obligations owned, as reported in schedule B on individual returns, 
Form 1040, with net income of $5,000 and over. Basic table 10 pre- 
sents similar information reported in schedule B on taxable fiduciary 
returns with balance income of $5,000 and over. Both tables show 
the amount of wholly and partially tax-exempt obligations owned on 
the last day of the taxable year, and of interest received or accrued 
during the year, segregated by nature of obligation, tabulated by net 
income classes. The interest received includes that received through 
partnerships and fiduciaries, and the bond holdings include the bene- 
f]ciar3^'s and partner's pro rata share of bonds held by those entities. 
The amounts tabulated under partially tax-exempt interest on United 
States savings bonds and Treasury bonds, in basic tables 9 and 10, 
include the tax-exempt interest received on a principal amount not in 
excess of $5,000, which is exempt from surtax as w-ell as normal tax. 

Basic tables 9 and 10 do not present a complete summary of the 
Govcrnmient obligations owned by individuals or of the interest there- 
from in view of the fact that (a) no information is included from 
individual returns with net income under $5,000, fiduciary returns 
with balance income under $5,000, or partnership returns; and (6) 
schedule B from which the data are taken being in large part an infor- 
mation schedule, the data reported therein are undoubtedly incomplete. 
Occasionally neither the principal amount owned nor the interest re- 
ceived is reported. Interest for which no corresponding principal 
am.ount is shown may be reported in the schedule; or the principal 
amount may be reporteel for which no correspondmg interest is shown. 
Bond holdings vary during the year, and the amount of bonds reported 
as of the end of the year m^ay, therefore, include bonds on which no 
interest was received, and similarly the interest reported may include 
interest on bonds which were sold prior to the end of the year. 

The interest on partially tax-exempt securities owned in excess of 
$5,000, subject to surtax, as reported by individuals on line 5, Form 
1040, is shown in basic table 7-A, and such interest reported by tax- 
able fiduciaries on line 4, Form 1041, is shown in basic table 7-B. It 
is not possible to reconcile the partially tax-exempt interest tabulated 
in basic tables 7-A and 7-B with that in basic tables 9 and 10, respec- 
tively, because each is secured from a difierent source on the return. 

NUMBER OF INDIVIDUAL RETURNS BY COUNTIES, CITIES, AND TOWNS 

A mimeograph bulletin showing the number of individual income 
tax returns for 1940, by counties, cities, anel towns having a popula- 
tion of 1,000 and over, entitled "Number of Individual Income Tax 
Keturns for 1940 by States, Counties, Cities, and Towns," was issued 



STATISTICS OF INCOME FOR 1940 — PART 1 43 

in June, 1942. Copies may be secured from the Bureau of Internal 
Revenue, Washington, D. C., upon request. Information concerning 
net income and tax liabihty on individual income tax returns is not 
tabulated for smaller civil divisions than States and Territories. 

COMPARABILITY OF STATISTICS 

Previous reports. — Changes in the provisions of the revenue acts 
and the Internal Revenue Code as amended, under which returns for 
given years are filed, interfere with the comparability of the statistical 
data over a period of years. The major provisions of the Federal tax 
laws from 1913 to 1940 are summarized on pages 245-251. The chan-.^es 
in law with regard to 1940 income are set forth briefly on page 3. 

Revisions of the income tax return forms to incorporate changes in 
the law may eliminate, combine, or introduce items which miake it 
impracticable or impossible to present comparable data from year to 
year. When such a change occurs in a tabulated item, a statement 
regarding the comparability with previous reports, including any 
available information by which to appraise the change, is given in the 
text relating to that item and in a footnote attached to the amount 
affected. Administrative changes may affect the returns available 
for statistics. The returns from which data are tabulated are de- 
scribed in the section of this report entitled "Returns included." 
Revisions in the method of tabulating are indicated in connection 
with the data affected. 

Tax collections. — The total income tax liability reported on indi- 
vidual returns and taxable fiduciary returns difl'ers from the amount 
of Federal income tax collected from these sources for any given 
period. Several factors are responsible for the difference, among 
which are the following: 

1. Audit of the returns may change the amount of income tax 
liability. 

2. Income and profits taxes paid to foreign countries or possessions 
of the United States may be included in deductions from gross income 
or applied with certain limitations as a credit against the Federal 
income tax. The amount of such taxes reported by the taxpayer as a 
credit against the Federal income tax is not deducted from the in- 
come tax liability shown in this report. (Aggregate amounts of this 
credit, available only for individual returns for the years 1925 through 
1930, appear on page 9 of Statistics of Income for 1930.) 

3. The credit for income taxes paid at source on tax-free covenant 
bonds is not deducted from the income tax liabihty of individual 
returns and taxable fiduciary returns shown herein. 

4. For a fiscal year return on which the tax is paid in four equal 
installments, the total tax may not be collected during the year in 
which the return is filed. 

5. Delays in tax payment due to financial embarrassment, death, 
liquidation of business, or any other cause, result in the classification 
of such taxes as "back taxes,'" the collection of which is made after the 
close of the year in which such taxes are due. For similar reasons, 
certain amounts are uncollectible. 

6. Collections in any given period include such interest and penalty 
items as are received in connection with delinquent payments of taxes. 

7. Tabulations in this report exclude data reported on individual 
income tax returns, Forms 1040C, 1040D, 1040NB, and 1040NB-a, 

498968—43 4 



44 STATISTICS OF INCOME FOR 194 — PART 1 

whereas collections include taxes on these returns. Forms 1040C 
and 1040D are used for departing aliens. Forms 1040NB and 
1040NB-a are for nonresident aliens not engaged in trade or business 
within the United States and not having an office or place of business 
therein. 

Mimeograph bulletin. — The number of individual returns by States, 
counties, cities, and towns is a count made from records maintained 
in the offices of the collectors of internal revenue, while the number 
tabulated in Statistics of Income is obtained from records of the 
Income Tax Unit, Bureau of Internal Revenue. 

HISTORICAL DATA 

CAPITAL GAINS, 1922-1940; CAPITAL LOSSES, 1924-1940 

The revenue acts in effect from January 1, 1922, through December 
31, 1933, provide for the special taxation of the net gain resulting 
from sales or exchanges of capital assets. The term "Capital 
assets" means property held by the taxpayer more than two years 
(whether or not connected with his trade or business), but not (1) 
property held for personal use, (2) stock in trade or other property 
which would properly be included in the inventory of the taxpayer 
if on hand at the close of the taxable year, or (3) property held pri- 
marily for sale to customers in the ordinary course of trade or business. 
The revenue acts in effect from January 1, 1924, through December 
31, 1933, provide for a tax credit on account of the net loss resulting 
from sales or exchanges of such capital assets. 

In presenting these data in Statistics of Income, "Capital net gain" 
is tabulated as such and included in "Total income" and "Net income" 
for returns with net income for the years 1922 through 1933, and for 
returns with no net income, is tabulated and included in "Total 
income" and "Deficit" for years 1928 through 1933. 

"Capital net loss," for which a tax credit of 12J^ percent is taken, is 
not tabulated and is not taken into account in computing "Total 
deductions" or "Net income" for 1924 through 1933. "Capital net 
loss" when reported by the taxpayer as a deduction (a) in computing 
"Net income" is included in "Other deductions" for 1924 through 
1928, and in "Net loss from sales of real estate, stocks, bonds, etc.," 
for 1929 through 1933, and (6) in computing "Deficit" is included in 
"Other deductions" for 1928 and in "Net loss from sales of real estate, 
stocks, bonds, etc.," for 1929 through 1933. "Capital net loss," not 
taken into account by the taxpayer as a deduction in computing "Net 
income," and for which no credit of 12!^ percent is taken, is not 
included in "Total deductions" for 1924 through 1933. Such "Capital 
net loss" not taken into account in computing "Deficit" is not included 
in "Total deductions" for 1928 through 1931, but for 1932 and 1933 
is included in "Net loss from sales of real estate, stocks, bonds, etc.," 
and both "Total deductions" and "Deficit" are adjusted to correspond. 

Under the provisions of the Revenue Acts of 1934 and 1936 (in 
effect January 1, 1934, through December 31, 1937), the definition of 
capital assets is expanded to include assets of the taxpayer, regardless 
of time held, instead of assets held over two years. Certain percentages 
of gain or loss recognized upon such sales or exchanges are taken into 
account in computing net income. These percentages, which vary 
according to the period for which the assets have been held, are as 
follows: 100 percent for capital assets held not over 1 year, 80 percent 



STATISTICS OF INCOME FOR 1940 — PART 1 45 

for capital assets held over 1 year but not over 2 years, 60 percent for 
capital assets held over 2 years but not over 5 years, 40 percent for 
capital assets held over 5 years but not over 10 years, and 30 per cent 
for capital assets held over 10 years. The deduction for net capital 
loss, after the percentages are applied and after subtracting the 
percentage of capital gains to be recognized in computing net income, 
is limited to $2,000, or the amount of the net capital loss, whichever is 
less. 

The net income tabulated as reported on individual returns for the 
taxable years 1934 through 1937 includes net capital gain and loss 
computed in accordance with the limitations stated in the preceding 
paragraph. It is not possible, by using the net capital gain and net 
capital loss on the returns for these years, to adjust tlie "Total in- 
come," "Total deductions," and "Net income" so that they will be 
comparable with these items as tabulated for prior years. Moreover, 
net capital gain or loss reported on individual returns for 1934 through 
1937 is not comparable with "Profit or loss from sale of real estate, 
stocks, and bonds, etc.," "Capital net gain," or "Capital net loss" 
reported on returns for prior years. The net capital gain and loss 
reported on fiduciary income tax returns. Form 1041, for 1937 and 
subsequent years are computed according to the limitations which 
apply to the individual returns. 

Under the provisions of the Revenue Act of 1938 and of the Internal 
Revenue Code, the definition of capital assets is the same as that 
under the provisions of the Revenue Acts of 1934 and 1936, except that 
there is excluded property used in trade or business of a character 
which is subject to the allowance for depreciation. The net gain (or 
loss) from the sales or exchanges of property subject to the allowance 
for depreciation is tabulated as "Net gain (or loss) from sales of prop- 
erty other than capital assets." 

The percentages of the gain or loss recognized upon the sales or 
exchanges of capital assets taken into account in computing net 
income for 1938 through 1940 differ from the percentages of gain or 
loss recognized on such sales for 1934 through 1937, and the periods of 
time for which the assets were held are reduced from five to three. 
The percentages, varying according to the time the assets were held, 
are: 100 percent for capital assets held 18 months or less, 66;^ percent 
for capital assets held over 18 months but not over 24 months, 50 
percent for capital assets held over 24 months. The net capital gain 
or loss is divided into short-term and long-term. Net short-term gain 
or loss is that from the sales or exchanges of capital assets held 18 
months or less, and net long-term gain or loss is that from the sales or 
exchanges of capital assets held over 18 months. Net short-term 
gain, net long-term gain, and net long-term loss may be taken into 
account in computing current year net income. Net short-term loss, 
however, may not be taken into account in computing current year 
net income. 

Net short-term capital loss, sustained in any taxable year beginning 
on and after January 1, 1938, may not be deducted from income in the 
year in which the loss is sustained, but may be carried to the next 
succeeding taxable year and treated as a short-term capital loss (sec- 
tion 117(e) of the Internal Revenue Code as amended). The amount 
carried over cannot exceed net income for the year in which the loss 
is sustained, and can be deducted only to the extent of the net short- 
term capital gain of the year in which the deduction is permitted. 



46 STATISTICS OF INCOME FOR 1940 — PART 1 

The amount of net short-term capital loss deducted under this pro- 
vision is first reported on returns for 1939 and tabulated in Statistics 
of Income for 1939. In the 1940 report, the deduction on account 
of the net short-term capital loss carry-over provision is tabulated as 
"Net short-term capital loss of preceding taxable year deducted" 
and is presented in all tables showing sources of income and deductions. 

In comparing the net short-term capital gain included in total 
income and net income on returns for 1939 and 1940 with that on 
returns for 1938, it should be noted that the amounts for 1939 and 
1940 are after the deduction for net short-term capital loss of preceding 
taxable year, whereas, for 1938, such a deduction was not allowed. 
The information item "Current year net short-term capital gain" for 
1940 is comparable with "Net short-term capital gain before deducting 
prior year net short-term capital loss," as published in Statistics 
of Income for 1939, and "Net short-term capital gain" as published 
for 1938. The information item "Net short-term capital loss of 
preceding taxable year deducted" for 1940 is comparable with "Prior 
year net short-term capital loss deducted," published for the first 
time in 1939. Net long-term capital gain and loss for 1938 through 
1940 are comparable. 

The amounts of net short-term capital gain and net long-term 
capital gain and loss shown on the returns and tabulated for 1938 
through 1940 are not comparable with those for net capital gain and 
loss for the income years 1934 through 1937. For income years 
1938 through 1940, the net short-term capital gain and net long-term 
capital gain or loss include amounts received from "Common trust 
funds" and partnerships, whereas, for years 1934 through 1937, net 
capital gain or loss excludes amounts from such sales received 
through fiduciaries and partnerships. It is not possible, by using the 
net short-term capital gain and the net long-term capital gain or loss, 
to adjust "Total income," "Total deductions," and "Net income" 
for 1938 through 1940 so that they will be comparable with these 
items tabulated for the income years 1934 through 1937. 

A summary of the provisions of the Revenue Act of 1921 and sub- 
sequent acts, affecting the tax on capital gains, and the provisions of 
the Revenue Act of 1924 and subsequent acts, affecting the tax credit 
on capital losses, is found on pages 248-249. 

INDIVIDUAL RETURNS AND RETURNS OF FIDUCIARIES, 1913-1940 

A resume of the individual income tax returns with net income, 
including returns of fiduciaries, for each year since the inception of 
the present period of income taxation, showing number of returns, 
n^t income, and tax, by net income classes, and sources of income and 
deductions, is presented in the following tables. Available data for 
individual returns with no net income for 1928 through 1940 are also 
shown in the tables. 

For 1913 through 1915, the number of returns, net income, and tax 
are secured from annual reports of the Commissioner of Internal 
Revenue. The net income for each of these years is estimated from 
the number of returns and the average net income for each net income 
class. Information for 1916 through 1936 is from returns. Forms 
1040 and 1040A, filed by individuals and fiduciaries. Information 
for 1937 through 1940 is from returns, Forms 1040 and 1040A, filed 
by individuals; taxable returns, Forms 1041, filed by fiduciaries for 



STATISTICS OF INCOME FOR 1940 — PART 1 



47 



estates and trusts; and returns, Forms 1040, incorrectly filed for 
estates and trusts (except that for 1938 through 1940 there is excluded 
information on nontaxable returns with net income. Form 1040, 
incorrectly filed for estates and trusts). 

The number of returns, net income, and tax for individual income 
tax returns with net income, including returns of fiduciaries for 1930 
tlirough 1940 by States and Territories, are tabulated in basic table 
8, pages 160-185. 

Individual returns and returns of fiduciaries, with net income, 1013-1940: Number 
of returns, net income, tax before tax credits, tax credits, and tax; and individual 
returns with no nei income, 1928-1940: Number of returns, and deficit ' 

[Money figures in thousands of dollars] 





Individual returns and returns of fiduciaries, with net income' 


Year 


Number of returns 


Net income * 


Tax before tax credits 


Total 


Taxable 


Non- 
taxable 


Percent of total 


Normal 
tax 






Tax- 
able 


Non- 
taxable 


Surta.x 


1913 8 


357, 598 
357.515 
33f.. 052 
437. 036 

3. 472. 890 
4,425,114 

5, 332. 760 
7, 259, 944 
6,662.170 

6, 787. 481 

7, P98, 321 
7, 309, 788 
4,171,051 

4. 138, 092 
4,101.547 
4, 070, 851 
4, 044, 327 
3, 707. 509 
3, 225, 924 
3, 877, 430 

3, 723, 558 
4, 094, 420 

4. 575, 012 
5,413.499 
6, 350, 148 
6. 203, 657 
7,633.199 

14, 665, 402 










3, 900, 000 
4, 000, 000 
4, 600, 000 
6. 298, 578 
13, 652. .383 
15,924.^39 
19,859.491 
23. 735. 629 
19.577.213 
21 336. 213 
•0 24.777,406 
25.6.50.153 
21, 894. 576 

21. 958. 506 

22. 545. 091 
25, 226, 327 
24, 800. 736 
18,118,635 
13,604,996 

•0 11.655.909 
11,008,038 
12, 796, 802 
14, 909, 812 
19,240.110 
21,238, .571 
18.897,374 
23.191.871 
36, 588, 540 


12. 729 
10. 559 
23. S90 
51,441 
150, 897 
476. 433 
468, 105 
478, 250 
308. 059 
35.5.410 
10 11 378. 388 
257, 795 
216,360 
200. 599 
21.5,817 
281.895 
162. 332 
129. 475 
82. 302 
156, 006 
104, 277 
123, 201 
152.814 
330, 197 
334. 550 
228, 102 
286, 345 
388. 950 


15.525 


1914 










24, 487 


1915 










43, 948 


19iri .. .. 


302, 970 

2, 707, 234 

3. 392, 863 
4,231,181 
5.518,310 

3, 589, 985 
3,681.249 
4, 270. 121 

4. 489. 698 
2.501.106 
2, 470. 990 
2.440,941 
2, 523. 063 

2. 458. 049 
2, 037. 645 
1, 525. 540 
1.936,095 
1,747,740 
1, 795, 920 
2,110,890 
2,861,108 
3,371,443 
3. 048. 545 

3, 959, 297 
7, 504, 649 


74, 066 
765. 650 
1. 032, 251 
1,101,579 
1,741,034 
3,072,191 
3. 106. 232 
3, 42H, 200 
2, 8S0. 090 
1, 009, 885 
1, 007. 102 
1, 060, 606 
1,517.788 

1, 586, 278 
1.669,864 
1,700,378 
1,941,335 
1,975,818 

2, 298. 500 
2, 404, 122 
2. 552, 391 

2. 978. 705 
3,155, 112 

3, 073, 902 
7,160,813 


83 
78 
77 
79 
76 
54 
54 
55 
61 
60 
60 
59 
61 
61 
55 
47 
50 
47 
44 
46 
53 
53 
49 
52 
51 


17 
22 
23 
21 
24 
46 
46 
45 
39 
40 
40 
41 
39 
39 
45 
S3 
50 
53 
56 
54 
47 
47 
51 
48 
49 


121,946 


1917 


433. 346 


1918 


651.289 


1919 


801.525 


1920 


596. 804 


1921 

1922 


411.327 
474. 581 


1923 


•"••464.918 


1924 

1925 - 


437, ,54 1 
432, 8.53 


1926 

1927 


448, 330 
511,731 


1928 


688. 825 


1929 

1930 


582, 393 
316,816 


1931 


186. 078 


1932 


239,232 


1933 . 


244. 307 


1934 


388. 139 


1935 

193fi 


504. 625 
883. 820 


1937 - 

1938 

1939 


807,019 
25S, 209 
313, 518 


1940 


435, 331 







For footnotes, see p. 60. 



48 



STATISTICS OF INCOME FOR 19 4 — PART 1 



Inditndual returns and returns of fiduciaries, with net income, 1913-1940: Number 
of returns, net income, tax before tax credits, tax credits, and tax; and individual 
returns tcith no net income. 19^S-1040: Xuiuber of returns, and deficit ' — Continued 

[Money figures in thousands of doll.ars] 





Individual roturus and returns of fiduciaries, with net income »— 
Continued 


Individual returns 

with nn net 

income ' 




Tax before tex credits— Con. 


Tax credits 


T.ax» 


Number 
of re- 
turns 




Year 


.\lterna- 
tive tax « 


Tax on 
rapital 
not sain, 

12h 
percent 


Total* 


25 por- 

CtMlt of 

tax on 
earned 
net in- 
come ' 


12H 

percent 

on capital 

net loss 

from sale 

of assets 

hcl-i more 

than 2 

years 


Total 


Deficit 


1913* 






2&254 
41.tM6 
67.944 
173.387 
» 795. 381 

1 ^7 r*"^ 








28. 254 

41.046 

67.944 

173.387 

• 795. 381 

1,127,722 

1, 269. a30 

1,075.0.54 

719. 387 

861.0,57 

't i» 661. 666 

704. 265 

734. .5,=i5 

732,475 

830.639 

1, 164. 254 

1, 001, 938 

476.715 

246. 127 

329. 962 

374. 120 

511,400 

657, 439 

1.214.017 

1,141,569 

» 765, 833 

"928.694 

M 1,496,403 






1914 
















1915 
















1916 .. 
















1917 
















191S 














1919 






1. 269. 630 

1,07,5.0.54 

719.387 

861.057 

10 11 gjjo 222 

743. 939 

766.784 

761. 440 

861. .582 

1,204.170 

1.029.379 

511 713 

287.803 

401.877 

425.019 

511.400 

657.439 

1.214.017 

1. 141. 569 

"76.5.833 

>* 928. 694 

"1,496.403 










1920 
















1921. . 
















1922 




31.066 
"38,916 

4,8.603 
117.571 
11^510 
13^.0,34 
233.451 
284. 6,54 

6.5. 4-22 

19. 4-23 
C.0:J9 

16,435 






1923 








'« 220. .5.5.5 
39.673 
32.229 
28. 969 
30.943 
39.916 
27.441 
34.998 
41. 676 
71.915 
50,899 






1924.. 




30.637 
24. 570 
24.647 
24.915 
34.790 
22,062 
24. 886 
17,491 


9,036 

7,6.59 

4,322 

6.028 

5.126 

5.378 

10.112 

24.185 

71.915 

50,899 






1925 






1926... 




72.829 
92. ,M5 
144. S'i7 
184. 583 
206.293 
168.449 
104. 170 
94.609 
73.272 
83.904 
100.233 
82. 461 
112, 697 




1927 

1928 

1929 




""'499; 213 
1 0''5 130 


1930 




1. .5,39. 4.52 


1931 

1932 




1,936.878 
1 480 922 


1933 




1 141 331 


1934 




412.859 


1935 . 












381 3.53 


1936 












286.632 


1937 












308. 518 
3.54. 1,56 


19:t8 


'* 279. 522 
» 328. 832 




1939 










284, 327 


1940 "543.772 








311,385 

















Individual returns and returns of fiduciaries, u^th net income, 1914-1940. b]/ net 
income classes: Xumber of returtis. net income, tax. and effective tax rate; also aggre- 
gate for individual returns tcith no net incotne. 192S-1940 

NUMBER OF RETURNS > » 



Net income cl9.'!«es 1 ,,-,,, ,„, . 
(Thousands of doUars) ^^'^ ^^^^ 


1916 >« 1 1917 

1 


1918 


1919 


1920 


Individual returns and re- 
turns of fiduciaries, with 
net income: ' 
Under 1 












^ 




1 under 2 








1,640.7.58 
838.707 
560.763 
270.666 
11 '^ .50"^ 


1. .516. 938 

1.496. 878 

932.336 

319. :-o6 

111^ VtQ 


1.924.872 
1 569 711 


2,671 950 


2 under 3 








9 V!Q 31fi 


Sunders 


149.279 

127,448 

5S.603 

14. 676 

5.161 

1,189 

769 

216 

114 

60 


127.994 

120. 402 

60.284 

17.301 

6.847 

1,793 

1,326 

376 

209 

TUT 


157. 149 

150. 553 

80.880 

23.734 

10.452 

2.900 

2,437 

714 

376 


1 180 4-88 ' **7 "" 


5 under 10 

10 under 25 


438. 851 

162,485 

37. 477 

13.320 

2,983 

1.864 

425 

189 

65 


455.442 

171,830 

3S.548 

12,093 

2L191 

1.063 

239 


25 under 50 


30.391 j 28.542 

XO 439 1 Q QQA 


sounder 100 


100 under 150 


3.302 

2.347 

559 

315 

1A1 


2.358 

1,514 

3S2 

178 

67 


150 under 300 


300 under 500 


500 under 1,000 


123 


1,000 and over 


33 










Total individual re- 
turns and returns of 
fiduciaries, with net 
income. 


357,515 


336.652 


429.401 


3,472,890 


4,425.114 


5,332,760 7,259.944 




Grand total 


357. 515 .^^6 ivi') ; A-TQ ii\^ -i .179 son 


4, 425, 114 ^ *''' ~<^ ' ~ '^'•'^ •"-* 
















* * 



For footnotes, see p. 66. 



STATISTICS OF IN'COME FOR 1940 — PART 1 



49 



Individual returns and returns of fiduciaries, with net income, 1914-1940, by net income 
classes: Number of returns, net income, tax, and effective tax rate; also aggregate for 
individual returns with no net income, 1928-1940 — Continued 



NUMBER OF RETURNS i '»— Continued 



et income classes 
(Thousands of dollars) 


1921 


1922 


1923 


1924 


1925 


1926 


1927 


Individual returns and 
returns of fiduciaries, 
with net income:' 
Under 1 


401,849 

2, 440. 544 

2, 222, 031 

1, 072. 146 

353, 247 

132, 344 

28,946 

8,717 

1,367 

739 

162 

63 

21 


402. 076 

2.471.181 

2. 129, 898 

1,190,115 

391, 373 

151. 329 

35,478 

12. COO 

2.171 

1,323 

309 

161 

67 


368,502 

2, 523, 150 

2. 472, 641 

1,719,625 

387,842 

170. 095 

39.8.32 

12. 4.52 

2,339 

1,301 

327 

141 

74 


344.876 

2,413.881 

2.112,933 

1, 800, 930 

437,330 

191. 216 

47, 061 

15.816 

3,065 

1,876 

457 

242 

75 


98.178 

1,071,992 

842,528 

1,327,683 

5a3.652 

23'i, 779 

59. 721 

20.9.58 

4.759 

3,223 

892 

479 

207 


119, 513 

1,045.519 

837. 7^2 

1, 240. 400 

50O. 549 

246, 730 

57, 487 

20,520 

4,724 

3,267 

892 

468 

231 


126,745 
996.098 
855. 762 
1,209.345 
567. 700 
252. 079 
60 123 


1 under 2 

2 under 3 

Sunders 

5 under 10 


10 under 25 . 


25 under 50 . 


sounder 100 


22 573 


100 under 150 


5 261 


150 under 300 .. 


3 873 


300 under 500.. 

500 under 1,000 

1,000 and over 


1,141 
557 
290 


Total individual 
returns and re- 
turns of fiduci- 
aries, with net 
income 


6, 662. 176 


6. 787. 481 


7, 698, 321 


7, 369, 788 


4,171,051 


4,138,092 


4 101 547 


Grand total 






6, 662, 176 


6, 787, 481 


7, 698, 321 


7,369,788 


4,171,051 


4.138,092 


4, 101, 547 



Net income cla-<:ses 
(Thousands of dollars) 



Individual returns and 
returns of fiduciaries, 
with net income:' 
Under 1. 

1 under 2.. 

2 under 3 

3 under 5 

5 under 10 

10 under 25 

25 under 50 

sounder 100 

100 under 150... 

150 under 300 

300 under 500 

500 under 1.000 

1,000 and over 

Total individual 
returns and re- 
turns of fiduci- 
aries, with net 

income 

Individual returns with 
no net income '- 

Grand total 



1928 



111,123 

918, 447 

837, 781 

1, 192, 613 

628, 766 

270.889 

68,048 

27,207 

7.049 

5.678 

1,756 

983 

511 



4,070,851 

72.829 



1929 



126. 172 

903.082 

810,347 

1,172.655 

658.039 

271,454 

63,689 

24, 073 

6, 376 

5,310 

1,641 

976 

513 



1930 



150,000 

909.155 

767.684 

1, 070, 239 

550,977 

198. 762 

40.845 

13. 645 

3,111 

2,071 

552 

318 

150 



1931 



185.391 

862, 153 

675, 019 

912,630 

417,655 

137. 754 

24.308 

7,830 

1,634 

1,056 

268 

149 

77 



4, 044, 327 

92,545 



3,707,509 3,225,924 

144. 867 184, 583 



359.688 

1, 489, 589 

967, 9.56 

703. 755 

251.014 

79, 210 

18,480 

5,902 

995 

595 

140 

86 

20 ! 



1933 



1934 



397, 676 

1,480,717 

914,198 

599. 075 

229,754 

75,643 

18,423 

6,021 

1,084 

695 

141 

81 

50 



3,877,430 
206,293 



4,143,680 4,136,872 \ 3,852,376 , 3,410,507 I 4,083,723 \ 3,892,007 ; 4,198.590 



3. 723, 558 
168,449 



320,460 

,608,095 

980.682 

762, 536 

290,824 

102. 892 

20,931 

6.093 

982 

690 

116 

86 

33 



4,094,420 
104. 170 



For footnotes, see p. 66. 



50 



STATISTICS OF INCOME FOR 1940 — PART 1 



Individual retvrns and returns of fiduciaries, with net income, 1914-1940, by net 
income classes: Number of returns, net income, tax, and effective tax rate; also 
aggregate for individual returns with no net income, 1928-1940 — Continued 
NUMBER OF RETURNS ' "—Continued 



NPt income classes 
(Thousands of dollars) 


1935 


1936 


1937 


1938 


1939 


1940 


Individual returns and re- 
turns nf fiduciaries, with 
net income: 2 


299, 594 

1,777.931 

1,123.699 

873. 673 

339. 842 

123. .564 

26. 029 

8,033 

1, 395 

896 

206 

109 

41 


277, 803 

2. 1 1 1 . 789 

1,317,752 

1,029,144 

440. 886 

176.649 

41.137 

13. 6?0 

2. 606 

1, 544 

330 

178 

61 


297,143 

2, 524, 763 

1,571,996 

1,251,213 

471, 171 

178,446 

38, 948 

12.318 

2,269 

1, 358 

312 

162 

49 


389. 871 

2, 433, 949 

1,614,982 

1,172.409 

41 5. .596 

140.781 

26. 3:^6 

7,259 

1,326 

766 

207 

118 

57 


374, 223 

3. 0''6. 444 

2, 060. 540 

1,468,402 

484, 6«8 

164. 707 

31.992 

9,272 

1,618 

935 

212 

111 

45 


1.941.122 


1 un'^er 2... 

2 under 3 


5. 0?6. .595 
5,261.991 
1, 6.52. 825 


5 under 10 


539.1.59 




189. 291 


25 under 50 


37. 264 


50 under 100 


10. 673 


100 under 150 


1,964 


150 under 300 


1,131 


300 under 500 

500 under 1 .000 


267 
128 


1,000 and over 


52 






Total individual returns 
and returns of fiduci- 
aries, with net income_ 
Individual returns with no 
net income 3 . 


4,57,5,012 
94, 609 


5, 413, 499 
73, 272 


6, 350, 148 
83. 904 


6, 203, 657 
100, 233 


7, 633, 199 
82,461 


14, 665, 462 
112,697 






Grand total 


4, 669. 621 


5, 486, 771 


6, 434, 052 


6, 303, 890 


7, 715, 060 


14, 778, 159 







NET INCOME OR DEFICIT i >» 
[Net income classes and money figures in thousands of dollars] 



Net income classes 


1916 


1917 


1918 


1919 


1920 


1921 


Individual returns and re- 
turns of fiduciaries, with 
net income: 2 
Under 1 












213,8,50 






2.461.137 

2. 064. 977 

2,115.865 

1,827.508 

1,687,166 

1,042.320 

846, 894 

400. 492 

474. 652 

209. 905 

214.631 

306, 836 


2, 232, 355 

3, 626, 825 

3,535,219 

2,145,690 

1, 736. .548 

978, 043 

679, 721 

284. 107 

305. 025 

144. .545 

119,076 

137, 487 


2.829,113 

3, 807, 286 

4.513,264 

2.9,54,137 

2,412,276 

1,277,365 

896, 497 

3.58, 393 

371,149 

1.59.071 

128. 290 

152.650 


4, 050, 067 

6. 184. .543 

5. 039. 607 

3. 068, 331 

2, 547. 905 

1,307,785 

810,386 

26.5,512 

21.5,139 

89.314 

79. 963 

77. 078 


3, 620, 762 


2 under 3 




5.325.931 


3 under 5 - .. 


624. 669 
1.037.248 
1,23.5,016 
822. 662 
722. 795 
357. 355 
505. 859 
271.938 
256. 771 
464. 264 


4. 054. 891 


5 under 10 


2, 378. 759 




1,958,1.56 


25 under 50 

50 under 100 ... - . 


979. 629 
582. 230 


100 under 150 


163, 521 


150 under 300 -.. 


14.5. 948 


300 under 500 


61,343 


500 under 1,000 

1,000 and over 


42. 780 
49.411 






Total individual re- 
turns and returns of 
fiduciaries, with net 
income 


6. 298, 578 


13, 652, 383 


15,924,639 


19, 859, 491 


23, 735, 629 


19, 577, 213 







Net income classes 


1922 


1923 


1924 


1925 


1926 


1927 


Indiviilual returns and re- 
turns of fiduciaries, with 
net income: 2 

Under 1 


247, 564 

3,630,571 

5,153,497 

4, 500. 5.58 

2,641,905 

2, 25.5, 872 

1, 208, 274 

805, 224 

260, 204 

266,814 

116,672 

107, 671 

141,387 


2,52, 513 

i» 3. 693.642 

'" 6, 073, 444 

'"6.469,195 

'0 2, 6,53, 026 

10 2, 538. 079 

1, 3.50, 680 

833, 898 

280, 656 

260. .584 

124,569 

95, 107 

152,072 


235, 4,52 

3, 564, 474 

5, 277, 147 

6, 827, 924 

2,991,188 

2, 855. 397 

1,599,848 

1,066,784 

377, 645 

374, 609 

171,249 

158,462 

15.5,974 


58, 306 

1, 774, 602 

2, 047. 970 
5, 236, 003 

3, 463, 852 
3, 544, 898 
2, 032, 239 
1,41.8,948 

572, 860 
65.5. 300 
339, 774 
327, 368 
422, 457 


67, 238 
1,747,917 

2. 042, 903 
4, 872, 789 
3, 838, 953 

3, 660, 622 
1,9.54,6.53 
1,389.339 

570. 190 
661,412 
340, 214 
317,881 
494, 394 


72, 231 




1,645,576 


2 under 3 


2, 062, 275 


3 under 5 

5 under 10... 

10 under 25 .. 


4,700.816 
3, 895, 759 
3, 748, 0.58 


25 under .50 - 

50 under 100 

100 under 1.50 . 


2,051,771 

1, ,53,5, 387 

636, 019 


l.'^O under 300 


787, 270 


300 under .500 _ 


431, 122 


500 under 1,000 


378, 1 67 


1,000 and over 


600, 641 






Total individual re- 
turns and returns of 
fiduciaries, with net 
income 


21,336,213 


i« 24, 777, 466 


25, 656, 153 


21, 894, 576 


21, 958, 506 


22, 545, 091 





For footnotes, see p. 60. 



STATISTICS OF INCOME FOR 1940 — ^PART 1 



51 



Individual returns and returns of fiduciaries, with net income, 1914~i940, by net 
income classes: Number of returns, net income, tax, and effective tax rate; also 
aggregate for individual returns with no net income, 1928-1940 — Continued 

NET INCOME OR DEFICIT i n— Continued 

[Net income classes and money flgures in thousands of dollars] 



Net income classes 


1928 


1929 


1930 


1931 


1932 


1933 


Individual returns and returns 
of fiduciaries, with net in- 
come: ^ 
Under 1 . 


64,535 

1. 526, 832 
2. 030, 901 
4,648,098 
4. 282. 520 
4,037,853 

2. 326. 503 
1,857,878 

850. 451 

1, 157, 131 

663, 900 

670. 862 

1,108,863 


73, 742 

1, 499, 908 

1,958.595 

4, 572, 596 

4,481.576 

4,025.233 

2, 174. 458 

1, 646. 476 

770. 536 

1,087.410 

628, 229 

669, 878 

1,212,099 


86,892 

1,494.526 

1,864.162 

4,151,967 

3, 723, 763 

2. 922. 750 

1,383.619 

919. 040 

374. 171 

419.016 

207, 131 

211.693 

359, 905 


106, 622 

1,399,430 

1.641.594 

3.515.716 

2, 807. 001 

2, 006, 721 

820. 648 

528. 049 

196.598 

212. C59 

102. 186 

102,311 

166,060 


231, 140 

2. 145, S34 

2.437.251 

i" 2. 597.915 

1, 677, 039 

1,160.398 

629, 639 

393, 206 

119.896 

118,008 

52, 469 

57, 874 

35, 240 


264 784 


1 under 2 

2 under 3 


2. 093. 292 
2. 295. .586 


3 under 5 


2, 207, 458 


fi under 10.. 


1, 537. 875 


10 under 25 


1,112.086 


25 under 50 


630. 0C5 


50 under 100 


401.049 


100 under 150 


129. 1.59 


150 under 300 


139,215 


300 under 500 


£4. 570 


500 under 1,000 


56. 700 


1,00C and over 


86. 857 






Total individual returns 
and returns of fidu- 
ciaries, with net in- 
come 

Individual returns with no 
net income 3 


25, 226, 327 
V 499, 213 


24, 800, 736 
"1,025,130 


18, 118, 635 
'■1,539,452 


13, 604, 996 
1" 1, 936, 878 


"11,655,909 
1" 1,480,922 


11,008,038 
V 1, 141, 331 











Net income classes 


1934 


1935 


1936 


1937 


1938 


1939 


1940 


Individual returns and 
returns of fiduciaries, 
with net income: 2 
Under 1... 


211,113 

2, 277. 726 

2. 467, 851 

2, 839, 348 

1,952,891 

1,513,592 

708, 530 

405, 976 

117,744 

140, 960 

43,832 

59,464 

57, 775 


198, 900 

2,534,828 

2.831,583 

3, 249, 107 

2, 283, 402 

1, 822, 271 

882. 309 

535. 772 

166.379 

179.911 

77. 907 

73.811 

73, 630 


187.113 

3.011,409 

3. 325, 252 

3.821,708 

2.977,790 

2. 628, 692 

1,400.493 

913.518 

311,279 

307, 930 

124, 523 

122, 762 

107, 641 


202. 401 

3. 592, 283 

3, 980, 864 

4.646,965 

3.170,571 

2.639,518 

1,319,431 

824. 261 

272, 264 

272, 724 

117,477 

114.399 

85,416 


259. 833 

3, 430, 143 

4,091.500 

4,317.709 

2, 783, 893 

2, 059. 779 

886. 398 

484, 768 

158.413 

154, 996 

78. 441 

81. 396 

110, 103 


253,911 

4, 327, 850 

5.201.699 

5,434,218 

3.241.405 

2,416,728 

1, 079, 972 

617.798 

193, 959 

187. 482 

81.387 

74. 090 

81, 370 


1, 525, 260 


1 under 2 


7,361,338 


2 under 3 _ 

3 under 5 . 


12.583.G32 
6,014,768 


5 under 10 

10 under 25.. 


3.604,433 
2. 785. 641 


25 under 50 


1,257.086 


sounder 100 


712,495 


100 under 150 

150 under 300 


235, 754 
226. 596 


300 under 500 


101.7,56 


500 under 1,000 

1,000 and over. 


84, 224 
95. 564 


Total individual re- 
turns and returns 
of fiduciaries, 
with net income. 
Individual returns with 
no net income ' . . 


12,796,802 
1' 412, 859 


14, 909, 812 
" 381, 353 


19,240,110 
I' 286, 632 


21, 238, 574 
'7 308, 518 


18, 897, 374 
' 354, 156 


23, 191, 871 
"' 284, 327 


36,588,546 
" 311, 385 







For footnotes, see p. 66. 



52 



STATISTICS OF INCOME FOR 194 — PART 1 



Individual returns and returns of fiduciaries, with net income, 1914-1940, by net 
ijicome classes: Number of returns, net income, tax, and effective tax rate; also aggre- 
gate for individual returns with no net income, 1928-1940 — Continued 

TAXI" 

[Net income classes and money figures in thousands of dollars] 



Net income classes 


1916 


1917 


1918 


1919 


1920 


1921 


Individual returns and returns of 
fiduciaries, w ith net income; ^ 












174 






16, 244 
9,097 
18, 283 
44, 066 
80, 695 
76, 593 
85, 028 
55, 766 
86,718 
50, 228 
59, 349 
109, 425 


26, 482 
35,415 
82, 929 
93. 0.58 
142, 449 
130, 241 
147, 429 
95, 680 
136,156 
79. 165 
69. 834 
88, 885 


24, 696 

23 258 
75.915 
91,538 
164,833 
1.54,946 
186, 358 
118,705 
163. 095 
86,031 
76. 228 
99,027 


36, 860 

45, 508 
83, 4P6 
97, 886 
172, 259 
1,54, 265 
163,718 
86, 588 
92 604 
47.043 
45,641 
49, 185 


29, 161 


2 under 3 




20.712 




776 
6,301 
11,037 
11,603 
16. 299 
12,423 
24. 007 
17,951 
20, 902 
61,487 


42, 744 


5 under 10 


6S, 871 


10 under 25 


1 26. 886 


25 under 50 .. 


112,910 


50 under 100..-. 


115,712 


100 under 150 


52, 330 


150 under 300 


61,496 


300 under 500 - 


31,860 


500 under 1.000 


25,112 


1,000 and over 


31,420 






Total individual returns and 
returns of fiduciaries, with 
nci income 


173,387 


691,493 


1,127.722 


1, 269. 630 


1,075,0.54 


719, 387 







Net income classes 


1922 


1923 


1924 


1925 


1926 


1927 


Individual returns and returns of fiduci- 
aries, with net income: ' 

Under 1 


247 
27, 081 
20. 730 
47. .533 
70. 388 
123.576 
125.697 
144.093 
71.337 
98.810 
43, 488 
38. 559 
49,518 


317 

i« 18, 2.53 

10 16.606 

iMfi.048 

1'' .54. 075 

10 103, 109 

103, 601 

108, 879 

55.719 

62. 104 

31.669 

25. 498 

35, 788 


146 
10, 432 
10.207 
26, 865 
28, 828 
78, 069 
109.300 
136, 636 
75. 678 
92 481 
45. 771 
42. .585 
47, 207 


69 

1,704 

3,809 

8, 326 

19.149 

74,172 

120,689 

147.843 

79. 472 

103. 059 

55. 722 

,53. 674 

66, 867 


56 

1, 761 

4.217 

7,245 

20,272 

72. 466 

112.797 

140. 947 

77,900 

103. 997 

.55, 256 

,53, 666 

81,893 


40 


1 undei 2 


1,234 


2 under 3 


3.970 
6 .508 


3 under 5 


5 under 10 


20. 665 


10 under 25 


74 226 


25 under 50 


119 475 


50 under 100 


156, 675 


100 under 150 


87, 398 
123 776 


].50undei 300 


300 under 500 


73 750 


500 under 1,000 


64 265 


1,000 and over 


98, 657 




Total individual returns and re- 
turns of fiduciaries, with net in- 
come. 


861,057 


10 661, 666 


704, 265 


734, 656 


732, 471 


830, 639 




Net income classes 


1928 


1929 


1930 


1931 


1932 


1933 


Individual returns and returns of fi- 
duciaries, with net income: 2 
Under 1 


60 

1,550 

4,317 

7,475 

22,8 6 

82. 7,58 

136. ,568 

194,447 

116,855 

182, 514 

113,2.50 

116,424 

185, 140 


17 

653 

1,404 

2,413 

9, 551 

.59, ,893 

113.904 

160,814 

99, 560 

159, 221 

97. 336 

106, 219 

191,054 


37 

1,269 

3,310 

5, 3,52 

17,448 

49, 561 

72, 708 

87. 379 

48. 749 

62. 463 

33. 0.53 

34, 289 

61,098 


24 

943 

2.466 

3,832 

12,407 

31., 897 

40, 096 

44, 780 

23. 135 

28. 793 

15.411 

15,457 

26, 886 


103 
12.2,54 
9,822 
20, 895 
3.5.615 
50, 1 .50 
43. ,546 
47, 1 .50 
24. 469 
31.912 
18. 5,54 
19,016 
16,476 


97 


1 undei 2 


10, 345 
7 710 


2 under 3 


3 under 5... 


18 397 


6 under 10 


35 077 


10 under 25 


.54 977 


25 under .50 


62,355 
57 491 


50 under 100 


100 under 1.50 


30 369 


1.50 under 300 


40 412 


300 umler 500 


17 910 


500 under 1,000.. 


21 221 


1,000 and over 


27 759 






Total individual returns and re- 
turns of fiduciaries, with net 
income 


1.164.2.54 


1,001,938 


476, 715 


246,127 


329,962 


374, 120 









For footnotes, see p. 66. 



STATISTICS OF ESTCOME FOR 194 — PART 1 



53 



Individual returns and returns of fiduciaries, with net income, 1914-1940, by net 
income classes: Number of returns, net income, tax, and effective tax rate: also 
aggregate for individual returns with no net income, 1928-1940 — Continued 

TAX 1 15— Continued 
[Net income classes and money figures in thousands of dollars] 



Net income classes 


1934 


1935 


1936 


1937 


1938 


1939 


1940 


Individual returns and re- 
turns of fiduciaries, with 
net income- ' 
Under 1 


111 

8. 659 
7, 567 
18,349 
43, 086 
83, 960 
84, 907 
84, 792 
38.166 
57, 995 
20, 854 
30. 745 
32,211 


125 

10.058 

9,311 

20, 738 

48. 728 

103. 754 

106, 670 

112.816 

54,132 

74. 039 

37. 245 

38.323 

41, 499 


331 

14,010 

13, 988 

32, 232 

79! 369 

175. 613 

191.339 

216.045 

116,156 

147. 381 

71.470 

78, 945 

77. 138 


468 

17, 262 

15, 622 

38, 852 

83, 529 

175,709 

179, 395 

194. 507 

102. 062 

131.060 

67, 489 

74, 156 

61, 457 


719 
15, 202 
13, 789 
33,920 
71. 6,54 
134, 162 
120, .594 
116.989 
58, 224 
69. 744 
39, 832 
42. 353 
48. 035 


744 
21.422 
21. 374 
47,424 
83, 430 
158.1.56 
1 16. 937 
146. 686 
71.970 
88. 234 
44.237 
44.598 
53. 181 


2,115 


1 under 2 . 


57, 727 


2undor3 


49, 826 


3 under 5 


78.830 


Sundet 10. 


119. ,541 


10 under 25 


253, 227 


25 undiT .50 

50 under 100. 


270.9.56 
251.414 


100 under 150 . 


110,629 


150 under 300 


122 832 


300 under 500 - 


61.041 


500 under 1,000 


51,173 


1,000 and over . . 


66, 619 






Total individual returns 
and returns of fidu- 
ciaries, with net in- 
come- _ 

Individual returns with no 
net income " 


511, 400 


657, 439 


1,214,017 


1, 141, 569 


765, 218 
615 


928, 394 
300 


1,495,930 
473 














Grand total . 


511,400 


657, 439 


1,214,017 


1,141,569 


765, 833 


928, 694 


1, 496, 403 







EFFECTIVE TAX RATE (PERCENT) 1 » 



Net income classes 
(Thousands of dollars) 


1916 


1917 


1918 


1919 


1920 


1921 


1922 


1923 


1924 


Under 1 












0.08 

.81 

.39 

1.05 

2.90 

6.48 

11., 53 

19.87 

32.00 

42.14 

51.94 

5.«. 70 

63. 59 


0.10 

.75 

.40 

1.06 

2.66 

5.48 

10.40 

17.89 

27.42 

37.03 

37.27 

35.81 

35.02 


0.13 

.49 

.27 

.71 

2.04 

4.06 

7.67 

13. 06 

19. 85 

23.83 

25.42 

26.81 

23. 53 


0.06 


1 under 2 




0.66 

.44 

.86 

2.41 

4.78 

7.34 

10.04 

13.92 

18.27 

23.93 

27.63 

35.65 


1.19 

.98 

2. 35 

4.34 

8.20 

13.32 

21. 69 

33. 68 

44.64 

54. 77 

58. 65 

64.65 


6.87 

.74 

1.68 

3.10 

6.83 

12. 13 

20.79 

33.12 

43.94 

54.08 

59.42 

64.87 


0.91 

.74 

1.66 

3.19 

6.76 

11.80 

20.20 

32.61 

43. 04 

52. 67 

57. 08 

63.81 


.29 


2 under 3_ 




.19 


3 under 5.. 


0.12 

.61 

.94 

1.41 

2.25 

3.48 

4.75 

6.60 

8.14 

11.09 


.39 


6 under 10.. 


.96 


10 under 25 . . 


2.73 


25undei 50 


6.84 


sounder 100 


12.81 


100 under l.'iO-. 


20. 04 


150 under 300 


24. 69 


300 under 500 


26.73 


500 under 1,000 


26.87 


1,000 and over. . 


30.27 






Total individual re- 
turns and returns of 
fiduciaries, with net 
income. 


2.75 


5.06 


7.08 


6.39 


4.53 


3.67 


4.04 


2.67 


2 74 







Net income classes 
(Thousands of dollars) 


1925 


1926 


1927 


1928 


1929 


1930 


1931 


1932 


1933 


Under 1.. 


0.12 

.10 

.19 

.16 

.55 

2.09 

6.94 

10.42 

13. 87 

15.73 

16.40 

16.39 

15.83 


0.08 

.10 

.21 

.15 

.52 

1.98 

5.77 

10.14 

13.66 

15.72 

16.24 

16.88 

16.56 


0.06 

.07 

.19 

.14 

.53 

1.98 

5.82 

10.20 

13.74 

15.72 

17.11 

16.99 

16.42 


0.09 
.10 
.21 

.16 
.53 
2.05 
5.87 
10.47 
13.74 
15.77 
17.06 
17.35 
16.70 


0.02 

.04 

.07 

.05 

.21 

1.49 

5.24 

9.77 

12.92 

14.64 

15.49 

15.86 

15.76 


0.04 

.08 

.18 

.13 

.47 

1.70 

.5.25 

9.51 

13.03 

14.91 

15.96 

16.20 

16.98 


0.02 

.07 

.15 

.11 

.44 

1.59 

4.89 

8.48 

11.77 

13.58 

15.08 

15.11 

16.19 


0.04 

.57 

.40 

.80 

2.12 

4.32 

6.92 

11.99 

20.41 

27.04 

35.36 

32.86 

46.75 


0.04 


1 under 2 


.49 


2 under 3.. 


.34 


3 under 5.. 


.83 


Bunder 10 


2.28 


10 under 25. 


4.94 


25 under 50.. 


8.31 


50 under 100 


14.34 


100 under 150 


23. 51 


1.50 under ,300 


29.03 


300 under 500 


32.82 


500 under 1.000 .. 


37.43 


1,000 and over .. 


31.96 






Total individual re- 
turns and returns of 
fiduciaries, with 
net income 


3.35 


3.33 


3.68 


4.62 


4.04 


2.63 


1.81 


2.83 


3.40 







For footnotes, see p 66. 



54 



STATISTICS OF INCOME FOR 1940 — PART 1 



Individual returns and returns of fiduciaries, with net income, 1914-1940, by net 
income classes: Number of returns, net income, tax, and effective tax rate; also 
aggregate for individual returns with no net income, 1928-1940— Continued 

EFFECTIVE TAX RATE (PERCENT)' "—Continued 



Net income classes 
(Thousands of dollars) 


1934 


1935 


1936 


1937 


1938 


1939 


1940 


Under 1 


0.05 

.38 

.31 

.65 

2.21 

5. 55 

11.98 

20.89 

32.41 

41.14 

47.58 

51. 70 

55.75 


0.06 

.40 

.33 

.64 

2.13 

5.69 

12.09 

21.06 

32.54 

41.15 

47.81 

51.92 

56.36 


0.18 

.47 

.42 

.84 

2.67 

6.68 

13. 66 

23. 65 

37.32 

47.86 

57.40 

64.31 

71.66 


0.23 

.48 

.39 

.84 

2.63 

6.66 

13.60 

23.60 

37.49 

48.06 

57.45 

64.82 

71.95 


0.28 

.44 

.34 

.79 

2. ,57 

6.51 

13.60 

24.13 

36.75 

45. 00 

50,78 

52.03 

43.03 


0.29 

.49 

.41 

.87 

2.57 

6.54 

13.61 

23. 74 

37.11 

47. 06 

54. 35 

60. 19 

65.36 


14 


1 under 2 _ 


78 


2 under 3.. 


.40 


3 under 5 . 


1 31 


5 under 10 


3 32 


10 under 25 


9 09 


25 under 50 


21 55 


50 under 100 


35 29 


JOO under 150 ... .* 


46 93 


150 under 300 


54 21 


300 under 500 


59 99 


600 under 1,000 


60 76 


1,000 and over 


69 71 






Total individual returns and returns of 
fiduciaries, witli net income.. 


4.00 


4.41 


6.31 


5.37 


4.05 


4.00 


4.09 



Individual returns and returns of fiduciaries, with net income, 1916-1940, and indi- 
vidual returns with no net income, 1928-1940: Sources of income, deductions, and 
net income or deficit ' ^ is 

[Thousands of dollars] 



Distribution 


1916 


1917 '« 


1918 


1919 


1920 


1921 


Income: 2» 

Salaries, wages, commis- 
sions, etc. 21 


1.851,277 
3* 2, 637, 475 

(35) 
(3J) 

643, 803 

2, 136. 469 

379, 795 

(39) 

701, 084 


3. 648, 438 

2,865.413 

775, 087 

318. 171 

684. 343 

2, 848, 842 

(30) 
(36) 

936, 715 


8. 267, 392 
3, 124. 355 

1, 214. 914 

291, 186 
975, G80 

2, 468, 749 

(37) 
(36) 

1, 403, 486 


10. 755, 693 
3, 877, 550 
1, 831, 430 

999, 364 

1, 019, 094 

2, 453. 775 

(37) 

63, 377 
1, 437, 402 


'« 15,322, 873 
i»3, 21.5. 5.55 
10 1, 706, 229 

1. 020, 543 
1,047,424 

2, 735, 846 

(37) 

61, 550 
i» 1, 580, 2.50 


13 813 169 


Business profit .._ _ 

Partnership profit " 

Profit from sales of real 

estate, stocks, bonds, 

etc ._ 


2, .366. 319 
1, 341, ISO 

462 859 


Rents and royalties 

Dividends received 23 

Income from fiduciaries 2<_ 
Interest on partially tax- 
exempt Government ob- 
ligations " 


1, 177, 9,58 

2, 476, 952 

(37) 

46 994 


Interest and otiier in- 
come 29 


1, 643, 344 






Total income.. 


8, 349, 902 


12,077.009 


17.745,761 


22. 437, 086 


26, 690. 270 


23, 328. 782 


Deductions: 2« 

Net loss from sales of real 
estate, stocks, bonds, 
etc 


(39) 

} m 

] (") 

(39) 

2, 051, 324 


(39) 
(39) 

(39) 

245. 080 
640, 683 


(39) 
(39) 

(39) 
(39) 

1,821,122 


(39) 
(39) 

(39) 
(39) 

2, 578, 194 


(39) 
(39) 

(39) 

387, 290 
2, 567, 351 


(39) 
(39) 


Net loss from business 

Net loss from partnership. 
Interest paid . . 


Taxes paid 

Contributions " 

Other deductions 28 _ 


(39) 
(39) 

3, 751, 569 


Total deductions 28 


2, 051, 324 


885. 763 


1,821,122 


2,578,194. 


2. 954, 641 


3, 751, 569 


Net income 


6, 298, 578 


11,191,246 


15, 924, 639 


19, 859, 491 


23, 735, 629 


19, 577, 213 





For footnotes, see p. 66-67. 



STATISTICS OF INCOME FOR 194 — PART 1 



55 



Individual returns and returns of fiduciaries, with net income, 1916-1940, and indi- 
vidual returns with no net income, 1928-1940: Sources of income, deductions, and 
net income or deficit ^ ^ ^^ — Continued 

[Thousands of dollars] 



Distribution 


1922 


1923 '0 


1924 


1925 


1926 


1927 


Income: "> 

Salaries, wages, commis- 

sion<:, ete.2' 

Business profit . 


13, 693, 993 
2, 839, 771 
1, 427, 127 

742, 104 

249. 248 

1, 224, 929 

2, 664, 219 
257, 928 

33, 989 
} 1, 738, 601 


14. 19.5, 356 
4, 722, 766 
1, 676, 409 

863, 107 

305. 394 
1, 814. 126 
3, 119.829 

329, 124 

43, 711 
2, 177, 771 


13,617,663 
4, 755, 483 
1, 810, 014 

1, 124, 566 

389, 148 

2, 009, 716 

3, 250, 914 
310, 144 

29, 645 
2, 281, 703 


9, 742, 160 
3, 688, 804 
1, 827, 025 

1, 991, 659 

940. 569 
1, 471, 332 
3, 464. 625 

305. 806 

25, 651 
1, 814, 402 


9, 994, 315 

3, 572, 895 
1, 732, 581 

1, 465, 625 

912.917 
1, 450, 760 

4, 01 1, 590 
333, 365 

36. 782 
1, 936, 604 


10, 218, 450 

3, 287, 421 
1, 755, 145 

1, 813, 396 

1, 081, 186 
1, 302, 276 

4, 251, 829 
421, 48.1 

47, 479 
f 1,675.916 
I 350. 981 


Partnership profit 22 

Profit from sales of real 
estate, stocks, bonds, 
etc., other than taxed as 
capital net gain from sales 
of assets held more than 
2 years 


Capital net gain from sales 
of assets held more than 
2 years 29 


Rents and royalties _ 

Dividends received 23 

Income from fiduciaries 2<. . 

Interest on partially tax- 
exempt Government ob- 
ligations 23 _.. 


Other taxable interest 

Other income 26 . . 




Total income 


24, 871. 908 


29, 247. 593 


29, 578. 997 


25. 272, 035 


25. 447, 436 


26, 208. 561 




Deductions: 20 

Net loss from sales of real 
estate, stocks, bonds, 
etc 


(39) 


(39) 


(39) 
(39) 

(36) 
(39) 

533, 168 
3, 389, 675 


(39) 
(39) 

(39) 
(39) 

441. 590 
2, 935. 868 


178, 216 

(39) 
(39) 

(39) 

484, 205 
2, 826, 509 


227, 879 

(39) 
(39) 

(39) 


Capital net loss. 


Net loss from business 

Net loss from partnership. . 

Interest paid 

Taxes paid . _ _ 


} (3«) 
} ('») 

425, 218 
3,110,478 


(39) 
(39) 

534, 797 
3, 935, 330 


Contributions 2?. 


.507 705 


Other deductions 28 


2, 927. 886 


Total deductions 29 


3, 535, 696 


4. 470, 127 


3, 922. 843 


3, 377. 458 


3, 488. 930 


3, 663. 470 


Net income 


21, 336, 213 


24, 777, 466 


25, 656, 153 


21. 894, 576 


21, 958, 506 


22, 545, 091 





For footnotes, see pp. 66-67. 



56 



STATISTICS OF INCOME FOR 1940 — PART 1 



Individual returns and returns of fiduciaries, with net income, 1916-1940, and indi- 
vidual returns with no net income, 1928-1940: Sources of income, deductions, and 
net income or deficit i ^ is — Continued 

[Thousands of dollars] 





1928 


1929 


1930 


Distribution 


Individual 
returns 
and re- 
turns of 

fiduciaries, 
with net 
income 


Individual 
returns 
with no 

net income 


Individual 
returns 
and re- 
turns of 
fiduciaries, 
with net 
income "> 


Individual 
returns 
with no 

net income 


Individual 
returns 
and re- 
turns of 

fiduciaries, 
with net 
income 


Individual 
returns 
with no 

net income 


Income: 20 

Salaries, wages, commis- 
sions, etc.2' 


10. 862, 331 

3, 243, 955 
1, 929, 520 

2, 928, 142 

1, 879, 780 
1, 164, 518 

4, 350, 979 
443, 998 

40, 553 

1,841.818 

302. 040 


82. 193 
32,811 

16, 631 

63, 584 

274 
67, 071 
88, 984 

17, 577 

1,763 
} 59, 760 


11,173,068 

3, 327, 989 
1, 846, 431 

2, 335, 898 

2, 346, 704 
1, 278, 757 

4, 783, 240 
508, 221 

40, 184 
f 1,908.030 
\ 296, 235 


199. 654 
58.413 
49, 533 

85, 265 

1, 426 

79. 984 

297. 726 

12, 209 

2,864 
} 115, 177 


9, 921, 952 
2, 628, 057 
1, 089, 646 

636, 738 

556, 392 

974. 325 

4, 197, 304 

429, 459 

38, 134 
f 1.608,434 
I '0 239, 004 


283, 727 
69, 697 


Partnership profit 22 

Profit from sales of real 
estate, stocks, bonds, 
etc., other than taxed as 
capital net gain from 
sales of assets held more 
than 2 years. 


57, 260 
1 


Capital net gain from sales 
of ass'ts held more than 
2years29 _ 


1 08,135 


Bents and royalties 

Dividends received " 

Income from fiduciaries 24. 
Interest on partially tax- 
exempt Government ob- 
ligations 25 _ 


103, 400 

434, 988 

19, 843 

5,738 


Other taxable interest 

Other income 29_ _ _ _ 


} 161. 536 






Total income 


28. 987, 634 


420, 649 


29. 844, 758 


902, 251 


'"22,319,446 


1, 204, 383 


Deductions- 2» 

Net loss from sales of real 
estate, stocks, bonds, 
etc .-- - --- --- 


171,743 

(39) 
(39) 

} (?') 

532, 886 
3, 0.'iO, 679 


144, 561 

(39) 

(39) 

f (3») 

1 125. 990 

8. 465 

640, 847 


} 994, 665 

(39) 
} (") 

527. 093 
3, 522, 265 


838, 984 

(39) 

f (") 
\ 156. 0.54 
13.016 
919, 327 


1, 232, 776 
172, 538 

•» 417, 771 
« 2, 377, 726 




Capital net loss 


1, 307, 143 


Net less from business 

Net loss from partner- 
ship 22 - 


570,023 


Interest paid _ 


1 31. 536 

16. 030 

818, 503 


Taxes paii 3o 

Contributions'' 

Other deductions « 


Total deductions 2' 


3. 761. 308 


919, 862 


5, 044. 023 


1, 927. 381 


» 4. 200,811 


2, 743, 835 


Net income or deficit 


25. 226. 327 


>' 499, 213 


24. 800. 736 


1' 1, 025. 130 


18,118,635 


" 1, 539, 452 



For footnotes, see pp. 06-07. 



STATISTICS OF ESTCOME FO'R 1940 — PART 1 



57 



Individual returns and returns of fiduciaries, with net income, 1916-1940, and indi- 
vidual returns with no net income, 1928-1940: Sources of income, deductions, and 
net income or deficit i ^ is — Continued 

[Thousands of dollars] 





1931 


1932 


1933 


Distribution 


Individual 

returns 
and returns 
of fiduci- 
aries, with 
net income 


Individual 
returns 
with no 

net income 


Individual 

returns 
and returns 
of fiduci- 
aries, with 
net income 


Individual 
returns 
with no 

net income 


Individual 

returns 
and returns 
of fiduci- 
aries, with 
net income 


Individual 
returns 
with no 

net income 


Income: 'o 

Salaries, wages, commis- 
sions, etc. 2' 

Business profit 


8, 325. 162 

1, 889, 759 

729, 523 

301, 664 

169. 949 

770, 764 

3, 113,861 

369, 140 

25, 325 

1, 337, 606 

235. 696 


305, 684 
73, 186 
47, 754 

\ 29, 573 

117,059 

485, 616 

29, 438 

5,138 
} 206, 302 


8, 136, 717 

1, 294, 952 

482, 863 

f 112, 814 

I 50.074 

529. 989 

1,972.133 

310, 949 

29. 188 
f 1,141.799 
I 330, 602 


219,716 
54, 880 
28,612 

[ 20,602 

105, 609 

216, 544 

18, 843 

4.235 
131.993 
30. 5,59 


7, 390, 356 

1, 402, 923 

603, 725 

f 419, 591 

I 133.616 

447. 883 

1,5.59.016 

276, 067 

31,689 
961. 732 
167, 197 


174. 581 
51 137 


Partnership profit 22 

Profit from sales of real es- 
tate, stocks, bonds, etc., 
other than taxed as cap- 
ital net gain from sales 
of assets held more than 
2 years ... 


31,000 
1 


Capital net gain from sales 
of assets held more than 
2 years 20 

Rents and royalties 

Dividends received 23 

Income from fiduciaries ^*.. 

Interest on partially tax- 
exempt Government ob- 
ligations 25.. 


i 67. 470 

83. 675 

152.361 

19. 846 

4.420 


Other taxable interest 

Other income 25 . . 


107, 904 
33. 423 






Total income 


17,268,451 


1, 299, 750 


14, 392, 080 


831. 592 


13,393,825 


725,817 


Deductions; 20 

Net loss from sales nf real 
estate, stocks, bonds, 
etc - - -- 


i 1,160,765 

} 134, 685 

} (") 
328, 300 
2, 039, 705 


1, 818, 724 
590, 123 

1 (3») 

J 197, 133 
25, 629 


375, 445 
112, 659 

304. 009 


835, 280 

519. 340 

\ 177.758 

12, 651 

767, 486 


365, 782 

/ 61, 985 
\ 30, 435 
,507. 520 
506. 258 
252.251 
660, 956 


773. 899 


Capital net loss 




Net loss from business 

Net loss from partnership22 
Interest paid 30 


181.099 
68, 850 
135.232 


Taxes paid so 


171.387 


Contributions 27 . 


29. 664 


Other deductions 28 


605. 019 "> 1, 944. 057 


507.017 


Total deductions 28 


3, 663, 455 


3.236.628 ii»2.730. 171 2.312,514 


2,385,187 


1,867.148 


Net income or deficit- .. 


13,604,996 


1' 1, 936, 878 


10 11,655,909 


" 1,480,922 


11,008,638 


"1,141,331 



For footnotes, see pp. 66-67. 



58 



STATISTICS OF INCOME FOR 1940 — PART 1 



Individual returns and returns of fiduciaries, with net income, 1916-1940, and indi- 
vidual returns with no net income, 1928-1940: Sources of income, deductions, and 
net income or deficit i ^ is — Continued 

[Thousands of dollars] 





1934 


1935 


1936 


Distribution 


Individual 

returns 
and returns 
of fiduci- 
aries, with 
net income 


Individual 
returns 
with no 

net income 


Individual 

returns 
and returns 
of fiduci- 
aries, with 
net income 


Individual 
returns 
with no 

net income 


Individual 

returns 
and returns 
of fiduci- 
aries, with 
net income 


Individual 

returns 

with no 

net income 


Income: 2" 

Salaries, wages, commis- 


8. 600. 455 
1, 716. 842 
631.915 
211.319 
509. 844 
1, 965. 670 
288, 730 

38. 044 
909. 231 
220, 910 


80, 415 
30. 80S 
12,137 
17,746 
59, 225 
75. 078 
8,552 

2,224 
45. 235 
12,635 


9, 900, 578 
1,855.019 
739. 822 
509,714 
572, 060 
2, 234, 727 
328,978 

43. 820 
900. 501 
231.286 


71, 670 
25. 688 

9.514 
20, 409 
51, 121 
53, 608 

6,874 

2,319 
32. 985 
14. 465 


11,661.274 

2, 374, 258 

1,022,288 

973, 796 

685, 063 

3, 173, 844 

826, 184 

43, 627 

887. 684 
240, 357 


57, 036 


Business profit 

Partnership profit 22 

Net capital gain 3i 

Rents and roynltios 

Dividends received 23 

Income from fiduciaries 2'. 
Interest on partially tax- 
exempt Government ob- 


22, 729 
9. 450 
22, 497 
42, 091 
54, 156 
8,738 

1.322 


Other taxable interest 

Other income 29 


22,017 
8,493 






Total income 


15. 092. 960 


344, 0.55 


17.316,505 


288. 653 


21,888,373 


248, 530 


Deductions: 2' 

Net loss from business 

Net loss from partnership 22 
Net capital loss ^i 


63. 885 
29. 004 
183. 762 
517,217 
541. 191 
272, 822 
688, 277 


130. 522 
42. 913 
27, 274 
88. 538 
64, 143 
6. 994 

396, 499 


67, 453 
23, 876 
14.5. 728 
503, 730 
596, 559 
305. 155 
764, 191 


116.068 
3.^ 601 
21.016 
67. 924 
48,415 
4,998 

375, 384 


79. 520 
21,307 
129, 704 
544, 869 
698. 609 
385. 838 
788.416 


90,070 
28, 190 
14,845 


Interest paid ^o 


48. 189 


Taxes paid '"' . 


38, 850 




3,753 


Other deductions 28 


311,263 


Total deductions 28 


2,296. 158 


7.56.914 


2. 406. 693 


670,006 


2, 648, 263 


535. 161 


Net income or deficit. .. 


12. 790. 802 


iM12,859 


14.909,812 


1' 381, 353 


19,240. 110 


'■ 286. 632 



For footnotes, see pp. 66-67. 



STATISTICS OF INCOME FOR 194 — PART 1 



59 



Individual returns and returns of fiduciaries, with net income, 1916-1940, and indi- 
vidual returns with no net income, 1928-1940: Sources of income, deductions, and 
net income or deficit ' ^ is — Continued 

[Thousands of dollars] 



Distribution 



1937 



Individual 
returns and 

returns of 
fiduciaries, 

with net 
income 



Individual 
returns 
with no 

net income 



1938 



Individual 
returns and 

returns of 
fiduciaries, 

with net 
income 



Individual 
returns 
with no 

net income 



Income -.^o 

Salaries, wages, commissions, etc." 

Business profit 

Partnership profit 22 

Net capital gain:3i 

Short-term 

Long-term 

Net gain from sales of property other than capital 

assets 32 

Rents and royalties 

Dividends received 23 

Income from fiduciaries 2* .. 

Interest on partially tax-exempt Government obli- 
gations 25 

other taxable interest.. 

Other income 26 



14, 148, 510 
2, 493, 426 
1, 139, 301 

■ 434, 114 



57, 386 
23, 421 
10, 885 

16, 947 



758, 444 

3, 514, 293 

830, 772 

47, 955 
862, 349 
224, 935 



40, 146 
60, 440 
10, 295 

1,563 

21, 343 

7,968 



13, 240, 991 
2, 349, 344 
1, 053, 673 

■ 152, 108 
324, 795 

22, 607 

769, 687 

2, 372, 459 

646, 258 

46, 065 
844, 443 
233, 019 



Total income. 



24, 454, 099 



250, 394 



22, 055, 449 



Deductions: 2" 

Net loss from business 

Net loss from partnership 22 

Net capital loss 21 _. _. 

Net long-term capital loss si 

Net loss from sales of property other than capital 

assets 32 

Interest paid so 

Taxes paid30 

Contributions 27 

Other deductions 28 



97, 940 

29,011 

204, 192 



124, 159 
40, 034 
28, 695 



99, 263 
30, 662 



560, 997 
837, 272 
440, 010 
986, 103 



44, 601 

37, 618 

4,919 

278, 886 



395, 779 

21, 805 
509, 093 
816, 381 
407, 419 
877, 674 



Total deductions 28_.. 
Net income or deficit. 



3, 215, 525 



558, 912 



3, 158, 076 



21, 238, 574 



17 308, 518 



18, 897, 374 



65, 825 
25, 954 
13, 533 

7,781 
6,443 

1,526 
41, 601 
89, 424 
19, 291 

2,373 
32, 034 
12, 983 



318, 769 



142, 717 
37, 800 



192, 220 

21, 427 
48, 049 
44, 779 
6,560 
179, 374 



672, 925 



17 354, 156 



For footnotes, see pp. 66-67. 



41)8008—43 5 



60 



STATISTICS OF INCOME FOR 194 — PART 1 



Individual returns and returns of fiduciaries, with net income, 1916-1940, and individ- 
ual returns with no net income, 1928-1940: Sources of income, deductions, and net 
income or deficit ' ^ is — Continued 

[Thousands of dollars] 



Distribution 



1939 



Individual 
returns and 

returns of 
fiduciaries, 

with net 
income 



Individual 
returns 
with no 

net income 



1940 



Individual 
returns and 

returns of 
fiduciaries, 

with net 
income . 



Individual 
returns 
with no 

net income 



Income: 20 

Salaries, wages, commissions, etc.^i, 

Business profit ___ 

Partnership profit " 

Net capital gain: si 
Short-term: 

Current year net short-term capital gain 

Net short-term capital loss of preceding tax- 
able year deducted 

Net short-term capital gain included in 

total income 

Long-term capital gain 

Net gain from sales of property other than capital 

assets 32 

Rents and royalties 

Dividends received 23 

Income from fiduciaries ^* 

Interest on paitially tax-exempt Government obli- 
gations 25 

Other taxable interest 

Other income 26 

Total income 

Deductions: 20 

Net loss from business 

Net loss from partnership 22 

Net long-term capital loss 3i 

Net loss from sales of property other than capital 

assets 32 

Interest paid 30 

Taxes paid 30 

C ontributions 27 

Losses from fire, storm, etc. 33 

Bad debts 33 

Other deductions 28 

Total deductions 28 

Net income or deficit 



16, 440, 923 
2. 698. 217 
1, 246, 633 



168, 397 
229, 458 

28. 504 

812, 447 

2, 801, 988 

710, 462 

51, 740 
864, 095 
337, 785 



49, 677 
13.693 
10, 385 



e,52Z 



6,152 
6,301 

1,607 
34, 218 
63, 093 
12, 985 

1.698 

22, 148 

6,733 



27, 653, 985 
4. 156, 570 
1, 557, 741 



127, i08 

5,036 

122, 372 
271, 380 

41, 450 

1, 194, 134 

3, 268, 441 

768, 037 

80, 459 
992, 492 
754, 511 



26, 390, 649 



228, 690 



40, 861, 570 



100, 895 

28, 385 

316, 915 

27, 349 
548, 877 
882, 390 
494, 789 
18, 635 
81, 887 
698, 657 



122, 076 
28, 396 
151, 049 

27, 755 
33, 804 
34, 196 

4.112 

7,593 

45, 107 

58, 927 



132, 165 

29. 050 

386, 181 

38, 118 

720. 073 

1, 255, 834 

734, 645 

30. 516 

92,457 

853, 986 



3, 198, 778 



513, 016 



4, 273, 025 



23, 191, 871 



1? 284, 327 



36, 588, 546 



53, 276 
16, 742 
10, 259 



I 879 



4,540 
4, 642- 

2,373 
35, 813 
68, 537 
13, 564 

1, 260' 

21, 155 

7, 423. 



239. 583 



127, 579^ 
2.5, 463 
175, 547 

33. 087 
30, 899 
33, 237 
5.347 
9.005 
45, 585 
65, 219 



550, 968 



1' 311, 385. 



For footnotes, see pp. 66-67. 



STATISTICS OF LNTCOIME FO'R 1940 — PART 1 



61 



Individual returns and returns of fiduciaries, with net income of $5,000 and over, 
1916-1940: Sources of income, deductions, and net income ' ^ 

[Money figures in thousands of dollars] 



Distribution 


1916 


1917 


1918 


1919 


1920 


1921 


Number of returns 


« 272, 252 


432, 662 


478, 962 


657, 659 


681,562 


525, 606 






Income: 20 

Salaries, wages, commis- 
sions, ete.2i .. 


1,398,329 
31 2, 386, 905 

(35) 
(35) 

516, 742 

2, 098, 428 

365, 326 

(3S) 

627, 943 


1, 794, 790 

1, 062, 772 

581, 708 

217, 929 

340, 868 

2, 648, 165 

(36) 
(36) 

822, 480 


2, 103, 819 

1, 148, 297 

913, 853 

187, 406 

386, 474 

2, 133, 209 

(37) 
(36) 

799, 186 


2, 948, 006 
1, 743, 800 
1, 426, 072 

677, 284 

445, 701 

2, 128, 291 

(37) 

62, 571 
876, 687 


3, 367, 516 
1, 398, 069 

1, 261, 899 

623, 993 
451,878 

2, 363, 880 

(37) 

60, 432 

847, 894 


2, 831, 520 


Business profit, _ 


816, 040 


Partnership profit -^ 

Profit from sales of real 
estate, stocks, bonds, 
etc -- 


903, 571 
254, 456 


Rents and royalties - 

Dividends received 23 

Income from fiduciaries 2*, 
Interest on partially tax- 
exempt Government ob- 
ligations 25 


420, 932 
1,915,138 

(37) 

40, 281 


Interest and other income ^e 


732, 697 


Total income 


7, 393, 672 


7, 468, 702 


7, 672, 243 


10, 308, 411 


10, 375, 561 


7. 914, 635 


Deductions; 20 

Net loss from sales of real 
estate, stoclJS, bonds, 
etc 


(39) 
(3S) 
(39) 
(39) 
(30) 
(36) 

1, 719, 764 


(39) 
(39) 
(39) 
(39) 
(39) 

186, 907 
271, 391 


(39) 
(39) 
(36) 
(36) 
(39) 
(36) 

1,142,003 


(39) 
(39) 
(39) 
(36) 
(36) 
(39) 

1, 598, 583 


(39) 
(39) 
(39) 
(39) 
(«) 
(*') 

1,914,150 


(39) 


Net loss from business 

Net loss from partnership . 


(39) 
(39) 
(39) 


Taxes paid -.^ 


(39) 


Contributions 2' 


(35) 


Other deductions 2s. _ 


1,552,857 


Total deductions 2? 


1, 719. 764 


458, 297 


1,142,003 


1, 598, 583 


1,914,150 


1, 552, 857 


Net income 


5. 673, 909 7, 010, 404 


6, 530, 241 


8, 709, 828 


8,461,412 


6,361,778 



For footnotes, see pp. 66-67. 



62 



STATISTICS OF INCOME FOR 1940 — PAET 1 



Individual returns and returns of fiduciaries, with net income of $5,000 and over, 
1916-1940: Sources of income, deductions, and net income ^ ^ — Continued 





[Money figures in thousands of dollars] 






Distribution 


1922 


1923 i« 


1924 


1925 


1926 


1927 


Number of returns. 


594, 211 


625, 897 


697, 138 


830,670 


894, 868 


913, 597 


Income: 20 

Salaries, wages, commis- 


2, 933, 454 

1,012,440 

918, 183 

490, 794 

249, 248 

482, 189 

2, 173, 499 

197, 189 

30, 962 
} 850, 935 


3,114,006 

1, 057, 731 

921,851 

458, 184 

305, 394 

497, 624 

2,435,137 

233, 982 

30, 465 
864, 514 


3, 490, 916 
1, 290, 722 
1,112,710 

770, 026 

389, 148 

570, 427 

2, 617, 871 

206, 972 

29, 645 
932, 324 


4, 033, 811 
1, 623, 638 
1, 422, 799 

1, 723, 438 

940, 569 

679, 569 

3, 045, 368 

248, 163 

25, 651 
1,084,120 


4, 363, 395 
1, 738, 523 
1, 329, 786 

1, 224, 278 

912,918 

689, 981 

3, 581, 362 

273, 252 

36, 782 
1, 217, 681 


4, 524, 276 




1, 704, 175 


Partnership profit 22 

Profit from sales of real 
estate, stocks, bonds, 
etc., other than taxed as 
capital net gain from 
sales of assets held more 


1, 354, 422 
1,511.859 


Capital net gain from sales 
of assets held more than 
2 years 29 


1, 081, 186 


Rents and royalties 

Dividends received 23 

Income from fiduciaries 24, 
Interest on partially tax- 
exempt Government ob- 
lieations 25 


644, 302 

3, 761, 910 

329, 351 

47, 479 


Other taxable interest 


/ 1,115,925 
1 185, 099 






Total income 


9, 338, 893 


9, 918, 886 


11,410,761 


14, 827, 127 


15. 367, 957 


16, 259, 984 






Deductions: 20 

Net loss from sales of real 
estate, stocks, bonds, 
etc 


(38) 


(39) 


(39) 
(39) 

(39) 
(39) 

254, 072 
1, 405, 532 


(39) 
(39) 

(39) 
(39) 

293, 401 
1, 756, 030 


122, 409 

(39) 
(39) 

(39) 

326,511 
1,691,377 


136, 482 




(39) 


Net loss from business 

Net loss from partnership. 
Interest paid. 


} (3») 

} (") 
211,863 
1, 323, 007 


(39) 
(39) 

238, 378 
1, 391, 835 


(39) 

r (39) 
1 440, 974 


Taxes paid so 


Contributions 27 


353, 188 


Other deductions 28. 


1, 265, 148 


Total deductions 28 


1, 534, 871 


1, 630, 214 


1, 659, 605 


2, 049, 431 


2, 140, 298 


2, 195, 792 


Net income 


7,804,022 


8, 288, 672 


9, 751, 156 


12, 777, 696 


13, 227, 659 


14. 064, 193 







For footnotes, see pp. 66-67. 



STATISTICS OF ESTCOME FOR 1940 — PART 1 



63 



Individual returns and returns of fiduciaries, with net income of $5,000 and over, 
1916-1940: Sources of income, deductions, and net income * ^ — Continued 

[Money figures in thousands of dollars] 



Distribution 


1928 


1929 


1930 


1931 


1932 


1933 


Number of returns . 


1, 010, 887 


1, 032, 071 


810, 431 


590, 731 


356, 442 


331, 893 






Income: 2i> 

Salaries, wages, commis- 
sions, etc.21 


5, 008, 286 
1, 772, 255 

1, 583, 322 

2, 700, 557 

1, 879, 780 
637, 371 

4, 009, 915 
364, 889 

40, 553 

1, 230, 178 

196, 111 


5, 179, 041 
1, 836, 329 

1, 497, 922 

2, 044, 058 

2, 346, 704 
649, 124 

4, 247, 031 
422, 076 

40, 184 

1, 257, 590 

190,110 


4, 407, 606 

1, 215, 452 

786, 931 

527, 653 

556, 392 

479, 401 

3, 708, 656 

338, 400 

38, 134 

1, 018, 001 

130, 191 


3, 320, 028 
766, 730 
492, 147 

198, 574 

169, 949 

306, 336 

2, 583, 674 

280, 627 

25, 325 
749. 345 
120, 845 


2, 057, 254 
354, 488 
284, 624 

71, 643 

60, 074 

160, 244 

1, 540. 625 

217, 610 

29, 188 
536, 541 
67, 353 


1, 838, 646 


Business profit . 


393,815 


Partnership profit 22 

Profit from sales of real es- 
tate, stocks, bonds, etc., 
otlier than taxed as capi- 
tal net gain from sales of 
assets held more than 2 
years 


401, 931 
308, 711 


Capital net gain from sales 
of assets held more than 
2 years " 


133, 616 


Rents and royalties 

Dividends received 23 

Income from fiduciaries 2<_ 
Interest on partially tax- 
exempt Government ob- 
ligations 25 . 


124, 144 

1, 199, 867 

182, 735 

31, 689 


Other taxable interest 

Other income 26._ 


422, 731 
69, 656 






Total income 


19, 423, 216 


19, 710, 168 


13, 206, 817 


9, Oil, 581 


5, 369, 646 


5, 107, 539 






Deductions: 20 

Net loss from sales of real 

estate, stocks, bonds, etc. 

Capital net loss 


129, 865 

(39) 

} (3») 
866, 058 
475, 422 
390, 923 
604, 987 


I 632, 693 

(39) 

886, 187 
479, 100 
384, 458 
631, 836 


947, 121 

105, 219 

574, 630 
407, 996 
286. 218 
364, 544 


813, 503 

72, 125 

373, 603 
294. 165 
202, 979 
313, 573 


174, 627 

46, 972 

250. 844 
230. 543 
139, 846 
283, 046 


152, 959 


Net loss from business 

Net loss from partnership 22. 


f 26, 792 

1 15, 597 

208, 311 


Taxes paid 31 


200, 078 


Contributions 27_ _ 


111,219 


Other deductions 28 


245, 065 


Total deductions 28 


2, 467, 255 


3, 014, 274 


2, 685, 728 


2, 069, 948 


1, 125, 878 


960. 022 


Net income . . 


16, 955, 961 


16, 695, 895 


10, 521, 088 


6, 941, 633 


4, 243, 768 


4, 147, 517 







For footnotes, see pp. 66-67. 



64 



STATISTICS OF INCOME FOR 19 40 — PART 1 



Individual returns and returns of fiduciaries, with net income of $5,000 and over, 
1916-1940: Sources of income, deductions, and net income ' ^ — Continued 

[Money figures in thousands of dollars] 



Distribution 



1934 



1936 



1937 



Number of returns 

Income: ^f 

Salaries, wages, commissions, etc. 2' 

Business profit 

Partnership profit " 

Net capital gain 3i_ 

Rents and royalties 

Dividends received " 

Income from fiduciaries '* 

Interest on partially tax-exempt Government obli' 

gations 25 

Other taxable interest 

Other income 26 

Total income - 

Deductions: 20 

Net loss from business 

Net loss from partnership" 

Net capital loss 3i 

Interest paid so 

Taxes paid so 

Contributions " 

Other deductions 28 

Total deductions 28 

Net income.. 



422, 647 



2, 300, 256 
568, 689 
438, 066 
160, 218 
165, 786 

1, 585, 042 
203, 854 

38,044 

453, 480 

99, 226 



6, 012, 662 



29, 753 
15, 178 
90, 968 
231, 267 
232, 490 
129, 650 
282, 591 



1,011, 



5, 000, 764 



500, 115 



2, 708, 879 
687, 467 
531, 620 
399, 918 
198, 210 

1, 814, 184 
232, 324 

43,820 
448, 022 
123, 234 



3, 493, 623 
1, 021, 608 
791,010 
806, 916 
271.556 
2, 583, 888 
691, 024 

43, 627 
445, 355 
108, 784 



7, 187, 678 



10, 257, 390 



33, 713 
13, 113 
68, 981 
240, 731 
267, 571 
148, 180 
319, 993 



45, 125 
12, 551 
62, 828 
285, 260 
353, 986 
202, 147 
400, 864 



1, 092, 283 



1, 362, 762 



6, 095, 394 



8, 894, 628 



705, 033 



3, 819, 979 
1, 062, 875 
827, 058 
325, 270 
324, 869 
2, 780, 529 
703, 920 

47, 955 

431, 923 

91, 931 



10. 416, 309 



54, 680 
16, 535 
139, 832 
265, 243 
431,620 
218, 614 
473, 724 



1, 600, 248 



8, 816, 061 



For footnotes, see pp. 66-67. 



STATISTICS OF I]SrCOME FOR 1940 — PART 1 



65 



Individual returns and returns of fiduciaries, with net income of $3,000 and over, 
1916-1940: Sources of income, deductions, and net income * ^ — Continued 

[Money figures in thousands of dollars] 



Distribution 



Number of returns. 



Income: 20 

Salaries, wages, commissions, etc.21 

Business profit 

Pa rtnersh ip profit 22 

Net capital gain : 3i 
Short-term: 

Current year net short-term capital gain 

Net short-term capital loss of preceding taxable year de- 
ducted 

Net short-term capital gain included in total income 

Long-term capital gain 

Net gain from sales of property other than capital assets ^2 

Rents and royalties.-- ._ 

Dividends received 23 

Income from fiduciaries 2< 

Interest on partially tax-exempt Government obligations 25 

Other taxable interest 

Other income 26 



Total income - 



Deductions: 20 i" 

Net loss from business 

Net loss from partnership 22 

Net long-term capital loss " 

Net loss from sales of property other than capital assets 32. 

Interest paid 3o 

Taxes paid 3o 

Contributions 2? ' 

Losses from fire, storm, etc.'' 

Bad debts 33 

Other deductions 28 



Total deductions 28. 
Net income 



1938 



592, 446 



3, 309, 286 
856, 740 
702, 317 



101, 822 

282, 712 

9, 953 

298, 349 

1,662,511 

503, 905 

46, 065 

350, 031 

80, 427 



8, 204, 120 



48, 185 
15, 377 
246, 213 
9,503 
209, 986 
381, 403 
177, 207 

(39) 
(39) 

318, 057 



1, 405, 932 



6, 798, 188 



1939 



693, 590 



3, 714, 025 

1,071,024 

860, 453 



132, 971 

17, 687 
115,284 
180, 434 

13,421 

323,491 

2, 030, 020 

591,112 

51, 740 
367, 806 

76, 672 



9, 395, 482 



49, 816 

16, 203 
195, 107 

11, 858 

222, 578 

392, 102 

210, 003 

8,797 

51, 380 
263, 446 



1, 421, 289 



7, 974, 192 



1940 



4, 263, 275 
1, 289, 159 
1, 030, 008 



S,616 

81, 081 
217,917 

17, 301 

361,415 

2, 242, 945 

639, 995 

51, 695 
357, 876 

96,407 



10, 649, 074 



55, 826 

14, 809 

240, 911 

14, 738 

225, 629 

423, 710 

241, 159 

14, 322 

52, 130 

262, 293 



1, 545, 526 



9, 103, 547 



For footnotes, see pp. 66-67. 



66 



STATISTICS OF INCOME FOR 19 40 — PART 1 



Footnotes for historical tables, pages 47-85 
(Facsimiles of Forms 1040, 1040A, and 1041 for 1940, to which references are made, appear on pages 262-279) 



1 Changes in the provisions of the Federal tax laws 
affecting the comparability of statistical data from 
income tax returns of individuals and fiduciaries arc 
summarized on pages 242-252. 

J Data for years prior to 1916 in tables on pages 
47-48 secured" from annual reports of the Commis- 
sioner of Internal Revenue. Information for 1916 
through 1936 tabulated from Forms 1040 and 1040A 
filed for individuals and for estates and trusts. 
Information for 1937 through 1940 tabulated from 
Forms 1040 and 1040A filed for individuals, taxable 
Forms 1041 filed for estates and trusts, and Forms 
1040 incorrectly filed for estates and trusts (except 
that 1938-1940 exclude information on nontaxable 
Forms 1040 with net income, incorrectly filed for 
estates and trusts). 

3 Data are not available prior to 1928. For 1937- 
1940 includes returns with total deductions equal 
to total income. 

< For 1913-1915 net income is estimated from the 
number of returns filed and the average net income 
for each net income class. On returns for estates 
and trusts net income is after deduction of amount 
distributable to beneficiaries. 

6 Taxes for 1913-1915 are receipts for fiscal j'ear 
ended June 30, immediately following, as shown in 
annual reports of the Commissioner of Internal 
Revenue, which receipts include fines, penalties, 
additional assessments, etc. In these years surtax 
was called "additional tax." Taxes for 1916 and 
subsequent years tabulated from returns. For 1940, 
includes defense tax. 

The alternative tax is reported on 1938-1940 
returns (1) with net long-term capital gain if such 
alternative tax is less than the sum of the normal tax 
and surtax computed on net income including net 
long-term capital gain, and (2) with net long-term 
capital loss if such alternative tax is greater than the 
sum of the normal tax and surtax computed on net 
income after deducting net long-term capital loss. 

1 For limit of credit, see page 250. 

8 Returns for 1913 pertain to last 10 months of that 
year. 

« Includes war excess-profits taxes of $101,249,781 
on individuals and $103,887,984 on partnerships. 

m Revised. 

1920: For revised amounts of certain sources of 
income for returns with net income under 
$5,000, see Statistics of Income for 1935, Part 1, 
page 42, note 4. 

1923: For revised amount of net Income and 
tax, see Statistics of Income for 1925, pages 28-29. 

1929: For revised amounts of sources of income 
and deductions for returns with net income 
under $5,000, see Statistics of Income for 1934, 
Part 1, page 31, note 18. 

19S0: For revised amounts of other income, 
total income, contributions, other deductions, 
and total deductions for returns with net income 
under $5,000, see Statistics of Income for 1937, 
Part 1, page 47, note 25. 

1932: For revised^mounts of other deductions, 
total deductions, and net income for returns with 
net income under .$5,000, see Statistics of Income 
for 1935, Part 1, page 31, note 6. 

11 Amounts are before 25 percent reduction pro- 
vided by section 1200(a), Revenue Act of 1924, 
effective for 1923. 

12 The 25 percent reduction provided by section 
1200(a), Revenue Act of 1924. 

15 Amount after deduction of 25 percent reduction 
provided by section 1200(a), Revenue Act of 1924. 

1* For 1938-1940 includes alternative tax on individ- 
ual returns with no net income. 



1' For returns with net income under $5,000, the 
distribution of the number of returns by net income 
classes Cpages 48-50), the amount and distribution 
of net income and tax by net income classes (pages 
50-53), and of sources of income and deductions 
(pages 54-60) are estimated on basis of samples for 
1918 through 1927 and for 1929; and partly estimated 
and partly tabulated for 1917, 1928, 1930, and subse- 
quent years. In the table on page 48, the number 
of returns for 1913 is omitted, as it pertains to the 
last 10 months of the year only. 

18 Excludes 7,035 returns of married women making 
separate retm'ns from husbands. For 1916 the 
net income on retiu-ns filed separately by husband 
and wife is combined and the total appears as one 
return. For all other years the returns of married 
women filed separately are included in their n^spec- 
tive income classes regardless of the husband's 
income, 

I' Deficit. 

" Returns with no net income due to net long-term 
capital loss, on which the tax computed on net 
income before the deduction of net long-term capital 
loss, exceeds 30 percent of the net long-term capital 
loss. 

i« Excludes data for 1,610,758 returns with net 
income under $2,000 showing a net income of 
$2,461,137,000. 

20 For 1916, income from the various sources repre- 
sents gross receipts, the deductions not having 
been allocated to the various sources but included 
in aggregate under "Deductions." Beginning with 
1917, income from the various sources is the net 
amount by which the gross receipts exceed deductions 
as reported in the schedules on the return. Net 
losses reported under "Income" items on the face 
of the return are transferred in tabulation to deduc- 
tions, and are included in the amounts tabulated 
under specified or other deductions. 

2' Reported on returns for individuals. Begin- 
ning 1924, excludes wages and salaries of the indi- 
vidual, his wife, or dependent minors derived 
from business conducted as a sole proprietor. Prior 
to 1024 such wages and salaries were reported as 
income under "Wages and salaries." For 1916 
through 1926, includes taxpayer's earned income 
from partnership. For 1916, includes "Professions 
and vocations." 

22 Certain income from partnerships is reported 
in other sources (see notps 23, 25, and 29). Begin- 
ning 1936, amount includes all dividends received by 
partnerships. Prior to 1936, partnership profit 
excludes dividends on stock of domestic corporations 
subject to Federal income taxation, and for 1932 and 
1933 excludes dividends on stock of corporations 
not subject to Federal income taxation. For 1934 
through 1937, amount includes net capital gain or 
loss from sales or exchanges of capita! assets by part- 
nerships (see note 31). For 19' 8 through 1921, 
amount includes income from fiduciaries, and in- 
come from personal service corporations as defined in 
the Revenue Acts of 1918 and 1921 (except certain 
amounts reported in other sources, see notes 23 and 
251. Partnership profit for 1916 was tabulated with 
business profit. 

23 Beginning 1936, dividends include those on stock 
of domestic and foreign corporations, except divi- 
dends received through partnerships and fiduciaries. 
Prior to 1936, amount includes dividends on stock of 
domestic corporations subject to tax;ition under 
Title I of the effective revenue law, and until 1934, 
the dividends received on stock of foreign corpora- 
tions deriving more than half their gross income from 
sources within the United States, including those 
received through partnerships and fiduciaries; divi- 
dends received through personal service corporations, 
1918 through 1921; and stock dividends, 1916 through 
1919. 



STATISTICS OF DSTCOME FOR 194 — PART 1 



67 



Footnotes for historical tables, pages ^7-65.— Continued. 



s< Certain income from fiduciaries is reported in 
other sources (see notes 23, 25, and 29). Beginning 
1936, amount includes all dividends received by 
fiduciaries. Prior to 1936, dividends received by 
fiduciaries on stock of domestic corporations subject 
to taxation under Title I of the effective revenue 
laws were tabulated under "Dividends received," 
while dividends on stoclc of foreign corporations 
(other than those deriving more than half their 
gross income from sources in the United States) 
and, except for 1932 and 1933, dividends on stock of 
domestic corporations not subject to taxation under 
Title I of the effective revenue laws, were left in in- 
come from fiduciaries. For 1934 through 1937, 
amount includes net capital gain or loss from sales 
or exchanges of capital assets received from an estate 
or trust (see note 31). For 1917, income from fiduci- 
aries; is included in "Interest and other income"; for 
1918 through 1921, in "Partnership profit." 

2s Interest on partially tax-exempt Government 
obligations received from United States savings 
bonds and Treasury bonds owned in excess of $5,000 
and obligations of certain instrumentalities of the 
United States, including such interest received 
through partnerships and fiduciaries, and for 1919 
through 1921, such interest received through per- 
sonal service corporations. For 1917 and 1918, this 
interest is tabulated in "Interest and other income." 

26 Beginning 1936, amount excludes dividends re- 
ceived on (1) stock of domestic corporations not sub- 
ject to Federal income taxation, and (2) stock of 
foreign corporations. For years prior to 1936, in- 
cludes dividends received from these two types of 
corporations, except when reported in partnership 
and fiduciary income, and until 1934, excluded divi- 
dends received from foreign corporations deriving 
more than half their gross income from sources with- 
in the United States. For 1917, includes income 
from fiduciaries. For 1917 and 1918, includes in- 
terest on partially tax-exempt Government obliga- 
tions. 

" Reported on individual returns. 

28 For returns with net income, includes amount 
distributable to beneficiaries on returns for estates 
and trusts. Forms 1040, 1040A, and 1041. For 1924 
through 1928, includes loss from capital assets held 
over 2 years. 

29 Capital net gain received by individuals, estates, 
or trusts including that received through partner- 
ships or fiduciaries was taxed at special rate, 1922 
through 1933. 

30 Excludes amounts reported in schedules for 
business profits, and rents and royalties. A his- 



torical summary of taxes paid for the years 1927 
through 1932 and of interest paid for the years 1928 
through 1932, for returns with net income of $5,000 
and over, sliowing separately the amount reported in 
general deductions from total income and that 
reported in business deductions, is found in Statistics 
of Income for 1932, table 8-A, page 80. 

31 Net capital gain or loss from sales or exchanges 
of capital assets (regardless of time held) by indi- 
viduals, estates, and trusts, after certain limitations 
are applied. For 1934 through 1937, excludes net 
capital gain or loss received through partnerships or 
fiduciaries, which amounts are included in partner- 
ship profits and in income from fiduciaries, respec- 
tively. For 1938 through 1940, net short-term 
capital gain on capital assets held 18 months or 
less, net long-term capital gain or loss on capital 
assets held over 18 months. Net short-term capital 
loss is not deductible in the current year but 
is carried forward to the succeeding year in an 
amount not in excess of net income for the year 
in which the loss is sustained and can be deduc- 
ted only to the extent of the net short-term capital 
gain in such succeeding year. Consequently, the 
first such deduction appears in 1939. 

32 For 1938 through 1940, gain or loss from sales of 
property used in trade or business of a character 
which is subject to the allowance for depreciation. 

33 Reported on individual returns. Form 1040, 
and excludes amounts reported in schedules for 
business profit, and rents and royalties. Losses 
from fire, storm, shipwreck, or other casualty, or 
from theft, are those not compensated for by insur- 
ance or otherwise. 

3< For 1916, includes partnership profit and profit 
from sales of all stoclcs, bonds, etc., but excludes 
income from "Professions and vocations." 

35 Profit from sales of real estate, stocks, bonds, etc., 
and partnership profit included in business profit 
for 1916. 

3« Included in "Interest and other income." 

3' Included In "Partnership profit." 

3' Such obligations were issued after September 1, 
1917. 

39 Included in "Other deductions." 

*" Exclusive of returns of married women making 
separate returns from husbands. 

*' Contributions for 1920 not available for returns 
with net income of $5,000 and over. Included in 
"Other deductions." 



STATISTICS OF INCOME FOR 194 — PART 1 



PARTNERSHIP RETURNS OF INCOME, 1917-1940 

Partnership returns of income, except for the war excess-profits 
tax of 1917, are not subject to direct assessments of Federal income 
tax. However, every domestic partnership and every foreign partner- 
ship doing business m the United States or having an ofRce or place of 
business therein is required to file a return of income on Form 1065 
(facsimile on pages 280-287). "The term 'partnership' includes a 
syndicate, group, poql, joint venture, or other unincorporated organi- 
zation, through or by means of which any business, financial opera- 
tion, or venture is carried on, and which is not, within the meaning 
of this title, a trust or estate or a corporation * * *" (section 
3797(a)(2), Internal Revenue Code). The net profit, or the net 
loss, of the partnership, whether distributed or not, is reported on 
the individual mcome tax returns of the copartners according to their 
proportionate share. 

The number of partnership returns, Form 1065, filed for the income 
years 1917 through 1940, as reported by the collectors of internal 
revenue, include calendar year returns, fiscal and part year returns 
filed during the succeeding calendar year regardless of month m which 
the income year ended, and delinquent returns. 



Number of 
partnership 
Income year: . returns 

1917 A 31,701 

1918 100,728 

1919 175,898 

1920 240,767 

1921 259,359 

1922 287,959 

1923 304,996 

1924 321,158 

1925 309,414 

1926 295,425 

1927 282,841 

1928 272,127 



Number of 
partnership 

Income year: returns 

1929 263,519 

1930 244,670 

1931 230,407 

1932 216,712 

1933 214,881 

1934 - . 221, 740 

1935 222,293 

1936 237,367 

1937 261,470 

1938 273,361 

1939 290,876 

1940 372,796 



SOURCE BOOK DATA 

The Source Book is a comprehensive compilation of data tabulated 
from individual mcome tax returns for 1927-1939, inclusive, and from 
corporation income tax returns for 1926-1939, inclusive: These 
data are supplementary to the published volumes, "Statistics of 
Income." It is planned to add to the Source Book the information 
from the 1940 returns. 

The following data in the Source Book for individual income tax 
returns are classified by States and Territories, by taxable and non- 
taxable returns, and by net income classes: The sources of income 
and deductions (as published for each year in the Statistics of Income), 
total income, total deductions, net income, personal exemption and 
credit for dependents (combined for 1927-1932 and shown separately 
for 1933-1938), earned income credit for 1934-1938, net loss for prior 
year for 1927-1932, normal tax, surtax, 12 K percent tax on capital 
net gain for 1927-1933, 12)^ percent tax credit for capital net loss for 
1927-1933, tax credit for earned income for 1927-1931, alternative 
tax for 1938 and 1939, and total tax. The number of returns with 
net income and the amount of net income for 1927-1939, personal 
exemption for 1937-1939, and credit for dependents for 1937-1939 are 



STATISTICS OF INCOME FOR 1940 — PART 1 69 

classified by States and Territories, by taxable and nontaxable re- 
turns, by net income classes, and by sex and family relationship. The 
items "Amount owned" and ''Interest received" which are reported 
for each type of wholly and partially tax-exempt Government obliga- 
tions on returns with net income of $5,000 and over for 1932-1939, 
mclusive, are classified by States and Territories and by net income 
classes. 

The Source Book is maintained in the Statistical Section, Income 
Tax Unit, Bureau of Internal Revenue, and is available for research 
purposes to officials of the Federal and State Governments and to 
qualified students representing accredited organizations. To obtain 
data from the Source Book, written permission must be secured 
from the Commissioner of Internal Revenue. 

BASIC TABLES 

Tables showing information from individual and taxable fiduciary 
returns m detail are set forth in the followmg pages. Four tables, 
numbers 1, 2, 3, and 7, present composite data for individual and 
taxable fiduciary returns. One table, number 8, shows details for 
mdividual returns but only the aggregate for taxable fiduciary returns. 
Eight tables, numbers 1-A, 2-A, 3-A, 4, 5, 6, 7-A, and 9, contain 
data for mdividual returns exclusively, and three tables, numbers 
2-B, 7-B, and 10, contain data for taxable fiduciary returns exclusively. 



BASIC TABLES 1-10 



TAXABLE AND NONTAXABLE INDIVIDUAL INCOME 

AND DEFENSE TAX RETURNS WITH NET INCOME 

AND WITH NO NET INCOME, AND TAXABLE 

FIDUCIARY INCOME AND DEFENSE TAX 

RETURNS WITH NET INCOME 



71 



72 



STATISTICS OF IlSrCOME FOR 1940 — ^PART 1 



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STATISTICS OF INCOME- FOR 19 40— PART 1 



73 



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498968—43- 



STATISTICS OF INCOME FOR 1940 — PART 1 



75 



CT. I I I 1 I C-1 

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76 



STATISTICS OF INCOME FOR 194 — PART 1 



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^^^^r_^rt^^^CMO»OIOICMOIOIOiO)C^ 



STATISTICS OF INCOME FOR 1940 — PART 1 



77 



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78 



STATISTICS OF INCOME FOR 1940 — ^PART 1 









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MC^e^ c^ (N 



STATISTICS OF INCOME FOR 1940 — PART 1 



79 



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80, 



STATISTICS OF UsTCOME FOR 194 PART 1 



Table 2. — Individual returns and taxable fiduciary returns, with net income, 1940,^ 
and nontaxable individual returns with no net income; and taxable returns by type 
Part III, returns with alternative tax by returns with net long-term capital gain 
returns, net income, deficit, personal exemption, credit for dependents, earned 

[For description of items and classifications, and methods of 

PART II— RETURNS WITH 





Net income ' classes 
(Thousands of dollars) 

(1) 


Number 
of re- 
turns 

(2) 


Net income ^ 
(3) 


Personal 
exemption 6 

W 


Credit for 

dependents 

(individual 

returns) 

(5) 


Earned in- 
come credit 
(individual 
returns) 

(6) 


1 


Taxable individual and fiduciary 
returns 3 with net income: 
Under 1 (est.) 


558, 446 

2, 919, 058 

917, 821 

914, 824 

1, 018, 345 

396, 347 

219, 668 

130, 298 

84, 415 

59, 318 

45, 284 

34, 254 

27, 266 

21, 650 
17, 850 
15, 098 
48, 024 

22, 739 
9,477 
8,923 
3,960 
2.019 
1,122 

718 

485 

303 

597 

153 

76 

33 

35 

12 

15 

9 

4 

2 


.$495, 294. 974 
4,114,596,040 
2. 092, 282, 200 

2, 511, 436, 141 

3, 487, 686, 349 
1, 753, 880, 559 
1, 199, 720, 099 

841, 492, 265 
630, 428, 020 

502, 601, 236 
429,172,812 
358, 977, 373 
313,129,896 
270, 220, 303 
240, 619, 774 
218, 662, 818 
825, 74,5, 445 

503, 689, 299 
258, 085, 667 
305, 788, 142 
175, 796, 472 
110, 109, 124 

72, 402, 015 

53,544,511 

40, 9.50, 893 

28, 639, 684 

71, 670, 601 

26, 051, 080 

17, 096, 041 

8. 929, 370 

12,105,671 

5,241,948 

8, 921, 833 

7, 702, 622 

4, 857, 653 

3, 666, 987 


$398. 669. 044 

2, 337, 487, 851 

1, 290, 648, 623 

1, 594, 788, 814 

1, 833, 502, 587 

704, 178, 584 

385, 107, 909 

225, 317, 408 

143, 987, 857 

100, 142, 926 

76, 350, 861 

57, 200, 863 

45, 446, 531 

35, 754, 605 

29,528,575 

21, 950, 018 

78, 849, 171 

37, 816, 499 

15, 691, 607 

14, 711, 196 

6, 379, 584 

3,268,512 

1. 806, 276 

1, 185, 850 

761.617 

485, 276 

884. 726 

233, 400 

120,834 

50, 600 

54, 000 

19, 600 

22. 800 

10, 000 

5,983 

2,800 


$375. 143 
53, 830, 997 
26. 594, 283 
98, 843, 910 
273, 229, 123 
144, 755, 856 
89, 188, 625 
55, 182, 597 
35, 220, 510 
24, 419, 382 

18, 083, 975 
14, 010, 515 
11,070,571 

8, 613, 102 
7, 256, 948 
6, 114, 460 

19, 380, 693 

9, 570, 730 
4, 055, 517 
3, 767, 613 
1, 635, 763 

811, 270 

470, 307 

288, 021 

179, 932 

129, 065 

201, 658 

48, 667 

32, 734 

13, 834 

14, 867 

2, 000 

6,334 

2,400 

2, 284 

800 


$48, 259, 772 

409, 475, 136 

208, 384, 659 

250, 419, 573 

335, 627, 161 

157, 155, 923 

99, 725, 798 

66, 822, 310 

47, 793, 365 

36, 449, 953 

30, 383, 153 

24, 540, 857 

20, 852, 888 

17, 509, 878 

15. 331, 255 

13, 60S, 545 

43, 949, 246 

21,601,361 

9, 225, 492 

8, 966, 477 

4, 100, 440 

2, 144, 749 

1, 219, 006 

797, 519 

519, 341 

321, 502 

597, 610 

141, 201 

70, 444 

31, 210 

33, 353 

8,000 

11,900 

6,620 

2,714 

1,400 


2 
3 
4 


1 under 2 (est.) 

2 under 2.5 (est.) 

2.5 under 3 (est.) 


.5 


3 under 4 (est.) 


6 


4 under 5 (est.) 




5 under 6 . . _ - 


8 


6 under 7 


9 


7 under 8 


10 


8under9 


11 


9under 10 


1? 


10 under 11 -. . 


13 


11 under 12 


U 


12under 13 


15 


13 under 14 


16 


14 under 15 


17 


15 under 20 


18 


20 under 25 .... 


19 


25 under 30 


9.0 


30 under 40. 


21 


40 under 50 


m 


60 under 60 .. 


23 


60 under 70 


24 


70 under 80 


25 


80 under 90 


26 


90 under 100 


?7 


100 under 150 . . 


28 


150 under 200 


29 


200 under 250 


30 


250 under 300 


31 


300 under 400 . 


32 


400 under 500 


33 


500 under 750 


34 


750 under 1,000 


35 


1,000 under 1,500 


36 


1,500 under 2,000 


37 


2,000 under 3,000 


38 


3,000 under 4,000 


1 


3, 140, 642 


2,000 




1,400 


39 


4,000 under 5,000 




40 


5,000 and over 














Total, individual and fi- 
duciary returns with 
normal tax and surtax... 












41 


7, 478, 649 


22, 004, 336, 565 


9, 445, 425, 387 


908, 004, 480 


1, 876, 091, 211 



For footnotes, see p. 190. 



STATISTICS OF INCOME FOR 1940 — PART 1 



81 



by taxable and nontaxable returns, and by net income classes; aggregates for taxable 
of tax liability— Part I, all returns; Part II, returns with normal tax and surtax; and 
and returns with net long-term capital loss, showing the tax computation: Number of 
income credit, taxes, average tax, and effective tax rate — Continued 

tabulating and estimating data, see pp. 4-7 and 8-9] 

NORMAL TAX AND SURTAX 7 







Tax 










Effective 
tax rate, 




















Normal tax 


Surtax 




Average 


percent 




Total tax 

(col. 9+11+ 

12) 










Defense 


total tax 
(col. 7H-2) 


(returns 
with net 














Number of 
returns 


Amount 


Number 
of re- 
turns 


Amount 


tax 9 




income) 
(col. 7+3) 




(7) 


(8) 


(9) 


(10) 


(11) 


(12) 


(13) 


(14) 




$2, 096, 549 


558, 446 


$1, 905, 895 






$190, 654 


$4 


0.42 


1 


57, 71R, 330 


2, 919, 058 
917, 821 


52, 469, 802 






5, 246, 528 


20 


1.40 


2 


24, 888, 052 
24, 904, 183 
45, 848, 759 


22, 625, 762 






2, 262, 290 


27 


1.19 


3 


914, 824 
1, 018, 345 


22, 640, 410 
41,681,211 






2, 263, 773 


27 


.99 


4 






4,167,548 


45 


1.31 


5 


32, 882, 998 


395, 019 


29, 760, 049 


'"'"7,"277' 


$i33.'372' 


2, 988, 977 


83 


1.87 


6 


28, 466, 819 


219, 627 


24,837,617 


37, 768 


1, 046, 673 


2, 582, 529 


130 


2.37 


7 


24, 528, 958 


130, 251 


19, 636, 078 


78. 783 


2, 668, 788 


2, 224, 092 


188 


2.91 


8 


22, 970, 567 


84, 377 


16, 022, 657 


79, 255 


4, 866, 928 


2, 080, 982 


272 


3.64 


9 


21, 866, 483 


59, 288 


13, 560, 750 


59, 030 


6, 323, 165 


1, 982, 568 


369 


4.35 


10 


21, 534, 891 


45, 264 


12, 055, 941 


45, 260 


7, 526, 436 


1, 952, 514 


476 


5.02 


11 


20, 380, 108 


34, 237 


10, 446, 985 


34. 249 


8, 085, 929 


1, 847, 194 


595 


5.68 


12 


19, 777, 770 


27, 254 


9, 354, 143 


27, 264 


8, 630, 624 


1, 793, 003 


725 


6.32 


13 


18, 781, 553 


21, 643 


8, 265, 435 


21, 650 


8, 813, 342 


1, 702, 776 


868 


6.95 


14 


18, 145, 575 


17, 843 


7, 476, 244 


17, 850 


9, 023, 223 


1, 646, 108 


1,017 


7.54 


15 


17, 799, 062 


15, 093 


6, 903, 617 


15, 098 


9, 281, 509 


1,613,936 


1,179 


8.14 


16 


82, 154, 550 


48, 016 


27, 121, 200 


48, 024 


47, 580, 319 


7, 453, 031 


1,711 


9.95 


17 


66, 873, 615 


22, 728 


17. 2,50, 745 


22, 739 


43, 557, 964 


6, 064, 906 


2,941 


13.28 


18 


43, 465, 000 


9,474 


9, 105, 543 


9,477 


30, 420, 853 


3, 938, 604 


4, 586 


16.84 


19 


64, 404, 995 


8,916 


11, 066, 953 


8,923 


47, 512, 020 


5, 826, 022 


7,218 


21.06 


20 


45, 426, 878 


3,957 


6, 515, 575 


3,960 


34, 807, 172 


4, 104, 131 


11,471 


25.84 


21 


33,119,084 


2,019 


4, 135, 085 


2,019 


25, 985, 014 


2, 998, 985 


16, 404 


30.08 


22 


24, 445, 255 


1,122 


2, 745, 177 


1,122 


19, 482, 584 


2, 217, 494 


21, 787 


33.76 


23 


19, 710, 972 


718 


2, 042, 629 


718 


15, 881, 468 


1, 786, 875 


27, 453 


36.81 


24 


16, 199, 634 


485 


1, 568, 788 


485 


" 13,167,061 


1, 463, 785 


33, 401 


39. 56 


25 


12,056,473 


303 


1, 104, 244 


303 


9, 861, 676 


1, 090, 553 


39, 790 


42.10 


26 


34, 120, 275 


597 


2, 788, 309 


597 


28, 245, 157 


3, 086, 899 


57, 153 


47.61 


27 


14, 048, 282 


153 


1, 022, 636 


153 


11,755,892 


1, 269, 754 


91, 819 


53.93 


28 


9, 824, 414 


76 


671, 532 


76 


8. 346, 277 


806, 605 


129, 269 


57.47 


29 


5, 343, 901 


33 


352, 642 


33 


4, 577, 347 


413,912 


161,936 


59.85 


30 


7, 573, 279 


35 


479, 948 


35 


6, 571, 591 


521, 740 


216, 379 


62.56 


31 


3, 404, 942 


12 


208, 424 


12 


2, 983, 195 


213, 323 


283, 745 


64.96 


32 


6,041,818 


15 


355, 223 


15 


5, 366, 593 


320, 002 


402, 788 


67.72 


33 


5, 471, 086 


9 


306. 724 


9 


4, 886, 980 


277, 382 


607, 898 


71.03 


34 


3, 550, 296 


4 


193, 865 


4 


3, 211, 171 


145, 260 


887, 574 


73.09 


35 


2, 757, 401 


2 


146, 479 


2 


2, 509, 832 


101, 090 


1, 378, 701 


75.20 


36 
37 


'""2,"425,'342" 


' '"l 


125," 489' 


i' 


2,"220,'375" 


79,178' 


"2,125,342" 


77." 22" 


38 
39 
40 


905, 006, 149 


7, 477, 065 


388, 950, 406 


522, 191 


435, 330, 530 


80, 725, 213 


121 


4.11 


41 



82 



STATISTICS OF INCOME FOR 1940 PART 1 



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r-tC^CO'^iOCOt^COOlO^(NCO-^»OCOI>-00< 



STATISTICS OF INCOME FOR 1940 — PART 1 



83 



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84 



STATISTICS OF INCOME FOR 194 — PART 1 





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STATISTICS OF INCOME FOR 194 — PART 1 



85 



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86 



STATISTICS OF INCOME FOR 1940 — ^PART 1 



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STATISTICS OF INCOME FOR 1940 — ^PART 1 



87 



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f-HQOCO"'*''-''— "COOi— 'OCOT-^f-t — — 



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STATISTICS OF INCOME FOR 1940 — PART 1 



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STATISTICS OF INCOME FOR 1940 — PART 1 



89 



OO 05 O 1-1 C^ CO -^ iO CD h- 00 OS O •-< (M CO ■* lO CO h- 00 Cs O .-< C^ 
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CD'<fOOcD<NOOiOCN--''— ii-iOiOOOCDiOCOC^^CqN 



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CDO'^iOCTitNC^O'-tcDOOOOCD'— 'r^COOOOi^OW 



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90 



STATISTICS OF INCOME FOR 1940 — PART 1 



<» s 


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C^ (N C^ CI C^ CS W 



STATISTICS OF INCOME FOR 1940 — PART 1 



91 



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STATISTICS OF INCOME FOR 1940 — PART 1 



93 






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94 



STATISTICS OF INCOME FOR 1940 — PART 1 



Table 2-A. — Individual returns with net income, not including fiduciary returns, 
taxable and nontaxable individual returns with no net income; and taxable returns 
surtax; and Part III, returns with alternative tax by returns with net long-term 
Number of returns, net income, deficit, personal exemption, credit for dependents, 

[For description of items and classifications, and methods 
PART II— RETURNS WITH 





Net income classes 
(Thoii.sands of dollars) 

(1) 


Number 
of returns 

(2) 


Net income 
(3) 


Personal ex- 
emption ' 

(4) 


Credit for 
depend- 
ents 

(5) 


Earned 
income- 
credit 

(6) 


1 


Taxable individual returns witli 
net income: 
Under 1 (est.) 


528, 781 

2, 905, 082 

914,048 

912, 171 

1,014,619 

393, 843 

217,743 

128, 898 

83, 386 

58, 464 

44, 679 

33, 690 

26, 839 

21, 198 

17,528 

14, 806 

47, 064 

22, 233 

9,197 

8,647 

3,791 

1,930 

1,073 

693 

465 

283 

558 

138 

68 

32 

34 

12 

14 

8 

4 

1 


$482,597,711 
4,094,790,813 

2, 083, 852, 957 
2.504,195,812 

3, 474, 773, 199 
1,742,791,098 
1,189,254,288 

832, 539, 879 

622, 773, 429 

495, 353, 270 

423,447,158 

353, 057, 697 

308,226,156 

264,581,495 

236, 277, 947 

214,431,830 

809,157,244 

492, 460, 690 

250,477,111 

296,352,011 

168,322,194 

105, 298, 763 

69, 298, 336 

51,681,119 

39, 251, 665 

26. 752, 427 

66, 939, 694 

23,533,179 

15,295,405 

8, 669, 762 

11,722,968 

5,241,948 

8, 194, 009 

6, 869, 529 

4, 857, 653 

1, 805, 384 


$393, 890, 232 

2, 330, 974, 279 

1, 288, 994, 172 

1, 593, 627, 560 

1,831,906,248 

703,114,216 

384, 330, 262 

224, 729, 773 

143,581,812 

99, 789, 893 

76,122,240 

56, 983, 138 

45, 259, 698 

35, 585, 875 

29, 400, 776 

24, 848, 885 

78, 480, 903 

37,612,999 

15,567,807 

14,581,963 

6, 306, 084 

3,229,812 

1, 784, 576 

1,174,950 

754, 017 

476, 076 

865, 426 

225, 600 

115,834 

49, 800 

53, 200 

19, 600 

22, 000 

9,200 

5,983 

2,000 


$375, 143 

53, 830, 997 

26, 594, 283 

98, 843, 910 

273, 229, 123 

144,755.856 

89, 188, 625 

55, 182, 597 

35,220,510 

24,419,382 

18, 683, 975 

14,010,515 

11,070,571 

8.613,102 

7, 256, 948 

6,114,460 

19,380,693 

9, 570. 730 

4,0.55,517 

3,767,613 

1, 635, 763 

811,270 

470, 307 

288. 021 

179,932 

129,065 

201, 658 

48, 667 

32, 734 

13, 834 

14, 867 

2,000 

6,334 

2,400 

2,284 

800 


$48, 259, 772 

409, 475, 136 

208, 384, 659 

250, 419, 573 

335. 627, 161 

157,155,923 

99, 725, 798 

66, 822, 310 

47. 793, 365 

36, 449, 953 

30,383,153 

24, 540, 857 

20, 852, 888 

17,509,878 

15,331,255 

13, 608, 545 

43, 949, 246 

21,601,361 

9. 225, 492 

8, 966, 477 

4, 100, 440 

2, 144, 749 

1,219,006 

797, 519 

519,341 

321, 502 

597, 610 

141,201 

70, 444 

31,210 

33, 3,53 

8,000 

11,900 

6,620 

2,714 

1,400 


^ 




^ 


2 under 2.5 (est.) 


l\ 


2 5 under 3 (est.) 


"i 


3 under 4 (est.) -- - 


f; 


4 under 5 (est.)-- 


7 




8 


6 under 7 


q 


7 under 8 


10 


8 under 9 


]1 


9 under 10 


1'' 


lOunderll 


13 


11 under 12 


14 


12 under 13 


1 5 


13 under 14 


16 




17 


15 under 20 


18 


20 under 25 


19 


25 under 30 


?fl 


30 under 40 


''1 


40 under 50 -- 


oo 


50 under 60 


''3 


60under70 


04 


70 under 80 


'>5 


80 under 90 


''6 


90 under 100 


97 


100 under 150 


OH 


150 under 200 --- 


09 


200 under 250 


30 


250 under 300 


31 


300 under 400 -- 


•^9 


400 under 500 - 


33 


500 under 750 


34 


750 under 1 ,000 


35 


1,000 under 1,500 


36 


1, 500 under 2,000 


37 


2,000 under 3,000 


38 


3,000 under 4,000 


1 


3, 140, 642 


2,000 




1,400 


39 


4,000 under 5,000 


40 


5,000 and over 














Total, individual returns 
with normal tax and 
surtax. 












41 


7, 412, 021 


21,788,266,472 


9, 424, 478, 889 


908, 004, 486 


1, 876, 091, 211 



For footnotes, see p. 190. 



STATISTICS OF INCOME FOR 1940 — ^PAUT 1 



95 



1940, bij taxable and nontaxable returns, and by net income classes; aggregates for 
by type of tax liability — Pari I, all returns; Part II, returns with normal tax and 
capital gain and returns with net long-term capital loss, showing the tax computation: 
earned income credit, taxes, average tax and effective tax rate — Continued 



of tabulating and estimating data, see pp. 4-7 and 8-9] 
NORMAL TAX AND SURTAX ' 







Tax 










Effective 
tax rate, 




















Normal tas 


Surtax 




Average 


percent 




Total tax (col. 










Defense 


total tax 
(col. 7^2) 


(returns 
with net 














9-1-11+12) 


Number of 




Number 




tax' 




income) 






returns 


Amount 


of re- 
turns 


Amount 






(col. 7^3) 




(T) 


(8) 


(9) 


(10) 


(11) 


(12) 


(13) 


(14) 




$1,752,417 


528, 781 


$1, 593, 106 






$159, 311 


$3 
20 


0.36 


1 


57, 145, 439 


2, 905, 082 


51, 950, 399 






5, 195^ 040 


L40 
1. 18 


2 


24, 597, 793 


914,048 


22,361,630 






2,236, 163 


27 


3 


24, 642, 621 


912,171 


22, 402, 383 






2, 240, 238 


27 


I93 


4 


45, 360, 888 


1,014,619 


41,237,171 






4,123,717 


45 


1.31 


5 


32, 427, 827 


393, 843 


29, 366, 807 


""",5," 949' 


$113,036' 


2, 947, 984 


82 


L86 


6 


27, 958, 518 


217,705 


24, 456, 577 


35, 855 


964, 875 


2, 537, 066 


128 


2.35 


7 


24, 036, 210 


128, 854 


19, 306, 679 


77, 383 


2, 549, 395 


2, 180, 136 


186 


2.89 


8 


22, 498, 683 


83, 355 


15, 740, 189 


78, 226 


4, 719, 542 


2, 038, 952 


270 


3.61 


9 


21, 374, 177 


58, 437 


13, 290, 546 


58, 176 


6,145,263 


1, 938, 368 


366 


4.31 


10 


21, 107, 437 


44, 659 


11,840,712 


44, 655 


7,352,616 


1,914,109 


472 


4.98 


11 


19,901,680 


33, 673 


10, 221, 478 


33, 685 


7,876.010 


1, 804, 192 


591 


5.64 


12 


19, 358, 542 


26, 827 


9,170,142 


26, 837 


8, 432, 872 


1, 755, 528 


721 


6.28 


13 


18, 262, 640 


21, 191 


8, 051, 492 


21, 198 


8, 554, 689 


1, 656, 459 


862 


6.90 


14 


17, 720, 508 


17, 521 


7, 310, 679 


17,528 


8, 801, 831 


1, 607, 998 


1,011 


7.50 


15 


17, 357, 959 


14,801 


6, 741, 560 


14, 806 


9, 041, 909 


1, 574, 490 


1,172 


8.09 


16 


80,119,954 


47, 0,57 


26, 484, 723 


47, 064 


46, 364, 476 


7, 270, 755 


1,702 


9.90 


17 


65,119,822 


22, 225 


16,817,331 


22, 233 


42, 393, 458 


5, 909, 033 


2,929 


13.22 


18 


42, 031, 404 


9,195 


8,811,915 


9,197 


29, 407, 327 


3,812,162 


4,570 


16.78 


19 


62, 252, 482 


8,640 


10, 699, 551 


8,647 


45, 919, 427 


5, 633, 504 


7.199 


21.01 


20 


43, 386, 333 


3,788 


6, 220, 799 


3,791 


33, 243, 491 


3, 922, 043 


11,445 


25.78 


21 


31, 616, 516 


1,930 


3, 947, 329 


1,930 


24, 804, 562 


2, 864, 625 


16, 382 


30.03 


22 


23, 365, 145 


1,073 


2, 622, 763 


1,073 


18, 623, 076 


2,119,306 


21,776 


33.72 


23 


18, 999, 091 


693 


1, 968, 719 


693 


15,308.214 


1,722,158 


27,416 


36.76 


24 


15,512,360 


465 


1,501,457 


465 


12,607,416 


1, 403, 487 


33, 360 


39.52 


25 


11,250,493 


283 


1, 029, 302 


283 


9,201,073 


1,020,118 


39, 754 


42.05 


26 


31,820,205 


558 


2, 602, 507 


558 


26. 339. 987 


2,877,711 


57, 026 


47.54 


27 


12, 682, 393 


138 


922, 687 


138 


10, 613. 133 


1, 146, 573 


91,901 


53.89 


28 


8, 777, 035 


68 


600, 223 


68 


7, 458, 742 


718, 070 


129, 074 


57.38 


29 


5, 189, 436 


32 


342. 289 


32 


4, 444, 919 


402, 228 


162, 170 


59.86 


30 


7, 329, 708 


34 


464, 672 


34 


6, 358, 755 


506, 281 


215, 580 


62.52 


31 


3, 404, 942 


12 


208, 424 


12 


2, 983, 195 


213, 323 


283, 745 


64.96 


32 


5, 536, 335 


14 


326, 142 


14 


4, 914, 896 


295, 297 


395, 453 


67.57 


33 


4, 883, 485 


8 


273, 432 


8 


4, 359, 949 


250, 104 


610, 436 


71.09 


34 


3, 550, 296 


4 


193, 865 


4 


3,211,171 


145, 260 


887, 574 


73.09 


35 


1,355,680 


1 


72, 047 


1 


1, 233, 666 


49, 967 


1, 355, 680 


75.09 


36 
37 


"'"'2,'425,'342" 


i 


125," 489' 


i 


" "2,' 226,' 375' 


79," 478' 


'2,'425,'342' 


77.' 22' 


38 
39 


















40 




















876,111,796 


7,411,786 


381, 277, 216 


510,544 


416, 563, 346 


78, 271, 234 


118 


4.02 


41 



96 



STATISTICS OF INCOME FOR 194 — PART 1 






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CJiccoxoicxrocsr^coi^rj — — — .=:c-)x=5c-iS;?» 

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f^ 00 X — — CO » ca 



o — M-Cxxcoxcot^oxxococacixscsroosio 
uooxooc^ics — = o-^-«-t-'w>-oc::cx;^i-oc:03> 
»3 0xcoxs>xx = -!)-o — iaMric;o4-!rcoxr:-^co 

—">-""' ■«'"x"co''-*"!N ;ct>-"ioc:c^":r :~ — t-"-<f" — " x' m" =« 
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-^C^ro-ri.o:Ot^xr>C:— '^^co-^^^:Ct^xc:c:-^c^c*5 



STATISTICS OF INCOME FOR 1940 — ^PART 1 



97 



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C^OStOCOaJGCGOCSOcOiMCCCSOS 



oo 

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OSMOS'— 'TfcDOOOOcD^^OiOSOS 
iO00^'^Q0'^C0C^00t^00^-»OrJ< 

c*f ro c^T c^' t-^ U3 'tj'*' to o 00 Tf* tC ,-r t-h" 



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oooooo-^oso^ocoooxico 



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98 



STATISTICS OF INCOME FOR 1940 PART 1 



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STATISTICS OF INCOME FOR 1940 — ^PAUT 1 



99 












C^C^OJ-^OCSOOCOOtNOaOiOOIM^COai 
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100 



STATISTICS OF INCOME FOR 1940 — PART 1 




T-iC^CO-^*CtOI>.0000— '(NCO'Tj^iOcOt-^OOOiO'-'C^CO- 






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Scjc^SS 



STATISTICS OF LSTOOME FOR 1940 — PART 1 



101 



CS C^l W CS N CO CO CO CC C*D CO CO CC CO CC Tt* -«*< -«Ji 



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102 



STATISTICS OF INCOME FOR 194 PART 1 



-J. ^ 
e - 
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,— iC^cOrjHioCDt^OOOiO'— 'C^CO-T^OOt-^COOlO 



o £ d „ g'=^ 



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OieOC0O00"^00'-<CXl'^O<NQCCT>^t^'^-^00C^ 

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IN rt C<5 00 



03 03 J 



eoicoocor^^t^co»o»0(MC-icot^»oiooib-c^oo 

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CCC0C0(Nr^w:)C5O^HO'<T't^OGC00"<^00Q000C0 



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0iCDC0O00'*C0^G0*^OC^G00i'-iI^-«^'^jt,— 100 



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oT o'co"o'o"i^tD"t-^'02"(N ^"os ■*' oi'.-r 00 00" -* cnoo 

^1-1 CO f-H 00 CO ^-l -^ W 00 00 i-t -^ »0 1^ 05 o O CO 






— -^t-tcDr^-^t^Tt^oo^oor-t-^Oi<:Dc:sooc*o 



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cococo»^r— oocoos^HOcoooi— i-^occt^ocsc^ 



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3333333 

D-«*iOC0t^0003^^^r-^i 



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t-IC^CC'^»OCC't*00050^C^CO'^kOCCt^OOGiC 



STATISTICS OF ESroOME FOR 1940 — ^PART 1 



103 



.-I C^ CO -^ «:> CD h* 00 Oi O i-H CS CO ■* »0 CO h» 00 05 O i-< (N CO 
CS C^ <M CN <N C^ C^ M M CO CC CO CO CO CO CO CC CO CO -^ Tt< -«*< T}< 



.-Hh^iCOOOCOi— '05*0— '00005COOeOC005^J<CO o> 
^— iiCl-^OOOO-^CSTPI^tOI^-CDOOh-CSCSfU^Oi 

t^ — I Tt^ ^^ o M* CD c^" Tji t^ oi oi oi '-' "-H o: •-* oi 1^ o 

c^ccrccO'*Tt»Tf»c*o»o*oo»ococDcor^t-^t--cD 



COTj*r^cOt--CDCD»Ci(MCCt~^COI^T-HCOC^i0050CO 
t^CO"^CO-^«— <OC:C')»CTj"cO'-^'rt*OOiO— •WOOOO 
OOCOClGOCOC^O^O'—Tj'O'— •Ol'— 'C^-^t^t^r— 



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I— I— iC^MCO^Ot^'-'CDt-^'— <0 



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w^' r^" ^^ tjh' cm' o" o —^ o Oi' Tj*' O' o^" CD ■ ic" CO ic t-^" 

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104 



STATISTICS OF INCOME FOR 1940 — ^PART 1 



^*^ - 

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to*~H la 



II? 



to 5 

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to S~ 

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t— 00'^<:0t^>-'00»O.-»00'^Ou:JC^t^'^CC00'-i(MiC(MC^'<S*iOI>.0iG0 



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»-*—<•-( CI COiOt^'MO^-h-COClCC^ 



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!M»0.— lOOOO'-Ct^CO^CO 



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,— •— (lOiocoiooioocoeoosCi 
cooooic^coocoeococowi—' 

CO CO CT CO OT (N O t -T 'pfi" o" (N* (^ 

C^CO-^OOOOCOCOt—iOlOCOb- 

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c^ocioosc'ti^-^(Mcoa>'rtH 

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Tj^COWCOCOOlOiOCOOOOl^'— ",-i-rt*t^I--TP.— lOO'tC'OO'-'OCOOSOO 



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WOO'— 'Tj^t^f-oaitocNcO'— icD'-iOicciooor^tocoOTj' 



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H^^^Hi-«i-<oio^co"^»ccDr^oOCT'-<«-t 



STATISTICS OF INOOME FOR 1940 — PART 1 



105 



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106 



STATISTICS OF INCOME FOR 194 — PART 1 






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STATISTICS OF INCOME FOR 1940 — PART 1 



107 



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108 



STATISTICS OF INCOME FOR 1940 — ^PART 1 



Table 2-B. (Table 10, Statistics of Income for 1939, Part 1.) — Taxable fiduciary 
Part I, all returns; Part II, returns with normal tax and surtax; and Part III, 
net long-term capital loss, showing the tax com-putation: Number of returns, net 



[For description of items and classifications, and 
PART III— RETURNS WITH 





Number 

of 

returns 

(col. 

5+17) 

(2) 


Net in- 
come 3 
(col. 
6+18) 

(3) 


Total 
alterna- 
tive and 
defense 
taxes (col. 
14+26) 

(4) 


Computation of alternative tax 




Returns with net long-term 
capital gain 


Net income ' classes 
(Thousands of dollars) 

(1) 


Number 

of 
returns 

(5) 


Net 
income ^ 

(6) 


Net long- 
term 
capital 
gain (item 
7(b), p. 1, 
Form 1041) 

(7) 


Taxable fiduciary returns with 
net income k 
Under 1 




























2 under 2 5 


































































































8 under 9 


1 


$8, 106 


$3, 599 








9 under 10 








10 under 11 














11 under 12 














12 under 13 . 














13 under 14 




























15 under 20 


9 

72 

109 

159 

95 

67 

42 

27 

25 

24 

59 

24 

10 

7 

9 

5 

13 

1 

1 


162, 826 

1, 700, 005 
2, 977, 279 
5, 448, 645 
4, 287, 543 
3, 641, 194 

2, 727, 848 
2, 019, 283 
2, 141, 595 
2, 288, 103 
7, 034, 672 
4,113,407 

2, 283, 974 

1, 856, 180 

3, 250, 001 

2, 366, 107 
7, 616. 291 

877, 529 
1, 311, 698 


25, 649 

293, 497 

595, 052 

1, 301, 559 

1, 198, 593 

1, 134, 334 

917,426 

743, 190 

829, 770 

935, 357 

2, 991, 797 

1, 941, 367 

953, 690 

831, 291 

1, 679, 469 

1, 340, 018 

3, 462, 673 

479, 145 

432, 231 








20 under 25 


32 

65 

79 

54 

38 

29 

17 

20 

16 

39 

17 

10 

5 

6 

5 

13 

1 

1 


$763, 654 

1, 784, 093 

2, 722, 048 
2, 433, 166 
2, 081, 033 
1, 879, 673 
1, 261, 177 
1, 716, 669 

1, 532, 545 
4, 623, 756 
2, 926, 365 

2, 283, 974 

1, 288, 496 

2, 170, 619 
2, 366, 107 
7, 616, 291 

877, 529 
1, 311, 698 


$13, 270 

107, 007 

305, 740 

449, 127 

284, 957 

667, 300 

390, 043 

536, 750 

473, 463 

2, 673, 360 

1, 307, 706 

1, 363, 193 

954, 657 

1, 184, 990 

562, 233 

4, 789, 407 

355, 660 

1, 309, 513 


25 under 30 


30under40 


40 under 50 


50 under 60 


60 under 70 


70 under 80 


sounder 90 


90 under 100 


100 under 150 


150 under 200 


200 under 250 


250 under 300 


300 under 400 


400 under 500 


500 under 750 


750 under 1,000... 


1,000 under 1,500. 


1,500 under 2,000... 


2,000 under 3,000 














3,000 under 4,000. 














4,000 under 5,000 . 


1 


4, 644, 911 


3, 979, 229 








5,000 and over 






















Total 


760 


62, 757, 197 


26, 068, 936 


447 


41, 638, 893 


17, 728, 376 





For footnotes, see p. 190. 



STATISTICS OF USTOOME FOR 1940 — PAET 1 



109 



returns with net incorne,^^ 1940, by net income ^ classes, and by type of tax liability — 
returns with alternative tax by returns with net long-term capital gain and returns with 
income, personal exemption, taxes, average tax, and effective tax rate — Con. 

method ot tabulating data, see pp. 4 and 6-9] 
ALTERNATIVE TAX » 







Computation of alternative tax— Continued 






Returns with net long-term capital gain— Continued 


Ordinary 

net income 

(col. 6-7) 

(item 3, 

Sch. E, 

Form 1041) 

(8) 


Personal 
exemp- 
tion 6 

(9) 


Normal- 
tax 
(item 8, 
Sch. E, 

Form 

1041) 

(10) 


Surtax 

(item 9, 

Sch. E, 

Form 1041) 

(11) 


Tax 


Average 
alterna- 
tive and 
defense 
taxes (col. 
14-^5) 

(15) 




Alterna- 
tive tax 
(col. 10+ 
11+30% 
of col. 7) 
(item 12, 
Sch. E, 
Form 1041) 

(12) 


Defense 
tax 9 

(13) 


Total 
(col. 12+13) 

(14) 


Effective 
tax rate, 
percent 
(col. 14-5- 
6) 

(16) 




















































































































































































































































































































$750, 384 

1, 677, 086 

2, 416, 308 

1, 984, 039 

1, 796, 076 

1, 212, 373 

871, 134 

1,179,919 

1, 059, 082 

1, 950, 396 

1,618,659 

920, 781 

333, 839 

985, 629 

1, 803, 874 

2, 826, 884 

521, 869 

2,185 


$5, 300 

21.900 

19, 800 

20, 800 

11,200 

8,700 

3,100 

6,900 

3,000 

9,700 

4,700 

3,300 

500 

2,900 

2,100 

2,000 

100 

100 


$29, 273 
64, 021 
94, 676 
77, 349 
69, 219 
48, 076 
34, 697 
44,228 
42, 395 
77, 019 
67, 498 
36, 853 
1.3, 336 
40, 308 
72,067 

112,327 

20, 871 

83 


$86,545 
216, 176 
380, 342 
382, 075 
411, 537 
298, 718 
253, 119 
377, 389 
361, 055 
727, 569 
718, 998 
429, 009 
141, 952 
518, 642 
1, 029, 646 
1, 649, 678 
308, 018 


$119,799 

312,299 

566, 740 

594, 162 

566, 243 

546, 984 

404, 829 

582, 642 

545, 489 

1, 606, 596 

1, 178, 808 

874, 820 

441, 684 

914.447 

1, 270, 373 

3, 198, 827 

435, 587 

392, 937 


$11,983 
31, 226 
56, 649 
59, 413 
54,670 
S3, 231 
40, 480 
58,264 
54,549 
148, 623 
112,436 
78, 870 

42, 249 
74,929 
69,645 

263, 846 

43, 558 
39, 294 


$131,782 

343, 525 

623, 389 

653, 575 

620, 913 

600,215 

445, 309 

640, 906 

600, 038 

1, 755, 219 

1, 291, 244 

953, 690 

483, 933 

989, 376 

1, 340, 018 

3, 462, 673 

479, 145 

432, 231 


$4, 118 

5,285 

7,891 

12, 103 

16, 340 

20, 697 

26, 195 

32, 045 

37, 502 

45, 006 

75, 956 

95, 369 

96, 787 

164,896 

268, 004 

266, 359 

479, 145 

432, 231 


17.26 
19.25 
22.90 
26.86 
29.84 
31.93 
35.31 
37.33 
39.15 
37.96 
44.12 
41.76 
37.56 
45.58 
56.63 
45.46 
54.60 
32.95 
































































































23, 910, 517 


126, 100 


944,286 


8, 290, 468 


14, 553, 266 


1, 293, 915 


15,847,181 


35, 452 


38.06 



110 



STATISTICS OF INCOME FOR 1940 — ^PART 1 



Table 2-B. (Table 10, Statistics of Income for 1939, Part 1.) — Taxable fiduciary 
Part I, all returns; Part II, returns with normal tax and surtax; and Part III, 
net long-term capital loss, showing the tax computation: Number of returns, net 

[For description of items and classifications, and 

PART III— RETURNS WITH 





Computation of alternative tax— Continued 




Returns with net long-term capital loss 


Net income ' classes 
(Thousands of dollars) 

(1) 


Number 
of returns 

117) 


Net in- 
come 3 

(18) 


Net long- 
term 
capital loss 
vitem 7(b), 
p. 1, Form 
1041) 

(19) 


Ordinary 
net income 
(col. 18-f 19) 
(item 3, 
Sch. E, 
Form 1041) 

(20) 


Personal 
exemp- 
tion* 

(21) 


Normal 
tax (item 
8, Sch. E, 

Form 

1041) 

(22) 


Taxable fiduciary returns with net 
income:' 




























2 under 2 5 




































































































1 


$8, 106 


$55, 073 


$63. 179 


$800 


$2,495 


9 under 10 


10 under 11 - 














11 under 12 . 














12 under 13 . . 














13 under 14 -- 




























15 under 20 


9 
40 
44 
80 
41 
29 
13 
10 

5 

8 
20 

7 


162, 826 

936, 351 

1, 193, 186 

2, 726, 597 

1, 854, 377 

1, 560, 161 

848, 175 

7.58, 106 

424, 926 

755, 558 

2,410,916 

1, 187, 042 


159, 503 
117, 700 
226, 570 
371, 243 
158,426 
105, 563 
87, 927 
51, 730 
42, 597 
18, 940 
191, 263 
54, 400 


322. 329 

1, 054, 051 
1,419,756 
3, 097, 840 

2, 012, 803 
1, 665, 724 

936. 102 
809, 836 
467, 523 
774, 498 
2, 602, 179 
1,241,442 


2,300 
11,700 
10,000 
22, 000 
15, 20u 
9,200 
5,700 
4,700 
1,200 
800 
8,300 
2,300 


12, 349 

41, ,595 
55, 732 

120, 627 
79, 037 
64,023 
37, 036 
32, 151 
18, 6.53 
30, 920 

103,031 
49, 539 


20 under 25 - 


25under30 


30under40 .- 


40imder50 


50under60 


60under70 


70under80 


80under90 


90 under 100 - - -.- . -- 


100 under 1.50 . 


150under200 .-. 


200 under 2.50 - 


250 under 300 


2 
3 


567, 684 
1, 079, 382 


357 
24, 104 


568, 041 
1, 103, 486 


900 
1,000 


22, 685 
44,093 


300 under 400 - . . 


400 under .500 


500 under 7.50. 














750 under 1,000 














1,000 under 1,500 














1,.500 under 2,000 














2,000 under 3,000 _.. 














3,000 under 4,000 














4,000 under 5,000 


1 


4. 644, 911 


956, 793 


5, 601, 704 


100 


224,064 


5,000 and over 
















Total 


313 


21, 118. 304 


2, 622, 189 


23,740,493 


96,200 


938, 030 





For footnotes, see p. 190. 



STATISTICS OF INCOME FOR 1940 — PART I 



111 



returns with net income,^^ 1940, by net income ^ classes, and by type of tax liability — 
returns with alternative tax by returns with net long-term capital gain and returns with 
income personal exemption, taxes, average tax, and effective tax rate — Continued. 

method of tabulating data, see pp. 4 and 6-9] 

ALTERNATIVE TAX^— Continued 



Computation of alternative tax— Continued 


A verase 

alternative 

and defense 

taxes (col. 

4-5-2) 

(29) 




Returns with net long-term capital loss — Continued 




Surtax 

(item 9, 

Seh. E, 

Form 1041) 

(23) 


Tax 


Average 

alternative 

and defense 

taxes (col. 

26-M7) 

(27) 


Effective 

tax rate, 

percent 

(col. 26^18) 

(28) 


Effective 
tax rate, 


Alternative 

tax (col. 22-f 

23-30% of col. 

19) (item 12, 

Seh. E, Form 

1041) 

.(24) 


Defense 
tax' 

(26) 


Total 
(col. 24-1-25) 

(26) 


percent 
(4-S-3) 

(30) 


















































































































































$17, 299 


$3, 272 


$327 


$3, 599 


.$3, 599 


44.40 


$3, 599 


44.40 


















































































58, 818 
140, 726 
240, 897 
607, 265 
463, 963 
434, 361 
279, 048 
255, 923 
16.5, 820 
279, 606 
1, 080, 051 
567, 166 


23,316 
147, Oil 

228, 658 
616, 519 
495, 472 
466,715 
289, 706 
272, 555 
171,694 
304, 844 
1,125,703 
600, 385 


2,333 

14, 704 
22, 869 
61,651 
49, 546 
46, 706 
27, 505 
25, 326 
17, 170 
30, 475 
110.875 
49, 738 


25, 649 
161,715 
251, 527 
678, 170 
54,5, 018 
513,421 
317, 211 
297, 881 
188, 864 
33.5, 319 
1, 236, ,578 
650, 123 


2,850 

4,043 

5,717 

8.477 

13, 293 

17, 704 

24, 401 

29, 788 

37, 773 

41,915 

61,829 

92, 875 


15.75 
17.27 
21.08 
24.87 
29,39 
32.91 
37. 40 
39. 29 
44.45 
44.38 
51.29 
.54. 77 


2,850 

4,076 

5, 459 

8,186 

12, 617 

16, 930 

21,843 

27,526 

33, 191 

38, 973 

50, 708 

80, 890 

95, 369 

118, 7.56 

186, 608 

268, 004 

266, 359 

479, 145 

432, 231 


15.75 
17.26 
19.99 
23.89 
27.96 
31.15 
33.63 
36.80 
38.75 
40.88 
42. 53 
47.20 
41.76 


296, 532 
609, 978 


319, 110 
646, 840 


28, 248 
43, 253 


347, 358 
690, 093 


173, 679 
230, 031 


61.19 
63.93 


44.79 
51.68 
56.63 














45.46 














54.60 














32.95 
















































4,042,203 


3, 979, 229 




3, 979, 229 


3, 979, 229 


85.67 


3, 979, 229 


85.67 






















9, 539, 656 


9, 691, 029 


530, 726 


10, 221, 755 


32, 657 


48.40 


34, 301 


41.54 



112 



STATISTICS OF INCOME FOR 1940 PART 1 



Table 3.- — Individual returns and taxable fiduciary ret^irns, with net income, 19/^0^ 
by net income classes: Simple and c^imidative distribution of number of returns, 
net income, and total tax, with corresponding percentage distribution; also aggregate 
for individual returns with no net income. 

For description of items and classifications, and methods of tabulating and estimating data, see pp. 4-T 

and 8-9] 

[Net income classes and money figures in thousands of dollars] 





Number of returns 


Net income ^ classes 


Simple distribution 


Cumulative distribu- 
tion from highest 
income class 


Cumulative distribu- 
tion from lowest 
income class 


(1) 


Number 
(2) 


Percent 
of total 

(3) 


Number 
(4) 


Percent 
of total 

(5) 


Number 
(6) 


Percent 
of total 

(7) 


Individual returns and taxable fidu- 
ciary returns ^ with net income: 
Under 1 (est.) 


1,941,122 

5, 026, 595 

3, 463, 160 

1, 801, 831 

1, 250, 232 

402, 593 

219, 814 

130, 302 

84,424 

59, 328 

45, 291 

34, 265 

27,270 

21, 669 

17, 870 

15, 123 

48, 258 

24, 836 

14, 309 

15, 227 
7,728 
4,311 
2,639 
1,677 
1,221 

825 

1,964 

665 

291 

175 

176 

91 

93 

35 

29 

9 

6 

4 

3 

1 


13.24 
34.27 
23.61 
12.29 
8.53 
2.74 
1.50 
.89 
.58 
.40 
.31 
.23 
.19 
.15 
.12 
.10 
.33 
.17 
.10 
.10 
.05 
.03 
.02 
.01 
.01 
.01 
.01 

(16) 
(16) 
(16) 
(16) 
(16) 
(16) 
(16) 
(16) 
(16) 
(16) 
(16) 
(16) 
(16) 


14, 665, 462 

12, 724, 340 

7, 697, 745 

4, 234, 585 

2, 432, 754 

1, 182, 522 

779, 929 

560, 115 

429, 813 

345, 389 

286, 061 

240, 770 

206, 505 

179, 235 

157, 566 

139, 696 

124, 573 

76, 315 

51, 479 

37, 170 

21, 943 

14, 215 

9,904 

7,265 

5,588 

4,367 

3,542 

1,578 

913 

622 

447 

271 

180 

87 

52 

23 

14 

8 

4 

1 


100. 00 

86.76 

52.49 

28.88 

16. .59 

8.06 

.5.32 

3.82 

2.93 

2.35 

1.95 

1.64 

1.41 

1.22 

1.07 

.95 

.85 

.52 

.35 

.25 

.15 

.10 

.07 

.05 

.04 

.03 

.02 

.01 

.01 

(16) 
(16) 
(.6) 
(.6) 
(16) 
(16) 
(16) 
(16) 
(16) 
(16) 
(16) 


1,941,122 
6,967,717 
10, 430, 877 

12, 232. 708 

13, 482, 940 
13, 885. 533 
14, 105, 347 

14, 235, 649 
14, 320, 073 
14, 379, 401 
14, 424, 692 
14, 458, 957 
14, 486, 227 
14, 507, 896 
14, 525, 766 
14, 540, 889 
14, 589, 147 
14, 613, 983 
14, 628, 292 
14, 643, 519 
14, 651, 247 
14, 655, 558 
14, 658, 197 
14, 659, 874 
14,661,095 
14, 661, 920 
14, 663, 884 
14, 664, 549 
14, 664. 840 
14, 665, 015 
14, 665, 191 
14, 065, 282 
14, 66.5, 375 
14, 665, 410 
14. 665, 4.39 
14, 665, 448 
14, 665, 454 
14, 665, 458 
14, 66.5, 461 
14, 665, 462 


13.24 


1 under 2 (est.) 


47.51 


2under2.5 (est.) 

2.5 under 3 (est.) 


71. 12 
83.41 


3 under 4 (est.) . _ 


91.94 


4 under 5 (est.) 


94.68 


5 under 6 


96. 18 


Cunder 7_. 


97.07 


7 under 8 


97.65 


8 under 9 


98.05 


9underl0... 


98. 36 


lOunderll .. 


98.59 


11 under 12 


98.78 


12under 13 


98. 93 


13 under 14 ..._ 


99.05 


14 under 15 


99.15 


15 under 20 


99.48 


20 under 25 


99.65 


25 under 30 


99. 75 


30 under 40 


99.85 


40 under 50 


99.90 


50 under 60 


99.93 


60 under 70.... 


99.95 


70 under 80 


99.96 


80 under 90 


99.97 


90 under 100 


99.98 


100 under 150 . . 


99.99 


150 under 200 


99.99 


200 under 250 


99.99 


250 under 300 


99.99 


300 under 400 . . . 


99.99 


400 under 500... 


99.99 


500 under 750 


99.99 


750 under 1,000 


99.99 


1,000 under 1,500 


99.99 


1,500 under 2,000 


99.99 


2,000 under 3,000 


99.99 


3,000 under 4,000 


99.99 


4,000 under 5,000 


99.99 


5,000 and over 


100. 00 






Total, individual returns and 
taxable fiduciary returns 
with net income . . 


14, 665, 462 
112, 697 


100. 00 

C^) 










Individual returns with no net 
income* 




















Grand total 


14, 778, 159 


('<) 





















For footnote, see p. 190. 



STATISTICS OF INCOME FOR 194 — PART 1 



113 



Table Z.^Individual returns and taxable fiduciary returns, with net income, 1940,^ 
by net income classes: Simple and cuvndative distribution of number of return's, 
net income, and total tax, with corresponding percentage distribution; also aggregate 
for individual returns with no net income — Continued 

[For description of items and classifications, and methods of tabulating and estimating data, see pp 4-7 

and 8-9] 

[Net income classes and money figures in thousands of dollars] 



Net income ^ classes 



(1) 



Individual returns and taxable fidu- 
ciary returns ^ with net income: 
Under 1 (est.) 

1 mider 2 (est.) 

2 under 2.5 (est.)... 

2.5 under 3 (est.) 

Sunder 4 (est.) 

4 under 5 (est.) _ 

5 under 6 

6 under 7 

7 under 8 

Sunder 9 

9 under 10 

10 under 11 

11 under 12 

12 under 13 

13 under 14 

14 under 15 

15 under 20 _ 

20 under 25 

25 under 30 

sounder 40- 

40under50 

50 under 60 . 

60 under 70 

70 under 80 

sounder 90 

90 under 100 

100 under 150 

150under200 . 

200 under 250 

250 under 300_ 

300 under 400 

400 under 500 

500 under 750 

750 under 1,000 

1,000 under 1,500 

1,500 under 2,000 

2,000 under 3,000 

3,000 under 4,000 

4,000 under 5,000... 

5,000 and over.__ 

Total, individual returns and 
taxable fiduciary returns 

with net income 

Individual returns with no net in- 
come - _ 



Net income 3 



Simple distribution 



Amount 
(8) 



1, 525, 260 

7, 361, 338 

7, 696, 528 

4, 887, 104 

4, 233, 967 

1, 780, 801 

1, 200, 495 

841, 519 

630, 495 

502, 685 

429, 239 

359, 094 

313, 176 

270,457 

240, 890 

219, 025 

829, 986 

553, 014 

390, 323 

523, 106 

343. 657 

235, 360 

170, 543 

125, 212 

103, 249 

78, 131 

235, 754 

113, 932 

64.923 

47, 741 

60, 496 

41. 260 

55. 040 

29, 184 

34, 757 

15, 475 

14,079 

13, 443 

12, 735 

5,075 



36, 588, 546 
"311,385 



Percent 
of total 

(9) 



4.17 

20.12 

21.03 

13.36 

11.57 

4.87 

3.28 

2.30 

1.72 

1.38 

1.17 



.74 
.66 
.59 
2.27 
1.51 
1.07 
1.43 
.94 
.64 
.47 
.34 
.28 
.22 
.64 
.31 
.18 
.13 
.17 
.11 
.15 
.08 
.09 
.04 
.04 
.04 
.04 
.01 



100. 00 



Cumulative distri- 
butioni rom high- 
est income class 



Amount 
(10) 



36, 588, 546 

35, 063, 285 

27, 701, 947 

20, 005, 419 

15,118,315 

10, 884, 348 

9, 103, 547 

7, 903, 052 

7, 061. 633 

6, 431, 038 

5, 928, 353 

5,499,115 

5, 140, 021 

4, 826, 845 

4, 556, 388 

4, 315, 498 

4, 096, 473 

3, 266, 488 

2, 713, 474 

2,323,151 

1, 800, 045 

1, 456, 388 

1, 221, 028 

1, 050, 485 

925, 273 

822, 025 

743, 893 

508, 140 

394, 208 

329, 285 

281,544 

221, 048 

179, 788 

124, 748 

95. 564 

60, 807 

45,332 

31,253 

17, 810 

5,075 



Percent 
of total 

(11) 



100. 00 

95.83 

75.71 

54.68 

41.32 

29.75 

24.88 

21.60 

19.30 

17.58 

16.20 

15.03 

14.05 

13.19 

12.45 

11.79 

11.20 

8.93 

7.42 

6.35 

4.92 

3.98 

3.34 

2.87 

2.53 

2.25 

2.03 

1.39 

1.08 

.90 

.77 

.60 

.49 

.34 

.26 

.17 

.13 

.09 

.05 

.01 



Cumulative distribu- 
tion from lowest in- 
come class 



Amount 
(12) 



1, 525, 260 
S, 886. 598 
16, 583, 126 
21, 470, 231 
25, 704, 198 
27, 484, 999 
28, 685, 493 
29,527,013 
30, 157, 508 
30, 660, 192 

31, 089, 431 
31, 448, 525 
31,761.701 
32, 032, 158 
32, 273, 048 

32, 492, 073 
33, 322, 058 
33, 875, 072 
34, 265, 395 
3i 788, 501 
35, 132, 158 
35, 367, 518 
35, 538, 061 

35, 663, 273 
35, 766, 521 
35, 844, 653 
36, 080, 406 
36, 194, 338 
36, 259, 261 

36, 307, 002 
36, 367, 498 
36, 408, 758 
36, 463. 798 
36, 492, 982 
36, 527, 739 
36,543,214 
36, 557, 293 
36, 570, 736 
36, 583, 471 
36, 588, 546 



Percent 
of total 

(13) 



4.17 
24.29 
45.32 
58.68 
70.25 
75.12 
78.4a 
80.70 
82.42 
83.80 
84.97 
85.95 
86.81 
87.55 
88.21 
88.80 
91.07 
92.58 
93.65 
95.08 
96.02 
96.66 
97.13 
97.47 
97,75 
97.97 
98.61 
98, 92 
99.10 
99.23 
99. 40 
99.51 
99.66- 
99.74 
99.83 
99.87 
99.91 
99.95 
99.99 
100. 00 



For footnote, see p. 190. 



lU 



STATISTICS OF IXCOME FOR 194 — PART 1 



Table 3. — Individual returns atid taxable fiduciary returns, tciih net income, 1940,^ 
by net income classes: Simple and cumulative distribidion of number of returns, 
net income, and total tax. icith corresponding percentage distribution; also aggregate 
for individual returns with no net income — Continued 

[For descripnon of items and dassiflcatioiis, and methods of tabolating and estimating data ,see pp. 4-7 

and S-9] 

[Net income classes and monev figures in thonsands of dollars] 



Total tax » 



Net income s classes 


Simple distribution 


Cumulative distri- 
bution from high- 
est income class 


Cumulative distri- 
bution from low- 
est income class 


(1^ 


Amount 
(1*) 


Percent 
of total 

(15) 


Amount 
(16) 


Percent 
of total 

(17) 


Amount 
(18) 


Percent 
of total 

(19) 


Individual returns and taxable fidu- 
ciary returns 3 with net income: 
Under 1 (est.).. 

1 nndpr 2 Cpst ^ 


2.115 
57,727 
24.891 
24.935 
45.860 
31971 
28.507 
24 541 
23.026 
21,894 
21,573 
20,477 
19.794 
1&836 
18,203 
17,885 
83,055 
74 977 
67,164 

112,824 
90.969 
72.155 
58,325 
46,770 
41.095 
33.069 

110,629 
59.956 
35,485 
27,391 
36.240 
24 802 
32.524 
18.649 
21.651 
10.991 
10.028 
10.594 
10.261 
3.094 


0.14 
3.86 
1.66 
1.67 
3.07 
2.20 
1.91 
1.64 
1.54 
1.46 
1.44 
1.37 
1.32 
1.26 
1.22 
1.20 
5.55 
5.01 
4 49 
7.54 
6.08 
482 
3.90 
3.13 
2.75 
2.21 
7.39 
4 01 
2.38 
1.83 
2.42 
1.66 
2.17 
L25 
1.45 
.73 
.67 
.71 
.68 
.21 


1,495,930 

1, 493. 815 

1,436.088 

1, 411, 197 

1,386,262 

1.340.402 

1, 307, 431 

1,278,925 

1.254 383 

1. 231. 358 

4 209.464 

1, 187, 891 

1, 167. 414 

4 147, 620 

4128.784 

4 110, 582 

4092,696 

4009,641 

934664 

867,500 

754677 

663,708 

594 553 

533.228 

4Sa458 

445.363 

412.2*4 

304 665 

241,709 

206,224 

173,833 

142,593 

117. 791 

85,267 

66,619 

44 968 

33,977 

23.948 

13.355 

3.094 


100.00 

99.86 

96.00 

94 34 

92.67 

89.60 

87.40 

8.5.49 

83.85 

82.31 

80.85 

79.41 

78.04 

76.72 

75.46 

74 24 

73.04 

67.49 

62.48 

57.99 

50.45 

44 37 

39.55 

35.65 

32.52 

29.77 

27.56 

20.17 

16.16 

13.78 

14 95 

9.53 

7.87 

5.70 

4 45 

3.00 

2.27 

460 

.89 

.21 


2,115 

59.842 

84 734 

109.669 

155.529 

188.499 

217.006 

241. 547 

264 573 

286.466 

308,040 

328. 516 

348. 310 

367.146 

385.349 

403,234 

486.289 

564 266 

628,430 

7i\.2oi 

832.223 

904 378 

962.703 

4009.473 

4 050.567 

4 08.3.637 

4191266 

4 254 222 

1. 289. 707 

4 317. 098 

1, 353. 337 

4 378. 139 

4 410. 663 

1. 429, 312 

4 450.963 

1, 461. 954 

4471.982 

4 482. 576 

1. 492. 837 

1. 495. 930 


0.14 
400 


2 imder 2.5 (est.).. 

•'.5 under 3 (est ) 


5.66 
7.33 


3 under 4 (est.) 


10.40 


4 under 5 (est.) 

5 nnder 6 


12.60 
14 51 


finnripr 7 


16.15 


7 under 8 


17.69 


8 under 9 . 


19.15 


9 under 10 . . 


20.59 


10 under 11.. 


24 96 


11 under 12 


23.28 


12underl3 


24 54 


13 under 14 


25.76 


14 under 15.. . 


26.96 


15 under 20 .... 


3151 


20 under 25.. . 


37.52 


25 under 30 


4101 


30 under 40.. 


49.55 


40 under 50 


55.63 


50 under 60.. . 


60.45 


60 under 70 . 


64 35 


70 under 80 


67.48 


80 under 90 


70.23 


90 under 100 


7144 


100 under 150 


79.83 


150 under 200 


83.84 


200 under 230. 


86.22 


250 under 300 


88.05 


300 under 400... 


90.47 


400under500 


9113 


500under750 


94 50 


750 under 1,000 .. 


95.30 


1,000 under 1.500 


97.50 


1,500 under 2,000 


97.73 


2,000 under 3,000.... 


98.40 


3,000 under 4,000 . 


99.11 


4,000 under 5,000 


99.79 


5,000 and over 


100.00 






Total, individual returns and 
taxable fiduciarv returns 
with net income 


1,495,930 
473 


100.00 
(") 










Individual returns with no net in- 
come (taxable)* 












1 ; 1 


Grand total 


1,496,403 


(») 


I ; 




, 1 - 



For footnote, see p. 190. 



STATISTICS OF IXCOME FOR 194 — PART 1 



115 



Table 3-A. — Individual returns with net income, not including fidruciary returns, 
1940, by net income classes: Simple and cumidative distribution of number of 
returns, net income, and total tax, with corresponding percentage distribution; also 
aggregate for individual returns with no net income 

[For description of items and classifications, and methods of tabulating and estimating data, see pp. 4-7 

and 8-9] 

[Net income classes and money figures in thonsands of dollars] 









Number of returns 






Net income classes 


Simple distribution 


Cumulative distri- 
bution from high- 
est income class 


Cumulative distri- 
bution from lowest 
income class 


(1) 


Number 
(2) 


Percent 
of total 

(3) 


Number 
(4) 


Percent 
of total 

(5) 


Number 
(6) 


Percent 
of total 

(7) 


Individual returns with net income: 
Under 1 (est.) 


1, 911. 457 

5, 012, 619 

3, 459. 387 

1, 799. 178 

1, 246. 506 

400, 089 

217. 889 

128. 902 

83.395 

58.473 

44.686 

33, 701 

26.843 

21. 217 

17. 548 

14,831 

47, 289 

24,258 

13. 920 

14, 792 

7,464 

4.155 

2,548 

1,625 

1,176 

781 

1,866 

626 

273 

167 

166 

86 

79 

33 

28 

8 

6 

4 

2 

1 


13.09 

34.34 

23.70 

12.32 

8.54 

2.74 

1.50 

.88 

.57 

.41 

.30 

.23 

.18 

.15 

.12 

.10 

.32 

.17 

.10 

.10 

.05 

.02 

.02 

.01 

.01 

.01 

.01 

(18) 
(18) 
(16) 
(16) 
(16) 
(16) 
(1.) 
(16) 
(16) 
(16) 
(16) 
(16) 
(16) 


14, 598, 074 

12, 686, 617 

7, 673, 998 

4, 214, 611 

2, 415, 433 

1, 168. 927 

768.838 

550,949 

422.047 

338, 652 

280, 179 

235, 493 

201, 792 

174, 949 

153, 732 

136, 184 

121,353 

74,064 

49,806 

35,886 

21, 094 

13,630 

9,475 

6,927 

5,302 

4,126 

3,345 

1,479 

853 

580 

413 

247 

161 

82 

49 

21 

13 

7 

3 

1 


100.00 

86.91 

52.57 

28.87 

16.55 

8.01 

5.27 

3.77 

2.89 

2.32 

1.91 

1.61 

1.38 

1.20 

1.05 

.93 

.83 

.51 

.34 

.24 

.14 

.09 

.07 

.05 

.04 

.03 

.02 

.01 

(16) 
(16) 
(16) 
(16) 
(16) 
(16) 
(16) 
(16) 
(16) 
(16) 
(16) 
(16) 


1,911.457 
6. 924. 076 
10. 383. 463 
12, 182, 641 
13, 429, 147 

13. 829, 236 
14. 047, 125 
14, 176. 027 

14. 259. 422 
14, 317, 895 
14, 362. 581 
14, 396, 282 
14,423,125 
14, 444, 342 
14, 461, 890 
14, 476, 721 
14, 524, 010 
14, 548, 268 
14, 562, 188 
14, 576, 980 
14, 584, 444 
14, 588, 599 
14, 591, 147 
14, 592, 772 
14, 593, 948 
14, 594. 729 
14, 596, 595 
14, 597, 221 
14. 597, 494 

14. 597, 661 
14, 597, 827 
14,597.913 
14,597,992 

14. 598, 025 
14, 598, 053 
14, 598, 061 
14, 598, 067 
14, 598, 071 
14, 598, 073 
14, 598. 074 


13.09 




47.43 


2under2.5 (est.) 

2 5 under 3 (est.) 


71.13 
83.45 


3 under 4 (est.) 


91.99 


4 under 5 (est.) - 


94.73 


5 under 6 


96.23 




97.11 


7 under 8 


97.68 


8 under 9 . - 


98.09 


9 under 10 


98.39 


10 under 11 . 


98.62 


11 under 12 


98.80 


12underl3 . .. 


98.95 


13 under 14 .. 


99.07 




99.17 


15 under 20 


99.49 


20 under 25 


99.66 


25 under 30 . 


99.76 


30 under 40 


99.86 


40 under 50 . 


99.91 


50 under 60 . - 


99.93 


60under70 


99.95 


70under80 


99.96 


80under90 


99.97 


90underl00 


99.98 


100 under 150 . 


99.99 


150 under 200 


99.99 


200 under 2.50 . - -- 


99.99 


250 under 300 . - 


99.99 


300 under 400 


99.99 


400 under 500 


99.99 


500 under 750 


99.99 


750 under 1,000 - .- 


99.99 


1,000 under 1,500 - — 


99.99 


1,500 under 2,000 -.- 


99.99 


2,000 under 3,000 


99.99 


3,000 undnr 4,000 


99.99 


4,000 under 5,000 


99.99 


5,000 and over 


100.00 






Total, individual returns with 


14, 598, 074 
112, 697 


100.00 
0<) 










Individual returns with no net 






















14, 710, 771 


(") 





















For footnote, see p. 190. 



116 



STATISTICS OF INCOME FOR 1940 — PART 1 



Table 3- A. -^Individual returns with net income, not including fiduciary returns, 
1940, by net income classes: Simple and cunndative distribution of number of 
returns, net income, and total tax, with corresponding percentage distribution; also 
aggregate for individual returns with no net income — Continued 

rFor description of items and classifications, and methods of tabulating and estimating data, see pp. 4-7 
' and 8-9] 

[Net income classes and money figures in thousands of dollars] 





Net income 


Net income classes 


Simple distribution 


Cumulative distri- 
bution from high- 
est income class 


Cumulative distribu- 
tion from lowest in- 
come class 


(1) 


Amount 
(8) 


Percent 
of total 

(9) 


Amount 
(10) 


Percent 
of total 

(11) 


Amount 
(12) 


Percent 
of total 

(13) 


Individual returns with net income: 
Under 1 (est.) 


1, 512, 563 

7, 341, 533 

7, 688, 099 

4, 879. 864 

4, 221, 054 

1, 769, 711 

1, 190, 029 

832, 567 

622, 841 

495, 429 

423, 513 

353, 174 

308, 273 

264, 818 

236, 548 

214, 794 

813, 235 

540, 085 

379, 737 

608, 221 

331,895 

226, 908 

164, 712 

121, 329 

99, 408 

73, 956 

223,988 

107, 300 

60, 839 

45, 625 

56, 863 

38,893 

46, 696 

27, 474 

33, 445 

13,614 

14, 079 

13,443 

8,090 

5,075 

36, 309, 719 
11 311, 385 


4.17 

20.22 

21.17 

13.44 

11.62 

4.88 

3.28 

2.29 

1.72 

1.36 

1.17 

.97 

.85 

.73 

.65 

.59 

2.24 

1.49 

1.04 

1.40 

.91 

.63 

.45 

.34 

.27 

.20 

.62 

.30 

.16 

.13 

.16 

.10 

.13 

.08 

.09 

.04 

.04 

.03 

.03 

.01 

100. 00 


36, 309, 719 

34,797.155 

27, 455, 623 

19, 767, 524 

14, 887, 660 

10, 666, 606 

8, 896, 895 

7, 706, 866 

6, 874, 299 

6, 251, 458 

5, 756, 030 

5, 332, 516 

4, 979, 343 

4, 671, 070 

4, 406, 252 

4, 169, 704 

3, 954, 910 

3, 141, 676 

2, 601, 590 

2, 221, 853 

1, 713, 632 

1,381,737 

1, 154, 829 

990, 117 

868, 788 

769, 380 

695, 424 

471.436 

364, 136 

303, 297 

257, 672 

200, 809 

161,915 

115,219 

87, 746 

54, 301 

40. 687 

26, 608 

13, 165 

5.075 


100. 00 

95.83 

75.61 

54.44 

41.00 

29.38 

24.50 

21.22 

18.93 

17.21 

15.85 

14.68 

13.71 

12.86 

12.13 

11.48 

10.89 

8.65 

7.16 

0.12 

4.72 

3.81 

3.18 

2.73 

2.39 

2. 12 

1.92 

1.30 

1.00 

.84 

.71 

.55 

.45 

.32 

.24 

.15 

.11 

.07 

.04 

.01 


1. 512. 563 
8. 854, 096 
16, 542, 195 
21, 422, 059 
25,643,113 
27,412,824 
28, 602, 853 

29, 435, 420 

30, 058, 260 

30, 553, 689 
30, 977, 202 

31, 330, 376 
31, 638, 649 
31, 903, 466 
32,140,015 

32, 354, 809 
33,108,043 

33, 708, 128 

34, 087, 866 
34, 596, 087 

34, 927, 982 
35, 154, 890 

35, 319, 602 
35.440.931 

35, 540, 338 
35, 614, 294 
35,838,282 
35, 945, 583 

36, 006, 421 
36,052,047 
36, 108, 910 
36, 147, 803 
36, 194, 499 
36, 221, 973 
36, 255, 418 
36, 269, 032 
36,283,110 
36, 296, .553 
36, 304, 644 
36, 309, 719 


4.17 


1 under 2 (est.) - . 


24.39 


2 under 2.5 (est.) ... 


45.56 


2.5 under 3 (est.) 


59.00 


3 under 4 (est.) 


70.62 


4 under 5 (est.) . 


75.50 


5 under 6 


78.78 


6 under 7 


81.07 


7under8- . - 


82.79 


8 under 9 


84.15 


9 under 10 


85.32 


10 under 11 . _ 


86.29 


11 under 12 


87.14 


12 under 13 . 


87.87 


13 under 14 .. 


88.52 


14 under 15 


89.11 


15 under 20 


91.35 


20 under 25 


92.84 


25 under 30.. 


93.88 


30 under 40 


95.28 


40 under 50 


96.19 


50 under 60 


96.82 


60 under 70 


97.27 


70 under 80 


97.61 


80 under 90 


97.88 


90underl00 


98.08 


100 under 150 


98.70 


150 under 200 


99.00 


200 under 250 


99.16 


250 under 300 


99.29 


300 under 400_ 


99.45 


400 under 500 


99.55 


500 under 750 


99.68 


750 under 1,000 


99.76 


1,000 under 1,500 


99.85 


1,500 under 2,000 


99.89 


2,000 under 3,000 


99.93 


3,000 under 4,000 


99.96 


4,000 under 5,000 , . 


99.99 


5,000 and over ... . 


100. 00 






Total, individual returns with 
net income .. 










Individual returns with no net in- 
come 





















For footnotes, see p. 190. 



STATISTICS OF INCOME FOR 194 — PART 1 



117 



Table 3-A. — Individual returns with net income, not including fiduciary returns, 
1940, by net income classes: Simple and cumulative distribution of number of 
returns, net income, and total tax, with corresponding percentage distribution; also 
aggregate for individual returns with no net income- — Continued 

[For description of items and classifications, and methods of tabulating and estimating data, see pp. 4-7 

and 8-9] 

[Net income classes and money figures in thousands of dollars] 





Total tax 2 


Net income classes 


Simple distribution 


Cumulative distribu- 
tion from highest 
income class 


Cumulative distribu- 
tion from lowest 
Income class 


(1) 


Amount 

(14) 


Percent 
of total 

(15) 


Amount 
(16) 


Percent 
of total 

(17) 


Amount 
(18) 


Percent 
of total 

(19) 


Individual returns with net income: 


1,771 
57, 156 
2i601 
24,673 
45, 372 

32, 515 
27,998 
24, 049 
22, 554 
21, 398 
21, 146 
19, 998 
19, 375 
18,317 
17, 778 
17,444 
80,995 
72,930 
65, 135 

109, 369 
87, 730 
69, 518 
56, 327 
45,315 
39, 578 
31, 328 

105, 337 
56, 649 

33, 484 
26. 405 
34,317 
23, 462 
28,556 
17, 582 
21,219 

9,589 
10,028 
10, 594 
6,282 
3,094 


0.12 
3.97 
1.71 
1.71 
3,15 
2.26 
1.94 
1.67 
1.56 
1.49 
1.47 
1.39 
1.34 
1.27 
1.24 
1.21 
5.62 
5.06 
4.52 
7.59 
6.09 
4.82 
3.91 
3.14 
2.75 
2.17 
7.31 
3.93 
2.33 
1.83 
2.38 
1.63 
1.98 
1.22 
1.47 
.67 
.69 
.74 
.44 
.21 


1, 440, 967 

1, 439, 196 

1, 382, 040 

1, 357, 439 

1, 332, 765 

1, 287, 393 

1,254,878 

1, 226, 880 

1, 202, 831 

1, 180, 277 

1, 158, 880 

1,137,734 

1,117,735 

1, 098, 361 

1, 080, 044 

1, 062, 266 

1,044,822 

963, 827 

890,897 

825, 762 

716, 392 

628,663 

559, 145 

502,817 

457, 502 

417,925 

386, 597 

281, 260 

224,611 

191, 127 

164, 722 

130, 405 

106, 943 

78, 388 

60, 805 

39, 587 

29, 997 

19, 969 

9,375 

3,094 


100. 00 

99.88 

95.91 

94.20 

92.49 

89.34 

87.08 

85.14 

83.47 

81.91 

80.42 

78.95 

77.56 

76.22 

74.95 

73.71 

72.50 

66.88 

61.82 

57.30 

49. 71 , 

43.62 

38.80 

34.89 

31.75 

29.00 

26.83 

19.52 

15.59 

13.26 

11.43 

9.05 

7.42 

5.44 

4.22 

2.75 

2.08 

1.39 

.65 

.21 


1,771 

58,927 

83, 528 

108, 202 

153, 574 

186, 089 

214, 088 

238, 136 

260, 690 

282, 088 

303, 233 

323, 232 

342, 607 

360, 923 

378, 701 

396, 145 

477, 140 

550, 070 

615, 205 

724, 575 

812, 304 

881, 822 

938, 150 

983. 465 

1,023,043 

1, 054, 370 

1, 159, 708 

1, 216, 356 

1,249,840 

1, 276, 245 

1, 310, 502 

1, 334, 024 

1, 362, 580 

1, 380, 162 

1,401,380 

1,410,970 

1,420,998 

1, 431, 592 

1, 437, 873 

1, 440, 967 


0.12 




4.09 


2 under 2. 5 (est.) 


5.80 


2.5 under 3 (est.) 


7.51 




10.66 


4 under 5 (est.) 


12.92 


5 under 6 . .- 


14.86 


6 under 7 


16.53 


7 under 8 - 


18.09 


8 under 9 


19.58 


9 under 10 . 


21.05 


10 under 11 


22.44 


11 under 12 


23.78 


12 under 13 


25.05 


13 under 14 


26.29 


14 under 15 


27.50 


15 under 20 


33.12 


20 under 25 -. 


38.18 


25 under 30 . 


42.70 


30 under 40 


50.29 


40 under 50 --- 


56.38 


50 under 60 


61.20 


60 under 70 - 


65.11 


70 under 80 ., 


68.25 


80 under 90 


71.00 


90 under 100 _ .. 


73.17 


100underl50 . .. 


80.48 


150 under 200 . ... 


84.41 


200 under 250 


86.74 


2.W under 300 


88.57 


300 under 400 


90.95 


400 under 500 


92.58 


500under7.50 .. 


•94.56 


750 under 1,000 . . 


95.78 


1,000 under 1,500 


97.25 


1,500 under 2,000 


97.92 


2,000 under 3,000 


98.61 


3,000 mider 4,000 


99.35 


4,000 under 5,000 


99.79 


5,000 and over 


100.00 






Total, individual returns with 


1, 440. 967 
473 


100. 00 

(") 










Individual returns with no net in- 






















1. 441, 440 


('*) 















For footnotes, see p. 190. 



118 



STATISTICS OF INCOME FOR 1940 — ^PART 1 



Table 4. — Individual returns with net income, not including fiduciary returns, 
1940, by States and Territories, and by sex and family relationship: Number of 
returns and nei income 

[For description of items and classifications, and methods of tabulating and estimating data, see pp. 4-6, 

8-9, and 12-13] 

[Money figures in thousands of dollars] 



States and Territories 



(1) 



Alabama 

Alaska 

Arizona 

Arkansas - 

California 

Colorado 

Connecticut 

Delaware 

District of Columbia 

Florida 

Georgia 

Hawaii 

Idaho 

Dlinois 

Indiana 

Iowa 

Kansas 

Kentucky 

Louisiana 

Maine 

Maryland 

Massachusetts 

Michigan 

Minnesota 

Mississippi 

Missouri ^ 

Montana 

Nebraska 

Nevada 

New Hampshire 

New Jersey 

New Mexico 

New York. 

North Carolina 

North Dakota 

Ohio 

Oklahoma 

Oregbn 

Pennsylvania 

Rhode Island 

South Carolina 

South Dakota 

Tennessee 

Texas , ..... 

Utah 

Vermont 

Virginia 

Washington.. 

West Virginia 

Wisconsin... 

Wyoming. 

Total, individual returns with net income 



Total 



Number of 
returns 

^2) 



99 

13, 

42, 

49, 

1,201 

lOS 

329, 

37 

161 

138, 

128 

42, 

43, 

1, 266, 

351 

251 

128 

131 

128 

70, 

284 

665, 

760, 

302, 

47 

327, 

65, 

105, 

20, 

53, 

732, 

29, 

2, 166, 

128 

39, 

901 

112 

123 

1,221 

102 

63, 

37 

138 

455, 

39, 

34 

182, 

246. 

124 

330 

28, 



14, 598, 074 



Net income 
(3) 



246, 836 
31,355 
101, 124 
124, 301 

2, 894, 463 
264. 9C3 
846. 773 
149. 402 
426, 908 
396, 140 
358, 132 
109, 254 
83, 428 

3, 291, 837 
809, 926 
474, 431 
265, 046 
319. .545 
324, 035 
156. 065 
719. 765 

1, 692, 141 

1, 941, 824 
641,752 
117,120 
795, 443 
144, 739 
226, 120 

52, 826 

117, 130 

1, 836, 481 

71,018 

5, 806, 388 

310. 800 

75. 032 

2, 2.59, 570 
275, 489 
274. SIO 

3, 034,. 846 
248, 020 
141, 695 

67, 215 

354, 767 

1, 1.53. 713 

93, 651 

73, 875 
475, 990 
542. 673 
302. 034 
722. 720 

66, 171 



36, 309. 719 



Joint returns of husbands 
and wives, or of either 
husband or wife when no 
other return is filed 



Number of 
returns 

(4) 



55, 

7, 

20, 

30, 

578 

58 

144, 

19, 

62, 

75, 

71 

18, 

21 

679 

186, 

138 

72, 

68 

59, 

32, 

138 

301 

403 

165 

27, 

165 

35, 

59, 

9 

24 

371 

15 

1, 110, 

62, 

24, 

492, 

68, 

59, 

591 

42 

33 

21 

77, 



1 

93 
110 

65, 
179 

16 



449 
165 
519 
234 
319 
271 
623 
143 
785 
189 
520 
311 
121 
574 
779 
919 
898 
514 
690 
435 
476 
817 
269 
680 
733 
856 
116 
017 
698 
6.56 
951 
065 
209 
560 
223 
965 
725 
889 
313 
145 
447 
366 
552 

244,004 

23, 
977 
873 
530 
706 
768 
580 



7, 456, 432 



Net income 
(6) 



163, 358 

20, 288 

51, 661 

86, 130 

1, 498, 225 

161,306 

440, 229 

63, 080 

214, 406 

233, 060 

227, 514 

59, 182 

44,544 

2, 020, 707 

510, 684 

310. 659 

175, 134 

196, 137 

156, 661 

88, 3.54 

423, 376 

886, 939 

1, 188. 360 

401, 481 

78, 968 

472. 078 

94, 091 

151,007 

25, 402 

67. 212 

1, 108. 648 

38. 460 

3,3.53,816 

186, 037 

53, 633 

1, 422, 066 

180. 441 

167, 063 

1, 723, 917 

125,116 

93, 063 

45, .551 

233. 091 

607, 842 

64, 531 

45, 670 

288. 730 

272, 217 

188. 591 

459, 698 

44, 632 



21, 213, 046 



For footnotes, see p. 190. 



STATISTTCS OF INOOME FOR 1940 — ^PART 1 



119 



Table 4. — Individual returns wiih net income, not including fiduciary returns, 
1940, by States and Territories, and by sex and family relationship: Number of 
returns and net income — Continued 

[For description of items and classifications, and methods of tabulating and estimating data, see dd 4-6 

8-9, and 12-13] ' 

[Money figures in thousands of dollars] 





Separate returns of husbands and 
wives '7 


Community property returns " 


States and Territories 


Men 18 


Women >8 


Men 18 


Women ,18 


(1) 


Num- 
ber of 
returns 

(6) 

1,199 

246 

229 

647 

8,023 

1,478 

4,933 

902 

2,996 

3.464 

2,168 

864 

188 

17, 644 

3. 342 

2,689 

1,358 

1,862 

373 

822 

4,173 

12,464 

8, 145 

3,332 

754 

4,179 

543 

1, 0.55 
150 
670 

9.444 

122 

37, 378 

2,354 

260 

10,315 

1.923 

1,621 
13, 273 

1,148 
916 
246 

1,607 

1,708 
537 
472 

2, 519 
864 

1,737 

5,355 

292 


Net in- 
come 

(7) 


Num- 
ber of 
returns 

(8) 

1, 074 

143 

1,59 

491 

8,370 

1, 3.36 

4,042 

1,042 

2,763 

3,232 

1,823 

659 

1.55 

16, 475 

3,315 

2,975 

1,397 

1,690 

376 

1,024 

3,963 

12, 173 

5, 473 

2,916 

842 

3, 957 

458 

691 

118 

693 

10, 262 

170 

33, 046 

2,978 

241 

8.691 

1,946 

1,418 

12, 492 

1,193 

768 

256 

1,618 

1,387 

498 

303 

2,002 

805 

1,498 

4,388 

285 


Net in- 
come 

(9) 

4,614 

385 

790 

2, .509 

30. 233 

5, 090 

28, 634 

13, 580 
9, 856 

19,014 

9,003 

2, 964 

234 

72, 937 

14, .347 
7, 533 
4,270 
6,579 

873 

3,957 

17, 610 

44, 843 

31. 102 
12,918 

2,812 

20. 121 

1,546 

2,833 

923 

2,941 

46. 281 

944 

180, 484 

10. 103 
643 

44, 579 
6,04! 
4,954 

68, 485 
6,981 
2,288 
.588 
7,715 
3,176 
1.934 
1,642 

11,603 
2.199 
4,640 

13, 529 
932 


Num- 
ber of 
returns 

(10) 


Net in- 
come 

(11) 


Num- 
ber of 
returns 

(12) 


Net in- 
,come 

(13) 


Alabama 


13, 516 
1,187 
1,245 
6,369 

36, 237 

14, 435 
69, 889 

33, 461 
26. 292 

38, 827 
26, 430 

8,650 

447 

219, 279 

39, 893 
18. 031 
11,710 
18, 569 

1, 634 

8,8S9 

45, 629 

123,512 

112,187 

34, 526 
6,382 

55, 701 

3.712 

9,337 

1,876 

6,709 

108. 704 

518 

488. 906 

28. 403 

1.551 

132.110 

14,393 

13, 348 

183.117 

, 16. 672 

7. 551 

1. .551 

22, 399 

4.617 

4, 205 

3.281 

30, 461 

2,842 

13, 537 

43, 125 

2,732 






















1,794 


8,844 


1,828 


8,558 






32, 053 


238, 154 


32, 735 


216, 652 




Connecticut - 










Delaware -- --- - 










District of Columbia 










Florida -- - 










Oeorgia - 






















1,967 


7,436 


1,915 


7,416 




Indiana -- 






























Kentucky .. 












5,914 


37, 121 


5,972 


37, 988 














Massachusetts . .- 










Michit'an -- 










Minnesota - 










JTlssissippi -- - 










































661 


4,117 


663 


3,939 


Mew Hampshire - - 


Mew Jersey 












1,301 


6,550 


1,271 


6,274 






North Carolina . - 










>f()rtli Dakota . . . 










Ohio - - --- - 










Oklahoma 


728 


6,461 


723 


5,847 












Ehode Ishnd .-. .. 










South Carolina . . . . 






























T.>xas -- 


24,559 


143, 444 


24,322 


139, 519 


Utah . - 




Vermont .--. .- 






















8,616 


45, 763 


8,412 


42, 880 


West Virginia 



































Total, individual re- 
turns with net in- 
come 


184, 983 


2, 118. 585 


170, 070 


795, 394 


77. 593 


497, 889 


77, S41 


469, 072 



For footnotes, see p. 190. 



120 



STATISTICS OF INCOME FOR 1940 — PAUT 1 



Table 4. — Individual returns with net income, not including fiduciary returns, 
1940, by States and Territories, and by sex and family relationship: Number 0/ 
returns and net income — Continued 

[For description of Items and classifications, and methods of tabulating and estimating data, see pp. 4-6, 

,8-9, and 12-13] 

[Money figures in thousands of dollars] 



States and Territories 



(1) 



Alabama -.. 

Alaska 

Arizona 

Arkansas 

California 

Colorado 

Connecticut 

Delaware 

District of Columbia. . . 

Florida - 

Georgia 

Hawaii 

Idaho 

Illinois 

In d iana 

Iowa 

Kansas 

Kentucky. 

Louisiana 

Maine 

Maryland 

Massachusetts 

Michigan 

Minnesota 

Mississippi 

M issnuri 

Montana 

Nebraska 

Nevada 

New Hampshire.. 

New Jersey .-. 

New Mexico 

New York 

North Carolina 

North Dakota 

Ohio-- 

Oklahoma 

Oregon 

Pennsylvania 

Rhode Island 

South Carolina 

South Dakota 

Tennessee 

Texas.- 

Utah 

Vermont 

Virginia 

Washington 

West Virginia 

Wisconsin 

Wyoming 



Heads of families 



Single men and 
married men not 
living with wives 



Num- 
ber of 
returns 

(14) 



Total, individual 
returns with 
net income 



6,614 

323 

2.111 

2,788 

47, 353 
5,285 

17,071 

1,733 

7.273 

5,526 

5,078 

2, 520 

1,892 

58, 781 

18, 424 

10, 889 

6.567 

8,078 

8,014 

3,064 

16, 193 

49, 087 

36, 817 

12. 969 

2,497 

22, 233 

3,306 

4,286 

619 

2,547 

48, 048 
1,141 

140, 945 
5,470 
1,932 

40, 496 
5,431 
5,775 

77, 946 
7,626 
3,068 
1,925 
5, 585 

12, 763 
2,307 
1,730 
9,142 

10, 190 
8,135 

12, 557 
1,057 



773, 207 



Net in- 
come 



(15) 



13, 657 

848 

4,122 

6,672 

103,982 

11, 395 

38, 297 

6, 442 

18, 589 

14, 787 
12, 687 

5, 012 
3,129 

140, 629 
38, 998 
20, 366 

12, 304 
16, 858 
16,010 

6,698 
38, 901 
no, 150 
83, 132 
28, 129 

6, 016 
47, 006 

6, 915 
8,315 
2,008 
4,767 

109, 549 

2,590 

334, 829 

14, 065 

3,593 

92, 336 

12, 485 

11, 365 

168, 094 

15, 885 
6,345 
3,209 

13, 648 
27, 739 

4,953 
3,408 
20, 670 
20, 245 
16, 080 
27, 866 
2,374 



Single women and 
married women 
not living with 
husbands 



1, 738, 209 



Num- 
ber of 
returns 

(16) 



3,151 

217 

1,817 

1,789 

59, 403 
3, 369 

12, 339 
1,008 

10, 142 
4,201 
5,113 
1,184 
1,174 

35,814 

10, 840 
6,703 
3, 731 
5,055 
5,411 
2,222 
6, 957 

28,701 

15,771 
7,428 
1,648 

13, 961 

2,031 

3,188 

487 

1,980 

25, 104 
919 

71, 163 

3,893 

818 

24, 408 
4,379 
3,858 

45, 678 

5,577 

1,851 

777 

5,557 

14, 196 
1,430 
795 
7,178 
6,471 
3,436 
6,149 
801 



491,273 



Net in- 
come 

(17) 



.5, 553 
459 

3, 352 

3, 239 
117,422 

6, 338 
23, 965 

2,480 
20, 025 

9,604 

8, 928 

2, 650 
1,702 

70, 873 
18, 682 
10, 486 
5, 989 

8, 936 
9,881 
4,092 

14, 520 

56, 316 

29, 620 

13, 481 

2,933 

24, 062 

3,310 

5,200 

980 

3, 425 
50, 022 

1,561 

152, 277 

7,100 

1, 255 

44, 761 
7,485 
6,178 

85, 527 

9, 616 
3,302 

1, lis 
9,387 

27, 198 

2, 514 
1,293 

13, 338 
11,336 

6,316 
10, 708 

1, .569 



942, 366 



Not heads of families 



Single men and 
married men not 
living with wives 



Number 
of re- 
turns 

(18) 



18.012 

3. 867 

8,789 

6,647 

239, 943 

21,180 

82, 021 

8,298 

34, 494 

24,460 

20, 721 

15, 231 

9,831 

276, 306 

83, 977 

50, 094 

24, 339 

26, 805 

21,939 

15,715 

78, 571 

128, 531 

208, 088 

68, 136 

7,149 

67, 338 

16, 419 

18, 609 

6,132 

12, 974 

155, 949 

4,875 

444, 008 

20, 481 

7,875 

202,611 

14, 726 

34, 092 

2^8, 573 

23, 862 

11, 984 

7, 359 

24,009 

69, 129 

6,451 

8,125 

38,418 

71,894 

30, 501 

65, 481 

6,158 



3,131,177 



Net in- 
come 



(19) 



26 
5, 
14 
10, 

361 
35 

138 
18 
64 
41 
37 
22. 
12, 

477, 

125, 
62, 
32, 
43 
34 
22, 

122, 

233 

365, 
94 
10 

103 
24, 
25, 
10 
17, 

246 
7, 

732, 

28 

9 

331 
23 
48, 

472, 
39, 
15 
8 
38, 

110, 
9, 
11 
66, 

104, 
51 
93, 



,518 
,804 
,215 
, 189 
,160 
,124 
,891 
,415 
,745 
,668 
,998 
053 
, 331 
,683 
,114 
,062 
; 455 
,905 
,679 
:, 065 
1,323 
,963 
,127 
,064 
,765 
,022 
,100 
,983 
,083 
,043 
,4.50 
.716 
,985 
.356 
,695 
,724 
,339 
,277 
.341 
,309 
,786 
,463 
,735 
1,715 
,355 
,370 
,169 
,312 
,976 
i,637 
i,052 



5, 053, 307 



Single women and 
married women 
not living with 
husbands 



Number 
of re- 
turns 

(ad 



14.115 
1.988 

5, 574 

6, 849 
195, 425 

17, 782 
64, 563 

5. 649 

41, 087 

22, 926 

22, 498 

3,983 

5,118 

181, 796 

44, 733 

39, 282 

18, 660 

19, 424 
20, 363 

15, 014 
36, 124 

132, 234 

82,900 

41,907 

7,024 

50, 043 

8, 006 

19, 032 

2,144 

9, 8,59 

111, 2,50 

4, 255 

329, 858 

30, 473 

3,815 

122, 299 

13, 443 

16, 668 
202, 167 

20, 804 
11, 399 

5,998 
22.244 
63, 279 

4,279 

4,889 
29, 390 
28, 544 
13, 705 
57, 294 

3,343 



2, 235. 498 



Net in- 
come 

(21) 



292, 
30, 

106; 
11 

72, 
39, 
35, 

8, 

e: 

289: 
62, 
45, 
23, 

2§: 
29; 
22, 
57 

236, 

132, 

57, 

9 

73: 

11 

23 

3 

15, 

166, 

6, 

563 

36, 

4 

191 

18, 

23, 

333, 

34 

13, 

6, 

29: 

89, 

6, 

7, 

45, 

40, 

20, 

74 

4 



619 
384 
337 
192 
397 
615 
868 
945 
995 
180 
571 
743 
189 
727 
209 
294 
183 
560 
189 
00» 
405 
417 
296 
153 
244 
452 
064 
445 
500 
032 
827 
405 
092 
735 
662 
995 
998 
625 
366 
437 
359 
734 
791 
464 
160 
151 
020 
880 
895 
156 
881 



3,481,851 



For footnotes, see p. 190. 



STATISTICS OF INCOME FOR 194 — PART 1 



121 



Table 5. — Individual returns with net income, not including fiduciary returns, 1940 
by taxable and nontaxable returns, by net income classes, and by sex and family 
relationship: Number of returns, net income, personal exemption, and credit for 
dependents 

(For description of items and classifications, and methods of tabulating and estimating data, see nn 4-9 

and 12-13] 

[Net income classes and money figures in thousands of dollars] 



Total 



Net income classes 



(1) 



Taxable individual re- 
turns with net income: 
Under 1 (est.) 

1 under 2 (est.) 

2 under 2.5 (est.)— 
2.5 under 3 (est.),.. 

3 under 4 (est.) 

4 under 5 (est.) 

5 under 6 

6 under 7 

7under8 

8 under 9.- 

9 under 10 

10 under 11 

11 under 12 

12 under 13 

13 under 14 

14 under 15 

15 under 20 

20 under 25 ._ 

25 under 30 __. 

30 under 40 

40 under 50 

50 under 60 

60 under 70 

70 under 80 

80 under 90 

90 under 100 

100 under 150 

150 under 200 

200 under 250 

250 under 300 

300 under 400 

400 under 500 

500 under 7.50 

750 under 1,000_ 

1,000 under 1,500... - 
1,500 under 2,000... . 
2,000 under 3,000.... 
3,000 under 4,000-... 
4,000 under 5,000.... 
5,000 and over 

Total, taxable in- 
dividual re- 
turns with net 
income 

Nontaxable individual 
returns with net in- 
come: 1" 
Under 1 (est.) 

1 under 2 (est.) 

2 under 2.5 (est.) . _ . 
2.5 under 3 (est.) . . . 

3 under 4 (est.) 

4 under 5 (est.) 

5 under 6 

Total, nontaxable 
individual re- 
turns with net 
income 

Total, individual 
returns with 
net income 



Number 

of 
returns 

(2) 



528, 784 

2, 905, 086 

914,050 

912, 174 

1,014,623 

393, 844 

217, 751 

128, 902 

83, 395 

58, 473 

44, 686 

33, 701 

26, 843 

21,217 

17, 548 

14,831 

47, 289 

24, 258 

13, 920 

14, 792 

7,464 

4, 155 

2,548 

1, 625 

1,176 

781 

1,866 

626 

273 

167 

166 

86 

79 

33 

28 

8 

6 

4 



7, 437, 261 



1,382,673 

2, 107, 533 

2, 545, 337 

887. 004 

231, 883 

6, 245 

138 



7,160.813 



14,598,074 



Net 
income 



(3) 



482, 599 

4, 094, 796 

2, 083, 858 

2, 504. 204 

3, 474, 787 

1, 742, 796 

1,189,297 

832, 567 

622,841 

495, 429 

423, 513 

353,1 

308,2 

264, 818 

236, 548 

214, 794 

813,235 

540. 085 

379, 737 

508, 221 

331, 895 

226, 90S 

164, 712 

121, 329 

99, 408 

73, 956 

223, 988 

107, 300 

60, 839 

45, 625 

56, 863 

38, 893 

46, 696 

27, 474 

33, 445 

1.3, 614 

14, 079 

13, 443 

8, 090 

5, 075 



23. 279, 203 



1, 029, 964 

3, 246, 736 

5, 604, 241 

2, 375, 660 

746, 267 

26,915 

732 



13. 030. 516 



36, 309, 719 



Personal 
exemp- 
tion 6 

(4) 



393, 893 

2, 330, 98! 

1, 288, 998 

1,593.632 

1,831,912 

70,3,116 

384, 342 

224, 733 

143, 596 

99, 807 

76, 132 

57, 001 

45, 261 

35, 601 

29, 431 

24, 87' 

78, 762 

40, 221 

22, 899 

24, 198 

12, 123 

6,802 

4,118 

2,641 

1,882 

1,260 

2,939 

1,015 

426 

282 

273 

144 

122 

50 

44 

13 

8 

7 

4 

2 



9. 463. 548 



1,481,341 

3, 927, 371 

5, 083, 388 

1, 773, 621 

463, 889 

12, 531 

273 



Joint returns of husbands and wives, 
or of either husband or wife when no 
other return is filed. 



Credit Number 
depend- 



(5) 



376 
53, 832 
26, 594 
98, 844 
273, 230 
144, 756 
89, 191 
55, 183 
35, 223 
24, 421 

18, 685 
14,013 
11,071 

8,615 
7, 261 
6,120 

19, 413 
9, 896 
5,534 
5, 849 
2,874 
1,621 
1,004 

606 

426 

313 

643 

220 

97 

59 

62 

26 

20 

14 

8 



(19) 



(19) 



916. lo; 



126, 388 

618,841 

1,155,214 

719.319 

284, 902 

14, 228 

340 



(6) 



400 

32, 340 

451, 425 

681, 101 

794, 721 

297, 056 

153, 968: 

84, 720 

51,222 

34, 064 

25, 192 

18,106 

14,017 

10, 577 

8,555 

7,026 

20, 619 

9,151 

4, 527 

4,163 

1,734 

858 

453 

294 

170 

109 

213 

62 

21 

15 

16 

2 

5 



Net 
income 



(7) 



2, 706, 903 



217,930 

1,136,068 

2, 336, 033 

832, 767 

220, 859 

5,752 

120 



22, 205, 961 



2. 919. 232 



3, 835, 338 



4. 749, 529 



7, 456, 432 



299 

53, 793 

1, 057, 785 

1, 873, 736 

2, 720. 655 
1, 312, 607 

840, 339 

546, 640 

.382,341 

288, 513 

2.38, 661 

189, 698 

160, 926 

131, 985 

115,313 

101,713 

353, 478 

203. 341 

123, 308 

142,31 

76. 866 

46, 753 

29, 170 

21,883 

14, 365 

10, 294 

25, 486 

10, 482 

4,642 

4, '" 

5, 346 

960 

2,954 



1,187 



141,320 

1.867,366 

5, 144, 864 

2,231,244 

710, 980 

24, 810 

636 



10,121.221 



21,213,046 



Personal 
exemp- 
tion 6 

(8) 



21 

38, 879 

886, 9 

1, 3.53, 703 

1,584,391 

592,816 

307, 314 

169, 119 

102, 290 

67, 978 

50, 242 

36, 108 

27, 962 

21, 090 

17,048 

13, 983 

41, 100 

18, 265 

9,015 

8, 286 

3, 437 

1, 705 

901 

583 

338 

218 

423 

124 

40 

29 

32 

4 

10 



5. 354. 5.36 



425, 749 

2. 236, 858 

4, 670, 199 

1,665,912 

442, 225 

11,578 

239 



Credit 

for 
depend- 
ents 

(9) 



3 

670 

2,089 

77, 979 

241,076 

127, 175 

75, 814 

45, 213 

27,512 

18, 394 

13,707 

9,927 

7,611 

5,724 

4,758 

3,901 

11,680 

5, 215 

2,602 

2,337 

981 

466 

235 

155 

97 

73 

95 

30 

10 

7 

6 



58, 163 

291, 9.59 

1,063,199 

679, 974 

272, 342 

13, 302 

320 



9, 452, 759 



14, 807, 296 



2, 379. 258 



3,064,805 



For footnotes, see p. 190. 



122 



STATISTICS OF ESTCOME FOR 1940 — PART 1 



Table 5. — Individual returns with net income, not including fiduciary returns, 1940, 

by taxable and nontaxable returns, by net income classes, and by sex and family 

relationshi-p: Number of returns, net income, personal exemption, and credit for 

dependents — Continued 

fFor description of items and classifications, and methods of tabulating and estimating data, see pp. 4-9 
^ ' and 12-13] 

[Net income classes and money figures in thousands of dollars] 





Separate returns of husbands and wives '? 




Men 18 


V/omen " 


Net income classes 
(1) 


Number 

of 
returns 

(10) 


Net 
income 

(11) 


Personal 
exemp- 
tion 6 

(12) 


Credit 

for 
depend- 
ents 

(13) 


Number 

of 
returns 

(14) 


Net 
income 

(15) 


Personal 
exemp- 
tion 6 

(16) 


Credit 

for 
depend- 
ents 

(17) 


Taxable individual re- 
turns with net income: 
Under 1 (est.) 

1 under 2 (est) 

2 under 2.5 (est.)-.. 
2.5 under 3 (est.)... 
Sunder 4 (est.) 

4 under 5 (est.) 

5 under 6 


3,605 

16, 738 

9,867 

9,195 

14, 114 

10, 288 

11,390 

9,918 

8,183 

6,726 

6,821 

5,019 

4,257 

3,693 

3,169 

3,018 

10, 681 

6,615 

4,272 

5,026 

2,876 

1,680 

1,098 

685 

622 

352 

870 

291 

130 

78 

77 

43 

36 

18 

13 

5 

2 

3 

1 

1 


2,058 
25, 961 
22, 225 

25. 152 
49,011 
46, 249 
62. 632 
64,321 
61, 251 
57, 065 
55, 225 
52, 615 
48, 911 
46, 131 

42, 748 

43, 740 
184.816 
147, 793 
116, 598 
173, 184 
128, 202 

91, 655 
71, 193 
51, 127 

44, 194 
33, 319 

104, 685 
50. 067 
28,811 
21, 265 

26, 692 
19, 427 
21, 188 
14, 763 
14, 902 

8,574 
6,753 
10, 414 
4, 069 
5,075 


446 

13, 679 

10, 661 

11,673 

19, 234 

14, 883 

18,417 

17, 267 

14, 553 

12, 021 

10. 554 

9,191 

7,794 

6,836 

5,880 

5,618 

19, 992 

12. 512 

8,181 

9.649 

5,474 

3,240 

2.099 

1,319 

1,003 

681 

1,661 

569 

251 

152 

149 

82 

71 

34 

26 

10 

3 

6 

2 

2 


76 

770 

999 

1,016 

2,825 

2,564 

3,307 

3,263 

3,003 

2,619 

2,236 

2,007 

1,683 

1,516 

1,336 

1,272 

4,591 

2,905 

1,894 

2,354 

1,283 

806 

533 

303 

224 

161 

363 

112 

54 

34 

37 

14 

13 

12 

3 

2 


34, 461 

37, 596 

11,910 

9, 178 

12, 104 

6,745 

6,393 

4,457 

3,478 

2,670 

2,150 

1,743 

1,461 

1,267 

1,050 

939 

3,047 

1,798 

1,172 

1,295 

710 

425 

278 

158 

133 

80 

214 

70 

33 

24 

27 

20 

12 

2 

4 


18, 100 
54, 61 1 
26, 635 

25, 160 
41,910 

30, 334 
34, 967 
28. 853 

26, 007 

22. 647 
20. 377 
18, 281 
16, 776 
15, 828 
14, 148 
13. .590 
52. 449 
40. 026 
32, 072 
44, 447 

31, 609 

23, 266 
17.918 
11.813 
11,226 

7,583 
25. 633 
11,872 
7,338 
6,610 
9.036 
9.038 
7.227 
1,849 
4,811 


2,017 

15, 023 

5,176 

4,902 

7,069 

4.573 

4.939 

3,595 

2.952 

2,373 

1, 967 

1,522 

1,303 

1,172 

1,028 

894 

3,024 

1,902 

1,247 

1,458 

837 

504 

326 

182 

160 

90 

246 

103 

42 

43 

42 

38 

16 


179 
823 
414 
534 
704 
538 
666 




531 




442 


8 under 9 


378 




311 


10 under 11 


253 


11 under 12 


236 


12 under 13 


182 


13 under 14 


178 


14 under 15 


163 


15 under 20 


.^31 


20 under 25 


353 


25 under 30 


225 


30 under 40 


261 


40 under 50 


164 


50 under 60. 


83 


60 under 70 


80 


70 under 80 


41 


80 under 90 


27 


90 under 100 

100 under 150 

150 under 200 

200 under 250 

250 under 300 

300 under 400.. 

400 under 500 


13 
61 
21 
14 
6 
9 
9 


750 under 1,000 

1,000 under 1,500.... 
1,500 under 2,000.... 
2,000 under 3,000-... 
3,000 under 4,000.... 
4,000 under 5,000.... 
5,000 and over 


(H) 


7 


2 


1 

1 
1 


2.075 
3.029 
4,021 


2 
2 
2 


(19) 


1 
1 

(19) 


1 
1 










Total, taxable in- 
dividual re- 
turns with net 
income 


160, 376 


2, 083, 061 


245, 874 


46. 089 


147, 107 


773, 172 


70, 775 


8.412 


Nontaxable individual 
returns with net in- 
come: "> 

Under 1 (est.) 

1 under 2 (est.) 

2 under 2.5 (est.)... 
2.5 under 3 (est.)... 

3 under 4 (est.) 

4 under 5 (est.) 

5under 6 


8,085 

9,653 

4,922 

1,326 

668 

62 

1 


5.034 
14, 004 
10, 810 
3,581 
1,822 
268 
5 


7,633 
13, 854 
9,297 
2,483 
1,040 
122 
2,000 


606 

2,033 

2,256 

1,079 

663 

157 


13, 466 

8,337 

863 

152 

140 

3 

2 


8,481 

10, 980 

1,878 

409 

450 

14 

11 


10, 979 

10, 497 

1,567 

284 

253 

2 

4 


672 
1,339 
292 
70 
98 
2 

(19) 


Total, nontaxable 
individual re- 
turns with net 
income 


24,607 


35, 525 


34, 330 


6,793 


22. 963 


22. 222 


23, 686 


2,473 


Total, individual 
returns with 
net income 


184, 983 


2,118,585 


280, 204 


62, 883 


170, 070 


795, 394 


94, 360 


10, 884 



For footnotes, see p. 190. 



STATISTICS OF LNOOME FOR 194 — PART 1 



123 



Table 5. — Individual returns with net income, not including fiduciary returns, 1940, 
by taxable and nontaxable returns, by net income classes, and by sex and family 
relationship: Number o} returns, net income, personal exemption, and credit for 
dependents — Continued 

[For deseription'of items and classifications, and methods of tabulating and estimating data, see pp. 4-9 

and 12-13] 

[Net income classes and money figures in thousands of dollars] 





Community property returns '" 




Men >8 


Women i' 


Net income classes 
(1) 


Num- 
ber of 
returns 

(18) 


Net in- 
come 

(19) 


Personal 
exemp- 
tion 5 

(20) 


Credit 
for de- 
pendents 

(21) 


Number 

of 
returns 

(22) 


Net in- 
come 

(23) 


Personal 
exemp- 
tion 5 

(24) 


Credit 
for de- 
pendents 

(25) 


Taxable individnal re- 
turns with net in- 
come: 
Under! (est.) 

1 under 2 (est.) 

2 under 2.5 (est.)---. 
2.5 under 3 (est.) — 

3 under 4 (est.) 

4 under 5 (est.) 

5 under 6 ... 


175 

7,979 

6,633 

5,750 

13,560 

9,302 

7,377 

4,782 

3,495 

2,463 

1,890 

1,476 

1,215 

968 

781 

631 

2,117 

1,101 

627 

679 

355 

185 

112 

58 

51 

33 

66 

20 

8 

1 
1 
1 
1 


112 

13, ,565 

14, 852 

15, 794 
47, 439 
41, 360 
40, 361 
30, 923 
26,119 
20, 865 
17,913 
1,5, 473 
13,940 
12, 086 
10, 520 

0, 140- 

36. 388 

24. 448 

17,115 

23. 403 

15. 723 

10. 121 

7. 254 

4.352 

4,310 

3. 1.58 

8.039 

3.437 

1.797 

1.963 

360 

477 

641 

827 


32 
6, 914 
,5, 915 
5,309 
12, 665 
8,454 
6,953 
4,605 
3.444 
2.464 
1.875 
1. .538 

1. 269 
1,015 

821 
663 

2, 245 
1,238 

730 

808 

421 

231 

139 

74 

67 

41 

88 

29 

11 

11 

2 

1 

1 

2 


3 

1,546 

2. 162 

1,797 

3,594 

3, 293 

2,626 

1, 760 

1,311 

934 

775 

551 

480 

396 

300 

239 

844 

447 

265 

289 

1.55 

86 

39 

20 

21 

16 

31 

14 

5 

4 


472 

8,191 

7,240 

5, .579 

13, 760 

9.475 

7.459 

4 785 

3, 445 

2,422 

1.856 

1.403 

1,125 

898 

754 

601 

1.940 

994 

.560 

594 

297 

136 

87 

52 

37 

24 

47 

10 

5 

2 


287 

13, 957 
16, 190 
15, 327 
48. 025 
42, 177 
40, 796 
30, 935 
25, 752 
20, 533 
17. 589 

14, 694 
12, 909 
11. 214 
10. 159 

8,706 
33, 368 
22. 057 

15, 2j2 
20, 455 
13, 171 

7.509 
5, 622 
3,872 
3.117 
2.297 
5,721 
1,728 
1,136 
552 


65 
8, 245 
7,675 
5,924 
14, 339 
10, 186 
8,118 
5,280 
3, 815 
2, 639 
2,083 

1, 565 
1,248 
1,010 

854 
676 

2, 206 
1,106 

620 

653 

340 

171 

100 

66 

37 

36 

60 

11 

6 

2 


1 
325 
506 
531 
1,127 
951 
899 


6 under 7 

7 under 8 .-- 

8 under 9 

9 under 10 


578 
391 
303 
''20 


10 under 11 

11 under 12 ... ... 


190 
144 


12 under 13 ... ... 


116 




96 




78 


15 under 20 


231 




125 


25 under 30 ... .. 


66 




90 




37 


50 under 60 


23 


•60 under 70 ... 


17 




11 


80 under 90 

90 under 100 

100 under 150 

1.50 under 200 

''OO under 250 


6 
6 
9 
2 


250 under 300 

300 under 400 


1 


400 under .500 _. 




1 


481 


1 


1 




1 




750 under 1 000 










1 000 under 1..500 _. 












1,500 under 2,000-... 
2 000 under 3,000 ... 






























3000 under 4.000 ... 


















4000 imder 5,000 






































73. 900 
















Total, taxable in- 
dividual re- 
turns with net 
income 


494. 282 


70. 134 


24, 003 


74, 251 


465, 589 


79. 137 


7,078 


Nontaxable individual 
returns with net in- 
come: '» 

Under 1 (est.) 

1 under 2 (est.) 

2 under 2.5 (est.).... 
2.5 under 3 (est.).... 

3 under 4 (est.) 

4 under 5 (est.) 

5under6 


2,082 
1,472 

88 
49 

1 
1 


1.291 

1,973 

195 

141 

3 

4 


1,870 

1,388 

93 

91 

(19) " 


290 

665 

83 

42 

1 

(19) 


2,168 

1,217 

189 

13 

3 


1.350 

1,654 

431 

37 

10 


2,109 

1,457 

281 

24 

5 


123 

232 

118 

10 

3 










Total, nontaxa- 
ble inaividual 
returns with 
net income 


3,693 


3.607 
497, 889 


3. 445 


1,082 


3,590 


3,483 
469, 072 


3,876 
83,013 


486 


Total, individual 
returns witli 
net income 


77, 593 


73, 579 


25, 085 


77, 841 


7, 564 



For footnotes, see p. 190. 
498968 — 43 9 



124 



STATISTICS OF ESTCOME FOR 1940 — ^PART 1 



Table 5.- — Individual returns with net income, not including fiduciary returns, 1940, 
by taxable and nontaxable returns, by net income classes, and by sex and family 
relationship: Number of returns, net income, personal exemption, and credit for 
dependents — Continued 

[For description of items and elassiflcatious, and methods of tabulating and estimating data, see pp. 4-9 

and 12-13] 

[Net income classes and money figures in thousands of dollars] 





Heads of families 




Single men and married men not living 
with wives 


Single women and married women 
not living with husbands 


Net income classes 
(1) 


Number 
of re- 
turns 

(26) 


Net in- 
come 

(27) 


Personal 
exemp- 
tion 5 

(28) 


Credit 
for de- 
pendents 

(29) 


Number 
of re- 
turns 

(30) 


Net in- 
come 

(31) 


Personal 
exemp- 
tion 6 

(32) 


Credit 
for de- 
pendents 

(33) 


Taxable individual re- 
turns with net income: 
Under 1 (est.) 

1 under 2 (est.) 

2 under 2.5 (est.) 

2.5 under 3 (est.) 

3 under 4 (est.) 

4 under 5 (est.) 


65 

3,416 

17, 622 

29, 499 

35, 305 

13, 789 

8,351 

- 5, 186 

3,436 

2,482 

1,834 

1, 355 

1.085 

838 

671 

538 

1,713 

865 

466 

492 

216 

145 

80 

55 

42 

26 

50 

14 

5 

5 

7 

1 

4 

2 

1 


50 

5,729 

41,032 

81,661 

121. 140 

61. 2,'iS 

45. 631 

33, 525 

25, 679 

21, 038 

17, 377 

14, 198 

12, 457 

10. 442 

9,047 

7, 799 

29, 452 

19, 249 

12, 675 

16.882 

9.644 

7,927 

5,109 

4.101 

3.544 

2.434 

5, 956 

2,381 

1,121 

1,376 

2,318 

473 

2, 336 

1,632 

1,458 


39 

3,849 

33, 408 

58, 091 

70, 006 

27, 414 

16. 575 

10, 300 

6.834 

4. 929 

3,648 

2,689 

2,155 

1,661 

1, 335 

1,072 

3,401 

1,715 

929 

972 

429 

288 

156 

110 

82 

52 

101 

10 
10 
14 

8 
4 
1 


1 

348 

544 

5.878 

1.3. 172 

C. 181 

3.719 

2,431 

1,568 

1,118 

837 

628 

525 

392 

■ 307 

267 

801 

433 

223 

240 

106 

79 

52 

31 

22 

14 

22 

8 

4 

4 

2 

" 2 

1 
2 


31 

2, 390 

21,918 

12. 1,85 

14, 888 

5,473 

2,955 

2, 004 

1, 335 

1,009 

796 

550 

469 

340 

316 

250 

833 

392 

272 

207 

127 

59 

36 

39 

14 

11 

26 

21 

7 

5 

2 

1 


28 
3.SU 
48, 954 
33, 858 
50, 982 
24,241 
16,111 
12, 944 
9,979 
8,530 
7,546 
5, 765 
5,395 
4,250 
4,272 
3,615 
14, 359 
8,711 
7,411 
9,163 
5,619 
3,224 

2, 337 
2,916 
1,183 
1.045 
3.207 

3. 600 
1, .561 
1,356 

697 
469 


21 

2,677 

24.820 

24,047 

29. 384 

10, 796 

5.840 

3.968 

2,645 

1,997 

1,577 

1,090 

928 

672 

630 

492 

1,652 

774 

536 

525 

252 

117 

72 

78 

28 

22 

51 

42 

14 

10 

4 

2 


1 
166 
1,050 
2, 831 
5,187 
2,119 
1,161 


6under7 


770 
533 


SunderO 


418 
315 




209 




200 


12 under 13 


145 




146 




95 


15 under 20 


338 


20imder 25 

25 under 30 


187 
122 
114 


40 under 50 

50 under 60 

eOimder 70 

70 under SO .-- - 


63 
29 
17 

23 


80 under 90 


8 


90 under 100 _-. 


10 


100 under 150 

1.50 under 20^. _ 

200 under 250 

250 under 300 

300 under 400 


14 
18 
3 

3 


400 under 500 - . 


(19) 






750 under 1, 000 _, 

1,000 under 1,500 


1 

1 


754 
1,310 


2 
2 


(19) 




2 000 under 3 000 


















3 000 under 4 000 


















4 000 unf'er 5 000 






















































Total, taxable in- 
dividual returns 
with net income. . 


129, 661 


638, 131 


252, 317 


39, 965 


69, 023 


309, 203 


115, 767 


16, 297 


Nontaxable individual re- 
turns with net income: '» 
Under 1 (est.) 

1 under 2 (est.) 

2 under 2.5 (est.) 

2.5 under 3 (est.) 

3 under 4 (est.) 

4imder5 (est.) 

5 under 6 


49. 129 
398. 682 
145. 469 
41. 277 
8,718 
264 


39, 390 

602. 319 

319, 433 

109. 925 

27. 830 

1.144 

37 


96, 787 

847. 908 

290. 630 

82, 530 

17, 464 

526 

14 


12. 123 

112, 103 

63. 865 

30. 596 

10, 188 

609 

16 


53, 253 

303. 759 

52. 986 

10, 782 

1,319 

144 

7 


44, 052 

439, 315 

116.370 

28. 593 

4, 202 

593 

38 


104, .591 

602. 076 

10.5, 857 

21, 579 

2,641 

287 

14 


15. 206 

86, 145 

20, 742 

6.818 

1,422 

157 

4 


Total, nontixable 
i n d i V i d u .1 1 re- 
turns with net 
income 


643. 546 


1,100.078 


1, 335, 859 


229, 500 


422. 2.50 


633, 163 


837, 045 


130. 494 


Total, individual 
returns with net 
income 


773, 207 


1, 738, 209 


1, 588, 176 


269, 466 


491,273 


912, 366 


952,812 


146. 792 



For footnotes, see p. 190. 



STATISTICS OF INOOME FOR 1940 — PART 1 



125 



Table 5. — Individual returns with net income, not including fiduciary returns, 1940, 
by taxable and nontaxable returns, by net income classes, and by sex and family 
relationship: Number of returns, net income, personal exemption, and credit for 
dependents — Continued 

[For description of items and classifications, and methods of tabulating and estimating data, see pp. 4-9 

and 12-13] 
[Net income classes and money figures In thousands of dollars] 





Not heads of families 


Net income classes 
(1) 


Single men and married men not living 
with wives 


Single women and married women not 
living with husbands 


Number 
of returns 

(34) 


Net in- 
come 

(35) 


Personal 
exemp- 
tion 5 

(36) 


Credit 
for de- 
pendents 

(37) 


Number 
of returns 

(38) 


Net in- 
come 

(39) 


Personal 
exemp- 
tion' 

(40) 


Credit 
for de- 
pend- 
ents 
(41) 


Taxable individual re- 
turns with net in- 
come: 

Under 1 (est.) 

1 under 2 (est.) 

2under 2.5(est.).__. 
2.5under 3 (est.)-._- 

Sunder 4 (est.) 

4 under 5 (est.) 

Sunder 6 

6 under 7 .- . 


258, 835 

1, 726, 192 

255, 474 

102, 326 

68, 432 

24, 410 

11, 301 

7,478 

4,954 

3,653 

2,830 

2. 258 

1,736 

1,300 

1,200 

939 

3,198 

1,641 

977 

1,113 

546 

309 

179 

142 

104 

71 

181 

70 

33 

17 

16 

4 

. 4 

6 

3 

1 

2 


244, 281 
2, 454, 644 
563, 825 
277, 578 
232, 568 
108, 1.52 
61, 688 
48. 336 
36. 965 
30, 936 
26, 851 

23, 667 
19, 960 
16. 226 
16, 174 
13, 609 
54, 947 
36, 607 
26, 750 
38, 329 

24. 301 
16,910 
11,561 
10, 602 

8.797 

6,731 

21, 772 

12, 159 

7, 485 

4, 633 
5,713 
1,814 
2,274 

5, 133 
3,918 
1, 658 
4,099 


206. 798 
1, 384, 061 

207, 963 
83, 574 
56, 118 
20, 058 

9,274 

6,110 

4. 052 

2,996 

2, 317 

1.842 

1,415 

1,060 

985 

762 

2,608 

1,336 

797 

909 

446 

252 

146 

114 

85 

59 

146 

56 

26 

14 

13 

3 

3 

5 

2 

1 

2 


46 

33, 307 

14, 130 

6. .541 

3.924 

1,416 

709 

426 

313 

234 

179 

163 

130 

79 

82 

62 

242 

125 

77 

97 

47 

26 

12 

14 

11 

13 

21 

9 

4 

1 

2 

1 


230, 740 

1, 070, 244 

131, 961 

57, 361 

47, 739 

17, 306 

8,557 

5, 572 

3.847 

2,984 

2,317 

1,791 

1,478 

1,336 

1,052 

889 

3,141 

1,701 

1,047 

1, 163 

603 

3.58 

225 

142 

103 

75 

199 

68 

31 

14 

20 

13 

17 

3 

5 

2 

1 


217, 384 
1, 468, 725 
292, 360 
15.5. 938 
163. 057 
76, 519 
46, 773 
36, 089 
28, 746 

25, 300 
21, 973 

18, 784 
16, 998 
16, 656 
14, 168 
12, 876 
53, 978 
37, 852 
28, 557 
40. 040 

26. 760 

19, 544 
14, 547 
10, 661 

8.670 
7,095 
23. 488 
11,573 
6,947 
3,782 
6,703 
5,755 
10. 076 
2,516 
.5, 859 
3,382 
2,152 


184, 259 

857, 054 

106. 404 

46, 349 

38, 706 

13.937 

6, 913 

4.489 

3.099 

2.411 

1.868 

1.456 

1.187 

1, 084 
851 
719 

2, .534 
1, .371 

843 

938 

487 

293 

181 

115 

83 

61 

162 

54 

26 

12 

17 

10 

14 

2 

4 

2 

1 


67 

15, 878 

4,702 

1,737 

1,622 

521 

300 

210 


7 under 8 _ . 


150 


Sunder 9 . 


122 


9 under 10 __. 

10 under 11 


104 
85 


11 under 12 


62 


12 under 13 


65 


13 under 14 _ 


.58 


14 under 15 


43 


15 under 20 

20 under 25 


155 
105 


25 under 30 . 


61 


30 under 40 


67 


40 under 50... .. 


38 


sounder 60 


24 


60 under 70 


19 


70 under 80 





80 under 90 


17 


90 under 100 

100 under 1.50 

150 under 200 

200 under 2.50.. 

2.50 under 300.. 

300 under 400 

400 under 500 

500 under 750 


8 

35 

7 

3 

2 
2 

2 


750 under 1,000 

1,000 under 1,,500.-.. 
1.500 under 2,000.... 

2.000 under 3,000 

3,000 under 4,000 


1 
















. 4,000 under 5,000 


















5,000 and over 




































Total, taxable in- 
dividual n turns 
■with net income. 


2, 481, 935 


4, 481, 656 


1, 997, 009 


62,443 


1, 594, 105 


2, 942. 286 


1, 277. 999 


26. 272 


Nontaxable individual 
returns with net in- 
come >": 
Under 1 (est.) 

1 under 2 (est.) 

2 under 2.5 (est.)-... 
2.5 under 3 (est.) 

3 under 4 (est.) 

4 under 5 (est.) 


503, 113 

141, 554 

3,901 

510 

151 

13 


380, 617 

180, 727 

8.368 

1,377 

508 

55 


404. 254 

123. 595 

4,220 

607 

151 

10 


18, 191 

74, 892 

4,208 

686 

143 

(19) 


533, 447 

106, 791 

886 

128 

134 

6 

1 


408, 429 

128. 398 

1.892 

353 

461 

27 

5 


427, 470 

89, 738 

1.244 

!12 

107 

5 

1 


21.014 

4:). 472 

151 

4,'; 

43 














Total, nontaxable 
individual returns 
with net income... 


649, 242 


571, 652 


532, 837 


98, 120 


641, 393 


539, 565 


518, 677 


71. 024 


Total, individual 
returns with 
net income 


3, 131, 177 


5, 0.53, 307 


2, 529. 846 


160, 563 


2, 235, 498 


3, 481. 851 


1, 796. 676 


97.296 



For footnotes, see p. 190. 



126 



STATISTIICS OF INCOME FOR 194 — PART 1 



Table 6. — Individual returns with net income and with no net income,* not including 
fiduciary returns, 1940, by States and Territories: Amount' of each specific source 
of income and deduction, net income, and deficit 

fFor description of items and classifications, and methods of tabulating and estimating data, seepp. 4-6, 

8-9, and 14-17] 

[Thousands of dollars] 









Sources of 


income 








Salaries and other 
compensation 


Dividends from 
domestic and 
foreign corpora- 
tions 2" 


Interest 


States and Territories 


Bank deposits, 

notes, mortgages, 

corporation 

bonds 


Partially tax- 
exempt Govern- 
ment obligations 
(subject to sur- 
tax only) 22 


(1) 


Returns 
with net 
income 

(2) 


Returns 
with no 
net in- 
come 

(3) 


Returns 
with net 
income 

(4) 


Returns 
with no 
net in- 
come 

(5) 


Returns 
with net 
income 21 

(6) 


Returns 
with no 
net in- 
come 

(7) 


Returns 
with net 
income 

(8) 

253 

2 

184 

337 

5, 151 

836 

1,326 

136 

907 

1,228 

502 

90 

43 

5, 605 
2,138 

939 

783 
1,057 

813 

462 
2,230 
2,861 
1.625 
1,031 

102 
2,402 

191 

356 
67 

220 

2,380 

84 

12, 405 

398 

64 

6,095 

1,123 

302 

6, 452 
519 
206 

81 

518 

2,482 

77 
209 
763 
432 
512 
951 
119 


Returns 
with no 
net in- 
come 

(9) 


Alabama 


185. 035 
24, 107 
70, 762 

80, 772 
2, 032, 293 

188, 304 
664, 217 

81, 996 
326, 039 
234, 560 

266, 992 
81, 307 

48, 932 
2, 571, 717 

633, 683 

269, 936 

172, 574 

248, 722 

227, 689 

102, 092 

552, 605 

1, 292, 832 

1, 649. 823 

456. 994 

81, 972 

607, 306 

100, 267 

145. 050 

34, 136 

81, 848 

1, 507. 586 

44.445 
4, 557, 006 
239, 038 
47, 735 
1,843,148 
198. 772 
196, 502 

2, 386, 429 
185, 239 
109, 055 

43, 564- 

267, 651 
744, 285 

73, 985 

49, 556 
377. 072 
400, 448 
250, 459 
575, 805 

41, 639 


284 
43 
159 
193 

5,129 
341 

1,203 
135 
352 

1,113 
520 
95 
110 

3,581 
744 
415 
513 
573 
617 
257 
881 

1,722 

1,652 
622 
336 

1,353 

142 

300 

52 

136 

2,868 

122 

12, 502 

416 

122 

2,519 
755 
415 

4,017 

342 

211 

74 

573 

2,198 

91 

93 

438 

694 

325 

960 

65 


11, 677 
735 

5, 259 
6,327 

219, 234 
22. 037 
99, 060 
38, 892 
30, 918 
55, 287 

28, 875 
9,741 
2.693 

222, 626 

46, 494 

24, 138 

14, 162 

24,726 

23, 601 

17, 846 

59. 418 

180. 799 

116, 233 

43, 908 

5,881 

74, 751 

5,825 

11, 468 
5,735 

13,. '579 

132, 946 

3,564 

594, 856 

34, 560 

1.776 

164, 518 

18.764 

12, 449 
256, 974 

29, 493 
7, 015 
2,739 

23, 058 
68, 927 

6, 410 
7,340 

42, 149 
29, 328 
19, 190 
48. 290 
3,835 


157 
134 
113 
75 

6,237 
443 

2.038 

2,234 
356 

1,196 
293 
81 
49 

3,161 
481 
174 
218 
525 
444 
382 

1, 003 

3.715 

2,054 

413 

85 

1,253 
68 
232 
119 
309 

2,948 

111 

23, 596 

242 

74 

2,487 
448 
347 

5,608 

479 

111 

92 

364 

1,358 
64 
129 
613 
561 
227 
578 
57 

68, 537 


4,849 
355 

2,433 

2,061 
76, 798 

7,188 
20, 587 

3,847 
14, 781 

13, 801 
5,012 
1,155 
1.692 

59. 112 
12, 370 

14, 308 
7,004 
4,411 
7,163 
8,769 

22, 162 
64, 520 

23, 396 

15, 479 
2.106 

19, 786 
2,280 
5,201 
1,135 
4,441 

55, 237 

1,520 

223, 122 

2,843 

1.241 

28. 350 
5,697 
7,125 

69, 487 
9,138 
2,546 
1,062 
4,622 

20, 216 
1,781 
2,716 
7,977 

11,875 
2,651 

21, 956 
1,438 


99 

5 

58 

28 

1, 988 

203 

388 

182 

114 

524 

116 

23 

35 

1, 263 

151 

127 

129 

84 

127 

122 

269 

728 

594 

249 

95 

412 

31 

126 

36 

81 

1,343 

21 

7,194 

7-i 

37 

391 

214 

153 

1,395 

123 

77 

37 

63 

731 

23 

76 

165 

185 

40 

404 

18 


3 








5 




5 


California. 

Colorado 


140 
6 




31 




1 


District of Columbia 

Florida 

Georgia 


4 
32 

18 




5 




1 


Illinois 


77 




17 




10 


Kansas 


24 


Kentucky 


i 


Louisiana . . 


13 




3 


Maryland 


23 


Massachusetts . 


42 


Michigan - 


24 




18 


Mississippi 


8 


Missouri 


32 




(19) 


Nebraska 


13 


Nevada - - 


(19) 


New Hampshire 


1 




56 


New Mexico - 


1 


New York . .. 


320 


North Carolina 


2 


North Dakota.. 


• 3 


Ohio. 

Oklahoma.. 


77 
19 
5 


Pennsylvania 


105 


Rhode Island . 


i 


South Carolina 

South Dakota ... 


2 

3 


Tennessee 

Texas 

Utah 


5 

28 

1 


Vermont 

Virginia 

Washington 


1 
22 
10 


West Virginia 

Wisconsin.. 

Wyoming 


19 
9 
1 






Total, individual 
returns 


27, 653, 985 


53,276 


2, 930, 105 


910, 803 


21, 155 


70, 044 


1,260 







For footnotes, see p. 190. 



STATISTICS OF INOOIVIE FOR 194 — ^PART 1 



127 



Table 6.^ — Individual returns with net income and vrith no net income,* not including 
fiduciary returns, 1940, by States and Territories: Amount of each specific source 
of income and deduction, net income, and deficit — Continued 

(For description of items and classifications, and methods of tabulating and estimating data, see pp 4-6 

8-9, and 14-17] 

[Thousands of dollars] 



States and Territories 



(1) 



Sources of income— Continued 



Partnership 
profit 23 



Returns 

with net 
income 

(10) 



Returns 
with no 
net in- 
come 

(H) 



Income from 
fiduciaries 21 



Returns 
with net 
income 

(12) 



Returns 
with no 
net in- 
come 

(13) 



Rents and 
royalties 



Returns 
with net 
income 

(14) 



Returns 
with no 
net in- 
come 

(15) 



Business profit 's 



Returns 
with net 
income 

(16) 



Returns 
with no 
net in- 
come 

(17) 



Alabama. 

Alaska 

Arizona 

Arkansas 

California 

Colorado 

Connecticut 

Delaware -. 

District of Columbia 

Florida 

Georgia 

Hawaii 

Idaho 

Illinois 

Indiana. 

Iowa 

Kansas 

Kentucky 

Louisiana 

Maine 

Maryland 

Massachusetts 

Michigan 

Minnesota 

Mississippi 

Missouri 

Montana 

Nebraska 

Nevada 

New Hampshire 

New Jersey 

New Mexico 

New York__ 

North Carolina 

North Dakota 

Ohio 

Oklahoma 

Oregon 

Pennsylvania 

Rhode Island 

South Carolina 

South Dakota 

Tennessee 

Texas 

Utah 

Vermont 

Virginia 

Washington 

West Virginia 

Wisconsin 

Wyoming 

Total, individual 
returns 



18, 

2, 

6, 

12, 

165, 

14 

19, 

3. 

12, 

20, 

21 

2, 

5, 

132, 

28, 

33, 

15, 

16, 

24 

4, 

28, 

44 

54, 



682 
078 
541 
294 
274 
298 
803 
064 
515 
533 
419 
651 
624 
921 
805 
259 
404 
236 
419 
558 
158 
280 
914 
24,518 



10, 
33, 

8 
13 

3 

3 
43, 

5 

263, 

16, 

a 

69, 

16, 

20, 

116, 

6, 

7, 

3, 

23 

86 

4 

2, 

15, 

21 

8, 

22, 

4 



129 

11 

30 

51 

1,144 

36 

166 

8 

28 

173 

74 

2 

18 

764 

85 

137 

152 

174 

361 

25 

127 

257 

237 

120 

104 

254 

28 

61 

30 

6 

399 

56 

2,553 

92 

77 

277 

197 

63 

537 

26 

36 

26 

64 

806 

19 

9 

38 

74 

41 

70 



2,965 

30 

1,827 

1,071 

50,420 
3,906 

28, 830 

15, 584 
8,126 

18, 838 

5,524 

3,194 

301 

46, 747 
7,920 
3,873 
2,319 
4,784 
1,938 
6,229 

20,208 

59, 945 

17, 426 

7,690 

591 

14, 737 

826 

1,476 

1,547 

3,767 

42, 318 

1,256 

185, 205 

4,423 

250 

36, 517 
1,504 
1,712 

85, 040 

9,929 

1,633 

298 

4,503 

12, 535 
844 
1,765 
9,649 
3,753 
3,000 
6,751 
845 



18 



44 

862 

51 

479 

111 

54 

483 

55 

22 

3 

602 

62 

35 

24 

51 

71 

158 

313 

788 

185 

72 

2 

196 

4 

9 

32 

85 

627 

10 

5,068 

80 

7 

317 

100 

90 

1,422 

193 

159 

1 

66 

181 

11 

37 

105 

92 

11 

85 

22 



9,613 

966 

4,201 

7,902 

151, 755 

10, 971 
18, 422 

2,817 
16,360 
21, 147 
13,280 

4,814 

2,885 
112, 542 
26, 181 
34, 660 
20, 385 
11,319 
20, 235 

6,005 
18, 780 
24, 326 
48, 053 
14,879 

5,609 
28.233 

5,109 

11, 022 
1,818 
3,483 

31,407 

3,243 

92, 411 

12, 734 
2,235 

58, 793 

20, 571 
8,699 

65, 596 
6,584 
5,875 
3,279 
11,925 
99, 335 
2,193 
1,866 

13, 299 
15, 193 
10, 197 

21, 499 
2,780 



283 

15 

193 

255 

5,468 

270 

642 

57 

226 

968 

519 

47 

60 

2,581 
585 
483 
673 
313 
781 
166 
402 
838 

1, 2z5 
395 
233 

1,057 
88 
387 
46 
123 

1,290 
115 

4,604 
450 
112 

1,333 
985 
336 

1,894 

181 

184 

72 

420 

2,797 

84 

45 

365 

399 

248 

462 

56 



31, 200 

4,362 

16, 838 

24,674 

406, 290 

41, 474 

64, 942 

9,999 

30, 693 
59. 251 

45, 292 
12, 868 
26, 217 

338, 484 
98, 171 

137, 188 
55, 295 

36, 987 
41, 947 

24, 688 
63, 972 

153, 524 
162, 082 
130, 612 
22, 164 
92, 763 

31, 279 
64,522 

7,277 
15, 854 

153, 945 
15, 463 

474, 586 

37. 363 

25, 489 
214, 109 

44,522 
46,115 
278, 453 
21,412 
22, 873 
19, 876 

46, 047 
217, 603 

12, 373 

13, 542 
49. 078 
79, 593 
2)3,411 
90. 058 
15,446 



126 
4 

72 

87 

2,041 

130 

242 

59 

73 
293 
176 

49 

77 
950 
251 
269 
299 
168 
218 

61 
159 
459 
828 
271 

83 
334 

68 
183 

19 

59 
818 

76 

2,794 

154 

90 

468 

356 

168 

1,183 

67 
103 

48 

148 

1,361 

41 

23 
140 
196 

88 
291 

32 



1, 548, 670 



10, 259 



r56, 369 



13, 564 



35, 813 



4, 145, 171 



16, 742 



For footnotes, see p. 190. 



128 



STATISTICS OF INCOME FOR 1940 — PART 1 



Table 6. — Individual returns with net income and with no net income,* not including 
fiduciary returns, 1940, by States and Territories: Amount cf each specific source 
of income and deduction, net income, and deficit — Continued 

rFor description of items and classifications, and methods of tabulating and estimating data, see pp. 4-6, 
' 8-9, and 14-17] 

[Thousands of dollars] 





Sources of income— Continued 








Capital gain 2» 






• 




Short-term 2' 


Net loE 
capital 




.States and Territories 


Net short-term 

capital gain 

included in total 

income and net 

income 


Net short-term 

capital loss of 

preceding taxable 

year deducted ^8 


Current year net 

short-term capital 

gain 2» 


g-term 
gain 30 


(1) 


Returns 

with 

net 

income 

(18) 


Returns 

with 

no net 

(income 

(19) 


Returns 

with 

net 

income 

(20) 


Returns 

with 

no net 

income 

(21) 


Returns 
with 
net 

income 
(col. 

18-f20) 

(22) 


Returns 
with 

no net 

income 
(col. 

19-f21) 

(23) 


Returns 

with 

net 

income 

(24) 


Returns 

with 

no net 

income 

(25) 




655 

29 

209 

371 

10,211 

820 

2,752 

341 

867 

2, 601 

954 

194 

102 

8,070 

1,142 

821 

841 

535 

1,127 

561 

1,897 

4,763 

3,974 

1,189 

257 

1,915 

185 

421 

160 

262 

4,723 

196 

26, 135 

807 

82 

4,003 

1,184 

860 

6, 669 

583 

299 

43 

829 

5,318 

142 

147 

1,180 

1,546 

478 

1,676 

167 


1 16 


12 

(19) 

6 

12 

362 

24 

164 

52 

16 

102 

56 

5 

12 

270 

50 

13 

18 

13 

20 

12 

141 

313 

147 

28 

12 

125 

3 

10 

14 

2 

187 

9 

1,716 

42 

2 

172 

26 

24 

287 

19 

7 

1 

43 

143 

1 

6 

47 
19 
12 
79 
5 




568 

29 

215 

383 

10, 574 

844 

2,916 

393 

882 

2,702 

1,010 

200 

114 

8,340 

1.191 

834 

859 

548 

1,146 

573 

2,039 

5.077 

4,121 

1,217 

269 

2,040 

188 

430 

174 

264 

4,911 

205 

27, 852 

849 

84 

4,175 

1,210 

883 

6,955 

602 

306 

45 

872 

5,461 

144 

153 

1,227 

1, 565 

490 

1,755 

172 


16 
.._ 

6 

545 

22 

119 

1 

2 

100 

24 

2 

3 

242 

18 

23 

135 

21 

88 

15 

57 

122 

124 

33 

4 

196 

4 

5 

11 

10 

259 

5 

1,532 

8 

3 

144 

156 

16 

245 

77 

5 

(19) 

23 
323 

6 

7 
30 
32 

7 
34 

3 


1,627 

213 

487 

9.54 

18, 347 

1,277 

5, 695 

6,909 

1,.551 

7, 592 

4, 037 

424 

328 

17, 104 

3,174 

1,.320 

1,747 

1,797 

3,770 

1,083 

4,513 

6, 510 

7, 536 
2,426 

603 
3. 996 
488 
671 
526 
552 

10, 563 
530 

40, 643 

1,673 

126 

10, 865 

2. 753 
2. 062 

17.984 

1,100 

551 

141 

2.158 

12, 900 

361 

238 

4, 194 

3, 426 
947 

2, 764 
383 


90 






4 




15 

6 

510 

22 

118 

1 

2 

96 

23 

2 

3 

213 

18 

23 

135 

18 

84 

13 

54 

112 

119 

31 

4 

195 

4 

5 

11 

8 

158 

5 

1,450 

8 

3 

109 

155 

16 

240 

77 

5 

(19) 

23 
314 

6 

7 
30 
31 

7 
30 

3 




22 


Arkansas 

California 


.35 

(19) 

1 
1 


8 
549 


Colorado 

Connecticut _ 


24 
64 


Delaware 


59 




13 


Florida 


4 

1 


155 


Georgia 


56 
4 






3 


Illinois 


29 


194 


Indiana 


61 







15 






54 


Kentucky 

Louisiana 


3 

4 
2 
3 

10 
5 
2 


77 
100 


Maine 

Maryland 

Massachusetts 


6 
33 

82 


Michigan 


91 


Minnesota 


20 




35 


Missouri 


1 


98 


Montana 


5 






16 






12 


New Hampshire 


3 
101 


9 


New Jersey 


257 




9 




82 

(19) 

35 
1 

(19) 

4 

(19) 


939 


North Carolina . . 


29 


North Dakota . 


3 


Ohio 


113 


Oklahoma 


132 


Oregon ... 


40 


Pennsylvania . 


193 


Rhode Island 


10 




15 






2 






35 


Texas 


9 


731 


Utah 


(IB) 


Vermont-- .- 


i 

(19) 

4 


1 




55 


Washington 


64 


West Virginia.-- 


4 


Wisconsin 


61 
4 








Total, individual 
returns 


105,193 


4, 540 


4.864 


339 


110.0.57 


4,879 


223. 619 


4,642 



For footnotes, see pp. 190-191. 



STATISTICS OF INCOME TOR 1940 PART 1 



129 



Table 6. — Individual returns with net income and with no net income,* not including 
fiduciary returns, 1940, by States and Territories: Amount of each specific source 
of income and deduction, net income, and deficit — Continued 

[For description of items and classifications, and methods of tabulating and estimating data, see pp. 4-6, 

8-9, and 14-17] 

[Thousands of dollars] 



States and Territories 



(1) 



Sources of income— Continued 



Net gain from sales 
of property other 
than capital as- 
sets 31 



Returns 

with 

net 

income 

(26) 



Returns 

with 

no net 

income 

(27) 



Other income 



Returns 

with 

not 

income 

(28) 



Returns 

with 

no net 

income 

(29) 



Total income 



Returns 
with 
net 

income 

(30) 



Returns 

with 

no net 

income 

(31) 



Alabama 

Alaska. 

Arizona 

Arkansas - -- 

California 

Colorado 

Connecticut 

Delaware 

District of Columbia 

Florida 

Georsia 

Hawaii 

Idaho. 

Illinois 

Indiana 

Iowa 

Kansas 

Kentucky 

Louisiana 

Maine 

Maryland 

Massachusetts 

Michigan 

Minnesota 

Mississi ppi 

Missouri 

Montana 

Nebraska 

Nevada 

New Hampshire 

New Jersey 

New Mexico 

New York 

North Carolina . 

North Dakota 

Ohio 

Oklahoma 

Oregon 

Pennsylvania 

Rhode Island 

South Carolina 

South Dakota 

Tennessee 

Texas 

Utah 

Verm on t 

Virginia -. 

Washington 

West Virginia 

Wisconsin 

Wyoming 

Total individual returns 



342 
61 
357 
291 

5,224 
517 
4(56 
13S 
737 
942 
570 
120 
303 

2,334 

1, 357 
395 
423 
320 
818 
204 
807 

1,038 

1,552 
511 
345 
863 
353 
365 
196 
164 
821 
215 

3, 065 

416 

51 

1,860 
731 
605 

1,647 
209 
38S 
85 
402 

3,490 
94 
127 
741 

1,171 
312 
933 
197 

39, 676 



1 

11 
12 

319 
23 

133 
39 
18 
52 
15 



79 
35 
26 
46 
13 
48 

5 
20 
33 
48 
53 
18 
46 
38 
14 

5 

5 
82 

8 

157 

12 

2 
50 
46 
14 
71 
22 

3 

1 

33 

585 

3 

1 
21 
34 
12 
20 

3 



2744 

715 

2,074 

2, 280 

79, 881 

5,055 

9,114 

2.458 

23, 167 

14, 493 

4,844 

1,424 

1,520 

61, 126 

22, 045 

19,001 

12, 098 

4,520 

5,832 

4,075 

17, 453 

38,218 

25, 002 

14. 740 

2,663 

13, 627 

2,028 

4,940 

980 

2.433 

43, 322 

1,456 

123, .501 

6, 433 

1,581 

26. 409 

9,202 

5,312 

49. 424 

4.870 

2,614 

1,134 

5, 255 

26, 449 

1,629 

1,655 

7,406 

10, 657 

5.492 

12, 307 

971 



93 

1 

74 

290 

879 
30 
75 
16 
52 

219 
67 
14 
18 

346 

111 
70 

185 

106 

211 
44 
82 

140 

208 
67 
77 

172 
36 
44 
39 
25 

242 
29 

794 
93 
29 

264 

269 
68 

418 
72 
47 
17 
67 

663 

8 

20 

84 

112 
28 

298 
11 



269, 541 
33, 652 
111,174 
139, 332 

3, 220, 879 
290. 085 
935, 212 
166, 181 
466, 665 
450, 272 
397, 299 
117,984 
90, 641 

3, 578, 388 
883, 479 
530, 838 
303, 035 
355, 414 
359, 351 
175, 572 
792, 202 

1.873,617 

2,111,615 
713, 978 
132, 841 
893. 355 
157, 199 
248.614 
57, 205 
130. 163 

2,029.241 
77, 571 

6, 596, 236 
357, 372 
84. 258 

2, 464, 473 
321.192 
302, 181 

3,341,096 

275, 801 

160,915 

75, 784 

390. 449 

1, 300, 253 
104. 081. 
81. 651 
528, 980 
578, 933 
327, 774 
805, 691 
72, 328 



2,373 



747, 526 



7, 423 40, 277, 645 



1327 

218 

762 

1.054 

25, 267 
l.,581 
5, 579 
2,901 
1,292 
5, 305 
1, 932 
345 
385 

13,811 
2, 601 
1,784 
2.453 
2,109 
2,976 
1,243 
3, 365 
8,915 
7,284 
2,331 
1,081 
5,401 

1,389' 

402 

847 

11,087 

565 

61, 970 

1, 651 

560 

8.405 

3,676 

1,716 

17, 084 

1,588 

952 

375 

1.861 

11, 7.5i; 

352 

442 

2,075 

2,454 

1,050 

3, 259 

278 



239. 583 



For footnotes, see pp. 190-191. 



130 



&TATISTTCS OF INCOME FOR 194 — PART 1 



Table 6. — Individual returns with net income and with no net income* not including 
fiduciary returns, 1940, by States and Territories: Amount of each specific source 
of income and deduction, net income, and deficit — Continued 

[For description of items and classifications, and methods of tabulating and estimating data, see pp. 4-6, 

8-9, and 14-17] 

[Thousands of dollars] 



States and Territories 



(1) 



Deductions 



Partnership loss " 



Returns 
with net 
income 

(32) 



Returns 
with no 

net 
income 

(33) 



Business loss " 



Returns 
with net 
income 

(34) 



Returns 
with no 

net 
income 

(35) 



Net long-term 
capital loss 26 so 



Returns 
with net 
income 

(36) 



Returns 
with no 

net 
income 

(37) 



Net loss from 
sales of property- 
other than capital 
assets 31 



Returns 
with net 
income 

(38) 



Alabama 

Alaska 

Arizona 

Arkansas. - 

California 

Colorado 

Connecticut 

Delaware 

District of Columbia 

Florida 

Georgia. 

Hawaii- -. 

Idaho 

Illinois 

Indiana 

Iowa 

Kansas 

Kentucky ; 

Louisiana 

Maine 

Maryland 

Massachusetts 

Michigan 

Minnesota 

Mississippi 

Missouri 

Montana 

Nebraska 

Nevada 

New Hampshire 

New Jersey 

New Mexico 

New York 

North Carolina 

North Dakota ... 

Ohio 

Oklahoma 

Oregon 

Pennsylvania 

Rhode Island... 

South Carolina.. 

South Dakota 

Tennessee 

Texas 

Utah 

Vermont 

Virginia 

Washington 

West Virginia 

Wisconsin 

Wyoming... 

Total, individual 
returns 



150 

62 

120 

245 

3,195 

192 

407 

127 

157 

552 

300 

30 

66 

3,035 

444 

289 

411 

267 

630 

105 

458 

497 

957 

387 

249 

741 

81 

144 

92 

48 

762 

101 

6,019 

191 

54 

1,147 

680 

252 

1,494 

224 

63 

49 

351 

1.829 

102 

67 

267 

216 

264 

261 

73 



28, 801 



249 

64 

113 

54 

2,779 

134 

267 

14 

27 

494 

190 

17 

100 

■1, 148 

180 

196 

399 

162 

420 

64 

405 

945 

401 

180 

223 

565 

67 

124 

46 

36 

600 

98 

6, 595 

151 

30 

1, 588 

608 

254 

1,532 

61 

27 

43 

248 

2,876 

84 

42 

178 

159 

47 

157 

21 



25, 463 



128 

881 

650 

14,887 

1,268 

1,886 

851 

1,331 

2,494 

1,529 

356 

355 

11,303 

2,875 

2,515 

2,106 

1,489 

2,159 

802 

2.548 

2,909 

6,454 

2,058 

903 

2,906 

601 

942 

343 

365 

3, 679 

459 

17, 142 

1,332 

401 

5,742 

1,958 

1,157 

7, 685 

764 

741 

514 

1,457 

8,659 

342 

492 

2,486 

1,929 

952 

2,251 

528 



1,690 

239 

1,322 

1,095 

15,975 

1,768 

1,541 

206 

440 

2,910 

1,691 

320 

773 

■ 8,184 

2,299 

2,888 

2,628 

1,650 

2,144 

1,152 

1,603 

3,195 

3,041 

1,893 

1,815 

3,193 

899 

1,577 

304 

566 

3,578 

931 

14, 739 

1,116 

671 

3,803 

2,526 

1,573 

8,613 

571 

911 

749 

1,191 

9,495 

279 

436 

1,644 

2,214 

912 

2,130 

498 



1,113 
96 

635 

506 
29, 201 
2,286 
14, 699 
1,462 
2,974 
6,415 
1,769 

496 

187 
28, 232 
3,698 
2,404 
1,178 
2,383 
1,884 
2,538 
7.446 
25, 468 
11,5.33 
5, 239 

510 
7,506 

524 
1,096 

508 

1,794 

20, 082 

368 

108,812 

1,543 

215 

16, 340 

1,448 

1,711 

35, 420 

3,699 

556 

221 
1,773 
5,018 

542 

740 
3,325 
3,259 
1,327 
6,610 

524 



622 
18 
386 
178 
16, 481 
944 

4,622 

8,268 
963 

3,738 

991 

165 

74 

11,471 

1,181 
813 
740 
917 
796 
813 

3,058 

7,043 

4,946 

1,385 
145 

3, 438 
139 
579 
203 
448 

9,158 

130 

53, 772 

608 

144 

8,433 

895 

774 

13, 579 

1,737 
419 
264 
608 

3, 397 
246 
341 

1, 020 

1,804 
651 

1,826 
176 



222 

38 

204 

139 

3,996 

327 

1,061 

129 

452 

835 

341 

46 

68 

3,198 

794 

418 

268 

307 

360 

201 

8^2 

1.203 

1,710 

733 

135 

1,140 

131 

370 

67 

143 

2,027 

95 

5, 575 

362 

57 

1,666 

353 

348 

2,748 

343 

• 119 

90 

401 

1,578 

67 

98 

379 

521 

186 

736 

38 



131, 454 



127, 579 



379, 314 



175, 547 



37,713 



For footnotes, see.pp. 190-191. 



STATISTICS OF USTCOME FOR 1940 PART 1 



131 



Table 6. — Individual returns with net income and with no net income,* not including 
fiduciary returns, 1940, by States and Territories: Amount of each specific source 
of income and deduction, net income, and deficit — Continued 

[For description of items and classifications, and methods of tabulating and estimating data, see pp. 4-6, 

8-9, and 14-17] 

[Thousands of dollars] 



States and Territories 



(1) 



Alabama 

Alaska 

Arizona 

Arkansas 

California 

Colorado 

Connecticut 

Delaware 

District of Columbia 

Florida 

Georgia 

Hawaii 

Idaho 

Illinois 

Indiana 

Iowa. 

Kansas 

Kentucky 

Louisiana 

Maine 

Maryland 

Massachusetts 

Michigan 

Miiuiesota 

Mississippi 

Missouri 

Montana 

Nebraska 

Nevada 

New Hampshire 

New Jersey 

New Mexico 

New York 

North Carolina 

North Dakota 

Ohio 

Oklahoma 

Oregon _ 

Peimsylvania 

Rhode Island 

South Carolina 

South Dakota 

Tennessee 

Texas 

Utah 

Vermont 

Virginia 

Washington 

West Virginia 

Wisconsin 

Wyoming 

Total, individual 
returns 



Deductions — Continued 



Contributions 32 



Returns 
with net 
income 

(40) 



4,766 

489 

1,269 

2,855 

38,319 
3,998 

18, 527 
4,232 
8,196 
7,472 
7,860 
1,136 
915 

60, 135 

12, 962 
9,986 
5,350 
6,796 
5,479 
3,213 

13, 346 

36, 317 

33, 168 

12. 844 
3,018 

17, 604 

1.681 

3,809 

552 

2,069 

39, 869 

881 

158, 942 

10, 741 
1,270 

39, 579 
5,728 
3,179 

66,689 
5,664 
4,434 
1,184 
7.793 

19, 679 
2,013 
1,393 

12, 530 
4,922 
4.465 

14,583 
742 



734, 645 



Returns 
with no 

net 
income 

(41) 



25 

1 

8 

28 

324 
25 
87 

633 
17 
80 
66 
4 
11 

265 
94 
24 
53 
57 
42 
27 
44 

158 

156 
57 
18 

110 
6 
33 
3 
17 

375 

7 

1,060 

44 

16 

229 
63 
21 

594 
21 
28 
12 
46 

192 

8 

7 

50 

27 

25 

41 

4 



5,347 



Interest paid ^3 



Returns 
with net 
income 

(42) 



4,580 

414 

1,797 

2,426 

67, 792 

5,158 

17, 156 

3,431 

10, 021 

10,117 

8,353 

2,646 

1.206 

62, 659 

11,989 

10, 350 

5,495 

7,136 

6,460 

3,103 

12, 277 

28,069 

35, 050 

10, 164 

2,382 

18, 709 

1,918 

4,200 

667 

2, 013 

32, 872 

1,182 

110, 757 

9,420 

1.304 

43, 385 

7,556 

5,083 

57, 062 

4,537 

3,430 

1,232 

7,854 

28,259 

1,961 

1,263 

12,933 

7, 654 

6,488 

17, 634 

1,080 



710, 687 



Returns 
with no 

net 
income 

(43) 



263 

10 
107 
161 
3,677 
118 
815 

87 
196 
633 
322 

46 

34 
1,641 
308 
261 
300 
240 
350 
116 
475 
897 
700 
261 

85 
1,094 

52 
241 

25 

95 
1,151 

57 

7,421 

295 

28 
1,270 
586 
250 
2,368 
175 
130 

37 

263 

1,849 

44 

60 
365 
246 
175 
480 

37 



30,899 



Taxes paid ^ 



Returns 
with net 
income 

(44) 



5,932 

385 

2,656 

3,714 

95, 727 

11,804 

23, 963 

4,045 

11,285 

13,843 

10, 559 

3,237 

1,979 

72, 729 

24, 881 
24,150 
12, 648 
11,576 

9,662 

6.433 

24, 222 

69, 686 

49, 938 

25, 525 
3,923 

31, 632 

3,767 

6,070 

988 

4,892 

64, 925 

1.497 

271, 186 

13,203 
2,955 

69, 732 

12,836 
9,776 

93, 772 
9,050 
4.478 
3,142 
8,728 

34, 424 
3,279 
2,251 

14,458 

10. 049 
7,544 

25, 226 
1.247 



1, 235, 611 



Returns 
with no 

net 
income 

(45) 



207 

4 

120 

99 
3,736 
218 
684 
106 
153 
865 
332 

35 

33 

1,870 

408 

321 

413 

274 

351 

155 

423 

1,385 

1,086 

435 

132 

1,017 

44 
194 

36 

149 

1,506 

41 

8,864 

335 

77 
985 
554 
291 
1,984 
183 
123 

68 

334 

1,424 

45 

61 
263 
252 
106 
432 

22 



33,237 



Losses from Are, 

storm, etc.33 34 

(Form 1040) 



Returns 
with net 
income 

(46) 



205 

38 

86 

275 

2,720 
231 

1,187 
55 
158 
491 
536 
78 
108 

1,967 
413 
296 
293 
303 
417 
187 
452 
649 
846 
898 
180 
582 
130 
161 
65 
75 

1,259 
100 

7,314 
387 
106 

1.044 
464 
155 

1,375 

117 

340 

64 

307 

1,842 
60 
73 
376 
286 
180 
519 
64 



Returns 
with no 

net 
income 

(47) 



30, 516 



13 
31 

65 

699 

44 

114 

13 

47 

198 

201 

7 

24 

405 

65 

58 

144 

101 

208 

17 

95 

180 

452 

143 

84 

206 

7 

90 

4 

74 

182 

11 

2,365 

148 

30 

209 

93 

79 

707 

23 

130 

18 

152 

606 

8 

10 

61 

148 

15 

86 

36 



9,005 



For footnotes, see pp. 190-191 



132 



STATISTICS OF INCOME FOR 1940 — ^PART 1 



Table 6. — Individual returns with net income and with no net income,^ not including 
fiduciary returns, 19^0, hy States and Territories: Amount of each specific source 
of income and deduction, net income, and deficit — Continued 

[For description of items and classifications, and methods of tabulating and estimating data, see 

pp. 4-6, 8-9, and 14-17] 

[Thousands of dollars] 







Deductions 


— Continued 




Net 
income on 

returns 
with net 

income 

(54) 




States and Territories 


Bad debts 33 
(Form 1040) 


Other deduc- 
tions 3S 


Total deduc- 
tions 35 


Deficit on 
returns 
with no 


(1) 


Returns 
with 

net in- 
come 

(48) 


Returns 

with 

no net 

income 

(49) 


Returns 
with 
net in- 
come 

(50) 


Returns 

with 

no net 

income 

(61) 


Returns 
with 

net in- 
come 

(52) 


Returns 
with 
no net 

income 

(53) 


net in- 
come 

(55) 


Alabama. 


786 

75 

297 

558 

8,393 
866 

2,034 
742 
636 

1,619 
907 
101 
227 

6,730 

1,467 
747 
774 
756 
827 
397 

1,250 

2,612 

3, 553 

1,565 
492 

2,298 
464 
580 
193 
292 

3,419 

227 

21,041 

931 

397 

3,982 

1,246 
680 

5,461 
790 
588 
186 
900 

5.308 
221 
144 
982 
964 
493 

1,757 
501 


188 

134 

31 

146 

3,803 

188 

898 

395 

305 

1,187 

230 

• 48 

35 

2,032 

487 

129 

143 

243 

442 

158 

346 

1,119 

972 

304 

171 

758 

45 

183 

50 

122 

2,767 

40 

14, 689 

289 

121 

1,305 

332 

258 

4,386 

407 

59 

8 

265 

3,682 

20 

35 

191 

646 

131 

675 

5 


4,067 

573 

2.105 

3,657 

62, 186 

5,652 

7, 519 

1,706 

4,545 

10, 295 

7,013 

604 

2,102 

46, 562 

14, 031 

14, 252 

9, 465 

4, 855 
7, 537 
2,527 
9,547 

14, 066 
26. 580 

12, 813 
3,930 

14, 795 

3, 162 

5.120 

903 

1,343 

23, 866 
1,643 

83, 059 
8.463 
2.467 

22, 287 

13, 433 
5, 030 

34, 543 
2, 593 
4,471 
1,887 
6,118 

39. 945 
1,841 
1, 256 

5. 254 
6,461 
3,842 

13, 395 
1,361 


314 

13 

221 

323 

7, 821 
433 

1, 306 
314 
278 

1,381 

576 

93 

134 

3,879 
829 
636 
912 
580 

1, 303 
180 
707 

1,786 
4,507 
722 
324 
1,284 
155 
437 
113 
144 

2, 399 
401 

13, 302 

572 

220 

1,924 

1,834 

511 

2, 325 

740 

221 

109 

614 

5,218 

81 

56 

575 

663 

805 

851 

89 


22, 705 

2, 298 
10, 050 
15,031 

326, 416 
31, 781 
88, 439 
16, 779 
39, 757 
54, 132 
39, 167 
8.730 
7,214 

286, 551 
73, 554 
65, 407 
37, 989 
35, 868 
35,316 
19. 508 
72, 438 

181. 476 

169, 791 
72. 226 
15. 721 
97,912 
12, 460 
22, 494 
4.378 
13,0,34 

192. 760 
6. 553 

789. 848 
46, 572 
9,226 

204, 904 
45, 703 
27, 371 

306, 250 
27, 781 
19, 220 
8, 569 

35, 682 
146, 541 

10, 429 
7,776 
52, 990 

36, 261 
25, 740 
82, 971 

6,158 


3,814 

499 

2,481 

2,229 

59, 821 

4.112 

11, 204 
10, 142 

2,637 

12. 415 
5, 055 

769 
1,242 

33, 420 
6,297 
5, 553 
6,072 
4,471 
6,203 
2,873 
7,480 

17, 491 

17, 585 
5,868 
3, 063 

12.426 

1,471 

3,612 

855 

1,758 

23, 688 

1,802 

129, 231 

3,680 

1, 398 

20, 925 
8, 225 
4,312 

38, 769 
4,214 
2.209 

1, 354 
3.883 

29. 828 

842 

1,108 

4.644 

6,534 

2. 959 
7,476 

968 


246, 836 
31, 3.55 
101, 124 
124, 301 

2, 894, 463 

264. 903 
846. 773 
149, 402 
426, 908 
396, 140 
358, 132 
109, 254 

83, 428 

3, 291, 837 
809, 926 

474. 431 

265, 046 
319, 545 
324, 035 
156, 065 
719, 765 

1, 692. 141 
1, 941, 824 
641, 752 
117, 120 
795, 443 
144, 739 
226, 120 
52, 826 
117, 130 

1, 836, 481 

71,018 

5, 806. 388 

310, 800 

75, 032 

2, 259, 570 
275, 489 
274. 810 

3, 034, 846 
248, 020 
141, 695 

67. 215 
354, 767 
1, 153, 713 
93. 651 
73, 875 

475. 990 
542, 673 
302, 034 
722, 720 

66, 171 


2,487 


Alaska .. 


281 


Arizona _ 


1,719 


Arkansas 


1,174 


California 


34, 554 


Colorado. . . 


2, 531 


Connecticut 


5,624 


Delaware 


7,241 


District of Columbia.. 
Florida 


1,345 
7,110 


Georgia. . 


3,123 


Hawaii 


424 


Idaho 


857 


Illinois 


19, 608 


Indiana 


3,697 


Iowa . 


3,769 


Kansas 


3, 619 


Kentucky 


2,362 


Louisiana. 


3,227 


Maine 


1,630 


Maryland 

Massachusetts . 


4,115 

8, 577 


Michigan ... 


10, 321 


Minnesota 


3, 536 


Mississippi 


1,982 


Missouri 


7,024 


Montana . 


959 


Nebraska 


2,224 


Nevada 


453 


New Hampshire 

New Jersey 


911 
12, 602 


New Mexico 


1,237 


New York 


67, 262 


North Carolina 

North Dakota 


2.029 
838 


Ohio 


12, 520 


Oklahoma . . 


4, 549 


Oregon 

Pennsylvania _ 


2.596 
21, 685 


Rhode Island. 


2, 626 


South Carolina 

South Dakota... 


1,258 
980 


Tennessee.. . 


2,022 


Texas 


18, 075 


Utah 


489 


Vermont 


666 


Virginia 


2. 569 


Washington 


4.080 


West Virginia 


1,909 


Wisconsin. 


4,218 


Wyoming.. 


690 






Total, individual 
returns 


92, 457 


45, 585 


586, 728 


65, 219 


3, 967, 926 


550, 968 


36, 309, 719 


311,385 



For footnotes, see pp. 190-191. 



STATISTTCS OF ESTOOME FOR 1940 — ^PAET 1 



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S SSJ 



STATISTICS OF INCOME FOR 1940 — ^PART 1 



135 





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136 



I 



STATISTICS OF INCOME FOR 194 PART 1 



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<NCMC<INWC^CSC^C^C4 



STATISTICS OF INCOME FOR 194 — PART 1 



137 



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138 



STATISTICS OF INCOME FOR 194 — ^PART 1 






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STATISTICS OF ESTOOME FOR 19 40 — PART 1 



139 



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140 



STATISTICS OF INCOME FOR 194 — ^PART 1 



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STATISTICS OF USrCOME FOR 1940 — PART 1 



141 



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142 



STATISTICS OF INCOME FOR 1940 — ^PART 1 






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148 



STATISTICS OF INCOME FOR 1940 — PART 1 






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STATISTICS OF INCOME FOR 1940 — PART 1 



149 



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150 



STATISTICS OF INCOME FOR 1940 — ^PART I 






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STATISTICS OF INCOME FOR 194 — PART 1 



151 



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152 



STATISTICS OF INCOME FOR 1940 PART 1 






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STATISTICS OF INCOME FOR 1940 — PART 1 



153 



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2 under 2.5 (est.).., 
2.5 under 3 (est.)-.. 

3 under 4 (.est.) 

4 under 5 (est.) 

5 under 6 


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der 3 
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a 

o 


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is 

o 


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3 

3 


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3 


150 un 
200 un 
2.50 un 
300 un 
400 un 
500 un 
750 un 
1 ,000 u 
l,.500u 
2,000 u 
3,000 u 
4,000 u 
5,000 a 


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154 



STATISTICS OF INCOME FOR 1940 — PART 1 



Table 7-B. (Table 11, Statistics of Income for 1939, Part 1.) — Taxable fiduciary 
mimber of returns ^^ and amount for each specific source of income and deduction, 

fiduciary 

[For description of items and classifications, and 

iNet income classes and money 





Total num- 
ber of 
returns 

(2) 


Sources of income 




Dividends from do- 
mestic and foreign 
corporations 20 


Interest 


Net income ' classes 


Bank deposits, notes, 
rcortKages, corpora- 
tion bonds 


(1) 


Number 

of 
returns 

(3) 


Amount 
(4) 


Number 

of 
returns " 

(5) 


Amount 2' 
(6) 


Taxable fiduciary returns with net 
income: s 
Under 1 . . . - 


29, 665 

13, 976 

3,773 

2,653 

3,726 

2,504 

1,925 

1,400 

1,029 

855 

605 

564 

427 

452 

322 

292 

969 

578 

389 

435 

264 

156 

91 

52 

45 

44 

98 

39 

18 

8 

10 

5 

14 

2 

1 

1 


20, 018 

9, 984 

2, 825 

2,048 

2,925 

2,066 

1,554 

1,164 

876 

736 

636 

481 

377 

400 

269 

266 

868 

502 

357 

393 

235 

144 

89 

51 

41 

44 

87 

38 

18 

8 

9 

5 

14 

2 


56, 316 

27, 658 

10, 553 

8,841 

14, 680 
12. 404 
10. 290 

8,927 
7,553 
6,864 
5, 534 
6,424 
4,431 
4, 7.53 
4, 085 
4, 457 
18, 228 
12, 603 
9,725 

15, 654 
11,050 

8, 955 
5,927 
4,586 
3, 648 
4,403 
12, 086 
7,576 
4,333 
1,775 
2.933 
3,681 
3,823 
1,433 




32, 734 

11,711 

3. 720 

2,710 

4,322 

3, 178 

2,911 

2,042 

1,398 

1, 405 

1,083 

821 

823 

901 

624 

721 

2,632 

1, 2,30 

1,497 

1,388 

878 

425 

373 

150 

385 

240 

565 

232 

225 

7 

42 

124 

27 

11 

93 

63 






2 under 2.5 . 


















1, .573 

1, 1.33 

830 

665 

457 

378 

298 

342 

226 

232 

716 

4.52 

298 

303 

197 

119 

58 

33 

27 

39 

60 

33 

15 

5 

6 

4 

4 

2 

1 

1 


6 under 7 . 


7 under 8 . - .. 


8 under 9 -.- 


9 under 10 ... 


10 under 11 _ - 


11 under 12 


12und('rl3 .- 


13 under 14 




15 under 20 ...--- 


20 under 25 _ ._ 


25 under 30 


30 under 40 - _ . 


40 under 50 . _ . - 


50 under 60 ... .. . 


60 under 70 . 


70 under 80 .... 


80 under 90 . . 


90 under 100 


100 under 150 


150 under 200 


200 under 250 . 


250 under 300 


300 under 400 


400 under 500 


500 under 750 


750 under 1,000 


1,000 under 1,500 


1,500 under 2,000 


1 


3,607 


2,000 under 3,000- 














4,000 under 5,000 


. 1 


1 


8,536 
























Total 


67, 388 


49, 432 


338, 335 


37 8, 507 


" 81, 689 





For footnotes, see^pp. 190-191. 



STATISTICS OF INCOME FOR 194 — PART 1 



155 



returns with net income,^'" 1940, by net income ^ classes: Total number of returns, 
balance income, ^^ amount distributable to beneficiaries, and net income taxable to the 

method of tabulating and see pp. 4-6, 8-9, and 14-17] 

figures in thousands of dollars! 









Sources of income- 


Continued 








Interest— Continued 


Partnership profit 23 


Income from 
fiduciaries 2* 


Rents and royalties 


Business 




Partially tax-empt. 
Governmt'nt ob- 


profit 2» 


ligations (subject 


















to surtax only) 


















Number 




Number 




Number 




Number 




Number 




of 


Amount" 


of 


Amount 


of 


Amount 


of 


Amount 


of 


Amount 


returns s? 




returns 37 




returns 37 




returns 37 




returns 37 




(7) 


(8) 


(9) 


(10) 


(11) 


(12) 


(13) 


(14) 


(15) 


(16) 




3.270 
1,228 
484 
321 
482 
431 
324 




249 
536 
217 
178 
492 
252 
430 




1.442 
918 
362 
276 
687 
376 
349 




9,485 
8.108 
2,455 
2.014 
3, 155 
2,442 
2,154 




738 








1 527 












513 












461 












824 








799 


414 


93 


116 


514 


92 


445 


317 


312 


89 


414 


90 


374 


363 


1, 656 


93 


588 


234 


349 


57 


405 


77 


346 


259 


1,190 


64 


420 


212 


277 


26 


241 


80 


438 


218 


1,114 


41 


300 


162 


192 


26 


203 


34 


172 


115 


832 


25 


264 


102 


126 


25 


155 


35 


208 


122 


973 


22 


266 


115 


161 


12 


62 


34 


220 


122 


786 


22 


227 


102 


264 


27 


250 


33 


217 


117 


834 


16 


164 


71 


123 


24 


265 


23 


239 


90 


550 


16 


130 


87 


115 


14 


156 


23 


127 


60 


306 


13 


173 


254 


489 


37 


524 


73 


772 


279 


2.376 


38 


616 


129 


216 


43 


729 


33 


415 


135 


1,124 


29 


586 


96 


259 


16 


395 


28 


412 


84 


719 


16 


268 


131 


280 


15 


492 


41 


837 


98 


755 


13 


414 


58 


122 


13 


504 


33 


1,012 


72 


1,171 


15 


495 


48 


196 


10 


341 


11 


353 


41 


597 


8 


304 


16 


43 


3 


60 


7 


177 


24 


1,107 


3 


54 


14 


34 


9 


156 


5 


115 


11 


565 


3 


268 


9 


80 


6 


715 


3 


9 


12 


277 


1 


69 


12 
12 


16 
165 


4 
3 


285 
309 


4 
6 


201 
408 


9 
25 


249 

597 






2 


259 


7 


22 


3 


24 


2 


10 


9 


29 


1 


238 


6 
3 
1 
2 

4 


17 

(19) 
(18) 

2 

17 










3 


3 










1 


196 






1 


(1.) 


1 
2 


2 
23 






























































1 


(19) 


















37 2, 619 


22 10, 415 


37 549 


9,071 


37 792 


11,668 


37 2, 785 


47. 650 


37 533 


11, 399 



498968 — 43 11 



156 



STATISTICS OF INCOME FOR 194 PART 1 



Table 7-B. (Table 11, Statistics of Income for 1939, Part 1.)— Taxable fiduciary 
numher of returns ^^ and amount for each specific source of income and deduction, 
fiduciary — Continued 

[For description of items and classifications, and method 

[Net income classes and money 





Sources of income— Continued 




Capital gain 26 


Net income ' classes 


Short-term s' 


Net short-term capital 
gain included in total 
income and net in- 
come 


Net short-term capital 
los,s of preceding tax- 
able year deducted 28 


Current 

year net 
short-term 

capital 
gain 29 (col. 

18-1-20) 

(21) 


(1) 


Number of 
returns " 

(17) 


Amount 
(18) 


Number of 
returns 3' 

(19) 


Amount 
(20) 


Taxable fiduciary returns with net in- 
come 3; 
Under 1_- 




1, 2,59 

1,347 
502 
482 
903 
690 
615 
504 
462 
511 
202 
287 
254 
344 
261 
291 

2,381 
655 
477 

1, 058 
461 
370 
518 
167 
191 
116 
380 
370 
13 
('•) 
185 




19 
23 
11 
12 
17 
5 
13 

(19) 

U 
5 

(19) 
(19) 

1 

2 

1 
1 
20 
23 
1 
4 
1 
2 
1 


1,278 

1,369 
.514 
494 
920 
695 
629 
505 
473 
517 
262 
287 
255 
346 
262 
291 

2,401 
678 
477 

1,062 
462 
371 
519 
167 
191 
116 
380 
370 
13 

(19) 

185 


1 under 2 






2under2.5.. 






2.5 under 3 






3 under 4 ._ 






4 under 5 ... 






5 under 6-- . 


367 

286 

225 

191 

130 

112 

83 

110 

71 

69 

215 

111 

84 

123 

55 

36 

25 

15 

8 

12 

21 

10 

5 

1 

3 


16 
6 
3 
9 
2 
2 
2 
3 
3 
2 
9 
8 
3 
4 
2 
1 
1 


6 under 7 . . . .... 


7under8 . . 


8 under 9 . 


9 under 10 


lOunder 11 


11 under 12 


12 under 13 


13under 14. 


14 under 15 . _ 


15imder20 


20 under 25.. . 


25 under 30-- 


30 under 40 


40 under 50 


50 under 60 


60 under 70. 


70 under 80 


sounder 90. - 






90un(ier 100 






100 under 150 






150 under 200 






200 under 250 






250 under 300, 






300 under 400 






400 under 500. 






500 under 750 


3 


513 






513 


750 under 1,000 






1,000 under 1,500 












1,500 under 2.000--.. 


1 


351 






351 


2,000 under 3,000 .. 






3,000 under 4,000 












4,000 under 5,000 .. 












6,000 and over 
























Total 


3' 2, 372 


17, 179 


3' 76 


172 


17, 351 





For footnotes, see pp. 190-191. 



STATISTUCS OF ESTClOME FOR 1940 PART 1 



157 



returns with net income,^^ 1940, by net income ^ classes: Total number of returns, 
balance income,^'' amount distributable to beneficiaries, and net income taxable to the 

of tabulating data, see pp. 4-6, 8-9, and 14-17] 
figures in thousands of dollars] 



Sources of income- 


Continued 




Deductions 


Capital gain 26— 


















Continued 


Net gain from 






















sales of prop- 
erty other than 


Other 


income 




Partnership loss " 


Business loss 2» 


Net long-term 
capital gain so 


capital assets ^i 






Total 
income 










Number 




Number 




Number 






Number 




Number 




of re- 


Amount 


of re- 


Amoimt 


of re- 


Amoimt 




of re- 


Amount 


of re- 


Amount 


turns 37 




turns 3' 




turns " 






turns 3? 




turns 37 




(22) 


(23) 


(24) 


(25) 


(26) 


(27) 


(28) 


(29) 


(30) 


(31) 


(32) 




i021 
3,137 
1,395 
1,086 
2,024 
1,310 
1,377 




200 
281 
82 
77 
136 
109 
147 




947 
1,173 
287 
303 
489 
327 
301 


110, 662 
57, 625 
20, 577 
16, 748 
28, 195 
22, 318 
19, 344 




28 
34 
7 
4 
19 
12 
13 




34 












72 
27 






















22 












5J 












16 
42 


530 


56 


242 


19 


20 


388 


1,162 


43 


94 


177 


363 


16, 437 


10 


7 


20 


90 


287 


967 


17 


30 


139 


233 


13, 351 


6 


11 


U 


12 


251 


943 


22 


54 


128 


413 


12, 562 


5 


1 


12 


61 


180 


697 


18 


40 


73 


108 


9,386 


4 


4 


6 


21 


151 


748 


14 


58 


72 


99 


10, 166 


1 


(19) 


5 


9 


121 


700 


12 


39 


66 


105 


7,806 


7 


25 


4 


17 


131 


783 


8 


20 


52 


41 


8,572 


2 


4 


4 


13 


94 


401 


16 


51 


32 


98 


6,828 


13 


(19) 


2 


2 


98 
339 


498 
2,382 


7 
27 


28 
139 


39 
139 


99 
239 


6,970 

30, 777 






3 
10 


5 


8 


11 


52 


179 


1,287 


9 


15 


84 


217 


19, 076 


9 


9 


5 


94 


144 


1,445 


10 


22 


64 


190 


15,411 


2 


4 


3 


12 


132 


1,620 


5 


17 


63 


258 


22, 774 


3 


9 


3 


4 


81 


1,420 


8 


68 


48 


200 


17, .382 


4 


37 


4 


14 


54 
31 

18 


914 
811 
955 


5 
2 
1 


2 

(19) 

1 


26 
11 
6 


43 
50 
17 


12. 498 
9,123 
7,014 






3 


9 


1 


6 




3 


la 


20 


538 


2 


(19) 


6 


34 


5,966 


1 


2 


1 


2 


17 
39 


477 
2,821 


1 
2 


58 
2 


8 
12 


171 
SO 


6,215 
17, 640 


1 


(19) 






2 


8. 


17 
10 
5 
6 
5 


1,308 
1,363 

955 
1,185 

569 


3 

1 


2 
2 


7 
5 


66 
36 


9,877 
5,992 
2,933 
4, 349 
4,406 


1 


(19) 






















3 
2 


3 

7 


















1 


11 


13 

1 
1 


4,797 

356 

1,310 






3 


21 


9,198 
1,799 
1.403 
4,010 












































































































8,536 










































583,926 










" 3, 343 


47, 760 


37 289 


1,775 


" 1, 507 


6,985 


3' 97 


250 


37 122 


711 



158 



STATISTICS OF INCOME FOR 1940 — PART 1 



Table 7-B. (Table 11, Statistics of Income for 1939, Part 1.) — Taxable fiduciary 
number of returns^'^ and amount for each specific source of income and deduction, 
fiduciary — Continued 

[For description of items and classiflcations, and method 

[Net income classes and money 







Deductions- 


-Continued 


Net income ' classes 


Net lone-term capital 
loss =6 30 


Net loss from sales of 
property other than 
capital assets si 


(1) 


Number of 
returns s' 

(33) 


Amount 
(34) 


Number of 
returns " 

(35) 


Amount 
(36) 


Taxable fiduciary returns with net income: ' 




695 

593 

220 

197 

359 

262 

279 

265 

206 

240 

169 

159 

50 

59 

66 

117 

396 

209 

2f;4 

373 

156 

106 

88 

52 

43 

19 

191 

54 




66 
66 
17 
15 
24 
29 
23 
24 
6 

6 

4 

4 

4 

7 

5 

21 

5 

10 

14 

18 

4 

1 

23 






27 
13 
8 
8 
7 
4 
6 
3 
5 

5 
11 

5 

9 
13 

6 

2 
1 






2 5 under 3 - - - - -- 














188 

151 

106 

103 

78 

68 

53 

57 

48 

46 

129 

90 

58 

85 

45 

29 

14 

11 

5 

8 

20 

7 


6 under 7 -■ 


7 under 8 - 


8 under 9 _. - --. 


9 under 10 . . . _ . 


10 under 11 . _ _ ...... 


11 under 12 


12 under 13 . . 


13 under 14 




15 under 20 

20 under 25 . 


25 under 30 . . 


30 under 40 .- 

40 under 50 


50 under 60 - ... 


60 under 70 . . . 


70 under 80 


80under90 .. 


90 under 100 


2 
3 


3 
1 


ino under 150 .... 


]50under200 


200 under 250 . .. 


1 

i 


(19) 
— "(19)""- 


250 under 300 

300 under 400 . . . .... 


2 
3 


(19) 

24 


400 under 500 .... 


500under750 




















1,000 under 1,500 




















2,000 under 3,000 










3,000 under 4,000 










4,000 under 5,000 . . 


i 


957 






5,000 and over. 
















Total 


3M.405 


6,867 


37142 


405 





For footnotes, see pp. 190-191. 



STATISTIiCS OF USTOOME FOR 1940 — PART 1 



159 



returns with net income,^^ 1940, by net income ^ classes: Total number of returnse 
balance income,^^ amount distributable to beneficiaries, and net income taxable to th, 

of tabulating data, see pp. 4-6,8-9, and 14-17] 
figures in thousands of dollars] 



Deductions— Continued 




Amount 


















Nefin- 
come tax- 


Interest paid ^ 


Taxes paid 33 


Other deductions <" 




Balance 


di<:tri but- 
able to 
beneflei- 
ai-ies 














Total 
deduc- 
tions 4° 


income 3» 


able to 














fiduciary 


Number 




Number 




Number 










of 


Amount 


of 


Amount 


of 


Amount 










returns 37 




returns 3' 




returns 3' 












(37) 


(38) 


(39) 


(40) 


(41) 


(42) 


(43) 


(44) 


(45) 


(46) 




l,n38 




4,014 




7.154 


13, 029 


97, 632 


84. 935 


12 697 




1,169 




2 982 




3, 952 


8, 868 


48 757 


28 952 


19,805 

1 8, 429 

7 210 




334 




968 




1,187 


2,760 


17,817 


9.387 




270 




789 




987 


2,284 


14 464 


7 224 




- 503 
538 




1,205 
960 




1.686 
1,195 


3, 850 
3,013 


24. 345 
19, 306 


11,431 
8,216 


12 913 






11 089 


416 


373 


1.2i9 


806 


1,130 


1,122 


2, 657 


16, 686 


6,221 


10, 466 


349 


415 


887 


661 


830 


964 


2,427 


14,010 


5, 058 


8, 952 


26.S 


221 


674 


466 


611 


734 


1,655 


11,696 


4.041 


7,655 


246 


258 


570 


454 


509 


598 


1,618 


10, 943 


3.687 


7,25> 


172 


183 


393 


316 


375 


437 


1,135 


8,251 


2, 526 


5,726 


148 


124 


363 ■ 


345 


3.50 


531 


1, 173 


8,993 


3, 073 


5,920 


129 


108 


294 


293 


279 


525 


1,023 


6,783 


1,879 


4,904 


145 


111 


304 


251 


303 


321 


762 


7,809 


2,171 


5,639 


98 


78 


205 


206 


201 


341 


700 


6,128 


1,786 


4,342 


99 


84 


211 


184 


208 


274 


669 


6,302 


2,071 


4,231 


340 


695 


652 


872 


603 


1,653 


3,700 


27, 077 


10, 326 


16, 751 


196 


305 


390 


468 


385 


665 


1,755 


17,321 


4,393 


12,929 


1^,7 


266 


283 


428 


271 


575 


1,559 


13, 8.52 


3,267 


10, 586 


175 


223 


313 


599 


311 


955 


2,177 


20, 597 


.5, 712 


14.885 


129 


321 


191 


471 


192 


513 


1,529 


15.852 


4,091 


11, 762 


66 


164 


121 


387 


119 


437 


1, 100 


11.392 


2,941 


8,452 


33 


122 


56 


185 


66 


503 


905 


8.218 


2,386 


5.832 


21 


206 


37 


109 


39 


931 


1,332 


5,683 


1.800 


3,883 


21 


93 


29 


125 


39 


160 


424 


5, 542 


1,701 


3,841 


24 


97 


29 


198 


36 


191 


509 


5. 706 


1, .531 


4,175 


45 


375 


73 


603 


76 


538 


1,716 


15, 924 


4,! 59 


11, 766 


15 


153 


30 


276 


26 


361 


844 


9,033 


2,401 


6,631 


8 


347 


12 


68 


17 


199 


615 


5,377 


1,292 


4,085 


2 


3 


6 


85 


6 


57 


145 


2, 788 


1 . 672 


2,116 


7 


10 


9 


143 


8 


106 


283 


4.067 


434 


3,633 


3 


132 


4 


89 


5 


424 


656 


3.750 


1,384 


2,366 


3 


50 


7 


136 


12 


77 


262 


8, 936 


592 


8,344 


1 
1 


8 
8 
1 


2 


57 


2 


24 


89 

8 

100 


1,711 
1,395 
3,910 




1,711 


83 
2,048 


1,312 


1 


15 


1 


84 


1,862 






















1 


0') 


1 


8 


1 


143 


1,108 


7,428 


2,783 


4,645 






















37 3,315 


9,386 


37 7, 306 


20, 223 


3' 7, 079 


30. 605 


68,446 


515, 480 


236, 653 


278,827 



160 



STATISTICS OF INCOME FOR 1940 PART 1 









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STATISTICS OF INCOME FOR 1940 — PART 1 



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lo 


to 






t^ 


t^t^^^t-^Osr-cDco 




t^ 


t," 








I^" 


t>r 






r-T 


CO"CM'^'"cO .-h"-^ ^ 




<M 


CM 


CM O CO to Oi t^ CO 


»oco 


CM 


2:11 >- 


co 00 


to 


03GO^ao-:rCioO'!ft-o 




GO 


00 


lO t^ t^ lO -^ CO I^ 




OS 


i^ 


OS 


CM to 




CMtOt-OCTt-Oil^OOOl'-H 




'*''" 


CO 


lO t^ CO CO CO -O CO 

o" ^- o" cM^ o" — " t^r 


00 ^ 


to 


o 

oi" 


CO 


I>" Oi' 


CO 

to 


^COCMiOOi^-^CMCMiO 




1-h" CO i>^ t^ CO* as* CO 0* oi" 




s 


s 


Oi O 00 lO lO C3 


GO 00 




-^ 




00 1 CO 


t-^ 


CMCDCM-^H^^I^CMOO 




en 


0-. 


I^ O CM »0 05 CM 


00 ^ 

ccTcm" 


CO 


CO 
CM 


CO 


CM — ■ 


CM 

00 


O^^CD'^J^CMCCOCOOi 




CD*" CM CO" GO* lO" 


0*CD* 0*cd"0* of CO* -*J" 0* CO 




•«*< 


■^ 


CM^5* — 


OS _ 


c:s 


^ 




-rj< 


lO,— iCOOODCDiOiOt^Oi 














CM 


~ 


CM 


---- 




^ 


^ 


1 OO »o OS c CO r- — 


CO »o 


00 


CS -.*< 


to 


CO 





CO — OSCM — CMC^OCMtg 

^gto — Tt-r-tococoo 






t^ 


OS CO O CO *0 CO 




o 


t^ — 


to 


t^ 


OS 




CO 


CO 


1 t^ I- CO 00 00 


OS 00 


00 
CM*" 


■* CO 

o os~ 


00 


CO 


OS 

OS- 


CMCMOSt^ — OOSCOtOCO 




oo^^'os^ccT— " 


OS- OS- os" — - to" co' os" 0" 3 CM- 

i5.COcOCOCMCM — CM — CM 




Tj^ 


.>)< 




lO 


iO 


O OS 






OS 






"3 

3 








individ- 

dual re- 
3, or 55 

income 


.2 1 pS 








S 








^ S3 J3 C3 








.^ 


a '■ ' 






a .-s .ti c3q. 








T3 
3 


3 : : 






S >"" % 


rns with no 

52). 

ry returns w 

al returns w 
axable fiduc 
t income (55 


3 ; ; ; 1 ; 1 ; ; 1 1 


der 2,000. 
der 3,000. 
der 4,000. 
der 5,000. 
i over 


, income 6. 

taxable i 

rns. 


vidual ret 
come: "• 
(est.) — ., 
2 (est.)..- 
2.5 (est.)., 
r3 (est.). 

4 (est.) .. 

5 (est.)... 
6 


income *. 

nontaxab 

returns. 

I total ind 
is (43 plus 
;56). 

•ns with n 


03 ! ! 1 ! ! 1 1 ! ' 1 
>> 1 j ' j ; 1 ; j 1 ; 
^ ! 1' ', 1 > 1 1 < 1 I 
1 . , 


a a B a 


*—*m ^-^3 


xable indi 

ith net im 

Under 1 

1 under 

2 under 
2.5 undc 

3 under 

4 under 

5 under 

Total, 
ith no net 

Total, 
uali 

Granc 
turn 
plus 

dual retui 


3 en « 3 *^ aJ 


a ; ; ; 1 1 1 1 1 1 1 

^ ' 1 ' 1 1 1 1 1 1 1 


3 3 3 3 03 

O O w o o 


Tota 
ith no ni 

Tota 
ret 


^ ^3 -3 S-aO 
— t. a 3 > H.C 


1,50 

2,00 
3,00 
4,00 
5,00 


3 32:- o - -Be ^ 






^ 


Nonta 
W 

Indivi 


- :>B -§8 -sss 

Tf. — X a -'-'33 


CCJ3sosaicniOiaicnoic» 




g---------- 






3. ^0 03-- 0-- -t-^ 

5 &- E- 


3 






CO CO CO CO r3< 


— c- 


Q CO 


TjH iracc 


5t^Q0 050 
f -^T -^ -^ ^ 


— CM 

115 "3 


c 


§ 


■* 


s 


g 


E5 


g 


OSO — CMCO-^tocOt^OO 

tococoeotocococotoco 



162 



STATISTICS OF INCOME FOR 194 PART 1 






- ~ =! 

H t) s 



« • 



CO 



S s 



5 

o 

CO 

■::^^" 

^ CO ^ 

"* S -2 

CO ^ C 

^^^^ 
K -ii vs. 



5^ "3 



» ■» o " 



I s s 

^^ o - 
• ^ (o 

■^^-^ i 

«3 e ca 

t- Jr S 
^-^.^ 

a> aj • . 

a-vj. CO 
e ct> 

o <u i 

"^ Co ^- 

W CO 

CC CO ^ 

o^ 8 ^' 

05 Hj j:, 
C CO 



H^. 



00 



^ g 












^<NC0'^iocDt^a003O-H^ 



• »o oD I-- 00 ; 



■*<NC^C^C-1C^C^(MCNCS<NCCCCCCCCiCC{rCCOCO 



I^OCD^C^0i0000(M--'!MCCC0CM'tir^-<^O'M._ - -- ---- 

cco'^^-»cr--C'Jc^lccoo■^oc5lOu'^OlOaiC^ail"-c^c^^:♦•c>:lC^C5r^ooiQOOccc■r-■ollCco 
<N^t^O'-'CO^c:^--<oocDc-icr'crioocoot^oO"^" — ■ "'~ 



ca^rfcccicsr^ooioooccc' - — ■- — 



crtcooir-tM-^occo- 



^iOlO"Tt<T"0(^^OC^OlO«Tr 



-or>ot^cpnoor-c^(Nr^cn 



i-H 1— I '^COCCOt^OCOCOCCCOOi'-'t^'-'^Dt^rJ-OOCCCCas 



(N r 



H CO 1-4 wo (M 



C0TrCCOCCTJ'^-cCC0"^fC0l■-■^C^t^O■^00■^^O0CCC^O.--O0CC^C»^-C*0l^■<**■^^^C^lC^O 

crT o co" CO -^^ c^' CO o' ro CD CO >--" cT urT ■^* 00 r-T oo" t-'~ t^" "^^ 

f-^o'io'oo'c'o CO c^c-f '-Tr-T.-H ^w i-H i-Ttj^cvT (^^"co c^ cd c^co r-Tcf co io"w cc co oi" 



■Tt'o^-ociOcoc^^^-oocoo^o»OTt^as'— ("^cro-— '"^cOf— iC3'--<cO'^t---oot--Oicor^c^i-H 
cO'^coo:0'-icC'COCN»-«>— ii— ii— I.— t cii— 1 



1— I t^ <N (N CO f-t 



CO<Z;-^OC^<ON'Ort^(N-T»Ht^COiOCO'aDt--»OOOCCt^rO— <CV3-^05'— i-^cocoo 

t--lOc/D^-oooo^'OOc^GOOcocrJ■^}*cOlOl— lOcococDu^-— '1^-— 'Ocrvc^cD'-HTt^co 
lO■rhGO■^050•--''-*c^^^GO>oo'— tcoob-co-^b-'-it^--*r--c:'OiaDcC'--'cccoo 

lo o c-f ■^'" of cT oT c^" c 



;c^»ot^r^'-'OOc 



_ _ -^ (Si <:c^ ^ -^ C-'X -^ <>\ C-i \^ O^ rj-j 1:^:^ . 



5 CO --- d (:D 



cr »o c^ 1-- -^ ^ 00 

" "5 05 i— < O -^ O ' 



(M <N C^ CO CC < 



j^^^^CO'M'-' C^ 1-H 



OO-^COOSOC^OCOC^CMfN'-*'— icOC^O'<*<Gr'OCSOCCOcD'^-^(MCO«5"^C3'^ 

<z;c/r■^^0'-t^-Hcr'l^luoc<^-J''^^-cocc^r•-occr. co(^lO■o-^'OcOG^^'00on^- 
coo'X^'-^or^ooS'— r-^.— •N'— 'OcTrt'cooic^cJooicc^T-ioi^r-cocDco-^'*' 

^-^cr"o^co ■-''c^i CO "-Tc-f .--^o'^-"'-*"co co'co"c-f o'o"co co'i-T^ Oi 

c^i-^o— 'Coroc:r^co-^-^--o>— ''CCC05— <"^cs-^^c^*M-rootciM-^r-oo 

«*9-cM-<r":)t--co(Ni-<i-H.-H.-i c-i'—'-— >i-H'-H 



>GrGi000(:r!;c^iOO"^O0i<— '•— «Ocr'C0CiC5':r-»--'-HCCC^»C-**O'^CsC0C0"^ 



OOClCCoOfOiOcOCOI 



or^-eHioocr^cc^i^^^-^oocc^cot^cs •-< 



^-^Ci-— t'-00^00CS'*i-i00X'»O-^COC^l>-TfTj-c<li-H 



O Oi OS d C-1 I"- rf iM r-H 1— I T 



i-H 00 ^ --H C^ 



■ oocoiococococor-o-^w^'-Hi^aiCsc^c 
. , . , : ci Oi -M o lO -^^ CM o r-- r^ r- iM CO -^ OS "".■> •■ 

4^(MC5COcOGO'«**00'^^OOt^COiOcOCOGOCOr--'— (O5»000l-^C^ 



r— Oi iCi o c-1 GO t^ Oi CO "^ -. ^- - - - -. - - . ^ . -. . . . . -_ 

'—'050'— c^r~.o:rt-'iooci05C^oio-+'C-ior--r^r--i>ico-^asw'.'''Ococo 



coc^oi-— ii— <cocofNr-r^ooocooo«. --— . -,., — .,._ 

eer--oconrioooO'<j<'rt*-rt4co(MC^(NC5CJOO'-'Ococr'Osob-ocv<osioco 



rj< <N CN CO CO C<» r 



C^aOCCi— 'f>3C^IOO-^COCOIM(NO 

cjoo-— 'ococr>osot— ocviosi-"'" 

rt^Tj^COiO^COCOCOC^Cq-^CO-- 



^Tt^'Ocri-^os'Mcoc^Jccooicor 



CC -t^ (LC OS <M C 



r CO tr- CI CO OS fM ■* cc o *: 



J to OS cc O -^ OS r 



; OC U5 CO OS I 



>rMr-iosost^co'^osi-oiros 



<:^C0C^C0i0C0C0OO^iO0SO00I--C0t--0S(NC0'— "f^OGOI-^OC^C 



COO'-'ClCOCC'— 'lOtNoCOOr- «— HCOCO 

OscDCCfNOOOO'^OSO'-'OOOTPOSI^-CSiO 



(M.-< — ot^-oocn-^oiOioosh-iO— ,,,,^,„- ^- . ._ - . 

C^TfO-— '>— r-OOC^OoOC^COOCS-— 'COO'-'ClCOCC'— 'lOtNoCOOr- «— HCOCO 

cc CD r^ »o OS t^ cc CO fM Tp OS - ■■ "■ "" " -' .- 



.-T'Moor^!r;occOTficoc^(Mi-H*-<r-.,-Hiccoi-H(M.-ti-Hi-i 



CC rt ^ CS r-t 



•-HOsosr-1— ■CO'— 'osco— 'CscO'—cro^O' 

OOCO'-HCOiOOOOSI--CDT-<OCOt--CO(NClOai': 

Osr^':cr---'r^»ooiiO'"^coc^.— i-— (r-i <N^ 



J O CO t^ -^ <— ' •-« •— ' 



-OSOO— «00»COO"^i— IN 



— I lO CD GO CO •— t 



OOOOiCOCD.-"!:^— «t^» 

00 ■— ' CO ^5 r-- CO -r c^i I— c, - 
■T*'icco-5r<c^'Mr-iosLQr-o:o< 



:os^oCioo;cc--''— •(N'^^-r^'— ih-'^cccDt-^osoo 

H r-H oc -^ -^ i-O' iC 00 (^ ■— • (N 00 — < t^ OS O CD I^ O CI ■-* 
r(M»O(M!MCCiOC0'-'C0O0000h-'-'O"0'MfC'-'^'-' 



COOOS— 'OSOSOCO'^C^^':rOOCOT-^' 



',— .r-»00»CCO>0.— 'OCOCOOS 



• cooosos-*oscDr^"Or^M*-^(M«— 'cor^^ooc^r^oco— '•— 'lOiO'jfQO 

:r-l0]O(M^OOl"^C0iO'^-^C0C^Oc0CDTft^C0Tf*00CD00C0r--OTf*»CC0N 



H C^ '^i CO CO (N (N r 



iiOiC-^h-'O-^COC^C)'— it^C^i— 'r-* 



00000'-Hr--^01fO'JO'OCO'— tOCDt^O-TffMO^t^OSiCC^COCOt^^t^O 



c^(Noocs-^':f.-ir-.r*os 



; (M 1-- ^ lO (M O CO (M CO r 



coor-iO'<?'»oooo- 



'^OOCDiOiOOCOOOOsr--(NCOi— <iOOOOOiOiOOt--CDOOSO'^t*>Or-iOSC^OJiM 



■<OSrf(NGOr~-Tj*CO-^CDCOOr^fM"^-t^COOfOC^t 



• o c^ to (M ^ OS r 



^OTt^I-OO'O-^'OCD'OCC''— •OliOOO'OLOCDOSC-ICOcDCDO'^'^ 



cs lOr-H-f^^ioooocor^-rt^ooi— (C0 1-- 



■^COCOOSh--— <r-iiOCD(M^C005":'OOSCD 



C^CSI--C<JCO.— '»CCOOO*t'00'^OGCCOCOC^r^CDCO'— <Tt<Ot>-CDTt"»OiCrH(N.— 1 

•o TjH ,31 -f — . i- :: ■_ " ■ 

6*^ CO r-t CS CO -— ' r-« 



^■^JH.os'*'— 'tjo CI r-'^coc^c^c^'— «'-<'— •lOcoc^cocS'-H.-H 



i^.-^,-_(OQi-f<Q^ooioc^r-^oO'^coooc^ior^os<:ccD^-*t^'— 'Osioos»-(ososcoc<i'-< 

f-OSt-^i— 'CNCOCl-^fCOr— -*0— •C01-^»OOSCDGCGC»OiiOOI>--^C^CO 
0C'-'O(MC0CS0S00tOOCC000»O'-H0sOCD0S0S'^(Ni— ii-< i— 1 



, CD CO CD 00 <— « -^ t 



lOiOOOQOOSCOC^r-i 



Ir-ICD-^COC^li-ti— !.-< COi-l 



15 E ■ 

:3 §^ 



fcj'^ij'iCCDI^OOOS'— ' 

' t_l t-l »-< I-' I- t-' 1 

I a* o^ oj o cj O/ < 



I I ,-1 (M CO'^f *0 O «0 O 00 O 00 O O ■-• C 
-O-— (.— I,— irH^CN(MCOTf"*OOr^OOOs^ , 



I c "0 o ic O' c c: 



- P D 3 I 



; a- a- 



■-^ X" tT' t: TT X* 
p C G C C P 

:3 d 3 3 13 D 

10 O ^ O O C' 



^.-(l-l.-Hr-.r-iCNCSCOTj'l 



S S i 



3 3 d 

:; OCT' 



000c 

CO -^ » 

. OJ o o 

a d c 
3 =: :3 
000 
10 00 

N CO ** 



3 d d 

3 d D 

:■ c o 



O uo'-t-t^ 



^-lMcoTrw:lCD^-oooo•-Hc^co'^lOcDt^GOosor^£^co^JOcDt--ooosO'-H £jico ;3; i2 J^ J;: 



(M CS CS (M CS C 



i CS C^ CO CO CO CO c 













STATISTICS OF 


INCOME FOR 19-4 0- 


—PART 1 


163 


g?ss 


—1 cs 


rr 




■^ -* '^f 'S' '^ '^ O 


-H 'N 


CO 


^ 


lO 


S !5 


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(NO'^"^»OCD^00^C^) 




















« 


>o 


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O CD ^ »0 wcD OCC^ O CO 1 




05 CM 
CO ^ 


IN 










1 CM 


CO 


ira 


05 

c<r 


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CDCD00t^t^-^<NMOSt^ 




co' 00* CC oo' ^' C^' C^~ O' CO t-' 






CO rt 


OJ 










C5 


CO 




o 






CDCO^COO — -^OSOOCl ( 




o" 


<N 










C=" 


o" 




c^f 


CM- 




CCOWiO-rfCOOCOC^OS 




cr' T^' irT irf T-T oT lo' '^' c^ cc 


1 




CO 


TO 










CO 


co 






1 n 




(N -H CM CM — • 1 




t^ r.. 


o 




cc CO h- 00 Oi (M cn 


Tt» o 


■^ 


•*. 


^ 


t^ 


co 


Ol 


i 00 O CM O "O CMr-r o r^oo 1 




CO 05 






« o CO rr" ^r> :o co 


O —1 


00 


CM 


CO 


o 




a> 




-«*' C5 CS OO Ol to CM (^^ CO ^ 




co^c^ 


■o 




O r- «o w o o o 
cc o"co CO ^co «i:i 










CJ" 


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co" 




^t^cDt^Oi'^'OCMUOCM 




co" '«:J*' --H '^' OT CO O" co' ■^' CO 








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CO ■» CO CO •— « CO 


C^— i 


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00 Ol -rj^ 03 O t- CO CM Tt< •-< | 






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cDcococor-oiooooa 




00 lO -rjT cd' ^' lO O cd' ^' "*' 








R 






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tP C<I -^ "t^ CO GO I— 1 


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to CD CO CO t- C^ —< CM 00 3; 1 




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CDOOOr^COCDCTiGCCMCO 


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cT r^ cc" co'i— To' os"o3 oo os 






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co~ co' o' c^' t^' o' r-^ lO' I -' lO" 
















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r-' o" -rf' »o' !--' cm' 00*" oo' co' ^ 














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cm" lo" i^ -^ CM CO »o — r-^ c:? 






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— O5CMCM»OtOC0tOCMTf 






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th net income:"' 
Under 1 (est.)- 

1 unflcr 2 (est.) 

2 unfler 2.5 (est 
2.5 under 3 (est 

3 under 4 (est.) 

4 under 5 (est.) 


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income (42 plus 5; 

ble fiduciary re 
h net income. 3 


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33 

ll 

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164 



STATISTICS OF INCOME FOR 194 — PART 1 



H 8 s 
o^ o 

e JO 

o\ *^ O a> 



^ <M 



H S e 



00 C 



2 ^ 



bO 



C3 



'^ sS ■-; 

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►-^ -Sts a 

s S S^ w) 

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>-• k t? ? 



CO • . Vi 

a> <» CO "3 
5 ^ o "o 






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m.S'ts ;:: 

.w e e o 

2 S? 00 ° 

<^ 8 ?r &, 

Ti S S 

c ^ u 

03 <» S 

^§:§ 

s_- 40 00 

S 8 

^ lU u 

►J »- «- 

n 

< 



S = S 












«'-<i^cco^oc^oooioor^c^'*co':OTt*<Noa500:Oir^GCcor--'^ 
ocOGCf-Hoor-oci-^'— I'O'O-^oooxiooQO'— "»o»o»oo>-<ior-»Oi— tcoo 



I PC Tf 00 ■-' O «0 lO 'X^' O O OC' ■ 



soiOiMoooioaii— *foO(Mr^r-H 






■<^-^oior-^-^oocsfNTrcs300'-('-Hto":i'-HOitc:ocjiooooioo 

TtHTt'Tr'»Ot^(N00O'-t^CN'*t'(NI~--{NC0iO00OC^^'^»O'-HCl'-'CiC^3O 
t'-c0CCC10iC0OO(NI-^'^OOai!:D00c000-^r--C»O00r-iCD'"^iCCCC^ 



•— iCOOCOOOSiOCOCSi-HT-H,— I 



«8-— I I-H 



(N ^ ^^ 1-H 



C^O'-'t--.-^O--'iOO'-'Tj^O00WTj<iOiO00»Oi0C^'-i.— I 



0"-»OC0C^'-H'-HO:iOC0<M.— ii— I 



•-H Cr> (M C^ CO (N 



a; '-' t^ (M (M » 



) 'OO o t-- C<l o - 



^WCOOIOCC-^OI'^OOC^'— ■-^'-DO- 



■^ O :C ■— < h- Tt< O 



-cicsOOcor-O'^'— c^cocooic-ioo'— '— 'IOC 



ccc^coTJ*cftcci'^MOiC^|»<^Jcco^osI■^'^cntoTt^co(^l'rJ^o5»ocQooooc?lur:l 



i!:raiOi>--x>-^cC'Xooiocct^(NCNh-ror^oO(xr^ooo 






":^'i-<:C<roiocc>iot^fCOOOcoO' 
- o r- ^ <M CI c^ c^ Tt* I- — 



_ . ;o^ccr^05y3cDh--^oooo 
: CO Ci »o lo CO o 00 "^ r- r ^ ~ ~ 



osr--co-^0500CJiC'COCiooioai05oC'i^'Ocot^O'00<:ccococ^'OOOTt< 



JOiCOOCOOuOiOiOCOOC^COOSr-icOCSc 



3 (M .-' .— ( CO O h- 



ooo^co-^ioto»cooaocccoo-^>— ''-iooo»or-.ioococococsi--iTt^o^"^as 

TjHC^C3t--.00"*r-icDCDCOC^iOO"^0»0*OQOt-^C^X^OOJT-iI>.c " " 

i-^'cOOcOC^'c^COoTt^OiO'tJH'cOCCCOC^OO'^'^CC'-^ 1-HC^ 



.t--.C^Tt*cr--l-'00— 'CCCCC^i: 






■'CCMOl-^rf-^CO'J^-Tt*.— '(MiMiO ^C^M 



jcc--r--iMt^.-'Of^-xr^co(N>-Hr-ii— ic^ 

■ ■■ -0 C^ C^ f-H cC CO ^ - 



iOLC"^~Ci'*'-n^Qcr^-^:CDoc^-^-^on^r^oooo^GOOr-i(Nccrrih-r-ir^ji-^icccco 

00;0005C^t--:DrOOC^O'-'GO.— "-^CjD.-'iC'-HOC-TrGOOr-Ot-.iOCDiCOrrOt^-^iO 

corf'co'— 't--.i-*r-'— ic;cociioO"^r-(»oc::o:Oi'— too;-— loo-^coTt^Oico-^r-HcoGOcDTt* 



C^C^O01GCCC'OO:0lC^'n*i0C»O.-HiOrt<C03r>0100a;^C5CC'— 'CSCCiOCO.— 'OC^COiOf^ 
C^I'^C0Or--■^t*^^CS•»*'^0C^C^100010i^-O'— •OCCOiCr)OC^CSO-^-^'^CO'^Oi--t.— ir^co 
6©-C0'--lC^C0C0C0CCC0C0C0C0(N(N(NC^C0w,--.OC0O0;'-lt^iOair-iC0G00000I^C0t^C0 



1— (CST--^c^»0"^^-Oco05t^■^ocoO'--^^tCGlC^-■<X5^ooiO"*<^oc<^^oo>cr:lO'**cO'— <Tt<os 
oocO'— '■^oc(NcccocoQCr--ioi:o-^WQOcococ^>o«ct-^r-^0'X^Ci-^t^cDior-"rt*'^ot>- 

CD'-HaiO'rt<CVlC^'--'OOC'^CN|iOC'lCOTMCOO»Cr^C^ccO--H<NCOI^C^'^CSQOOC4t^'<}'C^ 

N t^ c5" o c»i 00 r-H* o ic o' CO c^ ^ oc o lo i^ cT c^f #4 ^ cT CO --H 

Ol^-coaiooooc5■«*«'^^o;cJ;-:t<^^ccTt^Tt10c^^ooclai^^cC'— i-^'-T'^-ro»o.— ir^iOTj-oo 
i^*r:iOr-i— 'ccoi^ I— c>iiot--icc^oo-^oic^'^oc^*cb-oa5.-HOC^co'^cO'-HOoooot-" 

tC GO 00 'o'cO o6w5"i-rarGido lO Tj^TT coco CO 00 O 00 lO w'rH 

«6^ (M r-l C^l CO i-H i-H ,-( .-I 



■^i-Hr^C0eC'00f0kr:it>?Ot^t^00Oi»O00OlO00C0OOC^--HC0MC0CC---»iO'<*<r^C^i-<C<»i--l 



STffNt^OOfMOOOoCOSTj^OiCOOOCOCDI^C 



lOOOOCCcDC^O^r-CQOicDtOCOCOCmMt^COOJCSi-t 



StNO'^'^ilC^ — COi-HrH 



' t^CiOl-^ C^ rH ,-H 



1— t-^OlOSb-COi— iC0>C001CD00OG0O^»-t00'-i.-Hr-4-^O0C»-iO00i-H 

oOTfc^cr50^Ci<NO:coQC»o<or^cCM^'^»cr^Tt<ojioO'<**ococo^ 

OO^Oit^C^-— tC^iOCii-H.— (lOOO^C^C^OC'C^'^OlTr^CCCOiOTfOO-^ 
■T)»" I— lO' iC h^ CC C^" CD CC I^ -^ co" CC h-T ^ lO O' I--^ CO ,-H O ^ O 00 i^ 

1— 'tcio-a-osioocD.— 't^-^'^ccoolosCT>l^^co^^yDOTt*o^^-ccoo^- 
■€«■OiTt<TJ^|>.iO'*cocolMc^c^c^l^^'-lT-.oooot^cooootDTf^co(^^(^^^o 



00Tt<CC»O'-H4OTj*C^CT>rf-^00C0"^-— it-->0C0h-OC00S^HTfC005r^C0 
cDiOO-^OOOCcCC^OOiOt-icCOCCCCOiTt^cOTfOC^OiCOfNOcOt^ 
l>.COCO':D-^»CcOOiOOOCOCDCOOOOOt^'^COCOr^OOCMC^OC'3 03>-H 

c^1^^loc^o:c^T1J'coco'cocccsc^r-^cfcoo^cood-^odc^fr-^"^-^^^ 

OSO'— t.— •C^rf'^.-HCOCOi— 't--C0005r^O»OCOO'^'^CSTt*COCOiO'^ 
OOOiC£JrfcCiOiOcDI^'t*C>CCt^O«:)COO^CCiiOOtCOiCOO>iCt^O 

6©-CDC0COiO(Mi-Hr-. 



I CO I-- 

I CO 00 

1 ci CO 

I COM 



1 c^o 

I CO ->D 

1 ■«* r^ 

piOCO 



I^r^cO'^00-^(NtO*OOJOlt^»O.-'<N-^(MCOOi— "--"OOOOO-— itOCOCD 

b-.c^iO':ooiioo0'Or^ic»-''-'CS'rfOii:oc^r~-ioO5CS"^C0t-H'-< 

CO'^t--CO— <'--«»001'— "t — " "" '" 



^COCSi-Hi-HlOC^i— 'r-l 



•^ r-*,-* ,-i 






'OOOOOOO 

o^criooooo 



O— •C-l 



<N(N 1- T)<>o t 



OOCC^OC-OO^CyCOjO' 



OOOCOCCO^C^(MCO-<J<IOI^^ 



0^ C^ O Q Q; 



; a c ! 



§§HES3 = 33S3 = = 3 = 3S333 



' c c 

;S3 _ 



•CT3 

c o 

3 3 
c o 



oca 

3 3 3 

OO C: 



Oy Oj 
C H 



■aT3 
■a f= a 
a 33 

3o o 
— o o 



i OiC OOO". 



i-IWCC**»OCOt*OOOSOi-'C^MTjHtO<Ct^OOCl 



N?3iMe5 



rt* »c CO t^ 00 



OS o — 

WPO CO 



C^ PO TJ« IC CO 



STATISTICS OF INCOME FOR 1940 PAKT 1 



165 



-^ u:^ O 1^ OC Ci O .-M W CO 



iC O CO CD CO CD CD CO CO CO 



cqwcDcoccai'"£>iococo 

COt^COOiOCO-^.TOt^'-H 
(M0C'--C^C^O»O*CC0W 

.-T.-rarod'cDco'O'-^ioc^ 

CiCCOOOiCOrfO-— 't-^ 
iCCOt-TffC»C'-''— <ooo> 

CS (N CO' -rt*" C^ —T^H^^H 



<N t- CO t-H -^ O CO 

CO r- .— i »o o to c^ 

CSI C^ --H O O CO lO 

CO C4" OC CC~ iO »o to 
O tC >-i CO O '^ T-H 

(N oc x: t^ •-H CO 



OOOir^CMOSOiOfNO 
TjHOiOcO'M'-H^cCaiTj" 

cor-cctcoot-O'— 'OO 



C:OC(MCOO'-'tOI^CO'^ 
»-<CD0CI>-O»OC0C^00C^ 

CO c^ -tt^* 00 CO r- tjh" rC CO I C 

l-^COCOiOTj'COCOCOCOCO 



CO CO IQ C^ W 05 CO 
CO C<» CO lO CO t-^ 
-«J< CO -<** l> C3S 



COOC^-^C^MiOMOOOi 

t^'rtiOli— iCO«OCOOlC^CO 
COOCO(N<M<MOOi-<COOO 

c>fc7rt^ic'co'-HO(>fiCt>r 



OlCDoOtMiOOGC'OOu:)'* 

t^t^c^i05-^cor-ot-^c^ 

CD CO c5" Qc oT '^ cs c^ CO oT 

OCOt^-t^'^OcOOiCiO 



CO CO 00 00 *■ 



K c^ ^ ^ 



05 CO o o -^ r^ ic 

CO CO CS T-H o "^ --s^ 

CO CO Oi c^ r- cs 05 



O r^ O CO c^ c^ o 

Tf -^J' ^H '.^ C5 CO i-l 
IC OO iC O 1— t 

00 t-^ CO rJH" QO 



(N'rt<coCO(M-^(McO(NCJ> 

OiOO-^C^I'-XOO'-tC^'^ 
COCO-^Tf--HCMCOtOOO 

CO CO CO CO CO cf c-l c-f t-^ -^ 
c-^»o<Mco^-a5ooooo 

.-HiCOcOOicOiXcOOtiO 
COOiOOO'OiMOiOSOlM 



CO CO »0 lO 00 t-- M 

CO T-H O OC 05 CO 



l-H r^r-.oici 



CS I- 

CO i-H 



■^CT»00C^(Nt^05OOCD 
i-HOcO'—OCO'MCOC^Ol 

03 CO t^ to I- >— « oj t^ r- OS 

OT 00 CD CS CD od CnT w LO 00 
COtOO'^rfCOCOCOtNCS 



_H 



. -co ^ o ^ 

:■ GC <M CO C^l Oi 



OOOtOC-l'^J^C^^CO' 



«-HTticooocor^'-Hr--aso 
csoooocooir^to-—!-^ 

tOO(Nc0Cfit0CDir:<M00 
t-*" CO »-H 00 00 "f <N C4" of (N 



O O -:t* O rf* CO OO 
to »0 CS l^ Tt^ CO l^ 

O O 1— I lO CO 03 »o 

t-T C^O O" CN ^ CO 
I-. ,— ( T-H CO CO CO .— t 
Oi 00 co-^ 00 <M 

Ci C^ CO O t>r 
t-H CO Tp <N 



i-HC^COb-COThOlC^CO'^ 

t^rt"i>JOO^c:f-«r^05 
r-cotoc^^cDOcO'-Hco 

Tj^odo»ccoci"oc--rioo 

OlCOCOCOiO—iiO-H— < 
00OlcOl--CD'-Ht--.TfC^C3 



■^OO-rft-^-^C^-^ODtOcO 
cO^COOi'Jf^OOOOOC^ 



»0 (N -^ OS t^ .— I CO 

OO O 00 '* --H XI 
CO to t^ CO "^ 



■^1— it'-OO'— tOtOCOOCO 
■— iO'-H'^C^>0|--0-rtiCO 

to-^rj^ootor^cocoi— 1 

1-H CD c-f -^'' CO c<r X* cT to 00 
i>.toto-n*cococsc<»c»c<i 



Oioccoi'^co-n^r^CTT' 
cooojoOQOGOO'-Ht^ai 

tococToiocotcto^o 

»003(MC3;t--»0(N'-tt^O 

cOCOcDiM'-tcDcOr-iOiC^ 

O oT --H CO t-^ to -tJh" to c^ -Tp 



O CO to T-H ,—1 c^ 

CO to Tf r-- -* (N 

CO t^ ^ '^ t^^ 



--H T-H CO CO Oi t-- 
CO !>. CS CO to -^ 
00 £- -^f CO t^ (M 



to 00 O CO I>- 



-(^OSCOcOcDOcOOit^OO 
Ci'<ti^cOOtOCOt^'*'<J< 
lOcOOSCD'-HCSTj^GOCOrJ* 

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OtMr-HCOcOCMOit^CStO 
Oi'-HOs-^J^cOdt^TfcOtO 

co^art-^od'^cicdoi--r 

Tt^fNC^fNcOfOOS-HO— ' 
CCCOCOCO(N(N-— IC^OJCS 



^ COOi O C^ to 

o CO to GO i>- to 

OC. •i!*' CO ^ CO 



r- (Oiooco^^r^^O'<*< 

OCcO»OCDt--I-.COOCS'rt« 
OOOCOGOC^OOOStOCiO 

to CO O CD to CS oi" CO 1-J" t-h" 

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-i^, fl 



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£ oj S^^ a fl 3 a c a 

'§X:U-'i-iC<ICNCO'TftO 

2^ 



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c3 3 






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•^ -^ Tt^ '^ -^ "^ *Q *0 to *0 



OlO^WCO'rfUOCDt^OO 
»OCOCOcOCOcOCDcOcCCO 



166 



STATISTICS OF IN"COME FOR 1940 — PART 1 



« u G 
^"^ a 

'«'§ I 
"= e 00 

?»>« 5. 

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^ 






S ^ e 5 
I 



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,-HC^CC'«**»OCOr^C0050i-l(MCCTt<iOcOt^OOOSO- 



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<<MMiM(MC^riC^(NC^C^CC«eOCOCCPOCCCOCO 






co(Moooooo»f3cor-(Oiocu:)ioOTr'OC'j-,oc')a>»o-^orot^cot>-"^t-^ 



^e^coc^c^'^cocic^JC^'M' 



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STATISTIICS OF LNOOME FOR 1940 — PART 1 



167 



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168 



STATISTICS OF INCOME FOR 1940 — PART 1 



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OCOTt^tOC^t^"^-— 'Or-OcO'cOOOcOOiOStC'-H'^OOC COCOCITT"— ' 

'-<i>-o:ooi--C'itocicoai'^tO!:~-'— 'i--toai<.MCiai-"'Oitot--cocooO'— ' 
OTfaic^cocicoc^'*:^oci:^ioooooO'<*^ccaocc»otocicDcot--i— ito 

r-Tio'cCiVco T-ToTt^to'-'Tt^'co .■rcT(>rT-ri-rcD''>^"c^co c^i-T tA 

€/i CO r-t .-t CO (M 



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,— .^. — .^ ■— ^-•cOOOcO,"<tcOcOC^I>-a50C:tOC-l'-H F-i 



CMcot^--^t^oooo— •r^^'f 



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• tOOCKM'^COOOoOcot^tMtOCOO'— t'<J<dtOt--»00 



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r-Ht.'jrf*'NiCiCOt-»O-^'^C0'-HC0OO00OG<:h-05OCDO0i 

e^iCOi— '■-MCMCi'— i.-<i-H,-H.— if-Hi-Hi— ir-H T«coc^cocoi—ir^'— 1 



coot^r-oococoooi'-'C40cC'— "COOOOi— iro"^r-<cDO 
coaiTf-^occoc-'oO'^c^O". t^r^oscoooor^ ^icot-cor-co 



O'^COtOCOMO-^TTOtOoO'TpOr 



CO »0 O CN I- 00 



;cor--ooocO'— 'i>-t-05ono5'— •— 'COcoGOCicOTft^cDtoco 
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:c3-<*'ctr-«r-.to-^o5C»i--0'— •■^■^O'— "cncDoOfNcocoto 



f-iOOCRCOfMCOoCOGCC-lOtOCr^COtOCOTPCOOC 

cotoa:toTro5ooTt<c-iooasa500'-<ot^'^cocot 

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to 00 CO to CO c^ ■-< 






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.— !,-(.— I.— (.-tT-Hi-Hr-«.—ir-(CST'IC4(NCs)C-lCSC<lCNC^COCOCOCOCOCOCOCO 



STATISTICS OF LNTOOME FOR 1940 — ^PART 1 



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170 



STATISTICS OF INCOME FOR 1940 — PART 1 



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cooscoxoios'-'Xcooi'^—'OOO'-'XcDcococo-^'Oir^go 

OJC^lCOiOCSOlCOOIOscO'— <t-'fiO01CO-^»OOir-O3"0iCOS 
COCOOSCOXOiOlOuOt^XCO'-''— 'XX'— "X0lC0t^*003 01 



' CO O) — • <-! r- ^ -H 



CO ^ t-H 



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.--i«cOTj.ioot^»OiO--e^TO^'OXit^oocno-;MMTi;io«3i;-cc^Cr;JJ«3;i20 



STATISTICS OF INCOME FOR 1940 — PART 1 



173 







C<5 




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c-t-,^^oiccoccr-^eo 
00— ^erCMCSc^TTcoco-^j* 
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IOCO(OCDCDCOCOCOCO«0 



174 



STATISTICS OF INCOME TOR 194 — PART 1 



1^- 



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ooc^oO'^t^'-ciocs'^^oiocirO'— C5i^coo"tDa5C^ 



CT>--cqGr:'^-otC"^t--oscoirco(M<M 



r oi en *o ic cc Lo 



<-H td" "tj-" o -^ CO 35' 1-^ o>' o c^i oo' r^-T c^' -^ c^r o' oT cc c4" o 00 



i^h-occi— ifNGO— iL':■oso--^coco!r;o^■-H(^:)^co(M^- 
oCl■rt^oooooc^^co— »Oifoooc^ooc;':C'Qr)Tt*t--.ioor- 

OiOTfCSOC<-'OiTf<t-*.-tCOOOt^OOcCCOCN'*t^OOOGO<M 

m' O CO ■^'" o:' i-h" M^ o r^ CO »o' -^ o* -^ *o' 10" c^ h-*" •— •' co' t^" gc co" 

C0cOOCnGC'-H-eH05O00iD-^00C^Oh-O00^^C0G0O 
00OC<It^iOr- t(MO'-tO'^t^COTt^Tj"<rcOiOCN'*COCOW 



< CO -"H ^ .-« 



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':CiC0COlUT'iO»-OC-1iO--'a:iO'*:t^(MC^CO00ClO;Ol»O.-H'rhr-^00OilO 



rocr)"~0'^tDoo-^0' 



•—'Tj<,—<C^c^iOCO'— <'—''— lOOClOiCCOOOOOO^t^'—'C^OOi 



: O CO »^ OC <: 



■' O Tp 01 01 O 



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f^uor-.ooiot^'--Dcoc:QrOiosi ■- - 



"^OOCCOOt^OOiCcOCOt--COOOOT-<i:CC^CO'' "" ~ 



C^iOC0C0COO'-HC<l'^C^lO00»OC^C0>OC*lt--->OG0'-HC0C0"^'-HC0t--00aiiC'Tt*r--Of0 



en a; w o 00 <; 



iC'-Hr~-.ooasccoiOGrja:o(Ncocc'r-<x:!Oi-rt<i--tOCT>c^*ococsc^oococo 



^oocO'<fccCi•-'(^loOlC>':c•ococoLo 



(MOTfCOO^Oi'^CO<N'^CO 



..— lOtcoxtco-— (C'CSo^-— lOO'XJr^'^t^cciooost^iO'^ 
oTod cc"od "-''o'cTcsr CO I-- oi'cTio co c-i o'c^ ^od (>f tj^o crTic'co csfod TjH'cir-Tw i-Tr-Tio' 



)(MTt<OOCCiO-^COClC^'— ir--» 



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r^icc^'^-^b-cTi'^c^i 



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C^JC')OOC^C005O'*f'--'C000C0O0Dt^C0'— "<:C-:CCO'— ii— ( 



■^C0a:O:C'<^C0<N^'-''-' 



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CN.— li— ICO>— 'Cq.-'r-.,-»r 



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<C)i— i.-«Tt*cr'Cicor-.— diMt^f— M'ocNcO'— ir^ocrr— ooiMoncroit^ 
-^oO'^oooocococot^O'— 0'^^oo^^oooolOlC"^C3rrco■^^-o^- 



■^ ,_( ,— « i^ o — - ^- 

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rj-ocOOtOOCOCOCMrHf-irt --t 

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r 00 — " t^* i-^*" o ^" ' 



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H -H 10 00 '^C 



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? h- O C^l ».0 CO »^ c 



3r^(Mo-^coco^oasco 



ir--COCOOCO».0 01iO— ■'— ■MOOC^COOCOCO^CCC'^COOCO — Ol'— 'C5 
^O'^C^00'^0000QCt^^C0CSC0i-i<NG0I^»O00"<J*TpC0C0'>T' 1— iCO 



r^ CO -^ tC' o^ f— t 



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r-rf'^'-'OcOOTrOlCO— 'lOCiOOCO'^iC'— tr 



rf'iOI^iOOi'^'^CO'-'CCOCOC^C^'-^'— t-^COC^IC^i- 
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»0 T-H i-l rH 






- »0 CD t^ 00 01 T 



O'-^'^'— '•-''— 'CS(NCO" 



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c^qc^cncc 






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; t- 00 OS O 1— c 



:cot^oooso^c>ico-<*<tocor--ooo50>-'CScoTt^iocci--- 
.„^^^c^c^cvic^c^c^ic^c<icscscocococococococo 



STATISTUCS OF INCOME FOR 1940 — PAiRT 1 



175 



«JO>0 i-t c^ 



: »^ oocT) o .— • M 



io^'icotcocC'CC ^ 



oaTT-To: -+•" t-' »o" 00 1-' <N 



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r-- lo ic o (N oo 

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CO'^-^OSCO'-'tNCOC'lOi 

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Tt<CO'>!j«COWCV|r--i-lT-l(N 



1— ' CO Tf ^ CO ■-* 



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Ost^OOO^OCMOOOCMO 

CO OS 00 CM ^ 00 1— *" co' oT o 

t^iOcCcO'O''**'^'''**-^^© 



CO— 'coc-l^^coi-* mcc 

COO»OOwCS CM-— ' 

CO -I -^ o t^ r-- »c 



OCO>-'Tph-iOQOGOt--.t^ 

.-••—.■^coooooic cot^c^ 
o — cccocor^-^t^TfOs 



I 0- 

\'6 



OSOSC^OS'-iOlOOOOCO 

ic—' t^-HC30or-cMco 

Ot^GOC^OOCOCOOO 

r^' go" oT CO CO 00 o c-i oi" cm 

CI r- CO CM CO C'l 00 CO -^ t- 

or^'^c^icoiccococoTj* 



w ^ CM 01 ^ 



00 00 CO c 



-co 



. ." CO OS ir: CO 
OS 01 OS O CO O 

>o -^' 00 Tt<" os' co' 

CJS T* 00 C CO CM 

O ''J* 00 r-- o 
i-Tco'co'cM^i-H* 



COC3SiOCM-1*>— 't^C 

^ — CM b- 00 OO-— ■- -, 

U3CO.— -— 'COOSTt^l^CO- 



j 00 •— Tf lO OS 



r--os»o»o-HcoCMr-r-ioo 

Tfoico-^cocor-co-^oo 

CM'-'CO.OCOCMl^OOOtO 

TP 00 "' b^ O 10 Os" O ''^ CO 
CO CM CO CM CM r-1 i-H rH t-< 



.— ' O -H O CO 



i-H CMCO — * 



OSI^-^'*— ^C<ICM'-'CO 

OOOC'^tO-^C^OSOCOO 
OCSOStO'*COCO--HrtHO 

— r go' 00 t^" CD*" iO~ CO' Tp Co' "^ 



3 d cQ 



a '^ rs 












^ ^ ^ ^ u ^ tri 
. o a;) ^ o o a; 

c c 3 n c a 

3 S u^^ 3 S 3 
-H c-> ci M -» "o 



(33 


.B-S 








— CO 












C t^ 


C — 


■^ c 


• 3 


■n 3 


ol-O 












H 






.2~ 
3 10 



-.5 o 



— -o — 3 x)„ 

333§ ^§ 



Sot; 






CfiO CO t^ 

f-i CO CO CO 

S OS OS Oi 



; ■* CO CM -H O 
CO CO Cf CO CO CO CO 
CS OS OS c: OS cs CTi 



00010 '-' c^ 



Tj*incO^-CCOSQ I— iCM 



OSO'-HC^CO'<*''OCCt--00 
lO CO CD CO CD CO lO CD CO CO 



176 



STATISTICS OF INCOME FOR 194 — PART 1 



^ i2 



w s: 



O <i^ 



CO .2 



6°S 






6^2 I 
III ! 






«-'C^co-^»cor^xo20'—c^«' 



t^t^aroio— 'C^co■<r"^^^^^o;o^-^Mcc■^^cco^^ac03 






i^^i 



c^c^c^iMcocccocoecfococccoco 



-rf t~^ 3t c>e^ -^ cc ct --^ ■'^ 00 o^ '■-~ ^ c^ ^i yo ^ 'v% -y^ ^ r-r^Vrccc^T-— '-yf of •"-Tt^c^'c^'" 
CC'^C^ — ■—■c^ti-rcoio— :c^?L•::^c■:~»c^-ccCi■^L':ccccO'*c:cO!^'--'ClCCt^ 






'cc:D»CTfcoc^»c^— 't^c^ic^ 



C^ .-" 



CI re •■ 



■• oo 



-o— •r-.criocC'— occ^c^ooroo^-rticcGCioccce'^oo'MOi- 



<NC5"OOCOCOC<icC«. 






^^oc;nru^Oi^cc^ic.oocr!:cu'Tr^r--^05iccocscC'r+"C^c>o(>l--crc^GCt^ 

c^* oi" oT cxT :c 03 Tt^ ^ irT Qo' "o' ^ cxT ^" fc ro x' c^' -^~ ■—--"-?*' Oi' !^ 
cj CO (M 4C o (: 

^ M .-I f-t <M 



CJcO(M4COOi<i:'^fC(N<MM^'-ii— ^'<:t'CC(MCC<N.— 



u^»0»r'CfiCiC^--cctr-Trj:C"+'^O'— oic^'^c^:/^^'0'tt-c»cco»i^oWT?«<NTf<!© 



t^t^oio»-'t'ccccciO; 



' 30 -O M X I 



.'— ir>-ro:co^csososX'^xoiTrc^'-' 



. ■* M" Ci i^ "«r CM cc w 



c^ 00 *c ic :c cq ^ 



; ir^Mi-H —. 






srcc^ic^ic^c^c^'— I— ic^roccccc 



C:-^XC^— 'CS^O-H-r^-Htc 



: re *o X o cc CO 



_. ^--r^c-^cccotcce■coxx--fM — r 

:X":rxcoccccocvic:o:-HTf-^iX:t^iCu:;ccxc 



r- — "r;xt^-^c^a:'^-^--OC5»oo— ^xx*Mr^<: 
' t^c^'co :c cc •-'"•-r 



o-^»cioooccccr-iccc<Mo;ajro»oxicccx-<j'— « 

"^CC'-HTfOlt^CC'-i'-H 



c; ci c; —* cr. - 



? c^ c: t^ iC' « c-i --< ce 



— u; ',N T -^ r^ Ce tM f'- (M cr C: lO O CC ai<0 



w-Ciiccc(Mr^cs»c^ci^^ccor-ccoJ^ict-^'_ 

ci-— tccTTxreic — xi-^o^^icc-j^xccxx-* 

:^ r^ L- — r— or, c; C^ ^ nr rC Csf CC -rf' X t^' --- •— " CI X' C' Cl" CC oT CC t>^ 

— — — (MXCiXO'-'COiCi'C-^TrCJCCX — OcCTfCCXClTT-^ 



LT c; i^ tr; o (T-i v^ o r^ ic — r— or, c; o IT 



X OS O X Oi CI ■-'^ — rc rC' lc f e- re 

lo io lo ic o; cc Lt — c". — L- X X •" - - - 

»cxOXO:<^-^re-r-r--C — X C-rexoc 



• ciosoo — xi-Ot-i-x<; 



o»cr^'-'^'^'^-^t.':rccir^c:occ::»-*r--ct'— o-HO^^cc^^cec:l^^-?^^c^^Tf 
TJ•ccTr»CT*'Cl^'-t■^ccoc::■coc^x^oc^oX'-^lOTt<ccoo■OiC^c^Tfxt--xc^ 

i>r ic co" r^' co" ■<*-■ o t-" CD uo -^^T CO cq" cf cf ci x" co' cc o cf of i-T .-T .-T i-T ^^ .-T ,-r 

€*9-CI 1— 1 .-H d 1— ( 1-1 



'<*oxajt^cix»-ecef: 
40 — ic CO Tf o :-* c: »-e ■; 
.— lOXcoccdoiT— x» 

00 CB lo" ccT i> cc r-^' •"-T 



)t^dh-iCCOCiCi"rt-rOOJ<:0-^'— Tt^C^O'-'t^OCCiCMC^ 

" :i o: cc t^ 1^ 'T -r '~ 

I CN ^ ^ -<J" CI .— ( .— t 



)XCio:cct^i^'r-riO'«*'C^.-Hi-ii-H.-i 



CI ■'f X cs ^- I- c^ — or- c) X C) re 

"OX — icr-r~ ~ -- 



c^ X X r- ce ce — ; 



oxoiccixcerecexcecioi''*''— '^-C3cec^TJ-c^ooo:■^ 



? •— ic ce c: r- ^- c 



lO CO Oi c 



: r- ic ko XI 



■XClMCr.Clh-iCX^^C^i— <Ct-0CTt"XiCO^O 

"— ' c"— — '^'^"c^'-r?-'o:*Oi*'— *ce"cc lo"*— '•"^''c^'o c'cf o 
_ _ __ _:c:c:o — ^•— icx-?'»C'— r-r-Oi'Tj'Xce'tj'iot-^ci 

ceooO"ioiOwC?iXx;o»OTpcerC''--^-rpo:cXTt'Oxas'-HXOsxosiociC4co>--'CO»-ti-i 

i>^ M CO o -^ -^^ -^ CO fc CO CO CO CO ce ce lO -*' ce' cf 









CI —I 



cc h- cs <— ce t^ r- ue ci ; 

O^cit— CO— 'C:io;t--; 
oxoi^csx^x^; 



:t---rxo^X'Xcexc»ce'— '(M':t*X'rt-coiccO'^»cio-rc:icx-<** 
- CO — c:i o; t- c; — '- r^. * -r in CI CO r- CI '^ '-H -r -* 'ff CO Tj" i^ 'fj- CI ct ci ~ " ~ 

■" " — — '--?''Oi^cc»o^CTr*0"^ocioc:'— 'cc^x^ 



_. - - ce o: o 

iC ^ ^ TT Cl 



Cice — OCiTfCi'^'— 'Cit-cC' 



' ct — ~ — re ~ ^ X 



xc:ci:o»ccicici-*t-rec; — c:xC"-r-cotcceci — cccMiococi'rj'r-.cecior- 
CiCifer--— 'Ci— *rcec-. rec:C»'.':-fh->ocex--Tt*-^ciuei.':xx^Oi"" ~ 
ior^-^fOCir--»CC»TfCi4joc:;C;c:cix^ur:cNC3^-TX"*^t-<MCt^ 

■ — T ^ of ixT to C"^ ic ■— " r^ '^" cc ce" cc cf h-' x" -^ cc Tj"' X »c ce' cf co' X o' o ^^ 
_ _ 4 ,_.(—'-- ■- -, -■. ..--., . . . . 

; CO -^ -^ CI •-«'—" >-« 



l-^frt^TfiOOt— OOiCCOCICIf 



-»ccDcox-#ccccccoi^ocoo^r-coceoa)t^Oii 

_:o^o»oci'-'t-ci — cjcoxxoir^ic^t ' 

.coceciocox-— T-r^O'^asiCfCCM^-^.-' 



o»oceioo^«: , ___ 

ceci:cto-^C5<c-^'-Ht^c:o^o»oci'-'t-ci — CJcoxxoit 
tociiCcexcN'^c ' " ~ "■ 



»C ^ t- -rj- CO C 



cer-cci>'^Tj':cci-^oxcC"^*«j'ceciC5'<^c^cO'-H 



' -^ »0 CO Cl i-H .-< 



5« 






oo oo o 
o o oc o 

,_iCCOOO 



I I ; ; I I I ; i | ; | | ; r i _■ c o o o o o o o^ ^ ci co t- lo 
' !•— 'Cice-^oOioooc^ooc: — ^---cicico^'Hr'^^ u u- i- i- ut 
■ O-— '.— it-i.— — tCICICO-^*OtOI'X~— ^_, j_, ^ t_ ^ ^ ^ ,„ '*^™ '"' ^ '^ 



' ^ ■ " O — CI CO -^ 

' p^CICIcerr^CcCt-XCi'-' 



r-^.-.f-'CSldCO'^lC 



ooo o 

__ - __C:000 

c:~c;r;^'5'> — S^o»oco<o 

^ - u-;';i:i'-xcv ^i-<CiClcO'>r»ot-t-<r-iCicO'<j« 



i-iMe0'Vi0C0l--00C6O^CIc0Tf»0:ct^X0SO'-'CIC0'^»C<: 
^^^^^„^„^^^C^C^ICICIdC 



SOr-iCflCO'^J'iOCOt^OOOt 
ICOCOCOCOCOCOCOCOCO CO 



STATISTICS OF INCOME FOR 1940 — PAET 1 



17^ 



^rt* in iO t^ CC Oi <0 '-I O} 



OsO.-"NCO'*t*»OCOI^OO 



[^ 






CO t---o t^ XI ^ CO ci tt r^ 

GC cr' cT oo' cc cT cc c^' c> •-<" 
-!fcctcmc^.--T— '— (M 



IM CO 

OX 

CO of 

CO o 
o <-« 

Cft - 

OS 

CO 






rj- t-- 'T^ (N r OC <M I ?rj 

ic '-''--' -^ I <x; CO CO 



'— CC <M CO O CO Ol 

cc ■-- -rr ^ cc cc 
CO cT CO o" L-f i-T 



(N liv »o r-- CO r - ^- o CO CO 

kC^OSC^COCOOO^'— ' 



CO'-'OCOCfN'-^Oi— ^OCi 

r-Hi^OOir:cococococo 



ID CO QQ OO ( 



, _; ^ w ooiO 

- CC CO '— < tC 00 ^ 



l-H, 



-r trj CO IM CO so '^ 

cr. .X' ^ — • -' CM 

'^ ^ CO .— ■— ( -^ 

cr" o r--*" cc" '^'^ 

CO t— 'X) CO ^ 



CC CO* 



OOCOt^CflOOCnCM'-'^O 
'*OI^G0000C^'*OO 

oosoi^oou:;<Nr-^oocD 



O-— 'OOCM-^oi-— 'trricr- 



CMOOOC"t'-'CO»CCC^CO 

f X' lO »0 Oi OC' ^ — '^ 00 
COCMCOCO^-— — — ' 



00 (M CO »C I 



i-O CO 



X ^ 

00 (M - . - 

O Tj- IC — ' 

■^ x" ic >-r,-r -ejTio 

Cl O X X oi^ 
iC *0 tC CO CO >— < 

Tp coco "O c^"" 



Tf^cot-XOCSOOC 
COcOCaCl-^OiXCOC 



jco Oi 

CJ'^LOor^'coiXcot^ 



C^h-XCCCOCMCOXXTf 
CCC^CMCNCSC^'-|'-''-'CS 



Tf CO -^ '-- C -' 

r^'o'cc'cM 



|::i 



Xt^XCiCSCOOOiCOCM 
iC»COOCOCOiCX'--CD 

Ci-^-*xor^coxocM 

CO ^^^ C* CT 05 00 x' i> x' 

'^COCiOO — CMClCOM 

OXCDX^iOCOOC CO 

coiccoco-TfTrCMt^co'O 

CM CO cf crT oT i— * •-*" t^' c:* cd 
cor^xo: — xCM^coCg 

.— 't-tC'T'^iM— ■OO'^ 

oT r-* o o CD co' '■r" ■^'" of <N 



I "^ 



I CO 



COXCX^hCMO-^ I O-H 
1— 'CM-— '■^CCiO'-' , coco 
X-— 'OS-— 'OICOCM |X»0 



coocot--coc:>— ' i^ox 
icoo*occTt< icoo 



CC O; CO o: »o 



cCTt-i-,(Mr-ow:ixo-<:j^ 

.-.I— iir-crcO'-'COOXX 

ic x" ^' CM o CO CO*" cT C^"" -rr 
r--icc5cox— r-x *CM 

CM^C'^eoxCicOCiOCO 

CO Co" iC Cc' Tjf cm" '-r CD 00 CO* 
0:coi^iOCM— 'OSt^XO 



iC iC C> ■— ' »J^ CO < 

UT O »C Cft ICO 
»0 ■^ X CM t-- •-< 

o' oT o* t^ ^ 



OCl 

t-x 

OiX 



Ci^»040CO»cCMC^ir::co 

— Xrt-r^^OCOt-'CM^ 

O't'COOXCO-n'OSCCCM 

i-T o*" X* cm" ic' c^ J* cT ic c<i' ic 

COiC-TfTTCOeOCMCMCMCM 



CMOi i ^ 

to CO I CM 

CMX I ^ 

lO Oi , to 

o^ I c^ 



cor^xcco:^^OiXco 



t^ CO CO >— ■• 



CO CC »C X O: 



^COr-^OiTTCOiOX 



CI CO O CO OS t^ "" 



• X ^ C: t- O 



tOCCCOXCMCOt^Oit—CO 
-HXOi-fOCOCOOt--CO 
CM — CICOCM — -^-^ — 



CO ic CM o CM o; CM 

O O CO — t- t- Oj 
OO CM CO' tC T-. ^^ t'- 



C: — ' »C O CM c: CO 
O 05 iC lO CM CO X 



X OS ^ Tt^ O "^ 
-^ CO 1-" OS X 
i-H'^XCO—i 



CD«-«iOCMCOXCOOC^O 



■— iCOtCCMCOOO'^COO 
t--.-HO>.OcOCMOS^'COCO 
CD-— <cO■^CMt•-XCOCC■— 



CMCMt--«::0'— -OJCOOX 



; — • X '<*' X OS 

-.. - __-■'— -OJCOO"" 

c-i-^xx— ■X'or-'-H 

rjT CO* co' CO CO cm' cm* cm' co' -^ 



t^ ^ CM X IC O CO 
CO r^ CM — X ""Ti <-! 
CM Tj' O CM .— O 

'rr' ic* o" CO* i< ^" 

O: X r- -^ ^ 



•coxoicoxT*«icr-c 

^ O CM CO I^ — lO X »0 C 
I — COCSOXOCOOi 



c^- 









C3 > 

en 



t; t- 



-c i;?? V, -s 



■C ml 

c c' 



C i- »^ -^ t- t- Oh 

CCa-;u;33D 



— •- s 






= =. ^=^ fflg-S-S. 



cs p D e t.. 



hS 



_S-E 



•c^o p £ 



-2 2^ 

S 3 



■^5 



CC C CC 3i X t^ CD lO '■^ CO CM ^ O 

_— .-2 ^cocococococococococo 



u; W r, 



:^15q 



r iC CO l^ X OS O —CM 
f< ^ ^ -^ T^ Tji lO ic *o 



OSO— 'CMCOTt"»OCOt— X 

kCCOCDCDCOCO^OCDCOcO 



178 



STATISTICS OF INCOME FOR 194 — PART 1 



o o 



3 i- •'^ 















O 'X O O r- .-H ^ OJ Oi "^ lO O: "O 'O c "' — "■' 



((MOCOC-'DOICCCOOGO 



-lO^iOt^iOC^Or^CNO'Oi— 'COOQ005r-i 



' O CS CiO CO •-' iC i 



•-'X^OO'Ot^'— «iO-^"*»OiOCOTf*"- _ . -. 

■6e'«*<r-.^C^C^^.-HF-^rt^.-H.-H^-^^,-^r-^40lO^C050'^^!:OWCSC^^:D»0^r:lC^<r) 



^OOTt^OfMOOll-^^OlMONCO 



--- .._...__ , ■(COOOrfCO 

— — — o r- ■— ' (N T-H oi Tt< 



^. ■■f^>r3ooocciOh-eoooOh-coo>':C(McO''r5h-'^ 

ocsa>tci^ooieoioooc^tor-<o"oco«5o 



CD r^ 

(>f ^4" c<f c^ Cft T-T o »o TjT CO CO c^ c^ w -"-T f-T CD cc cT 

€^CO rH ,-( ,-t r-^ 



co-^cor— O'Tf'QO— 'coocoooi— ^"^OlOOCioO':ooco?o^-- 
_ _ ^ .- ^ ^ J^ ^^_, ^- 

Tt* (N CDI>- c 



-J-^CIOOCOL. _..-. _.,. ,_-_ 






CO OO lO Id lO C^ T 
IM 



OiOO'-'P^OO'OOlOiaiCOOOcOO-^vOiOiO-^O^'^'^COCOfD'^OO'^OCCOOOOii— 'r--os 

ooiior^(:D'.oiOT-*r-HF-it^oc>oc^c<ic^h-t^asOi'^t^coioco»0"^iooc^c^coaiocc') 

^-.ldOl>-^^Oi>o•^lO'-Hc^ooco•-HTt^'-lC5aioolOcotooc^■^!:o■*r-(■*^l>.loooaI>•os 

co-^odcoor.--riCarococ<fodc^ -4-»tr lococq^OlO'-TcocO'-^'o^Tt^"c^■^OfO(r^^Clo^-^t^ 
Ol^-:o»o^-.T-lco:D'— •:DcoiXic^OTt<-t'r~(NOor--0'^iO'--<C'»^ooc^-^co'*c^'X)Oi 

<^OOTt^OCnt^05^-t^CO^:Ou:lO^TJ^■^aHt£;Oiu^rOC«^:000'— I-— iiOCD05-^'-HiOilOOl»0'-t 

^-.TJ^OGO^-.■^•— ;^^oot--cocDlOw^^-05^-coocooc5a5^-o^-<Tt^c^OTt^co05^^oc■^ 
oo-^':c'i^^ioc^(:cc^ooc>»ooo»ococC'i^-<**Grio--<0':C'^i:^Oioo-^'-'^OrfM:'^ 
coio^-oc^^-cOTt'GOt^»OTt^o-^ooc^lO'-'<Nocoi^•-Ha:^cocDoxooo3^^:coco 

^-^c^roooot^(N:ococ>c^flcc<^coco'wc^c4"'^-H"o 

i^oo>oc)or^r^cooooi:c^xio(Nait--.-rt*cO'^»oox-Hror--»-Hcococooor-'-«'— " 
cClO^-^^uoal^'Xl■^oc^'*iOOiC^^^^cocl•-'coocc^'^ooooooI^lOcot^•--'C»-*'co^c 

OodI^^^(^fod"^woocJ^cvfGOrJ^'-Hos"t^^-^coc^fl^^o:'odt^ 

<M Cl lO t^ 05 Tt< GO CO -^ CO CO CS N C<» .-I 1-1 CO Tt* CO ^ CNl t-M i-H ^H ,-i r-< 

€^ CT) ^ ^ (TJ ^ 



HalOiccr-lOiCJO^^oo^-o•-Hco:oc^(^^— ^i- - — * 



w CO o u:3 uo CO o oi" CO -^ CO c^ C"? 1-H t-T i-T CO --r I- 

M h* !>. CD 00 CO rH 



lCDG0C0C^llO^-O'^— ^CO'-'-'t^C^ 
SCD^OSO^CDW'-'C^t-'i— 1 



oo'"'CO»niO'<**a;cococOGOcO'— 'oo-^oocic^Tf^iocO'+ib''— I'-'cocst^co 
oc^c^c».-^iooo»cciC'r^'-<-rt<'crii~<r~-cor--'X)'^i:DcooO'— it-ooi>.ooco 
iococD-^cDX'i--co'^c^a5coo-^io--**co»oO'— tioeoooc^oo-^ocii— I 



COw-<**Tt<Tt<OCTib- 



- 00 CO h- CD 



Ht--.cocsc^io»or^MTf<cot-'^'-'oo 



_- _ _ _ _05t--t-^CD'^COCOC^OC005COOiCDTj<'?OOOGOCOT-<Or-CS| 

6e-*Oi— tr-HMfTli— li-l,— Cr-li— li— li-lrH,-i^^'«J<COCOTPCO'-Hr-l'-lr-l.— lrHr-( 



■^COCT>OcC"<r+<Cr50'^^-OOOOa>-^CDr--COh-COOr-(>1CNcDiOOtO'-Hai 
i-HOi-^-^O-— "r-iOi— <C5CiOC0C0r-t^01C0t 



^O^cD^OG0O'-<OOO(N«0 0tr^ 
— CO-^iCC^OOt^t^CD 



ICC. LccTlC^cD'^^^-■;oocooiO^-C50lC'■ 



^oco^^^^-c^Ol^^o 



OOiO-— 'CTJ'^t-^CDCDiOiOOiOt'CiOCOLOarC^I^'— 'vtHr^i— '■^00C-?»O-^ 
«d'ff<C0C»C0C^r--C0a50iCl-^'— it^rt^t^T-HC^C^'-Hl^'— tiOOCOCNC^CO-^ 

Tp"co^^oocs^^fcx^co•:^coc^c^'c^'H^t-Hocowco 



€^^ f-l r-((N ^ 



)00— '0>t^-*CO<MCMC^ 



rt<OcCTtH'rJH(Mt-,'rHTj4b-^00'-«'^TjlOC^GO» 

'~H^T:t*aO— (Tf^OOOCDO^COOi-^OtMO'^QOOiCOC^ 
OOOcDOOt^I>-COOiCOTpCOOJ'-i>-ii-i.-HCO'-i 

»CrH t^ cocoes i-T 



OOC^Ot>-CO-^C^'*t<"^Oi0100iO'^OOmO'~tOO>000050iiO'-'QO 



»0>OiO'-<cDCr)-- 'OO-^OiWOiCO 



:iast^I'-Ou:i(N'-HOcDr-i'X> 



lO'O'— I-— iC<)OiOcO'^"^cOi~-ciOCD'MOS-^cDCil^Ci*<1^l^'— 'COThCD-^ 



T-(GOcO'-Hioior^ooc^cocooo 



iOoo-rf^'-^^'^cio.— loioico 



'-HOOiOiOCOC^lOlOr-OO-^'OCOCN'MCD'OCOascD'— i-^CDOrMiOCO 



, rt^ O 

! CO oi" 



^rH^T-Hr-lr-li-llOlO-^t 



)-^CDTtH(NCM»-HTr<0O 



iO(N^CTiCiC^ailM00'-ll^O5OC0C<IC0C<lG0C0'*r--iO00t^'-^*-l<NCO 

oit--.»ocx3cot^O'00:air-'Oococ^c7st^»oQOTt<ocooo>»':K:Dr^t--t^ 

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STATISTICS OF INCOME FOR 194 PART 1 



179 



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der 3,000 

der 4,000 

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me and tax- 
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is : : i i i i ; ; i ; 

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3,000 un 
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come (5i 








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"2-9 


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with ] 
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net in 


Summa; 
1939 
1938 
1937 
1936 
1935 
1934 
1933 
1932 
1931 
1930 




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t^i ^- ■^^ ^i WJ Q 



180 



STATISTICS OF INCOME FOR 194 — ^PART 1 



^ s^'C 



5.J 



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Z.0 2 



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3fe3 



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STATISTICS OF INCOME FOR 194 PART 1 



181 



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1 3 


xable 
rns. 

indi 
plus 

neti 


o 

a 


ry returns wi 

al returns wi 
axable flduei; 
; income (55 p 

rior years: « 


OO O t! 


S 


ividual 
come: '" 
, («st.).. 
2 (est.) 
2.5 (est, 
?r 3 (est 

4 (est.). 

5 (est.). 
6 


Total, nonta 
vidual retui 

Grand 'total 
returns (43 
55 plus 56). 

dual returns with 


s 


co"-*w- g 


:S 

■ a 


C8 


1 o 
, o 

1 a 




2,000'un 
3,000'un 
4,000 un 
5,000 an 


E-i 3 
"'" .3 




able ind 
th net in 
Under 1 

1 under 

2 under 
2.5und( 

3 under 

4 under 

5 under 


2l 

2.° 


.23 

3 33 

ft.'S =» 


lie flducia 
me. 3 

individu 
me and ti 
IS with net 

lary for p: 

39 

38 

37 

36 

35 

34 

33 

32.. 

31... 

30 








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to 


»0 to to to to to CO to to to 1 



182 



STATISTICS OF INCOME FOR 19 40 PART 1 



•-~( e ^ ;;^ 



e '^ " 









6 °S 

3 !r, 3 



^ 



B°2 

3 *-■ 3 






1— lC^ccTpuo^z^t^ooolo--^c^cO'*'00t^oocJso^c^rt^lOO^-coo^o•-HC^ccTt«lO':D^-c^ 






to.-Hh-iOCi:coicn»f?— icjD-^co.— <Oc 



-oo^'XJOi-HTt-O'-'!: 



CM r^ (M CO .-I (M OS O-O O ^ lO O 00 t^ -^ -- 00 to O trc 03 »■.. . . .. - - 



t— 'O^ooocDO'^too-^-r^'OC^r-iO'— <oocTiNoo'^OfO»or--c^r-i 
oao^-.-HO'-HGOOilo05cc--.I•-GC^05';i:;■ccO'■^-^(^^.-Hcocor-'^,cc 



S O 00 CO oi o ^ 



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iOCMiciocNootor^ooajwcrir^foo'^'^t^^i-HTj'^ootoooiooo 



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•— iC^^h-CCO^OCO'— I 



r-H CO i-( r-< r 



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t--ooi>jasoo05!NroCMGC'— •h-cM-rj-iort'oi-^ooiiO'— '»occtCMi--coocMtot---^.--< 
'^ooc^iO'^coo;Cc^'-HTj<t^uooiOccir--ir:i00t~--05'--t05COcocC't^oicooO"^ 



00i-jr^o-^-*r'o-^'-''^O'— '.— ir-«o*tocoi— t£NooTt<ooto-^cc^h-r^t--ooort'CQ 
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C»CCC000i0C0CCCCC^!NCaCMCMC^(N01Q0 1.-^O00t^OC0»OC^OCNr-HC0t>C0C0 



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t^oioooicocor- i-*t<t^r^ooi'+'coc 



;or^'^iot^io-^coo^r--c!D.— <.— i-rfi 



cooCTJ-*csolcocoalCM^-•CMO■^c^ooc<^Ort*cC'l— «GOt^oico"^-— 'Oicoosoitoco 
t^<y-CMCDoiocoai-^ocDas':oc^o:iiooc^ir-i-^-r:t^»otN'N'— lOco-— (0>— 'focso 



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lO 1— I CO CO CO ■— ( r-l 



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t^-^r^»oioc^OiCMOicoocoor^r^*^r^ooir-.occr^ciooc75'— I 

iOt--t^CM.— (COC000":)COCi'^'— 'CMCOCM-^Ot^»Or-.C^aiiOi— iCOOO 
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r-H,-<I-^l-H 1-t I-H 1-ICO 



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coc^ior^C5coocict--c^uDoocoCM-r'r--oco'-«i--Tf*tococ»r--»o 

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. O CM 0> w CM C 



ro ^ — CM— I I 



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eococoh-t-i^o— 't-o^c CMcocO"^-^.— 'cocoCMr-co'-Ocor-ooco 

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i Tj- iO CO CM ^ t-< 



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t^dCOOC5CC05COh-005'^i'^COTt^i-Ht^COCMi-« 
OCOlOt--<:Ot^COCMrH»— I 



CM lO 1-* r-1 rH 



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— ■iOa:aiCMIr-CMCOCOGCCOOOt--Tt<OOI^CDt-CMO' -■•-■"-* 



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STATISTICS OF INCOME FOR 1940 — PART 1 



183 



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Total, taxable ind 
returns. 

ixahle individual retur 
ith net income: '" 
Under 1 (est.) 

1 under 2 (e.st.) 

2 under 2.5 (est.) 

2.5 under 3 (est.)--- 

3 under 4 (est.) 

4 under 5 (est.) 

Sunder 6 - 


is 

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■ss 
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1 o 3 


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n 3 
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c 

& 
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3 


)lus51). 

dual returns with no 

e (42 plus 52). 

lie fiduciary returns w 
me. 2 


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193 
193 
193 
193 
193 
193 
193 
193 
193 
193 




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050"CMcoTr»cccr~'30 

lOOCDcOcCcOcDCCCOCO 



184 



STATISTICS OF INCOME FOR 194 — PART 1 






crTcrT c^ o" 00 ^ •?« CD o* CO t^ an o' Oi co r--" •-^'' co" o' o* »0 cD --^ iM* to" 

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iC^C^CC-^^OCOI'COOi— '?— IC^ICSC»3"*»0 1^ 






STATISTICS OF USTOOME FOR 1940 PAKT 1 



185 



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COCOCOCO(Mi-<^<— 1,-lCS 



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186 



STATISTICS OF INCOME FOR 1940 PART 1 



Table 9. (Table 14, Statistics of Income for 1939, Part 1.) — Individual returns 
with net income of $5,000 and over, and uyith whoihj and partwlh/ tax-exempt Govern- 
ment ohliqauons, not inchiding fiduciary returns, 19^0, by net income classes, and by 
type of obligation: Amount owned and interest received 

[For description of items and classifications, and methods of tabulating and estimating data, see pp. 8-9 

and 41-42] 

[Net income classes and money figures in thousands of dollars] 









Amount owned at end of year 










Wholly tax-exempt obligations 


Partially tax-exempt 
















nbhgations 














Treasury 








Net income 
classes 


Total 


Total 


Obligations 
of States, 
Territories, 
or political 
subdivi- 
sions 
thereof, 
District of 
Columbia, 
and United 

States 
possessions 


Obliga- 
tions 
issued 
.under 

Federal 

Farm 

T.oan Act 

or such 

Act as 

amended 


notes. 
Treasury 

bills. 
Treasury 
certificates 
of indebted- 
ness, and 
United 
States 
obligations 
issued on 
or before 
Sept. 1, 
1917 


Total 


United 
States 

savinss 

bonds 

and 

Treasury 
bonds 


Obliga- 
tions of 
instru- 
mentali- 
ties of the 
United 
States 
other 
than 
those in 
column 5 


(1) 


(2) 


(3) 


(4) 


(5) 


(6) 


(l) 


(8) 


(9) 


5 under 6. 


206, 087 


90.145 


69, 161 


9,827 


ll.l.'-^7 


115,942 


106, 925 


9.017 


6 under 7 


183,217 


86. 328 


65, 234 


11, .528 


9,565 


96. 890 


89. 004 


7,885 


7 under 8 


146,653 


68.315 


55, 327 


6,102 


6,887 


78. 337 


72, 036 


6,301 


8under9 


139, 774 


68. 603 


55, 761 


6,699 


6,143 


71.172 


65, 294 


5.877 


9 under 10 


135, 216 


66. 920 


53, 441 


6,915 


6,564 


68, 296 


62. 985 


5,311 


10 under 11 ._ ._. 


115,796 


54. 451 


41,275 


7,194 


5,981 


61.345 


56, 935 


4,411 


11 under 12 


103, 349 


54. 886 


44, 966 


5,231 


4,688 


48, 464 


45, 235 


3,229 


12 under 13 


106,472 


58. 796- 


49, 101 


5,925 


3, 769 


47. 676 


44, 160 


3,517 


13 under 14 


102, 175 


56. 463 


44, 144 


4, 955 


7,364 


45, 712 


41.957 


3. 755 


14 under 15 


90. 913 


.51,859 


41, 509 


5,531 


4,820 


39,053 


35. 730 


3,324 


15 under 20 


375. 657 


210.385 


17.5.246 


21,297 


22, 841 


1.56,273 


144, 678 


11,595 


20 under 25 


316, 364 


208, 394 


168,425 


18, .518 


21,4,51 


107. 970 


99, 939 


8, 031 


25 under 30 


250,418 


175,789 


141,254 


17, 564 


16, 970 


74. 630 


69, 981 


4. 649 


30 under 40 


452. 335 


33?. 117 


265, 552 


25, 687 


40, 879 


120, 217 


112,136 


8,082 


40 under 50 


311,824 


244. 979 


189. 008 


19, 942 


36,029 


66. 845 


63,414 


3,431 


50 under 60. 


222, 238 


180. 6.50 


141,028 


12,871 


26. 751 


41.588 


39, 342 


2.246 


60 under 70 


171,314 


144.108 


109, 562 


12,856 


21. 690 


27, 205 


26.014 


1,191 


70 under 80 


138, 580 


121.336 


93. 226 


10, 184 


17, 926 


17,244 


16,035 


1,210 


80 undergo 


11 7, .=520 


98. 240 


74. 674 


6,166 


17, 400 


19. 280 


17,684 


1,597 


90 under 100 


99, 578 


87.913 


60, 672 


10, 107 


17, 134 


11,665 


10. 579 


1,086 


100 under 150 


328, 938 


289, 823 


224, 762 


17,329 


47, 732 


39, 115 


36. 764 


2, 351 


150 under 200... _ 


176,487 


1,58.351 


122,688 


8,036 


27, 627 


18,136 


17. 797 


339 


200 under 250..-. 


109, .504 


95, 786 


69, 936 


4,480 


21,370 


13,718 


.2,455 


1.263 


250 under 300 


131,407 


125.284 


92. 631 


4,394 


29, 258 


5,124 


3, 661 


1,462 


300 under 400 


138.676 


134.171 


93.910 


4.332 


35, 929 


4,504 


3,568 


936 


4C0 under 500.... 


50, 759 


49. 336 


34. 867 


3.733 


10, 735 


1.424 


1,381 


42 


500 under 750 


115,704 


114,427 


.58, 517 


4.846 


51,064 


1,277 


884 


393 


750 under 1,000. _ 


84. 832 


81,437 


45, 645 


5,614 


30, 178 


3, 395 


3, 378 


17 


1,000 under 1,500 


27, 535 


26. 865 


19, 791 


150 


6,924 


670 


668 


o 


1,500 under 2.ono 


,5.918 
7.883 


5 882 
7.877 


4,379 
3.407 


423 

2, 690 


1,080 
1.780 


36 
6 


36 
6 




.2,000 under 3.000. 




3 000 under 4,000 


123,039 


123 039 


26, 342 




96, 697 








4,000 under 5,000 


872 


872 


372 




500 






















3, 683, 824 














Total 


5.087,033 


2, 735, 814 


281. 126 


666, 884 


1, 403, 209 


1,300,660 


102, 549 



■For footnotes, see pp. 190-191. 



STATISTICS OF INCOME FOR 1940 — ^PART 1 



187 



Table 9. (Table 14, Statistics of Income for 1939, Part 1.) — Individual returns 
with'net income of $5,000 and over, and with wholly and partially tax-exempt Goverrh- 
ment obligations, not including fiduciary returns, 1940, by net income classes, and by 
type of obligation: Amount owned and interest received — Continued 

[For description of items and classifications, and method of tabulating data, see pp. 8-9 and 41-42] 

[Net income classes and money figures in thousands of dollars] 





Interest received or accrued during the year 




Total 
(10) 


Wholly tax-exempt obligations 


Partially tax-exempt 
obligations 


Net income 
classes 

(1) 


Total 
(11) 


Obligations 
of States, 
Territories, 
or political 

subdivi- 
sions 

thereof, 
District of 
Columbia, 
and United 

States 
possessions 

(12) 


Obliga- 
tions 
issued 
under 

Federal 

Farm 

Loan Act 

or such 

Act as 

amended 

(13) 


Treasury 

notes. 
Treasury 

bills. 
Treasury 
certificates 
of indebted- 
ness, and 
United 
States 
obligations 
issued on 
or before 
Sept. 1, 
1917 

(14) 


Total « 
(15) 


United 
States 
savings 
bonds 
and 
Treasury 
bonds «3 

(16) 


Obliga- 
tions of 
instru- 
mentali- 
ties of the 
United 
States 
other 
than 
those in 
column 
5" 

(17) 


6 under 6 

€ under 7 

7under 8 

« under 9 

■9 under 10 

10 under 11 

11 under 12 

12 under 13 

13 under 14 

14 tmder 15 

15 under 20 

20 under 25 

25 under 30 

30 under 40 

40 under 50 

50 under 60 

60 under 70 

70 under 80 

80 under 90 

■sounder 100 

100 under 150..-. 
150 under 200.... 
200 under 250..-. 
250 under 300.- -- 
300 under 400.... 

400 under 500 

500 under 750 

750 under 1 ,000 . . 
1,000 under 1,500. 
1,500 under 2,000. 
2,000 under 3,000. 
3,000 under 4,000. 
4,000 under 5,000. 
5,000 and over 


8,874 

7,546 

6,679 

6,566 

6,460 

5,431 

5,925 

5,877 

5,751 

4,892 

19, 191 

16, 931 

12, 486 

21, 966 

16, 801 

11,047 

7,749 

6,148 

5,322 

4,200 

16, 637 

9,272 

4.265 

4,831 

5,491 

2,826 

4.200 

3,955 

1.290 

486 

337 

2,349 

16 


4,851 

4,317 

3,769 

4,015 

4,091 

3,214 

4,156 

4,217 

4,114 

3,555 

13, 148 

12, 729 

9,625 

17,517 

14, 193 

9,575 

6,750 

5, 563 

4,689 

3. 838 

15,177 

8,762 

3,885 

4, 600 

5,372 

2,793 

4.154 

3.770 

1,282 

486 

337 

2,349 

16 


4,068 

3,631 

3,150 

3,511 

3,449 

2,652 

3,142 

3, 457 

3,538 

2,635 

11,306 

10, 035 

8,344 

15,417 

12, 361 

8,380 

5,769 

4,795 

3,859 

3,140 

12,926 

7,774 

3.402 

4.120 

4.723 

2,455 

3,370 

2.900 

1, 192 

391 

181 

1,091 

9 


436 
357 
363 
300 
284 
322 
799 
555 
250 
271 
951 

1,267 
811 

1,095 
963 
588 
548 
414 
268 
401 

1,112 

410 

189 

131 

178 

154 

177 

299 

5 

43 

81 


347 
330 
2.56 
205 
358 
240 
216 
206 
326 
650 
891 

1,427 
470 

1,005 
869 
606 
433 
354 
561 
296 

1,139 
578 
294 
350 
470 
184 
607 
570 
85 
52 
76 

1.258 
7 


4,023 

3,228 

2,910 

2,551 

2,368 

2,217 

1,769 

1,660 

1,637 

1,337 

6,042 

4,202 

2,862 

4,450 

2,608 

1,472 

999 

^S6 

633 

362 

1,460 

510 

380 

231 

119 

33 

46 

185 

8 

1 


3,570 

2,877 

2,484 

2.300 

2,161 

2,001 

1,581 

1, 520 

1,482 

1,198 

5, 564 

3,861 

2,668 

4,094 

2,438 

1,377 

953 

546 

593 

321 

1,374 

.iOO 

348 

187 

110 

32 

41 

183 

7 

1 

(") 


453 

351 

426 

250 

208 

216 

188 

140 

156 

139 

478 

341 

194 

365 

170 

95 

46 

39 

40 

42 

86 

10 

32 

44 

9 

1 

4 

2 

('«) 








































Total. 


241,799 


190, 910 


161.175 


14.018 


15.718 


50,889 


46, 375 


4,513 



For footnotes, see pp. 190-191. 



498968 — 43- 



-13 



188 



STATISTICS OF ESTCOME FOR 1940 — ^PART 1 



Table 10. (Table 16, Statistics of Income for 1939, Part 1.) — Taxable fiduciary 
returns with net income,^ showing balance income of $5,000 and over *^ and with 
wholly and partially tax-exempt Government obligations, 1940, by net income ^ 
classes, and by type of obligation: Amount owned and interest received 

[For description of items and classiflcations, and method of tabulating data, see pp. 8-9 and 41-42] 

[Net income classes and money figures in thousands of dollars! 





Amount owned at end of year 




Total 
(2) 


Wholly ta.\ -exempt obligations 


Partially tax-exempt 
obligations 


Net incomes 
classes 

(1) 


Total 

(3) 


Obligations 

of States, 

Territories, 

or political 

subdivi- 
sions 

thereof. 
District of 
Columbia, 
and United 

States 
pos.sessions 


Obliga- 
tions 
issued 
under 
Federal 
Farm 

Loan Act 
or such 
Act as 

amended 

(5) 


Treasury 

notes. 
Treasury 

bills. 
Treasury 
certificates 
of indebted- 
ness, and 
United 
States 
obligations 
issued on 
or before 
Sept. 1, 
1917 

(6) 


Total 
(7) 


United 
States 
savings 
bonds 
and 
Treasury 
bonds 

(8) 


Obliga- 
tions of 
instru- 
mentali- 
ties of the 
United 
States 
other 
than 
those in 
column{5 

(9) 




441, 299 

42, 092 

59, 308 

34, 308 

36, 487 

12, 443 

13, 766 

14.850 

22, 344 

10, 557 

7,462 

51, 149 

28, 779 

21, 976 

30, 556 

30, 832 

31,969 

28,711 

18, 381 

4,124 

17,054 

41,859 

15,957 

3,554 

1,258 

2,414 

178 

10, 983 


339, 218 
33, 238 
50, 360 
24, 904 

27, 565 
7,352 

10,922 
11, 301 
17, 574 
8,161 
4,483 
37, 860 
21, 698 

15, 563 
24,439 
28, 167 

28, 577 
26,829 
17,635 

2,948 

16, 437 
38, 518 
13, 731 

3, 428 
1,038 
2,404 
111 
9,778 


261, 810 
25, 366 
37, 095 
22, 505 
20, 819 
6,816 
7,342 
8,998 
15,385 
4,5(14 
3, 705 
29, 805 
15,808 
12,834 
15,879 
22, 142 

23, 959 
19, 399 
15,181 

2, 725 
13, 050 

24, 538 
8,898 

311 
898 

1,386 
61 

9,425 


29, 093 
1,649 

733 

835 
1,335 

671 
1,445 

659 
1,107 
1,072 

450 
1,863 
1,345 
1,163 
4, 454 

892 

630 

952 

1,250 

78 

680 
6,370 

681 


48, 316 
6,224 

12, 532 
1,564 
6,411 
965 
2,135 
1,644 
1,083 
2,585 
329 
6,192 
4,644 
1,665 
4,107 
6,133 
3,988 
6,478 
1,205 
145 
2,708 
7,610 
4,162 
3,117 


102, 081 
8,854 
8,948 
9.404 
8,923 
5,091 
2,845 
3,650 
4,770 
2,396 
2,979 
13, 289 
7,081 
6,414 
6,116 
2,665 
3,392 
1,882 

746 
1,177 

617 
3,341 
2,225 

126 

220 

10 

67 

1,205 


93, 279 

8,111 

8,443 

8,340 

8,538 

4,768 

2,514 

3,304 

4,610 

2,042 

2,733 

11,985 

i550 

6,207 

5,280 

2,059 

3,029 

1,870 

726 

1,102 

466 

3,190 

345 

126 

220 

10 

57 

1.206 


8,801 
743 
506 

1,064 
385 
323 
33 
245 
160 
364 
246 

1,304 

2,631 

206 

837 

605 

363 

13 

f 20 

75 

ri5i 

fl61 
1.880 


Sunder 6.. 

6 under 7 

7under 8 

8under9 

9 under 10 - 

10 under 11 - 

11 under 12 

12 under 13 

13 under 14 

14 under 15 - 

15 under 20 

20 under 25 

25 under 30 

30 under 40 

40 under 50 

60 under 60 

60 under 70 

70 under 80 

80 under 90 

90 under 100....'. 
100 under 150.. .. 
150under200..-- 
200 under 250 


260 under 300 


140 




300 under 400 


1,018 

60 

353 




400 under 500 


10 


600 under 750 . 






750 under 1,000. . 






1,000 under 1,500 


1,123 


1,048 


973 




76 


75 


75 




1,600 under 2,000 






2,000 under 3,000 


















3,000 under 4,000. 


















4,000 under 5,000 


5 










6 


5 




6,000 and over... 
























210, 492 






Total 


1, 035, 778 


825, 285 


630,615 


69, 442 


135, 227 


189, 189 


21,303 



For footnotes, see pp. 190-191. 



STATlSirCS OF INCOME FOR 1940 — ^PAiRT 1 



189 



rABLEllO. (Table 16, Statistics of Income for 1939, Part 1.) — Taxable fiduciary 
returns with net income,^ showing balance income of $5,000 and over *^ and with 
wholly and partially tax-exempt Government obligations, 1940, by net income',^ 
classes, and by type of obligation: Amount owned and interest received — Con. 

[For description of items and classifications, and method of tabulating data, see pp. 8-9 and 41-42] 

[Net income classes and money figures in thousands of dollars] 







Interest received or accrued during the year 


. 


Total 

1 10) 


AVholly tax-exempt obligations 


Partially tax-exempt 
obligations 


Net income ^ 
classes 

(1) 


Total 
(11) 


Obligations 
of States, 
Territories, 
or political 

subdivi- 
sions 

thereof, 
District of 
Columbia, 
and United 

States 
possessions 

(12) 


Obliga- 
tions 
issued 
under 

Federal 
Farm 

Loan Act 
or such 
Act as 

amended 

(13) 


Treasury 

notes. 
Treasury 

bills. 
Treasury 
certificates 
of indebted- 
ness, and 
United 
States 
obligations 
issued on 
or before 
Sept. 1, 
1917 

(14) 


Total " 

(15) 


United 

States 

savings 

bonds 

and 

Treasury 

bonds « 

(16) 


Obliga- 
tions of 
instru- 
mentali- 
ties of the 
United; 
States 
other 
than ] 
those in 
column 
5" 

(17; 


Under 5 


20, 474 

1,782 

2,115 

1,310 

1,275 

683 

040 

799 

1,113 

401 

326 

3,293 

1,109 

1,210 

1,363 

1,088 

1,374 

1,320 

609 

449 

616 

1,601 

440 

138 

36 

68 

5 

938 


16, 465 

1,485 

1,804 

988 

967 

495 

531 

666 

928 

299 

217 

2,859 

892 

976 

1,152 

995 

1,212 

1,262 

593 

209 

604 

1,433 

413 

121 

36 

67 

4 

921 


14, 162 

1,318 

1,630 

916 

806 

• 438 

439 

598 

777 

247 

187 

2.392 

749 

886 

890 

863 

1,112 

1,098 

513 

154 

550 

1,002 

314 

82 

32 

55 

2 

849 


1,130 
63 
56 
26 
50 
29 
54 
23 
39 
17 
19 

256 
51 
36 

187 
45 
19 

103 

49 

2 

26 

237 
26 
11 
4 

(19) 


1,183 
104 
119 
46 
105 
28 
39 
45 
112 
35 
11 
210 
92 
53 
75 
87 
81 
61 
30 
63 
27 
194 
72 
28 


4,010 

297 

311 

322 

308 

189 

114 

133 

185 

102 

109 

434 

218 

234 

211 

93 

162 

57 

16 

239 

13 

168 

28 

17 

(19) 
(19) 

2 

18 


3,635 

271 

293 

288 

285 

177 

101 

123 

172 

86 

94 

394 

151 

225 

178 

87 

146 

57 

16 

239 

8 

167 

24 

16 

(19) 
(19) 

2 

18 


374 
27 
18 
35- 
24 
11 
13 
10 
13 
16 
16 
41 
67 
10 
33 

6 
16 

1 

(19) 

1 

5 
1 
3 

1 


Sunder 6 

6under 7. 

7under 8 

8uuder9 

y under 10 

10 under 11 

11 under 12 

12 under 13 

13 under 14 

14 under 15 

15 under 20 

20 under 25 

25 under 30 

30 under 40 

40 under 50 

50 under 60 

60 under 70 

70 under 80 

80 under 90 

90 under 100 

100 under 150.... 
150 under 200.. __ 

200 under 250 

250 under 300.... 


300 under 400 


13 

1 
69 




400imder 500 


(19) 


500 under 750_._- 


3 


750 under 1,000^. 




1,000 under 1,500. 


4 

110 


4 

no 


4 
107 




(1.) 

3 








1,500 under 2,000. 




(.9) 


(19) 




2,000 under 3,000. 






3,000 under 4,000. 


















4,000 under 5,000_ 


459 


459 


187 




271 


(19) 


(19) 




5,000 and over. . _ 










- 


33, 352 












Total 


47, 157 


39, 166 


2,569 


3,245 


7.991 


7,252 


739 



For footnotes, see pp. 190-191. 



190 



STATISTICS OF INCOME FOR 1940 — PART 1 



Footnotes for basic tables 1-10, pages 72-189 
(Facsimiles of Forms 1040, 1040A, and 1041, to which references are made, appear on pages 262-279) 



• Table 1 contains data for individual returns with 
net income and with no net income shown in basic 
table 1-A and taxable fiduciary returns with net 
income. Table 2 contains data for individual re- 
turns with net income and with no net income shown 
in basic table 2-A and taxable fiduciary returns with 
net income shown in basic table 2-B. Table 3 con- 
tains data for individual returns with net income 
and witli no net income shown in basic table 3-A 
and taxable fiduciary returns with net income shown 
in Part I of basic table 2-B. Table 7 contains data 
for individual returns with net income and with no 
net income shown in basic table 7-A and taxable 
fiduciary returns with net income shown in basic 
table 7-B. 

2 Aggregate of normal tax, surtax, alternative tax, 
and defense tax. For returns with normal tax and 
surtax, sec note 7. For returns with alternative tax, 
see note 8. 

3 For taxable fiduciarv returns with net income in 
basic tables 1, 2, 2-B, 3." 7, 7-B, S, and 10, the net in- 
come used for clasFifi"ation and tabulation is the net 
income taxable to the fiduciary after distribution to 
beneficiaries (item 17, page 1, Form 1041). 

* Total deductions equal or exceed total income. 

« For 1940, the personal exemption allowed the 
head of a family and a married person living with 
husband or wife for the entire taxable year was re- 
duced from $2,500 to $2,000, and that for a single per- 
son, a married person not living with husband or 
wife, and an estate, was reduced from $1,000 to $800. 
Similar to 1939, a trust is allowed, in lieu of the per- 
sonal exemption, a credit of $100 against net income. 

« An alternative tax is reported on 46 individual 
returns with no net income due to not long-term 
capital loss, on which the partial tax computed on 
net income before the deduction of net long-term 
capital loss exceeds 30 percent of the net long-term 
capital loss. The distribution of these 46 returns 
with alternative tax, bv States, is shown in basic 
table 8. 

' Returns with normal tax and surtax are (1) re- 
turns without net long-term capital gain or loss and 
(2) returns with net long-term capital gain or loss, 
which are subj(<ct to normal tax and surtax instead 
of alternative tax (see note 8). 

8 The alternative tax is reported on (1) returns 
with net long-term capital gain if such alternative 
tax is les!< than the sum of the normal tax and surtax 
computed on net income including net long-terra 
capital gain, and (2) returns with net long-term 
capital loss if such alternative tax is greater than the 
sum of the normal tax and surtax computed on net 
income after deducting net long-term capital loss. 

9 Defense tax is 10 percent of the total income tax 
before deducting any credit, but not in excess of 10 
percent of the amount by which the net income 
exceeds such income tax. 

10 Exemptions and credits exceed net income. A 
negligible number of nontaxable individual returns 
in net income classes of $6,000 and over are tabulated 
with taxable returns. 

"1 Deficit. 

•2 Net income less deficit. 

13 Not available. 

" In tables 2 and 2-A average total tax not com- 
puted. In tables 3 and 3-A percentage not com- 
puted. 

16 Data for taxable fiduciary returns include data for 
estates and trusts with net income, incorrectly filed 
on Form 1040. An adjustment was made for these 
incorrectly filed 1940 returns, Form 1040, whereby 
"Amount distributable to beneficiaries" (if any) was 
removed from "Other deductions" and from "Total 
deductions" and tabulated as .such in basic tables 7 
and 7-B. 

i« Less than one-hundredth of 1 percent. 

" See text, pages 12-13. 



IS An unequal number of separate returns is the 
result of (1) use of the sample as the basis for esti- 
mating data for returns in net income classes under 
$5,000, when the net income of one spouse is under 
$5,000 and that of the other spouse is $5,000 or over 
(see pages 4-5), and (2) certain cases in which incom- 
plete or inaccurate answers to questions 4 and 5 on 
page 4, Form 1040, and on page 1, Form 1040A, 
make it impossible to identify the returns as separate 
returns. 

1' Less than $500. 

20 Excludes dividends received through partner- 
ships and fiduciaries and dividends received on 
share accounts in Federal savings and loan associa- 
tions. 

21 Unlike previous years, "Interest on bank de- 
posits, notes, mortgages, and corporation bonds" 
excludes interest on partially tax-exempt Govern- 
ment obligations reported on returns with net income 
under $5,000. 

22 Interest on tiartially tax-exempt Oovernment 
obligations received from United States sa\'ings 
bonds and Treasury bonds owned in excess of $5,000, 
and obligations of instrumentalities of the United 
States other than those issued under the Federal 
Farm Loan Act or such Act as amended, including 
amounts received through partnerships and fidu- 
ciaries. For the first time, such interest, reported 
on returns with net income under $5,000, is included 
in the amounts shown, and is tabulated by net in- 
come classes in tables 7, 7-A, and 7-B. 

2'' Partnership profit or loss, as reported on the 
Income tax return of the partner, excludes (1) interest 
on partially tax-exempt Government obligations, 
(2) net gain or loss from sales or exchanges of capital 
assets, each of which is reported in its respective 
source of income, and (3) dividends on share accounts 
in Federal savings and loan associations which are 
reported in "Other income." Charitable contribu- 
tions and the net operating loss deduction, not being 
deductible in computing partnership profit or loss, 
are reported on the partner's income tax return la 
"Contributions" and "Other deductions." respec- 
tively. 

2* Income from fiduciaries, as reported on the 
return of the beneficiary, excludes (1) interest on 
partially tax-exempt Government oblieations and 
(2) net gain or loss from sales or exchanges of capital 
assets received from common trust funds, each of 
which is reported in its respective source of iac^irae, 
and (3) dividends on share accounts in Federal 
savings and loan associations which are reported in 
"Other income." The net operating loss deduction, 
not being deductible in computing income from 
common trust funds, is reported on the beneficiary's 
income tax return in "Other deductions," however, 
the net operating loss deduction is deducted from 
all other fiduciary income reported on the benefici- 
ary's return. 

2» Current year business profit or loss. The net 
operating loss deduction is reported in "Other 
deductions." 

28 The tabulated amounts of "Net short-term 
capital gain," "Net long-term capital gain." and 
"Net long-term capital loss" include each partici- 
pant's share of net capital gain or loss to be taken 
into Pccoimt- from partnerships and "Common 
trust funds." The term "Capital assets" means 
property held by the taxpayer (whether or not con- 
nected with his trade or business), but not (1) stock 
in trade or other property which would prop?rly be 
included in inventory if on hand at the close of the 
taxable year, (2) property held primarily for sale 
to customers in the ordinary course of trade or 
business, and (3) tiroperty used in trade or business 
of a character which is subject to the allowance for 
depreciation. 

2' "Short-term" applies to capital assets held H 
months or less. 



STATISTICS OF INCOME FOR 1940 — PART 1 



191 



Footnotes for basic tables 1-10, pages 72-/89— Continued 



28 Net short-term capital loss of preceding taxable 
year is the amount deducted under the net short- 
term loss carry-over provision of the Internal Reve- 
nue Code. The amount carried over cannot exceed 
the net income for the year in which the loss is sus- 
tained, and can be deducted only to the extent of 
the net short-term capital gain of the current year. 

" Current year net short-term capital gain before 
deducting net short-term capital loss of preceding 
taxable year. This amount would have been re- 
ported for computation of net income if the net 
short-term capital loss of preceding taxable year had 
not been deductible. 

30 "Long-term" applies to capital assets held over 
18 months. Losses from worthless stocks and bonds 
which are capital assets are deducted in computing 
"Net long-term capital gain" and "Net long-term 
capital loss." 

3' Net gain or loss from sales of property used in • 
trade or business of a character which is subject to 
the allowance for depreciation. 

31 Include each partner's share of the charitable 
contributions of partnerships. 

33 Excludes amounts reported in schedule for 
(1) income from rents and royalties, and (2) profit 
or loss from business. 

31 Losses from fire, storm, shipwreck, or other 
casualty, or from theft, not compensated for by 
insurance or otherwise. 

35 Include net operating loss deduction reported on 
Form 1040, and losses from fire, storm, etc., and bad 
debts, reported on Form 1040A. 

3« For returns with net income under $5,000, the 
number of returns on which specific sources of in- 
come and deductions are reported is available only 
for "Salaries and other compensation" (tables 7 and 
7-A) and "Dividends from domestic and foreign 
corporations" (tables 7, 7-A, and 7-B). For returns 
with net income of $5,000 and over, the number of 
returns is available for each specific source of income 
and deduction and for the information item "Net 
short-term capital loss of preceding taxable year 
deducted" (tables 7, 7-A, and 7-B). 

3' The number of returns with net income under 
$5,000, which is not available, is excluded from the 
total in this column. For "Business profit" and 
"Business loss" these figures represent the number 
of returns on which a net profit or a net loss was 
reported for the computation of net income. Con- 
sequently, for returns on which data for two or more 
businesses are reported in the business schedule, 
these figures do not reflect the number of businesses 
In which sole proprietors are engaged. « <«>>•>«. »»•*• 

38 Include net operating loss deduction reported 
on Forms 1040 and 1041, and losses from fire, storm, 
etc., and bad debts, reported on Forms 1040A and 
1041. 



39 Balance income (item 15, page 1, Form 1041) is 
the net income before deduction of amount distribu- 
table to beneficiaries and is equal to total income less 
total deductions (items 10 and 14, respectively, page 
1, Form 1041). 

*" Include (1) losses from fire, storm, shipwreck, 
or other casualty, or from theft not compensated for 
by insurance or otherwise, not reported in schedules 
for income from rents and royalties and profit or loss 
from business, (2) bad debts, and (3) net operating 
loss deduction. 

" These historical data relate to income tax returns 
for individuals and for estates and trusts with net 
income. Data for 1931 through 1936 are tabulated 
from Forms 1040 and 1040A filed for individuals and 
for estates and trusts. Data for 1937 through 1939 
are tabulated from Forms 1040 and 1040A filed for 
individuals, taxable Forms 1041 filed for estates and 
trusts, and Forms 1040 incorrectly filed for estates 
and trusts, except that for 1938 through 1939 there are 
excluded nontaxable Forms 1040 with net income, 
incorrectly filed for estates and trusts. Changes in 
the revenue acts affecting the comparability of sta- 
tistical data from income tax returns are summarized 
on pages 242-251. 

" Revised. See Statistics of Income for 1935, 
Part 1, page 31, note 6. 

<3 Includes interest on United States savings bonds 
and Treasury bonds on a principal amount not in 
excess of $5,000 which is wholly exempt from normal 
tax and surtax. (Data in table 9, tabulated from 
line (e), column 3, schedule B, page 2, Form 1040; 
data in table 10, tabulated from line (e), columns 
3 (a) and (b), schedule B, page 2, Form 1041.) Such 
interest received on a principal amount in excess of 
$5,000, which is subject to surtax only, is reported in 
item 5, page 1, Form 1040, or in item 4, page 1, Form 
1041, and tabulated in the tables of this report show- 
ing sources of income as "Interest on partially tax- 
exempt Government obligations." 

<' Interest on obligations of instrumentalities of 
the United States other than obligations issued 
under the Federal Farm Loan Act, or such Act as 
amended, is subject to surtax only. (Data in table 
9, tabulated from line (f), column 3, schedule B, 
page 2, Form 1040; data in table 10, tabulated from 
line (f), columns 3 (a) and (b), schedule B, page 2, 
Form 1041.) Such interest is reported in item 5, 
page 1, Form 1040, or in item 4, page 1, Form 1041, 
and tabulated in the tables of this report showing 
sources of income as "Interest on partially tax- 
exempt Government obligations." 

« Includes returns for estates and trusts incor- 
rectly filed on Form 1040, which have net income 
taxable to the fiduciary and balance income of 
$5,000 and over, after an adjustment was made 
whereby the "Amount distributable to beneficiaries" 
(if any) was removed from "Other deductions" 
and from "Total deductions" and the "Balance 
income" was computed. 



ESTATE TAX RETURNS 



193 



ESTATE TAX RETURNS 

SUMMARY DATA 

There were 17,122 estate tax returns filed during the calendar year 
of 1941, on which there is reported total gross estate of $2,793,439,358, 
net estate of $1,575,768,142, and Federal estate tax liability of 
$293,398,930, As compared with returns filed during the preceding 
calendar year, there is an increase of 246 returns, or 1.5 percent; gross 
estate increase of $145,240,475, or 5.5 percent; net estate increase of 
$82,584,247, or 5.5 percent; and tax liability increase of $41,843,167, 
or 16.6 percent. 

Of the 17,122 estate tax returns, 15,977 are for estates of citizens and 
resident aliens and 1,145 are for estates of nonresident aliens (including 
estates of nonresident citizens who died prior to May 11, 1934). Of 
the 15,977 returns for estates of citizens and resident aliens, 15,910 
are filed under the requirements of the various revenue acts in effect 
on or after August 31, 1935 (Revenue Act of 1935). The remaining 
67 returns include 24 filed under the Revenue Act of 1934, 24 under the 
Revenue Act of 1932, 12 under theRevenue Actof 1926, and 7 under 
the Revenue Act of 1924 or prior acts. 

The 15,977 returns filed for estates of citizens and resident aliens 
show gross estate of $2,777,656,643, of which $199,342,473 is reported 
on the 2,641 nontaxable returns. The 13,336 taxable returns show 
gross estate of $2,578,314,170, net estate of $1,115,920,133 subject to 
basic tax and $1,560,650,403 subject to additional tax, and total tax 
liabihty of $291,757,956. The total tax liability consists of $14,506,620 
net basic tax, $267,673,615 net additional tax, and $9,577,731 defense 
tax. Tax credits for State inheritance taxes and Federal gift taxes 
of $53,965,913 are claimed against basic tax, and a credit for Federal 
gift taxes of $382,661 is claimed against additional tax. The com- 
bined tax credits represent 16.2 percent of the aggregate basic and 
additional taxes before credits. 

FILING REQUIREMENTS 

The Federal estate tax is imposed upon the transfer of the entire 
net estate, and not upon any particular legacy, devise, or distributive 
share. A return is required for the estate of an individual whose 
gross estate, as defined by statute, exceeds in value the amount 
specified under the act in effect at date of death. Begimiing August 
31, 1935, the estate tax return is due 15 months after date of death; 
however, an extension of time for filing may be granted by the Com- 
missioner. Regardless of when the return is filed, the estate is subject 
to the statutory provisions in effect at date of death. Approximately 
89 percent of the returns filed during 1941 for estates of citizens and 
resident aliens were filed without extensions of time. 

Since August 31, 1935, the effective date of the estate tax provisions 
of the Revenue Act of 1935, an estate tax return has been required 
for the estate of a citizen or resident alien if the value of the gross 

195 



196 STATISTICS OF INCOME FOR 1940 — PAET 1 

estate at date of death exceeds $40,000. The Revenue Act of 1934 
requires a return if the gross estate exceeds $50,000. Earher acts 
require a return for the estate of a resident citizen and resident ahen 
if the value thereof exceeds $50,000 under the 1932 act; $100,000 
under the 1926 act; and $50,000 under the 1924 or prior acts. 

An estate tax return is required for the estate of a nonresident ahen 
any part of whose estate, regardless of value, is situated in the United 
States at date of death. Estates of nonresident citizens were subject 
to the same requirements prior to the 1934 act. 

The major changes in the Revenue Act of 1941 affecting estate 
taxes are the repeal of the defense tax, and an increase in the tentative 
tax rates on estates of individuals who died on or after September 
21, 1941. A resume of Federal tax laws, with rates, credits, and 
specific exemptions applicable from September 8, 1916, through 1941, 
is shown on pages 252-255. 

DATA TABULATED 

Data for the estate tax returns are tabulated from each such return 
filed dm-ing the calendar year of 1941, regardless of the date of death 
or the revenue act under which the estate is taxed. 

The statistics are taken from the estate tax returns as filed prior 
to revisions which may be made as a result of audit by the Bureau 
of Internal Revenue. The total estate tax liability tabulated does 
not correspond with the collections of such taxes during 1941 because 
payment of tax liability reported in 1941 may be deferred until a 
later period; changes resulting from audit may be made during 1941; 
and back taxes, interest, and penalties are excluded from the tax 
liability shown in this report. 

DESCRIPTION OF ITEMS 

Gross estate consists of real estate, tangible personal property, and 
intangible personal property. Under each category there is tabulated 
the value of jointly owned property, property transferred during the 
decedent's life, property transferred under powers of appointment, 
property previously taxed, and all other property. The amounts 
shown for these items represent only that part of such property which 
has been reported for estate tax purposes. In the case of ''Jointly 
owned property," it is only the value of the decedent's interest in 
such property which is reported in gross estate. "Transfers dm-ing 
decedent's life" consist of gifts made in contemplation of death and 
gifts made to take effect at or after death. "Transfers under powers 
of appointment" consist of property over which the decedent had 
received a general power of .appointment and not property over which 
the decedent gave a power of appointment. "Property previously 
taxed" consists of property subjected to the Federal estate or gift 
taxes within the five years preceding death of the recipient. 

For estates of individuals who died on or after August 31, 1935, the 
value of gross estate may be determined, at the election of the execu- 
tor, either as of the date of death or as of the date one year after death 
(optional value). If the optional value is elected , property distributed, 
sold, exchanged, or otherwise disposed of within the year following 
death must be valued as of the date of disposition. For individuals 
who died prior to August 31, 1935, the value of the gross estate must 
be determined as of the date of death. 



STATISTTCS OF INCOME FOR 1940 — PART 1 197 

The amount tabulated as total gross estate includes only the taxable 
life insurance. However, the entire amount of life insurance and the 
amount tax-exempt (not includible in gross estate) are tabulated as an 
information item. 

Specific exemption tabulated for estates filed under the provisions of 
the Revenue Act of 1932 and subsequent acts is the specific exemption 
allowed for computation of the additional tax. The specific exemption 
thus allowed is $40,000 under the Revenue Act of 1935, and is $50,000 
under the 1932 act or that act as amended by the 1934 act. A specific 
exemption of $100,000 under the provisions of the 1926 act (basic tax) 
has remained in effect since the effective date of that act. Under the 
1924 act or prior acts, the specific exemption is $50,000. No specific 
exemption is authorized for the estates of nonresident aliens. 

Property previously taxed, net deduction, tabulated for returns filed 
under the provisions of the Revenue Act of 1932 and subsequent 
acts, is the net deduction allowed in computing the additional tax. 
In order to claim this deduction, a Federal estate tax or gift tax must 
actually have been paid within five years on the property included 
in the gross estate. The value of such property is that finalh^ deter- 
mined in the case of the previous owner, or in the estate of the recipi- 
ent, whichever is lower. Subject to certain conditions and limitations, 
this net deduction for property previously taxed is the value thus 
determined less a proportionate reduction which is that portion of 
total deductions, except previously taxed property, which the value 
of property previously taxed bears to gross estate. 

Net estate for additional tax is the excess of gross estate over the sum 
of deductions and specific exemption allowed under the 1932 act or 
subsequent acts. Net estate for basic tax is the excess of gross estate 
over the sum of deductions and specific exemption allowed under the 
1926 act, or under the basic tax provision of the Internal Revenue 
Code. For returns subject to both basic tax and additional tax, 
each of the two net estates is tabulated. 

Basic tax is levied under the 1926 act, or that act as amended, or 
under the Internal Revenue Code. In computing the basic tax a 
specific exemption of $100,000 is allowed in the case of a citizen or 
resident of the United States. 

Additional tax is levied under the 1932 act, or that act as amended, 
or under the Internal Revenue Code, and is m addition to the basic 
tax. The additional tax is the excess of a tentative tax, computed 
at rates provided m the effective act, over the basic tax. In computing 
the additional tax a specfic exemption of $40,000 is allowed under 
the 1935 and subsequent acts, and $50,000 is allowed under the 1932 
act, or that act as amended by the 1934 act, in the case of a citizen 
or resident of the United States. 

Tax credits are allowable against both the basic tax and the addi- 
tional tax. The gift tax credit deductible from the basic tax is the 
total gift tax paid under the Revenue Act of 1924 on property in- 
cluded in gross estate and that portion of the gift tax paid under the 
Revenue Act of 1932 which does not exceed the proportion of the 
basic tax that the value of included gifts bears to gross estate. The 
gift tax ciadit vleductible from the additional tax, for gift tax paid 
under the Revenue Act of 1932, can not exceed the proportion of 
additional tax that the value of included gifts bears to gross estate, 
and can not exceed the balance of the gift tax not already credited 



198 STATISTICS OF INCOME FOR 1940 — PART 1 

in connection with the basic tax. No credit is allowed against the 
additional tax for gift tax paid under the 1924 act. The credit for 
estate, inheritance, legacy, or succession taxes paid to States, Terri- 
tories, District of Columbia, or (after June 29, 1939) United States 
possessions is deductible only from the basic tax, and can not exceed 
80 percent of the basic tax after deducting the gift tax credit. 

Defense tax is imposed by the Revenue Act of 1940, applicable to 
estates of individuals who died within the period June 25, 1940, through 
September 20, 1941. The amount of the defense tax is 10 percent 
of the net tax otherwise payable. 

Total tax liability as tabulated in this report is the sum of net 
basic tax, net additional tax, and defense tax. 

CLASSIFICATION OF RETURNS 

Estate tax retm-ns are classified as returns for the estates of citizens 
and resident aliens or nonresident aliens. Returns for the estates of 
citizens and resident aliens are classified (1) as taxable or nontaxable, 
(2) by the applicable revenue acts, (3) by geographic divisions, and 
(4) by gross estate classes. The taxable returns are further classified 
by net estate before specific exemption classes. Data are presented 
by these classifications in the estate tax tables, but not all tabulated 
items are available for every classification. 

Citizens and resident aliens, or nonresident aliens. — Returns of citizens 
and resident aliens exclude returns for nonresident citizens who died 
prior to May 11, 1934, when nonresident citizens were taxed under 
provisions applicable to nonresident aliens. 

Taxable or nontaxable. — This classification is based on the existence 
or nonexistence of a tax liability, either for basic tax or additional tax 
or for both. 

Applicable revenue acts. — Estate tax returns are classified according 
to the revenue act in effect at date of death, the provisions of which 
apply to tlie estate, without regard to the filing date. The revenue 
acts in effect September 9, 1916, through 1941 are consolidated into 
five groups for this classification. The act of 1924 and prior acts are 
combined into one group ; the remaining four groups are governed by 
the predominating acts of 1926, 1932, 1934, and 1935. 

Geogra2)hic divisions. — This classification consists of 48 States, Alas- 
ka, Hawaii, and District of Columbia. The segregation of returns by 
States and Territories is determined by the location of the collection 
district in which the return is filed, except for the two divisions, 
Alaska and District of Columbia, the segregation of which is deter- 
mined by the residence of the individual at time of death. 

Gross estate classes. — Retm-ns are segregated into 17 gross estate 
classes. This classification, applied only to retm-ns filed under the 
Revenue Act of 1935 and subsequent acts, is based on the value of 
gross estate defined to include tax-exempt insurance, not to exceed in 
aggregate $40,000 for any one estate, receivable by beneficiaries other 
than the estate. 

Net estate before specific exemption classes. — -Taxable returns are 
segregated into 30 net estate before specific exemption classes. The 
basis for this classification, applied only to returns filed under the 
Revenue Act of 1935 and subsequent acts, is the sum of the net 
estate for additional tax and the specific exemption of $40,000 al- 
lowed in computing such tax. 



STATISTICS OF INCOME FOR 19 40 — PART 1 199 

TABLES 

Estate tax tables 1 through 5 present data for estates of citizens 
and resident ahens. Data for estates of nonresident aliens are shown 
in aggregate in table 6, which is a historical summary for all estate 
tax returns filed from September 9, 1916, tlu-ough 1941. 

Data for estates of all citizens and resident aliens are tabulated in 
table 1, by applicable revenue acts, and by taxable and nontaxable 
returns; and in table 5 by States and Territories. Data in tables 2 
and 3 for taxable returns, and data in table 4 for nontaxable returns, 
are limited to the returns filed for estates of citizens and resident 
aliens who died on or after August 31, 1935. 

There is no analysis of the total value of real estate reported on 
returns filed in 1941, corresponding to that tabulated in estate tax 
table 6, published in Statistics of Income for 1939. 



200 



STATISTICS OF INCOME FOR 19 40 — PART 1 



Table 1. — Estate tax returns filed during 1941 for estates of citizens ' and resident 

items of gross estate, deduct 

{Money in flgnres in 



All acts 



Total 



Taxable 



Nontax- 
able 



Number of returns. 



Gross estate, total 

Real estate,^ total 



Real estate not included in items 5-8. . _ 

Jointly owned 

Transfers during decedent's life 

Transfers under power of appointment. 
Previously taxed 



Tangible personal property, total- 



Tangible personal property not included in items 11-14. 

Jointly owned 

Transfers during decedent's life _ _-. 

Transfers under power of appointment 

Previously taxed 



Intangible personal property, total. 



Stocks and bonds, total 

Bonds, total 

Federal Government bonds: 

Wholly tax-exempt < 

Partially tax-exempt *... 

Taxable' 

State and municipal bonds. 

All other bonds 

Capital stock in corporations 

Mortgages, notes, and cash ' 

Taxable insurance (60 less 61) 

Other intangibles « 



Deductions, total. 



Funeral and administrative expenses 

Debts of decedent: mortgages and liens 

Net losses during administration 

Support of dependents ' 

Charitable, public, and similar bequests, total 

Educational, scientific, or literary institutions: 

Publicly owned -. 

Privately endowed 

Rel igious 

Charitable and all other gifts 

Property previously taxed, net deduction *. 

S pecific exemption ' _. 



Net estate: 

39 Under 1924 act or prior acts — 

40 For basic tax (under 1926 act or Internal Revenue Code, or 
either, as amended). 

For additional tax (under 1932 act or that act as amended or 
Internal Revenue Code). 

For footnotes, see p. 223. 



15, 977 



13, 336 



2, 777, 657 



2, 578, 314 



438, 416 



370,122 



366, 859 
41,119 
14, 828 

764 
14, 844 



318. 215 

34, 056 

12, 766 

750 

14, .335 



36, 323 



31.431 



34, 885 

515 

251 

1 

671 



2. 302, 918 



1, 645, 300 
497, 366 

52, 107 

108, 557 

251 

189, 550 

146.901 

1.147,934 

4!i5, 214 

70, 359 

122, 044 



1,275.618 



131, 967 

269, 178 

389 

11, 377 

175, 072 

10, 903 
25, 653 
12,835 

125, 680 
47, 284 

640, 350 



30,153 
444 
176 

(11) 
658 



2, 176, 761 



1. 569, 223 
478. 484 

51,585 

101.813 

240 

186, 201 

138. 645 

1, 090, 740 

434, 194 

63. 233 

110,110 



1,017,099 



170 
1,115,920 



1, 560, 650 



120,673 

167, 835 

252 

10, 183 

136, 860 

7.405 
21, 640 
7.712 
100, 103 
47, 1.56 
534, 140 



170 
1.115,920 



1.560,650 



2, 641 



199,342 



68, 293 



,^,8, 645 

7,063 

2,06? 

14 

509 



4,892 



4,732 
72 
75 

(!3) 

13 



126, 157 



76, 077 
18, 883 

,522 

6,744 

11 

3,349 

8,256 

57, 195 

31,020 

7,126 

11,9.34 



258, 519 



U,294 

101, 343 

138 

1,195 

38,212 

3.498 

4.013 

5.123 

25, 578 

127 

106. 210 



STATISTICS OiF ESTCOME FOR 1940 — PART 1 



201 



aliens, by taxable and nontaxable returns under the applicable acts: Number of returns, 
ions, net estate, and tax 

thousands of dollars] 



Applicable acts 




Act of 1932 as 
amended by 1935 
and subsequent 
acts,' the Internal 
Revenue Code, 
and the Code as 
amended (effec- 
tive for estates of 
individuals who 
died on or after 
Aug. 31, 1935) 


Act Of 1932 as 
amended by 
1934 act 2 (ef- 
fective for es- 
tates of indi- 
viduals who 
died in period 
May 11, 1934, 
through Aug. 
30, 1935) 


Act of 1932 > (ef- 
fective for es- 
tates of individ- 
uals who died 
in period 5 p.m. 
June 6, 1932, 
through May 
10, 1934) 


Act of 1926 and 
that act as 
amended (effec- 
tive for estates 
of individuals 
who died in pe- 
riod 10:25 a. m. 
Feb. 26, 1926, 
through 4:59 p. 
m. June 6, 1932) 


Act of 1924, and 
prior acts (ef- 
fective for es- 
tates of indi- 
viduals who 
died before 
10:25 a. m. 
Feb. 26, 1926) 




Taxable 


Nontax- 
able 


Taxable 


Nontax- 
able 


Taxable 


Nontax- 
able 


Taxable 


Nontax- 
able 


Taxable 


Nontax- 
able 




13,296 


2,614 


12 


12 


17 


7 


6 


6 


5 


2 


1 


2,573,488 


196, 614 


1,016 


1,191 


2,186 


489 


1,151 


947 


473 


103 


2 


368, 022 


67, 027 


366 


615 


1,253 


324 


316 


267 


166 


60 


3 


306, 569 

33, 812 

12, 636 

750 

14, 255 


57, 500 

6,942 

2,062 

14 

509 


254 
42 
71 


617 
97 


1,036 

119 

17 


315 
9 


199 
75 
42 


252 
15 


158 
8 


60 


4 

5 




a 














7 






81 












8 


















31, 375 


4,856 


10 


19 


8 


5 


25 


10 


14 


2 


9 


30, 097 
444 
176 

(13) 

658 


4,696 
72 
75 

(13) 

13 


10 


19 


7 

(13) 


5 


25 


10 


14 


2 


10 
11 














* 


1? 


















13 






(13) 












14 


















2, 174, 092 


124, 731 


640 


557 


926 


159 


810 


670 


293 


40 


15 


1, 568, 237 
478, 217 

51, 573 
101, 758 
240 
186, 165 
138, 480 
1, 090, 020 
433, 562 
62, 620 
109, 673 


75,241 
18, 780 

522 
6,740 
11 
3,326 
8,181 
56, 461 
30, 676 
7,054 
11, 759 


292 
162 

11 
15 


406 
51 


144 
46 


81 


.511 


349 
15 


40 

1 




16 


36 59 




17 








18 


1 


38 


3 


1 




1 




19 






?0 


32 
103 
1.30 
242 
33 
73 


22 
28 
355 
119 
14 
18 


4 

4 

98 

326 

387 


1 
32 

45 
39 
.SO 










?.^ 


57 
452 

40 
193 

67 


15 
334 
186 

28 
107 






m 


40 
25 




?3 


1 


24 
?5 


69 9 


228 


40 


26 


1, 013, 843 


254,617 


732 


1,428 


1,465 


597 


756 


1,756 


303 


120 


27 


120, 481 

167, 210 

251 

10, 138 

136, 781 

7,405 

21,640 

7,707 

100, 029 

47, 142 

531, 840 


11, 184 

99, 383 

138 

1,190 

38, 035 

3,489 
3,893 
5,097 
25, 555 
127 
104, 560 


51 
55 

(13) 

22 
1 


45 

778 


88 
426 


22 
224 


38 
115 

(13) 


36 
948 


16 
29 


6 
10 


28 
29 
30 


4 
2 


15 
76 

(13) 


(13) 


1 
172 

9 
119 
23 
21 


8 




31 


3 


4 


3?! 






33 








(13) 
(13) 

3 






34 


1 


1 
1 


4 

71 

11 

850 






3 

1 


35 
36 


3 
600 




37 


600 


350 


600 


600 


250 


100 


38 


















170 




39 


1, 115, 211 
1, 559, 645 




13 

284 




301 
721 




395 






40 














41 



















202 



STATISTICS OF USTCOME FOR 194 — PART 1 



Table 1. — Estate tax returns filed during 1941 for estates of citizens ^ and resident 

items of gross estate, deductions, 

[Money figures in 



All acts 



Total 



Taxable 



Nontax- 
able 



Basic tax before tax credits (including tax under 1924 act or 
prior acts). 

Tax credit for Federal gift taxes 

Tax credit for inheritance, etc., taxes '« 

Net basic tax (42 less 43 and 44) 

Additional tax before tax credit 

Tax credit for Federal gift taxes 

Net additional tax (46 less 47) .- 

Defense tax" 

Total tax liability (45 plus 48 and 49) 

Information items: 

Intangible personal property, total 

Intangible personal property not included in items 56-69: 

Stocks and bonds 

Mortgages, notes, and cash •-.. 

Taxable insurance (60 less 61) 

O ther miscellaneous intangibles « 

Jointly owned 

Transfers during decedent's life 

Transfers under power of appointment 

Previously taxed 

Gross insurance, ..- 

Tax-exempt insurance f 2.. 



68, 473 

330 
53. 636 
14, 507 



68,473 

330 
53, 636 
14, 507 



268, 056 

383 

267, 674 



268, 056 

383 

267, 674 



9,578 



9,578 



291, 758 



291, 758 



2, 302, 918 



1, 497, 374 
401, 852 
70, 359 
105, 766 
55,064 
86, 419 
22, 840 
63, 243 



169, 282 
98, 922 



2, 176, 761 



1, 425, 720 
373, 939 
63, 233 
94, 450 
52, 276 
83, 542 
22, 452 
61, 148 



147, 240 
84, 006 



126, 157 



71, 653 
27,913 

7,126 
11,315 

2,788 

2,878 
388 

2,096 



22, 042 
14, 916 



For footnotes, see p. 223. 



STATISTICS OF mCOME FOOR 1940 — ^PART 1 



203 



aliens, by taxable and nontaxable returns xmderthe applicable acts: Number of returns, 
net estate, and tax — Continued 

thoasands of dollars] 



Applicable acts 




Act of 1932 as 
amended by 1935 
and subsequent 
acts, 2 the Internal 
Revenue Code, 
and the Code as 
amended (effec- 
tive for estates of 
individuals who 
died on or after 
Aug. 31, 1935) 


Act of 1932 as 
amended by 
1934 act 2 (ef- 
fective for es- 
tates of indi- 
viduals who 
died in period 
May 11, 1934, 
through Aug. 
30, 1935) 


Act Of 1932 2 (ef- 
fective for es- 
tates of individ- 
uals who died 
in period 5 p. m. 
June 6, 1932, 
through May 
10, 1934) 


Act of 1926 and 
that act as 
amended (effec- 
tive for estates 
of individuals 
who died in pe- 
riod 10:25 a. m. 
Feb. 26, 1926, 
through 4:59 p. 
m. June 6, 1932) 


Act of 1924, and 
prior acts (ef- 
fective for es- 
tates of indi- 
viduals who 
died before 
10:25 a. ra. 
Feb. 26, 1926) 




Taxable 


Nontax- 
able 


Taxable 


Nontax- 
able 


Taxable 


Nontax- 
able 


Taxable 


Nontax- 
able 


Taxable 


Nontax- 
able 




68,458 

330 
53, 629 
14, 499 




(13) 




5 

(13) 

2 
3 




7 




2 




42 












43 




(13) 
(13) 






4 
3 




(13) 

2 




44 












45 


268, 019 

383 

267, 637 




7 




30 












46 
















47 




7 




30 












48 


















9,578 




















49 






















291, 713 




7 




33 




3 




2 




50 








.«._ 




2,174,092 


124, 731 


640 


557 


926 


159 


810 


670 


293 


40 


51 


1, 424, 788 
373, 446 
62, 620 
94, 030 
52, 149 
83, 499 
22,452 
61, 108 


70, 849 
27, 576 

7,054 
11, 146 

2,777 

2,846 
388 

2,096 


238 
191 
33 
56 
39 
43 


406 
112 
14 
18 

7 

(13) 


144 
238 
387 
69 

88 


50 

39 

30 

9 


511 
40 

193 
67 


349 

186 

28 

102 

5 


40 
25 




5?! 


(13) 


53 

54 


228 


40 


55 
5fi 


32 








57 












58 


39 
















59 


















146, 379 
83,759 


21, 942 
14,888 


86 
53 


35 
21 


540 
153 


31 

1 


233 
40 


33 

5 


1 
1 




60 




61 



498968—43- 



-14 



204 



STATISTICS OF INCOME FOR 1940 — PART 1 



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STATISTICS OF INCOjVIE FOR 1940 — PART 1 



205 



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)o»oicio>oio coco 



206 



STATISTICS OF INCOME FOR 194 — PART 1 









Z 



1— I C^ CO -^iOCOt^OO Oi Or-<WCO-^ iO <£>t^ OOCsO^C^C 



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STATISTICS OF DSTCOME FOR 1940 — ^PART 1 



207 



COPOCC CCCOCCPOCC CO 



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cm" -." cm" 



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208 



STATISTICS OF INCOME FOR 194 — PART 1 



K U 



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STATISTICS OF INCOME FOR 1940 — PART 1 



209 



N CO^JUS tOt^OO 



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210 



STATISTICS OF INCOME FOR 1940 — PART 1 



i-H iM M .-aoocot-oo 



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STATISTICS OF INCOME FOR 1940 — PART 1 



211 



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■* 
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Intangible personal property not inc 

Stocks and bonds 

Mortgages, notes, and cash ' 

Taxable insurance (60 less 61)... 
Other miscellaneous intangibles 

Jointly owned 

Transfers during decedent's life 

Transfers under power of appointme 
Previously taxed. 






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leral and administrative ( 
its of decedent; mortgage; 
losses during administra 

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Publicly owned 

Privately endowed.. 

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Charitable and all other 
perty previously taxed, n 
3ific exemption ($40,000) . 


state: 

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or basic tax (under 1926 act 
or additional tax (under 19S 


X before tax credits 

credit for Federal gift ta 
credit for inheritance, et 
et basic tax (42 less 43 an 


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212 



STATISTICS OF INCOME FOR 19 40 — PART 1 



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C^<MCSNMCSC>J <N C^C 



STATISTICS OF INCOME FO'R 1940 — PART 1 



213 



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214 



STATISTICS OF INCOME FOR 1940 — PART 1 









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CM 



STATISTICS OF ENTCOME FOR 1940 — PART 1 



215 



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216 



STATISTICS OF INCOME FOR 1940 — PART 1 







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218 



STATISTICS OF INCOME FOR 1940 — ^PART 1 



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220 



STATISTICS OF INCOME FOR 1940 — PART 1 



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STATISTICS OF USTCOME FOR 1940 — ^PAUT 1 



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222 



STATISTICS OF INCOME FOR 1940 — PART 1 



Table 6. — Estate tax returns for estates of citizens and aliens filed September 9, 1916, 
through December SI, 1941: Number of returns, gross estate, net (taxable) estate, 
and tax '^ 

[Money figures in thousands of dollars] 





Number of returns 


Gross estate 


FjJing period 


Total 


Estates of— 


Total 


Estates of— 




Citizens i 
and resi- 
dent aliens 


Nonresi- 
dent 
aliens " 


Citizens ' 
and resi- 
dent aliens 


Nonresi- 
dent 
aliens 21 


Sept. 9, 1916-Jan. 15, 1922 


45, 126 

13, 876 

15,119 
14.513 
16,019 

14, 567 
10, 700 
10, 236 
10. 343 
10, 382 

9,889 
8, 507 
10, 275 
11,8.53 
12,724 
13, 321 
17,0.32 
17, 642 
16, 926 
16, 876 
17, 122 


42, 230 

12, 563 

13, 963 
13,011 
14,013 
13, 142 

9, 353 
8,079 
8,582 
8,798 
8, 333 
7,113 
8,727 
10, 353 
11,110 
11,605 
1.5,037 
15,932 
15,221 
15, 435 
15, 977 


2,898 
1,313 

1,156 
1,502 
2,006 
1,425 
1,347 
2,157 
1, 761 
1,584 
1,556 
1,394 
1,548 
1,500 
1,614 
1,716 
1,995 
1,710 
1,705 
1,441 
1,145 


8, 893, 239 
3, 014, 073 

2, 804, 327 

2, 566, 522 
3,001,089 

3, 407, 923 
3, 173, 235 
3, 554, 270 

3, 893, 246 
4, 165, 623 

4, 075, 575 
2, 830, 388 
2, 060, 956 
2, 267, 285 
2, 4.59, 892 
2,312,421 
2, 793, 758 
3, 069, 625 
2, 767, 888 
2, 648. 199 
2, 793, 439 


8, 785, 642 
2, 955, 959 

2, 774, 741 

2, 540, 922 
2, 958, 364 

3, 386, 267 
3, 146, 290 
3, 503, 239 
3,843,514 
4,108,517 
4, 042, 381 
2,795,818 
2, 026, 931 
2,244,107 
2, 435, 282 
2, 296, 257 

2, 767, 739 

3, 046, 977 
2, 746, 143 
2, 632, 659 
2, 777, 657 


107, 597 


Jan. 15-Dec. 31, 1922 -- 


58,113 


Jan. 1-Dec. 31: 

1923 - 


29, 597 


1924 -. 


25, 600 


1925 - - 


42, 725 


1926 


21,656 


1927 


26, 945 


1928 


51,032 


1929 


49, 732 


1930 


57, 106 


1931 . 


33, 195 


1932 


34, 570 


1933 


84, 025 


1934 - 


23, 178 


1935 


24, 609 


1936 


16, 163 


1937 


■ 26,019 


1938 


22, 648 


1939 


21,745 


1940 -- 


15, 540 


1941 - 


15, 783 








Net (taxable) estate 2« 


Tax2» 


Filing period 


Total 


Estates of— 


Total 


Estates of— 




Citizens i 
and resi- 
dent aliens 


Nonresi- 
dent 
aliens 21 


Citizens ' 
and resi- 
dent aliens 


Nonresi- 
dent 
aliens " 


Sept. 9, 1916-Jan. 15, 1922 

Jan 15-Dec. 31, 1922 - 


5, 509, 522 

1, 704, 974 

1,532,061 
1,395,816 
1,6.58,869 
1,972,537 
1,761,617 
1,992, .503 
2,313,976 

2, 427, 454 
2, 356, 332 
1, 423, 437 
1,000,924 
1,170,566 
1,339,776 
1, 260, 022 
1,646,613 
1,745.259 
1, 5.58, 322 
1,493,184 
1,575,768 


5, 407, 674 
1, 652, 832 

1, 504, 621 
1,372.421 
1,621,008 
1,951,969 

1, 735, 840 
1,943,429 

2, 268, 323 
2, 376, 973 
2,327,319 
1,391,569 

970, 868 
1, 150, 533 
1,316,888 
1,245,395 
1,622,618 
1,724,589 
1,537,975 
1,479,268 
1,561,215 


101,849 
52, 142 

27, 440 
23, 395 
37, 861 
20, 567 
25, 777 
49, 075 
45, 653 
50, 481 
29,013 
31,868 
30, 056 
20, 033 
22, 888 
14, 627 
23, 995 
20, 670 
20, 347 
13.916 
14, 553 


356, 516 
120,562 

89, 109 
71,939 
87, 322 
101,805 
41,686 
41,959 

44, 388 
41,617 

45, 200 
23, 674 
61,415 
96, 216 

155, 466 
196,370 
308, 450 
316, 802 
278, 938 
251,556 
293, 399 


351, 138 
117,624 

88, 384 
71,451 
86, 223 
101, 324 
40, 931 
40, 561 

43, 303 
39, 003 

44, 540 
22, 364 
59, 429 
95, 228 

153, 763 
19.5, 301 
305, 784 
314,620 
276, 707 
250, 360 
291,758 


5, 378 
2,938 


Jan. 1-Dec. 31: 

1923 -. 


726 


1924 . .- 


488 


1925 . 


1,099 


1926 


481 


1927 


755 




1,398 


1929 


1,085 




2,614 


1931 


660 




1,310 


1933 - 


1,980 


1934- 


988 


1935 . . 


1, 703 


1936 


1,069 


1937 


2. 665 


1938 - 


2,182 


1939 


2,231 




1,196 


1941 


1,641 



















For footnotes, see p. 223. 



STATISTICS OF IXCOME FOR 19 40 PART 1 



223 



Footnotes foT estate tax tables 1-6, pages 200-1122 



' Excludes returns filed for estates of nonresident 
citizens who died prior to May 11, 1934. 

2 Returns filed under the Revenue Act of 1932 or 
subsequent acts are subject also to applicable provi- 
sions of the Revenue Act of 1926 (basic tax). 

3 Tabulated amounts represent full value of real 
estate reported in schedule A, Form 706. Outstand- 
ing mortgages and liens thereon are included in 
"Debts of decedent; mortgages and liens," item 29. 

♦ Classified on the basis of interest income taxable 
for Federal income tax and corresponds to the classi- 
fication in other sections of this report. The inter- 
est on wholly tax-exempt Federal Government bonds 
is exempt from both the normal tax and surtax of 
the Federal income tax; the interest on partially 
tax-exempt Federal Government bonds is exempt 
only from the n'jrmal tax; the interest on taxable 
Federal Government bonds is subject to both normal 
tax and surtax. United States savings bonds and 
Treasury bonds (on which the interest on a princi- 
pal amount not in excess of $5,000 is wholly tax- 
exempt) are classified as partially tax-exempt Federal 
Government bonds. The entire value of bonds in 
each category is subject to the estate tax when in- 
cluded in the estate of citizens and resident aliens. 

5 Cash of all kinds classified as intangible property. 

' Includes such items as: an interest in partnerships, 
estates, and trust funds; accounts receivable, claims, 
judgments, leaseholds, trade-marks, rights, royal- 
ties; amounts due from retirement funds, pensions, 
annuities; and interest, dividends, and rents accrued. 

1 Amounts allowed by the law of certain States 
and actually disbursed for the support of the dece- 
dent's dependents, during the settlement of the estate. 

8 The basis for the valuation of property previous- 
ly taxed is the value as finally determined in the case 
of the prior estate or donor, or the value included in 
present gross estate, whichever is lower. Subject 
to certain conditions and limitations, the net deduc- 
tion for property previously taxed is such value less 
a proportionate reduction. This proportionate 
reduction is the proportion of total deductions, ex- 
cept previously taxed property, which previously 
taxed property bears to gross estate. The net 
deduction for property previously taxed tabulated 
for estates of individuals who died on or after 5 p. m. 
June 6, 1932, is the net deduction computed for pur- 
poses of the additional tax, not the net deduction 
computed for purposes of the basic tax. 



' Specific exemption under additional tax provi- 
sions of the Internal Revenue Code and under Reve- 
nue Act of 1932 as amended by Revenue Act of 1935 
is $40,000; under Revenue Act of 1932, or that act as 
amended by Revenue Act of 1934, $50,000; under 
basic tax provisions of the Internal Revenue Code 
and under the Revenue Act of 1926, $100,000; under 
Revenue Act of 1924, or prior acts, $50,000. 

w Estate, inheritance, legacy, or succession taxes 
paid to States, Territories, District of Columbia, or 
(after June 29, 1939) United States possessions. 

"On estates of individuals who died in the period 
June 26, 1940, through September 20, 1941. The 
defense tax is 10 percent of the tax (after credits) 
computed without regard to the defense tax. 

'2 Amount receivable by beneficiaries other than 
the estate, not to exceed in aggregate $40,000 for any 
one estate. 

13 Less than $500. 

'* Based on net estate and specific exemption pro- 
vided under the Revenue Act of 1932 amended by 
the Revenue Act of 1935 and subsequent acts, or 
under the additional tax provisions of the Internal 
Revenue Code. The specific exemption is $40,000. 

IS Based on total gross estate plus tax-exempt 
insurance. 

•« Negative amount. 

>' Includes net estate of $464,872 reported on 11 
returns taxable under the Revenue Acts of 1926, 
1924, or prior acts. 

18 Taxable under provisions of the Revenue Act 
of 1926 or that act as amended or under the basic 
tax provisions of the Internal Revenue Code or 
the Code as amended. 

>9 Changes in the revenue acts aflecting the com- 
parability of statistical data from estate tax returns 
are summarized on pp. 252-255. 

2" Beginning 1933, the net (taxable) estate tabu- 
lated for individuals who died after 5 p. m. June 6, 
1932, is net estate subject to the additional tax. The 
tax is the sum of: (\\ net basic tax (after credits) 
under the Revenue Act of 1926 or the Internal Reve- 
nue Code, or either as amended, (2) the net addi- 
tional tax (after credit) under the Revenue Act of 
1932 or the Internal Revenue Code, or either as 
amended, and (3) for 1940 and 1941, defense tax. 

" Includes returns for nonresident citizens who 
died prior to May U, 1934. 



GIFT TAX RETURNS 



225 



GIFT TAX RETURNS 

SUMMARY DATA 

The total number of gift tax returns for 1940 is 15,623, of which 
4,930 are taxable and 10,693 nontaxable. The taxable returns show 
total gifts before exclusions of $346,679,159, net gifts of $225,971,772, 
and tax liability of $34,445,016. Nontaxable returns show total gifts 
before exclusions of $223,363,330, and deductions for (1) exclusions, 
(2) charitable, public, and similar gifts, and (3) specific exemption 
equal to the amount of total gifts. 

As compared with the previous year, the number of returns in- 
creased 3,397, or 27.8 percent; total gifts increased $198,438,529, or 
53.4 percent; net gifts increased $94,394,923, or 71.7 percent; and tax 
Hability increased $15,743,839, or 84.2 percent. 

FILING REQUIREMENTS! 

The gift tax, payable by the donor, is imposed upon the transfer 
of property by gift and attaches to the total taxable transfers made 
during a calendar year rather than the separate gifts to each donee. 
A gift tax retm-n is required of any citizen of the United States or 
resident alien who dm-ing the calendar year 1940 transferred to any 
one donee total gifts of more than $4,000 in value, or, regardless of 
value, made gifts in trust or of a future interest in property. A non- 
resident alien is similarly required to file a gift tax return if the subject 
of the gift consists of property situated in the United States. A 
return is required even though because of authorized deductions a tax 
may not be due. 

The gift tax returns. Form 709, for gifts transferred during 1940 
are filed under the provisions of the Internal Revenue Code as amended 
by the Revenue Act of 1940. The major change affecting gifts made 
during 1940 is the imposition of a 10 percent defense tax, affecting 
only the tax on gifts made after June 25, 1940. 

The gift tax rates, exclusions, specific exemptions, and deductions 
provided by the various revenue acts are summarized on pages 256-257. 

DATA TABULATED 

The data for gift tax returns are tabulated from each return as 
filed by the taxpayer, prior to any revision that may be made as a 
result of audit by the Bureau of Internal Revenue. The tax liability 
tabulated in this report does not agree with gift tax collections during 
1941, because payment of the tax may be deferred, or the tax liability 
may be altered when audited by the Bureau. The tax collections 
include back taxes, interest, and penalties, none of which are tabulated 
in this report. 

DESCRIPTION or ITEMS 

Total gifts or "Total gifts before exclusions" means the entire value 
of all gifts transferred in trust or of a future interest in property and 

227 



228 STATISTICS OF INCOME FOR 1940 — PART 1 

the entire value of all other gifts to any one donee of a total value of 
more than $4,000. (Gifts to any one donee totaling $4,000 or less, 
other than those in trust or of a future interest in property, are 
excluded.) 

Exclusion of the first $4,000 of gifts, other than gifts in trust or of 
future interests in property, made to any one donee during the 
calendar year is deductible from total gifts for the purpose of com- 
puting net gifts and tax. 

Total gifts after exclusions means the amount of total gifts in excess 
of the exclusions and represents "Total included amount of gifts for 
year" on the gift tax return. 

Specific exemption of $40,000 is allowed each citizen and resident 
alien as a deduction from total gifts. At the option of the taxpayer, 
the entire exemption may be taken in a single year, or may be spread 
over a period of years; however, when the aggregate of $40,000 has 
been taken no fmther exemption is allowed. Nom-esident aliens are 
denied the specific exemption. Previous to 1936. the corresponding 
exemption was $50,000. In case the taxpayer has taken exemption 
in excess of $40,000 during the period 1932-1935, the amount of the 
excess is added to the net gifts for prior years and used in computing 
the tax liability for the current year. 

Net gifts means the amount of total gifts after exclusions, in excess 
of the deductions for (1) charitable, public, and similar gifts after 
exclusions, and, (2) in case of a citizen and resident alien, specific 
exemption claimed for the current year. 

Gift tax liability is the sum of (1) the excess of a tax computed, at 
current year rates, on the aggregate net gifts made since June 6, 1932, 
over a tax computed, at the same rates, on the aggregate net gifts 
exclusive of the current year net gifts, and (2) the defense tax. The 
tax so computed results in the current year net gifts being taxed at 
the same or a higher rate than previously applicable. Owing to the 
cumulation of net gifts, progression of tax rates, and the variations 
in exclusions, deductions, and specific exemption, individuals making 
gifts of equal amounts may have entirely different tax liability. 

CLASSIFICATION OF RETURNS 

Gift tax returns are classified as taxable or nontaxable, and identical 
donors are distinguished from other donors. Taxable returns show 
net gifts and are further classified by size of net gift and by size of total 
gift plus tax. Nontaxable returns show no net gifts and are further 
classified by size ol total gifts. The taxable returns of identical 
donors which are also taxable for prior years are classified by size of 
the accumulated net gifts for prior years. Not all tabulated items 
are available for every classification. 

Taxable or nontaxable. — This classification is based on the existence 
or nonexistence of a gift tax liability. Returns are classified as 
taxable or nontaxable for prior years as well as for the current year. 
Taxable returns show net gifts; nontaxable returns show no net gifts. 

Net gift classes. — Taxable gift tax returns are segregated into 26 
net gift classes (i. e., table 1) based on the amount of net gifts, as 
previously defined. 

Total gift plus tax classes. — Taxable gift tax returns are segregated 
into 26 total gift plus tax classes (i. e., table 2) based on the sum of 
the total gifts and the gift tax liability, as previously defined. 



STATISTICS OF INCOME FOR 1940 ^PART 1 229 

Total gij't c/asses.— Nontaxable gift tax returns are segregated into 
26 total gift classes (i. e,, table 2) according to the amount of total gifts^ 

Identical {/onors.— Individuals who report on their 1940 gift tax 
returns gifts other than charitable, public, and similar gifts for both 
the current year and a prior year subsequent to June 6, 1932, are 
considered identical donors. (Individuals reporting only charitable 
gifts in the current year or in a prior year are excluded.) 

N'et gift for prior years classes. — Taxable returns of identical donors 
who were taxable for prior years are segregated into 26 net gift iot 
prior year classes (i. e., table 5) based on the amount of net gifts foi" 
prior years (subsequent to June 6, 1932) as adjusted in schedule G 
of the current year retm-n to include the amount of specific exemptioh 
in excess of $40,000 taken prior to 1936. , ' 

Unlike 1939, the taxable gift tax returns are not classified by total 
gift classes, therefore, there is no table corresponding to table 2-A 
Statistics of Income for 1939, Part 1. 

GIFTS 

The principal types of property transferred by gift are real estate 
stocks and bonds, cash, and insurance (including premiums paid) 
As in previous reports, the largest group is that of stocks and bonds 
Of the $570,042,489 total gifts for 1940, stocks and bonds comprise 
56.2 percent; cash, 18.2 percent; real estate, 9.6 percent; insurance, 
3.9 percent; and miscellaneous, 11.8 percent. The miscellaneous 
group includes such items as jewelry, objects of art, copyrights, for- 
giveness of debts, interest in a business, assigmnent of judgments, 
etc. In table 1, the five types of property are tabulated by taxable 
and nontaxable retm-ns and for taxable returns by net gift classes. 

Gifts transferred to charitable, public, and similar donees amount 
to $80,248,759, or 14.1 percent of the total gifts before exclusions. 
Such gifts are entirely deductible (if given by a citizen or resident 
alien) in computing tax, since an exclusion is granted of the first 
$4,000 given each donee and the remainder is allowed as a deductioriL 
in computing net gifts subject to tax. 

Gifts made by transfers in trust amount to $160,498,560, or 28.2 
percent of the total gifts. Stocks and bonds comprise 74.8 percent 
of the gifts transferred in this manner. Values of the five types of 
property transferred in trust are shown in table 3. 

IDENTICAL DONORS 

There are 6,425 identical donors, that is, individuals who made 
gifts not exclusively for charitable, public, or similar purposes in 
1940 and also in prior years. Of these identical donors, 2,693 are 
nontaxable for 1940, although 50 have previously paid a gift tax; 
3,732 are taxable for 1940, of whom 892 are taxable for the first time. 
The gift tax liabiUty for the 892 identical donors is $2,482,317, while 
the tax liability for the 2,840 who have previously paid gift tax is 
$27,944,066, or 81.1 percent of the total tax liability on all returns 
filed for 1940 gifts. The effective tax rate for the 2,840 identical 
donors who previously paid gift tax is 18.9 percent and indicates the 
effect of the progressive tax method when compared with the 8.2 
percent effective rate for the 892 identical donors not previously 
taxed. Table 4 presents data regarding these identical donors. In 



230 



STATISTICS OF INCOME FOR 1940 — PART 1 



table 5, the number of taxable returns for identical donors who were 
previously taxed is classified by size of net gift for the ciurent year 
and by size of net gift for prior years. 

TABLES 

Tables 1, 2, and 3 contain data from all gift tax returns filed for 
gifts made during 1940. Taxable returns and nontaxable returns 
are presented separately in tables 1 and 2, while in table 3 data are 
in aggregate. The data for taxable returns are tabulated by net 
gift classes in table 1 and by total gift plus tax classes in table 2, 
The data for nontaxable returns are distributed by total gift classes 
in table 2. 

Tables 4 and 5 present data for identical donors' returns. Certain 
information for these returns is classified by taxable status for the 
cm-rent year and for prior years in table 4. The number of returns 
taxable both for the cm-rent year and for prior years is tabulated by 
size of net gifts for 1940 and by size of net gifts for prior years, in 
table 5. 

Historical data for 1932 through 1940, for number of returns, total 
gifts, net gifts, and tax, are given in table 6. 

Table 1. — Gift tax returns for 1940, nontaxable in aggregate, and taxable by net 
gift classes: ' Nvmber of retxirns, total gifts by type of property, exclusions, total 
gifts after exclusions, deductions, net gifts, and tax 

[Net gift classes and money figures in thousands of dollars] 





Number 
of returns 


Total gifts before exclusions, by type of property 


Net gift classes i 


Total 


Real 

estate 


Stocks 

and 

bonds 


Cash 


Insur- 
ance 


Miscel- 
laneous 


Nontaxable returns: 

No net gifts _ 


10, 693 


223,363 


35, 318 


109, 664 


41, 691 


9,746 


26, 945 






Taxable returns: 

Under 5 ..... 


1,409 

755 

804 

478 

309 

219 

484 

267 

129 

34 

15 

10 

10 

2 


27, 237 
19, 104 
27, 219 
24, 029 
17, 281 
15, 062 
48. 944 
54,198 
37, 869 
17, 757 
11,451 

9,710 
12, 438 

3,439 


2,568 
1,865 
3,054 
1,920 
1,111 
1,405 
2,695 
1,481 
1, 168 
245 


12, 180 
8,158 
13, 208 
13, 710 
9,250 
8.234 
31, 380 
29, 851 
27, 348 
14, 149 
8,355 
7.715 
9.488 
3,229 


6,530 
5,176 
6,224 
4,971 
3,841 
3,037 
8,814 
7,438 
5,402 
1,507 
2, 616 
1,948 
1,509 
29 


1,743 

1,396 

1,277 

1,310 

1,065 

783 

1,789 

2,510 

142 

231 


4,217 


5 under 10 


2,508 


10 under 20 . 


3,456 


20 under 30 


2,119 


30 under 40 .. 


2,014 


40 under 50 


L603 


50 under 100 ... 


4,267 


100 under 200... . 


12,918 


200 under 400 


3,808 


400 under GOO 


L626 


600 under 800 


480 


800 under 1,000 


46 
1,183 




1,000 under 1,500 


94 


164 


1,500 under 2,000 . . . 


181 


2,000 under 2,500 




2,500 under 3,000 


1 
1 

1 
1 


2, 576 
3,150 
5,731 
4,248 






2,510 


66 




3,000 under 3,500 


525" 


2,425 
4,536 

4,248 


725 


3,500 under 4,000 


632 


27 


10 


•1,000 under 4,500 




4,500 under 5,000 










5,000 under 6,000 


1 


5,237 




5,086 


126 




26 








Total 


4. 930 


346. 679 


19, 267 


212, 549 


62,311 


12, 432 


40, 121 






Grand total . . 


15, 623 


570, 042 


54, 585 


322, 212 


104, 002 


22, 178 


67, 066 







For footnotes, see p. 237. 



STATISTICS OF ESTCOME FOR 19 40 — PART 1 



231 



Table 1.- — Gift tax returns jor 1940, nontaxable in aggregate, and taxable by net 
gift classes: ^ Number of returns, total gifts by type of property, exclusions, total 
gifts after exclusions, deductions, net gifts, and tax — Continued 

[Net gift classes and money figures in thousands of dollars] 





Exclusion of the first $4,000 of 
gifts - made to any one donee 


Total 
gifts 
after 
exclu- 
sions 


Deductions 


Net gift classes ' 


Total 


Charita- 
ble, pub- 
lic, and 
similar 
gifts 


Gifts, 
other 
than 
charita- 
ble 


Total 


Charita- 
ble, pub- 
lic, and 
similar 
gifts after 
exclu- 
sions 3 


Specific 
exemp- 
tion 
claimed 
for 1940' 
gifts < 


Nontaxable returns: 

No net gifts 


54, 489 


4,044 


50,445 


168, 874 


168, 874 


39, 893 


128. 982 


Taxable returns: 
Under 5 


7,792 

5,084 

5.284 

3. 688 

2,224 

1,648 

3,744 

2.664 

1,020 

332 

232 

160 

132 

16 


716 

296 

272 

216 

172 

152 

376 

468 

160 

52 

104 

88 

68 

12 


7,076 

4,788 

5,012 

3,472 

2,052 

1,496 

3,368 

2,196 

860 

280 

128 

72 

64 

4 


19,445 
14, 020 
21. 935 
20, 341 
15, 057 
13, 414 
45, 200 
51, 534 
36, 849 
17, 425 
11,219 

9,550 
12,306 

3,423 


16, 529 

8,566 

10,511 

8,827 

4,394 

3 593 

11.761 

15, 154 

2,189 

1,414 

591 

514 

588 

73 


5,163 

1,050 

1,297 

2,882 

329 

637 

4,608 

12, 143 

534 

1,081 

471 

474 

468 

73 


11,366 


5 under 10 


7,516 


10 under 20 . 


9,214 


20 under 30 

30 under 40 

40 under 50 .. .. 


5,946 
4,065 
2,956 


50 under 100 ... 


7,153 


100 under 200 _. .. ... 


3,010 


200 under 400 

400 under 600 


1,655 
334 


600 under 800 

800 under 1.000 


120 
40 


1.000 under 1,500 


120 


L.^iOO under 2,000 . 




2,000 under 2,500-. .. 




2,500 under 3.000 


12 

4 

136 


4 
124' 


8 
4 
12 


2,564 
3,146 
5,595 
4,248 


1 


1 




3,000 under 3,500 




3,500 under 4,000 


1,676 


1,676 




4,000 under 4,500 




4,500 under 5,000 














5,000 under 6,000 


32 


24 


8 


5.205 


123 


123 








Total 


34. 204 


3,304 


30,900 


312, 475 


86, 503 


33, 008 


53, 495 






Grand total.- 


88, 693 


7,348 


81, 345 


481, 349 


255, 378 


72.901 


182, 477 










Net gifts 


Tax 


Net gift classes i 


Aggre- 
gate 


Prior 
years » 


1940 


Aggre- 
gate 


Prior 

years ' 


1940' 


Nontaxable returns: 


s 128. 425 


8 128, 425 




' 27, 654 


> 27, 654 












Taxable returns: 

Under 5 . .. 


121, 139 
60,457 
57, 540 
46, 261 
38, 151 
32, 200 
77, 377 

182, 800 
68. 214 
23, 483 
23, 092 
19, 727 
18, 107 
4,847 


118, 222 

55, 003 

46, 116 

34, 747 

27, 489 

22, 378 

43, 938 

146. 420 

33. 555 

7.473 

12,464 

10, 691 

6,389 

1,497 


2,917 

5,454 
11, 423 
11, 514 
10, 663 

9.821 
33, 439 
36, 380 
34, 660 
16,011 
10, 027 

9,036 
11,719 

3,350 


18, 712 

8,628 
6,080 
5,309 
4,651 
4,418 
9,042 
64, 036 
12,915 
3,811 
5,156 
4,763 
4,143 
1,180 


18, 653 
8,338 
5,435 
4,551 
3,824 
3,580 
5,824 

59, 378 
7.758 
1,099 
2,789 
2,526 
1,468 
286 


159 


5 under 10 . .. 


290 


10under20 . 


646 


20 under 30 


758 


30 under 40 


827 


40 under 50 . . 


838 


50 under 100 . ...... 


3,218 


100under200 .. 


4,657 


200 under 400 


5,157 


400 under f)00 


2,712 


600 under 800 


2,367 


800 under 1,000 


2,237 


1,000 under 1,500 . . 


2,675 


1,500 under 2,000 


894 






2,500 under 3,000 


6,040 
3,300 
6,374 
6,989 


3,477 

154 

2,455 

2,741 


2, ,563 
3,146 
3,919 
4,248 


1,881 

813 

2,047 

2,466 


872 
14 
548 
635 


1,009 


3,000 under 3,500 


799 


3,500 under 4,000 


1,499 


4,000 under 4,500 


1,831 






5,000 under 6,000 . - 


6,227 


1,145 


5,082 


2,073 


202 


1,871 








Total 


802, 324 


576, 353 


225, 972 


162, 124 


127, 679 


34, 445 


Grand total 


930, 749 


704, 777 


225, 972 


1,S9, 778 


155, 333 


34, 445 









For footnotes, see p. 237 



232 



STATISTICS OF INCOME FOR 1940 — PART 1 



Table 2. — Gift tax returns for 1940; taxable returns by total gift plus tax classes * 
and nontaxable returns by total gift classes: ^^ Number of returns, total gifts before 
exclusions, exclusions, total gifts after excbisions, deductions, net gifts, and tax 

[Total gift plus tax classes, total gift classes, and money figures in thousands of dollars] 





Total 
num- 
ber of 

returns 


Taxable returns 


Total gift plus tax classes • 


Num- 
ber of 
returns 


Total 
gifts 
before 
exclu- 
sions 


Exclusion of the first 
$4,000 of gifts '' made 
to any one donee 


Total 
gifts 
after 

exclu- 
sions 


Deduc- 
tions 


Total 


Chari- 
table, 
public, 

and 
similar 

gifts 


Gifts 
other 
than 
chari- 
table 


Total 


Under 5 


1,455 

3,292 

3,802 

2,107 

1,550 

1,239 

1,356 

491 

209 

47 

19 

14 

20 

9 

3 

1 


328 

549 

807 

512 

354 

461 

1,152 

462 

196 

43 

18 

12 

19 

7 

3 

1 


1,033 

3,821 

11,311 

12, 123 

11,711 

20, 154 

75, 527 

57, 609 

48,402 

18,173 

10, 050 

9,342 

18,944 

9, 524 

5,714 

2,483 


516 

2,048 

4,600 

3,796 

2,804 

3,064 

9,012 

4.476 

2,008 

608 

288 

204 

256 

164 

56 

20 




516 

2,016 

4,420 

3,612 

2,604 

2,920 

8,388 

3,944 

1,512 

448 

184 

108 

112 

60 

8 

4 


517 

1,773 

6,711 

8,327 

8,907 

17,090 

66, 515 

53, 133 

46, 394 

17, 565 

9, 762 

9,138 

18. 688 

9,360 

5, 658 

2,463 


15 




32 
180 
184 
200 
144 
624 
532 
496 
160 
104 

96 
144 
104 

48 

16 


125 


■10 under 20 


882 


•120 under 30 - 


1,641 


^30 under 40 


2,268 


i40 under 50 


9,574 


'50 under 100 


29, 708 


UOO under 200 . - 


10. 768 


(200 under 400 


6,414 


■400 under GOO - --- 


2,037 


'600 under 800 


755 


800 under 1,000 _- .-- 


1,762 


1 000 under 1,500 


2,773 


1 500 under 2,000 


1,7,'57 


2,000 under 2,500 . 


2,279 


2,500 under 3,000 


2,367 


3 000 under 3 500 




3,500 under 4,000 


3 


2 


5,726 


16 


4 


12 


5,710 


1 






4500 under 5000 


1 
















5 000 under 6 000 
















6 000 under 7,000 


1 
3 


1 
2 


4,248 
10,968 








4,248 
10,800 




7,000 under 8,000 


168 


148 


20 


1,798 


8 000 under 9 000 




9,000 under 10,000 


1 


1 


9,819 


100 


88 


12 


9,719 


9,577 






Total -. 


15, 623 


4,930 


346. 679 


34, 204 


3,304 


30,900 


312, 475 


■ 86,503 







For footnotes, see p. 237. 



STATISTICS OF INCOME FOR 1940 PART 1 



233 



Table 2. — Gift tax returns for 1940; taxable returns by total gift plus tax classes^ 
and nontaxable returns by total gift classes: i" Number of returns, total gifts before 
exclusions, exclusions, total gifts after exclusions, deductions, net gifts, and tax — 
Continued 

[Total gift plus tax classes, total gift classes, and money figures in thousands of dollars] 



Total gift plus tax classes ' 



Under 5 

5 under 10 

10 under 20.. 

20 under 30 

30 under 40 

40 under 50 

sounder 100 

100 under 200 

200 under 400 

400 under 600 

600 under 800 

800 under 1,000. _. 
1,000 under 1,500.. 
1,500 under 2,000.. 
2,000 under 2,500.. 
2,500 under 3,000.. 
3,000 under 3,500.. 
3,500 under 4,000.. 
4,000 under 4,500.. 
4,500 under 5,000-. 
5,000 under 6,000.. 
6,000 under 7,000.. 
7,000 under 8,000- - 
8,000 under 9,000-. 
■9,000 under 10,000. 

Total 



Taxable returns— Continued 



Deductions — Con. 



Chari- 
table, 
public, 

and 
similar 
gifts 
after 
exclu- 
sions 3 



798 



33, 008 



Specific 
exemp- 
tion 
claimed 
for 1940 
gifts 



14 

115 

733 

1,425 

1,958 

9,370 

28, 088 

8,183 

2,733 

365 

200 

120 

120 

73 



53, 495 



Net gifts 



Aggrc- 



20, 460 
37,815 
83, 496 
49, 229 
34,140 
38, 799 
112,272 
95, 029 
90, 128 
21, 573 
19,960 
14,480 
27, 966 
18. 513 
4,882 
769 



9.339 



12, 601 
'i03."884 



802, 324 



Prior 
years 5 



19, 958 
36, 168 
77, 667 
42, 543 
27, 502 
31. 284 
75, 465 
52, 664 
50, 148 

6,045 
10, 953 

7,105 
12,052 
10,910 

1,503 
673 



3,630 



2,741 
3,600 



103, 743 



576, 353 



1940 



502 

1.647 

5.829 

6,686 

6,639 

7,515 

36, 807 

42, 364 

39, 980 

15, 528 

9,007 

7.375 

15,915 

7,603 

3,379 



5,709 



4,248 
9,001 



225, 972 



Tax 



Aggre- 
gate 



2,159 

4,350 

12, 890 

6,126 

3,820 

5,121 

14, 251 

12, 295 

16, 790 

3,145 

4,023 

3,030 

5,910 

5,064 

1,181 

119 



2,694 



2,466 
4,120 



52,568 



162, 124 



Prior 
years « 



2,131 
4,251 

12, 528 
5,664 
3,314 
4,524 

11,396 
7,688 

11,140 
748 
2,310 
1,478 
2,311 
3,054 
286 



635 
750 



52, 487 



127,679 



1940' 



28 

99 

361 

462 

506 

597 

2,856 

4,608 

5,651 

2,397 

1,713 

1,552 

3,599 

2,010 

895 

21 



l.f 



1,831 
3,370 



82 



34,445 



For footnotes, see p. 237. 



234 



STATISTICS OF INCOME FOR 194 — PART 1 



Table 2.— Gift tax rettirns for 1940; taxable returns by total gift plus tax classes^ 
and nontaxable returns by total gift classes: i" Number of returns, total gifts before 
exclusions, exclusions, total gifts after exclusions, deductions, net gifts, and tax — 
Continued 

[Total gift plus tax classes, total gift classes, and money figures in thousands of dollars] 





Nontaxable returns 


Total gift classes 'o 


Number 
of returns 


Total 
gifts be- 
fore exclu- 
sions 


Exclusion of the first $4,000 of 
gifts 2 made to any one donee 




Total 


Chari- 
table, 
public, 
and simi- 
lar gifts 


Gifts 

other 
than char- 
itable 


Total 
gifts after 
exclusions 




1,127 

2,743 

2,995 

1,595 

1,196 

778 

204 

29 

13 

4 

1 

2 

1 

2 


3.684 

19, 331 

42.012 

38, 354 

41, 682 

33, 532 

11,963 

3. 852 

3.627 

1, 769 

700 

1,858 

1,089 

3,740 


2.068 

10. 505 

15, 492 

9,524 

7,264 

5, 736 

3,244 

264 

156 

48 

4 

128 

20 

8 


96 
596 
932 
540 
360 
296 
612 
232 
156 

36 

4 

128 

20 
8 


1,972 
9,909 
14, 560 
8,984 
6,904 
5,440 
2,632 
32 


1,616 


5 under 10 


8.826 


10 under 20 


26, 520 


20 under 30 


28, 830 


30 under 40 


34, 418 


40under50 


27, 796 


50 under 100 . 


8,719 


100 under 200 


3,688 


200 under 400 .... 


3,471 


400 under 600 . 


12 


1,721 


600 under 800 


696 


800 under 1,000--- 


1,730 


1,000 under 1,500 




1,069 


1,500 under 2,000 


3,732 


2,000 under 2,500 






2,500 under 3,000 . 














3,000 under 3,500 . 














3,500 under 4,000 . 


1 


3,701 


4 


4 




3,697 


4,000 under 4,500 






4,500 under 5,000 


1 


4,647 


4 


4 




4,643 


5,000 under 6,000 




6,000 under 7,000 














7,000 under 8,000. 


1 


7,822 


20 


20 




7.802 






Total 


10, 693 


223, 363 


54, 489 


4,044 


50, 445 


168, 874 












Nontaxabl 


e returns- 


Continued 






Deductions 


Net gifts 
for prior 
years « ' 




Total gift classes »^ 


Total 


Chari- 
table, 
public, 
and simi- 
lar gifts 
after ex- 
clusions 3 


Specific 
exemp- 
tion 
claimed 
for 1940 
gifts * 


Tax for 

prior 

years » « 


Under 5 


1,616 

8,826 

26, 520 

28, 830 

34, 418 

27, 796 

8.719 

3,588 

3,471 

1,721 

696 

1,730 

1, 069 

3,732 


16 

380 

1.093 

1,216 

970 

813 

3.356 

3,499 

3,471 

1,710 

696 

1,730 

1,069 

3,732 


1,600 
8,446 

25, 427 
27, 614 
33, 447 

26, 984 
5,363 

89 

11 


2,079 
18, 771 
26, 560 
24, 726 

8,101 

5,423 
27, 989 
11,825 

2,482 


223 


5 under 10 . .. .. 


3,298 


10under20 ... 


4,506 


20under30 


6,921 


30 under 40 . 


1,407 


40 under 50 .. 


952 


50 under 100 . .- 


7,015 


100under200 


2,771 


200under400 . - .... 


510 


400 under 600 




600 under 800 






800 under 1 000 








1,000 under 1,500 








1,500 under 2,000 




212 


22 


2 000 under 2, ,500 






2,500 under 3,000 












3,000 under 3.500 












3,500 under 4,000 


3,697 


3,697 








4,000 under 4,500 








4, .500 under 5.000 


4,643 


4,643 




256 


28 


5 000 under 6 000 


















7,000 under 8,000 


7,802 


7,802 


















Total 


168. 874 


39, 893 


128. 982 


128,425 


27.654 



For footnotes, see p. 237. 



STATISTICS OF INCOME FOR 194 — PAET 1 



235 



Table 3. — Gift tax returns for 1940; gifts hy tijpe of property transferred: Total 
value, value of gifts transferred in trust, and value of gifts otherwise transferred 

[Thousands of dollars] 





Value of property transferred 


Property transferred 


Total 


In trust 


Other than 
in trust 


Real estate ... 


54, 585 
322, 212 
104, 002 
22, 178 
67, 066 


5,810 

120, 031 

18, 452 

5,218 
10, 988 


48 775 


Stocks and bonds . . .. .. . 


202, 181 
85, 550 
16, 960 
56, 078 


Cash . 


Insurance . . .- 


Miscellaneous . . 




Total - 


570,042 


160, 499 


409 544 







Table 4.- — Gift tax returns for 1940, of identical donors,^^ by taxable status for current 
year and for prior years: Number of returns, total gifts after exclusions, deductions, 
net gifts and tax 

[Money figures in thousands of dollars] 





Number of 

returns for 

1940 


Total gifts 
after exclu- 
sions, 1940 


Deductions 


Net gifts 


Taxable status 


Charitable, 
public, and 

similar 
gifts after 
exclusions 


Specific 
exemption 
claimed for 
1940 gifts * 


Aggregate 


Taxable for both 1940 and prior years 

Taxable for 1940 and nontaxable for prior 


2,840 

892 

50 
2,643 


180, 454 

43,958 

686 
20,449 


30, 956 

1,773 

130 
1,018 


1,329 

11,917 

556 
19, 431 


724, 509 
30, 267 


Nontaxable for 1940 and taxable for prior 

years 


2,391 


Nontaxable for both 1940 and prior years_. 






Total 


6,425 


245, 547 


33, 877 


33, 234 


757, 167 



Taxable status 


Net gifts- 


Continued 


Tax 


Prior years ' 


1940 


Aggregate 


Prior years « 


1940' 


Taxable for both 1940 and prior years 

Taxable for 1940 and nontaxable for prior 


576, 339 


148, 169 
30, 267 


155,623 

2,482 

253 


127, 679 


27,944 
2,482 


Nontaxable for 1940 and taxable for prior 
years 


2,391 


253 




















Total .. . - ... 


578, 730 


178,437 


158, 358 


127, 931 


30, 426 







For footnotes, see p. 237. 



498968—43- 



236 



STATISTICS OF INCOME FOR 1940 — PART 1 



Table b.-^Taxable gift tax returns for 1940, of identical donors ^^ who filed taxable 
returns for prior years, by net gift classes and by net gift for prior years classes: 
Number of returns 

[Net gift classes and net gifts for prior years classes in thousands of dollars] 





Net gift for prior years classes '' 


Net gift classes ' 


Total 


Under 5 


5 under 
10 


10 

under 

20 


20 

under 

30 


30 

under 

40 


40 

under 

50 


50 

under 

100 


Under 5 . 


864 

433 

444 

253 

164 

127 

254 

164 

78 

24 

12 

9 

8 

1 


113 
44 
52 
24 

7 
10 
22 
6 
9 


89 

44 

49 

27 

11 

10 

14 

4 

4 

1 


140 
77 
66 
26 
18 
12 
21 
15 
2 
1 


77 

40 

31 

21 

10 

11 

14 

12 

3 

1 

1 


46 

38 

38 

18 

10 

6 

14 

13 

2 

1 

2 


44 
29 
23 
13 
9 
9 
15 
7 
3 


140 


5 under 10 


66 


10 under 20 --- 


79 


20 under 30 . 


49 


sounder 40 


31 


40 under 50 . - 


25 


50 under 100 .- . 


43 


100 under 200 


29 


200 under 400 ._. 


12 


400 under 600 


6 


600 under 800 


1 


800 under 1,000 - - 








1 


1,000 under 1,500 - .. 














1 


1,500 under 2.000 
















2,000 under 2,500 
















2,500 under 3,000 


1 
1 
1 
1 
















3,000 under 3,500 
















3,500 under 4,000 
















4,000 under 4,500 
















4,500 under 5,000 ... ... . _. 
















5,000 under 6,000-- 


1 




















i 












Total . 


2,840 


287 


253 


378 


221 


188 


152 


483 









Net gift for prior years classes 12— Continued 


Net gift classes ' 


100 

under 

200 


200 

under 

400 


400 

under 

600 


600 

under 

800 


800 
under 
1,000 


1,000 
under 
1,500 


1,500 
under 
2,000 


2,000 
under 
2,500 


2,500 
and 
over 


Under 5 


102 
46 
54 
32 
33 
14 
54 
34 
14 
2 


50 

20 

26 

23 

22 

17 

33 

9 

14 

7 

3 

2 

3 


27 
11 
14 
9 
6 
9 
7 
14 
4 
2 


11 
4 
3 
3 
3 
1 
8 
9 
5 
1 


2 
4 
2 
2 
1 
1 
4 
4 
1 
._ 


13 
5 
5 
2 

1 


4 
2 

2" 


1 
1 
2 
2 
1 
1 
1 
__ 


5 


5 under 10 _ 


2 


10 under 20 




20 under 30 . . 




30 under 40 


1 


40 under 50 


1 


rounder 100 




2 
1 

1 
1 
1 
1 


1 


100 under 200 


3 


200 under 400 


2 


400 under 600 . .. 




fiOO under 800 .. 




2 


800 under 1,000 




2 
1 


2 


1 


1,000 under 1,500 


2 






1 


1,500 under 2,000 . 






1 








2,000 under 2,500 .. 


















2,500 under 3,000 


















1 


3,000 under 3,500 _. 


1 


















3,500 under 4,060 














1 




4,000 under 4,500 
















1 


4,500 under 5,000 




















5,000 under 6,000 












1 


























Total 


388 


229 


106 


50 


22 


36 


15 


11 


21 







For footnotes, see p. 237. 



STATISTICS OF INCOME FOR 1940 — PART 1 



237 



Table 6. — Gift tax returns, 1932-1940: Number of returns by taxable status, total 
gifts before exclusions, net gifts, and tax 

[Money figures in thousands of dollars] 



Calendar year in which gifts were 
made 


Number of returns 


Total gifts 
before ex- 
clusions 


Net gifts 




Total 


Taxable 


Nontax- 
able 


Tax 


1932 (June 7-December 31) 


1,747 
3,683 
9,270 
22, 563 
13, 420 
13, 695 
11,042 
12, 226 
15,623 


245 
878 
2,528 
8,718 
3,770 
4,128 
3,515 
3,929 
4,930 


1,502 
2,805 
6,742 

13, 845 
9,650 
9,567 
7,527 
8,297 

10, 693 


81,389 
241, 008 
888, 753 
2, 130, 514 
482, 783 
568, 109 
399, 773 
371, 604 
570, 042 


17, 879 
101, 793 
537, 083 
1,196,001 
134, 979 
180, 939 
138,801 
131, 577 
225, 972 


1 111 


1933 


8 943 


1934 


68, 383 

162, 798 

15 664 


1935 


1936 


1937 


22,758 
17, 839 
18, 701 
34,445 


1938 


1939 


1940 





Footnotes for gift tax tables 1-5, pages 230-236 



' Based on the current year net gifts. 

2 Except gifts in trust or of future interest in prop- 
erty. 

3 The exclusions for charitable, public, and similar 
gifts are tabulated under "Exclusion of the first 
$4,000 of gifts made to any one donee." 

* Specific exemption of $40,000 is allowed each 
resident or citizen donor (section 1004(a)(1), Internal 
Revenue Code). At the option of the donor, this 
amount may be taken in one year or spread over a 
period of years. 

5 Tabulated from schedule C, 1940 return. Form 
709. Net gifts for prior years (subsequent to June 6, 
1932) reported in schedule C may exceed net gifts 
actually reported in prior years, for the reason that 
when a specific exemption of over $40,000 has been 
taken for years prior to 1936 (when $50,000 exemption 
was allowed'), the net gifts for prior years reported in 
this schedule are increased by the amount taken in 
excess of $40,000 (section 1004(a)(1), Internal Revenue 
Code). 

« Tabulated from item 5, schedule for computation 
of tax, page 1, 1940return, Form 709. -The tax on net 
gifts for prior years (subsequent to June 6, 1932) may 



not be the actual tax liability reported in those years 
because it is a tax computed at current rates, on the 
total net gifts for prior years to which has been added 
any exemption in excess of $40,000 taken prior to 1936 
(section 1004(a)(1), Internal Revenue Code). 

' Includes defense tax. 

* These amounts, computed as indicated in notes 
5 and 6, are probably understated, since sufficient 
information for their computation is not always 
shown on the current year return. 

» Based on current year total gifts before exclusions 
plus the current year tax. 

'0 Based on current year total gifts before exclu- 
sions. 

11 Identical donors are individuals who reported 
for both 1940 and prior years (subsequent to June 6, 
1932) gifts other than charitable, public, and similar 
gifts. 

12 Based on amount of net gifts for prior years (sub- 
sequent to June 6, 1932) as adjusted in schedule C, 
1940 return. Form 709, to include the amount in 
excess of $40,000 specific exemption taken prior to 
1936 (see note 5). 



SYNOPSIS OF 

FEDERAL TAX LAWS 

AFFECTING THE COMPARABILITY OF HISTORICAL 
DATA IN STATISTICS OF INCOME 



INDIVIDUAL INCOME AND PROFITS TAXES 

FIDUCIARY INCOME TAX 

ESTATE TAX. AND 

GIFT TAX 

RATES. CREDITS. EXEMPTIONS 

AND OTHER PROVISIONS 



239 



SYNOPSIS OF FEDERAL TAX LAWS AFFECTING THE 

COMPARABILITY OF HISTORICAL DATA IN 

STATISTICS OF INCOME 



INDIVIDUALS AND FIDUCIARIES 

A. Requirements for filing income tax returns, personal exemption,^ 
credit for dependents, and normal tax rates, under the Federal tax 
laws for the income years 1913 through 1940. 

B. Surtax rates and total surtax, under the Federal tax laws for 
the income years 1913 through 1940. 

C. Supplemental income and profits tax rates and credits, under 
the Federal tax laws for the income years 1917 through 1940. 

ESTATES 

D. Tax rates, total estate tax, specific exemption, and credits 
against estate tax, under the Federal tax laws applicable to estates of 
citizens and aliens who died in the period September 9, 1916, through 
December 31, 1941. 

GIFTS 

E. Tax rates, total gift tax, specific exemption, exclusions, and 
deductions, under the Federal tax laws afl'ecting gifts made during: 
the calendar years 1924 through 1940. 

241 



242 



STATISTICS OF INCOME FOR 194 — PART 1 



A. — Individuals and fiduciaries^ requiremejits for filing income fax returns, personal 

for the income years 



Federal tax law 
(Date of enactment) 



Income year 



Act of: 

Oct. 3, 1913 (Income tax) 

Revenue Act of: 

1916 (Sept. 8, 1916) 

1916 as amended and 

1917 (Oct. 3, 1917) 

1918 (Feb. 24, 1919) 

1921 (Nov. 23, 1921) 

1924 (June 2, 1924) 

1926 (Feb. 26, 1926) 



1928 (May 29, 1928). 



1932 (June 6, 1932) 

National Industrial Recovery 

Act (June 16. 1933). i6 
Revenue Act of: 

1934 (Mav 10, 1934) 

1936 (June 22, 1936) 

1937 (.\ug. 26, 1937) 18_ 

[ 1938 (May 28, 1938) 

Internal Revenue Code 
[ (Feb. 10, 1939). i» 

Internal Revenue Code as 
amended bv: 
Public Salarv Tax Act 

(Apr. 12. 1939). 20 
Revenue Act of: 

1939 (June 29, 1939) 

1940 (June 25. 1940)22. ... 



Citizens and residents of the 
United States 



Requirements for filing returns ' 



Married and living 
with husband or 
wife* 



Net in- 
come ' 



Mar. 1, 1913 through 
Dec. 31, 1915. 



1916. 
[l917. 
[1918- 



[1919, 1920. 



1921, 1922, 1923. 
1924. 



1925, 1926, 1927. 

1928. 

{l929 



1930, 1931. 

1932. 1933. 
1933 



1934, 1935. 

1936, 1937. 

1937 

/1938 

U939 



1940. 



$3,000 

3,000 
2,000 
2,000 

2,000 

2,000 
2,500 

3,500 



• 3, 500 



2,500 



2,500 
2,500 



2,000 



Gross in- 
come re- 
gardless 
of amount 
of net 
income 



$5, 000 
5,000 

5,000 



5, 000 



5, 000 



5,000 



5,000 



Single; married and 
not living with 
husband or wife; 
fiduciaries 2 (e) 



Net in- 
come 5 



$3, 000 

3,000 
1,000 
1,000 

1,000 

1.000 
1,000 

1,500 



1,000 



2,000 



800 



Gross in- 
come re- 
gardless 
of amount 
of net 
income 



$5, 000 
5,000 

5,000 



5.000 



5,000 



800 



' In general, nonresident aliens are required to file 
income tax returns for all taxable incoqie from sources 
w^ithin the United States regardless of amount, un- 
less total tax has been paid at source. For excep- 
tions, see Treasury Decision 4791 — Regulations 94, 
amended to accord with the Revenue Act of 1937. 
(See note 17.) 

2 (a) For 1913 through 1917, individuals were re- 
quired to file returns on a calendar year basis, while 
for 1918 and subsequent years returns are permitted 
for a fiscal year other than that ending December 31. 



Footnotes 
[References to notes mean 

(6) For 1913 through 1915, a citizen or resident of 
the United States whose net income was less than 
$20,000 and for whom a full return was made by with- 
holding agent was not re<iuired to file a return. 

((■) For 1921 and subsequent years, citizens deriv- 
ing a large portion of their gross income from sources 
within a possession of the United States are required 
to file returns for all income derived from sources 
within the United States, or from sources within 
or without the United States received within the 
United States, regardless of amount. 



STATISTICS OF INCOaiE TOR 1940 ^PABT 1 



243 



exemption, credit for dependents, and normal tax rates, under the Federal tax laws 
19 IS through 1940 



Citizens and residents of the United States— Continued 


Nonresident aliens i 




Personal exemption ^ 


Credit 
for 
each 
de- 
pend- 
ent 7 


Net income subject to 
normal tax « 


Nor- 
mal 
tax 
rate 
(per- 
cent) 


Personal exemption 


Credit 
for 
each 
de- 
pend- 
ent 


Nor- 
mal 
tax 
rates 
(per- 
cent) 




Married 

and 

living 

with 

husband 

or wife; 

head of 

family 


Single; 
married 
and not 
living 
with 
husband 
or wife; 
not head 
of family; 
fiduci- 
aries « 


Married 

and 

living 

with 

husband 

or wife; 

head of 

family 


Single; 
married 
and not 
living 
with 
husband 
or wife; 
not head 
of family 




« $4, 000 

4,000 
2,000 

2,000 

2,000 

" 2, 500 

2,500 
3,500 

3,500 
2,500 


» $3, 000 

3,000 
1,000 

1,000 

1,000 

1,000 

1,000 
1,500 

1,500 
1,000 


$200 
200 
200 
400 

400 
400 

400 
400 


All 


1 
2 

i 

6 
12 
4 

8 

12 4 
12 8 

2 

4 

6 

VA 

3 

5 

IH 

3 

5 

16 2 
18 4 

VA 

3 

5 

4 

8 








1 

2 
2 

12 

8 
Hiag 

"6 
»5 
i«5 

14 19 4 

H5 
i«8 


1 


All 

/First $2,000.... 


$4,000 
} 


$3,000 




2 


\Balanee over $2,000 

/First $4,000.. 


S 


} ('«) 
} ('») 
} 1,000 

1,000 

1, 500 

1,500 

■ 1,500 

• 1,500 
1,000 


(10) 
(10) 

1,000 
1,000 

1,500 

1,500 

1,500 

1,500 
1,000 


(10) 
(10) 
(13) 

(13) 

(13) 

(13) 

(13) 

(13) 
(13) 




\Balance over $4,000 

/First $4,000 


[« 


(.Balance over $4,000 

/First $4,000 


) 


(Balance over $4,000 

First $4,000 . . 




•^Second $4,000 


6 


Balance over $8,000 

First $4,000 . . 




Second $4,000 . . . 


7 


Balance over $8,000 

/(First $4,000 




{Second $4,000 




[Balance over $8,000.-.. 
IFirst $4,000 




^Second $4,000 


8 


[Balance over $8,000 

(First $4,000 . 


{Second $4,000 




UBalance over $8,000 

/First $4,000 

\Balance over $4,000 


9 
10 


2,500 


1,000 


400 


AH. 


4 


/ 1,000 

\ "1,000 

1' 1, 000 

1' 1, 000 


1,000 
" 1, 000 
" 1, 000 

" 1, 000 


(13) 
(13 17) 
(") 
(") 


14 4 

"10 
"10 

"10 


12 




2,500 


« 1, 000 


400 


All ... . 


4 


13 




14 




















15 


2,000 


800 


400 


All . . . 


J3 4 


800 


800 


(24) 


M15 


16 







for table A 

the footnotes of this table] 

(d) For 1925 and subsequent years, American citi- 
zens who are nonresidents of the United States for 
more than six months of the year are not required to 
report earned income from sources without the 
United States, and are not required to file returns 
unless their gross income, exclusive of earned income, 
from sources without the United States equals or 
exceeds $5,000; or unless their net income, exclusive 
of earned income, from sources without the United 
States equals or exceeds the amount indicated in 
this table under "Requirements for filing returns." 



For 1932 and subsequent years, the exclusion from 
gross income of earned income from sources without 
the United States does not apply to amounts paid 
by the United States or any agency thereof. The 
compensation of resident alien employees of foreign 
governments is excluded from gross income under 
certain conditions. See see. 116(h), Revenue Act 
of 1936, which subsection (h) was added to sec. 116, 
Revenue Act of 1934, by Public, No. 374, Seventy- 
fourth Congress, and which is retroactive, subject 
to the statutory period oflimitation. 



244 



STATISTICS OF INCOME FOR 1940 PART 1 



Footnotes for table A — Continued 
[References to notes mean the footnotes of this table] 



(e) For 1936 and prior years, income from an estate 
or trust taxable to the fiduciary is required lo be 
reported on the individual income tax return, Form 
1040, while income from an estate or trust not tax- 
able to the fiduciary is required to be reported on the 
fiduciary return of income. Form 1041, the require- 
ments for filing being the same as for a single person, 
except that a return is required for every estate or 
trust of which any beneficiary is a nonresident alien. 
Beginning with 1937, all income from an estate or 
trust is required to be reported on the fiduciary 
income tax return. Form 1041, the requirements for 
filing being the same as in prior years except that 
for 1938 and subsequent years returns are required 
for every trust having a net income of $100 or more. 

3 For 1921 and subsequent years, citizens deriving 
a large portion of their gross income from sources 
within a possession of the United States are allowed 
the same exemption as nonresident aliens. 

* Husband and wife each to file a return unless 
combined income is included in joint return. 

' Net income means the excess of gross income 
over deductions as defined in the various revenue 
acts. Net income of fiduciary income tax returns, 
1937 and subsequent years, means net income tax- 
able to the fiduciary. Certain variations in the de- 
ductions allowed follow: 

(a) Amortization of buildings, machinery, equip- 
ment, or other facilities constructed or acquired on 
or after Apr. 6, 1917, for the production of articles 
contributing to the prosecution of the war is included 
to a reasonable amount in business deductions, 
1918 through 1921. 

(6) Contributions or gifts actually made by indi- 
viduals within the year to corporations, associations, 
or societies, organized and operated exclusively for 
religious, charitable, scientific, or educational i)ur- 
poses, to an amount not in excess of 15 percent of the 
taxable net income licfnro deducting the contribu- 
tions, are, in general, deciuctible for 1917 and sub- 
sequent years. For 1938 and thereafter (1) such 
contributions are deductible only if paid during the 
taxable year, and (2) contributions of a partnership 
are deductible by the partners in their individual 
returns, not by the partnership. The deduction for 
the combined amount of the pro rata share of the 
partnership contributions plus contributions made 
by the individual cannot exceed \^t [lercent of the net 
income reported on the individual return before 
deducting the contributions. For 1938 and 1939, 
such contributions are deductible only if paid to or 
for the use of domestic organizations, and for 1940, 
only if ])aid to or for the use of organizations created 
in the United States or in any possession thereof. 
For unlimited deduction of contributions, see the 
Revenue Act of 1924 and subsequent acts. 

(c) Lossessustained during a taxable year, incurred 
in trade or business, or arising from fire, storm, 
shipwreck, etc., and not compensated for by insur- 
ance or otherwise, are entirely deductible, with the 
following exceptions: 

For 1916 and 1917, losses sustained during the 
year in transactions entered into for profit but not 
connected with business or trade are allowable only 
to the extent of the gains from such transactions; 
for 1918 through 1931, such losses are entirely deduct- 
ible. 

For 1921 and subsequent years, losses resulting 
from the sale of securities after November 23, 1921, 
are not deductible when substantially identical 
securities are acquired or reacquired within 30 days 
before or after such transaction. 

For 1932 and 1933, losses from sales or exchanges 
of stocks or bonds other than capital as.sets held 
more than two years and other than bonds issued 
by a government or political subdivision thereof, 
^re allowed only to the extent of the gain from such 
sales or exchanges. (The Revenue Act of 1932 al- 
lowed the exc(\ss of such losses to be carried forward 
and applied against such gains of the next succeed- 
ing year, but this carry-over was nullified by sec. 318 
(b), National Industrial Recovery Act.) 

For 1933, individual members of a partnership 
were not permitted to reduce their individual net 
income by their proportionate share of a net loss 



incurred by the partnership through sales or ex- 
changes of stocks or bonds other than capital assets. 

For 1934 and subsequent years: Losses from 
wagering transactions are allowed, but only to the 
extent of the gains from such transactions; losses 
are not deductible when resulting from sales or 
exchanges of property, directly or indirectly, between 
members of a family (except in case of distributions 
in liquidation) and between an individual and a 
corporation in which such individual owns, directly 
or indirectly, more than 50 percent in value of the 
outstanding stock of the corporation. 

For 1937 and subsequent years, losses are not de- 
ductible when resulting from sales or exchanges of 
property between (1) a grantor and a fiduciary of 
any trust, (2) a fiduciary of a trust and a fiduciary 
of another trust, if the same person is a grantor with 
respect to each trust, and (3) a fiduciary of a trust 
and a beneficiary of such trust. 

(d) Net loss for prior year (excess of deductions 
ovei gross income) resulting from the operation of 
any trade or t)usiness regularly carried on by the 
taxjjayer. 

A net loss for any taxable year beginning after 
Oct. 31, 1918, and ending prior to Jan. 1, 1920, may be 
deducted from the net income of the preceding year, 
a redetermination of taxes for the preceding year 
being made. When the net loss exceeds the net 
income for the preceding year, the amount of such 
excess is to be deducted from the net income of the 
succeeding taxable year. 

There was no "net loss" relief provision for 1920. 

For 1921 through 1929, a net loss for any year be- 
ginning after Dec. 31, 1920, may be deducted from 
the net income of the succeeding taxable year, and 
if such loss exceeds the net income of the first suc- 
ceeding year, the amount of such excess is to be 
allowed in the second succeeding year. 

A net loss for 1930 may be carried forward and de- 
ducted from the net income of the first succeeding 
year only. There is no provision for deduction of 
a prior year net loss in the period 1931 through 1938. 
The Revenue Act of 1932 provides for a net loss 
cany-over to the first succeeding year only, but this 
carry-over is nullified by sec. 218(a), National 
Industrial Recovery Act. 

The Internal Revenue Code, as amended by the 
Revenue Act of 1939, provides that individuals en- 
gaged in trade or business, incurring a net operating 
loss in any taxable year beginning on or after Jan. 1, 
1939, may carry such loss forward and apply it with 
certain adjustments and limitations, as a deduction 
against the net income of the first succeeding year. 
The excess loss, if any, that is not absorbed by the 
net income of the fir.st succeeding year, may be car- 
ried forward and deducted from the net income of 
the second succeeding vear. (See sec. 211, Revenue 
Act of 1939.) 

(«) For provisions concernihg capital gains and 
losses, including the net short-term capital loss 
carry-over jirovided bv the Revenue Act of 1938, 
see table C, pp. 248-249. 

6 For 1937, certain trusts which permitted accumu- 
lation of income were not allowed the exemption 
and for 1938 and subsequent years, a credit of $100 
against the net income of a trust was substituted for 
the exemption. 

' Credit allowed individuals for each dependent 
under 18 years of age or incapable of self-support 
because mentally or physically defective. This 
credit is not applicable to citizens deriving a large 
portion of their gross income from sources within a 
possession of the United States, 1921 and subsequent 
years. 

s Net income subject to normal tax is all not income 
after deducting the sum of: 

(a) Personal exemption. 

(ft) Credit allowed individuals for dependents, 
1917 and subsequent years. 

(c) Dividends on stock of domestic corporations, 
1913 through 1935 (other than (1) corporations de- 
riving a large jiortion of their gross income from 
sources within a possession of the United States, 



STATISTICS OF INCOME FOiR 194 — PART 1 



245 



Footnotes for table A — Continued 
[References to notes mean the footnotes of this table] 



1921 through 1935, and (2) China Trade Act corpora- 
tions, 1922 through 1935, and (3) corporations ex- 
•empt from tax, 1932 through 1935), and dividends on 
stock of foreign corporations recj-eiving a certain 
amount of income from sources within the United 
States, 1913 through 1933. For 193G and subsequent 
years, no dividends are deductible. 

(d) Income upon which the tax has been paid or 
withheld for payment at the source, 1913 through 
1917. 

(e) Interest on United States obligations issued 
after September 1, 1917, which is required to be 
included in gross income; and for 1934 and subsequent 
years, interest on obligations of instrumentalities 
of the United States, which under sec. 25 (a) (3), 
Revenue Act of 1934, is exempt from normal tax. 

(/) Credit allowed individuals of 10 percent of 
the amount of the earned net income, or 10 percent 
of the entire net income, whichever amount is small- 
er, 1934 and subsequent years. The earned net in- 
come recognized cannot exceed $14,000. (For 1924 
through 1931, the earned income credit was a tax 
credit. See table C, p. 250.) 

• No provision for head of family in Revenue Act 
of 1913. Exemption prorated for period Mar. 1 
through Dec. 31, 1913. 

" For 1918 through 1920, nonresident aliens are 
allowed the personal exemption ($1,000 if single; 
$2,000 if married) and the credit for each dependent 
($200), only when the country of which the nonresi- 
dent alien is a citizen cither imposes no income tax or 
allows similar credit to citizens of the United States 
not residing within such foreign country. (See notes 
13, 14. and 17.) 

" For net incomes in excess of $5,000, personal 
exemption is $2,000. 

'2 Tax for 1923, computed at these rates, was re- 
duced 25 percent bv credit or refund under sec. 
1200 (a). Revenue Act of 1924. 

'3 For 1921 through 1935, if nonresident alien is 
resident of Canada or Mexico, $400 credit is allowed 
for each dependent. For limitation applicable to 
1936 and subsequent years, see note 17. 

H For 1922 through 1933, alien residents of Canada 
or Mexico, on net income attributable to compen- 
sation for labor or personal services actually per- 
formed in the United States, receive benefit of normal 
tax rate provided for United States citizens. For 
1934 and 1935, the rate of normal tax is the same for 
all individuals, both resident and nonresident. (See 
note 17.) 

" These reduced rates for 1929 are provided by 
Joint Resolution of Congress, No. 133, approved by 
the President December 16, 1929. 

16 The National Industrial Recovery Act is not 
a complete taxing statute in itself, but consists of 
amendments to certain provisions of the Revenue 
Act of 1932. (See note 5 (c), par. 4, and 5 (d), par. 5.) 

" (o) For 1936 through 1939, nonresident alien in- 
dividuals who at any time within the taxable year 
are engaged in trade or business within the United 
States or have an offlce or place of business therein, 
are allowed the deductions and credits and are sub- 
ject to the same tax rates upon their net income from 
all sources within the United States as are provided 
for citizens of the United States. 

(6) For 1936 through 1939, nonresident alien indi- 
viduals not engaged in trade or business within the 
United States and not having an office or place of 
business therein at any time within the taxable year 
are not allowed any deductions or credits but are 
taxed upon the gross amount of fixed or determinable 
annual or periodical income from sources within the 
United States at the rate of 10 percent, except (1) that 
this rate shall be reduced, in the case of a resident 
of Canada or Mexico, to such rate (not less than 5 
percent) as may be provided by treaty with such 



country (by treaty with Canada, Aug. 13, 1937, the 
rate was reduced to 5 percent, retroactive to Jan. 1, 
1936); and (2) for 1937 through 1939, such nonresident 
aliens other than those affected by treaty, if they 
report gross income of more than $21,600, are liable to 
the same tax rates as those imposed upon citizens of 
the United States; after allowance of deductions and 
credits allocable to income from sources within the 
United States; but the total tax so computed shall 
not be less than 10 percent of the gross income. 
(For 1940, see note 24.) 

" The Revenue Act of 1937 is not a complete taxing 
statute in itself, but consists of amendments and 
additions to certain provisions of the Revenue Act 
of 1936. (See notes 1; 5 (c), par. 7; and 17 (6).) 

" The Internal Revenue Code, approved Feb. 10, 
1939, which was enacted as law, codified certain 
general laws of the United States and parts of such 
laws relating exclusively to internal revenue, in force 
on Jan. 2, 1939, and repealed all such laws and parts 
of laws codified therein to the extent that they re- 
lated exclusively to internal revenue, as of the 
effective dates of the respective corresponding 
provisions of the Code. 

20 By the Public Salary Tax Act of 1939, the 
Federal income tax is applicable to compensation for 
personal service, received after December 31, 1938, 
as (1) anofficer or employee of a State, or any political 
subdivision thereof, or any agency or instrumentality 
of any one or more of the foregoing, and (2) a judge 
of a United States court who took office on or before 
June 6, 1932. (The compensation of a judge who 
took office after June 6, 1932, is taxable under the 
Revenue Act of 1932.) 

21 The Revenue Act of 1939 is not a complete taxing 
statute in itself, but consists of amendments of 
certain sections of the Internal Revenue Code and 
of the 1938 Act and prior laws. There is no one 
effective date for the Revenue Act of 1939; some of 
the provisions are retroactive to years prior to 1939, 
others apply to the current tax period, while still 
others are prospective in their application, being 
effective only for taxable years beginning after Dec. 
31, 1939. One of the provisions of this Act affecting 
the data in Statistics of Income is: 

For any taxable year beginning after Dec. 31, 1938, 
in the case of compensation (a) received from personal 
services rendered by an individual in his individual 
capacity, or as a member of a partnership, and cover- 
ing a period of five calendar years or more from the 
beginning to the completion of such services, (6) paid 
(or not less than 95 percent of vrhich is paid) only on 
the completion of such services, and (c) required to 
be included in gross income of such individuals, the 
tax attributable to such compensation shall not be 
greater than the aggregate of taxes which would 
have been paid had the income been received in equal 
portions in each of the years in the period. 

22 The Revenue Act of 1940 is not a complete taxing 
statute in itself, but consists of amendments to the 
Internal Revenue Code. 

23 For 1940 there is superimposed upon the total 
tax the defense tax which is 10 percent of the total 
tax. The defen.se tax is computed on the total 
tax before applying any credits, and is limited to an 
amount not more than 10 percent of the net income 
in excess of the total tax computed without regard 
to the defense tax. 

2< The exceptions in note 17(6) (2) obtain for 1940 
with the following modifications: limitation on gross 
income is $24,000; the total of the normal tax and sur- 
tax is not to be less than 15 percent of the gross 
income, except that in the case of residents of Sweden 
the tax with respect to dividends is 10 percent; and 
the defense tax, as described in note 23, is applicable. 
However, the returns of these aliens, who file on 
Form 1040NB, are not included in this report. See 
basic differences between tax liability and collec- 
tions, p. 43. 



246 



STATISTICS OF INCOME FOR 194 — PART 1 









B.- 


-Individuals and fiduciaries, surtax rates and total surtax under 




Net income 
























subject to 


Act of Oct. 3, 








Revenue Act of— 








surtax » 


1913 (In- 
come tax) 


















































1916 




1917 




1918 




1921 








Income years 


Income year 


Income year 


Income years 


Income years 




Exceed- 


Equal- 


Mar 


1. 1913. 




916 




1917 


1918, 


1919, 1920: 


1922. 1923 3 




ing 


ing 


through 










Act of 1921 












Dec 


31, 1915 










Income year 


























1921 








Thousands of 
dollars 


Rate 
(per- 
cent) 


Total 
surtax 


Rate 
(per- 
cent) 


Total 
surtax 


Rate" 
(per- 
cent) 


Total 
surtax 


Rate 
(per- 
cent) 


Total 
surtax 


Rate 
(per- 
cent) 


Total 
surtax 


1 




4 

6 

6 

7.5 

8 
10 
12 
12.5 
13 
14 
15 
16 
18 
20 


4 

5 

6 

7.5 

8 
10 
12 
12.5 
13 
14 
15 
16 
18 
20 
22 






















2 










...... 




...... 








3 










1 
2 

2 
3 
3 
4 
4 
4 
6 
6 
5 
8 


$i6' 

25 
35 
75 
135 
150 
170 
210 
250 
300 
400 
500 
660 


2 
2 
3 
4 

5 
5 
5 
6 
6 
7 
8 
9 


$i6" 

40 
50 
110 
190 
215 
240 
290 
350 
410 
550 
710 
890 






4 










1 
1 
2 
3 
3 
3 
4 
4 
5 
6 
8 


$15" 

20 

40 

80 

95 

110 

140 

180 

220 

320 

440 

600 


5 










6 










7 










8 










9 










10 










11 










12 










13 










14 










15 




' $20' 




$20" 


16 


22 


24 




.40 




40 


8 


820 


10 


1,090 


9 


780 


17 


24 


26 




60 




60 


8 


980 


11 


1,310 


10 


980 


18 


26 


28 




80 




80 


8 


1,140 


12 


1,550 


11 


1,200 


19 


28 


30 




100 




100 


8 


1,300 


13 


1,810 


12 


1,440 


20 


30 


32 




120 




120 


8 


1,460 


14 


2,090 


13 


1,700 


21 


32 


34 




140 




140 


8 


1,620 


15 


2,390 


15 


2,000 


22 


34 


36 




160 




160 


8 


1,780 


16 


2,710 


15 


2,300 


23 


36 


38 


1 


180 




180 


8 


1,940 


17 


3,050 


16 


2,620 


24 


38 


40 




200 




200 


8 


2,100 


18 


3,410 


17 


2,960 


25 


40 


42 




220 


2 


240 


12 


2,340 


19 


3,790 


18 


3,320 


26 


42 


44 




240 


2 


280 


12 


2,580 


20 


4,190 


19 


3,700 


27 


44 


46 




260 


2 


320 


12 


2,820 


21 


4,610 


20 


4,100 


28 


46 


48 




280 


2 


360 


12 


3,060 


22 


5,050 


21 


4,520 


29 


48 


50 




300 


2 


400 


12 


3,300 


23 


5,510 


22 


4,960 


30 


50 


52 


2 


340 


2 


440 


12 


3, 540 


24 


5,990 


23 


5,420 


31 


62 


54 


2 


380 


2 


480 


12 


3,780 


25 


6,490 


24 


5,900 


32 


54 


56 


2 


420 


2 


620 


12 


4,020 


26 


7,010 


25 


6,400 


33 


66 


58 


2 


460 


2 


560 


12 


4,260 


27 


7,650 


26 


6,920 


34 


58 


60 


2 


600 


2 


600 


12 


4,500 


28 


8,110 


27 


7,460 


35 


60 


62 


2 


540 


3 


660 


17 


4,840 


29 


8,690 


28 


8,020 


36 


62 


64 


2 


580 


3 


720 


17 


5,180 


30 


9,290 


29 


8,600 


37 


64 


66 


2 


620 


3 


780 


17 


5, 520 


31 


9.910 


30 


9,200 


38 


66 


68 


2 


660 


3 


840 


17 


5,860 


32 


10, 550 


31 


9,820 


39 


68 


70 


2 


700 


3 


900 


17 


6,200 


33 


11,210 


32 


10,460 


40 


70 


72 


2 


740 


3 


960 


17 


6,540 


34 


11,890 


33 


11,120 


41 


72 


74 


2 


780 


3 


1,020 


17 


6,880 


35 


12,590 


34 


11, 800 


42 


74 


75 


2 


800 


3 


1,050 


17 


7,050 


36 


12, 950 


35 


12,150 


43 


75 


76 


3 


830 


3 


1,080 


17 


7,220 


36 


13,310 


35 


12, 500 


44 


76 


78 


3 


890 


3 


1,140 


17 


7, 560 


37 


14,050 


36 


13,220 


45 


78 


80 


3 


950 


3 


1,200 


17 


7,900 


38 


14, 810 


37 


13,960 


46 


80 


82 


3 


1,010 


4 


1,280 


22 


8,340 


39 


15,590 


38 


14,720 


47 


82 


84 


3 


1,070 




1,360 


22 


8,780 


40 


16, 390 


39 


15, 500 


48 


84 


86 


3 


1,130 




1,440 


22 


9,220 


41 


17, 210 


40 


16, 300 


49 


86 


88 


3 


1,190 




1,520 


22 


9,660 


42 


IS, 050 


41 


17, 120 


50 


88 


90 


3 


1,250 




1, 600 


22 


10, 100 


43 


18,910 


42 


17,960 


51 


90 


92 


3 


1,310 




1,680 


22 


10, 540 


44 


19,790 


43 


18,820 


52 


92 


94 


3 


1,370 




1,760 


22 


10,980 


45 


20,690 


44 


19,700 


53 


94 


96 


3 


1,430 




1,840 


22 


11,420 


46 


21,610 


45 


20,600 


54 


96 


98 


3 


1,490 




1,920 


22 


11, 860 


47 


22, 550 


46 


21.520 


55 


98 


100 


3 


1,550 




2,000 


22 


12. 300 


48 


23,510 


47 


22, 460 


56 


100 


150 


4 


3, 550 


5 


4,500 


27 


25, 800 


52 


49, 510 


48 


46. 460 


57 


150 


200 


4 


6, 550 


6 


7,500 


31 


41,300 


66 


77, 510 


49 


70, 960 


58 


200 


250 


4 


7,550 


7 


11,000 


37 


59. 800 


60 


107, 510 


50 


95,960 


59 


250 


300 


5 


10, 050 


8 


15.000 


42 


80, 800 


60 


137, 510 


50 


120, 960 


60 


300 


400 


5 


15,050 


9 


24, 000 


46 


126,800 


63 


200. 510 


50 


170.960 


61 


400 


600 


5 


20, 050 


9 


33, 000 


46 


172. 800 


63 


263, 510 


50 


220,960 


62 


500 


750 


6 


35, 050 


10 


58,000 


50 


297, 800 


64 


423, 510 


50 


345, 960 


63 


750 


1,000 


6 


50,050 


10 


83,000 


55 


435,300 


64 


583,610 


50 


470, 960 


64 


1,000 


1.600 


6 


80, 050 


11 


138, 000 


61 


740, 300 


65 


908, 510 


60 


720,960 


65 


1,500 


2,000 


6 


110,050 


• 12 


198,000 


62 


1,050,300 


65 


1,233,510 


50 


970, 960 


66 


2,000 


6,000 


6 


290,050 


13 


588,000 


63 


2, 940, 300 


65 


3, 183, 510 


50 


2, 470, 960 


67 


5,000 




6 




13 




63 




65 




60 





1 The Act of Oct. 3, 1913, the Revenue Acts of 1916 
through 1938. th? Internal Revenue Code, and the 
Code as amended by the Revenue Act of 1940. 

' In arriving at the net income subject to surtax 
for 1934 and subsequent years, the sum of the per- 
sonal exemption and credit for dependents is allowed 



as a credit; prior to 1934 the entire net income was 
subject to surtax. (For 1913 through 1916, the surtax 
was called "additional tax.") 

3 Tax for 1923, computed at these rates, was re- 
duced 25 percent by credit or refund under sec. 
1200(a), Revenue Act of 1924. 



STATISTICS OF INCOME FOR 1940 PART 1 

the Federal tax laws ^ for the income years 1913 through 1940 



247 









Revenue 


Act 


)f— 






Revenue Acts of 

1936 and 1938 « 

Income years 

1936. 1937, 1938; 


Internal Rev- 
enue Code as 
amended by 
Revenue Act of 






1924 


1926 




1932 




1934 




Income year 


Income years 


Income years 


Income years 


Internal 


of 1940 s 






1924 


1925. 1926. 1927; 


1932. 1933 


1934. 1935 


Revenue Code 












Act of 1928 In- 










Income year 


Income^year 








come years 1928. 












1939 




lyw 








1929, 


1930, 1931 




















Rate 
(per- 
cent) 


Total 
surtax 


Rate 
(per- 
cent) 


Total 
surtax 


Rate 
(per- 
cent) 


Total 
surtax 


Rate 
(per- 
cent) 


Total 
surtax 


Rate 
(per- 
cent) 


Total 
surtax 


Rate 
(per- 
cent) 


Total 
surtax 
























...... 




] 














4 
5 
5 
6 

7 


$40" 
80 
155 
180 
300 
440 


""i 
4 
5 
5 
6 
7 


$40" 
80 
155 
180 
300 
440 


4 
6 
6 
8 
10 


$40" 
80 
170 
200 
360 
560 












___... 




■ 










1 
1 
2 


$15" 
20 
40 
80 


, 




















( 


.— -. 


$20' 


__.--. 


$20' 


't 


1 


25 


1 


25 


3 


95 


8 


480 


8 


480 


12 


620 


(: 


1 


30 


1 


30 


3 


110 


8 


520 


8 


520 


12 


680 


£ 


1 


40 


1 


40 


3 


140 


8 


600 


8 


600 


12 


800 


IC 


2 


60 


2 


60 


4 


ISO 


9 


690 


9 


690 


15 


950 


11 


2 


80 


2 


80 


4 


220 


9 


780 


9 


780 


15 


1,100 


15 


3 


140 


3 


140 


5 


320 


11 


1,000 


11 


1,000 


18 


1,460 


IC 


4 


220 


4 


220 


6 


440 


13 


1,260 


13 


1,260 


21 


1,880 


14 


5 


320 


5 


320 


8 


600 


15 


1,560 


15 


1,560 


24 


2,360 


n 


6 


440 


6 


440 


9 


780 


17 


1,900 


17 


1,900 


27 


2,900 


le 


7 


580 


7 


580 


10 


980 


17 


2,240 


17 


2.240 


27 


3,440 


1/ 


8 


740 


7 


720 


11 


1,200 


19 


2,620 


19 


2,620 


30 


4,040 


ij 


9 


920 


8 


880 


12 


1,440 


19 


3,000 


19 


3,000 


30 


4,640 


1£ 


10 


1,120 


8 


1,040 


13 


1.700 


19 


3.380 


19 


3,380 


30 


5,240 


2( 


10 


1,320 


9 


1.220 


15 


2,000 


21 


3.800 


21 


3.800 


33 


5,900 


21 


11 


1,540 


9 


1.400 


15 


2.300 


21 


4,220 


21 


4.220 


33 


6,560 


22 


12 


1,780 


10 


1.600 


16 


2.620 


21 


4.640 


21 


4,640 


33 


7,220 


2: 


13 


2,040 


10 


1.800 


17 


2. 960 


24 


5,120 


24 


5,120 


36 


7,940 


2^ 


13 


2.300 


11 


2,020 


18 


3,320 


24 


5,600 


24 


5,600 


36 


8,660 


2t 


14 


2,580 


11 


2,240 


19 


3,700 


24 


6.080 


24 


6,080 


36 


9.380 


26 


15 


2,880 


12 


2,480 


20 


4,100 


27 


6,620 


27 


6,620 


40 


10. 180 


27 


16 


3,200 


12 


2.720 


21 


4. 520 


27 


7,160 


27 


7,160 


40 


10, 980 


25 


17 


3,540 


13 


2.980 


22 


4.9fi0 


27 


7,700 


27 


7,700 


40 


11.780 


2t 


18 


3.900 


13 


3,240 


23 


5. 420 


30 


8,300 


31 


8.320 


44 


12, 660 


3C 


19 


4,280 


14 


3.520 


24 


5,900 


30 


8.900 


31 


8,940 


44 


13, 540 


31 


19 


4.660 


14 


3,800 


25 


6.400 


30 


9.500 


31 


9,560 


44 


14,420 


35 


20 


5,060 


15 


4,100 


26 


6.920 


33 


10.160 


35 


10,260 


44 


15,300 


33 


21 


5,480 


15 


4,400 


27 


7,4«0 


33 


10. 820 


35 


10,960 


44 


16, 180 


34 


21 


5,900 


16 


4,720 


28 


8.020 


33 


11.480 


35 


11,660 


47 


17, 120 


3i 


22 


6,340 


16 


5,040 


29 


8,600 


36 


12.200 


39 


12,440 


47 


18, 060 


3e 


23 


6.800 


17 


5,380 


30 


9.200 


36 


12.920 


39 


13, 220 


47 


19, 000 


37 


24 


7,280 


17 


5.720 


31 


9.820 


36 


13. 640 


39 


14.000 


47 


19, 940 


3S 


25 


7,780 


17 


6.060 


32 


10, 460 


39 


14. 420 


43 


14.860 


47 


20, 880 


3£ 


26 


8,300 


18 


6,420 


33 


ll.l-'O 


39 


15. 200 


43 


15. 720 


50 


21,880 


4C 


26 


8,820 


18 


6,780 


34 


11,800 


39 


15. 980 


43 


16. 580 


50 


22, 880 


4] 


27 


9,090 


18 


6,960 


35 


12, LW 


42 


16,400 


47 


17, 050 


50 


23, 380 


45 


27 


9,360 


18 


7,140 


35 


12. ,500 


42 


16. 820 


47 


17, 520 


50 


23, 880 


43 


28 


9,920 


18 


7.500 


36 


13.220 


42 


17.660 


47 


18,460 


50 


24, 880 


44 


28 


10, 480 


18 


7,860 


37 


13.960 


42 


18. 500 


47 


19, 400 


50 


25, 880 


4J 


29 


11,060 


19 


8.240 


38 


14. 720 


45 


19. 400 


51 


20, 420 


53 


26. 940 


4€ 


30 


11,660 


19 


8.620 


39 


1.5. .500 


45 


20.300 


51 


21,440 


53 


28, 000 


47 


31 


12, 280 


19 


9.000 


40 


1 fi, 300 


45 


21. 200 


51 


22,460 


53 


29, 060 


48 


31 


12,900 


19 


9.380 


41 


17.120 


45 


22. 100 


51 


23, 480 


53 


30, 120 


4S 


32 


13, 540 


19 


9.760 


42 


17,9fi0 


45 


23. 000 


51 


24.500 


53 


31, 180 


50 


33 


14. 200 


19 


10. 140 


43 


18.820 


50 


24. 000 


55 


25. 600 


56 


32, 300 


51 


34 


14.880 


19 


10. 520 


44 


19, 700 


50 


25, 000 


55 


26. 700 


56 


33, 420 


52 


35 


15, 580 


19 


10. 900 


45 


20.600 


50 


26. 000 


55 


27,800 


56 


34, 540 


53 


36 


16,300 


19 


11.280 


46 


21., 520 


50 


27.000 


55 


28,900 


56 


35, 660 


54 


36 


17, 020 


19 


11,660 


47 


22.460 


50 


28,000 


55 


30, 000 


56 


36. 780 


55 


37 


35. 520 


20 


21,660 


48 


46. 460 


52 


54.000 


58 


59,000 


58 


65, 780 


56 


37 


54,020 


20 


31, 660 


49 


70. 960 


53 


80.500 


60 


89. 000 


60 


95. 780 


57 


38 


73, 020 


20 


41.660 


50 


95, 960 


54 


107. 500 


62 


120.000 


62 


126.780 


68 


38 


92, 020 


20 


51.660 


50 


120, 960 


54 


134. 500 


64 


152. 000 


64 


158. 780 


59 


39 


131,020 


20 


71.660 


51 


171.960 


55 


189. 500 


66 


218. 000 


66 


224, 780 


60 


39 


170. 020 


20 


91, 660 


52 


223. 960 


56 


245. 500 


68 


286, 000 


68 


292. 780 


61 


40 


270. 020 


20 


141. 660 


53 


35fi, 460 


57 


388. 000 


70 


401,000 


70 


467, 780 


62 


40 


370. 020 


20 


191.660 


54 


491.460 


58 


533. 000 


72 


641. 000 


72 


647, 780 


63 


40 


570. 020 


20 


291,060 


55 


706. 4fi0 


59 


828. 000 


73 


1, 00«, 000 


73 


1,012,780 


64 


40 


770. 020 


20 


391,660 


55 


l,041.4fi0 


59 


1. 123. 000 


73 


1. 371, 000 


73 


1,377.780 


65 


40 


1,970,020 


20 


991, 660 


55 


2, 691, 460 


59 


2, 893, 000 


74 


3, 591, 000 


74 


3, 597, 780 


66 


40 




20 




55 




59 




75 




75 




67 



« The surtax rates for 1936 and subsequent years 
are not applicable to all nonresident alien individu- 
als, (Seenotesl7and24. p.245,) 

8 For 1940 there is superimposed upon the total 
tax the defense tax which is 10 percent of the 
total tax. The defense tax is computed on the total 



tax before applying any credits, and is limited to an 
amount not more than 10 percent of the net income 
in excess of the total tax computed without regard to 
the defense tax, 

6 These rates are the sum of the surtax rates pro- 
vided by the Revenue Acts of 1916 and 1917. 



248 STATISTICS OF INCOME FOR 194 — PART 1 

C. — Individuals and fiduciaries, supplemental income and profits tax rates 



Capital gains and losses ' 


Federal 
tax law- 


Income 
year 


Definition of 
capital assets 


Tax on capital net gain ' 


Tax credit for capital net 
loss 2 


Re venue 










Act of: 










1921 


1922, 1923 


Property held for 


Taxpayer may elect to be 


None. (There is no pro- 






profit or invest- 


taxed at 12;-^ percent on capi- 


vision for "capital net 






ment for more 


tal net gain, provided that 


loss" in the Revenue 






than two years 


the total tax, including the 


Act of 1921. What is 






(whether or not 


tax on capital net gain, is 


called "capital net 






connected with 


not less than 12^^ percent of 


loss" in later acts is 






trade or business) 


the total net income. (Loss 


treated as ordinary 






but does not in- 


in ordinary net income can- 


loss under the 1921 Act 






clude property 


not be deducted from capital 


and is deductible from 






held for the per- 


net gain.) 


ordinary income.) 






sonal use or con- 










sumption of the 










taxpayer or his 










family, stock in 










trade or other 










property which 










would be includ- 










ed in inventory. ' 






1924...-- 


1924 


Same as 1922 exclu- 


Taxpayer may elect to be 


Capital net loss may be 






sive of property 


taxed at 12)^2 percent of the 


reported apart from 






held primarily for 


capital net gain, if the tax 


ordinary, net income. 






sale in ordinary 


would be greater than 12)-^ 


and a tax credit of 12H 






course of trade or 


percent by including capital 


percent of the capital 






business. 


net gain in ordinary net in- 
come; (Loss in ordinary net 
income may be deducted 
from capital net gain and 
the balance taxed at 12H 
percent.) 


net loss taken, if tax 
thus produced is not 
less than the tax would 
be if the capital net 
loss were deducted 
from ordinary income. 


1926 


1925, 1926, 


Same as 1924 -- 


Same as 1924 


Same as 1924. 


1927 








1928 


1928, 1929, 


Same as 1924 


Same as 1924 


Same as 1924. 


1930, 1931 








1932 

1934 


1932 1933 


Same as 1924 


Same as 1924 


Same as 1924. 


1934,' 1935, 


All property, 


Capital gains and losses are 


None. (See preceding 


1936. 


1936, 1937 


whether or not 


computed on basis of certain 


column for deduction 


1937.< 




connected with 
trade or business, 
regardless of peri- 
od held, f.rcep<(l) 
stock in trade or 
other property 
which would be 
included in in- 
ventory, and (2) 
property held 
primarily for sale 
inordinary course 
of trade or busi- 
ness. 


percentages ^ which vary ac- 
cording to the holding period 
of the assets involved. 

Capital net gains (after the 
percentages' are applied) are 
included in net income and 
are subject to normal tax 
and surtax. 

Deduction for capital net loss 
(after the percentages « are 
applied, and after subtract- 
ing the amount of capital 
gain) is limited to .$2,000 or 
the actual amount of capital 
net loss, whichever is less. 


of capital net loss.) 



For footnotes, see p. 261. 



STATISTICS OF INCOME FOR 194 — PART 1 249 

and credits under the Federal tax laivs ^ for the income years 1917 through 1940 



Capital gains and losses ' 



Federal tax 
law 



Income 
year 



Definition of 
capital assets 



Tax on capital net gain « 



Tax credit for capita] 
net loss 2 



Revenue Act 
of: 
1938 



1938 



Internal Rev- 
enue Code. 



1939, 
1940 



All property, 
whether or not 
connected with 
trade or busi- 
ness, regardless 
of period held, 
except (1) stock 
in trade or other 
property which 
would be in- 
cluded in inven- 
tory, (2) proper- 
ty held prima- 
rily for sale in 
ordinary course 
of trade or busi- 
ness, and (3) 
property used in 
trade or business 
of a character 
which is subject 
to allowance for 
depreciation. 



Same as 1938. 



Capital gains and losses are divid- 
ed into two classes: (a) Short- 
term capital gains and losses 
resulting from sales or exchanges 
of capital assets held 18 months 
or less; (6) long-term capital 
gains and losses resulting from 
sales or exchanges of capital 
assets held more than 18 months. 

A net short-term capital gain is 
fully taxable; a net short-term 
capital loss may not be deducted 
from any income for the taxable 
year, but may be carried forward 
to the succeeding taxable year 
(in amount not in excess of the 
net income for the year in which 
the loss is sustained) and applied 
against the short-term capital 
gains not already offset by short- 
term capital losses in such suc- 
ceeding year. Any excess, of the 
prior year short-term capital loss 
over the net short-term capital 
gain of the succeeding year, is 
not deductible. 

Only certain percentages « of the 
recognized long-term capital 
gains or losses are taken into ac- 
coimt in computing net income. 
A long-term capital loss is de- 
ductible without limitation, ex- 
cept for the application of the 
alternative tax. 

Alternative methods for computa- 
tion of tax are provided in the case 
of net long-term capital gain and 
loss. In case of net long-term 
capital gain (after percentages « 
are applied) the tax is either (a) 
normal tax and surtax on net in- 
come including net long-term 
capital gain, or (6) normal tax 
and surtax on net income with- 
out regard to long-term capital 
gain, plus 30 percent of the net 
long-term capital gain — which- 
ever is ?f««. Conversely, in case 
of net long-term capital loss 
(after percentages « are applied), 
the tax is either (a) normal tax 
and surtax on net income after 
deducting net long-term capital 
loss, or (b) normal tax and sur- 
tax on net income without re- 
gard to net long-term capital 
loss, minus 30 percent of net 
long-term capital loss— which- 
ever is greater. 

Same as 1938 



30 percent of net long- 
term capital loss, if 
such credit produces 
the greater amount of 
tax. (See preceding 
column.) 



Same as 1938. 



250 



STATISTICS OF INCOME FOR 1940 — PART 1 



C. — Individuals and fiduciaries, supplemental income and profits tax rates and 
credits under the Federal tax laws ' for the income years 1917 through 1940 — 
Continued 



Excess-profits tax 


Tax credit for income and profits taxes paid to 


foreign countries or United States possessions 


Federal tax 
law 


In- 
come 
year 


Income subject to excess- 
profits tax 


Rate 
(per- 
cent) 


Federal tax 
law 


Income 
year 


Amount of credit 


Revenue 








Revenue 






Act of: 








Act of: 






1917 


1917 


Salaries in excess of $6,000 ' 
and income in excess of 
$6,000 ' from business 
having no invested 
capital. 
Net income from business 
having invested capi- 
tal: » 
Net income equal to 
15 percent of in- 
vested capital less 
deduction.' 
Net income in excess 
of 15 percent of in- 
vested capital but 


8 

20 
25 


1917 


1917 


Income and profits 
taxes paid to for- 
eign countries or 
United States pos- 
sessions were not 
allowed as a tax 
credit but were in- 
cluded in general 
deductions from 
gross income, ex- 
cept that taxes 
paid to foreign 
countries were not 
allowed to non- 
resident aliens 






not in excess of 20 




1918 


1918 


Amount paid or ac- 






percent of invested 






1919, 1920, 


crued.'" 






capital. 




1921 


1921 


Do.ii 






Net income in excess 


35 


1921 


1922.1923" 


Do.i 






of 20 percent of in- 




1924 


1924 


Do.ii 






vested capital but 




1926 


1925, 1926, 


Do." 






not in excess of 25 






1927 








percent of invested 




1928 


1928, 1929, 


Do." 






capital. 






1931), 1931 








Net income in excess 


45 


1932 


1932, 1933 


Do. 13 






of 25 percent of in- 




1934 


1931, 1935 


Do. 13 






vested capital but 




1936 


1936, 1937 


Do.i3 






not in excess of 33 




1938 


1938 


Do.15 






percent of invested 




Internal 


1939, 1940 


Do.'3 






capital. 




Revenue 










Net income in excess 


60 


Code. 










of 33 percent of in- 














vested capital. 











EARNED INCOME CREDIT 



Federal tax 
law 


Income 
year 


Kind of credit 


Earned net income recog- 
nized for computation of credit 


Limit of credit 


Revenue 
Act of: 
1924 

1926 


1924 

1925, 1926, 
1927 

1928, 1929, 
1930, 1931 

1932, 1933 
1934, 1935 
1936, 1937 

1938 
1939, 1910 


Against tax,.. 
do 


All net income up to $5,000 
whether earned or not, 
andupto$10,000, if earned. 

All net income up to $5,000 
whether earned or not, 
and up to $20,000, if earned. 

All net income up to $5,000 
whether earned or not, 
and up to $30,000, if earned. 


25 percent of normal tax > 
earned net income. (Cannot 
exceed 25 percent of normal 
tax on ordinary net income.) 

25 percent of total tax on earned 


1928 

1932 


do .— 

None 1* --- 


net income. (Cannot exceed 
the sum of 25 percent of normal 
tax on ordinary net income and 
25 percent of surtax on earned 
net income.) 
Same as 1926. 


1934 

1936 

1938 


Against net 
income. 

do 


All net income up to $3,000 
whether earned or not, 
andupto$l4,000, if earned. 

.. do 


10 percent of the earned net 
income, but not in excess of 10 
percent of the entire net in- 
come. 
Do. 




_ do ---- 


do 


Do. 


Revenue 
Code. 









For footnotes, see p. 251. 



STATISTICS OF IN-COME FOR 1940 PAUT 1 



251 



Foctncies for table C 



1 The Revenue Acts of 1917 through 1938, and the 
Internal Revenue Code. 

2 Prior to 1922 there was no distinction made be- 
tween annual ineome and periodic income. By the 
Revenue Act of 1921, the profit or loss from the sale 
or exchange of assets held for more than 2 years, 
consummated after Dec. 31, 1921, was designated 
"capital pain" or "capital loss." For definitions, 
see section 206, Revenue Act of 1921; 208, Revenue 
Acts of 1924 and 192G; 101, Revenue Acts of 1928 and 
1932; 117, Revenue Acts of 1934, 1936, 1938, and the 
Internal Revenue Code. 

2 Losses resulting from the sale or exchange of 
securities consummated after Nov. 23, 1921, are not 
deductible when substantially identical securities 
are acquired or reacquiied within 30 days before 
or after such transaction. 

* The Revenue Act of 1937 is not a complete taxing 
statute in itself, but consists of amendments and 
additions to the provisions of the Revenue Act of 
19.36. 

5 The following percentages of gains or losses 
recognized are taken into account in computing net 
income, 1934 through 1937: 



Assets held 



1 year or less 

Over 1 year, not over 2 years... 
Over 2 years, not over 5 years.. 
Over a years, not over 10 years 
Over 10 years 




s The following percentages of gains or losses 
recognized are taken into account in computing net 
income, 1938 and subsequent years: 



-Assets held 



18 months or less 

More than 1 S months but not more than 

24 months 

More than 24 months 



Percent 



66?i 
50 



' In excess of $3,000 for nonresident aliens. 

' A nonresident alien having business with in- 
vested capital, reported only that proportion of in- 
ivested capital which net income from som-ces 



within the United States was of the entire net 
income. 

9 Deduction (not allowable to nonresident aliens), 
$6,000 plus an amount equal to the same percentage 
of invested capital for taxable year as the average 
annual pre-war income was of pre-war invested 
capital (not less than 7 percent nor more than 9 
percent). If not established during at least one 
whole year of the pre-war period. 8 percent. If, 
during the pre-war period, the individual had a defi- 
cit or a vei-y small income from business, or if in- 
vested capital cannot be determined, same percent 
as that of representative businesses. (See sec. 210, 
Revenue Act of 1917.) 

"* Nonresident aliens were not allowed to deduct 
income taxes paid to foreign coimtries, either as a 
tax credit or in general deductions for the years 
1918, 1919, and 1920. 

1' Beginning with 1921, the credit cannot exceed 
the proportion of the total tax against which the 
credit is taken, that the taxpayer's net income from 
sources without the United States bears to the entire 
net income. This credit does not apply to non- 
resident aliens nor to citizens deriving a large portion 
of their gross income from sources within a possession 
of the United States, but to such persons these taxes 
are allowable as a deduction from gross income, 
if imposed upcn inccme from sources within the 
United States. For the years 1921 through 1931, 
the amount of income and profits taxes paid to 
foreign countries or United States possessions, in 
excess of that deducted as a tax credit, is permitted 
to be included in deductions against gross ineome. 
(See note 14 below.) 

" Tax, as computed at the rates for 1923, was re- 
duced 25 percent by credit or refund under sec. 
1200(a), Revenue Act of 1924. 

13 For 1932 and subsequent years, the taxpayer 
may elect to credit the ineome and profits taxes paid 
to foreign countries or United States possessions 
(with certain limitations) against the ineome tax 
liability to the United States, or to include the 
entire amount of such taxes in deductions against 
gross income, except that nonresident aliens and 
citizens deriving a large portion of their gross in- 
come from sources within a possession of the United 
States are not entitled to claim the tax credit butmay 
include the amount of such foreign taxes, if imposed 
upon income from sources within the United States, 
in deductions against gross income. (See sees. 131 
and 23(c)(2), Revenue Act of 1932 and subsequent 
acts.) 

■< There was no provision for earned income credit 
in the Revenue Act of 1932. 



498968—43- 



-17 



252 



STATISTICS OF INCOME FOR 1940 — PART 1 



D. — Estate tax rates, total estate tax, specific exemption, and credits against estate 

in the period Sept. 9,. 





Net estate 3 








Revenue Act of— 
















1916 


1916 as amended 
by Act of 




1917 


1918, 1921, and 1924 
as amended by 












Mar. 3, 1917 






1926 






Ex- 


Equal- 


In effect 


In 


effect 


In 


effect 


In effect 6:55 p. m. 




ceed- 


ing 


Sept 


. 9, 1916, 


Mai 


. 3, 1917, 


Oct 


4, 1917, 


Feb 


24, 1919, 1 




ing 




through 


through 


through 6:54 p. m. 


through 10:24 a. m. | 








Mar. 2, 1917 


Oct 


. 3, 1917 


Feb 


24, 1919 


Feb 


26, 1926 




Thoiis 


inds of 


Rate 
(per- 
cent) 


Total es- 


Rate 
(per- 
cent) 


Total es- 


Rate 
(per- 
cent) 


Total es- 


Rate 
(per- 
cent) 


Total es- 




dol 


ars 


tate tax 


tate tax 


tate tax 


tate tax 


I 


.. 


5 
10 










.. 








2 


-- 


km 


iVi 


$150' 




.$206' 


i 


.$i6o" 


3 


10 


20 


1 


200 


W2 


300 


2 


400 


1 


200 


4 


20 


30 


1 


300 


VA 


450 


2 


600 


1 


300 


6 


30 


40 


1 


400 


m 


600 


2 


800 


1 


400 


6 


40 


50 


1 


500 


m 


750 


2 


1,000 


1 


500 


7 


50 


60 


2 


700 


3 


1,050 




1,400 


2 


700 


8 


60 


70 


2 


900 


3 


1,350 




1,800 


2 


900 


9 


70 


100 


2 


1,500 


3 


2,250 




3,000 


2 


1,500 


10 


100 


150 


2 


2, 500 


3 


3, 750 




5,000 


2 


2,500 


11 


150 


200 


3 


4,000 


4H 


6,000 


6 


8,000 


3 


4,000 


12 


200 


250 


3 


5,500 


43 '2 


8,250 


6 


11,000 


3 


5,500 


13 


250 


400 


4 


11,500 


6 


17, 250 


8 


23,000 


4 


11,500 


14 


400 


450 


4 


13, 500 


6 


20, 250 


8 


27, 000 


4 


13, 500 


16 


450 


500 


5 


16,000 


'}-2 


24,000 


10 


32,000 


6 


16, 500 


16 


500 


600 


5 


21,000 


7H 


31, 500 


10 


42, 000 


6 


22, 500 


17 


600 


750 


5 


28, 500 


7}'i 


42, 750 


10 


57, 000 


6 


31, 500 


18 


750 


800 


5 


31,000 


7H 


46, 500 


10 


62, 000 


8 


35,500 


19 


800 


1,000 


5 


41,000 


7H 


61, 500 


10 


82, 000 


8 


51,500 


20 


1,000 


1,250 


6 


56, 000 


9 


84,000 


12 


112,000 


10 


76, 500 


21 


1,250 


1,500 


6 


71,000 


9 


106, 500 


12 


142,000 


10 


101, 500 


22 


1,500 


2,000 


6 


101,000 


9 


151, .500 


12 


202, 000 


12 


161,500 


23 


2,000 


2,500 


7 


136, 000 


103 2 


204. 000 


14 


272, 000 


14 


231, 500 


24 


2,500 


3,000 


7 


171,000 


103-2 


256, 500 


14 


342, 000 


14 


301,500 


25 


3,000 


3,500 


8 


211,000 


12 


316. mo 


16 


422, 000 


16 


381,500 


26 


3.500 


4,000 


8 


251,000 


12 


376, 500 


16 


502, 000 


16 


461, 500 


27 


4,000 


4,500 


9 


296,000 


133^ 


444, 000 


18 


592,000 


18 


551,. 500 


28 


4,500 


5,000 


9 


341,000 


1332 


."Sl 1,500 


18 


682, 000 


18 


641, 500 


29 


5,000 


6, 000 


10 


441, 000 


15 


661, 500 


20 


882, 000 


20 


841,500 


30 


6,000 


7,000 


10 


541,000 


15 


811,5(J0 


20 


1, 082, 000 


20 


1,041,500 


31 


7,000 


8,000 


10 


641,000 


15 


961,. 500 


20 


1,282,000 


20 


1,241,500 


32 


8,000 


9, 000 


10 


741,000 


15 


1,111,500 


22 


1,, 502, 000 


22 


1,461.500 


33 


9,000 


10, 000 


10 


841,000 


15 


1,261,500 


22 


1, 722, 000 


22 


1, 681, 500 


34 


10,000 


20, 000 


10 


1, 841, 000 


15 


2, 761,. 500 


25 


4, 222, 000 


25 


4, 181, 500 


35 


20,000 


50,000 


10 


4,841,000 


15 


7, 261, 500 


25 


11,722,000 


25 


11, 681, 500 


36 


60,000 




10 




15 




25 




25 















For footnotes, see p. 254* 



STATISTICS O'F ESTCOME FOR 1940 — ^PART 1 



253 



tax, under the Federal tax laws ' applicable to estates of citizens and aliens who died 
1916,^ through Dec. SI, 1941 







Revenue Act of— 






Revenue Act of 


Internal Revenue 
















1932 * as amended 
by 1935; Internal 


Code as amend- 
ed by Revenue 




















1926 




1932 4 


1932 * as amended 


Revenue Code, 


Act 


of 1941 ♦ 




(Basic tax) 


(Tentative tax) 


by 1934 (Tenta- 


and Code as 


(Tentative tax) 












tive tax) 


amended by Rev- 




















enue Acts of 1939 




















and 1940 (Tenta- 




















tive tax) 








Ineffectl0:25a.m. 


In effect 5 p. m. 


In effect 


In effect 


In effect 




Feb 


. 26, 1926 


June 6, 1932, 


Mas 


11, 1934 


Aug. 31, 1935, 


Sept 


.21, 1941. 




and thereafter 


through 


through 


through 


and thereafter 








May 10, 1934 


Aug 


30, 1935 


Sept. 20, 1941 8 « 








Rate 
(per- 


Total 
(basic) 


Rate 
(per- 


Tentative 
tax 


Rate 
(per- 


Tentative 
tax 


Rate 
(per 


Tentative 
tax 


Rate 
(per- 


Tentative 
tax 




cent) 


tax 


cent) 


cent) 


cent) 


cent) 








.. 












3 


$150 


1 


.. 


$ioo' 




$ioo' 


.- 


$ioo' 


2 


$206" 


7 


500 


2 


1 


200 


2 


300 


2 


300 


4 


600 


11 


1,600 


3 


1 


300 


3 


600 


3 


600 


6 


1,200 


14 


3,000 


4 


1 


400 


4 


1,000 


4 


1,000 


8 


2, 000 


18 


4,800 


5 


1 


500 


5 


1,500 


5 


1,500 


10 


3,000 


22 


7,000 


6 


2 


700 


7 


2,200 


7 


2,200 


12 


4,200 


25 


9,500 


7 


2 


900 


7 


2,900 


7 


2,900 


12 


5, 400 


28 


12, 300 


8 


2 


1,500 


7 


5,000 


9 


5,600 


14 


9,600 


28 


20, 700 


9 


3 


3,000 


9 


9,500 


12 


11,600 


17 


18, 100 


30 


35, 700 


10 


3 


4,500 


9 


14, 000 


12 


17,600 


17 


26, 600 


30 


50, 700 


11 


4 


6,500 


11 


19, 500 


16 


25,600 


20 


36, 600 


30 


65, 700 


12 


4 


12, 500 


U 


36, 000 


16 


49, 600 


20 


66, 600 


32 


113,700 


13 


5 


15, 000 


13 


42, 500 


19 


59, 100 


23 


78, 100 


32 


129, 700 


14 


5 


17,500 


13 


49, 000 


19 


68, 600 


23 


89,600 


32 


145, 700 


15 


6 


22, 500 


13 


62, 000 


19 


87,600 


23 


112,600 


35 


180, 700 


16 


e 


31,500 


15 


84, 500 


22 


120,600 


26 


151,600 


35 


233, 200 


17 


6 


34, 500 


15 


92, 000 


22 


131,600 


26 


164, 600 


37 


251, 700 


18 


7 


48, 500 


17 


126, 000 


25 


181,600 


29 


222, 600 


37 


325. 700 


19 


8 


68,500 


19 


173, 500 


28 


251,600 


32 


302, 600 


39 


423, 200 


20 


8 


88, 500 


19 


221,000 


28 


321,600 


32 


382, 600 


42 


528, 200 


21 


9 


133, 500 


21 


326, 000 


31 


476, 600 


35 


557. 600 


45 


753, 200 


22 


10 


183, 500 


23 


441,000 


34 


646, 600 


38 


747, 600 


49 


998, 200 


23 


11 


238, 500 


25 


566, 000 


37 


831. 600 


41 


952. 600 


53 


1, 263, 200 


24 


12 


298, 500 


27 


701, 000 


40 


1,031,600 


44 


1,172,600 


56 


1, 543, 200 


25 


13 


363, 500 


29 


846, 000 


43 


1, 246, 600 


47 


1, 407, 600 


.59 


1, 838, 200 


26 


14 


433, 500 


31 


1, 001, 000 


46 


1, 476, 600 


50 


1, 657, 600 


63 


2. 153, 200 


27 


14 


503, 500 


33 


1, 166, 000 


48 


1, 716, 600 


,53 


1,922,600 


63 


2, 468, 200 


28 


15 


653, 500 


35 


1, 516, 000 


50 


2, 216, 600 


56 


2, 482, 600 


67 


3, 138, 200 


29 


16 


813, 500 


37 


1, 886, 000 


52 


2, 736, 600 


59 


3. 072, 600 


70 


3, 838, 200 


30 


17 


983, 500 


39 


2. 276, nOO 


54 


3, 276, 600 


61 


3, 682, 600 


73 


4. 568, 200 


31 


18 


1, 163, 500 


41 


2, 686. 000 


56 


3, 836, 600 


63 


4,312,600 


76 


5, 328, 200 


32 


19 


1,353,500 


43 


3,116,000 


68 


4, 416, 600 


65 


4, 962, 600 


76 


6, 088, 200 


33 


20 


3, 353, 500 


45 


7, 616, 000 


60 


10, 416, 600 


67 


11,662.600 


77 


13, 788, 200 


34 


20 


9, 353, 500 


45 


21, 116, 000 


60 


28, 416, 600 


69 


32, 362, 600 


77 


36, 888, 200 


35 


20 




45 




60 




70 




77 




36 











254 



STATISTICS OF INCOME FOR 1940 — PART 1 



D.- — Estate tax rates, total estate tax, specific exemption, and credits against estate 

in the period Sept. 9, 1916,^ 





Revenue Act of— 


Specific exemption, and credits against 
estate tax 


1916 

In effect 
Sept. 9, 

1910, 

through 

Mar. 2, 1917 


1916 as 

amended 

by Act of 

Mar. 3, 1917 

In effect 
Mar. 3, 

1917, 

through 

Oct. 3, 1917 


1917 

In effect 
Oct. 4, 1917, 

through 
6:54 p. m. 

Feb. 24, 
1919 


1918, 1921, and 1924 as 
amended by 1926 

In effect 6:55 p. m. 
Feb. 24, 1919, 
through 10:24 a.m. 
Feb. 26, 1926 


Specific exemption, estate of: 

Resident 


$50,000.... 


$50,000.... 


$50,000 


$50,000 


Nonresident citizen. 




Nonresident alien 










Credits against estate tax: 

Credit for gift tax paid in respect of 








Total amount paid 
under Revenue 
Act of 1924, as 
amended. 

Not to exceed 25 per- 
cent of tax (from 
4:01 p. m., June 2, 
1924, through 10:24 
a. m., Feb. 26, 
1926). 


property included in gross estate. 
Credit, for estate, inheritance, legacy, or 








succession taxes, actually paid to any 
State or Territory, or the Di.strict of 
Cohimhia,8 in respect of any property 
included in gross estate for Federal 
estate tax purposes. 









1 The Revenue Acts of 1916 through 1938, the 
Internal Revenue Code, and the Code as amended 
by the Revenue Acts of 1939, 1940, and 1941. 

J After Sept. 8, 1916, an estate tax return is required 
for the estate of every resident (after May 10, 1934, 
for every citizen regardless of place of residence) 
whose gross estate as defined in the statutes, exceeds 
the specific exemption allowed. A return is also 
required for the estate of every nonresident (after 
May 10, 1934, for every nonresident alien) any part 
of whose estate, regardless of value, was situated at 
date of death in the United States, within the mean- 
ing of the statute. The returns are required to bo 
filed within 1 year after date of death, except that 
for estates of persons who died after Aug. 30, 1935, 
returns are due 15 months after date of death. 



3 "Net estate" is the amount of gross estate in 
excess of the deductions and specific exemption 
allowed under the statutory provisions in effect at 
date of death. 

< The estate of an individual who died after 5 p. m., 
June 6, 1932, is subject to too Federal estate taxes— 
a basic tax and an additional tax. The basic tax is 
computed at the rates provided by the Revenue Act 
of 1926, which rates are embodied as the basic estate 
tax in the Internal Revenue Code. The additimal 
tax is the excess of the tentative tax computed at the 
rates provided by the act in force at date of death, 
over the basic tax. 



STATISTICS OF DSTCOJVIE FOR 1940 — PART 1 



255 



tax, under the Federal tax laws ^ applicable to estates of citizens and aliens who died 
through Dec. SI, 1941 — Continued 





Revenue Act of— 




Revenue Act of 
1932 as amended 
by 1935; Inter- 


Internal Reve- 








nue Code as 


1926 


1932* 


1932 as 


nal Revenue 


amended by 


(Basic tax) 


(Tentative tax) 


amended * by 


Code, and Code 


Revenue Act of 






1934 (Tentative 


as amended by 


1941 < (Tenta- 






tax) 


Revenue Acts 
of 1939 and 1940* 
(Tentative tax) 


tive tax) 


In eflect 10:25 a. m. 


In eflect 5p.m. 


In eflect 


In eflect 


In eflect 


Feb. 26, 1926, 


.June 6,1932, 


May 11, 1934, 


Aug. 31, 1935, 


Sept. 21, 1941, 


and thereafter 


through 


through Aug. 


through 


and t hereafter 




May 10, 1934 


30, 1935 


Sept. 20, 1941 « 




$100,000 


$50,000 --- 


$50,000 


$40,000 


$40,000. 


(7) 




$50,000 


$40,000 


$40,000. 






Total amount paid under 


None, for amount paid 


Same as 1932.- 


Same as 1932. . 


Same as 1932. 


Revenue Act of 1924, 


under Revenue Act of 








as amended. Credit 


1924, as amended. 








for amount paid under 


Credit for amount paid 








Revenue Act of 1932 not 


imder Revenue Act of 








to exceed the propor- 


1932 not to exceed the 








tion of the estate tax 


proportion of the addi- 








computed under the 


tional estate tax that 








Revenue Act of 1926 


the value of the included 








that the value of the 


gift bears to the entire 








included gift bears to 


gross estate, and not to 








the entire gross estate. 


exceed the difference be- 
tween the total amount 
of the gift tax and the 
gift tax credit therefor 
allowed against the tax 
computed under the 
Revenue Act of 1926. 








Not to exceed 80 percent 










of the difference be- 










tween the basic tax and 










any credit for gift tax 










(10:25 a. m. Feb. 26, 










1926, and thereafter). 











» The Revenue Act of 1932 as amended by 1935 
was in eflect Jan. 1, 1936, through Feb. 10, 1939; the 
Internal Revenue Code, Feb. 11, 1939, through June 
25, 1940; and the Code as amended by the Revenue 
Act of 1940, June 26, 1940, through Sept. 20, 1941. 
See note 8. 

' Estates of individuals who died within the period 
June 26, 1940, through Sept. 20, 1941, are subject also 
to the "Defense Tax" which is 10 percent of the sum 
of the basic and additional taxes after application of 
credits. 



' Specific exemption of $100,000 is allowed the 
estate of a nonresident citizen who died on or after 
May 11, 1934, under 1926 Act as amended by 1934 
Act. 

8 Section 813(b) of the Code is amended by the Rev- 
enue Act of 1Q39, which adds "or any posssssion of 
the United States," with respect to estates of indi- 
viduals who died on or after June 30, 1939. 



256 



STATISTICS OF INCOME FOR 194 PART 1 



E. — Gift tax rates, total gift tax, specific exemption, exclusions, and deductions, under 
the Federal tax laws ' affecting gifts made during the calendar years 1924 through 
1940^ 













Revenue Act of- 


- 


















1932 » as amended 


















by 1935; the 






1924 as amended 




1932 5 


1932 « 


is amended 


Internal Revenue 

Code, and the 
Code as amended 


Net gifts 3 


by 1926 * 






by 1934 






In effect 


In effect 


In effect 


by Revenue Act 
of 1940 






June 2, 1924, 


June 7, 1932," 


calendar year 1935 






through 


through 






In effect 
Jan. 1,1936, 






Dec. 3, 1925 


Dec 


. 31, 1934 






















through 


















Dec. 31. 1940' 


Exceeding 


Equaling 


Rate 
(per- 


Total gift 
t&x 


Rate 
(per- 


Total Rift 


Rate 
(per- 


Total gift 
tax 


Rate 
(per- 


Total gift 
tax* 






cent) 




cent) 




cent) 




cent) 




$10, 000 




.$100 


H 


$75 


H 


$75 


3 


$150 


$i6,"666" 


20, 000 




200 


Wi 


225 


ik 


225 


450 


20,000 


30, 000 




300 


2K 


450 


2K 


450 


4H 


900 


30, 000 


40,000 




400 


3 


750 


3 


750 


6 


1,500 


40, 000 


50, 000 




500 


3M 


1,125 


ZH 


1,125 


VA 


2,250 


50, 000 


70, 000 


2 


900 


5 


2,125 


5M 


2,175 


9 


4,050 


70, 000 


100, 000 


2 


1.500 


5 


3,625 


eVi 


4,200 


lOH 


7,200 


100, 000 


150, 000 


2 


2, .500 


6}-^ 


6, 875 


9 


8,700 


12'^ 


13. 575 


150, 000 


200, 000 


3 


4, 000 


6K 


10, 125 


9 


13, 200 


mi 


19.950 


200, 000 


250, 000 


3 


5.500 


8 


14, 125 


12 


19, 200 


15 


27, 450 


2.50, 000 


400. 000 


4 


11, 500 


8 


26, 125 


12 


37, 200 


15 


49, 950 


400, 000 


450, 000 


4 


13. 500 


9V^ 


30, 875 


Uli 


44, 325 


1714 


58, 575 


450, 000 


600, 000 


6 


22, 500 


9H 


45,125 


UH 


65, 700 


17^ 


84, 450 


600, 000 


750, 000 


6 


31, .500 


11 


61, 625 


16H 


90, 450 


19}/^ 


113,700 


760, 000 


800, 000 


8 


35, 500 


11 


67, 125 


16J^ 


98, 700 


19}^^ 


123, 450 


800, 000 


1,000,000 


8 


51, 500 


12H 


92, 125 


im 


136, 200 


21?i 


166,950 


1,000,000 


1,500,000 


10 


101, 500 


14 


162, 125 


21 


241, 200 


24 


286, 950 


1, 500, 000 


2, 000, 000 


12 


161, 500 


15J^ 


239, 625 


231.^ 


357, 450 


26;^ 


418. 200 


2, 000, 000 


2, 500, 000 


14 


231, 500 


17 


324, 625 


25}^ 


484, 950 


28V^ 


560, 700 


2, 500, 000 


3, 000, 000 


14 


301, 500 


18M 


417, 125 


2734 


623, 700 


30^4 


714,4,50 


3, 000. 000 


3, .500, 000 


16 


381, 500 


20 


517, 125 


30 


773, 700 


33 


879, 450 


3, 500, 000 


4, 000, 000 


16 


461, 500 


21 H 


624, 625 


32;^ 


934, 950 


3514 


1,055,700 


4,000,000 


4, 500, 000 


18 


551,500 


23 


739, 625 


34H 


1, 107, 450 


37M 


1, 243, 200 


4,500,000 


5, 000, 000 


18 


641, 500 


24H 


862, 125 


36 


1, 287, 450 


3934 


1,441.950 


5,000,000, 


6, 000, 000 


20 


841, 500 


26 


1, 122, 125 


37H 


1, 662, 450 


42 


1,861,950 


6, 000, 000 


7, 000, 000 


20 


1,041,500 


27M 


1,397,125 


39 


2, 052, 450 


4414 


2, 304, 450 


7, 000, 000 


8, 000, 000 


20 


1, 241, 500 


29 


1, 687, 125 


40H 


2, 457, 450 


453^ 


2,761,9.50 


8, 000, 000 


9,000,000 


22 


1,461,500 


30H 


1, 992, 125 


42 


2, 877, 450 


47H 


3, 234, 450 


9, 000, ono 


10, 000, 000 


22 


1,681,500 


32 


2, 312, 125 


43}^ 


3,312,450 


AHH 


3,721,950 


10. 000, 000 


20, 000, 000 


25 


4.181,.50n 


33}^ 


.5,662,125 


45 


7, 812, 4.50 


50K 


8, 746, 9.50 


20, 000, 000 


50,000,000 


25 


11,681,500 


33}'2 


15,712,125 


45 


21, 312, 450 


mi 


24, 271, 950 


50, 000, 000 




25 




33>^ 




45 




52H 

















Revenue Act of- 



1924 as amended by 1926, 
in effect June 2, 1924, 
through Dec. 31, 1925. 



1932, and 1932 as amended 
by 1934, in effect June 7, 
1932.6 through Dec. 31, 
1935. 



1932 as amended by 1935, 
in effect Jan. 1, 1936, 
through Dec. 31, 1938. 



1932 as amended by 1938, 
in effect Jan. 1, 1939, 
through Feb. 9, 1939; 
and Internal Revenue 
Code, in effect Feb. 10, 
1939, through Dec. 31, 
1940. 



Specific exemption, exclusions, and deductions 



Specific exemption: 

Resident: $50,000 each calendar year. 

Nonresident: None. 
Gifts to individuals not in excess of $500. « 
Previously taxed property and charitable, etc., gifts. 
Specific exemption: 

Resident or citizen: $50,000, allowed but once; may be taken all in one 
year or over a period of years at option of donor. 

Nonresident alien: None. 
Exclusion of $5,000 for each donee (except future interest in property).' 
Charitable, public, and similar gifts. 
Specific exemption: 

Resident or citizen: $40,000, allowed but once; may be taken all in one 
year or over a period of years at option of donor. 

Nonresident alien: None. 
Exclusion of $5,000 for each donee (except future interest in property).' 
Charitable, public, and similar gifts. 
Specific exemption: 

Resident or citizen: $40,000, allowed but once; may be taken all in one 
year or over a period of years at option of donor. 

Nonresident alien: None. 
Exclusion of $4,000 for each donee (except gifts in trust, or of a future interest 

in property) .' 
Charitable, public, and siiailar gifts. 



For footnotes, see p. 257. 



STATISTICS OF INCOME FOK 1940 PART 1 



257 



Footnotes for table E' 



' The Revenue Acts of 1924 as amended by 1926; 
1932; 1932 as amended by 1934, 1935, and 1938; the 
Internal Revenue Code, and the Code as amended 
by the Revenue Act of 1940. 

2 Gift tax returns are required to be filed for the 
year ending Dec. 31. 

3 The amount of "Net gifts" for the current year 
is the excess of the total gifts for the current year 
over the sum of the following for such year: (1) total 
exclusions for donees; (2) deductions for charitable, 
public, and similar gifts; and (3) the specific ex- 
emption claimed. 

< The first gift tax was levied under the Revenue 
Act of 1924; but lower rates were provided in the 
amendment by the 1926 Act. Any tax paid under 
the provisions of the 1924 Act, which was in excess 
■of the tax imposed by the 1926 Act, was refunded 
without interest. 



' Tax for cuiTent year is the excess of tax computed 
on the aggregate sum of net gifts for such current 
year and preceding years (subsequent to June 6, 
1932) over tax computed on aggregate sum of net gifts 
for such preceding years. 

6 No gift tax in effect Jan. 1, 1926, through June 
6, 1932. 

' The Revenue Act of 1932 as amended by 1935 
was in effect Jan. 1, 1936, through Feb. 10, 1939; the 
Internal Revenue Code, Feb. 11, 1939, through June 
25, 1940; and the Code as amended by the Revenue 
Act of 1940, June 26, 1940, through Dec. 31, 1940. 

8 For the calendar year 1940, there is added to the 
tax computed at the rates in this schedule, the 
defense tax, which is that portion of 10 percent of 
the tax computed at these rates that the amount of 
the 1940 gifts made on or after June 26, 1940, bears ta 
tlie total amount of 1940 gifts. 

9 Allowable to nonresident aliens. 



INCOME TAX FORMS 



259 



FACSIMILES OF INDIVIDUAL AND FIDUCIARY INCOME AND DEFENSE 
TAX RETURNS, AND PARTNERSHIP RETURNS OF INCOME FOR 1940 

Form 1040. Individual income and defense tax return for gross 
incomes of more than $5,000 from salaries, wages, dividends, interest, 
annuities, and incomes from other sources regardless of amounts. 

Form 1040 A. Individual income and defense tax return for gross 
incomes of not more than $5,000 derived from salaries, wages, divi- 
dends, interest, and annuities. 

Form 1041. Fiduciary income and defense tax return (for estates 
and trusts). 

Form 1065. Partnership return of income (filed also by syndicates, 
pools, joint ventures, etc.). 

261 



262 



STATISTICS OF INCOME FOR 1940 — PART 1 



FORM 1040 

Treasury Department 



UNITED STATES 

immm income and defense tax return 



FOR GR0S5 IN'COMES OF MORE THAN T5,nco FROM SALARIED, WAGES, 

D!\1DEjMDS, LNTEREST, ANTMUlTltS. AND FOR INCOMES FROM 

OTHER SOURCES RECUOLESS OF .vr^OLTSTS 



For Calendar \ear 1940 

cr 6scal year beginning , 1910, and inded ._ 



M 



PRINT NAME ANO ADORCSS PLAINLY. (Seo Instructioo C) 



« «1 both baibanJ «imI wif e* U ttu U ■ j/tuA return) 



(Stre«l Kni Dumber, or wml r»<il«) 



CaA-CJiKi-M.O. 






iJs;.:^Nc. INCOME 

1. Salaries and other compensation for porsonal services. (Fram sdiaiuk a) 

2. Dividends ._ 

3. Inlcrc't on bank deposits, notes, mortgages, etc .. 

4. Interest en corporation bonds 

5. Ta>;able intejest on Government obligations, etc. (From Schedule B) 

6. Income (or less) from partnerships, syndicates, pools, etc (other than capital gains or 

(Fumith tuso &nd addretacs): 



losses). 



7. Income from fiduciaries. (Furabh nune, ud a^hbous): 



Rents and royalties. (Fren StSdufc Q 

Income (or loss) from business or profession. (Fnm ScJiedule D) 

(a) Net short-term gain from sale or exchange of capital assets. (Fram Schednk F)_ 

(5) Net long-term gain (or loss) from sale or exchange of capital assets. (F«ao Sctcduk F>_ 

(c) Net gain (or loss) frora aU or exchange of property other than capital assets. <Fr«n sdieduk C).. . 

Other income (including income from annuities). (Sate uture).. 

Total income in items 1 to 1 1 . (Hnter nonuxable ukouk io Sch»Jule I)-. 

DEDUCTIONS 

Contributions paid. (EspUio h ScKmoIs H) , . | $_ 

Intt-est. (EipUia in Schedule H) 

Taxes. (EipUo in ScSeduk H) 

Losses from fire, storm, ship\\Teck, or other ca sualty , or theft. (EipUio in Sdxduk H)_ 

Bad debts. (Euiiii, b. MicJuJe n 

Other deductions authorized by law. (Ei;::^ uScieduk H) 

Total deductions in items 13 to 18 . 

Net income Otem 12 minus item 19) 









COMPUTATION OF TAX 








21. Net income (item 20 above).. 

22. Less: Personal exemption. 




$ _ 












29. Surtax on item 24, (sk itntnxtiM 29) 

30. ToUl Gtem 28 plus item 29) 










$ 






$ 


31 , Tola! income tax C^u.-a 30. » if y^-» h«J > ntt Wn^ 

tetTO«piulg«inorto».«tolip«16.ScWukO 


$._ 




23. Credit for dependents. 








0* 1 * 






24. Balance (surtax net income).. 




$ 




33. I~~e tu p^ t» . t„r^ 

country <* U. S. pMK»ion. 






uiot. etc (See Inatrucliw 25). 


$. .. . 








34 Balance of income tax Qtm 31 inintn itecm 32 and 


$ „ 




26. Elamed income credit. 

<Fns> Sc!»kk K-l cr K-Z).. 






35. Defense tax (10% of item 31). <Se, In«r,,cd«. 






27. Balance subject to normal taj 




$- - 


._... 


36. Total income and defense taxes due 

(;te«.34iJ,uiIen3S)_ 


$.__ _.. 





MOTE^-h orio ll»l Kib n 



B cur bs a::«?te^ w aiNliaf tbo rt^wistcau ci lfc« talcn:«l R?i 



• Ctit, Ik dua cJM ler bcnia itnd W <el fnlli FlUT aal CIEAKI.T. 



STATISTICS OF mCOME FOR 194 PART 1 



263 



Pose a 
Seheaide A.— INCOME RECEIVED FROM OTT^r.RS CONSISTING OF SALARIES, WAGES. FEES, COMMISSIONS, BCNUSES, 
AND OTK-CR COrvfPRNSATIOK FOR PERSON>.L SERVtCES. (Sec tnatrucCi. 



Mhe^MU "f.-dmil." "Srstr.*- or • U«l ■ 


'■-■- 




.w.. 


3. Expc^ 


uCtco^ac) 




4. Aanint 




J 


1 






1 


, !.._ 












i 












1 





£:- ilon I. paric 1) -i$-- 



Schev^ule B.— INTslkEST ^N GOVERNMENT OBLIGATIONS, ETC. (See Instruction G) 


1. Oyi(piLi&.-it « twutltio 


1 ^iiiounlt.wiitdtier>dijfyt*rio«:iu(I«q 
» jiir pruporrianolc Ann J vich M'lfi- 
tA'.a kcJd by Mt-U.. ln»l». p»*!«J- 


3. Irterot Kcti\tii or 


4. Amount of 

'°«liitl. it" 

«xmipt from 

Uution 


uuM ai aeiaftioa 


<«) Oblisatio!» of n Stiile. Territ-iry, or pp'^tical suboivlsion thereof, or t3.; 

DUtiia of CJuniUa. w^ United Statts poss-^isior-s.. 

ia) Obligations tseued tmt^sr Federal Farm Loan AcL or under sucli Act 


J 




$ 




.<dl... 

All 

All 

All... . 


$ 


.. 














id) Treasurj' N«»h!*. TrcAsury BU!s, anJ Treasury Certificate* of Indebted- 






















J5.000 

None 




tt OWisations ot irutruxncntalities of the United States (ether than 
obligatiocs to he reported in (f) alwvc) 










1 



T,.' J (,.>^ i! item 5. t^e 1).- 





^cheJule C— INCOME FROM RENTS AND ROYALTIES. 


(Se 


: Instruction S) 






1. Kirtl «< property 


, , . 3. DeprHitior. frrplun 4. Bep«ir» 


! 5. Oih^nr^u 

1 (lirmi, btlo.) 


6. Not protU (. "MJl 1 minus 
>u..or,olJ;n<;.<.».l>> 
(r„.„..ilra.8,p«, l> 


, 


S t J 


i^ " 


5-_ 






...._ 1 






1 




!._ 





__. 



Explanation of deductions clainvsd in ctJumna 4 anj 5_. 



Schedule O.— PROFIT (OR LOSS) FROM BUSINESS OR PROFESSION. (See InstructJan 9) 



<Statc (I) naUii-e of business - : (2) number o: places of business ; (j) c 

and address if different horn name and addrets on page 1 . -) 

I. Total receipt» - . '$- 

OTHER BUSINESS DEDUCTIONS 

I ). 5-a]ailt3 and weivej not included as "Labor" (do not deduct compen- 

fdtion for your»elO 

12. Interest on business indebtedness 

15. Tucci on business and business property 

M. Losses (explain telow) 

15. Pad debu arising from sales or services 

16. Depreciation, obsolescence, and depletion (explain in Schedule E). 

17. Rent, r^pairi, m J other expenses (itemize below or on separate sheet). 

la. Tot.ll of lines 11 10 17 

\9. Net profit (or lois) Oine I minus lines 9 and 18) (enter as iten 

P-sel) 



COST OF C(X)DS SOLD 

Cfo be uifJ >hef c inveniorltt ^(i »ii incamc-IirtMrnuiing 

2. Inventory at bcgioning of yesr 

3. Maxliaodise bought for sale 

4. Labor - 

5. Mattriftl and supplies 

6. Olher costs (ilcimzc belo*) 

7. Tou.1 of liites 2 to6 

8. Less inventory at end of year 

9. Net cost of ^9ods sold Oine 7 minus line 8).. 
10. C^JCS profit (lin< 1 minus line?) 



If the production. mar.i;I»tcture, purcK&*e and sale of merchandite is an income-producing factor, i 
indicate whether inventories are vaiu'J at cost, or cost or market, whichever is lower. 

Explanation of deductions claimed in Unea 6. 14, and 17 — 



E required. Enter "C" 



s 2 and 8 to 



ScheiSuTe E.— EXPLANATION OF DEDUCTION FOR DEPRECIATION CLAIMED IN SCHEDULES C, D, F. AND G 


(If bui:Ju)KE.«mc,in4luMJ oi yiYidi 
carmtnicial) 


1 D.M 


3. Cw* or olha bai': 

of u'lier (umckpTt.^ 
o\ble property) 


*. Awels fully depTc- 


5. n:pr«;a;« »:- 

in prior >Wi 


; 7. Estimated 
t- R«n»j nine cost or I'lc uied in 


*. LitiBW-ici 
rcnwoinj 9. Dcitfcaatiap 

of rear 






t „.l...... 


$ 




$.„ 


\ 


, 








1 








" \ ! 










1 








1 j 














1 1 


' 






264 



STATISTICS OF INCOME FOR 1940 — PART 1 



AiC3 LOSSES FROM SALES OR EXCltANGES OF CAPiTAL ASSETS. (See Inatruciion la) 



t. Kind of properly Qt 



ZDauaoquifcdi 3. C:ite>ci4 



W«. iJoy >-«r I .1/* Dau- Y<tf 



price) 



Cvn cr tni* ?v &« nCint 



SKOni-TERW CAPITAL CAINS AND LOSSES— ASSETS HELD NO! MORE THAT.' 18 MONTHS 







s |...s _ _ 


$ 




$ 


- 


s 


100 
100 
100 

loa 


$.. ... . 

$ 















— 










- 


Tottl rtt sViOrt-lern 


dpiUl gain or hzs (en^cr 


n I;ne 1. cilumu 3. oi 3un>niayy below) 


— 



LONG-IE-M CAPiTAL G41 


!S AN.T LOSSk:S— ASSETS l!\: 


LD FOR MOr 


E THAN 18 MOiJTiJS BUT NOT FOR MORE THAN 21 R 


ONTHS 














$... . 




. 




i 


$ 




66?! 
66',', 


i 
















































66',; 






1 1 


















66« 






LONG-TERM CAPITAL GAINS AND LOSSES— ASSETS HaD rOR ^!ORe THAN 24 MOPJTHS 








1 


$ . 


; 




$. .__.L. 


f 




f 




50 

50 
50 
50 














1 


























■ i" 




















1 


1 i 




. .. j._. 




Total net long-term capital gain or loss (enter in line 2. column 3. of summary below) — 




i - 


u 



SUMMARY OF CAPITAL NET CAJNS OR toSSES 



1. OsMif.ai'-or. 


2. Net thorui 

capital loM, 

pf.ctding tas» 


tic 


9. Nit Sim sr !ou lo W tik.'n into 
account from colunn 10, abt-vc 


4. Nci tun or !«. to be talcn tsto 

account fiom pcrircfibips and 'conMiioa 

Uu»t fundi" 


5. Total net Klin or lor. to be tilm 

tGto account in colusint 2. 3. lud 4 cf 

LSbsummaiy 




ofnct income for 
iu:ii year) 


C>ui 


Loa 


Cam 


Loo 


Cain 


. Lon 


1. Total ncl shorl-tcrrn tapita! gain or Ici-s 
(enter as item 10 (c). pag* I, amcun5 
of gain diovm in eclumn 5) 


$ 




$ 




S 




$ 


-^ 


$.- 




S- 




No net IcKS 
iDutroclian IIQ 


2. Total net lorg-tcrm capital gain or loss (er 
Dace 1. amount of ga-n or loss sliov.n 


terasita«10(J), 
in column 5). 


S 




$ 




$ 


$ 




$ 




s 





Use only (1) If yc 
(2) If yc 



I had 



COMPUTATION O? ALTERNATIVil TAX 
I net long-term capital g^-in^ and item 24. page 1, frxceetls .$22,000 
I nst ions-term capital loss, ami such loss plus stem 24, paga I, exceeds $22,000 



1. Hct inrarac (ftaa 20, paje 1). (Sec Instruction 10) 

1 (o) Net loag-teim capital gain (item 10 (S). page I) 

(J) Net lons-tenn Mpita! loss (ifem iO (J), psge !)_ 

3. Oidinary net income (i;ne 1 inim;': :ii\c 2 (o) or line I plus 

line2(f)). (SeclnstnicEion 1() 

4. Lea*. Pcxaor.al rjteniption. (From Schedule 

J-1) .^-- 

5. Credit F:rHc,Kndciit». (Frorr.Sched- 

6. Balance (aurtas net in'-otnc) .._ ^ 

7. Less: Interest on G. — .:. ].t .'!!(;'*, ni, 

etc. (3c.- L . 

8. Earned incctn :-. L ; c.!- 

uleK-l or!- \ ,•-:'. :,. 10). 

9. Eai-.nte subject to ncm ..' t-.t 



10. Normal tan (4% cf line 9) 

11. SurEaJonline6. (Sec Instruction 29) 

12. Partial tax 0"me 10 plus line II) 

13. (a) 30% of net bng-tenn capital gain (30% of line 2 (o))_ 

(I) 30 % of net Ions-terra capital lo!3 (30 % of line 2 (5))._ 
!4. A'ternatiye tax(Ii,-.e 12 plusline 13 (a)or line 12 minus line 

!5. Total normj las and surtal (item 30. page I) 

16. 1 ax liability (if a net long-term capiul gain, on Ime 2 (o). 
enter line 14 or line 15. whichever is the lesser; if a net 
lon5-teim capital loss, on line 2 (0. enter line 14 or line 
15. whichever is the grtater). (Enlcr as it em 31. page 1) 



I. Kb J cf prwpaty 


2- Date acquired 


3. Crow mIc. price 
(corUoct price) 


4. Cost a otter 


5. E-xoenjcot-.A inJcc; 

qucr.t to »cqi...ilion or 
MatcM. I9I> 


0. D.Trcc!ttt!on allowed (or 

Jlo»abIc).inceacqui,iUon 

or M>nb 1. 1013 

(cwlaLiinScbedi.lcE) 


7. Cain cr lo#< (column 3 
pKia colirmo 6 minui the 
rum of colunjne 4 and !>> 






$ . 




$- 




J 




J 


} 
















































Total net Enin (or lossi (enter as item 10 (c). page !)- 


J. 






State thcfamilif, fiJuciary, or business relaihinihlp to nou, ij any, cj purdtaitr o/ am; o/ ihs ilzma ^n this page: 
If ans t^ tuth iicrta tocTS acquirtd b^ y<iu o^hix iJ'.anhy piSTcfuae. t:tplain iuVy horn acqairzd: ... ... . 



STATISTICS OF INCOME FOR 194 — PART 1 



265 





Schedule H.— EXPLANATION OF DEDUCTIONS CLAIMED IN ITE-MS 13, 14, IS, 16, 17, AND 18 


P»ftm4 


1. iHaNo. 


2.-^,^0^ 


yAa^jM 


1. llcioNo. 
(ConlilUKj) 


Z. ExpUnatioa (CootmueJ) 


(C(>nUm.ed) 






$ 








$ 


























. 

















...... 







— 













.., _. 


..._. 



Schedule I.— WONTMCABLEJNCOME OTHERTHAN INTEREST REPORTi-.D IN SCHEDULr. B. (Sac Instniction G) 



Schedule J.— EXPLANATION OF CREDITS C LAIMED IN ITEMS 22 AND 23. (See Ins t ructions 22 and 2 3) 



<1) Eersonal Esentiption j| (K) CrefLit for X>epcndcnta 




Nu.T.btrol 
month. 


Credit daun«I 


1 Nunc o[ dependent uid echtioAilup 


NjfnVj cf -iionllji 
djrir.s tlie yeu 






Under 18 
ycr. dd 


OveilS 
vcuaold 




:Single, or married and not living with hus- 
band or wife 




$ 




i 






$ 

















Head of fanuly (explain below) 








1 












Reason for support 

if over 18 years old _. 




— _ 













Schedule K.— COMPUTATION OF EARMED INCOME C1EDIT. (See Instruct;, 



(1) If your net ine^mc is S3,000 or less. 1 




9 than $3,000, use only tlUs part 



Net income (item 20. page 1) 

Earned income credit (10% of net income. 



Earned net income (not more tlian $14,000)... 

Net income (Item 20. page I) _ 

Earned income credit (10% of earned ret income 
cr !0% of net income, above, v/hichevcr amount 
is smaller, but do not enter less than $500) 



1. State your principal occupation or profession 

2. Check whether you are a citizen Q or a resident alien [J. 

3. Did you ilk a return for any prior year? If so. what 

was the latest year? To wliich Collector's otEa was it 

sent? 

■4. Are items of income or deductions of botli husband and wife in- 
cluded in this return? 

5. State (fl) Name of husband or wife if separate return was made 



QUESTIONS 



(i) Personal exemption, if any, claimed thereon. 

(c) Collector's office to wlilch it was sent— 



6. Check whether this return was prepared en the cash Q or 

accrual □ basis. 

7. Did 3'ou at any time during your taxable year ovm directly or 

indirectly any stock of a foreign corporation or a personal hold- 
ing company as defined by section jOI of the Internal R^vtnus 

Code? (AnsTver "yes" or "no") ._ (If answer 

is "yes." aitac'n statement required by Instruction J.) 



AFFIDAVIT. (See Instruction E) 
I/we swear (or afnrm) that this return (including any accompanying schedules and statements) has been examined by me/us, and to the 
!best of my/our knowledge and belief is a true, correct, and con^plete return, made in good faith, for the taxable year stated, pursuant to the 
Internal Revenue Code and the regulations ii-sutd under authority tliercof. 



:Sub5cribed and sworn to by 

before me this _.. day of ... 



194.. 



(SinnUuie e.-x) title ol offieet •dm.nuierinj 0.1k) 

A return cuda by tn agent miul be accompantei] b7 power of 
■aXtimry. (See Instruction E) 



(Sv^tuie) (Sm laabuctloD F^ 



(Sijiwtuje) 

(If this is a joint rctum (not [Darfe by agent), it must bo signed 
bf bjth hiut>£r.d .tnd wife. It must be s^vetrtt to before a prjfier 
officer by the spotiso preparing the retuni. If neither 07 both pr^ 
pate the return, it must be awom to by both spouses.) 



AFFIDAVIT. (See Instruction E) 
(If this return was prepared for you by socrc other pei^on. the followir^ afHdaWt must be executed) 
i/we swear (or aflirm) that I/we prepared this return for the person or persons named herein and that the retuni (including any accom- 
panying schedules and statements) is a true, correct, and complete statsment of all the information respecting the tax liability of the person 
or persons for whom this retuni has been prepared of which I/we have any knowledge. 



.'Subscribed and swam to before me this . 



. day 



(i^fiutuK and tl,': rf officer adasiaiiteries o-th> 



(SigMUae of per»«a peepwing tl.c rctufn) 

(Sisnetu-r ci ^«nan pitpuia^ tbe tcttsetj 

{NaK« ei baa «e ecaployw. if uiy) 



266 



STATISTICS OF INCOME FOR 1940 — PART 1 



INSTRUCTIONS FOR FORM 1040, UNITED STATES INDIVIDUAL INCOME AND DEFENSE TAX RETURN 

se noted) Page 1 

194a 



(Beferencce are to the Internal Revence Code 



1940 



GENERAL INSTRUCTIONS 



A. WHO MUST MAKE A P.ETCRN.— Every citiren and residetit 
of the United States hftving riurint; tlie tr.^able year gross income {in- 
come derived from any source whatever, unless exercpt from tAS by 
law) in an amount specified below, Tcgardleea of the amount of net income, 
Bhall make a return if: 

(1) Sinale, or marrieti and not living t^ifh kn^hanJ or v>ifr for any part 
of the taxahle year. If having a gross ihcome of ¥300 or over. 

(2) Married and lioing ■with husbarid or wife for iht entire taxable year. 
If each ha.s income and their combined gross incor^ie is S2,000 or o»-er, 
they m-ist c:ieh make a return or file a joint returu. If only one has 
income iind his gv.s^ income is $2,000 or over, only that one is required 
to make a return. 

(3) Married and living with, kmhand or wife for oiily part of the taxable 
year. If each has income and their combined groaa income is $2,000 or 
over, or equal io, or in excese of, their total personal exemption (not 
including credit as head of a fitraily or for dependents), they must each 
make a return or filo a joint letum. K only one has income and his 
gross income is S2,C00 or over, or equal to, or hi e:-:cess of, his personal 
exemption (not Including credit as head of a family or for dependents), 
only that one is required to make a return. (See Specific Instruction 
22 as to personal exemiation.) 

Joint retnrn. — May be filed by husband and wife only if they are 
(1) both citizeiiF, or residents of the United States and (2) living together 
at the end of the taxable year. A joiufc i*otum is pcnuisjible even 
though one has no gross income. 

Deceaecd Individiuils. — Return required on Form 1010 or 1040A if 
gross incnmc to date of death is $S00 or over, if Kine^Ie, or married and 
not living with spouse for any part of the taxable year, or equal to, or in 
exiCPB of, credit ror perRonal eyoniption (not including credit ns h^ad of 
a family or for depcudentc), if marri^'d and living with spouse i'or nil or 
any part of the ta,xablft year. The return for a dpc^dent chall include 
all Items of income and deductions accrued up ti the date of dtath, 
regardless of tlie fact that the dcccdeiit may have kept his books on a 
cash basis or kept no books. 

B. FORM OF RETURN. — Individuals (1) whose gross income 
exceeds $5,000, or (2) who h:ive any income or losses from rental or 
Bale of property, or (3) make returns on accrual basis, or (4) make 
returns for a fiscal year, or (5) conduot their own business or profession, 
or are members of a partnership, use Form 1040. Nonresident aliens 
use Form 1040B or 1040NB. Fiduciaries uje Form 1041. All other 
individuals use Form 10-tOA. 

C. FILING OF RETURNS AND PAYMENT OF TAX.— File on or 
bclore 15th day of 3d *uonth following close of taxable year with 
collector for the district in which the taxpayer has his legal residence 
or principal place of ba.-iiues3. If the taxpayer has no legal residence 
or place of busmesa in United States, file with collector at Baltimore, 
Md. The taxpayei-'s homa address must be given and a penaantnt 



r other than by parcl 



address may be added. Pay in cash at collector' 
by check or money order payable to "Coh^ctor of Interual Revenue." 
Pay in f'lll with return or iu four equal installments, on or before the 
15th day of the 3d, 6th, 9th, and 12ih month from close of taxable ye^r. 

D. PENAI^TIES. — Severe penalties are imposed for not filing a 
return, for filing a fplse or fraudulent return, or failing to file on time. 

E. AFFIDAVITS. — Return must be sworn fo by taxpayer or his 
agent. Return may be m&de by agent if tax-ijj.yer (1) is too ill to 
make It or (2) ir ab.°ent from United States for 60 days before due 
date. Power of attorney on Fonn 935 or 936 ("husband and wife) 
must accompany return made by agent. Person preparing return 
must execute affida\it on page 4. Return may be sTorn to before 
any collector, deputy collector, or internal revenue egent (without 
charge), or other person autborirt"rd by law to administer ciths for 
general purposes, e.^cept taxpayer';; agrnt. 

F. RECEIVED OR ACCRUED INCOME.— If booka are kept on 

SPECIFIC INSTRUCTIONS 
(Nambeied to correspond v/lih item nunibcr; 



accrual basii:, report all income accnied, even though not received or 
entered on books, and expensfs incurred even though not paid. If 
books are not kept on accri:el basi-?, or if no books are kept, report ail 
income actually or constructively received, and all expenses paid. 

G. ITEMS EXEMPT FROM TAX.— Explain items cUimed to be 
ejLcmpt ia Schedule I, exwpt iutereet to be reported m Schedule B. 

1. Interest on ^ovemmenta! obligations: 

(a) Entirely exempt. — The interest on (1) obligations of a State, Ter- 
ritory, or political subdivision thtreof, or the District of Columbia, or 
United States posBeBsioni': (2) obligations issued under Federal Farm. 
Loan Act, or under such Art m-: .luicndcd: (3) obligations of the United 
States issued on or befoi-c Si^ptember 1, 1917; and (4) Tresrury notes,. 
Treasury bills, Tr^^^asury* o-rtificates of indebtedness, postal savings 
obligations, adjusted eerviea bonds, and certain other obligations cf 
the United Staves. 

(6) Partially exempt. — The interest on (1) United States saving* 
boiid3 and Treasury bonds owned in t:xcc*>.i of S5,000 and (2) obligr- 
tionfi of instrumentalities Oi the Uuited States ia cubject only to surtax. 

2. Proceeds of insurance polktes. — The proceeds of life insurance 
policies, paid by reason of the death cf tlie insured, are exempt. If any 
part oi" the proceeds is held by the insurer under an agreement to pa>- 
intere? I, the interest is taxable. Amoimts received ondera life insur- 
ance or endowment policy, not payable by reason of the death of the 
insured, are not taxable until thf> aggregate of the amounts received 
exceeds tiie preniium? or consideration paid for the policy. 6ec Specific 



Instruction 11 ae to taxation of i 



\iiih 



3. Federal Eavings and loan associations. — IKvidends on share oo- 

court? in Federal tavinKs ptjid loiiii associatious are subject only to 
GUftax. 

4. MIsceUsneoa<« items wholly exempt from tax: 

(a) Gift* (not received as a consideration for service rendered) and 
money and property acquired by bequest, devise, or inheritance (but 
income therefrom is taxable) ; 

i'o) Amo nxte received through accident or health imurance or under 
workmen's compensation acts, as compensation fcr personal injurie.? or 
sickness, plus the amount of any damages received, whether by suit or 
agreement, on account of such injuries or sickness; 

(c) The rental value of a dwelling house and appurtenances thereof 
furnished to a minister of the gospel as part of h;s compensation; 

(<f) Pensions and compensation received by veterans from the United 
States and pensions received from the irnilcd States by the family of a 
veteran, for services rendered by the veteran in time of v/ar; anS 

(e) Amounts received as earned income from sources without the 
United States (except amounts paid by the United States or any agency 
ihereof) by an individual citi:^en of the United States, a bon:^ fide non- 
resident for more than 6 months during tho taxable year (no deduction 
may be taken for any amount properly allocable to or chargeable 
against amounts so excluded). 



-i by purcliasfl after February 2S, 1913. I: ncqaired before Mwch 1,. 

dj>pl8UoD deduct lua, seoiectioos 23 (mj end U4 uid Regulatioiu 103. 

I. INFORMATION AT SOURCE.— Every psrson making payments of fl) irteitst, I 
imnii.xilona. or other fli:p'1 or dtit^rminablc inTOine of WOO or mo^" '--•-- -^ ■ 
ft fitluiitiry, or (2) saitiry o 



e durit!g thR «»lendar year 



slacls irt;rsoa or $2,000 oi 



T l(Mldrcssofe<ifu 



a married persoasbail make arctuj 



1 Forai 






Miy and total nuinbef olihan-s of each class ol outsUmri- 

. . . _ Jurmf tbo year you owned stock la a foreign oeraoml 

? (section 3.11), Inoiude ic inbooi'a as a divid'jod tbo amoiiDt required by 

led 5pera'ntorraorc in -.^ilueof the outstanding slncl: of surii com' 

giving In detail the infcrmatlcn Pbquircd by section C-J7 (d). 



ned. U 
\f yen 



1. SALARIES, ETC.— Include compensati 
employee of a State or political subdivision or any agency or in^tru- 
meutality thereof. For treatment of compensation for a period of 5 
years or more, see section 107, 

2. Dn'IDENOS.— Enter total of all tirvable dividends. Enter in 
Schedule I all dividends claimed to bo nontaxable. Enter in item 11 
dividends on sii;t.re accounts in Federal j^avingR and loan associations. 

6. 7. INCOME F30M PARTNCRSHIPS, FIDUCiAP!ES. ETC.. 
WHOSE TAXvVELE YEAR ENDS WITHIN TliE TAXABLE VEAR 
COVERtlD BY THIS RETURN.— Enter as item 6 your share of 
profitfi (v:hcther received or i.ot) or losses of ft psrtnerstiip (including 
a syndicate, pool, etc., not Lax-ible as a corporation) except capital 
gains and losses, which enter in Schedule F. Enter as item 7 income 
from an estate or trust. Ent^r in Schedule B your share of interest 
on obligations of tho United Stat-??:, cto., owned by partnership, estate, 
or trust. Include in item 13, and explain in Schedule II, your share 
of any contribution or gift, pnj-mcnt of which wa.s made by the partner- 
ship within its taxable ye.vr. Enter in itr^ms 32 and 33, respectively, 
your shnre of credits for Federal income tax paid at eourco and foreign 
income taxes. 

8. BENTS AND ROYALTIES.— Include rent received in property 



en page I of retam) 
or crops. Report crops received on crop-share basis in year in which 

dirposed of (■juiej.-i return is miuie on accnial basis). 

5. BUSINESS OR PROFESSiON.— FUl in Schedule D. Farmera 
ketpiug uo books of account, or books on cash basis, must attach 
Fo.-m i040F. A taxpayer electing to include in gross income amounts 
rff?'v;d dii_;ni ih> y<.-':.c as loans from the Commodity Credit Cor- 
" .-r>LM,n : ;i > 1,1 i \.- v.i;'i ii:^ return a statement showing the details 

;•■ -, ■ . . ■' .-. .:,.. :.--n 123.) 

I- ! : - \i.<jd, attach schedule showing separately 

for ; '...r. ! ./,, ;.'>, l.*:.^j. jind 1940: (a) Gros-i sales; (6) cost of goods 
sol'i; (r) gro:^s profits; UO percentage of profits to gross sales; (f) 
amount collected; (/) gross profit on amount collected. 

Bad debts may be deducted either (1) whcji ascerlfliocd to be whoUjr 
or pai-tially worthle-s^, or (2) by a reaeotiable addition to a reserve. 
(Xo change of method williout permission of Commissioner.) 

III. GAINS AND Losses FROM SALES OR EXCHANGES OF 
CAPITAL ASSETS AND OTHER PROPERTY.— Report details in 
Schedules F and G. 

"Csnital assets" defined. — The term "capital aesots" means prop- 
erty held by the taxpayer (whether or not connectt^d with his trade 
trade or other property of a kind which 



or business), but not stock i 
v.ould properly be included i 



I his i 



Qtory if on hand at the close oC 



STATISTICS OF INCOME FOR 1940 PART 1 



267 



the taxable year, or property held by the taxpayer primarily for cale to 
cuetomers in the ordinary course of his trade or business^ or property 
used in the trade or busioess of a character which is subject to the dlow- 
ancc for depreciation provided in Eection 23 (1). 

DescripUon of property. — State foUowIng facts: (a) For real estate. 
location and description of land and iinprovemcnts; (6) for bonds or 
other evidences of indebtedness, name of issuing corporation, particular 
issue, denomination and amount; and (c) for stoc!i9, uhme of corpora- 
tion, class of stock, number of chares, and capital changes effecting 
basis (including nontaxable distributions). 

Basis. — In determining GAIN in case of property acquired before 
March 1, 1913, use the cost or the fair market value as of March 1, 
1913, adjusted as provided in section 113 (b), whichever is greater, but 
in determining LOSS upe cost so adjusted. If the property was ac- 
quired after February 28, 1913, use cost, except as otherwise provided 
in section 1 13. 

Losses on secmlties becoming worthless. — Tf (1) shares of stock 
become worthless during the year or {2) corporate securities with 
interest coupons or in registered form are ascertaiced to he worthless 
artd chftl^-ed'off during the 5'ear, and are capital assets, the loss there- 
from shall be considered as from the sale or exchajige of capital assets 
as of the last day of such taxable year. 

Classification of capital gains and losses. — The phrase "short-term" 
appUes to gains and losses from the sale or exchange of capital assets 
held for 18 montlis or less; the phrase "long-term to capital assets 
held for more than IS rnonths. 

Limitation on short-term capital losses. — Short-term capital losses 
shall be allowed only to the extent of short-term capital gains. How- 
ever, any net short-term capital loss (not in excess of the net income 
for the year involved) may be carried over in the succeeding year and 
applied against the short-term capital gains not already offset by short- 
term capital losses in euch year. The carry-over is restricted to 1 year. 

Alternative tax. — In the case of a net long-term capital gain or loss, 
an alternative tax is imposed in lieu of the normal tax and surtax im- 
posed upon net income. (See Coraputation of Alternative Tax, Sche- 
dule F.) In calculatinft the alternative tax in the case of a long-term 
capital loss, the base (1) for computing the 15 percent limitation with 
respect to the deduction for charitable contributions is the "ordinary 
net income" as shown in line 3, Coicpulation of Alternative Tax, 
Schedule F, increased by item 13, page 1, and (2) for computing the 
earned income credit is the "ordinary net income" as adjusted for the 
" aritablo contributions deduction. 

Capital gains and losses of husband and wife. — A husband and wife, 

-lether a joint or separate return is made, are separate taxpayers 
insofar as short-term capital gains and losses are concerned. Kence, 
such gains and losses of one spouse may not be offset against the 
gains and losses of the other. In a joint return, such limitation docs 
not apply to long-term capital gains and losses, but capital transactions 
of each must be shown in separate schedules. 



days bclore or afler the date of sale 
chase or by aa e-^charge uoon which the entire 
or has cntewd into a wntrar t or option ' 
Looses in traiteaclions between ccrtali 
siles or cichanpes of property directly o 
corporation aod an mdividuel owning mo 
cepted), (c) a grantor and fiduciary of any 



other d!spc5:itioo, the taxpayer has acquired (by pur- 

lount of gain or loss \ras recogniicd by law). 

, substantially Identical £tot:k ' 

iK-rsona.— No deduction is allowable (or losses ir 

indirec'ly between (a) racmbcrs of a family, (t 

lore t'lan M oenxnt of its Stock O'quidationa 

fiduciary and a bcneQciarj' of : 



11. OTHER INCOME.— Enter any other taxable income, including 
taxable income from annuities and insurance proceeds, dividends on 
share account-s in Fedcrcl s:i.ving5 and loan associations, and earniugs 
of minor children if parent is legally entitled thereto. Amounts 
received as an annuity under an annuity or endowment contract shail 
be included in gross income to the extent of 3 percent of the aggregate 
premiums or consideration paid for such annuity. If the aggregito 
of the amounts received and excluded from grcss income equals the 
aggregate premiums or consideration paid for euch annuity, the entire 
amount tlipreafter received must be included in gross income. 

13. CONTRIBUTIONS PAID,— Enter (not to exceed 16 percent of 
your net income computed i^ithout the benefit of this deduction) 
contributions or gifts, payment of which was made within the year 



tot 

:«■- - . 

P United Statciio 
ary S.'ite or Temt^r 
ezclosivelr for rdqtio 
pitrentlonol croclly - - 

(hebencSt cT rny r.rtv^to ehart holder 
of which is carrriifg on pronn^~t:nda. 



aBttyeIien.fiuid,( 



posscaJon tbertof or Qndcr the lew of the United SUtce ot- of 

or an;- posse!a<on of the UrJted Stafcs. cvguUzed and operstc^ 

chcrlublc, arlenli&c, liierary, or educstfon^ purposes, or for the 

part of Uieuet ei:u^)rgsof wl-Jch innrr^to 

iBl. and no sab^tar^tial part of the 

oroi'ierwiso zlteoiptinz. to InQacnce Icslslatl 

, Territory, or any political subr^ivlsion thereof, c 



Wnr VctfratiJi' . 
(rf) Post 



nj, it surh posts, or^oizstlons, units, pr societie 



any private Ehareholdcr or IiidmdTia]; i 

(«) A doii.<?iStic frstcrDOl society, orot 

hot only » such contributions or giits nn 



r vf teraa% or auxiliary units or societies of any such pos^s 
Ions, units, pr societies are. orcaniaied Ic the Unitt'd 
3 part of their net earnings inures to the beiieflt of 

r association, operating under the Icdgn system, 

be usf d inclusively for religious, charitable, sclen- 

liGc, literary, or educational trjiposcc, or for the prevention of cniclty to children or animals. 

14. INTEREST. — Enter interest on pcreoncd indebtedness a8 di<?- 
tingrlshcd from business indi-btedness (which should be entered in 
Schedules C and D). For limitations on deductions for unpaid 
c::pensep and interest, see section 24 (c\^ 

15. TAXES. — Enter taxes imposed on you and paid or accrued 
during the taxable year, except taxes entered in Schedules C and D. 
Do not iLclude tajtes a.=sessed against local benefits, Federal income 
taxes or estate, inheritance, legacy, succession, gift t^es, taxes 
imposed on your interest as shareholder of a corporation which are 
paid by the corporation without reiinbareement from you, Dor income 



Page 2 

taxes claimed Ed a credit in item 33. Federal social eecuritv and era- 
ploymeat taxes paid by or for an employee are not deductible by the 
employee. 

16. LOSSES. — Enter property losses (not claimed in Schedule D), 
from fire, storm, shipwreck, or other casualty, or from theft, not com- 
pensated for by insurance or otherwise. Llxplaiii in Schedule H giving 
description of property, date acquired, cost, pubsequent improvements, 
depreciation allowable, insurance, salvtge value and deductible loea. 

17. BAD DEBTS.— Enter bad debts other than those claimed in 
Schedule D. Show in Schedule E: (a) of what the debta consisted; 
(&) name and family relationship, if any, o? debtor: (c) when created; 
(d) when due; (e) efforts made to collect; and (/) how determined to 
be wortldess. Enter in Schedule F losses from coroorate securities 
with interest coupons or in registered form ascertained to be worthless 
and charged off witliin the year, and which are capital assets. 

18. OTHER DEDUCTIONS.— Enter other authorized deductions, 
including net operating loss deductiou allowed by section 23 (b). 
Everj' taxpayer claiming a deduction due to a net operating loss for 
the precediii'g taxable year shall file with bis return the statement 
required by section 19.122-1, Regulations 103. 

Do not deduct losses in transactions not connected with your trade 
cr business or not entered into lor profit. Losses from wagering 
transactions are allowable to the extent of gains therefrom. 

22. 23. CREDIT FOR PERSONAL EXEMPTION AMD DEPEND- 
ENTS. — A single person, or a married person not living with spouse, 
is allowed a persoiial exemption of $300. A person wJio, during tho 
er.tiie taxable year, was the head of a fftmily cr was married aod living 
with spouse, is allowed an exemption of $2,000. On separate letums, 
the personal exemption may be taken by either husband or vvife or 
divided between tliem. 

A *'head of a family** is one who supports in one household one or 
more dependent individuals closely connected with him by blood 
relationship, relation-^hip by marriage, or by adoption, and whose right 
to exercise family control is based upon some moral or legal obligation. 

A credit cf $400 is allowed for each person (other than husband or 
wife) under 18 years of age, or incapablj of self-support bccaufe men- 
tally or physically defective, whose thief support was received from 
the taxpayer. 

If taxpayer's statue, with respect to persoiial exemption and credit 
for dependents, changed during the taxable year, such exemption and 
credit shall be apportioced according to the number of moclhs before 
and after such change. A fractional part of a month Is disregarded 
unless it exceeds half a mcnth, when it shail be consideird a month. 

25. CREDIT FOR INTEREST, El C— Enter interest reported as 
item 5, aad also dividends on share accounts in Federal eatings and 
loan a<5.sociatioiis reported in item 11. 

26, EARNED INCOME CREDIT.— "Earned income" means wages, 
salaries, professional fees, and other amounts received as compensation 
for personal sen-ices actually rendered. Where a taxpayer is engaged 
in a trade or business in which both personal services and capital are 
material income-producing factors, a reasonable allowance fts compen- 
eatioa for tho personal services actually rendered by the taxpayer, not 
in excess of 20 percent of his share of the net prcfits of such trade or 
business, shall be considered as earned income. "Eajned net income" 
means the excess of the amount of the earned income over the sum of 
the "earned income deductions," which are the ordinary and necessary 
expenses properly chargeable against earned income, in a joint retom 
each spouse is allowed the same earned income credit allowable in 
separate returns. They must show separately the earned income, 
earned income deductions, earned net income, and net income of each 
spouse. 

29. SURTAX. — The computation of the surtax, shown in the table 
below, is illustrated as follows: If your surtax net inome (item 24) is 
$9,201.8-1, the surta.'^ on 58,000 is S200 and the surtax on the excess of 
$1,201.84 ie 8 percent of that amount, or S100.95, making & total 
surtax of $300.95 to be entered as item 29. 

SURTAX BATCS 



$ot 


H.cm . 


4.000 > 


6,000 


eoMt 


R.OOO 


8.0:>Jt 


10,000 


!■ .OV) t 






ii.m 


U,IW 1 


Ifi.rtlO 


KMH 


l^om 


18,000 t 


20.000 , 


20.000 to ?7.tm 


22.00) t 


7.1.0fO 


26.0001 


s-.'.ooo 


32.000 t 


3S.0(K) .. 


38,000 to «,000 








60.000 — 



200,0COto 


250.0(0 -. 




300,000, . 


300,000 U 


400,000 


«0,000t( 


500,000 


500,000 1< 






1,000,000.. . 


1.000.000 t< 


2,C0O,0CJ.. .. 


:.«io,roo t! 


5,000,000.. . 


S.OOOCBO u 





i, 5ft7, 780 



32. INCOME TAX PAID AT SOURCE.— Enter 2 percent of interest 
on bonds on which Federal income tax was paid by debtor corporation. 

33. FOREIGN TAX CREDIT.— If credit is claimed for taxes paid to a 
foreign country or possession of United States, submit Form 1 1 1 G and re- 
ceipts for such payments. If credit is claimed for taxes accrued, attach 
to Form IIIG certified copy of return on which tax was based. 

35. DEFENSE. TAX. — ^The amount of the tax to be entered aa item 
35 shall not exceed iO percent of the amount by which the net i 
exujeds the tas computed without reference to defense tax. 



498968 — IS- 



IS 



268 



STATISTICS OF INCOME FOR 1940 — PART 1 



FORM 1040 A 



THEAStTRT DEPARTMENT 
(BSsutfAi. EBTEirun Sb&ticb 



<Aa«litur'« SUmp) 



UNITED STATES 

INDIVIDUAL INCOME AND DEFENSE TAX 
RETURN 

FOR GROSS INCOMES OF NOT MORE TJIAN $5,000 DERIVED 
FROM SAIJUUES. WAGES, DIViDENDS, IfJTEREST, ATW ANNUITJES 

encased in a profejslon o 



<NOTE.-ir. 
a partn«rkhipt or had >nconi< 

To be 6!ed lith iBc CoSetti 



IB (including farming), or ar? a mem 
i from Slia renting or sale of property, use Forn> 1 

of Inlcraa! Revenue for your district on or before FrKarcli 15, 1941 



PRINT NAM£ AND tlOIvlE OS RESIDENTIAl. ADDRCSS PLAINLY BELOW 

(Name) (Use gneo naiDes of bolu hnsband mi wife, ^ tins is a jcinl retcri^ 

(Street and mimbcr, cr rural ronte) 

(Post eSoQ (Comlfj "(SMe) 



Do not write in chese spaces 



(Cashier's Stamp) 



Cash — Check — M. 0. 



QUESTIONS 

1. What is your occupation? 4. Are items of income or deductions of both husband and wife included in 

2. <^eck whether you are a citizen D or a resident alien D this return? . 

3. Did ycu-file a return for any prior year? If so. what was the latest 5. State name of huslsand or wife if a separate return was made, penonal exemp- 

year? To which (^Hector's office was it sent? , tion. if any. daimtd thereon, and the Collector's office to which it was sent: 



laKnict^a No. INCOME 

1. Salaries and other compensation for personal services. (FromScb»liil>A)_ 

2. Dividends 

3. Interest on bank deposits, notes, mortgages, etc 

4. Interest on corporation bonds 



J. Other income (including income from annuities, fiduciarif.s, etc.). 

6. Total income in items 1 to 5 

DEDUCTIONS 

7. G)ntributionS p^d. (FrenSdieJiileC) 

8. Interest paid. {FromSdnduIeD) ^ 

9. Taxes paid. (FromSclieduIeE) 

10. Other deductions authorized by law. (FromSciitJuieF) 

11. Total deductions in items 7 to 10 

COMPUTATION OF TAX 

12. Net income (item 6 minus item 1 1) 



(FroiDSclu<loI<B)_ 



$_.. 



13. Less: Earned income credit, either (a) or (S). (See immjction t3> 

(a) If item 12 is $3,000 or less, enter K% of such item 

(J) If item 12 is more than $3,000, enter 10% of item I or 10% of item 12, 
whichever is smaller, but not less than $300 

14. Personal exemption. (From SeheJJe H-i) _ 

15. Credit for dependents. (FromSclieJuleH-2) _ , 

16. Balance of net income taxable (item 12 minus items 13, 14, and 15) 

17. Income tax (4% of item 16) 



$ 



$ 



18. Less: Income tax paid at source on tax-free covenant bonds 

W. Income tax peiid to a foreign coimti^ of United States possession. (AiutiFonnltte). 

20. Balance of income tax (item 17 minus items 18 and 19) 

2!. Defense tax (10% of item 17) — - 

22. Total income and defense taxes due (item 20 plus item 2 1 )■ (See lotimciion E »■ lo paymeat d m) 



$_ 



MOTE. — lo order that this return may be accepted as meeting the requirements of the Internal Revemie Code, the 
herein must be set forth FULLY and CLEARLY. 



data called for 

M— lfi4U 



STATISTICS OF INCOME FOR 1940 — PART 1 



269 



Sciicd.il. A.— INCOME RECEIVED FROM OTHERS CONSISTING OF S/J.ARIES. WAGES. FEES, COMMISSIONS, BONUSES. AND OTHER 
COMPENSATION FOR PERSONAL SERVICES. (Ste Instruction 1) -"ni^ 



I. Name and Address of Emplsuytr. tf o BovernmenU-iI unit, 
indicate whctiitr "Fcicnil ." "■Stale." or -Lccal" 


1 Amouot 




3. Eipcc, 


u Paid atoiaO 




4. AmouM 




$ 














$- 




















- 




— 


Total of column 2 minus total of colurrji A (enter as item K page 1) _ „ „ 


$ —. 





Schcdulti B.-OTHER INCOME (INCLUDING INCOME 


FEOr 


A ANNUITIES. FIDUCIARIES, ETC.). (Se. Inatiuction 5) 




I. From Whom Received and Niture of locorac 2. Amour.t 


I. From Whom Received and Nature of Income (Contin-Jcd) 


2. ^ount (Continued) 






1 


$ 




Schedule C— COr.'TRlDUTIONS PAID. (Sm Instruction 7) 


1 Schodulo D.— INTEREST PAID. (Soo Initraction 8) 




1. Name and Addrcsj of Crgaiiization 


Z Anioiir.t 


■ 1. To Whom Paid 


2. Amount 




..!::i:i 






$- 


















Schnlulo E.— TAXES PAID. (See Instruction 9} 


1 Schedule F.— OTHER DEDUCTIONS. (See InatrucUon 10> 


t. Nature of Tax 


2. Amount 




2. Amount 




5 






$. 


























__.. 



Scliedul. C.— NONTAXAELC IFICOME. (See InitrucCion 6) 



). Covcmmcnt Olj'iicatbns or S«cunuct 


2. Amount OwTiwi 
at End of Yur 


Received" 


4. Other Exempt Inconie 
(Slate nature) 


Received 




.............. 


— 


s 






$- — 

















Sclted-jlo M.— EXPLANATION OF CREDITS CLAIMED IN ITEMS 14 AND 15. (See Inatru 


clions 14 


and IS) 






U) Porional Esemption 


(2) Credit for Dependents 


Status 


Number of 
MoMhj 
During 
YeariD 
Each 
Sttitm 


CredUCUined 


N'voe of Depeodcot aad ReUtloniUp 


N-mber of Mentha 
During the Year 


Credit Claiind 


Under 18 
Yeari CM 


Over 18 
YearaOld 


Single, or married and not living 




$-- 




~ 







$ 




Married and living with husband 
or wife 






Head of family (explain below) 


























Reason tor support 

if over 18 years old 



AFFIDAVIT. (See Instn-ction D) 
I/wc swear (or affirm) that this return has been examined by me/us, and, to the best of my/our knowledge and belief, is a truev 
correct, and complete return, made in good faith, for the taxable year stated, pursuant to the Internal Revenue Code and regulations 
issued linder authority thereof; and that I/we had no income from sources other than stated hereon. 

Subscribed and sworn to by 

beforemCthis dayof ,1941. "(Sii^iature) (Sei Instruaio 



(Signature and title of of^cer admini3teHr.g oalh) 

A RETURN MADE BY AN AGENT MUST BE ACCOMPANIED BV POWER 
OF ATTORNEY. (See laslmcUoD D) 




l.uJ>and &n(] wJe. It n 

Erc^^ving tne return. 1 
y both ip^LU?^} 



(Signature) 
J (not made by Rgent). it mus 
be iworn to bcFore * proper e 



I. it fDUM .be. •warn t 



270 STATISTICS OF INCOME FOR 194 PART 1 

INSTRUCTIONS FOR FORM i040A 

UNITED STATES INDIVIDUAL INCOME AND DEFENSE 



GENERAL INSlllUCTIONS 



(A) WHO MUST r.L\KE A RETURN 

Every citizen and resident of the United Pto-tcs having during 
the taxable j'ear gross income (income derived from auy source 
whatever, unless exempt from tax by law) in an amount specified 
below, regardless of the amount of net income, shall make a return if: 

(1) Single, or married and not living with husband or wife for any 
part of the tcxablc year. If having a gross income of SSOO or over. 

(2) Married and living with hushavd or wife for the entire taxable 
ytar. If each has income and their combined gross income is 
$2,000 or over, they must each make a return or file a joint return. 
If only one has income and his gioss income is $2,000 or over, only 
that one is required to make a return. 

(3) Married and living vnth husband or wife for only part of the 
taxable year. If each has income and their combined gross income 
is $2,000 or over, or equal to, or in excess of, their total personal 
exemptions (not including credit as head of a family or for de- 

fendents), they must each make a return or file a joint return. 
f only one has income and his gross income is $2,000 or over, or 
equal to, or in excess of, his personal exemption (not. including 
credit as head of a family or for depcndtcts), only that one is 
required to make a return. (See »Specific Instruction 14 as to 
personal exemption.) 

Joint return. — May be filed by husband and wife only if they 
Ate (1) both citizens or residents of the United States and (2) liv- 
ing together at the end of the taxable year. A joint return is per- 
missible even though one has no gross income. 

Returns of income of decedents. — If the gross income of a 
decedent to the date of his death was $800 or over, if single, or 
married and not living with spouse for any part of the taxable 
yeai*, or equal to, or in excess of, his credit for personal exemption 
(not including credit as head of a family or for dependents), if 
maiTied and living wibh spouse for all or any part of the taxable 
year, the executor or administrator shall make a retvirn for him 
on Form 1040 or 1040A. The return for a decedent shall include 
fij] items of income and deductions accrued up to the date of death 
regardless of the fact that the decedent may have kept his books 
■on a cash basis or kept no books. 

Returns for estates and trusts must be made on Form 1041. 

(B) WHO MUST USE FORM 1040A 

Form 1040A must be used by all individuals whose gross income 
is not more than $5,000, whose income is derived from salaries, 
wages, fees, commissions, bonuses, or other compensation received 
from others for personal services, dividends, interest, taxable 
income from annuities, income from fiduciaries, and who make 
returns on the cash basis and for the calendar year. 

Note.— Form 1040 and not Form IWOA ni'isi bo used by Individuals (1) whose ^oss 
Income exceeds $5,000, or (2) who hare any income other than that stated abovo, such 
as rents or gains Irom the sale of property, or (3) who make returns on an accrual basi?, 
or (i) who make returns for a fiscal year, or (5) who conduct a business or profession on 
their own account, or who are members of a partnership, or (6) who have cny K'-sSes from 
the rentine of or from the sale of property, including shares of stocfc. corporate bonds, 
and other corporate securities. Nonresident alien individuals are required to use 
Form IWOB or 1040NB. 

(O WHEN AND WHERE THE IlETURN MUST BE FILED 

The return must be sent to the collector of internal revenue for 
the district in which the taxpayer has his legal residence, so as to 
reach the collector's oilice on or before March 15, 1941. In case 
the taxpayer has no legal residence in the United States, the return 
should be forwarded to the Collector of Internal Revenue, 
Baltimore, Md. 

(D) AFFIDAVIT 

The affidavit must be executed by the person whose income is 
reported or by his legal representati\'e or agent. The return 
may be made by an agent (1) if, by reason of illness, the person 
liable for the making of the return is unable to make it, or (2) if 
the taxpayer is unable to make the return by reason of continuous 
absence from the United States for a period of at least 60 days 
prior to the date prescribed by law for mtiking the return. When- 
ever a return is made by an agent it must be accompanied by a 
power of attorney on Form 935, or, in the case of husband or 
wife acting as agent for the other, on Form 936 (copies of which 
may be obtained from any collector). 



(E) WHEN AND TO WHOM THE TiVX MUST BE PAID 

The tax should bo paid to the collector of internal revenue in 
full when the return is filed, or in lour equal installments as 
follows: The first installment on or before March 15, 1941; the 
second installment on or before June 15r 19-11; the third install- 
ment on or before September 15, 1941; aud the fourth installment 
on or before December 15, 1941. 

If any installment is not paid on or before the date fixed for 
payment, the whole amount of tax unpaid shall be paid upon 
notice and demand by the collector. 

MAKE CHECK OR MONEY OHDER PAYABLE TO 
"COLLECTOR OF INTERNAL REVENUE.'* 

(F) PENALTIES 

The law imposes severe penalties for failing to tnako a return, 
or for making a false or fraudulent return. Penalties are also 
imposed for failing to file a return on time. 

(G) ITE:MS WHOLLY OR PARTIALLV EXEMPT FROM 
TAX- — All items of income received and claimed to be wholly or 
partially exempt should be explained in Schedule G. 

1. Interest on governmental obligations: 

(a) Entirety exempt. — The interest on (1) obligations of a State, 
Territory, or politio.il subdivision thereof, or the District of 
Columbia, or United States possessions; (2) obUgations issued 
under Federal Farm Loan Act, or under such Act as amended; 
(3) obligations of the United States issued on or before September 
1, 1917; and (4) Treasurj' note?, Treasurj' bills, Treasury certifi- 
cates of indebtedness, postal savings obligations, adjusted service 
bonds, and certain other obligations of the United States. 

(b) Partially exempt. — The interest on (1) United States savings 
bonds and Treasury bonds and (2) obligations of instrumcnt-alities 
of the United States is exempt from the normal tax of 4 percent. 

2. Proceeds of insurance policies. — -The proceeds of life insur- 
ance policies, paid by reason of the death of the insured, are 
exempt. If any part of the proceeds is held by the insurer under 
an agreement to pay interest, the interest is taxable. Amounts 
received under a life insurance or endowment policy, not pay- 
able by reason of the death of the insured, are not taxable until 
the aRgrogate of the amounts received exceeds the premiums or 
consideration paid for the policy. See Specific Instruction 5 as to 
taxation of annuities. 

3. Federal savings and loan associations. — Dividends on share 
accounts in Federal savings and loan associations are exempt 
from the normal tax of 4 percent. 

4. Miscellaneous items wholly exempt from tax: 

(o) Gifts (not received as a consideration for service rendered) 
and money and property acquired by bequest, devise, or inherit- 
ance (but the income derived from such property is taxable and 
must be reported) ; 

(b) Amoimts received through accident or health insurance or 
under workmen's oompensaiion acts, as compensation for personal 
injuries or sickness, plus the amount of any damages received, 
whether by suit or agreement, on account of such injuries or sick- 
ness; 

(c) The rental value of a dwelling house and appurt-enances 
thereof furnished to a minister of the gospel as part of his com- 
pensation; 

(d) Pensions and compensation receh'ed-by veterans from the 
United States and pensions received from the United States by 
the family of a veteran for services rendered by the veteran in 
time of war; and 

(e) Amounts received as earned income from sources without 
the Unitfid States (except amounts pa,id by the United States or 
any ageucj' thereof) by an individual citizen of the United States 
who is a bona fide nonresident for more than G months during tho 
taxable year (no deduction may be taken for any amount properly 
allocable to or chargeable against amounts so excluded). 

16— iG4e8 



STATISTICS OF INCOME FOiR 1940 — PART 1 



271 



SPECIFIC INSTRUCTIONS 

Tbe fcrflowing instroctioas are nombered to correspond with item nambera on the firat page of return 



INCOME 

1. Salaries and other compensation for personal services. — 

Fnter as item 1 the total income received from others consisting 
of salaries, wages, fees, commissions, bonuses, and other compen- 
sation for personal services, less ordinary and necessary expenses, 
as reported in Schedule A. Any amount claimed as a deduction 
for ordinary and necessary expenses against salaries, etc., such as 
traveling expenses while away from home in connection with your 
occupation, should be fijJly explained in Schedule A or in an 
attached statement. Traveling expenses ordinarily include expen- 
ditures for transportation, meals, and lodging. The expenses 
of a commuter in traveling to and from work, are not deductible. 
If a joint return is made, enter as separate items in Schedule A the 
earnings of each spouse. 

2. Dividends. — Ent«r as item 2 the total of all taxable divi- 
dends received from domestic and foreign corporations. Enter in 
Schedule G all dividends received which are claimed to be 
nontaxable. 

3. Interest on bank deposits, etc. — Enter as item 3 the total 
of all interest on bank deposits, notes, mortgages, etc. Interest 
on savings bank deposits is considered income to the depositor 
when credited, even though not entered on the pass book. 

4. Interest on corporation bonds. — Enter as item 4 the total 
of all interest received on bonds, mortgagee, and similar oVjH- 
gations of corporations. Include bond interest received upou 
which a 2 percent Federal income tax was paid at the source; 
such tax may be claimed as a credit in item 18 of the return. 

5. Other income. — Enter as item 5 other income reported in 
Schedule B, including amounts received as an annuity under an 
annuity or endowment contract to the extent of 3 percent of the 
aggregate premiums or consideration paid for such annuity. If 
the aggregate of the amounts received and excluded from gross 
income in years previous to the taxable year equals the aggregate 
premiums or consideration paid for such annuity, tho entire 
amount received must be included in gross income. Include also 
income from an estate or trust and earnings of minor cliildren, if 
parent is legally entitled thereto. 

6. Total income. — Enter as item 6 the total amount of it-enns 
1 to 5. Schedule G should be filled in if you received any non- 
taxable income or if you owned any of the obligations described 
in paragraph 1 ((a) and (b)) of General Instruction (G). 

DEDUCTIONS 

7. Contributions paid. — Enter as item 7 the contributions or 
gifts reported in Schedule C, payment of which was made within 
the year to or for the use of: 

(a) The United States, any State, Territory, or any political 
subdivision thereof, or the District of Columbia, or any posses- 
sion of the United States, for exclusively public purposes; 

(b) A corporation, trust, or community che^t, fund, or founda- 
tion, created or organized in the United States or in any possession 
thereof or under the law of the United States or of any State or 
Territory or of any possession of the United States, organized and 
operated exclusively for religious, charitable, scientific, literary, or 
educational purposes, or for the prevention of cruelty to children 
or animals, no part of the net earnings of which inures to the bene- 
fit of any private shareholder or individual, and no substantial part 
of the activitie^s of which is carr>ing on propaganda, or otherwise 
attempting, to influence legislation; 

(c) The special fund for vocational rehabilitation authorized 
by section 12 of the World War Veterans' Act, 1924; 

(d) Po.^ts or organizations of war veterans, or auxiliary units or 
societies of any such posts or organizations, if such posts^ organi- 
zations, units, or societies are organized in the United States or 
any of its possessioas, and if no part of their net earnings inures 
to the benefit of any private shareholder or individual; or 

(e) A domestic fraternal society, order, or association, operating 
under the lodge system, but only if such contributions or gifts 
are to be used exclusively for religious, charitable, scientific, 
literary, or educational purposes, or for the prevention of cruelty 
to children or animals. 

The total amount claimed shall not exceed 15 percent of your 
net income computed without the benefit of this deduction. 

8. Interest paid. — Enter as item 8 the amount reported in 
Schedule D as interest paid on personal indebtedness. Do not 
include interest on indebtedness incurred or continued to purchase 
or carry obligations (other than obligations of the United States 
issued after September 24, 1917, and originally subscribed for by 
the taxpayer) the interest upon which is wholly exempt from 
taxation. 



9. Taxes paid. — Enter &$ item 9 the amounts reported in 
Schedule E as taxes imposed upon and paid by you during the 
year. Do not include sales taxes unless such taxes were directly 
imposed upon you by law. Do not include taxes assessed against 
local benefits of a kind tending to increase the value of the prop- 
erty assessed, nor Federal income taxes, nor estate, inheritance, 
legacy, succession, or gift taxes, nor taxes imposed upon your 
interest as a shareholder of a corporation which are paid by the 
corporation without reimbursement from you. Federal social 
security and employment taxes paid by or for an employee are 
not deductible by the employee. No deduction is allowable for 
any portion of foreign income taxes if a credit is claimed in item 19. 

10. Other deductions. — Enter as item 10 the total amount 
itemized in Schedule F. In the case of loss by fire, storm, ship- 
■ftTeck, or other casualty, or from theft, set forth in Schedule F 
a description of the property, date acquired, cost, subsequent 
Improvements, depreciation allowable since acqubitlon, Insur- 
ance and salvage value, and deductible loss. In the case of bad 
debts (other than securities) ascertained to be worthless and 
charged off within the taxable year, state in Schedule F, (a) of what 
the debts consisted, (6) name and family relationship, if any, of the 
debtor, (c) when the debts were created, {d) when they became 
due, (c) what efforts were made to collect, and (J) how they were 
actually determined to be worthless. Losses from worthlessness 
of securities, including bonds and stocks, are considered as losses 
from the sale or exchange of securities. If you sustained such a 
loss, you should not make your return on Form 1040A but should 
use Form 1040 and report the loss in Schedule F of that form. 

Losses from wagering transactions are allowable only to the 
extent of the gains during the year from such transactions. 

No deduction is allowable for the amount of any Item of expense 
or part thereof allocable to a class of exempt income other than 
interest. 

COMPUTATION OF TAX 

13. Earned income credit applicable to Form 1040A returns. — 

The earned income credit aUowable to each spouse in a joint 
return is the same as is allowable to each spouse in separate 
returns; however, the earned income, earned income deductions, 
earned net income, and net income of each spouse must be shown 
separately in the joint return. For the purpose of determining 
the 10 percent limitation, there should be added to the net 
income shown as iteta 12 on page I the intereet received by 
you, if any, on an aggregate in excess of $6,000 principal 
amount of United States savings bonds and Treasury bonds, 
and the interest on obligations of instrumentalities of the 
United States (other than obligations issued under the Federal 
Fcrm Loan Act, or under such Act as amended), and dividends 
on share accounts in Federal savings and loan associations, 
reported in Schedule G. 

14, 15. Personal exemption and credit for dependents.-— A sin- 
gle person, or a married person not living with husband or wife, 
i^ entitled to a personal exemption of $800. A person who, 
during the entire year, was the head of a family or was married 
and living with husband or wife i3 entitled to an exemption of 
$2,000. If husband and wife file separate returns, the personal 
exemption may be taken by either or divided between them. 

A "head of a family" is an individual who actually supports 
and maintains in one household one or more individuals who 
are closely connected with him by blood relationship, relation- 
ship by marriage, or by adoption, and whose right to exercise 
family control and provide for these dependent individuals is 
based upon some moral or legal obligation. 

In addition to the personal exemption, a credit of $400 may 
be claimed for each person (other than husband or wife) under 
18 years of age, or incapable of self-support because mentally or 
physically defective, who received his or her chief support from 
the taxpayer. This credit may be allowed only to tne person 
who furnishes the chief support, and may not be divided between 
two individuals. 

If the status of the taxpayer, insofar as it affects the personal 
exemption or credit for dependents, changes during the taxable 
year, the personal exemption and credit shall be apportioned in 
accordance with the number of months before and after such 
change. For the purpose of such apportionment a fractional 
part of a month shall be disregarded unle-'^s it amounts to more 
than half a month, in which case it shall be considered as a 
month. For example, if a child became 18 years of age on Jiuie 
16, 1940, the taxpayer will be allowed a credit of S200 for such 
dependent. 



272 



STATISTICS OF INCOME FOR 19 40 — PART 1 



FORM 1041 

Trcuury Dpjurtnwnl 
tnteiuaS Revenue Scnka 



UNITED STATES 



HDUCIARY INCOME AND DEFENSE TAX RETURN 

(FOR ESTATES AND TRUSTS) 

For Calendar Year 1940 

or fiscal year hegnnmg _ „., 1940, and ended , 1941 



File Oils retCTB Dol lata Ibaii the IStb 1U7 of l&e llun] nualh fbllovias llic dose of lie tenlile jtzr 



(PRINT NAMES AND 



fUlNLT BELOW) 



Nuae of 
Ettate or Trast. 



Name and 
Address of 
Fiduciary 



(DoN 


ot Vx Thac Sfuo) 


FikCoHe _. 


Serial No._. 




n;.tr,Vf 



HRST PAYMENT 



iJl^i^N,. INCOME 

1. Dividends 

2. Interest on bank deposits, notes, corporation bonds, etc. (except interest to be reported in item 3). 

3. Interest on tax-free covenant bonds upon which a Federal income tax was paid at source 

4. Interest on Government obligations, etc. (from Schedule A. cok Tbaaii Sb. and Schedule B, line (j)) 

5. Income (or loss) from partnerships, syndicates, pools, etc., and income from other fiduciaries 

(Name and address)... , 



6. Rents and royalties (from Schedule Q ._ 

7. (a) Net short -tcnn gain from sale or exchange of capital assets (from Schedule E).. 



(b) Net long-term gain (or loss) from sale or exchange of capita] assets (from Schedule E)„ 



(c) Net gain (or loss) from sale or exchange of property other than capital assets (from Schedule F). 

8. Net profit (or loss) from trade or business (attach statement) 

9. Other income (state nature of incomi:) , 

10. Total income in items 1 to 9 (enter nontaxable income in Schedules B and H> 

DEDUCTIONS 

11. Interest (eiplain m Schedule C) 

12. Taxes (dphln in Schedule G). 

13. Other dediKtions authorized by law (explain 

14. Total deductions in items 11 to 13 

15. Balance (item 10 minus item 14). ,_ 



I saiedule C)_ 



16. Less amount distributable to beneficiaries (from Schedule A. columns 2, 7b. 8b. and 9) 

17. Ne^incomc (taxable to fiduciary) (item 15 minus item 16) 



COMPUTATION OF TAX 



18. Net income (item 17 above) „ 

19. Less: Personal exemption (See In- 

struction 19) 

20. Balance (surta.'t net income).. 

21. Less; Interest on Government obli- 

gations (Schedule B, line (5)). 
«tc. (See Instruction 21) 

22. Balance subject to normal tax.. 1$^ 

23. Normal tax (4% of item 22) $.. 

24. Surtax on item 20 (See Instructitm 

24) 

25. Total (item 23 plus item 24) _ 



$ 



26. Total Income tax (item 25, or if you had a net long-term 

capita! gain or loss, enter line 14, Schedule E)_ 

27. Less: Fiduciary's share of income tax paid 



28. 



at source.- 1$_, 

Kduciary's share of income tax paid 
toa foreign country or United States 
possession (Attach Form I ! 16) |^^ 



29. Balance of income tax (item 26 minus items 27 and 28) 

30. Defense tax (10% of item"36) (See Instruction 30)__ 

31. Total income and defense taxes due (item 29 plus item 30). 



Note — !o «r4er that 11 



a may be xccepud »t mee&as ti>t requirunenit of iLe Inlemal Refrmie CmIc, the data ceUed for bejein ami he set fertb FULLY aiici CLEA.RLY* 



STATISTICS OF INCOME FOR 1940 — PART 1 



273 



Pase 2 
ScheduJe A—BENEFICIARIES' SHARK OF INCOME AND CREDITS. (Include a. bcn.f.ciarie. pe,«,n. t» whom amount, wer. paid 
or set aside for religious, charitable, etc., purposes) (See InHtructions 4 and IG) 



1. N-T,e ud tddresa of «eh bendkiuy 


Z T&ia'ole income Prelusive ot 
intercil on Government obli- 
gations aod dividen-ii on »Kir« 
accounts ci Federal uvinsi 


3. Fei'Tjl mwme tu puj at 
!our« (Z'i of itcjn 3. page J, 


4. IiKom; taj profit* Urn p»i<i 
to B foreisn cw^Uy or Uni!«J 


(o) 


$..„ !.._.. 5 _„... 




$ 




!ti:::::::::::::::::::;:::::::::::": 




...j _ _ 








(-0 _ 


- 


".""' 


. 






--"■• 


(f) 










(l). _ 




1 




: 






$ 


j.t 


!« 









^" 




^ 



CONTINUATION OF SCHEDULE A.— BENEFICIARIES' SHARES OF INCOME AND CREDITS 









partially ta*-cx«:npt 


%. U« Iittir .orrcjpdxl- 

Instoibovct^idolilT 
bciK£duy 


6. WIioDy tas-etcmpt oj'rgsrioia (sKare* of t r.e 
aom of Udm (o). (6). ((). *nd (i) cf oched^jlc B) 


7. I'mled Slates S»vLne> Eon<k ar:d T.*.^:,,■ry 
Bondi (ikares of lin; (:). coIumM 2 and 3o. 

Schedule Bj 


3. OKlJea-Jcni of «rt»ia inttrame-ttlU^o of ihe 
L'niced itim ('hare* of line (fi. cobn«i 2 
ar.H 3a. Schedule B) 


9. reii^iiii on .Sir- ... 




». PriacSpa! 1 t. Inter^t 


a. PrJrK^pJ j b. Imetcsl 


a. Principal [ b. fntatat 


"'■'"°'°"^*'-"°' 




$_.._ !.._.. 


$...._ 


$ _..i is 




$_ 


._...'s_.._. 




$ 






""'"" r" 


............ 














I'll; 


.._.. 








L_.. 


Ill ::::::::: 













-j — - 







Totals [$..-. 1 


$ $ ! !$ 1 j$ _ ! '■$ 




t. - . 











Schedule B.— INTEREST ON GOVERNMENT OBLIGATIONS, ETC. (See instruction 4) 



1. OU^s^tions or Mcuntiet 


2. AnMunt mrocd at cnJ 
o-'ycJT 


3. IbttKit reeeivcd or accrued dutirg tV: year 


4- Fiduciary's *hare of 
i.V.e.-oI «e.npt IroiD 


Sl Fldutlaiy'i st»re <rf 




$ — 




0. r^r^ficiaries* sharu 


b. ra-iclur'- -Wt 


AIL 

A!L 

.All 

All 
J _ 

Nonff 


XXKXXXX 

xxxxxxx 
xxxxxxx 
xxxxxxx 

$ 




(o) Obligations of a State, Territory, or political sub- 
division thereof, or the District of Columbia, 
or United States possessions 

(^) Obligation:; issued under the Federal Fai-rn Loan 
Act, or under such .\ct as amended 

(c) Obligations of the United States issued on or be- 
fore September I, 1917 


$ 




$-- - 




X X 




..:;i.._. 


.._.. 









(d) Treasury Notes, Treasury Bills, and Treasury 




XX 


(e) United Stetes Savings Bonds and Treasury Bonds.. 

(/) Obligations of instrumentalities of the United 

States (otJier than obligations to be reported on 









(f) Total (Include m item 4. page I) 




....._.., 


~^" 



Schedule C— INCOME FROM RENTS AND ROYALTIES. (See InstrucUon «) 



I. Kind ct pnip«ty 


, . . 1 3. D-Tj^'-"''"" (■^'»'"' i 4. Rcpii', (eip!«i.T 1 5. Ol>:r «.o-o,« Ot"cae 
2- *™"" 1 ^iS!,»,J,o7 1 k<lo«) 1 W«) 


'^liSt^'^n" 




$ 


$ $ 





5 






1 










1 1 













1 i 


L. .. 






1 1 


1 













Explanation of detiuctlons 

cleimetl in columns 4 and 5 



274 



STATISTICS OF INCOME FOR 194 — PART 1 



Pag«3 
Schedule D^EXPLANATION OF DEDUCTION FOR DEPRECIATION CLAIMED IN SCHEDULES C, E, AND F. (See Instruction L) 



1. KinJofpiopotv 


2. Due >c- 

qtiiied 


3. Cost or odipr fcoiis 

(do not include land 

or othu nondepreciable 

property) 


4. Aaet> IxM) 
otcnilofycir 


i. Deprea'alran 

allowed (or 

|«K.)rein 


t Remalnflis cott 
«r other bam to bo 


7. E.ti- 

us«dm 


CDBtrd 

Wefrwn 


9. Depredalioo 
JfMT 






5 




5 


}-.. 




J 








s 








- - 



































— ■ 














.._.. 



Schedule E.— GAINS AND LOSSES FROM SALES OR EXCHANGES OF CAPITAL ASSETS. (See Instruction 7) 



(ietaiU iwt ihown beW) 



2. Date acquired 
A&. ZJcy Vrtf 



e. Eipense ol rale 
and coil ollm- 


7. Depreciatio 


provenente buI>- 


abfc)™ee.<,c 


tion or Mardi I. 


l91J(e»pliinii 







Cain or lou to be taken 



SHORT-TERM CAPITAL CAINS AND LOSSES— ASSETS HELD NOT MORE THAN 18 MONTHS 








! _ 








' - '-- 


100 
100 
100 
100 


$ 


._.. 
















1 






1 _ 






Total net sliort-term capital gam or 


OSS (enter in line 1, column 


3, of summary Leiow) 








$-- 


.__. 



LONG-TD«rt CAPITAL CAINS AND LOSSES— ASSETS HELD FOR MORE THAN 18 MONTHS BUT NOT FOR MORE THAN 24 MONTHS 







J. 




$ 




$ 


,. s 


.. .. $. 




66% 


$ ... .. 













-"■ 
















66yj 

66JA 







. 
















. 


LONG-TERM CAPITAL CAINS AND LOSSES— ASSETS Hao FOR MORE THAN 24 MONTHS 
















' '-■■ 


S -. 




$ 


— - 


'50 
50 
50 








— 
























1 












Total net long-term ca 


pital gain or lo 


isfcnttrinllne 


2. column 3 


ofsur 


nmary below 


)..... 














$ _-.. 






SUMMARY OF CAPITAL NET GAINS OR LOSSES 



1. ClauificAtian 


2. Net tlxirt-tenn 
CBpiul lou of pre- 
ceding tajiable year 
(rot -n ^scMft ci ret 


3. Net 6«li> or hat to ht uJtcn into 
account from colufon 10. abava 


4. Net sa^n or lou to be tain Into 

aexounl (r.>in portnenhips and "coroiaoa 

trust fund*" 


5. Total net caIn or los* to be tftkn 

into account in column. 2. 3. «ad 4 J 

this suaidMO' 


1, Total net short-term cipital gain or loss 
(entiT aa item 7 (a), paf;e 1. amount 
of gcin =hown in column 5) 


$-— 




Cab 


Um 


Cain Lo3> 


Com 


Lou 


$- 




$ 


.„ 


$ $ 


, 


No net !«=« 
anowBble (Sf« 
InfltractioD 7) 


2. Tola! net long-term capital gain or loss (en 
pai^p ! , amount of «;cin or loss shewn in colon 


tcra3item7(i). 
n5) „..- 


$ 




$ 


$ _., 


s 


,..._ i... 



State the family, fiJuciart/, or hrsiness relationship to you, if any, of purchaser cf any cfihc aboce items: 
If any of the ahocc iterns a'erc acqui/c^ hy you other than ft/ nurchas:, explain fully how acquired: 



COMPUTATION OF ALTERNATIVE TAX 
nly (I) If you had a net long-term capital sain, and item 20, page i, exceeds $22,000 

(2) If yoo had a net long-term capital loss, and such loss plus item 20, page 1, exceeds $22,000 



If1>- 



I. Net income (item 17, page I) 

}.. (a) Net lorig-tcnn capita! gain (item 7 (i). pase I).. 

(h) Net !o.^E.tc^m capital loss (item 7 (i). page 1) 

J. Orilirary ret ir.coir,e (line 1 minus line 2 (3) or lini 

line 2 (S)) . 

4. Less: Personal exemption (item 19, page 1) 

5. Balance (strtax net income). 

6. Less: Interest on Govcmmrnt obligationa (Schedule B, 

line (j)). etc (Sec Instruction 21) 

7. Baknce subiect to nonnal tax 



r.24).__ 



8. Normal tax (4% of line 7)... 

9. Surta.-.on line 5 (.'^ce Instruct 

1 0. Partial tax (line 8 plus line 9). 

11. (o) 30% of net long.term capital gain (30% oHin 



:2(C!».. 



(«) 307o of net lons.term capital hzs (30% of IL-.C 2 («)_. 

12. AlteinativeUxOineiOFlus!inell(j)orline 10 rai-'.iis line 

1 1 (S)) 

n. Total normal tax anJsiirtax(i tern 2j. pass]) 

14. Tsx liability (if a net long.term capital gain, on ime 2 (a), 
enter line 12 or line 13, whidieycr is liio lesser: if a net 
long-tenn capital Io^s, on line 2(&), cnt-r line 12 or line 

13. v^hiciiever is tSg grcaterV (i-lnter as item 26. page 1>I 



$ . 

S — ..^ 



STATISTICS OF INCOME FOR 1940 — ^PART 1 



275 



--Sche<!lule F.— CAINS AND LOSSES FROM SALES OR EXCHANGES OF PROPERTY OTHER THAN CAPITAL ASSETS. (Sso Insbnc&D 7) 



I.Ki«lo*p«j«t, 


2. Dite acquirnl 


3. Cnwi ale* price 
(contnct price) 


4.Co.lor<<I>o 
Ui>> 


S. Erpnue of hI« luiJ co*l 
oi inipro%-ement» sul»e- 


(■ Dcpicdc*uonall<ntnl(or 

" or MmMr^l?""" 
(E»i>liir. in StkoJulc D) 


7. Cvln w !<» (eolum 3 
plu. e..:.m>n 6. niinm the 
ium rt cDlunnM 4 arui 5) 






$. 




^ 




$ - 




$ 




$ 










































































Total net gain (or low) (enter as item 7 (c), page !)-_ 


$ 



«SjEa& fhe family, fiduciary t or husiness rclaiionship to you, ff any, of purchaser of any of (he ahooe items: , 
If any of the ahooe items uxre acquired hy you cOicr than htj purchase, explain fully how acquired: 



Schedule G.— EXPLANATION OF DEDUCTIONS CLAIMED IN ITEMS 11, 12, and 13. (See Instructions 11, 12, and 13) 


LlunNo. 




X Ainoint 


1. Ila> No. 
(contjnunl) 


Z EapUutioa (conb'DL-ttO 


3u Amount 
(ojatirwed) 






$ 








% 









































































































Schedule H.— NONTAXABLE INCOME OTHER THAN INTEREST REPORTED IN SCHEDULE B. (Sc« Instruction 10) 






1. V/as a return of income filed for the precediing year? . 

to which collector's office ws,s it sent? „ 

2. Date estate or trust was created . 



QUESTIONS 



. If so. 



3- If copy of will or trust instrament and statement required under 
Instruction I have been previously furnished, state when and 

4. Check whether this return was prepared on the cash Q or accrual 
' D ba*. ^ ^___ 



5. Did the estate or trust at any time during the taxaUe year own 

directly or indirectly any stock of a foreign corjxiration or a 
personal holding company as defined In section 501 of the Interna! 

Revenue Cc-de? (.^swcr "Yes" or "No") If answer 

is "yes," attach schedule as required by Instruction N. 

6. If return is for a trust, state name and address of grantor 



AFFIDAVIT (See inslruction F) 

I swear (or affirm) that this return (including any accompanying schedules and statements) has been examined by me, and to the best of my 
knowledge and belief, ij a true, correct, and complete return, made in good faith for the taxable year stated, pxirsuant to the Internal Revenue 
Code and the regJutions issued thereunder. 

Subscribed and sworn to before me tliis — — . — 

(Sign&ture of fidudfry or officer nrprcwDbinE fi(Wuo> 

day of , 194. 



(If tills Ttt\;r.'. was prepare 



(Ti'le) 



ring ofiidavit must be executed) 



7 vou by 5jmc othifr person, the folio 

AFFIDAV JT (See Sjistruclion F) 

I/we swear (or affinr,) that I/we prepared this return for the person named herein and that the reliim (including any accompanying schedules 
and statements) is a true, correc*., and complete statement of all the information respecting the lax liability of the person for whom this return 
has been prepared of which I/we liavc any knowledge. 

Subscribed and sworn to before me this 

. day of _. I94_ 




276 



STATISTICS OF INCOME FOR 19 40 — PART 1 



1940 



INSTRUCTIONS FOR FORM 1041 
UNITED STATES FIDlJCfARY INCOME AND DEFENSE TAX RETURN 



1940 



Tarpajera will find it Iielpful to read G*tcthI Iiiatrudiciis A Ut N before commenring io fill in t 
tions In ronnerilon with filling in the iierns to whiih Uiey rcler. (Ucferonces are to tite Inli^rnal !Co 



• returns, and to read Spocific tiisis 
ue Code, unhss oihirwise nofeJ.) 



CJEKEItAL 'NSTUUrnONS 



A. Who must use Form 1041. — Kvi^ry fiduciary, or at lesst one of 
joint fiduciaries (except a ro'-eiver a|ii»nintcd hy unihorily of law in 
poeseseioiv of part only of iho propcr'y of a!i individual), must make 
under oiith an inco^nc tax n;tiirii on Form 1041 for: 

(1) Every estate for whinh he acts, if (a) tlie gross income of 
such etiatefor the taxahle year is $800 or ovi-j-, or (h) auy bene- 
ficiarv is a nonrnsii^f^nl ijlien. 

(2)" K\-crv fr;--.^ fr.f V. ' iMi hv. acts, if (a) the net. income for such 
trust for (h' ' :i'>l ■ ' r ir, $100 or over, or (ft) the gross income 
is $800 ' : I , ui the umouut of net income, or (c-j 

any bencii' i^i i. ;» j ■ r. -nient alien. 
-See also General J(,.,'r l^Uuu M. 

B. Fiduciary returns on Form 1040 «nd Form lOIOA. — (1) An 
executor oi' administrator must make a return, on Form 1040 or 
Form 1040A, if the gross income of a decedent to tiie date of hij 
death was SSOO or more, if the decedent was single, or luarried and 
not living with spouso for any part of the toxable year, or etjuiil to, 
or in excess of, his credit for personal exemption tuot including credit 
as head of a family or for deperdent^), if married and living w.'th 
epouse for all or any part of the taxable year. 

(2) A fiduciary, including the guardian of a minor av.d the guardian 
or committee of an insane person, who has charge of the income of an 
individual, must make a return cf income nn Form 10 10 or Form 1040A 
if a return i:; required for such inni- i )oil 

C. Returns for nonresident alii" '-. n. -;< i,ui«'»:. — {a) United Slaics 
busiruss or oJTiu. — If a citi/en o: ; ' / . ■ -. has tlie distribution 
of the income of an estate or tn,,i, ., . . . .iVy of whIcJi is a non- 
resident alien engaged in trade or bi; (.,>.> '.. i-.i.n ihc United states or 

having an office or place of business th'^rcin at any time within the 
taxable year, the fiduciary shall make a return on Form J040B for 
Buch nonresident alien and pav a^'V tav shown thereon 1^ be due. 
Unless such lelarn is a true and R.Vi.rafP r.-inrr, rf (i... f,.u'r,^sirlr.nt 
alien beneficiary's income from .vl - < r. - \.ii n ■ i n: < i S' itcs, 
the brmefits of tlie credits and il ' ■ • \ < , ■ , ..-.rv is 

entitled cannot be obtained in 11" : i ' ' .' , i ■ i > ■ 'i ihe 

beneficiary appoints a person in i..„ I ;..'.„J .r.au- i. i -- i a '-■-' .it^ent 
for the purpose of rf^ndertng income Ixx return^', the fidu*.i;:ry s'.iliU be 
relieved from the necessity oi filing Form 1040B in behalf of the bene- 
ficiary and from paying the tax. In such a case the fiduciary shall 
make a return on Form 1011 and attach thereto a copy of the notice 
of appointment of such agent.^ 

(6) iV<> United States business or oflce. — A citizen or resident fidu- 
ciarj* hi;.ving the distribution of the income of an estate or trust will 
not be required to make a return on Foira 1040XB for any benefi- 
ciary of the estate or trust who is a nonresident alien not engaged in 
tra^e or business within the United States and not having an o6>ce or 
place of business therein at any time within the taxable year if the 
entire amount of the tax ou the income payable to such beneficiary 
has been withheld at the source, but such fiduciary is required to make 
a return on Form 1040NB-a for such beneficiary, other than a resident 
of Canada, who has gross income for the taxable year of more tliau 
$24,1)00, and pay any tax shown thereon to ba due. Unless such 
return is a true and accurate return of the nonresident alien bene- 
ficiary's income from all sources within the United States, the benefits 
of the credits and deductior^p to which the beneficiary is entitled can- 
not be obtained in the return filed by the fiduciary. If tho beneficiary 
appoints a person in the l/nited States to act as l^i ^ . 'i ■! ; r .'k pur- 
pose of rendering income tax returns, the fiduii ,r ii: liuvcd 
from the necessity of filing Form 1040NB or I ■ ' ■' .i' ,i. In 
such a case the fiduciary sliall mr-ke a return on t' : . 1 1 , ' , Itach 
thereto a copy of the notice of appointment "; ' Tiie 
fiduciary shall make a return on Form 1042 of the : . i ■ > i,[, on 
the entiro amount of the income payable to tl:- ■ i .rept 
that in the case of a beneficiary, resident of CaDa-l:;, tli,' iai ■ .liall be 
6 percent. 

D. Pericd to be covered by return. — Returns shall be filed for the 
calendar year 1940 or fiscal year beginning in 1940 and ended in 1941. 
The established accounting period must be adhered to for all years, 
unless permission is received from the Commissioner to make a change. 
An application for a change in the accounting period shall be made on 
Form 1128 and forwarded to the collector prior to the expiration of 
30 days from the close of the proposed taxable y^ar. 

E. When and where the return must be filed. — Returns must be 
filed on or before the 15th day of the third month following the close 
of the taxable year of the estate or trust with the collector of internal 
revenue for the district in which the fiduciary resides or has his princi- 
pal place of business. In case the fiduciary has no legal residence or 
place of business in the Un!t«d States, the return should be forwarded 
to the Collector of Internal Revenue, Baltimore, Md. 

F. Affidavits. — The affidavit must be executed by the individual 
fiduciary, or by the authorized officer of the organization receiving or 
bavlng custody or control and management of the income of thi o^ate 



or trust. If two or mor^^ indlvidufils act jointly as fiduciaries, the 
alhdavit may be executed by any one of thcni. 

Where the return is actually prtrpured by some porsoti or persons 
other than the fiduciary, sueh person ot por.ious must execute the 
aflidiivit at the foot of the fourth pjigc of the return. 

The oath or afiirmalion wll be adniiuistcrcd witlis^nt charge by any 
collector, deputy eoUcctor, or internal rev*nitc .is:ef). If :\'-\ hiUniat 
revenue officer is not available, the return sh''!'--! 'ii- -^w - •^■.^ u^ Vfom a 
person authorized to administer oaih-s for ir ■'■■ M ; ^ 'i - - '>\ the 'aw 
of the United States or of any State, Tern r ,- . :oii .,f !,h.; 

United States, or of the District of CoIu',,i'M ,, \.n. ,. i, .m. 1, .nth or 
affirmation is administered, except an atl>.n- > ■•! a^. ..l ^.u.oluyed to 
represent the taxpayer before the Department in conuectiuu with hia 
t:ix hability. 

G. When and to whom the tax must be paid. — The tax miisr be paid 
in full when the return is filed, or in fof.r f(|uul instjjllnients. as follows: 
On or before the 15th day of the Uurd mmith. oa or lx?for*? tiie 15th 
dav of the sixth month, on or bcf'jre the lOth dav of ihe ni.iih niour,h, 
and on or bei'orn the IVh d.-v of (Ik- tivnifth month, from tht; do ;g of 
th- rr:-!>l- ■,■--- Ft* :w,v i, 1 ,Miii.-iit i; not paid on or before the 
'!■' ■ '' I ■, ■, ., ' :, . r,' . .. . I r ,,f tax unpiud shall be paid 

-iv . . ,., s >,,:;. ;,.' i,i: 1 I. u-hig with the returna check 
or iii .ud> v.'iu. .lr;,\vu Uj iiuj oi.lti" ol ' iJ.tlitMjtor of Internal Revonue." 
Do ni>t send taah by liiail, nor pay *t in peiaou except at the collector's 
ofhce. 

H. Penalties. — For fnilttfc to make and Jile return on time. — Five 
percent to 25 percent of the amount of the tax, unle-ss such failure is 
due to reasonable cause, and, in addition, where failure is wiJiful, a 
fin?, of not more than $10,000 or imprisonment for not more than one 
year, or both, together with the costs of prosecution. 

For vnllfuHy ittcmpting to eoadv or defeat paynunl nf the tax. — Not 
more than S10,000 or imprisomnent for not more tlian five yearj, or 
both, togetlier with the costs of prosecution. 

For dijicii-ncj due to negligence or fraud. — Five percent of the amount 
of the deficiently if duo tb negligence or intentional disregard of rules 
and regulations v/ithout intent to defraud, or 50 percent of the amount ■ 
of the deficiency if due to fraud. 

I. Copy of will or trust instrument — A copy of t!to will or trust 
instrument sworn to by the fiduciary as a tri]. n ' r.n'rte :i py in 
cases in which the gross income of the est;iti , i < ■■ , ■ ■ - "'ic , r mc-r, 
must be filed with the fiduciary return of 1. 11 , '.^^ctiii-r 

with a ^tatrmr'it by the fiduciary indicatinu (i,( | i , i m, - ni the -vILl 
or *r; t t'^ tr "n.^nt which, in his opinion, dt i.^-iiLim- Lue extent to 
V . ; ' ', 'I' if the estate or trust is taxable tu the estate or trust, 

\' ■■ ■ I . , , ..r the grantor, respectively. If, however, a copy of 
tlir A.il .r 'lu.i iii.?trument, or statement relating to the provisions of 
the wili ur tinsL in^itrumcut, has once been filed, it ni-cd not again be 
tiled if the fiduciary return contains a statement sliowing whan and 
where it was filed. If the trust instrument is amended in any way 
aftrr such ■'npy has been filed, a copy of the amendment, together with 
fi ^' ' --■ ' h-- *'in fiduciary, indicating t!ie effect, if any, in liis opinion, 
'I ' ■ -.'i on t!ie extent to which the income of the estate or 

' ihe estate or trust, the beneficiaries, or the grantor, 
r, , I t be filed with the return for the taxable year in which 

Li.i, u,LJii,<._.i,.v;:L, .lasmade. 

J, Received or accrued income. — If the books of account of the' 
estate or trust are kept on the accrual basis, report all income accrued, 
even though it has not been actually received or entered on the books, 
and expenses incurred instead of expenses paid. As to disallowance of 
deductions; for unpaid expenses and interest due to certain persons, see 
Spooific Instruction 11. If the books are not kept on the accrual basis, 
or if no books are kept, make the return ou the cash basis and report all 
income received or constructively received, such as bank interest 
credited to the account of the estate or trust and coupon bond interest 
matured, and report expenses actually paid. 

K. Items exempt from tax. — Explain items claimed to be exempt in 
Schedule H, except interest to be reported in Schedule B. 

1. Interest on governmental obligations: 

(a) Entirely exempt. — The interest on (1) obligations of a State, 
TeiTitory, or political subdivision thereof, or the District of Columbia, 
or United States possessions; (2) obligations issued under Federal 
Farm Loan Act, or under such Act as amended; (3) obligatioivs of the 
United States issued on or before September 1, 1917: and (4) Treasury 
notes. Treasury bills, Treasurj' certificates of indebtedness, postal 
savings obligations, adjusted service bonds, and certain other obliga- 
tions of the United States. 

{by Partially exempt. — The interest on (1) United States savings 
bonds and Treasury bonds owned in excess of $5,000 and ^2) obliga- 
tions of iastrumentulities of the United States in subject only to 
surtax. 



STATISTICS OF INCOME FOR 19 40 — PART 1 



277 



Page 2 

2. Proceeds of inauraneo policies. — The propeeds of life insurance 
policies, paid by reason of tlie death of the insured, are exempt. If 
any part of the proceeds is held by the insurer under an agrpement to 
pay interest, the interest is taxable. Amounts received under a life 
insurance or endowment policy, not payable by reason of the death 
of the insured, are not taxable until the aggregate of the amounts 
receivt^ exceeds the premiums or consideration paid for the policy. 

3. Federal eavings aTwf loan associations. — Dividends on share ac- 
counts in Federal savings and loan associations are subject only to 
surtax. 

4. Miscellaneous items.wkoHy exempt from tax: 

(a) Gifts (not received as a consideration for service rendered) and 
money and property acquired by bequest, devise, or inheritance (but 
the income derived therefrom is taxable) ; and 

(6) Amounts received through accident or health insurance or under 
workmen's compensation acts, as compensation for personal injuries 
or sickness, plus the amount of any damages received, whether by 
suit or agreement, on account of such injuries or sickness. 

L. Treatment of depreciation and depletion. — A reasonable allow- 
ance for the exhaustion, wear and tear, and obsolescence of property 
used in the trade or business may be deducted. All deductions for 
depreciation must be explained in Schedule D. If obsolescence is 
claimed, explain why the uj^eful life is less than the actual life. 

The amount of depreciation on property acquired by purchase 
should be determined upon the basis of the original cost (not replace- 
ment cost) of the property and the probable number of years remain- 
ing of its expected useful life, except if the property was purchased 
prior to March I, '1913, it will be computed on the fair market value 
of such property as of tliat date or its original cost (less depreciation 
actually sustained btforc that dale), whichever is greater. If the 
property was acquired in any other nlanner than by purchase, see 
section 114. 

Sec sections 23(nO and 114 and Regulations 103 with rc-spect to 



additional forms and information required ii a deduction is claimed 
for depletion. 

M. Information at source. — Every person making payments of 
salaries, wages, interest, rents, commissions, or other fixed or deter- 
minable income of $800 or more during the calendar year 1940, to aiv 
individual, a partnership, or a fiduciary, is required to make a return 
on Forms 1096 and 1099 showing the amount of such payments and 
the name and address of each recipient, except that a return need not 
be made for payments of salaries or other compensation for personal 
ser\*ices aggregating less than $2,000 made to a married individual. 
These forms will be furnished by any collector of internal revenue 
upon request and must be forwarded to the Commissioner of Internal 
Revenue, Returns Distribution Section, Washington, D. C, in time- 
to be received not later than February 15, 1941. Distributions to 
beneficiaries of an estate or trust shall be reported on Form 1041 and 
not on Forms 1096 and 1099. 

N. Stock owned in foreign corporations and personal holding 
companies. — If at any time during the taxable year the estate or 
trust owned directly or indirectly any stock of a foreign corporation 
(including a foreign personal holding company, as defined in section 
331, in which the estate or trust owned less than 5 percent in value 
of the outstanding stock of such company) or a personal holding 
company, as defined by section 501, attach to the estate or trust return 
a statement setting forth the name and address of each such company 
and the total number of shares of each class of outstanding stock 
owned by the estate or trust during the taxable year. If the estate 
or trust owned stock at any time during the taxable year in a foreign 
personal holding company as defined in section 331, there must be 
included in the return as a di\'idend the amount required to be included 
in gross income by section 337. If the estate or trust owned 5 percent 
or more in value of the outstanding stock of such foreign personal 
holding company, set forth in an attached statement in complete 
detail the iiiformation required by section 337(d). 



SPECIFIC INSTRUCTIONS 
The following instructions are numbered to correspond with item r 

1. Dividends. — Enter as item 1 the total of all ta\;ihle dividends 
received from domestic and foreign corporations. Enter in Schedule 
H all dividends received which are claimtid to be nontaxal^W, and 
include in item 9 dividends on share accounts in Federal savings and 
loan associations. 

2. Interest on bank deposits, notes, corporation bonds, etc. — Inter- 
est coupons falling due mthin the .taxable year will be considered as 
income for such year where the books are kept on a cash basis. If the 
books are kept on an accrual basi.s, report the actual amount of interest 
accrued on the obligations owned during the taxable year. 

Where obligations are purchased between interest dates and the 
purchase price includes accrued interest, such part of the purchase 
price as represents accrued interest purchased should neither be 
claimed as a deduction for interest paid nor bo added to the cost of 
the obligations but should be treated as an offset against the interest 
received or accrued at a later date. 
4. Taxable interest on Government obligations, etc. — If the e.state 
■ trust owns any of the obUgations or securitiis cumiKTated in lines 



(c) to (/), inclusive, column 1, Schedule B, v t, i in r.,Ii!inii 2 the 
::nxount owned at the end of the year, and in • ' r :: total in- 

t<:!T.st received or accrued during the year on ~i or secu- 

liUe-v Interest on an aggregate of not e>;i.. iic/ ^.mhih principal 
amount of the obligations described in line (•:,* is rxL-mpi irom surtax 
i[nposc<l by section 12. However, when the income oi a trust is tax- 
able to beneficiaries, as in the case of a trust tlie income of which is to 
l>c distributed to beneficiaries currently, each beneficiary is entitled 
to exemption as if he owned directly a proportionate part of the 
bonds held in trust. When, on the other hand, income is taxable to 
the trustee, as in the case of a trust the income of wliich is accumu- 
lated for the benefit of imborn or unascertained persons, the trust, as 
owner of the bonds held in trust, is entitled to the exemption on ac- 
count of such ownership. 

Enter in column 7(a), Schedule A, the principal amount of the 
beneficiaries' shares of the obligations described in line (r), column 1, 
Schedule B, and in column 7(b). Schedule A, the beneficiaries' shares 
of interest received or accrued thereon during the year. The fiduci- 
ari' sliaU advise each beneficiary as to the amount of his share of these 
obligations and of the interest, in order that the beneficiary may in- 
clude this information in his individual income tax return and de- 
termine v.-hether such interest Is subject to tax. Enter in column 4, 
line (e). Schedule B, the fiduciary's share of interest exempt from 
taxation and in column 5. lines (e) and (/), Schedule B, the fiduciary's 
stiare of interest on an amount in excess of the exemption. If at 
tunes during the taxable year the estate or trust held more than 
S5,000 principal amount in the aggregate of such obligations, eriter in 
column 5, of line (c). Schedule B, the fiduciary's share of interest re- 
ceived or accrued in excess of interest oa an aggregate of So.OOO 
principal nraount of- such obligations. 

5. Income (or loss) from partnerships, syndicates, pools, etc., and 
other fiduciaries.— E I. t..T as item 5 the share uf the estate or trust of 
I'.i- profits (whether reueivad or not) or of the losses of a partnership 
(including a syndicate, pool, etc., not t£L\abIe as a corporation) except 
the estate's or trust's distributive share of the partnership capital 



ibers on the first page of the return 

gain.-? or losses which should be reported in Schedule E and included 
in item 7 (a) or (6), and the share of the estate or trust of the income 
from another estate or trust. The estate's or trust's share of interest 
in obligations of the United States, etc., owned by partnerships or 
another estate or trust should be included in. Schedule B. Include in 
items 27 and 28, respectively, the estate's or trust's share of credits 
claimed for Federal income taxes paid at source and foreign income 
and profits ta.xes. 

If the taxable year on the basis of which the estate's or trust's return 
is filed does not coincide \\ith the annual accounting period of the 
partnership or other fiduciary, include in the return the distributive 
share of the estate or trust of the net profits for such accounting period 
of the partnership or other fiduciary ending within your taxable year. 

6. Rents and royalties. — Fill in Schedule C giving the information 
re^i nested. 

If the estate or trust received property or crops in lieu of cash rents, 
report the income as though the rent had been received in cash. Crops 
received as rent on crop-share basis should be reported as income for 
tlie year in which disposed of (unless the return is orfthe accrual basis). 

7. Gains and losses from sales or exchanges of capital assets and 
other properly. — Report sales or cAchanges of capital assets in Sched- 
ule E and sales or exchanges of other property in Schedule F, and 
enter tiie net ajnount of gain or loss to be taken into account in com- 
puting net income as item 7. 

Definition of "capital assets." — The term "capital assets" means 
property held by the taxpayer (whether or not connected with lua 
trade or business), but does not include stock in trade of the taxpayer 
or other property of a kind which would properly be included in the 
inventory of the taxpayer if on hand at the close of the taxable year, 
or property held by the taxpayer prin-arily for sale to customers in 
the ordinary course of his trade or business, or property, used in the 
trade or business, at the time of flie sale or exchange, of a character 
which is subject to the allowance for depreciation. The exclusion 
from the term "capital assets" of property used in the trade or busi- 
ne.'is of a taxpayer of a character wliich is subject to allowance of 
depreciation provided in section 23(i) is limited to property used by 
the taxpayer in the trade or busincs.s at the time of the sale or ex- 
change. It has no application to gains or losses arising from the sale 
of real property used in the trade or business to the extent that such 
gain or lo^s is allocable to the land, as distinguished from depreciable 
improvements upon the land. 

Description of properly. — Every sale or exchange of property, even 
though no gain or loss may be indicated, must be reported in detaiL 

Enter full description of each item of property sold or exchanged. 
Such description should include the following facts: (a) For real estate, 
location and description of land, description of improvements, details 
explaining depreciation fcolumn 7, Schedule E; column 6, Schedide F); 
(/() for bonds or other evidences of indebtedness, name of issuing cot^ 
poration, description of the particuhir issue, denomination, and amount; 
(c) for stocks, name of issuing corporation, class of stock, numt>er of 
shares, and capital changes affecting basis (nontaxable stock dividends, 
other nontaxable distributions, stock rights, etc.). 



278 



STATISTICS OF INCOME FOR 194 PART 1 



Basis. — If the property was acquired before March 1, 1913. the 
"basis" for the property is not. subject to the same rule for rt^portiriK 
gains as for losses. In such cases, the basis for determining GAIN 
is the cost or the fair marliet value as of March 1, 1913, adjusted as 
provided in section 113(b), whichever is greater, but in deterraining 
LOSS the basis is cost so adjutted. If the property was acquired 
after February 28, 1913, basis for both gain and loss is the cost of such 
property, except as otherwise provided by section 113. The exceptions 
arise chiefly where property was acquired by gift, bequest, tax-free 
exchange, involuntary conversion, wash sale of stock; and in such cases 
section 113 provides the basis that shall be used. If the amount 
shown as the basis is other than actual cash cost of the property sold 
or exchanged, full details must be furnished i-egarding the acquisitiou 
of the property. 

Enter in column 7, Schedule E, or in column 6 with respect to Sched- 
ule F, the amount of depreciation, exhaustion, wear and tear, obsoles- 
cence, and depletion which has been allowed (but not less than the 
amount allowable) in respect of such projierty since date of acquisi- 
tion, or since Februarj' 28, 1913, if the property was acquired on or 
before that date. In addition, if the property was acquired before 
March" 1, 1913, the cost shall be reduced by the depreciation and 
depletion actuaUy sustained before that date. 

Subsequent improvements include expenditures for additions, im- 
provements, and renewals and replacements made to restore the prop- 
erty or prolong its useful life. Do not deduct ordinary repairs, interest, 
or taxes in computing gain or loss. 

Losses on securities becoming worthless. — If any securities (as defined 
below) are ascertained to be worthless and charged off within the tax- 
able year and are capital assets, the loss resulting therefrom shall in 
the case of a taxpayer other than a bank, as de6ned in section 104, be 
considered as a loss from the sale or exchange, on the last day of such 
taxable year, of capital assets. (See section 23(k)(2).) 

Definition of securities. — As used for this purpose, the terra "securi- 
ties" me-ans bonds, debentures, notes, or certificates, or other evidences 
of indebtedness. Issued by any corporation (including those issued by 
& government or pwUtical subdivision thereof), with interest coupons 
or in registered form. 

Losses on stocks or slock rights becoming worthless. — If any shares of 
stock in a corporation or rights to subscribe for or to receive such 
shares become worthies:^ during the taxable year, and are capital assets, 
the loss resulting therefrom shall be considered as a loss from the sale 
or exchange, on the last day of such taxable year, of capital assets. 
(See section 23fg)(2).) 

Classificaiion of capital gains and losses. — Section 117(a)(2) to (9), 
inclusive, defines "short-term capital gain," "short-term capital loss," 
"long-term capital gain," "long-term capital loss," "net short-term 
capital gain," "net short-term capital loss," "net long-term capital 
gain," and "net long-term capital loss." The phrase "short-term" 
applies to the category of gains and losses arising from the sale or 
exchange of capital assets held for IS months or less; the phrase "long- 
term," to the category of gains and losses arising from the sale or ex- 
change of capital assets held for more than IS months. Gains and 
losses from the sale or exchange of capital assets held for not more 
than 18 months (described as short-term capital gains and short-term 
capital losses) shall be segregated from gains and losses arising from 
the sale or exchange of such assets held for more than 18 months (de- 
scribed as long-term capital gains and long-term capital losses). 

Percentage of capital gain or loss taken into account. — In the case of a 
taxpayer other than a corporation, only the following percentages of 
the gain or loss recognized upon the sale or excliange of a capital asset 
fihaU be taken into account in computing net income: 

100 percent if the capital asset has been held for not more than 



ISr 



nths: 



66% percent if the capital asset has been held for more than 
18 months and not more than 21 months; 

50 percent if the capital as.-^et has been held for more than 24 
months. 
lAmitoiion on short-Unn capifcl ic.s..,K.— Section 117(d) provides a 
limitation on deductions for short-term capital lasses, that is, losses 
from sales or exchanges of capital assets held for 18 months or less 
shall be allowed as deductions only to the extent of the gains from sales 
or exchanges of capital assets held for IS months or less. However, 
subsection (e) provides that a net short-tenn capital loss may be 
carried over m an amount not in excess of the net income for such year 
(the year in which the loss is sustained), to the next succeeding tax- 
able year and treated in such succeeding year as a shortr-terra capital 
Joss. The carr>'-over is thus applied in Buch succeeding year to offset 
any short-term" capital gains in such succeeding year not already offset 
by short-term capital losses in such year. The carry