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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 0 — 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 0 — 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 0 — 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 0 — ^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 0 — 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 0 — 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 0 — 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 0 — 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 0
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
0
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 0 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 0 — 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 0 — 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 0 — 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 0 — 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
0 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 0 — 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 0 — 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 0 — 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.
0 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 0 — 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 0 — 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 1940 — PART 1
77
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78
STATISTICS OF INCOME FOR 1940 — ^PART 1
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STATISTICS OF INCOME FOR 1940 — PART 1
79
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80,
STATISTICS OF UsTCOME FOR 194 0 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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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 0 — PART 1
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STATISTICS OF INCOME FOR 1940 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 0 — 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 0 — 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 0 — 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 0 — 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 0 — 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 0 — 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
0
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 0 — 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 0 — ^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 0 — 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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STATISTICS OF INCOME FOR 1940 — PART 1
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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 0 — 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 0 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 PAKT 1
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4 (est.).
5 (est.).
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dual returns with
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38
37
36
35
34
33
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182
STATISTICS OF INCOME FOR 19 40 PART 1
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STATISTICS OF INCOME FOR 1940 — PART 1
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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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dual returns with no
e (42 plus 52).
lie fiduciary returns w
me. 2
C a; ^
U> 1 ,
C3 1 r 1 1
C till,
>> ' \ ',',':
t4 1 < 1 1 1 1 ! 1 1 1
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t-, 1 1 1 1 I
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Summi
193
193
193
193
193
193
193
193
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184
STATISTICS OF INCOME FOR 194 0 — PART 1
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STATISTICS OF USTOOME FOR 1940 PAKT 1
185
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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 0 — 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 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 0 — 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 0 — 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 0 — 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 0 — 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 0 — 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
0
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 0 — 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 0 — 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 0 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)_
$.__ _..
MOTE^-h orio ll»l Kib n
B cur bs a::«?te^ w aiNliaf tbo rt^wistcau ci lfc« talcn:«l R?i
• Ctit, Ik dua cJM ler bcnia itnd W <el fnlli FlUT aal CIEAKI.T.
STATISTICS OF mCOME FOR 194 0 PART 1
263
Pose a
Seheaide A.— INCOME RECEIVED FROM OTT^r.RS CONSISTING OF SALARIES, WAGES. FEES, COMMISSIONS, BCNUSES,
AND OTK-CR COrvfPRNSATIOK FOR PERSON>.L SERVtCES. (Sec tnatrucCi.
Mhe^MU "f.-dmil." "Srstr.*- or • U«l ■
'■-■-
.w..
3. Expc^
uCtco^ac)
4. Aanint
J
1
1
, !.._
i
1
£:- ilon I. paric 1) -i$--
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 item 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 0 — 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 CLAIMED IN ITEMS 22 AND 23. (See Instructions 22 and 23)
<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 0 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 0 — 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 0 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-over is restricted
to one year, namciv the succeeding taxable year, and hence the amount
of the net short-term capital loss carry-over may not be included in
computing a new short-term capital loss which can be carried over to
the succeeding taxable year. There is no limitation on deductions
for long-term capital losses.
Alternative tax in case of net long-term capital gain or loss. — In the
case of a net long-term capital gain of a taxpayer other than a corpo-
ration, subsection (c)(1) of section 117 imposes an alternative tax m
lieu of the normal tax and surtax imposed upon net income, if and
cnly if such alternative tax is less than the tax otherwise imposed.
This alternative ta.^ is the sum of (li a partial tax, computed at the
np
Page 3
1 the t c f tl c taxpayer do-
t lon«T te C1I t I ta n plus (2) 30
I tal n 1 tl c ca. e of a net long
tl tl p 'it on in alternat ve
1 y t mj o d on ot
t II 1! I tier
(J) f putel
of tl axpayer
u c i tal lo'is o\(,r C)
if a do 1 fs cl I
we po ed Th s alternal
at the normal ta\ i d urf
increased bv the a ou t of
30 perc nt of the n t lo g t i II
Detr not on of p olfo II I ts a e k Id —If property
was acqu r d n c rt, t I In sect ons 112 113
and 118 the per od for Id i j j t conb d red to 1 a e been
held by the taxpayer is not comjiutod from the date such property
was acquired by the taxpayer but from a prior date, as provided in sec-
tion 117(h).
Losses not allowable. — Wash sales. — Ir i'^o <•'■•-••-■ '^f .iny loss claimed to
have been sustained from any .sale or >i' • ■ ■! rinn of shares of
stock or securities where it appe-ars t!i,'i - : i i.id beginning 30
days before the d.-.tc of such sale or i!, i- • i nding 30 days
after such date, the taxpayer has acquii. d \.i-\ j,..,ciiiioe or by an ex-
change upon which the entire amount of gain or loss was recognized
by law), or lias entered into a contract or option so to acquire, sub-
stantially identical stock or securities, then no deduction for the loss
shall be allnwed imlcss the claim is made in connection with the tax-
payer's trade or business. {See section 118.)
Losses in transactions between certain persons. — No deduction shall
be allowed in respect of losses from sales or exchanges of property,
directly or indirectly —
A. Between memliers of a family, which is defined for the pur-
pose of this paragraph to include only the taxpayer's brothers and
sisters (w hetlier by the whole or half blood), spouse, ancestors,
and lineal descendants;
B. Except in the case of distributions in liquidation, between
an individual and a corporation more than 50 percent in value of
the outstanding stock of which is owned, directly or indirectly,
by or for such uidividual;
C. Between a grantor and a fiduciary of any trust;
D. Between the fiduciary of a trust afal-the fiduciary of another
trust, if the same person is a grantor with respect to each trust; or
E. Between a fiduciary of a trust and a beneficiary of such
trust.
For the purposes of determining ownership of stock in applying this
paragraph, see section 24(b)(2).
One hundred percent of the gain resulting to the distributee from
distributions in liquidation of a corporation shall be taken into account
in computing net income, except in the case of amounts distributed in
complete liquidation of a corporation. (See section 115(c).) As to
gains and losses from short sales, sec section 117(g).
8. Net profit (or loss) from trade or business.— If the estate or
trust was engaged in a trade or business duritjg the taxable year, enter
the net profit (or loss) as item 8 and attach to the return a statement
showing the nature of the trade or business, total receipts, cost of
merchandise bought for sale, inventories of merchandise on hand at
the beginning and end of the taxable year, other items entering into
cost of goods sold, net cost of goods sold, salaries and wages of em-
ployees, interest, taxes, losses and bad debts directly attributable to
the" trade or business, depreciation, obsolescence, and depletion of
property used in the trade or business, rent, repairs, and all other ex-
penses in detail. A taxpayer electing to include in gross income
amounts received during the year as loans from the Commodity Credit
Corj'oration should file with the return a statement showing the details
of such loans. (See section 123.)
Inventories. — If engaged in a trade or business in which the produc-
tion, manufacture, purchase and sale of merchandise is an 'income-
producing factor, inventories of merchandise on hand should be taken
at the begmning and end of the taxable year, which may be valued
at (.a) cost, or (6) cost or market, whichever is lower. Taxpayers
were given an option to adopt the basis of either (a) cost, or (6) cost or
market, whichever is lower, for their 1920 inventory. The basis
properly adopted for that year or any subsequent year is controlling
and a change can now be made only after permission is secured from
the Commissioner. Application for p< rnii>_.sion to change the basis
of valuing inventories shall b. I:,., !■ li , r-j-t; and filed with the Com-
missioner within 90 days .Tit. ; i '■■■■- ■■ - of the taxable year in
which it is desired to make t! ■ ■ ' iicate opposite the inven-
tories in the statement submu . i [■•_, M. uso of "C" or "C or M"
whether the inventories are valued at (C) cost, or (C or M) cost or
market, whichever is lower. See section 22(d), with reference to the
special method of taking inventories at the election of the taxpayer as
of the close of any t.T.xabIe year beginning after December 31, 1938.
Depreciation, etc. — See General Instruction L with respect to require-
ment,s in case any deduction is claimed for depreciation, obsolescence,
or depletion.
Bad debts. — Bad debts m.iy be treated in either of tv/o ways — (1) by
a deduction from income in respect to debts ascertai.ied to be worth-
lo.ss in whulo or in part, or (2) by a deduction from income of a reason-
able addition to a reserve for bad debts.
Ta\pavers were given an option for 1921 to select cither of these
methods and the method uyed in the return for the year 1921 must be
STATISTICS OF INCOME FOR 194 0 — PART 1
279
Page 4
used ia returns for all subsequent vcars unlccss permission is granted
by the Commissioner to change to the other method. AppUcatton for
permission to change the method shall be made in writiug at least 30
days prior to the close of the taxable year for which it is desired to
effect the chan^.
A taxpayer filing a first return of income may select either of the
two methods mentioned above subject to approval by the Commis-
sioner upon examination of tlie return. If the method selected is
approved, it must be followed in returns for subsequent years, except
as permission may be granted by the Commissioner to change to the
other -method.
If the reserve method is used, you should attach to your return the
statement required by section 19.23(k)-5 of Regulations 103.
Worthless debts arising from unpaid wages, salaries, rents, and sim-
ilar items of taxable income will not be allowed as a deduction unless
the income such items represent ha-s been included in the return of
income for the year for which the deduction as a bad debt is sought to
be made or for a previous year. '
An amount recovered upon a debt previously charged off and al-
lowed as a deduction for Federal income tax purposes const itutca
taxable income for the year of recovery regardless of whether the prior
allowance of the deduction resulted in a tax benefit to the taxpayer.
Installment sales. — If the installment method is ust,-d, attach to the
return a schedule showing separately for the years 1937, 193S, 1939,
and 19-10 the following: (e) Gross sales; (6) cost of goods sold; (c)
gross profits; (J) percentage of profits to gross sales; (e) amount col-
lected; and (Jo gross profit on amount collected. (See section 44.)
9. Other income. — If the estate or trust had any taxable income,
.space for reporting which is not provided on page 1, enter it as item 9
and explain its nature, using a separate sheet if necessary for that
purpose.
Include also in item 9 dividends on share accounts in Federal savings
and loan associations,
10. Total income.— Ent^r and explain in Schedule H all income,
except iiitcrest, cliioied as e:;i,^rr.nt, but do not include zs part of item
10. Exempt interest on Government obligations, etc., should be
entered in Schedule B.
11. Interest. — Enter bs item 11 all interest paid or accrued, other
than on business indebtedness (which should be deducted in com-
puting income under item 6 or S). Do not include interest on indebt-
edness incurred or continued to purchase or carrv obb'gations (other
than obUgations of the United St.ites issued after September 24, 1917,
and originally subscribed for by the taxpayer) the inteicst upon which
is wholly exempt from taxation. Any deductions on account of interest
should be explained and itemized in Schedule G.
Attention is called to the following limitations on deductions for
unpaid expenses and interest provided in section 24(c):
(c) Unpaid expenses and interest. — In computing net income no
deduction shall be allowed under section 23(a), relating to expenses
incurred, or under section 23(b), relating to interest accrued —
(1) If such expenses or interest are not paid within the taxable
year or within two and one half months after the close thereof; and
(2) If, by reason of the method of accounting of the person to
whom the payment is to be made, the amount thereof is not, unless
paid, includible in the gross income of such person for the taxable
year in which or with which the taxable j'ear of the taxpayer
ends; and
<3) If, at the close of the taxable yeir of the taxpaj-er or at
any time within two and one half months thereafter, both the
ta.xpayer and the person to whom the payment is to be made arc
persons between v.hom losses would be disallowed under section
24(b).
12. Taxes. — Enter as item 12 taxes imposed upon the estate or
trust and paid or accrued during the taxable year, not including tar;os
on property used in the trade or business of the estate or tnist andt!Ki.s>
assessed against local benefits of a Idnd tending to increase the value of
the property assessed. Do not include Federal income taxes, ncr
estate, inheritance, legacy, succession, gift taxes, taxes imposed upon
the interest of the estate or trust as shareholder of a corporation wliich
are paid by the corporation without reimbursement from the estate
or trust. Do not include sales taxes unless the tax was imposed
directly upon the estate or trust by law. Ko deduction is allowable
for any portion of foreign income and profits taxes if a credit is claimed
in item 2S.
Any deduction on account of taxes should be itemized and explained
in Schedule G.
13» Other deductions authorized by law. — Enter as item 13 any
other authorized deductions for wbich no space is provided on page I,
including net operating loss deduction allowed by section 23(6).
Every taxpayer claiming a deduction due to a net operating loss for
the preceding taxable year shall file vsith his return the statement
required by section 19.122-1 of Regulations 103.
Do not deduct losses incurred in transaction.'^ which were neither con-
nected with the trade or business of the estate or tru.'st nor entered
into for profit. Deductions should be explained in Schedule G.
.Stock and stock rights which become worthh'ss during the taxable
year, and which arc capital assets, should not be included among
other deductions in item !3, but the loss resulting therefrom shall bo
considered as a loss from the sale or exchange, on the last day of such
taxable year, of capital assets and should be reported in Schedule E.
In case the estate or trust incurred expenses in connection with
exempt income (other than interest) or owned any property the incomo
from which is exempt, see section 24(a)(5) and Regulations 103.
Item 13 should include losses of property not connected with tho
business or profession of the estate or trust sustained during the year,
if arising from fire, storm, shipwreck, or other casualty, or from theft,
and if not compensated for by insurance or otherwise.
Explain and itemize losses claimed in Schedule G, setting forth a
description of the property, date acquired, cost, subsequent improve-
ments, depreciation allowable since acquisition, insurance, salvage
value, and deductible loss.
Enter also as item 13 bad debts. State in Schedule G, (a) of
what the debts consisted; (b) name and family relationship, if any, of
the debtor; (c) when they were created; (</) when they became due; (e)
what efforts were made to collect; and (/) how they were actually
determined to be worthless. Bonds which are ascertained to be worth-
less and charged off within the taxable year, and which are capital
assets, are not to be treated as bad debts, but the loss resulting there-
from shall be considered as a loss from the sale or exchange, on the
last day of such taxable year, of capital assets and should be reported
ia Schedule E.
16. Amount distribntable to beneficiaries. — Enter as item 16 the
total amount distributable to beneficiaries as reflected in columns 2,
7b, 8b, and 9, Schedule A. Care should be taken in fiiling in Sched-
ule A so as to include as beneficiaries persons for whose benefit amounts
of charitable contributions which pursuant to the terms of the will or
deed creating the trust are during the taxable year paid or permanently
set aside as provided in section 162(a). If any part of the income' of
the trust is taxable to t'he grantor under section 166 or 167, it should
not be i-eported on Form 104', but such income and the amount of de-
ductions and credits applicable thereto should be shown in a separate
statement to he attached to Form 1041.
19. Personal exemption. — An estate is allowed for both normal tax
and surtax purposes the pereonal exemption of $S00 allowed a single
person under section 25(b)(1), and a trust is allowed, in lieu of the
personal exemption under section 25(b)(1), a credit of $100 against
net income.
21. Credit for interest, etc. — Enter as item 21 the sum of (1) the
fiduciary's balance of interest on Government obligations, etc., from
Schedule B, line (g), and (2) the fiduciary's balance of the dividends
on share accounts in Federal savings and loan associations included
in item 9.
24. Surtax. — The surtax is computed at the graduated rates shown
in the table below. Its application may be illustrated by the following
example: If surtax net income (item 20) is $9,2G!.84, the surtax on
SS.OOO it: $200 and the surtax on the excess of $1,261.84 is 8 percent of
that amount, or S100.95, making a total surtax of $300.95 to be entered
as item 24.
SURTAX RATES
incomo
Rata
cent
Total
incomo
Rato
per-
cent
Totol
A
D
(-■
A
D
C
■1.(100 to eiftwrmnr^'
C.OOOto 8W)_
8,000 to io.r«)._
n.ooo to 12.000
r.MlOO to 14.000
11.000 to it-,w.O-_
:I'sSJo«iw;:;:':':;:
«.OOOto50000
50.WO to 60.000-
8
M
15
IS
27
30
J?
200
300
,M0
SflO
1.100
1. ICO
1.8S0
2.360
3.4iO
7|2ao
8.;<wi
11.7S0
10. ISO
$60,000 to $70.000,,,.
7l).000to 80.000....
80.000 to OO.OCO....
00.000 to 100.000.,,.
lOO.OOOto 150,000....
150.000 to 200.000....
300.000 to 250.000,...
250.000 to 300.000.
300.000 to 400,000..,.
400,000 to 500,00.1....
HlO.COOto 750.000,,,.
750,000 to 1.0CO.0O0...,
1.000,000 to 2.000.1100....
2.00O.00O to 5.000,000..,.
.5.000.000 up
47
50
53
SO
60
m
M
66
63
73
71
$00,880
25.880
31,180
36,780
65,780
05,780
12«,780
118,780
234,750
292,780
407,780
M7.rao
1,377.780
3,537,750
27. income tax paid at source. — Enter la item 27 the fiduciary's
share of that portion of the 2 percent Federal income tax on bond inter-
est which was paid at the source by the debtor corporation.
2S. Income and profits taxes paid to a foreign country or United
States possessJon. — If, in accord.^-nce with section 131(a), a credit
is claimed in item 28 for income, v\*ar-profits, and excess-profits taxes
paid to a foreign country or a possession of the United States, submit
Form 1116 with the return, togethrt- Xvith the receipts for such pay-
ments. In case credit is sought for taxes accrued, the form must
have attached to it a certified copy of the return on which the tax was
biiscd, and the Commissioner may require a bond on Form 1117 for the
payment of any tax found due ii the tax when paid differs from Uic
credit claimed.
30. Defetise tax. — The amount of the tax to be entered as item 30
shall not exceed 10 percent of the amount by v/hich t!te net iucomo
exceeds the tax computed without reference to the defense tax.
280
STATISTICS OF INCOME FOR 1940 — PAKT 1
FORM 1065
UNITED STATES
PARTNERSHIP RETURN OF INCOME 1940
DoNoUv'nu.S
(To be Filed Alto bj Srnlicttet, PooU, Joint Venture*, tic)
For Calendar Year 1940
r (iKil year beginning , 1940, 4nd ended ,1941
(Fh tb» WOT I hl» lh»lltl5lt4»;rflteM—lli(»llrm»lk<fa«rflt«lmM»y»«)
(FUNT flAOLI NAME iND lUSINESS iDMLii OF THE OeCAMUTION)
(Str«M utd Bmb«>
O'ortcAcc)
Business or Profession .
o Nm Um ThcM Spaa*
u-l^^V GROSS INCOME
1. Gross receipts from business or profession _^
2. Less cost of goods sold:
(a) Inventory at beginning of year
(J>) Merchandise bought for ^e
(c) Cost of labor, supplies, etc
(<0 Total of lines (o). (i). and (c) _
(e) Less inventory at end of year
3. Gross profit (or loss) from business or profession (item 1 minus item 2).
4. Income (or loss) from other partnerships, syndicates, pools, etc (luu Mpuauir dusc uldRxs, ud tmeunt):
5. Interest on bank deposits, notes, corporation bonds, etc (except interest to be reported in
6. Interest on tax-free covenant bonds upon which a Federal income tax was paid at source
7. Interest on Coverrunent obligations, etc. (fran ii»«0).Scli«*ii. A)
10. Net gain (or loss) from sale or exchange of property other than capita] assets (ha Sdiediik B>
12. Other income (au«i>uura<<ia>n<)i
13.
Total income in items 3 to 1 2 <eBter nontaxable iDCcme is Sdwdula A «
DEDUCTIONS
14. Salaries and wages (do not include compensation for partners)
15. Rent.
17. Interest on indebtedness (apUialnSdMKilcn..
18. Taxes (cspkia in Sebcdul* C)
19. Losses by fire, storm, shipwreck, or other casualty, or theft t
20. Bad debts <a»Uiii i» sd»dij« D)
21. Depreciation <««pUiB in samiuie D_
22. Depletion of mines, oil and gas wells, timber, etc (nbnitu
23. Other deductions authorized by law (apiu in sjxdub f>
24. Total deductions in items 14 to 23
25. Ordinary net income (item 13 minus item 24)
26. Net short'tenn capital gain (or loss) Orom lin* l. eolumn 4. Summwy, Schedule H) ^
27. Net long-term capital gain (or loss) from Ine 1 cotumn 4. Smnmtn'. Sc>»dulc H) „ 1$-
STATISTICS OF INCOME FOR 1940 — PART 1
281
Schedule A.^INTEREST ON GOVERNMENT OBLIGATIONS, ETC. (Se« ItutrucUon 7)
Pace 3
1. OU«.luo.o>.c<ml>>
.ca,«d 4u«« tl. ,«.
(a) Obligations of a State, Territory, or political subdivision thereof, or the District of Columbia, or
i
)
(i) Obligations issued under tlie Federal Farm Loan Act. or under sjch Act as amended _ „..
(c) Obligations of the United Sutes issued on or before September 1, 1917
.....
(j) Treasury Notes. Treasury Bills, and Treasury Certificatea of Indebtedness
1
.... li
(/) Obligations of instrumentalities of the United States (other than obligations to be reported on line
Q) Total of lines (c) and (/), column 3 (enter as item 7. page 1) _
i
Schedula B.— GAINS AND LOSSES FROM SAL£S OR EXCHANGES OF PROPERTY OTHER THAN CAPITAL ASSETS. (5m laHrMisi 10>
1. Cnas .■k» pnu
4.C«l<.o<l>o
buii
; C>pc.^.« o( .•!« mJ cMt
6. DfT»«ti««i«n«Ooi»wI(o*
(W, « Mu<h 1. Ill)
7 Ci,>, Of U. Kakma, )
$ _ -
^zz:;:::::::::;;
$ -
—
$
$
[) .
i
State the family^ fiduciary, or business relaliomhip to you, if any, of purchaser of any of the above items:
If any <^ the above items uoere acquired by you other than by purchase, ex ptain fully how acquired:
Schedule C.~TAX£S. (See liwtruction 18)
Total (enter as item 18. page I)-.
Schedule D.— BAD DEBTS. (See In<truction
20)
.TiiaU>>a»
INaioo
].S.lo<a.cu>mi
U orcumAtioa cvriol * rcacrvc —
5.Cnau
„»„.d.«U.,~v.
a. Anxjuit chuvd •(•«•< n-m
1937
$
^
f
$
{
1938
1939
1940..
NOTSr— Check whether deduction claimed represcnta worthlcM debts charggJ off □. o
Schedule E.— DEPRECIATION. (See Instruction 21)
■m>.iuuniiUfiilaf»bich
onauviacd)
2.D.U
}. Cort or other Exiu'*
(Do not ™lude
precitble property)
4. Aueta fuOy <IcrrEoatcd
in utc •! cad of ye&r
S. t>ipi«Uucn .1-
lo.fd <or •Uo.-
6. ttonkininc rart or otliet
buUubcnxmnd
7.E.lm»ted
a.E.ti>i>iud
of yew
9. DetncutioB a^
lo.>U<thio»i
$
$
$.. . -
$
$
—
— -
Total (enter as it
em 21, pa
ge I) -
—
$.
Scliedula F.— EXPLANATION OF DEDUCTIONS CLAIMED IN ITEMS 17 AND Z3
1. Itcn No.
3. Amount
1 licmNo.
(cooUDued)
2. E^plaaatMo (coatiBucd)
3. AoMMnt (coBtiniMd)
$
-
$
—
- -
Schedule G.— NONTAXABLE INCOME OTHER THAN INTEREST REPORTED IN SCHEDULE A. (See In.trucUon 13)
t. SouTK ol i„am
ir
4>turt o( iocouc
1. AincM
.__
$
—
—
-^
~
«-<tr
r-.-:^;
282
STATISTICS OF INCOME FOR 1940 — PART 1
Schedule H.— OAJNS AND LOSSES FROM SALES OR EXCHANGES OF CAPITAL .\SSETS. (See Ta^tru
. Kind -A pTOperty(iF ncceiMry
Gun oi bu to t>c taker
3. Cost dr otha
SHORT-TERM CAPITAL GAINS AND LOSSES— ASSCTS HELD NOT MORE TRiM 18 MONTHS
$
$
$
--$
%
-_-
ICO
100
100
ioo
100
100
100
100
$
—
--
.z::::::::r:;
■■'"1
■"""1
■-
1
1
1
1
Total net short-term capital gain or loss (enter in line 1. column 2. of summary below)
$ -
....
LONG-TERM CAPITAL CAINS AND LOSSES— ASSETS Hnj> FOR MORE THAN IS MONTHS BUT NOT FOR MORE THAN Z\ MONTHS
$ .._ ...
$
$ —
%
$— -.
....
66-i
$
—
66;i
66?;
6655
fifiVi
:.„::::::: i;: :::::::::::
....
-
—
—
—
—
66k
66?<
~
LONG-TERM CAPITAL CAINS AND LOSSES— ASSETS HELD FOR MORE THAN 24 MONTHS
$.
'
^
-
$
....$ —
-
$ . .
-
50
50
50
50
50
50
50
1(1
1
—
—
-
::::::::::::
....
....
._.
~
Total net long-te
rm capital
gain or loss (enter in line 2, column 2, of summary below)_._ -.
$
SUMMARY OF CAPITAL NET CAIN3 OR LOSSES
Z Net sain or bu lo U taken into sociint
(roc column 10. obo.c
"K-^gSi^rST'
" Mcount in column 2 and 3 of tha
C>ii>
LOM
Cut
Lou
c™
L<«
L Total net shmt-tenn capita! gain or Ioss(entcrintoliiinn3,
Scbwiole J, amoDot of g:ia or loss EbonD id roluraa 4)
$
$
:^-
»
$._
%
, 1
2. Total net long-term capital gam or loss (eQleriBwIomn*,
ScLfdule i, amount o[ ss'd or low rtioftD in columo 0.
$
$
$._ -
%
._.
$
s 1
Stale the family, fiduciary, or husincss rehiiomhip lo you, if any, of purchaser of any of the choec items: ...
// any of the aiove Hems were acquired by you other than hy purchase, explain fully how acquired:
Schedule I.— CONTRIBUTIONS OR GIFTS PAID. (See Instruction 23)
N«n>c and »ddre» of orpiniMtion
*"->
$
■■ ■ —
Total (enter in colionn 10, Schedule J) _
$...-
STATISTICS OF INCX)ME FOR 1940 — PART 1
283
Schedule J.— PARTNERS' SHARES OF INCOME AND CREDITS. (Sm Inatruetlon 28)
I. Name anJ •cMma of cmJi p«rtna
rr;;
<ct inccnw ki> in-
X Net (hort^cm fsin (or tow)
(«) —
<»)_
(c) —
(<0 —
(«) —
0) —
CONTINUATION OF SCHEDULE J
l.idcntifjr
Putlaily tU-exoBpt
12, Incwnt
uJ
(1.™. («). (t). (.), .rd W) ol
7. United Sutt*SavinsiBon<li and
Treuury Bondi Oinc (<).
Schedule A)
U>'t>« of the United Sute>
(lnel/),SekeduleA)
9. Eanediminie
10. C1u»it.bfc
(frota Schedule
ea»elu|»id
at •ou(te(2per.
""'pHe'lT '
Pnndt»l
Intemt
PKncipd
Interest
PnndpJ
Intemt
$
$
$
$....
$ _.
$
$.._. . -
$... _.
$ -.
$
—
—
Tot«U.
$
$
$
$
$
$
$
$.-
$
$._
' —
QUESTIONS
1. Date of organization
2. Nature of organization (partnership, syndicate, pool, joint venture,
3. Was a return filed {or preceding ycai} If so, to which
collector's office was it sent?
4. Check whether this retiim was prepared on the cash □ or accrual
□ basis,
5. State whether inventories at the beginning and end of the taxable
year were valued at (a) cost, or (A) cost or market, whichever is
lower - ~ - -
If any other basis is used, attach statement describing basis fully.
state why used and the date inventory was last reconciled with
stock „
6, Did the organization at any time during the taxable year own
directly or indirectly any stock of a foreign corporation or a
personal holding company, as defined in section 501 of the
Internal Revenue Code? (Answer "Yes" or "No") ._
If answer is "Yes," attach schedule required by Instruction I.
7. Was return of information on Forms 1096 and 1099 filed for the
calendar year 1940? (See Instruction H)
AFFIDAVIT (See Insfrndioa D)
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 is a true, correct, and complete return, made in good faith, for the accounting period stated, pursuant to the Internal
Revenue Code and the regulations issued under authority thereof.
Subscribed and s
I to befo
rthis.
. day of , I94_
(Ptftnvor Btenber)
(Adtbos oi pa/tn« cr luembet)
<1f thU return was prepared for you by •ome other person, the followins affidavit must be executed)
AFFIDAVIT (See Instraclion D)
I/we swear (or affirm) that I/we prepared this return for the organization named herein and that the return (Including any accompanying
schedules and statements) is a true, correct, and complete statement of all the information respecting the income of the person for whom this
Tctum has been prepared of which I/we have any knowledge.
Subscribed and sworn to before me this
C^gMhtre qf per«op ptrparing the rrtawQ
. day of .
194..
498968—43-
284
STATISTICS OF INCOME FOR 19 40— PART 1
INSTRUCTIONS FOR FORM 1065
UNITED STATES PARTNERSHIP RETURN OF INCOME
1940
(Re(e
. are to the Inter
oted)
U will be helpful to read General Instructions A to I before commencing to fill in return*, and
to read Specific Instructions in connection with filling in the items to wliich they refer.
The term "partnership" as used herein includes a syndicate, group, pool, joint venture, or other
unincorporated organization, through or by means of which any business, financial operation, or venture
is carried on, and which is not, within the meaning of the Internal Revenue Code, a trust or estate or a
corporation; and the term "partner" as used herein includes a member in such a syndicate, group, pool,
joint venture, or organization.
GENERAL INSTRUCTIONS
A. Who mast nse Form 1065. — Evcr>' domeftic parlntrship (includ-
ing syndicates, groups, poob, joint ventures, etc > and every foreign
partnerehip, s^odirate, pool, etc., doing businesa withiu the United
States or baving an office or place of business therein shall make a
return of income on Form 10G5. (See sections 181 to 188, inclusive,
and 3797 (a) (2) and (5).) If the returo is filed on behalf of a syndi-
cate, pool, joint venture, or sirriilar group, a copy of the operating
a^cement should be attached to the return, unless a copy has been
previously filed, together with all araeodmeuta thereto.
B. Period to be covered by return. — The return shall be filfd for
the calendar year 1910 or fiscal year beginning in 1940 and ended in
1041. A fiscal year must end on the last day of a calendar month
other than Dccctnbcr-
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 Fonn 1 128 and forwarded to the collector prior to the
expiration of 30 days from the clobe of the proposed taxable year.
C. When and where the return must be filed. — The return must be
filed with the collector of internal revenue for the district in which the
partnership has its principal office or principal place of business on or
before the 15th day of the third month loUowing the close of the
taxable year of the partnership.
The return for a foreign partnership shall be filed on or before the
15th day of the sixth month following the close of the taxable year,
and if such foreign partnership does not ha\e any principal place of
bu-iincss or principal office or agency in the United States, the return
shall be filed with the Collector of internal Revenue, Baltimore, Md.
D. Affidavits.— The return shall be sworn to by aoy one of the
partners. If receivers, trustees in bankruptcy, or assignees are in
control of the property or business of the organization, such receivers,
trustees, or assignees shall execute the return under oath.
Where the return is actually prepared by some person or persons
other than a member or employee of the partnership, such person or
persons must execute the affidavit at the foot of page 4 of tlic return.
The oath or affirmation will be administered without charge by any
collector, deputy collector, or internal revenue agent. If an internal
revenue officer is not available, the return should be sworn to before
a person authorized to administer oaths for general pvirposcs by the
law ef the United States or of any State, Territory, or possession of the
United States, or of the District of Columbia, \\ herein such oath or
affirmation is administered, except an attorney or agent employed
to represent the taxpayer before the Department in connection with
his t^x-liabiiity.
E. Penalties. — For vnUful failure to make and file relurn on lime. —
Not more than $10,000 or imprisonment for not more than one year,
or both, together with the costs of prosecution.
For tiiiUfully altempiing to evade or defmt payment of the lai. — Not
mor» than $10,000 or imprisonment for not more than five years, or
both, together with the costs of proset'ution.
F. Basis of return. — If the books of account of the partnership are
Tccpt 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. If the books are kept on the cash
receipts and disbursements basis, or if the partnership kept no books,
make the return on the cash basis and report all income received or
■constructively received, such as bank interest credited to the partner-
ehip's account and coupon bond interest matured, and report expenses
actually paid.
Attention is called to the following limitations on deductions for
unpaid expenses and interest applicable to taxpayers on the accrual
basis provided in section 24 (c):
(c) Unpaid Bxpensea and Interest. — In computing net income no
deduction shall be allowed under section 23 (a), relating to expenses
incurred, or under section 23 (b), relating to interest accrued —
(1) If such expenses or interest are not paid within the taxable
year or within two and one-half months after the close thereof; and
(2) If, by reason of the method of accounting of the person to
whom the paymentifllo be made, the amount thereof is not, unless
1 the gross income of such person for the taxable
with which the taxable year of the taxpayer
paid, includible i
year in which o
ends; and
(3) If, at the close of the taxable year of the taxpayer or at any
time within two and one-half oioatha thereafter, both the taxpayer
and the person to whom the payment is to be made are persona
between whom losses would be disallowed under section 24 (b).
G. Items exempt from tax. — Explain items claimed to be exempt in
Schedule G, except interest to be reported in Schedule A.
1. Interest on Governmental obligations:
(a) Entirely exempt.— The interest on (1) obligations of a State,
Territory, 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) obligations of the United States issued on .or before September
1, 1917; and (4) Treasury notes, Treasury bills, Treasury cer-
tificates of indebtedness, postal savings obligations, adjusted
service bonds, and certain other obligations of the United States.
(6) Partially exempt.— The interest on (I) United States savings
bonds and Treasury bonds owned in excess of S5,000 and (2)
obligations of instnimenlalities of the United States is subject
only to surtax.
2. Proceeds of insurance policies. — The proceeds of life insurance
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
p;iy 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 received
exceeds the premiums or consideration paid for the policy. See
Specific Instruction 12 as to taxation of annuities.
3. Federal savingft and loan associations. — Dividends on share ac-
counts in Federal savings and loan associations are subject only to
surtax.
4. Wholly exempt from tax. — Amounts received as earned income
from sources without the United States (except amounts pa d by the
United States or any agency thel-eof) by an individual citizen of the
United States who is a bona fide nonresident for more than 6 months
during the taxable year (no deduction may be taken for any amount
properly allocable to or chargeable against amounts so excluded).
H. Information at source. — Every person making payments of
salaries, wages, interest, rents, commissions, or other fixed or determin-
able income of S800 or more during the calendar year 1940, to an
individual, a partnership, or a fiduciary, is required to make a return
on Forms 109G 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
services aggregating less than S2,000 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.
I. Stock owned in foreign corporations and personal holding com-
panies. — If at any time during the taxable year the partnership owned
directly or indirectly any stock of a foreign corporation (including a
foreign personal holding company, as defined in section 331, in which
the partnership owned less than 5 percent in value of the outstanding
stock of such company) or a personal holding company, as defined in
Fectioo 501, attach to the return a statement setting forth the name
and address of each such company and the total number of shares of
each class of outstiinilini; simk owned by the partnership during the
taxable year. If th ■ ;Mifh, r liip uvned stock at any time during the
taxable year in a f.-mi;!! p. rs, n:il holding company, as defined in
section 331, the partmrsliip must include in the return as a dividend
the amount required to he included in gross income by section 337. If
the partnership owned 5 percent or more in value of the outstanding
stock of such foreign personal holding company, set forth in an attaclied
statement in complete detail the iuforaiattoa required by section
337(d).
STATISTICS OF INOOME F0« 1940 PART 1
285
SPECIFIC INSTRUCTIONS
The following instructions are numbered to corresponci with item numbers on the first page of the return.
1. Gross receipts from business or profession. — Enter as item 1 the
gross JTceipts from sales or services. less any discounts or allowances
from sale price or service charge.
2. Cost of goods sold. — If the production, manufacture, purchase
and sale of merchandise is an income-producing factor in tlie trade or
business, inventories of merchandise on hand should be taken at the
beginning and end of the taxable year, which may be valued at (a)
cost, or (o) cost or market, whichever is lower. Taxpayers were given
an option to adopt the basis of either (a) cost, or (6) cost or market,
whichever is lower, for their 1920 inventories. The basis properly
adopted for that year, or any subsequent year, is controlling, and a
change can now be made only after permission is secured from the
Commissioner. Application for permission to change the basis of
valuing inventories shall be made in writing and filed with the Com-
missioner within 90 days after the beginning of the taxable year in
which it is desired to effect a change. Enter the letters C," or
"C or M," immediately before the amount column, if the inventories
are valued at either cost, or cost or market, whichever is lower, and
explain fully in answer to question 5 on page 4 of the return the
method used.
See Regulations 103 with respect to inventories by dealers in
securities.
If the partnership elects to use tlio inventory method provided in
section 22 (d), there should be filed an election on Form 970.
Installment sales. — If the installment method is used, attach to the
return a schedule showing separately for the years 1937, 1938, 1939,
and 1940 the following: (a) Gross sales; (6) cost of goods sold; (r)
gross profits; (rf) percentage of profits to gross sales; Ce) amount col-
^cted; and (/) gross profit on amount collected. (See section 44.)
Farmer'a income schedule. — If the partnership operates a farm and
keeps no books of account, or keeps books on a cash basis, obtain
from the collector and attach to the return, Form 1040 F, Schedule of
Farm Income and Expenses, and enter the neb farm income as item
3 on page 1 of the return. If the farm books of account are kept oo
an accrual basis, the filing of Form 1040 F is optional.
A partnership electing to include in gross income amounts received
during the year as loans from the Commodity Credit Corporation
should file with its return a statement showing the details of such
loans. (See section 123.)
4. Income (or loss) from other partnerships, syndicates, pools*
etc — Enter as item 4 tlie partnership's share of the profits (whether
received or not) or of the losses of another partnership, except the
|)artncrs hip's distributive share of another partnership's capital gains
or losses, which should be reported in Schedule H and included in
item 26 or 27. The partnership's share of interest on obligations of
the United States, etc., owned by another partnership or an estate or
trust should be included in Schedule A. If the taxable year on tho
basis of which the partnership's return is filed does not coincide with
the annual accounting period of the other partnership, include in the
return the distributive share of the net profits (or losses) for the
accounting period of such partnership ending within the period for
which the return is filed.
5. Interest on bank deposits, notes, corporation bonds, etc. —
Interest coupons falling due within 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 basis, report the actual amount cf
interest accrued on the obligations owned during the taxable year.
Where obligations are purcliascd 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 be added to the cost of the obliga-
tions but should be treated as an offset against the interest received
or accrued at a later date.
6. Interest on tax-free covenant bonds. — Enter as item 6 interest
on bonds upon which a Federal income tax was paid at the source by
the debtor corporation, if an ownership certificate on Form 1000 was
filed with the interest .coupons. The tax of 2 percent paid at the
source en such interest should be allocated to the partners in column
11, Schedule J.
7. Taxable interest on Government obligations, etc. — Enter in
Schedule A the principal amount owned, and interest received.
The proportionate share of each partner's interest from obligations
described in lines (f) and (/), Schedule A, should be considered with
his individual holdings for the purpose of ascertaining liis tax liability
with respect to such income. An individual partner is entitled for the
purpose of the normal tax to a credit against his net income of his
proportionate share of such amounts (not in excels of the net income
of the partnership) of interest as are received by the partnership from
obligations described in lines (e) and (/), Schedule A.
8. Rents. — Enter as item 8 the gross amount received or accrued
for the rent of property. Any deductions claimed for repairs, interest,
taxes, and depreciation should be included in items 16, 17, 18, and 21,
respectively.
If property or crops were received in lieu of cash rent, report the
income as though the rent had been received in cash. Crops received
as rent on a crop-share basis should be reported as income for the year
in which disposed of, unless the return reflects income accrued.
9. Royalties. — Enter as item 9 the gross amount received or accrued
as royalties. If a deduction is claimed on account of depletion, it
should be included in item 22. (See sections 23 (m) and 114.)
10. Net gain (or loss) from sale or exchange of property other than
capita] assets. — Report sales or exchanges of such property in Schedule
B. and euter the gain or loss shown in column 7, Schedule B, as item 10.
For definition of "capital assets," see Specific Instruction 26-27.
11. Dividends. — Enter as item 11 the total of all taxable dividends
received from domestic and foreign corporations. Enter in Schedule G
all dividends received which are claimed to be nontaxable, and include
in item 12 dividends on share accounts in Federal savings and loan
associations.
12. Other income. — If the partnership had any taxable income,
space for reporting which is not provided elsewhere on page 1, enter
it as item 12, and explain its nature, using a separate sheet if necessary
for that purpose. Include in this item taxable income from annuities
and insurance proceeds. Amounts received as an annuity under an
annuity or endowment contract shall be included in gross income to
tlie 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
cijuals the aggregate premiums or consideration paid for such annuity,
the entire amount received must be included in gross income. (Section
22 (b) (2).)
13. Total income. — Enter and explain in Schedule G all income
claimed as exempt (except interest which should be explained in
Schedule A), but do not include as part of item 13.
14. Salaries and wages. — Enter as item 14 all salaries and wages not
included as a deduction in line (c), item 2, except compensation for
partners, which shall not be claimed as a deduction in this item or
elsewhere on the return. ^
15. Rent. — Enter as item 15 rent on business property in which the
partnership has no equity. Do not include rent for a dwelling occupied
by any partner for residential purposes.
16. Repairs. — Enter as item 16 the cost of incidental repairs, includ-
ing labor, supplies, and other items, which do not add to the value or
appreciably prolong the life of the property. Expenditures for new
buildings, machinery, equipment, or for 'permanent improvements or
betterments which increase the value of the property are chargeable to
capital account. Expenditures for restoring or replacing property are
not deductible, as such expenditures are chargeable to capital accounts
or to depreciation reserve, depending on how depreciation is charged
on the books of the partnership.
17. Interest on indebtedness. — Enter as item 17 interest on business
indebtedness to others. Do not include interest on capital invested in
the business by any partner, nor 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 sub-
scribed for by the partnership) the interest upon which is wholly exempt
from taxation. See also General Instruction F with reference to deduc-
tions for accrued interest and expenses.
18. Taxes.— Enter as item 18 taxes on business property or for carry-
ing on business. Do not include taxes assessed against local benefits
tending to increase the value of the property assessed, as for paving,
etc , Federal income taxes, nor estate, inheritance, legacy, succession,
and gift taxes, nor taxes entered in column 12, Schedule J. Do not
include taxes imposed on the interest of the partnership as stockholder
of a corporation which are paid by the corporation without reimburse-
ment from the partnership. Do not include sales taxes unless the ta.T
was imp<ised directly upon the partnership by law. List in Schedule C
each class of taxes deducted.
19. Losses by fire, storm, shipwreck, or other casualty, or theft. —
Enter as item 19 losses sustained during the year, ff arising by fire,
storm, shipwreck, or other casualty, or from theft, and not compen-
sated for by insurance or otherwise. (See section 23 (e).)
Attach a schedule setting forth a description of the property, date
acquired, cost, subsequent improvements, depreciation allowable since
acquisition, insurance, salvage value, and deductible loss.
286
STATISTICS OF INCOME FOR 1940 — PART 1
20. Bad debts. — Bad debts may be treated in either of twowaya —
(1) By a deductioQ from income in respect of debts ascertained to
be worthlesa in whole or in part: or
(2) By a deduction from income of a reasonable addition to a re-
serve for bad debts.
Taxpayers were given an option for 1921 to select either of these
methods and the method used in the return for the year 1921 must be
used in returns for all subsequent years unless permission is granted by
the Commissioner to change to the other method. Application for
permission to change the method shall ba made in writing at least
30 days prior to the close of the taxable year for which it is desired to
effect the change.
A partnership filing its first return of income may select either of the
two methods mentioned above subject to approval by the Commis-
sioner upon examination of the return. If the method selected is
approved, it must be followed in returns for subsequent years, except
as permission may be granted by the Commissioner to change to the
other method.
21. Depreciation. — The amount deductible on account of deprecia-
tion in item 21 is an amount reasonably measuring the portion of the
investment in depreciable property used in the trade or business by
reason of exhaustion, wear and tear, including a reasonable allowance
for obsolescence, which is properly chargeable for the year. If the
property was acquired by purchase on or after March 1, 1913, the
amount of depreciation should be determined upon the basis of the
original cost (not replacement cost) of the property, and the probable
number of years remaining of its expected useful life. In case the
property was purchased prior to March i, 1913, the amount of depreci-
ation will be determined in the same manner, except that it will be
computed on its original cost, loss depreciation sustained prior to
March 1, 1913, or its fair market value as of that date, whicnever is
greater. The capital sum to be recovered should be charged off
ratably over the useful life of the property. Whatever plan or method
of apportionment is adopted must be reasonable and must have due
regard to operating conditions during the taxable year and should be
described in the return. Stocks, bonds, and like securities are not
subject to depreciation within the meaning of the law.
If a deduction is claimed on account of depreciation, fill in Schedule
E. In case obsolescence is included, state separately amount claimed
and basis upon which it is computed. Land values or cost must not
be included in this schedule, and where land and buildings were pur-
chased for a lump sum, the cost of the building subject to depreciation
must be established. The adjusted property accounts and the accu-
mulated depreciation shown in the schedule should be reconciled with
those accounts as reflected on the books of the partnership. (See
sections 23 (1) and 114.)
22. Depletion of mines. oU and gas wells, timber, etc. — If a deduc-
tion is claimed on account of depletion, procure from the collector
Form D (minerals), Form E (coal). Form F (miscellaneous nonmetals).
Form O (oil and gas), or Form T (timber), fill in and file with return.
If complete valuation data have been filed with questionnaire in
previous years, then file with return information necessary to bring
depletion schedule up to date, setting forth in full statement of all
transactions bearing on deductions from or additions to value of
physical assets during the taxable year with explanation of how deple-
tion deduction for the taxable year has been determined. (See sections
23 (m) and 114.)
23. Other deductions authorized by law. — Enter as item 23 any
other authorized deductions for which no space is provided elsewhere
on the first page of the return. Do not deduct losses incurred in
transactions which were neither connected with the trade or business
Dor entered into for profit. No deduction is allowable for the amount
of any item or part thereof allocable to a class of exempt income,
other than interest. Items directly attributable to such exempt income
Bhall be allocated thereto, and items directly attributable to any class
of taxable income shall be allocated to such taxable income. If an
if«m is directly attributable both to taxable income and exempt income,
a reasonable proportion thereof, determined in the light of all the facts
and circumstances in each case, shall be allocated to each. Apportion-
ments must in all cases be reasonable. A partnership receiving any
exempt income, other than interest, or holding any property or engag-
ing in any activity the income from which is exempt shall submit with
its return as a part thereof an itemized statement, in detail, showing
(1) the amount of each class of exempt income, and (2) the amount of
expense items allocated to each such class (the amount allocated by
apportionment being shown separately). Deductions for charitable
contributions are not allowable to the partnership. (See Specific
Instruction 28.)
2&-27. Net short-term and net long-term capital gains and losses. —
Report, sales or exchanges of capital assets in Schedule H, and enter
the net short-term capital gain or loss as item 26, and the net long-
term capital gain or loss as item 27.
Definition of "capital assets." — The term "capital assets" means
property held by the taxpayer (whether or not connected with his
trade or busliiess). but does not include stock to trade of the taxpayer
Page 3
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 primarily 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 the 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 business of
a taxpayer of a character which is subject to allowance of depreciation
provided in section 23 (1) is limited to property used by the taxpayer
in the trade or business at the time of the sale or exchange. 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 ^ain or loss is
allocable to the land, as distinguished from depreciable improvements
upon the land.
Description of property. — 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 (column 7 of Schedule H) ; (6) for bonds or
other evidences of indebtedness, name of issuing corporation, descrip-
tion of the particular issue, denomination, and amount; and (c) for
stocks, name of corporation, class of stock, number of shares, and
capital changes affecting basis (nontaxable stock dividends, other non-
taxable dividends, stock rights, etc.).
Basis. — If the property was acquired before March 1, 1913, the
"basis" for the property is not subject to the same rule for reporting
gains as for losses. In such cases, the basis for determining GAIN
is 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 the basis is cost so adjusted. 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 in 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 1 13 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 regarding the acquisition of
the property.
Enter in column 7 of Schedule H, the amount of depreciation, ex-
haustion, wear and tear, obsolescence, or depletion which has been
allowed (but not less than the amount allowablcl ir. respect of such
property since date of acquisition, or since February 28, 1913, if the
property was acquired on or before that date. In addition, if the
property was acquired before Marcli 1. 1913, the cost shall be reduced
by the depreciation, depletion, etc., actually 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 defined 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 term "securi-
ties" means bonds, debentures, notes, or certificates, or other evidences
of indebtedness, issued by any corporation (including those issued by
a government or political subdivision thereof), with interest coupons
or in registered form.
Losses on stocks or stock rights becoming worthless. — If any shares of
stock in a corporation or rights to subscribe for or to receive such
shares become worthless 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 23 (g) (2).)
Classification 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 18 months or less; the phrase "long-
term," to the category of gains and losses arising from the sale or
exchange of capital assets held for more than 18 months.
In the cas» of individuals, gains and losses from the sale or exchange
of capital assets held for not more than 18 months (described as short-
terra capita! 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 (described as long-term capital gains
and long-term capital losses).
Percentage of capital gain or loss taken into aecoj'.nt. — In computing
the net income, the following percentages of the gain or loss recognized
STATISTICS OF INCOME FOR 1940 PART 1
287
Page 4
upon the aalc or exchange of a capital asset shall be taken into account
in computing net incom>3:
100 percent if the capital asset has been held for not more than
18 months;
66K percent if the capital aasct has been held for more than
18 months and not more than 21 months;
50 percent if the capital asset has beeu held for more than 24
mouths.
Limitation on short-term capital losses. — Sction 117 (d) provides a
limitation on deductions for short-terra capital losscg, 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 18 months or luss. A partnership
is not allowed the benefit of the carry-over provision of section 117 (c)
with respect to net short-term capital losses.
Determination of period for which capital assets are held. — If property
was acquired in certain transactions described in sections 112, 113,
and US. the period for which such property is considered to have
been held by the taxpayer is not computed from the date such property
was acquired by the taxpayer but from a prior date, as provided in
eection 1 17 (h).
As to gains and losses from short sales, see section 117 (k). As to
gains and losses from distributions in liquidation of corporations, see
section 113 (c). .
Losses not allowable — Wath sales. — In the case of any loss claimed
to have been sustained from any sale or other disposition of shares of
stock or securities where it appears that, within a period beginning
30 days before the date of such sale or disposition and ending 30 days
after such date, the taxpayer has acquired (by purchase or by an
exchange upon which the entire amount of gain or loss was recognized
by law), or has entered into a contract or option so to acquire, sub-
stantially identical stock or securities, then no deduction for the loss
shall be allowed unless the claim is made in connection with the tax-
payer's trade or business. (See section 118.)
Losses in transactions between certain persons. — No deduction shall
be allowed in respect of losses from sales or exchanges of property,
directly or indirectly —
A. Between members of a family, which is defined for the pur-
pose of this paragraph to include only the taxpayer's brothers and
sisters (whether by the whole or half blood), spouse, ancestors,
and lineal descendants;
B. Except in the case of distributions in liquidation, between
an individual and a corporation more than 50 percent in value
of the outstanding stock of which is owned, directly or indirectly,
by or for such individual;
C. Between a grantor and a 6duciary of any trust; or
D. Between a fiduciary of a trust and a beneficiary of such
trust.
For the purposes of determining ownership of stock in applying this
paragraph, see section 24 (b) (2).
28. Partners* shares of income and credits. — Enter the names and
addresses of the partners on lines (a), (6), (c), etc., in column I, Sched-
ule J, and extend in the proper columns each partner's share of income,
whether distributed or not, and credits. Schedule J should show com-
plete information with respect to all the persons who were members of
the partnership, syndicate, group, etc., during any portion of the tax-
able year. If the full time of any partner was not devoted to the
business, the percentage of time devoted to the business must be
shown in Schedule J. Although the partnership is not subject to
income tax, the members thereof are liable for income tax in their
individual capacity and are taxable upon their distributive shares of
the income of the partnership, whether distributed or not, and each
is required to include his proportionate share in his individual return.
Each partner should be advised by the partnership of his proportion-
ate share of the income and credits as shown in Schedule J of the
partnership return, as well as his share of any dividends included in
item 12 (see Specific Instruction 11).
Earned income. — Enter in column 9, Schedule J, the proper part of
each partner's or member's distrtbutive share of the partnership's net
income which consists of earned income. Such part cannot exceed a
reasonable allowance as compensation for personal services actually
rendered by the partner in connection with the partnership's business.
In the case of a partnership which is engaged in a trade or business in
which capital is a material income-producing factor and in the trade
or business of which the partner renders personal services which are
material to the earning of the partnership's income, the earned in-
come of the partner from the partnership is a reasonable allowance aa
compensation for the personal
not in excess of 20 percent of his share
fillip (cotiiputed without deduotiou for
tually rendered by him, but
of the net profits of the partner*
so-called salaries to partners or
dedu
Example: A partnership composed of A, R, and C is engaged in the
retail men's clothing business. Lach partner is entitled to one-third
of the net profits, after deduction of so-called salaries to members A
dcvutes most of his time to the business and is paid a salary of $10,000.
IJ devotes half of his time to the business and is paid a salary of $3,000.
C devotes none of his time to the business and receives no salary. The
t profits of the partnership for the taxable year, computed without
duction for so-called salaries to members, arc $24,000. The earned
income of the partners from the partnership is as follows; Although
A received a salary of $10,000 and B a salary of $5,000, since the
partnership is engaged in a business in which capital is a material
income-producing factor, the earned income of each from the partner*
ship IS limited to 20 percent of his share of the net profits. A's share
of the net profits is $13,000 ($10,000 (salary) +S3,000 (l^ of net profits
after deduction of $15,000 for salaries)). Twenty percent of $13,000
is $2,G00, to which amount A's earned income from the partnership is
limited. Since B's share of the net profits is $8,000 (S5,000 + $3,000),
20 percent thereof, or $1,000. is U's earned income from the partner-
ship. C has no earned income from tlie partnership, since he renders
no personal services in connection with the partnership business.
Charitable contributions. — No deduction for charitable contributionj
is allowable in computing the net income of a partnership, but each
partner shall be considered as having made paymrnt. within In.s tavablc
year, of his distributive portion of any contribution or gift of the
character described in section 23 (o), payment of whicli was made by
the partnership within its taxable year. Enter in Schedule I contri-
butions or gifts payment of which was made within the taxable 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
possession of the United States, for exclusively public purposes; (f»)
a corporation, trust, or community chest, fund, or foundation, 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, cliaritable, 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 benefit of any private sliareholder or
individual, and no substantial part of the activities of which is carrying
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; (</) posts or organizations of
war veterans, or auxiliary units or societies of any such posts or organi-
zations, if such posts, organizations, utiits, or societies are organized in
the United States or any of its possessions, 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 arc to
be used exclusively for religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or
animals. Allocate each partner's share in such contributions or gifts
in column 10, Schedule J.
Credit for tales. — If interest was received on tax-free covenant bonds
in connection with which an ownership certificate on Form 1000 was
filed, the Federal income tax of 2 percent paid at the source on such
interest should be allocated to the partners in column II, Schedule J.
If income and profits taxes paid to a foreign country or a possession
of the United States are entered in column 12, Schedule J, submit
Form 1116 with the partnership return with a receipt for each such
tax payment. In case the amount entered in column 12 includes
foreign taxes accrued but not paid, attach to the form a certified copy
of the return on which the taxes were based. The Commissioner may
require the partners or members to give a bond on Form 1117 for tho
payment of any additional tax found due if the foreign tax when paid
differs from the amount claimed.
Net operating loss deduction. — The benefit of the deduction for net
operating losses provided by section 23 (s) for taxable years beginning
after December 31, 1939, shall not be nilowed to a partnership. In
computing his own net operating loss or his own net income (where
required to be computed in accordance with the exceptions and limi-
tations provided in section 122 (d) (!) to (4), inclusive) for any taxable
year for the purposes of the computations required by section 122,
however, each partner shall take into account the income and losses of
the partnership in accordance with sections 182 to 188, inclusive, with
certain exceptions and limitations. (See section 19.189-1 of Regula-
tions 103.)
INDEX
(Unless otherwise indicated, reference pertains to individual and/or fiduciary
returns)
A Page
Accounting period, change of 4
Addi. ional tax (Estate tax returns) 195, 197, 202-215, 220-221
Computation and rates 252-255
Admhiistration, net losses during (Estate tax returns) 200-201, 205-219
Administrative expenses, funeral and (Estate tax returns) 200-201, 204r-218
Alabama:
Estate tax returns 220
Individual and/or fiduciary returns 72, 74, 118-120, 126-132, 160-161
Alaska:
Estate tax returns 220
Individual and/or fiduciary returns 72, 74, 118-120, 126-132, 160-161
Data included in Washington prior to 1939 182-183
Estate tax returns 195-196, 199-222, 252-255
Gift tax returns - 227-228, 256
Individual and/or fiduciary returns 4, 43-44, 243, 245 (notes 17, 24)
Form 1040B included 3
Form 1040NB excluded 43
Alternative tax:
Aggregate 2
Computation, average, and effective rate by net income classes 84-85^
88-89, 98-99, 102-103, 108-111
Description 6-8
Historical data, 1938-1940 48
Net income classes 78-79, 82-85, 88-89, 92-99, 102-105, 108-111
On returns with no net income 2, 9, 11-12, 53, 72-75, 78-79, 82-83,
88-93, 96-97, 102-103, 114, 117, 162-167, 170-179, 184-185
Computation 88-89, 102-103
Deficit classes 1,2
Historical data, 1938-1940 '53
States and Territories 72-75, 162-167, 170-179, 184^185
Amended returns, not included 3
Arizona:
Estate tax returns 220
Individual and/or fiduciary returns 72, 74, 118-120, 126-132, 160-161
Community property 12-13, 119
Arkansas:
Estate tax returns 220
Individual and/or fiduciary returns 72, 74, 118-120, 126-132, 160-161
Assets, capital, description 44-46
Average total tax . 2. 78-79, 81, 92-93, 95, 104-107
B
Back taxes 43, 196, 229
Bad debts 15, 17, 21, 24, 60, 65, 132, 142-143, 152-153
Balance income (Fiduciary returns):
Classes, omitted for 1940 9
Definition 191 (note 39)
Net income classes 159
289
290 INDEX
Basic tables: Page
1. States and Territories (Individual and fiduciary returns) 72-73
la. States and Territories (Individual returns) 74-75
2. Net income classes (Individual and fiduciary returns) 76-89
2a. Net income classes (Individual returns) 90-103
2b. Net income classes (Fiduciary returns) 104-111
3. Simple and cumulative distribution (Individual and fiduciary
returns) 1 12-1 14
' 3a. Simple and cumulative distribution (Individual returns) 115-117
4. Sex and family relationship by States and Territories (Individual
returns) 118-120
5. Sex and family relationship by net income classes (Individual
returns) 121-125
6. Sources of income and deductions by States and Territories (In-
dividual returns) . ___. 12&-132
7. Sources of income and deductions by net income classes (Individ-
ual and fiduciary returns) 133-143
7a. Sources of income and deductions by net income classes (In-
dividual returns) 144-153
7b. Sources of income and deductions by net income classes (Fiduci-
ary returns) 154-159
8. States and Territories by net income classes (Individual and
fiduciary returns) 160-185
Summary for prior years 160-185
9. Government obligations by net income classes (Individual
returns with net income $5,000 and over) 186-187
10. Government obligations by net income classes (Fiduciary
returns with balance income $5,000 and over) 188-189
Description 4, 69
Footnotes 1 90- 19 1
Basic tax (Estate tax returns) 195, 197, 202-215, 220-221
Computation and rates 254-255
Beneficiaries, amount distributable to (Fiduciary returns) 5,
14, 17, 25-26, 142-143, 159
Bequests, charitable, public, and similar (Estate tax returns). 200-201, 205-219
Bonds:
Corporation:
Interest received 15, 18, 22, 126, 133-135, 144-145, 154
Government; Federal, State, etc.:
Cross estate (Estate tax returns) 200-201, 204-218
Amount owned and interest received (Individual and/or fidu-
ciary returns) 42, 186-189
Bonds and stocks:
Estate tax returns 200-219
Gift tax returns 230, 235
Business profit and loss 15-16, 19-20, 23, 25-26, 33-35, 41 (notes 36, 39),
54-65, 127, 130, 136-137, 140-141, 146-147, 150-151, 155, 157
Sole proprietorships -- 24-25
Unallowable deductions 41 (note 36)
Businesses, two or more on one return 41 (note 35)
C
California:
T^'o+Q'fp t JIV Tpt iiT*ns — ^^\j
Individual and/or fiduciary returns"-".'riir72,'74,"ii8-120, 126-132, 162-163
Community property 12-13, 119
Capital assets, description 44-46
Capital gains and losses:
Common trust funds 16, 46
Current year net short-term capital gain (before deduction for carry-
over)__ -- - - -- 15-16, 19, 23, 26,
4l'(nofe23), 128, 138-r3'9, 148-149, 156, 191 (note 29)
Caption change oc-in
Frequency distribution 36-40
INIDEX 291
Capital gains and losses— Continued. ^
Historical data: Page
All returns 55-60, 67 (note 31)
Net income $5,000 and over 62-65
Text 44-46
Long-term, definition _ 45
Net income classes 19-20. 82-89, 96-103, 108-111, 138-141, 148-151, 156-158
Net long-term capital gain or loss 2,
6, 11-12, 15, 20, 23, 26, 128, 130, 138-141, 148-151, 157-158
On returns with alternative tax 7-8
Net short-term capital gain included in total income and net income
(after deduction for carry-over) 15, 19, 23, 128, 138-139, 148-149, 156
Net short-term capital loss of preceding taxable year deducted 15-16,
19, 23, 26, 128, 138-139, 148-149, 156
Caption change 14
Partnership income 16, 46
Percentage distribution by net income classes 23
Short-term, definition 45
States and Territories 128, 130
Tax credit for capital net loss, 1924-1933 48
Tax on capital net gain, 1922-1933 48
Capital stock in corporations (Estate tax returns) 200-201, 204-218
Cash (Gift tax returns) 230, 235
Cash, mortgages, notes, and (Estate tax returns) 200-219, 223 (note 5)
Changes:
Balance income classes 9
Industrial classification 9
Internal Revenue Code as amended:
Estate tax returns 196
Gift tax returns 227
Individual and/or fiduciary returns 3, 43
Nontaxable fiduciary returns 3
■Charitable, public, and similar:
Bequests (Estate tax returns) 200-201, 205-219
Gifts (Gift tax returns) 231-235, 237 (note 3
CJities, counties, and towns, number of returns 42-43
Citizens, resident and nonresident:
Estate tax returns 195-222
Gift tax returns 227
Classification of returns:
Estate tax 198
Gift tax 228-229
Individual and/or fiduciary 8-9, 12-13
Colorado:
Estate tax returns 220
Individual and/or fiduciary returns 72, 74, 118-120, 126-132, 162-163
■Community property returns:
Classification 12-13
Net income classes " 123
Sex and familv relationship 119, 123
States 1 119
•Comparability with previous reports and with tax collections:
Estate tax returns 195-196
Gift tax returns 227
Individual and/or fiduciary returns 43-44
Comparison with 1939, summary data:
Gift tax returns 227
Individual and/or fiduciary returns 2-3
Comparison with 1940, summary data (Estate tax returns) 195
Compensation for personal services. {See Salaries.)
Composite data (Individual and fiduciary returns) :
Classification 8-9
Comparison with 1939 2-4
Description 2-5
292 LNTDEX
Composite data — Continued. Page
Historical data, 1913-1940 47-65
Net income classes 76-89, 133-143
Simple and cumulative distribution 112-114
States and Territories 72-73, 160-185
Connecticut:
Estate tax returns 220
Individual and/or fiduciary returns 72, 74, 118-120, 126-132, 162-163
Contributions 15, 17, 21, 23, 54-65, 131, 140-141, 150-151
Partners' shares 40 (note 17)
Counties, cities, towns, number of returns 42-43
Credit for:
Capital net loss from sale of assets held more than two years, historical
summary, 1924-1933 48
dependents 5, 7-9, 72-77, 80, 84-87, 90-91, 94, 98-101, 121-125, 243
Earned income 5, 7-8, 48, 76-77, 80, 84-87, 90-91, 94, 98-101
Estate, inheritance, legacy, or succession taxes (Estate tax returns).. 195.
198, 202-203, 205-215, 220-221
Gift taxes (Estate tax returns) 195, 197-198, 202-203, 205-215, 220-221
Credits against basic and additional tax (Estate tax returns) ..197, 202-203, 205-21 5
Credits, tax. {See Tax credits.)
Cumulative distribution, simple and 9-11, 112-117
Current year net short-term capital gain. {See Capital gains and losses.)
Data tabulated: D
Estate tax returns. _: 196, 199
Gift tax returns 227
Individual and/or fiduciary returns 4-5
Debts, bad 15, 17, 21, 24, 60, 64-65, 132, 142-143, 152-153
Debts of decedent, mortgages and liens (Estate tax returns) _ _ 200-201, 204-219
Decedents, returns to date of death 4
Deductions:
Estate tax returns 200-201, 204-218
Gift tax returns 231-235
Individual and/or fiduciary returns (see also Sources of income and
deductions) 12, 15, 22, 24, 54-65, 132, 142-143, 152-153, 159
Negative amounts reported under income 5, 14
Other deductions, description 16-17
Estate tax returns 195-196, 198, 202-203, 205-215, 220-221, 255 (note 6)
Gift tax returns 227, 257 (note 8)
Individual and/or fiduciary returns 2, 7,
78-79, 81, 84-85, 88-89, 92-93, 95, 98-99, 102-111, 245 (note 23)
Deficit. {See No net income.)
Deficit classes 4, 8-9, 11-12
Delaware :
Estate tax returns 220
Individual and/or fiduciary returns 72, 74, 118-120, 126-132, 162-163
Dependents, credit for__ 5, 7-9, 72-77, 80, 84-87, 90-91, 94, 98-101, 121-125, 243
Dependents, support of (Estate tax returns) 200-201, 205-219
Distribution, simple and cumulative, number of returns, net income, and
tax, by net income classes 9-11, 112-117
District of Columbia:
Estate tax returns 220
Individual and/or fiduciary returns 72, 74, 118-120, 126-132, 164-165
Dividends received:
From domestic and foreign corporations 15-18,
22, 41 (note 31), 66 (note 23), 126 133-135, 144-145, 154
Estimated numljer of returns.. 5, 14
Frequency distribution by dividend classes and by net income
classes. 28—29
Historical data,' l'91 6^1 940" . II I" " ' ' " " " " II " I " II " "I II 54-65
On share accounts in Federal savings and loan associations 6-7, 17
INDEX 293
Page
Donors, identical (Gift tax returns) 229-230, 235-236
Duplication in reporting by fiduciaries and beneficiaries 14, 26
E
Earned income credit 5, 7-8, 48, 76-77, 80, 84-87, 90-91, 94, 98-101
Educational, scientific orliteraryinstitutions,(Estate taxreturns)_200-201, 205-219
Effective tax rate (percent) _ _ 2,
53-54, 78-79, 81, 84-85, 88-89, 92-93, 95, 98-99, 102-111, 229
Estate tax returns:
Data tabulated 196
Gross estate:
Applicable revenue acts and taxable status, all acts 200-203
Description 1 96-1 98
Gross estate classes 198, 212-219
Historical data, 1916-1941 222
Net estate classes, taxable returns 204-207
States and Territories 220-221
Total 200-201,204-218
Net estate for basic tax and for additional tax:
Applicable revenue acts and taxable status 197, 200-201
Before specific exemption 198
Gross estate classes 213-215
Historical data, 1916-1941 222
Net estate classes 204-211
States and Territories 220-221
Optional value ^ 196
Requirements for filing 195-196, 254 (note 2)
States and Territories 220-221
Summary data 1 95-196
Svnopsis of Federal tax laws affecting data 252-255
Tables:
1. Applicable revenue acts 200-203
2. Net estate (before specific exemption) classes 204-211
3. Gross estate classes, taxable returns 212-215
4. Gross estate classes, nontaxable returns 216-219
5. States and Territories 220-221
6. Historical data, 1916-1941 222
Description 199
Footnotes 223
Tax:
Description 197-198
Rates 252-255
Tax credits 195, 197-198,202-203,205-215,220-221
Estates and trusts 3-4, 7
Returns incorrectly filed on Form 1040 4
Estimated data, returns with net income under $5,000 4-5
Exclusion of the first $4,000 of gifts made to any one donee (Gift tax
returns) 227-228,231-232,234
Exemption, personal 3, 7-9, 72-77, 80, 82-83, 86-87,
90-91, 94, 96-97, 100-101, 104-110, 121-125
Exemption, specific:
Estate tax returns 197, 200-201, 205-219
Gift tax returns 228
Claim for 1940 gifts 231, 233-235
Expenses, funeral and administrative (Estate tax returns) 200-201, 204-218
F
Facsimiles. {See Forms.)
Family relationship, sex and 9, 12-13, 118-125
Federal:
Estate tax (Estate tax returns) 195
Farm Loan Act, obligations issued under 42, 186-189
Gift taxes, credit for (Estate tax returns) 202-203, 205-215, 220-221
294 ixDEx
Federal — Continued. Page
Governnient bonds. (See Government obligations.)
Savings and loan associations, di\-idends received from, subject
to surtax 6-7. 17
Tax laws, synopsis of (Estate, Fiduciary, Gift, Individual 239-257
Fiduciaries:
Income from fIndi^-idual returns') 15-16. 19, 22,
26. 41 (note ISi. 54-65, 67 (note 24), 127, 136-137. 146-147, 155
Net income taxable to (.Fiduciary returns) 159, 190 (note 3)
Fiduciarv returns:
Incorrectly filed on Form 1040 4, 66 (note 2), 191 (note 45)
Xontaxabie not included _ _ _ 3
Tables exclusively for 104-111, 154-159, 188-189
Filing requirements:
Estate tax returns 195-196, 254 (note 2)
Gift tax returns 22t
Individual and or fiduciary returns 3, 242-244
Fiscal year returns _' 3, 43, 68
Florida :
Estate tax returns 220
Indi\-idual and/or fiduciary rettirns 72, 74, 118-120, 126-132, 164-165
Footnotes:
Estate tax tables 223
Gift tax tables 237
Individual and 'or fiduciarv tables:
Basic _■ 190-191
Historical 66-67
Text 40-41
Foreign countries, income and profits taxes paid to 7, 43
Forms:
Excluded from tabulation 43-44
Facsimiles of:
1040 — Individual income tax return, gross income over 85.000. - 262-267
1040A — Individual income tax return, gross income not over
S5.000 : 268-271
1041 — Fiduciary income tax return (for estates and trusts) 272-279
1065 — Pannership return of income (syndicates, pools, etc.) 280-287
Included in tabulation 3
Fragmentary schedule D 24-25
Frequency distribution of selected sources of income and loss by net
income classes and by size of the selected source 26-40
Ftineral and administrative expenses (Estate tax returns) 200-201, 204-218
G
Gain or loss, net, from sale of propertv other than capital assets 15,
17, 20-21, 23, 45, 59-60, 65, 129-130, 138-141, 148-151, 157-158
Gains, capit-al. (Se€ Capital gains and losses.)
Geowwpfeicdistribution:
Counties, cities, and towns, number of returns 42-43
States and Territories:
Estate tax returns 198, 220-221
Individual and or fiduciarv returns 8-9,
72-75, 118-120. 126-132. 160-185
Georgia:
Estate tax returns 220
Individual and/or fiduciary returns 72, 74, 118-120, 126-132, 164^165
Gift tax returns:
Classification 228-229
Data tabulated and description of items 227-228
Exclusions 227-228, 231-232, 234
Exemption, specific 228, 231, 233-235
Filing requirements 227
Gifts, net 228,231,233, 235,237
Gifts, total 227-228
ixDEx 295
Gift tax returns — Continued. Page
Gifts . t vpe of 229
Historical data, 1932-1940 237
Identical donors 229-230, 235-236
Requirements for filing 227
Summary data 227
Synopsis of Federal tax laws affecting data 256
Tables:
1. Net gift classes 230-231, 236
2 f Total gift plus tax classes 232-233
■ \Total gift classes (nontaxable returns) 234
3. Property transferred 235
4. Taxablestatus 235
5. Xet gift classes bv net eift for prior years classes 236
6. Historical summary, 1932-1940__.' 237
Footnotes 237
Tax 228, 231, 233-235
Rates 256
Gift taxes paid, credit for (Estate tax returns) . . 195, 202-203. 205-215, 220-221
Goyernment obligations:
Description 41-42, 190 (note 22)
Partners' and/or beneficiaries' shares included 16
States, Territories, political subdiyisions 126, 186-189
Taxable interest 7-8. 14-16. 18, 22. 26, 54-65. 126. 133-135. 146-147, 155
Wholly or partially tax exempt:
Amount owned (Estate tax returns) 200-201,204-218
Amount owned and interest receiyed:
Fiduciary returns with balance income of ?5,000 and oyer_ 188-189
Indiyidual returns with net income of 85,000 and oyer 186-187
Gross estate classes. (See Estate tax returns.)
Gross income required for filing returns 3-4
Gross insurance (Estate tax returns) 202-203, 205-219
H
Hawaii:
Estate tax returns 220
Indiyidual and 'or fiduciary returns 72, 74, 118-120. 126-132. 164-165
Heads of families, returns of 3, 13, 120, 124
Historical data:
Estate tax returns 222-223
Gift tax returns 237
Indiyidual and or fiduciary returns:
Aggregate, 1913-1940 47-48
Capital gains and losses 44-46
Footnotes 66-67
Xet income classes. 1914-1940 48-54
Sources of income and deductions, 1916-1940:
All returns 54-60
Xet income oyer 85,000 61—65
States and Territories. 1930-1940 161-185
With no net income, 1928-1940 48-51,53,56-60
I
Idaho:
Estate tax returns 220
Indiyidual and/or fiduciary returns 72, 74, 118-120, 126-132. 166-167
Community property 12-13. 119
Iden tical donors (Gift tax returns) 229-230, 235-236
Illinois:
Estate tax returns 220
Indiyidual and or fiduciary returns 72, 74, 118-120, 126-132, 166-167
Income:
Classes, description 8
From fiduciaries 15-16, 19, 22
26, 41 (note 18), 54-65, 67 (note 24), 127, 13&-137, 146-147, 155
296 INDEX
Income — Continued.
Net. (See Net income.) Page
Ordinary net 6-7, 11, 82-83, 86-87, 96-97, 100-101, 109-110
Other, description 17
Sources of. (See Sources of income and deduction, Sources of income
and loss.)
Total 5, 12, 14, 15,20,23,54-65, 129, 138-139, 148-149, 157
Income and profits taxes paid to foreign countries or possessions of the
United States 7, 43
Indiana:
Estate tax returns 220
Individual and/or fiduciary returns 72, 74, 118-120, 126-132, 166-167
Individual returns not including fiduciary returns, tables (see also Basic
and Text). 8, 10-13, 15, 18-25, 27-40, 74-75, 90-103, 115-132, 144-153, 186-187
Industrial classification, not included 9, 25
Information items (Estate tax returns) 202-203, 205-219
Inheritance taxes, credit for (Estate tax returns) 195,
198, 202-203, 205-215, 220-221, 223 (note 10)
Institutions, educational, scientific, etc., bequests to (Estate tax returns). 200-
201, 205-219
Instrumentalities of the United States, obligations of. (See Government
obligations.)
Insurance:
Estate tax returns 202-219
Gift tax returns 230, 235
Intangible personal property (Estate tax returns) 200-219
Interest and other income 54-65
Interest paid 15, 17, 21, 24, 57-60, 63-65, 131, 140-141, 150-151, 159
Interest received or accrued on Government obligations 187, 189
Interest received, taxable:
Bank deposits, notes, mortgages, corporation bonds 15,
18, 22, 40 (note 15), 126, 133-135, 144-145, 154
Partially tax exempt. (See Government obligations.)
Internal Revenue Code, changes:
Estate tax returns 196
Gift tax returns 227
Individual and/or fiduciary returns 3, 43
Iowa:
Estate tax returns 22^
Individual and/or fiduciary returns 72, 74, 118-120, 126-132, 166-16/
Joint returns of husbands and wives, or of either husband or wife when no
other return is filed 12-13, 118, 121
Jointly owned property (Estate tax returns) 196, 200-219
K
Kansas:
Estate tax returns 220
Individual and/or fiduciary returns 72, 74, 118-120, 126-132, 168-169
Kentucky:
Estate tax returns 220
Individual and/or fiduciary returns 72, 74, 118-120, 126-132, 168-169
Laws, Federal tax, synopsis of (Estate, Fiduciary, Gift, Individual) 239-257
Liens, debts of decedent, mortgages and (Estate tax returns).. 200-201, 204-219
Literarv or scientific institutions, etc., bequests to (Estate tax returns) . . 200-201,
205-219
Long-term capital gains and losses. (See Capital gains and losses.)
Loss:
Business profit or 15-16, 19-20, 23, 25-26, 33-35, 41 (notes 36, 39),
54-65, 127, 130, 136-137, 140-141, 146-147, 150-151, 155, 157
Capital. (See Capital gains and losses.)
INDEX 297
Xoss — Continued. Page
Fire, storm, etc 15, 17, 21, 24, 60, 65, 131, 142-143, 152-153
Gain or, net, from sale of property other than capital assets. 15, 17, 20-21 23
45, 59-60, 65, 129-130, 138-141, 148-151, 157-158
Net operating, deduction 3, 16-17, 26
Net short-term capital loss of preceding year, deducted __ 15-16
19, 23, 26, 67, (note 31), 128, 138-139, 148-149, 156
Partnership profit or 15-16, 18, 20, 22-23, 26, 30-32, 54-65,127, 130
136-137, 140-141, 146-147, 150-151, 155, 157, 190 (note 23)
Reported under income 5, 14
Losses, net, during administration (Estate tax returns) 200-201, 205-219
Louisiana:
Estate tax returns 220
Individual and/or fiduciary returns 72, 74, 118-120, 126-132, 168-169
Community property 12-13, 119
Maine: M
Estate tax returns 220
Individual and/or fiduciary returns 72, 74, 118-120, 126-132, 168-169
Married persons, returns of 3, 4, 7, 13
Maryland:
Estate tax returns 220
Individual and/or fiduciary returns 72, 74, 118-120, 126-132, 170-171
Massachusetts:
Estate tax returns 220
Individual and/or fiduciary returns 72, 74, 118-120, 126-132, 170-171
Men, returns of 12-13, 119, 122-123
Michigan:
Estate tax returns 220
Individual and/or fiduciary returns 72, 74, 118-120, 126-132, 170-171
Minnesota:
Estate tax returns 220
Individual and/or fiduciary returns 72, 74, 118-120, 126-132, 170-171
Mississippi:
Estate tax returns 220
Individual and/or fiduciary returns 72, 74, 118-120, 126-132, 172-173
Missouri:
Individual and/or fiduciary returns 72, 74, 118-120, 126^132, 172-173
Montana:
Individual and/or fiduciary returns 72, 74, 118-120, 126- 132,' 172- 173
Mortgages and liens, debts of decedent (Estate tax returns) 200-201, 204-219
Mortgages, notes, and cash (Estate tax returns) 200-219, 223 (note 5)
Nebraska: N
Estate tax returns 221
Individual and/or fiduciary returns 72, 74, 118-120, 126-132, 172-173
Net capital gain or loss. {See Capital gains and losses.)
Net estate. {See Estate tax returns.)
Net gain or loss from sale of property other than capital assets 15, 17,
20-21, 23, 45, 59-60, 65, 129-130, 138-141, 148-151, 157-158
Net gifts for prior years classes (Gift tax returns) 229, 236
Net income:
By net income classes 10,
76-77, 80, 82-83, 86-87, 90-91, 94, 96-97, 100-101, 104-108, 110
Exempt from normal tax, amount and percent of net income 7-8
$5,000 and over 4, 14,24-40,42,61-65, 186-187
Historical:
All returns, 1913-1940, aggregate 47
All returns, 1916-1940 by net income classes 50-51
$5,000 and over, 1916-1940, sources of income and deductions.. _ 61-65
Less than $1,000 4
Ordinary 6-7, 1 1, 82-83, 86-87, 96-97, 100-101, 109-1 10
Returns with net income and returns with no net income, classification. 8
298 INDEX
Net Income- — Continued. Page
Sex and family relationship 13, 118-125
Simple and cumulative distribution 10, 113, 116
Sources of income 14-15, 22, 24, 54-65, 132, 142-143, 152-153
States and Territories 72-75, 132, 160-185
Subject to normal tax 6, 8
Subject to surtax 6, 8
Summary and comparison with 1939 2
Taxable to fiduciary 6, 40 (note 1) , 159
Under $5,000 4-5, 14, 24, 26
Net income classes:
Classification 8
Community property returns 12-13
Frequency distribution of selected sources of income and loss by size
of selected source 26-40
Government oblia^ations 1 86-1 89
Historical data, 1914-1940 48-54
Sex and family relationship 1^1-125
Simple and cumulative distribution 9-11, 112-117
Sources of income and deductions 18-24, 133-159
States and Teiritories 160-185
Type of tax liability 76-111
Net long-term capital gain or loss. (See Capital gains and losses.)
Net loss from sale of property other than capital assets 15,
17, 21, 23, 45, 59-60, 65, 130, 140-141, 150-151, 158
Net losses during administration (Estate tax returns) 200-201, 205-219
"Net operating loss deduction 3, 16-17, 26
Net piofit or loss from sale of I'eal estate, stocks, bonds, etc 54-57, 61-63
Net short-term capital gain or loss. (See Capital gains and losses.)
Nevada:
Estate tax returns 22 1
Individual and/or fiduciary returns 72, 74, 118-120, 126-132, 174-175
Community property 12-13, 119
New Hampshire:
Individual and/or fidiidary rkurnsV'. I_/72,'74, 118-120, 126-132, 174-175
New Jersey:
Estate tax returns 221
Individual and/or fiduciary returns 72, 74, 118-120, 126-132, 174-175
New Mexico:
Estate tax returns 221
Individual and/or fiduciary returns 72, 74, 118-120, 126-132, 174-175
Community property 12-13, 119
New York:
Estate tax returns 221
Individual and/or fiduciary returns 73, 74, 118-120, 126-132, 176-177
No net income, returns with:
Alternative tax 2, 9, 11-12, 53. 72-75, 78-79, 82-83,
88-93, 96-97, 102-103, 114, 117, 162-167, 170-179, 184-185
Deficit classes 12
Description 6, 8
Historical data:
Aggregate, 1928-1940 48-51
Sources of income and deductions, 1928-1940 56-60
With alternative tax, 1938-1940 53
Sex and family relationship classification, not applied^ 12
Sole proprietors : 25
Sources of income and deductions 14-15, 18-24, 126-153
Percent of total income 22-24
States and Territories 72-75, 126-132, 160-185
Summary 2
Nonresident citizens (Estate tax returns) 195-196, 198
Nontaxable returns:
Estate tax returns 195,198, 200-203, 216-219, 220-22 1
Gift tax returns 227-228, 230-231, 234-235, 237
INlDEX 299
Nontaxable returns — Continued.
Individual and/or fiduciary returns: Page
Classification and description 8 11
Deficit classes ' 12
Historical data, 1916-1940 47-48
Income exempt from normal tax, amount and percent 8
Net income classes 76-77, 90-91
Sex and family relationship 121-125
Sources of income and deductions 14, 134-153
States and Territories 160-185
Summary 2
Normal tax:
Comparison with 1939 2
Description _ &
Historical data, 1913-1940 47
Net income classes __ _ 78-79^
81, 84-85, 88-89, 92-93, 95, 98-101, 104-107, 109-110-
Net income exempt from and subject to 6-8-
Rates, 1913-1940 242-24*
Summary 2
North Carolina:
Estate tax returns 221
Individual and/or fiduciary returns 73-74, 118-120, 126-132, 176-177
North Dakota:
Estate tax returns 221
Individual and/or fiduciary returns 73-74, 118-120, 126-132, 176-177
Notes and cash, mortgages (Estate tax returns) 200-219, 223 (note 5)
Number of returns. (See specific type of return or classification.)
O
Obligations, Government. {See Government obligations.)
Ohio:
Estate tax returns _* 221
Individual and/or fiduciary returns 73, 75, 118-120, 126-132, 176-177
Oklahoma:
Estate tax returns 221
Individual and/or fiduciary returns __.._ . 73, 75, 118-120, 126-132, 178-179
Community property- 12-13, 119
Operating loss deduction, net 3, 16-17, 26
Optional value (Estate tax returns) 196
Ordinary net income 6-7, 11, 82-83, 86-87, 96-97, 100-101, 109-110
Oregon :
Estate tax returns 221
Individual and/or fiduciary returns 73, 75, 118-120, 126-132, 178-179
P
Part year returns 3-4, 68
Partially tax exempt Government obligations, interest on 186-189
Partnership:
Profit or loss reported on individual and/or fiduciary returns 15-16,
18, 20, 22-23, 26. 30-32, 54-65, 127, 130, 136-137, 140-141, 146-
147, 150-151, 155, 157.
Returns, 1917-1940 68
Pennsylvania:
Estate tax returns 221
Individual and/or fiduciary returns 73, 75, 118-120, 126-132, 178-179
Percentages :
Estate tax returns, summary 195
Gift tax returns, summary 227, 229
Individual and/or fiduciary returns:
Capital gains and losses 44-45
Comparison with 1939 2, 53-54
Effective tax rate 78-79, 81, 84-85, 88-89, 92-93, 95, 98-99, 102-111
Historical data. 1916-1940 47, 53-54
Income exempt from and subject to normal tax 7-8
498966 — 43 — —20
300 INDEX
Percentages — Continued.
Individual and/or fiduciary returns — Continued. Page
Population filing returns 72-73
Sex and family relationship 12-13
Simple and cumulative distribution 9-11, 112-117
Sources of income and deductions 17, 22-24
Personal exemption 3, 7-9,
72-77, 80, 82-83, 86-87, 90-91, 94, 96-97, lOQ-101, 104r-110, 121-125
Personal property (Estate tax returns) 200-219
Population by States and Territories, and percentage filing returns 72-73
Possessions of the United States:
Obligations of. (See Government obligations.)
Taxes paid to 43
Property:
Community (Individual returns) 12-13, 119, 123
Intangible (Estate tax returns) 200-219
Jointly owned (Estate tax returns) 200-219
Personal (Estate tax returns) 200-219
Previously taxed (Estate tax returns) 197, 200-219
Real estate:
Estate tax returns 200-218,223 (note 3)
Gift tax returns 230, 235
Tangible (Estate tax returns) 200-218
Transferred:
Estate tax returns 200-219
Gift tax returns 235
Property other than capital assets, net gain or loss from sale of 15,
17, 20-21, 23, 45, 59-60, 65, 129-130, 138-141, 148-151, 157-158
Proprietorships, sole 24—25
Public Salary Tax Act 242-243
R
Rate, effective tax___ 2, 53-54, 78-79, 81, 84-85, 88-89, 92-93, 95, 98-99, 102-111
Rates of tax, historical (Estate, Fiduciary, Gift, Individual) 242-257
Real estate, total:
Estate tax returns 200-218, 223 (note 3)
Gift tax returns 230, 235
Receipts, business, sole proprietorships 24-25
Rents and royalties 15-16, 19, 23, 54-65, 127, 136-137, 146-147, 155
Returns:
Included 3-4
Requirements for fihng:
Estate tax returns 195-196
Gift tax returns 227
Individual and fiduciary returns 3
Revenue acts:
Applicable to estate tax returns 198, 200-203
Historical synopsis of provisions affecting data 242-257
Rhode Island:
Estate tax returns 221
Individual and/or fiduciary returns 73, 75, 118-120, 126-132, 178-179
Royalties, rents and 15-16, 19, 23, 54-65, 127, 136-137, 146-147, 155
S
Salaries and other compensation for personal services 15, 18, 133-135, 144-145
Estimated number of returns under $5,000 5, 14, 17
Five years or more, compensation for services rendered for a period of _ _ 15
Frequency distribution by salary classes and by net income classes — 27-28
Historical data, 1916^1940:
All returns 54-60
Net income over $5,000 61-65
Percentage of total income 22
States and Territories 126
Salary Tax Act 242-243
Samples for estimating data 4-5
INDEX 301
Page
Savings bonds and Treasury bonds 186-189
Savings and loan associations, Federal, dividends from 6-7, 17
Schedule D, fragmentary 24-25
Scientific, educational, or literary institutions, bequests to (Estate tax
returns) 200-201,205-219
Separate returns of husbands and wives 3-4, 12-13, 119, 122
Sex and family relationship 9, 12-13, 118-125
Short-term capital gain, or loss. {See Capital gains and losses.)
Simple and cumulative distribution of number of returns, net income and
tax by net income classes 9-11, 112-117
Single men and women, married men and women not living with spouse,
heads of families and not heads of families, returns of_. 3-4, 7, 13, 120, 124-125
Sole proprietorship 24-25
Source Book data 68-69
Source, income tax paid at, not deducted from tax liability as tabulated.. 7, 43
Sources of income and deductions:
Description 14-1 7
Duplication in reporting income by individuals and fiduciaries 25-26
Historical data, 1916-1940:
All returns 54-60
Net income $5,000 and over 61-65
Net income classes 14, 18-24, 133-159
Net income under $5,000 14, 17
Percentage distribution 22-24
States and Territories 126-132
Sources of income and loss, selected, frequency distribution by size of
selected source and by net income classes 26-40
South Carolina:
Estate tax returns 221
Individual and/or fiduciary returns 73, 75, 118-120, 126-132, 180-181
South Dakota:
Individual and/or fiduciary returns".'. r.I_'73,'75,ii8^i20,'i26^i32,'i80-181
Specific exemption. {See Exemption.)
State :
Inheritance taxes, credit for (Estate tax returns) 195,
198, 202-203, 205-215, 220-221
Obligations 186-189
Officers' and employees' compensation 15
State and municipal bonds (Estate tax returns) 200-201, 204-218
States and Territories:
Estate tax returns 220-221
Individual returns:
Community property z 12-13, 119
Data estimated 5
Net income classes 160-185
Sex and family relationship 118-125
Sources of income and deductions 14, 126-132
Summary data 74-75
Individual and fiduciary returns:
Population and percent of population filing returns 72-73
Summary data:
Current year 1 60-1 85
Historical, 1930-1939 160-185
Stock, capital, in corporations (Estate tax returns) 200-201, 204-218
Stocks and bonds:
Estate tax returns 200-218
Gift tax returns 230, 235
Summary data;
Estate tax returns 195-198
Gift tax returns 227-228
Individual and/or fiduciary returns:
Current year 2, 5-7
Historical, 1930-1939 160-185,191 (note 41)
302 INDEX
Surtax: l'ag«
Comparison with 1939 2
Historical data, 1913-1940 47
Net income classes 78-79
81, 84-85, 88-89, 92-93, 95, 98-99, 102-107, 109, 111
Net income subject to ' 3, 6, 8
Rates, 1913-1940 246-247
Synopsis of Federal tax laws (Estate, Fiduciary, Gift, Individual) 239-257
Tables: T
Estate tax returns 200-222
Fiduciary returns only 104-111, 154-159, 188-189
Gift tax returns 230-237
Individual returns only:
Basic 74-75, 90-103, 115-132, 144-153, 186-187
Text 8, 10-13, 15, 18-25, 27-40
Individual and fiduciary returns, composite:
Basic 72-73, 76-89, 112-114, 133-143, 160-185
Historical data 47-65
Text 2
Tax. (See Additional, Alternative, Average, Basic, Defense, Estate, Gift,
Income and profits. Normal, Surtax, Total, etc.)
Tax collections ^ 43-44
TfliX credits'
Estate "tax returns 195, 197-198, 202-203, 205-215, 220-221
Individual and/or fiduciary returns:
Capital net loss, 1924-1933 48
Earned income 48
Tax, eflfective rate percent 2,
53-54, 78-79, 81, 84-85, 88-89, 92-93, 95, 98-99, 102-111
Tax laws, synopsis of (Estate, Fiduciary, Gift, Individual) 239-257
Tax liability and collections, comparison:
Estate tax returns 195-196
Gift tax returns 227
Individual and/or fiduciary returns 43-44
Tax paid at source, not deducted from total tax 7, 43
Tax, prior years 160-185
Taxable returns with no net income (with alternative tax) 2,
9, 11-12, 53, 72-75. 78-79, 82-83, 88-93, 96-97, 102-103, 114,
117, 162-167, 170-179, 184-185.
Back 43, 196,229
Paid 15, 17, 21, 24, 56-60, 62-65, 67, (note 30), 131, 142-143, 152-153, 159
Uncollectible 43
Tennessee:
Estate tax returns 221
Individual and/or fiduciary returns 73, 75, 118-120, 126-132, 180-181
Tentative returns, not included 3
Territories. {See States and Territories.)
Texas :
Estate tax returns 221
Individual and/or fiduciary returns 73, 75, 118-120, 126-132, 180-181
Community property 12-13, 119
Text tables:
Deficit classes 12
Footnotes 40-41, 66-67
Frequency distribution of selected sources of income and loss by net
income classes and by size of the selected source 27-40
Net income subject to and exempt from normal tax 8
Sex and family relationship 13
Simple and cumulative distribution 10-11
Sole proprietorship 24-25
Sources of income and deduction:
Aggregate 15
Net income classes 18-24
Summary and comparison with 1939 2
INBEX 303
Total tax: Page
Estate tax returns 195-198, 202-215, 222
Gift tax returns 227-228, 233, 235, 237
Individual and/or fiduciary returns:
After tax credits , 48
Average 78-79,81,92-93,95, 104-107
Before tax credits 48
Description 7
Historical:
1913-1940 48, 66 (notes 5,9)
1916-1940 52-53, 66 (notes 5,9)
Simple and cumulative distribution 11, 114, 117
States and Territories 72-75, 160-185
Summary 2
Type of tax liability _._ 78-79,81,90-93,95, 104-107
Towns, counties, and cities, number of returns 42-43
Transfers :
Estate tax returns 200-219
Gift tax returns 235
Treasury bonds, notes, United States Savings, etc. (See Government
obligations.)
Trust, gifts transferred in, by kind of property (Gift tax returns) 235
Trusts (included in composite and fiduciary data) :
Credit allowed 5, 7
Requirements for filing 4, 244 (note 2e)
Trusts and estates, returns incorrectly filed on Form 1040 4
Type of tax liability 8, 76-111
U
United States obligations. (See Government obligations.)
Utah:
Estate tax returns 221
Individual and/or fiduciary returns 73, 75, 118-120, 126-132, 182-183
V
Vermont:
Estate tax returns 221
Individual and/or fiduciary returns 73, 75, 118-120, 126-132, 182-183
Virginia:
Estate tax returns 221
Individual and/or fiduciary returns 73, 75, 118-120, 126-132, 182-183
W
Wages, salaries, and other compensation for personal services. (See
Salaries.)
Washington:
Estate tax returns. 221
Individual and/or fiduciary returns 73, 75, 118-120, 126-132, 182-183
Community property 12-13, 119
Data for Alaska included prior to 1939 182-183
West Virginia:
Estate tax returns 221
Individual and/or fiduciary returns 73, 75, 118-120, 126-132, 184-185
Wholly tax exempt Government obligations. (See Government obliga-
tions.)
Wisconsin:
Estate tax returns 221
Individual and/or fiduciary returns 73, 75, 118-120, 126-132, 184-185
Women, returns of 12-13, 119, 122-123
Wyoming:
Estate tax returns 221
Individual and/or fiduciary returns 73, 75, 118-120, 126-132, 184-185
Y
Years. (See Historical.)
o
■^
STATISTICS OF INCOME
FOR 1940
PART 2
COMPILED FROM CORPORATION INCOME, DECLARED VALUE EXCESS-PROFITS,
AND DEFENSE TAX RETURNS, CORPORATION EXCESS PROFITS TAX
RETURNS, AND PERSONAL HOLDING COMPANY 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 2
COMPILED FROM CORPORATION INCOME,
DECLARED VALUE EXCESS-PROFITS, AND
DEFENSE, TAX RETURNS, CORPORATION
EXCESS PROFITS TAX RETURNS, AND PER-
SONAL HOLDING COMPANY RETURNS
PREPARED UNDER DIRECTION OF THE
COMMISSIONER OF INTERNAL REVENUE
BY THE
STATISTICAL SECTION. INCOME TAX UNIT
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1944
For sale by the Superintendent of Documents, U. S. Government Printing Office
Washington 25. D. C. - Price 45 cents
^. S. £Ur_.....:^....:iT Of DOCUME.NT^,
APR 7 1944
LETTER OF TRANSMITTAL
Treasury Department,
Office of Commissioner of Internal Revenue,
Washington, D. C, January 6, 1944-
Sir: In accordance with section 63 of the Internal Revenue Code,
requiring the pubHcation annually of statistics with respect to the
operation of the Federal income, war-profits, and excess profits tax
laws, I have the honor to transmit herewith a report entitled "Statis-
tics of Income for 1940, Part 2," presenting data relative to income,
deductions, assets, liabilities, exemptions, credits, tax liability, and
dividends paid, as reported on corporation income, declared value
excess-profits, and defense tax returns, corporation excess profits tax
returns, and personal holding company returns for 1940 filed during
1941. There is also included a historical presentation of the income
and of the tax liability reported by corporations for the years 1909
through 1940, and a synopsis of corporation mcome and profits tax
credits, rates, and other provisions of the Federal tax laws affecting
the comparability of historical data in this report.
Respectfully,
Robert E. Hannegan,
Commissioner of Internal Revenue.
Hou.I^Henry Morgenthau, Jr.,
Secretary of the Treasury.
CONTENTS
Page
Introduction 1
CORPORATION INCOME, DECLARED VALUE EXCESS-PROFITS. AND
DEFENSE TAX RETURNS (FORMS 1120 AND 1120L)
Summary data 1-2
Comparison with 1939 2
Returns included 2
Changes i n law affecting corporation returns 2-3
Classifications, text tables, and description of basic tables 3-17
Active and inactive corporations 4
Returns with net income and returns with no net income 4
States and Territories 4-5
Industrial divisions and groups 5-8
Returns with balance sheets and returns with no balance sheets 8-10
Total assets classes 10-12
Type of tax liability 12
Net income and deficit classes 12
Consolidated returns 12-15
Fiscal year returns 15-16
Part year returns 16-17
Data tabulated 1 7-1 8
Income and profits taxes paid to foreign countries or possessions of the
United States 18-19
Tax liability and collections, factors affecting comparability 19
CORPORATION EXCESS PROFITS TAX RETURNS (FORM 1121)
PRINCIPAL EXCESS PROFITS TAX PROVISIONS OF THE
INTERNAL REVENUE CODE
Corporations subject to tax 21-22
Excess profits net income for the taxable year 22
Excess profits credit based on income 22-23
Excess profits credit based on invested capital 23-24
Tax base and rates 24-25
Consolidated returns 25
General relief provisions 25-26
REVIEW OF TABULATIONS FROM EXCESS PROFITS TAX RETURNS
Summary data 26
Returns included 26
Distribution of taxable returns and tax 26-27
Total income and excess profits taxes in relation to normal-tax net income. _ 27-28
Method of credit computation 28-29
Comparison of taxable and nontaxable returns 30
Consolidated returns 30
PERSONAL HOLDING COMPANY RETURNS (FORM 1120H)
Summary data 30-31
General explanations 31-33
Tables 33-34
HISTORICAL DATA— CORPORATION INCOME AND PROFITS TAX
RETURNS
Description of tables 35-36
Comparability of historical data 36-38
Returns included 36
Contents of items 36-37
Geographic distribution 37
Industrial classification 37-38
Source Book of Statistics of Income 38-39
V
VI CONTENTS
BASIC TABLES
CORPORATION INCOME, DECLARED VALUE EXCESS-PROFITS, ANDJDEFENSE TAX
RETURNS
All returns: Page
1. States and Territories, general summary 42-43
2. Major and minor industrial groups, general summary 44-53
3. Major industrial groups (Receipts and deductions) 54-95
Returns with balance sheets:
4. Major industrial groups (Assets and liabilities, receipts and de-
ductions) 96-129
5. Total assets classes (Assets and liabilities, receipts and deduc-
tions) 130-135
6. Total assets classes and major industrial groups (Selected assets,
liabilities, and receipts) 136-221
All returns:
7. Net income and deficit classes and type of tax liability 222-223
8. Net income and deficit classes (Dividends received and interest
received on Government obligations) . 223-224
9. Net income and deficit classes (Dividends paid) 224-225
CORPORATION EXCESS PROFITS TAX RETURNS
All excess profits tax returns:
10. States and Territories, general summary 230-231
11. Adjusted excess profits net income and deficit classes, and
method of credit computation 232-233
12. Normal-tax net income classes and method of credit computa-
tion 234-237
Excess profits tax returns, excluding consolidated returns:
13. Industrial groups, general summary 238-249
14. Total assets classes and method of credit computation 250-261
15. Itemized computation of net income, credit, and tax 262-263
Consolidated excess profits tax returns:
16. Normal-tax net income classes and method of credit computa-
tion; related income tax returns of parent companies and sub-
sidiaries Idv industrial divisions 264-275
17. Adjusted excess profits net income and deficit classes 276-277
HISTORICAL DATA— CORPORATION INCOME AND PROFITS TAX
RETURNS
18. General summary, 1909-1940 282
19. Net income and deficit classes, 1937-1940 283
20. Receipts and deductions, 1926-1940 .._ 284-285
21. Assets a: d liabilities, 1926-1940 286-287
22. Industri;- groups, 1931-1940 288-293
23. States an erritories, 1931-1940 294-304
24. Consolidai returns, 1928-1940 305
INDUSTRIAL GROUPS IN WHICH CHANGES OCCUR BETWEEN
1940 AND 1939
Major industrial groups 310-311
Minor industrial groups 312-314
SYNOPSIS OF FEDERAL TAX LAWS AFFECTING THE COMPARA-
BILITY OF HISTORICAL DATA IN STATISTICS OF INCOME
A. Corporation income and profits tax returns — credits, rates, and other
provisions of the Federal tax laws for the income years 1909
through 1940 316-326
B. Consolidated income and profits tax returns — provisions for filing
and tax rates under the Federal tax laws for the income years 1917
through 1940 327-331
RETURN FORMS
Facsimiles of Forms 1120, 1120L, 1121, and 1120H for 1940 333-355
Index... 357
STATISTICS OF INCOME FOR 1940-PART 2
CORPORATION INCOME, DECLARED VALUE EXCESS-PROFITS, AND DEFENSE TAX
RETURNS, CORPORATION EXCESS PROFITS TAX RETURNS, AND PERSONAL HOLD-
ING COMPANY RETURNS
INTRODUCTION
This report, presenting data for 1940 tabulated from corporation
income, declared value excess-profits, and defense tax returns. Form
1120; insurance company income and defense tax returns, Form 1120L;
corporation excess profits tax returns, Form 1121; and personal hold-
ing company returns, Form 1120H, is prepared in accordance with
section 63 of the Internal Revenue Code, which requires 'the publi-
cation annually of statistics with respect to the operation of the income,
war-profits, and excess profits tax laws.
The amounts reported as income, deductions, assets, liabilities,
exemptions, credits. Federal tax liability, and dividends paid are shown
in aggregate and for various classifications of corporations and of in-
come. Facsimiles of the return forms from which the data are tabu-
lated and to which references are made throughout this volume are
also shown.
Historical data pertaining to income and profits tax returns for
1909 through 1940 are presented, with a resume of the information
available for 1926-1939 in the Source Book, a volume of data supple-
mentary to the published reports. Statistics of Income. There is
also a synopsis of corporation income and profits tax rates, credits,
and other provisions of the Federal tax laws affecting the compara-
bility of historical data in this report.
Certain of the more significant data for 1940 contained herein were
made public previously in a preliminary report issued as of September
2, 1942, and in a series of press releases dated July 28, 1942, and Janu-
ary 19, 21, 25, and 27, 1943.
CORPORATION INCOME, DECLARED VALUE EXCESS-PROFITS, AND
DEFENSE TAX RETURNS (FORMS 1120 AND 1120L)
SUMMARY DATA
The number of corporation income, declared value excess-profits,
and defense tax returns for 1940 is 516,783, of which 220,977 show net
income of $11,203,223,957, while 252,065 show deficit of $2,283,795,-
190, and 43,741 have no income data (inactive corporations). The
income tax liability is $2,144,291,692, the declared value excess-
profits tax is $30,743,550, the excess profits tax imposed by the Second
Revenue Act of 1940 is $373,510,919, and the total tax is $2,548,-
546,161, an increase of 106.82 percent over the total tax liability for
the preceding year.
1
2 STATTiSTTCS OF TNCOME FOR 1940, PART 2
The increase or decrease, 1940 over 1939, in the number of returns,
net income, deficit, and tax follows:
Corporation returns, 1940 and 1939: Number of reMrns, net income, deficit, and tax
[Money figures in thousands of dollars]
1940
1939
Increase or
(-
decrease
)
Number or
amount
Percent
516, 783
515, 960
823
0.16
Returns with net income: '
Number of returns
220, 977
11,203,224
2, 548, 546
2 2, 144, 292
3 30, 744
373, 511
199, 479
8,826,713
1, 232, 256
1,216,450
15, 806
21,498
2,376,511
1, 316, 290
927,841
14, 938
373, 511
10.78
Net income ' -
26.92
Total tax liability
106. 82
Income tax _
76.27
Declared value excess-profits tax .
94.51
Excess profits tax < . . .- .
Returns with no net income:'
Number of returns
252, 065
2, 283, 795
270, 138
2, 092, 148
-18,073
191, 648
-6.69
Deficit 1
9.16
Returns of inactive corporations
43,741
46, 343
-2, 602
-5.61
For footnotes, see pp. 20-21.
RETURNS INCLUDED
The data presented in this section are from returns for the calendar
year ending December 31, 1940, a fiscal year ending within the period
July 1940 through June 1941, and a part year with the greater portion
of the accounting period in 1940.
Data are tabulated from (1) corporation income, declared value
excess-profits, and defense tax returns, Form 1120, filed by domestic
corporations and resident foreign corporations other than those which
are exempt from tax under section 101, Internal Revenue Code as
amended, and (2) insurance company income and defense tax retmms,
Form 1120L, filed by domestic life insurance companies and by foreign
life insurance companies carrying on insurance business within the
United States or holding reserve funds upon business transacted
within the United States. The excess profits tax liability reported on
corporation excess profits tax returns, Form 1121, is included where
indicated. The data are tabulated from the returns as filed, prior to
revisions that may be made as a result of audit by the Bureau of
Internal Revenue.
There are excluded from this report data pertaining to amended
returns, tentative returns, and the returns of nonresident foreign
corporations* (those not engaged in trade or business within the United
States and not having an office or place of business therein, who file
on Form 1120NB).
CHANGES IN LAW AEFECTING CORPORATION RETURNS
The Internal Revenue Code, as amended by the Revenue Act of
1939 and the two Revenue Acts of 1940, introduces certain changes
which affect the not income and tax of corporations having taxable
years beginning after December 31, 1939. The most significant
changes are:
SiTATIiSTICS OF IQSnCOME FOR 194 0, PART 2 3
(1) Increase in the rates of income tax for domestic corporations
(other than mutual investment companies). The rates for 1940
(including income defense tax) are as follows:
Normal-tax net income:
$25,000 or less 14.85 percent of the first $5,000.
16.5 percent of the next $15,000.
18.7 percent of the next $5,000.
Over $25,000 and not over 38.3 percent of amount over $25,000, plus
$31,964.30. $4,152.50.
Over $31,964.30 and not over 36.9 percent of amount over $25,000, plus
$38,565.89. $4,250.
Over $38,565.89 24 percent of the entire amount of normal-
tax net income.
Kesident foreign corporations, regardless of amount of normal-tax
net income, and mutual investment companies, regardless of amount
of adjusted net income less the basic surtax credit, are taxed at the
24 percent rate.
The rates for prior years are shown in the synopsis of Federal tax
laws for the income years 1909-1940, pages 316-331.
(2) "Net operating loss deduction," allowed (except to mutual
investment companies) for taxable years beginning after December
31, 1939, is the excess of statutory deductions over statutory gross
income of the preceding taxable year, subject to certain adjustments.
(See section 122 of the Code, add'^d by the Revenue Act of 1939.)
(3) Gains and losses from sales or exchanges of capital assets are
classified as "short-term" or "long-term." A short-term capital gain
or loss results from the sale or exchange of a capital asset held for 18
months or less; a long-term capital gain or loss, from the sale or ex-
change of a capital asset held for more than 18 months.
A net short-term capital gain and a net long-term capital gain or
loss are included ia computing net income for the current year; but
a net short-term capital loss is not deductible in computing net in-
come for the current year. Such loss (in an amount not in excess
of the net income for the year in which the loss was sustained) may
be carried forward and applied against the short-term capital gain
of the succeeding taxable year not already offset by capital losses of
such succeeding year. This carry-over is restricted to one year.
(4) Amortization of the cost of emergency facilities necessary for
national defense may be deducted. In general, the cost of such
facilities completed or acquired after June 10, 1940, may, at the
election of the corporation, be written off over a 5-year period instead
of through the ordinary allowance for depreciation based on estimated
useful life.
CLASSIFICATIONS, TEXT TABLES, AND DESCRIPTION OF BASIC TABLES
Data are shown for the 516,783 corporation returns in aggregate,
and segregated by one or more of the following classifications: Active
and inactive corporations; returns with net income and returns with
no net income; States and Territories; industrial divisions and groups;
returns with balance sheets and returns with no balance sheets; total
assets classes; types of tax liability; net income and deficit classes.
There are also separate tabulations for consolidated returns, fiscal
year returns, and part year returns, all of which returns are included
in the tabulations pertaining to Form 1120 throughout this report.
4 STATISTICS OF lOSnCOME FO'R 19 40, PART 2
The classifications are described in the following paragraphs, which
also enumerate the items tabulated for returns in each classification:
Active and inactive corporations. — Returns for active corporations
show income data; those for inactive corporations show no data.
The returns for inactive corporations are filed in accordance with
the regulation that a corporation haviug an existence during any
portion of a taxable year is required to make a return. Even though
a corporation has surrendered its charter, it is deemed to continue in
existence until its dissolution is authorized by the State in which itwas
created.
The data presented in this report are tabulated from the 473,042
returns of active corporations, except as indicated in the following
paragraph pertaining to the number of returns.
The 43,741 returns of inactive corporations for 1940 are segregated
by the 9 industrial divisions in the text table on page 6 which shows
also the percent of inactive corporations to the total. The returns of
inactive corporations are also included in the total number of returns,
segregated by States and Territories, in basic table 1, pages 42-43; in
the total number, by major and minor industrial groups in basic
table 2, pages 44-53; and in the total number of returns with no net
income in basic table 7, pages 222-223. The total number of fiscal
year returns in the first text table on page 16 includes 4,041 fiscal
year returns of inactive corporations.
For the number of returns of inactive corporations for prior years,
see note 2, page 305.
Returns with net income and returns with no net income. — This
classification is based on the existence or nonexistence of an amount
of net income for the current year. Net income, as reported for
declared value excess-profits tax computation, is adjusted by ex-
cluding the deduction due to net operating loss for the prior year.
Returns with total deductions (exclusive of net operating loss deduc-
tion) equal to or exceeding total income are included in returns with
no net income.
The returns of active corporations for 1940 are segregated by returns
with net income and returns with no net income for all tabulations in
this report except that on page 8. Of the 473,042 returns of active
corporations, 220,977 are returns with net income, and 252,065 are
returns with no net income.
States and Territories. — This geographic distribution covers the 48
States, the District of Columbia, and the Territories of Alaska and
Hawaii.
The data, although tabulated by States and Territories in which the
returns are filed, do not represent what may be called the geographic
distribution of income. Returns filed in a State may not be a com-
plete coverage of all corporations whose principal place of business is
located therein. A corporation may file an income tax return either
in the collection district in which it has its principal place of business
or in the collection district in which it has its principal office or agency.
Conversely, a tabulation for a given State may include data from
returns oi corporations having their principal place of business in
another State. There is no way of ascertaining from income tax
returns the amount of income originating in a specific State or the
amount of tax paid thereon.
STATISTICS OF ICSX'OME FOR 1940, PART 2 5
The 516,783 returns of active and inactive corporations are segre-
gated geographically in basic table 1, pages 42-43. The number of
returns of inactive corporations may be obtained by deducting the
sum of the returns with net income and the returns with no net income
from the total number of returns. This table presents, for the 220,977
returns with net income and the 252,065 active returns with no net
income, total compiled receipts, net income or deficit, and dividends
paid in cash and assets other than the corporation's own stock.
There are also shown, for returns with net income, the income tax and
the sum of the declared value excess-profits tax and the excess profits
tax imposed by the Second Revenue Act of 1940.
A description of the items will be found in the footnotes as indicated
on table 1. The comparability of data distributed geographically is
discussed on page 37, and historical data so distributed are presented
on pages 294-304.
Industrial divisions and groups. — The industrial classification con-
sists of 9 divisions, 73 major groups, and 229 minor groups, based
on the Standard Industrial Classification, issued by the Division of
Statistical Standards, Bureau of the Budget, Executive Office of the
President. Since the Standard Industrial Classification is designed
on an establishment basis, it was necessary to reduce greatly the
number of groups and to make changes in the contents of the groups
in order to adapt the Standard Classification to the corporation
income tax returns which are filed on an ownership basis.
A corporation is classified according to the business activity re-
ported on the return. When multiple businesses are reported on a
return, the classification is determined by the activity which accounts
for the largest percentage of receipts. Therefore, an mdustrial group
may contain data for industrial activities other than that on which
the classification is based.
For 1940, additional changes have been made in the contents of the
groups. Charts, showing the difference between the groups as
published in the 1939 and 1940 volumes, Statistics of Income, are
shown on pages 309-314.
In the following table, the 516,783 returns are classified by the nine
industrial divisions, as are also the 220,977 returns with net income,
the 252,065 returns with no net income, and the 43,741 returns of
inactive corporations. The number of returns is shown for each
division. For returns with net income, there are shown the number
of returns, percent of division total, total compiled receipts, net
income, income tax, the declared value excess-profits tax, the excess
profits tax imposed by the Second Revenue Act of 1940, and total tax;
for returns with no net income, the number, percent of division total,
total compiled receipts, and deficit; and for inactive corporations, the
number and percent of division total.
The items are described in footnotes as indicated on the table.
STATTSTTCS OF INCOME FOR 1940, PART 2
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STATISTICS or INCOME FOR 1940, PART 2 7
The 473,042 returns of active corporations are further segregated
by major industrial groups in basic table 3, which shows in Part I for
all returns, in Part II for returns with net income, and in Part III for
returns with no net income, itemized receipts and deductions, compiled
net profit or net loss, net income or deficit, dividends paid in cash and
assets other than the corporation's own stock, and dividends paid in
corporation's own stock. There are also shown, for returns in Parts
I and II, the net operating loss deduction, income tax, declared value
excess-profits tax, excess profits tax imposed by the Second Revenue
Act of 1940, total tax, and compiled net profit less total tax.
Basic table 4 presents returns with balance sheets, by major in-
dustrial groups, and shows for the 207,270 returns with net income
and the 206,446 returns with no net income, the number of returns,
items of assets and liabilities as of December 31, 1940, or close of
fiscal year nearest thereto, itemized receipts and deductions, compiled
net profit or net loss, net income or deficit, dividends paid in cash and
assets other than the corporation's own stock, and dividends paid in
the corporation's own stock There are also shown, for returns with
net income, the net operating loss deduction, income tax, declared
value excess-profits tax, the excess profits tax imposed by the Second
Revenue Act of 1940, total tax, and compiled net profit less total tax.
In analyzing the data compiled from returns classified under the major
group "Insurance carriers, agents, etc.," it should be noted that life
insurance companies are required to include only interest, dividends,
and rents in gross income, and are allowed as deductions the earnings
needed to maintain reserve funds required by law and reserve for
dividends. (See sections 202-203, Internal Revenue Code). For
returns of all active corporations, in basic table 3, these deductions are
$29,804,967 for returns with net income and $933,215,101 for returns
with no net income; in basic table 4, for returns with balance sheets,
these deductions are $28,768,431 for returns with net income and
$930,125,256 for returns with no net income. It should be noted also
that the deduction item "compensation of officers," in basic tables 3
and 4, excludes the amounts paid to officei s of life insurance companies
which file on Form 1120L. There is no provision on Form 1120L for
reporting this item, and it is not possible to ascertain it from the
annual statement submitted with the return.
Basic table 6 presents returns with balance sheets, by total assets
classes, in aggregate, and by major industrial groups, and shows for
the 207,270 returns with net income and the 206,446 returns with no
net mcome, the number of returns, selected items of assets, liabilities,
and receipts, compiled net profit or net loss, net income or deficit, and
dividends paid in cash and assets other than corporation's own stock.
For returns with net income, the total tax is also showTi.
The only table showing the returns segregated by minor industrial
groups is basic table 2, which presents all returns by both major and
minor industrial groups, and shows, for the 220,977 returns with net
income and the 252,065 returns of active corporations with no net
income, the number of returns, total compiled receipts, net income or
deficit, and dividends paid in cash and assets other than the corpora-
tion's own stock. There are also shown, for returns with net income,
the income tax, and the sum of the declared value excess-profits tax
and the excess profits tax imposed by the Second Revenue Act of 1940.
The total number of returns includes those of inactive corporations,
8
STA-TIiSTICS OF lOSnCOME FOR 1940, PART 2
which number may be obtamed by deducting from the total number
of returns the sum of the returns with net income and the returns with
no net income.
The items are described in footnotes as indicated on each table.
Historical data by industrial groups are shown on pages 228-293,
and the comparability of those data is discussed on pages 37-38.
Returns with balance sheets and returns with no balance sheets.—
Returns with balance sheets include only those with apparently
complete balance sheet data; returns with no balance sheets include
those on wliich the balance sheet data are entirely lacking and those
with fragmentary data.
In the following table there are shown for the 473,042 returns of
active corporations in aggregate, and for the 413,716 returns with bal-
ance sheets, and the 59,326 returns with no balance sheets, items of
receipts and deductions, compiled net profit or net loss, net income or
deficit, net operating loss deduction, income tax, declared value excess-
profits tax, the excess profits tax imposed by the Second Revenue Act
of 1940, total tax, compiled net profit less total tax, and div'dends
paid in cash and assets other than the corporation's own stock, and
dividends paid in the corporation's own stock.
The items are described in footnotes as indicated on the table.
Corporation returns, 1940, in aggregate, and for returns with balance sheets and
returns with no balance sheets: Number of returns, compiled receipts, compiled
deductions, compiled net profit or net loss, net income or deficit, net operating loss
deduction, income tax, excess profits taxes, total tax, compiled net profit less total
tax, and dividends paid by type of dividend
[Money figures in thousands of dollars]
Number of returns 26
Receipts:
Gross sales '..
Gross receipts from operations '
Interest, not on Government obligations
Rents and royalties '
Net capital gain '"
Net gain, sales other than capital assets "..
Dividends, domestic corporations '^
Dividends, foreign corporations "
other receipts, not interest on Government obliga-
tions.'<
Interest on Government obligations:
Subject to declared value excess-profits tax '•
Wholly tax-exempt '«
Total compiled receipts
Deductions:
Cost of goods sold "
Cost of operations "
Compensation of officers "
Rent paid on business property
Repairs i»
Bad debts
Interest paid_
Taxes paid 20
Contributions or gifts "
Depreciation
Depletion.
Amortization *'
Net long-term capital loss 'O
Net loss, sales other than capital assets "
other deductions "
Total compiled deductions... 138
Returns
Returns
Aggregate
with
balance
with no
balance
sheets
sheets
473, 042
413,716
59, 326
1
n4, 641, 817
112,781,325
1, 860, 492
2
24, 482, 535
23,754,114
728, 421
3
2, 495, 828
2, 460, 512
35,315
4
2, 023, 567
1, 939, 100
84, 407
5
188, 347
182, 715
5, 631
6
178,273
165, 586
12,686
7
2, 020, 731
1, 970, 418
50, 313
8
244, 874
244, 403
470
9
1, 177, 423
1, 155, 249
22, 174
10
354, 600
349, 788
4,812
11
428, 792
423, 409
5,383
12
148, 236, 787
145, 426, 621
2, 810, 166
13
86, 739, 133
85, 213, 879
1, 525, 254
14
12, 297, 318
12, 025, 787
271, 531
15
2, 949, 533
2, 865, 752
83, 781
16
1, 966, 120
1,911,621
54, 499
17
1, 236, 945
1, 216, 987
19, 958
IS
617, 281
599, 159
18, 122
19
2, 700, 558
2, 645, 789
54, 768
20
4, 316, 756
4, 241. 210
75, 547
21
38, 124
37, 675
449
22
3, 520, 195
3, 459, 306
60, 889
23
474, 866
464, 718
10, 148
24
7,593
7,494
99
2.")
702, 738
6.52, 772
49, 965
26
335, 960
219,449
116,512
27
20, 985, 446
20,393,410
592, 035
28
138, 888, 566
135, 955, 009
2, 933, 558
29
For footnotes, sec p. 20-21
STATISTICS OF INCOME FO'R 1940, PART 2
9
Corporation returns, 1940, in aggregate, and for returns with balance sheets and
returns with no balance sheets: Number of returns, compiled receipts, compiled
deductions, compiled net profit or net loss, net income or deficit, net operating loss
deductions, income tax, excess profits taxes, total tax, compiled net profit less total
tax, and dividends paid by type of dividend — Continued
[Money figures in thousands of dollars]
Compiled net profit or net loss (— ) (13 less 29)
Net income or deficit (— ) ' (30 less 12)
Net operating loss deduction 24
Income tax ^
Declared value excess-profits tax '
Excess profits tax *
Toty tax -
Compiled net profit less total tax (30 less 36) —
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
Aggregate
9, 348, 221
8, 919, 429
122, 898
2, 144, 292
30, 744
373, 511
2, 548, 546
6, 799, 675
6, 088, 781
139, 989
Returns
with
balance
sheets
,471,613
, 048, 204
120, 406
2, 123, 442
30, 170
371, 288
2, 524, 901
6, 946, 712
6, 019, 066
136, 275
Returns
with no
balance
sheets
-123.392
-128,775
2,492
20, 850
573
2,222
23, 645
2«- 147, 037
69, 715
3,714
For footnotes, see pp. 20-21.
The preceding tabulation is the only one in this report in which the
data are not shown separately for returns with net income and for
returns with no net income. However, this separation is made in
the presentation of receipts and deductions for the 413,716 returns of
corporations reporting balance sheet data, by major industrial groups
in basic table 4, pages 96-129, and by total assets classes in basic
table 5, pages 130-135.
The total number of returns, and the number and percent with
balance sheets, for returns with net income and with no net income,
are shown by net income and deficit classes in the following table:
Corporation returns, 1940, with net income and with no net income, by net income
or deficit classes: Number of returns, number of balance sheets, and percent of
returns with balance sheets
Net income and deficit classes '
(thousands of dollars)
Returns with net income '
Number of
returns 28
Number of
balance
sheets
Percent of
returns
with
balance
sheets
Returns with no net income '
Number of
returns 23
Number of
balance
sheets
Percent of
returns
with
balance
sheets
Under 1
1 under 2
2 under 3- --
3 under4
4under 5
6 under 10
10 under 15
15 under 20-
20 under 25
25 under 50
50 under 100
100 under 250
250 under 500
500 under 1,000...
1,000 under 5,000.
5,000 under 10,000
10,000 and over. .
Total
77, 282
27, 056
16, 615
11, 955
9,803
24, 508
11,950
7,245
5,703
11.058
7,355
5,539
2,220
1,237
1,166
158
127
68, 502
25, 376
15, 902
11,515
9,462
23, 846
11,698
7,088
5,579
10, 838
7,222
5,425
2,176
1,209
1,149
156
127
88.64
93.79
95.71
96.32
96.52
97.30
97.89
97.83
97.83
98.01
98.19
97.94
98.02
97.74
98.54
98.73
100. 00
146, 742
32, 993
17, 150
10. 475
7, 039
16, 443
6,601
3,503
2,153
4,448
2,287
1,354
454
201
179
22
21
220, 977
207, 270
93.80
252, 065
115, 197
27, 840
14, 797
9,135
fi, 1.52
14, 588
5,838
3,129
1,924
3,933
1,990
1,150
397
177
159
20
20
78.50
84.38
86.28
87.21
87.40
88.72
88.44
89.32
89.36
88.42
87.01
84.93
87.44
88.06
88.83
90.91
95.24
206, 446
81.90
For footnotes, see pp. 20-21.
10
STATISTICS OF ITS'COAIE FOR 1940. PART 2
For the 413,716 returns with balance sheets, in aggregate, and for
the 207,270 returns with net income and the 206,446 with no net in-
come, there are presented in the following table the items of assets
and liabilities as of December 31, 1940, or the close of the fiscal year
nearest thereto.
The items are described in footnotes as indicated on the table.
Corporation returns with balance sheets, 1940, in aggregate, and for returns with net
income and returns with no net income: Xujnher of returns, assets and liabilities
[Money figures in thousands of dollars]
Aggregate
Returns with
I net income '
Number of returns with balance sheets -'
Assets:
Cash 28
Notes and accounts receivable (less reserve)
Inventories,
Investments, Government obligations 2'
Other investments
Gross capital assets 3° (except land)
Less reserves
Land
Other assets "
Total assets 32
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities 33
Capital stock, preferred
Capital stock, common
Surplus reserves 3i
Surplus and undivided profits 35
Less deficit 36
Total liabilities 32...
413, 716
207, 270
41,423.
42, 864,
19, 463,
29, 569,
80, 428,
130, 684,
40, 524.
10. 053,
6, 514,
35. 548, 069
35, 966, 789
17. 138, 158
19,284,114
47, 809, 5^5
95, 393, 310
32, 042. 381
5.611.985
3, 949, 239
320,477,712 | 228,658,869
Returns
with no
net income '
200,446
5, 875. 301
6, 897, 427
2, 324, 976
10, 285, 707
32, 619, 161
35,291,335
8, 482, 075
4,441,792
2, 565, 218
91,818.842
7,
49,
110,
17,
72,
8,
53,
12,
986, 767
199. 157
209, 577
138, 056
291, 613
357, 532
275,315
676. 263
712
10, 529, 236
5, 425, 236
28, 654, 902
67,817,864
13, 146, 379
55,834,1.36
6, 768, 550
4.3. 142, 462
2, 659. 896
228, 658, 869
4, 166, 722
2, 561, 531
20, 544, 255
42, 391, 712
3, 991, 677
16,457,478
1,588,982
10, 132, 853
10, 016, 367
91, 818, 842
For footnotes, see pp. 20-21.
The returns with balance sheets are further classified by major
industrial groups in basic table 4, pages 96-129, wliich shows, in addi-
tion to items of assets and liabilities, the number of returns, compiled
receipts, compiled deductions, compiled net profit or net loss, net
income or deficit, net operating loss deduction, income tax, declared
value excess-profits tax, the excess profits tax imposed by the Second
Revenue Act of 1940, total tax, compiled net profit less total tax,
and dividends paid in cash and assets other than the corporation's
own stock, ancl dividends paid in the corporation's own stock, for
returns with net income and for returns with no net mcome, where
apph cable.
The items are described in footnotes as indicated on each table.
Total assets classes. — The returns with balance sheets are segre-
gated into 10 classes by size of total assets as of December 31, 1940,
or close of fiscal year nearest thereto. The total assets classes are
based on the net amount of total assets, after reserves for deprecia-
tion, depletion, amortization, and bad debts.
The 413,716 returns with balance sheets are presented by total
assets classes in the following table, Avhich shows, in aggregate, and
for the 207,270 returns with net income and the 206,446 returns with
STATISTICS OF INlCOME FOR 1940, PART 2
11
no net income, the total assets, total compiled receipts, compiled net
profit or net loss, and net income or deficit.
The items are described in footnotes as indicated on the table.
Corporation returns with balance sheets, 1940, by total assets classes, in aggregate
and for returns with net income and returns with no net income: Number of returns'
total assets, total compiled receipts, compiled net profit or net loss, and net income
or deficit
[Total assets classes and money figures in thousands of dollars]
Total assets classes ^s
Under 50
sounder 100
100 under 250
250 under 500
500 under 1,000
1,000 under 5,000....
5, 000 under 10,000..
10,000 under 50,000..
50,000 under 100,000.
100,000 and over
Number
of
returns 2'
Total assets-
total liabili-
ties 32
Total com-
piled
receipts «
Compiled
net profit or
net loss (— )
Net income
or deficit
Aggregate
Total... 413, 716
Under 50
sounder 100
100 under 250
250 under 500
500 under 1,000
1,000 under 5,000...
5,000 under 10,000..
10,000 under 50,000.
60,000 under 100,000
100,000 and over....
Total...
Under 50...
sounder 100.........
100 under 250
250 under 500
500 under 1,000
1,000 under 5,000....
5,000 under 10,000...
10,000 under 50,000..
50,000 under 100,000
100,000 and over....
Total
225, 000
61, 053
59, 059
27, 832
17,505
17, 627
2.603
2,266
368
403
4,
4,
9,
9,
12,
36,
18,
46,
25,
153,
136,
341,
315,
787,
227,
756,
142,
494,
564,
711,
320, 477, 712
9, 616. 933
7, 357, 627
12, 741, 784
10, 286, 355
10, 418, 532
23, 456, 139
9, 185, 876
21, 850, 210
8, 487, 550
32, 025, 615
-96, 047
57, 273
274, 870
344,544
426, 953
, 401, 396
687, 156
, 849, 325
938, 833
, 587, 309
-96, 333
56,637
273, 293
339, 652
416, 329
1, 357, 632
666, 446
1, 795, 644
911, 500
3, 327. 404
145, 426, 621
9, 471, 613
9, 048, 204
Returns with net income '
87, 705
34, 656
37,250
18, 802
12, 043
12, 545
1,924
1,742
292
311
207, 270
1,919,211
2, 479, 679
5, 906, 127
6, 632, 647
8, 423, 216
26, 242, 965
13, 435, 506
36, 167, 468
20, 150, 564
107, 301, 486
228, 658, 869
5, 276, 982
5, 397, 438
10, 234, 559
8, 680, 053
8, 932, 843
20, 696, 174
8, 150, 400
19, 877, 127
7, 913, 850
28, 293, 174
123, 452, 599
155, 204
176,571
420, 599
459, 543
561,316
1, 725, 202
826, 576
2, 081, 431
1, 064, 221
3, 797, 345
11, 268, 009
155, 039
176, 036
419. 458
456, 090
554, 127
1, 696, 518
812, 701
2, 046, 028
1, 047, 630
3, 704, 768
11, 068, 395
Returns with no net income '
137, 295
26, 397
21, 809
9,030
5,462
5,082
679
524
76
92
206, 446
2, 216, 902
1, 862, 242
3, 409, 806
3,154,522
3, 804, 120
10, 513, 522
4, 706, 774
10, 326, 693
5, 414, 234
46, 410, 027
91, 818, 842
4, 339, 952
1, 960, 189
2, 507, 226
1, 606, 302
1, 485, 689
2, 759, 965
1, 035, 476
1, 973, 083
573, 700
3, 732, 441
21, 974, 022
-251, 251
-119,298
-145,729
-114,999
-134, 363
-323, 806
-139,420
-232, 106
-125,388
-210, 036
-1, 796, 397
-251, 373
-119,400
-146, 164
-116, 438
-137, 798
-338, 886
-146, 255
-250, 385
-136, 130
-377, 364
-2, 020, 192
For footnotes, see pp. 20-21.
The returns with balance sheets are segregated by total assets
classes in basic table 5, pages 130-135, which shows in Part I for all
returns, in Part II for returns with net income, and in Part III for
returns with no net income, the number of returns, assets and liabilities,
compiled receipts, compiled deductions, compiled net profit or net
loss, net income or deficit, and dividends paid in cash and assets
other than the corporation's owtl stock, and in the corporation's
own stock; also for returns in Parts I and II there are shown the net
525003i-44 2
12 STATISTICS OF IXCOME FOR 1940, PART 2
operating loss deduction, income tax, declared value excess-profits
tax, the excess profits tax imposed by the Second Revenue Act of
1940, total tax, and compiled net profit less total tax.
Basic table 6 shows, for returns with balance sheets, by total assets
classes, in aggregate, and by major industrial groups, for returns
with net income and for returns with no net income where applicable,
the number of returns, selected assets and liabilities, selected receipts,
compiled net profit or net loss, net income or deficit, total tax, and
dividends paid, excluding dividends paid in the corporation's own
stock and liquidating dividends.
The items are described in footnotes as indicated on each table.
Type of tax liability. — ^The corporation income, declared value
excess-profits, and defense tax returns (Forms 1120 and 1120L) are
segregated according to the corporations which report only income
tax liability, only declared value excess-profits tax liability, or both
income tax and declared value excess-profits tax liability.
Basic table 7, pages 222-223, shows, by type of tax liability and by
Det income classes, for all returns with net income and for taxable
returns, the number of returns, net income, income tax, and/or de-
clared value excess-profits tax ; for nontaxable returns with net income,
this table shows by net income classes, the number of returns and net
income; and for returns ^^^th no net income, by deficit classes, the
nimaber of returns and deficit. The total nimiber of returns with no
net income includes 43,741 returns of inactive corporations.
The items are described in footnotes as indicated on the table.
N^et income and deficit classes. — The returns are segregated into 17
classes by size of the net income or deficit for the cm-rent year, based
on the amount reported for declared value excess-profits tax com-
putation, adjusted by excluding the deduction due to net operating
loss for the preceding taxable year.
The second text table on page 9 shows, by net income and deficit
classes, the number of returns, number of balance sheets, and percent
of returns v^-ith balance sheets, for retm-ns mth net income and for
returns with no net income.
Fiscal year returns of corporations, by net income and deficit classes,
are sho%\ii in the second text table on page 16.
The data in basic tables 7, 8, and 9 also are segregated by size of
net income or deficit. Table 7, pages 222-223, shows number of re-
turns, net income, and taxes by type of tax liability; table 8, pages
223-224, shows the total number of returns of active corporations with
net income, and with no net income, the number of returns with divi-
dends received, and amount of dividends from domestic corporations
and from foreign corporations; also the total amount of interest
received on Goverimient obligations, the amount subject to declared
value excess-profits tax, and the amount wholly tax-exempt; table 9,
pages 224-225, shows the total number of returns of active corpora-
tions with net income and \%ith no net income, the number of returns
with dividends paid, and amount, by type of dividend, i. e., cash and
assets other than the corporation's own stock, and the corporation's
own stock.
Historical data by net income and deficit classes are shown on
page 283.
Consolidated returns. — A consolidated return is filed for a group
of affiliated corporations and is based on the principle of levying the
tax on the combined net income of two or more integrated concerns.
STATISTICS OF INCOME FOR 1940, TART 2 13
The privilege of filing a consolidated return /or income tax purposes
(Form 1120) is limited to affiliated groups of common carriers by-
railroad and their related holding or leasing companies and to Pan-
American trade corporations.
An affiliated group of railroad corporations which may file a con-
solidated return for income tax purposes is defined by section 141(d)
of the Internal Revenue Code as "one or more chains of corporations
connected through stock ownership with a common parent corpora-
tion if (1) at least 95 percent of the stock of each of the corporations
(except the common parent corporation) is owned directly by one or
more of the other corporations; and (2) the common parent corpora-
tion owns directly at least 95 percent of the stock of at least one of the
other corporations; and (3) each of the corporations is either (A) a
corporation whose principal business is that of a common carrier by
railroad, or (B) a corporation the assets of which consist principally
of stock in such corporations and which does not itself operate a
business other than that of a common carrier by railroad."
When a common carrier by railroad leases its raih-oad properties,
and these properties are operated as such by another common carrier
by railroad, the business of receiving rents for such railroad properties
is considered to be the business of a common carrier by railroad.
The term "common carrier by railroad" mcludes steam and electric
railroads, street, suburban, and interurban electric railways, street
and suburban trackless trolley systems of transportation, and street
or suburban bus systems of transportation operated as a part of
street or suburban electric railway or tracldess trolley systems, but
does not include express, refrigerator, or sleeping car companies.
Consolidated income tax returns of railroad corporations do not
include hotels, coal mines, or other extraneous corporations which are
owned by railroads. Separate returns (Form 1120) are filed for such
corporations.
Section 152 of the Internal Revenue Code, added by the Revenue
Act of 1939, extends the consolidated return privilege, for taxable
years beginning after December 31, 1939, to domestic corporations
engaged in active conduct of trade or business in the United States,
and owning directly 100 percent of the stock of one of more Pan-
American trade corporations. The latter are domestic corporations
engaged solely in the active conduct of a trade or business in Central
or South America. Consolidated returns may be filed by such cor-
porations, including the parent corporation, if the following conditions
are satisfied: (1) At least 80 percent of the gross income for the taxable
year of the parent corporation is derived from sources other than
royalties, rents, dividends, interest, annuities, and gains from the
sale or exchange of stock or securities; and (2) at least 90 percent of
the gross income for the taxable year of each of the Pan-American
trade corporations is derived from sources other than royalties, rents,
dividends, interest, amiuities, and gams from the sale or exchange of
stock or securities; and (3) no part of the gross income for the taxable
year of any of the Pan-American trade corporations is derived from
sources within the United States.
For 1940 there are 112 consolidated returns for income tax purposes
(Form 1120). Of these, 3 are for Pan-American trade corporations
and 109 are for common carriers by railroad and their related holding
14
STATISTICS OF INCOME FOR 1940, PART 2
or leasing companies. The 3 returns of Pan-American trade corpo-
rations show net income in each instance, the aggregate amounting
to $46,147,051, with income tax of $9,358,465. The declared value
excess-profits tax reported by the affiliated companies of this group
is $1,732. Data from the consolidated returns of railroad corpora-
tions are shown in detail in the two following tables.
There are 110 consolidated returns for the calendar year, 1 for a
fiscal year, and 1 for a part year. The consolidated returns are
included in the tabulations pertaining to Form 1120 throughout this
report.
A synopsis of the Federal tax laws under which consolidated returns
are filed for the years 1917 thi'ough 1940 appears on pages 327-331,
and data from consolidated returns for 1928 through 1940 are shown
on page 305.
Consolidated returns of railroad corporations, 1940, in aggregate and for returns
with net income and returns with no net income: Number of returns, compiled
receipts, compiled deductions, compiled net profit or net loss, net income or deficit,
income tax, excess profits taxes, total tax, and dividends paid
[Money figures in thousands of dollars]
Aggregate
Returns
with net
income '
Returns
witli no net
inuome '
Number of returns
Receipts:
Gross sales '
Gross receipts from operations *
Interest, not on Government obligations
Rents and royalties »
Net capital gain i"
Net gain, sales other than capital assets i'
Dividends, domestic corporations '2
Dividends, foreign corporations i3 __.
Other receipts, not interest on Government obligations '<_
Interest on Government obligations:
Subject to declared value excess-profits tax "
Wholly tax-exempt '9
Total compiled receipts
Deductions:
Cost of goods sold "
Cost of operations "
Compensation of officers "
Rent paid on business property
Repairs i'
Bad debts
Interest paid
Taxes paid 20
Contributions or gifts 21
Depreciation
Depletion
Amortization 22
Net long-term capital loss 11
Net loss sales other than capital assets "
other deductions 23
109
3, 917, 688
34, 724
143, 973
488
67
56, 629
462
21, 575
1.044
448
1, 949, 821
20, 461
88, 458
274
13
43, 877
456
14. 014
903
336
Total compiled deductions
Compiled net profit or net loss (— ) (13 less 29).
Net income or deficit (— )i (30 less 12)
Net operating loss deduction 2i_..
Income tax 2
Declared value excess-profits tax 3_.
Excess profits tax *
Total tax
Compiled net profit less total tax (30 less 36).
Dividends paid:
Cash and assets other than own stock
Corporation's own stock
4. 177, (
2, 118, 613
2, 792. 325
4,065
313, 369
1, 354, 076
1,115
170. 048
617
506, 348
317, 297
1
68, 128
2,268
127
182, 940
163, 174
1
23, 368
2,112
11, 627
1,185
173. 291
9,490
83
76. 653
4, 180, 521
1, 983, 188
-3, 423
-3, 870
6,064
135, 426
135, 090
6, 064
23, 606
24
315
23, 006
24
315
23, 945
23, 945
-27, 368
111,481
97, 526
25
91, 448
1, 967, 867
14, 264
55, 515
214
54
12. 752
6
7,561
141
111
1, 438, 249
2,950
143, 321
490
323, 408
154, 123
34, 760
156
2,137
1,102
96, 638
2, 197, 333
-138,849
-138,960
-138,849
6,078
25
For footnotes, see pp. 20-21.
STATESTIGS OF ENIC'OMB FOR 1940, PAKT 2
15
Consolidated returns of railroad corporations suhmiiting balance sheets, 1940, in
aggregate and for returns with net income and returns with no net income: Number
of returns, assets, and liabilities
[Money figures in thousands of dollars]
Number of returns with balance sheets 2?
Assets:
Cash 28
Notes and accounts receivable Gess reserve)
Inventories
Investments, Government obligations 2'...
Other investments.
Capital assets 3" (less reserves)
Other assets 3i _ ._
Total assets 32 __ _
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities 33
Capital stock, preferred
Capital stock, common
Surplus reserves 3i
Surplus and undivided profits 35.
Less deficit 36..
Total liabilities 32...
-Aggregate
108
589, 084
257, 164
296, 344
4.094
2, 446, 181
19, 554. 223
447, 070
23, 594, 161
717. 033
115,628
, 966. 868
, 038, 713
, 367, 703
, 785, 189
279, 310
, 602, 858
, 279, 142
23. 594. 161
Returns
with net
income i
40
305, 211
133. 317
160. 888
1,250
1. 525. 421
8, 858. 450
210, 009
11. 194. 545
191,961
3,685
4, 280, 507
406, 250
659. 691
2, 790, 742
233, 122
2, 639. 795
11.208
11, 194, 545
Returns
with no net
in(!ome '
283, 873
123. 847
135, 456
2,844
920, 761
10. 685. 773
237, 061
12, 399. 615
525. 072
111,943
6. 686, 3P1
1, 632, 463
708. 012
2, 994, 447
46. 189
963, 063
1. 267. 934
12, 399, 615
For footnotes, see pp. 20-21.
Fiscal year returns. — Fiscal year returns are filed by corporations
with income year other than the calendar year. For 1940 there are
97,030 returns of corporations with fiscal years ending in the period
July 1940 through June 1941. These returns, for which data are
presented separately in the tables following, are included in the
tabulations pertaining to Form 1120 throughout this report.
The first following table shows data for all fiscal year returns, by
month in which fiscal year ended. The total number of fiscal year
returns, 97,030, includes 4,041 returns of inactive corporations. For
the 47,460 fiscal year returns with net income, there are shown the
amoimts of net income, income tax, and declared value excess-profits
tax. The latter is the amount reported on Form 1120 and does not
include the excess profits tax imposed by the Second Revenue Act
of 1940, which is reported on Form 1121. For the 45,529 fiscal year
returns of active corporations with no net income, the amount of
deficit is shown.
The second following table presents data by net income and deficit
classes, for the fiscal year returns filed by 92,989 active corporations.
For the 47,460 returns with net income, there are shown the net
income, income tax, and declared value excess-profits tax, the latter
being the amount reported on Form 1120, exclusive of the excess
profits tax imposed by the Second Revenue Act of 1940, reported on
Form 1121. For the 45,529 fiscal year returns of active corporations
with no net income, the amount of deficit is shown.
16
STATISTICS OF INCOME FOR 1940, PART 2
Fiscal year returns of corporations, 1940, by month in which fiscal year ended, for
returns with net income and returns with no net income: N^umber of returns, net
income or deficit; and. for returns xcith net income: Income tax and declared vahie
eM:ess-profits tax {excludes excess profits tax imposed by Second Revenue Act of 1940)
[Money figures in thousands of dollars]
Fiscal year ending —
Julv 1940
August 1940
September 1940
October 1940. _.
November 1940.
January 1941...
FelTuarv 1941..
Mereh 1941
AprU1941
May 1941
June 1941
Total
Total
number
of
returns "
Returns with net income '
Number
6,804
2.936
7,392
3,172
8,789
3,770
8,036
3,593
7,129
3,712
9,282
5,134
6,485
2,937
9,143
4,299
8,408
4,048
8,217
4,241
7,345
9,618
Net
income >
Income
tax'
101, 676
126,083
136, 363
207, 601
163,902
267. .')94
126, 782
120,025
105, 033
105, 179
363, 052
16, 134
19, 526
22, 195
33.810
26,140
58.192
22,508
24,778
22.273
21,597
77,748
Declared
value
excess-
profits
tax 3
123
390
649
474
430
400
654
535
1,154
4,664
97, 030
47,460 1 1,823,290
344,899
3 9,558
Returns with no
net income '
Number
3.560
3,906
4,656
4,112
3,127
3,791
3,250
4,481
3,999
3,683
6,964
Deficit «
17, 714
18.545
27,809
24, 149
27,576
21,564
17, 334
23,253
25,226
16, 137
36,301
45,529 I 255,608
For footnotes, see p. 20-21.
Fiscal year returns of corporations, 1940. by net income and deficit classes: Number
of returns, net income or deficit; and, for returns with net income: Income tax and
declared value e:ccess-profits tax (excludes excess profits tax imposed by Second
Revenue Act of 1940)
[Net income and deficit classes and money figures in thonsands of dollars]
Net income and deficit classes '
Under 1
1 under 2
2under3
3 under 4
4 under 5
5 under 10
10 tmder 15..
15 under 20
20 imder 25
25 under 50
sounder 100
100 tmder 250
250 under 500
600 under 1,000
1,000 under 5,000..
6,000 imder 10,000.
10,000 and over....
Total .( 47,460
Returns with net Income
1
Returns with no
net income '
Declared
Num-
ber»«
Net
income'
Income
tax'
value
excess-
profits
tax»
Num-
ber"
Deficit '
14,851
5,608
686
18
24.261
7,636
5,797
8,411
1,055
34
6.185
8,887
3,639
8,967
1,135
41
3,390
8,314
2,666
9,258
1,182
56
2,251
7,802
2,188
9,827
1,275
51
1,507
6,748
5,533
39,534
5,302
213
3,524
24,796
2,759
34,090
4,771
200
1,469
17,890
1,682
29,096
4,127
171
730
12, 569
1,345
30,286
4,419
172
463
10,390
2,719
95,822
18,068
545
970
33,564
1,836
129.301
26,131
844
453
30,914
1,372
212,222
42.499
1,487
232
33, 952
542
188,556
37,354
1,225
63
21,961
278
197,315
38,563
1,221
22
15,011
223
411, 683
77,748
3,063
9
15, 173
14
94,492
318, 821
18,961
61,612
17
16
201
47,460
1,823,290
344,899
'9,558
45,529
255,608
For footnotes, see p. 20-21.
Part year returns. — Part year returns of corporations are those
filed for a period of less than 12 months, and represent reorganiza-
tions, newly organized businesses, liquidations, and changes from cal-
endar year to fiscal year basis, or vice versa. The 26,128 part year
STATTiS'TICS OF INICOME FOR 19 40, PAET 2 17
returns for which data are shown in the following table are for corpora-
tions with the greater part of the income period in 1940. These returns
are included in the tabulations pertaining to Form 1120 throughout
this report, except the ones for hscal year returns on page 16.
Part year returns of corporations, 1940
Total number of returns ^^ 26 128
Returns with net income: *
Number of returns 7, 539
Net income 1 $102, 642, 379
Income tax 2 $20, 377, 605
Declared value excess-profits tax ' $437, 205
Returns with no net income: *
Number of returns 18, 589
Deficit! $154,889,453
For footnotes, see pp. 20-21.
DATA TABULATED
The data presented in the tabulations of this report pertain to the
number of returns and the amounts of receipts, deductions, net income,
deficit. Federal tax liability, dividends paid, assets and liabilities.
The tabulated items are described in footnotes as indicated on each
table.
Receipts and deductions, itemized and total, are shown in the text
tables on pages 8 and 14 and in basic tables 3, 4-, and 5, pages 54-135.
The total amount of compiled receipts is shown in text tables on pages
6 and 11, in basic tables 1 and 2, pages 42-53, and in basic table 6,
pages 136-221.
Dividends received and interest received on Government obligations, in
addition to being included in the text tables on pages 8 and 14, and in
basic tables 3, 4, and 5, pages 54-135. are presented separately in
basic table 8, pages 223-224.
Compiled net profit or net loss (which includes wholly tax-exempt
interest on Government obligations) is shown in text tables on pages
9, 11, and 14, and in basic tables 3 through 6, pages 54-221.
Net income or deficit appears in text tables on pages 2, 6, 9, 11, 14,
16, and 17, and in basic tables 1 through 7, pages 42-223.
Net operating loss deduction (due to net operating loss for the pre-
ceding taxable year) is shown in the text tables on pages 9 and 14
and in basic tables 3, 4, and 5, pages 54-135.
Income tax, including income defense tax, is shown in the text tables
on pages 2, 6, 9, 14, 16, and 17, and in basic tables 1 through 5, pages
42-135, and basic table 7, pages 222-223. The income tax tabulated
is the amount before deduction of tax credit claimed for income and
profits taxes paid to a foreign country or United States possession.
Declared value excess profits tax, including declared value excess-
profits defense tax, appears in the text tables on pages 2, 6, 9, 14, 16,
and 17, in basic tables 3, 4, and 5, pages 54-13t;, and basic table 7,
pages 222-223.
The eu.cess profits tai, imposed by the Second Revenue Act of 1940 is
shown in the text tables on pages 2, 6, 9, and 14, and in basic tables
3, 4, and 5, pages 54-135. Data, in detail, from coi-poration excess
profits tax returns, Form 1121, on which this tax is reported are
presented on pages 21-30 and 230-277.
The sum of the two excess profits taxes will be found in basic tables
1 and 2, pages 42-53.
18 STATISTICS OF ESnCOME FOR 194 0, PART 2
Total tax is shown in text tables on pages 2, 6, 9, and 14, and in basic
tables 3 through 6, pages 54-221. The total tax tabulated includes
the total amovuit of income tax before deduction of tax credit claimed
for income and profits taxes paid to foreign countries or possessions
of the United States. The amount of this credit is shown below.
Compiled net [jrofit less total tax is shown in the text table on pages
9 and 14, and in basic tables 3, 4, and 5, pages 54-135.
Dividends paid, in addition to being included in the text tables on
pages 9 and 14, and in basic tables 1 through 6, pages 42-221, are
presented separately in basic table 9, pages 224-225.
Assets and liabilities, itemized and total, are presented in the text
tables on pages 10 and 15, and in basic tables 4, 5, and 6, pages 96-
221; total assets appear in the text table on page 11.
Items similar to those enumerated above, for prior yeai's. are shown
on pages 282-305.
INCOME AND PROFITS TAXES PAID TO FOREIGN COUNTRIES OR POSSESSIONS
OF THE UNITED STATES
That portion of the income and profits taxes paid or accrued to
foreign countries or possessions of the United States, which is claimed
as a tax credit under provisions hereinafter described, is $59,844,980
for returns with net income. Of this amount, $59,743,539 is reported
on returns with balance sheets and $101,441 on returns with no balance
sheets. Such credit is claimed only where a tax liability exists and
therefore is inapplicable to returns with no net income. The amount
of foreign taxes which are included in deductions from gross income,
by corporations not claiming the tax credit, is not tabulated
separately.
The Internal Revenue Code provides the following methods for
reporting income and profits taxes paid or accrued to foreign countries
or possessions of the United States:
(1) Under section 131 of the Code such tax may be claimed as a
credit against income tax payable to the United States, When so
reported, the amount of the credit in respect of the tax paid to any
country cannot exceed the same proportion of the tax against which
such credit is taken, which the corporation's net income from sources
within such country bears to its entire normal-tax net income for
the same taxable year; and the total amount of the credit cannot
exceed the same proportion of the tax against which such credit is
taken, which the corporation's net income from sources without the
United States bears to its entire normal-tax net income. This
method is denied to a foreign corporation, a corporation organized
under the China Trade Act, 1922, and to a domestic corporation
which is entitled to the benefits of section 251 by reason of receiving
a large percentage of its gross income from sources within a possession
of the United States,
(2) Under section 23(c) of the Code, corporations which do not
elect to have the benefits of section 131 and corporations which are
denied such benefits may include the total amount of such taxes in
deductions from gross income.
The amount of credit claimed for income and profits taxes paid or
accrued to foreign countries or possessions of the United States for
each of the years 1925 through 1935 appears on page 8 of the 1935
STATISTICS OF ENIC'OME FOR 1940, PART 2 19
volume, Statistics of Income, Part 2; and for 1939 is on page 15 of
the 1939 volume.
TAX LIABILITY AND COLLECTIONS, FACTORS AFFECTING COMPARABILITY
The tax liability shown in this report (the total amount reported
on the corporation returns as filed) is not strictly comparable with the
amount of tax collected for any given period, because of certain
factors, among which are the following:
1. Audit of the returns may change the amount of tax liability.
2. The credit claimed for income and profits taxes paid by domestic
corporations to foreign countries or possessions of the United States is
not deducted from the amount of income tax liability shown in this
report. (For amount of this credit, see page 18.)
3. Income tax paid at source on tax-free covenant bonds is included
in the corporation income tax collections, but does not appear in
these tabulations.
4. For those fiscal year returns on which the tax is paid in four equal
installments, the total tax liability may not be collected during the
calendar year in which the returns are filed. Fiscal year returns are
required to be filed on or before the 15th day of the third month
after the end of the fiscal year, and payment, as in the case of calendar
year returns, is required at the time the return is filed, or in four
quarterly installments. The first of the quarterly installments is
due when the return is filed. Thus, during the calendar year 1941,
collections were made of part or all of the taxes reported on returns
for a fiscal year ending in the period January 31, 1940, through
September 30, 1941, the last quarterly installment payment on
returns with fiscal year ending January 31, 1940, being due on January
15, 1941, and the first quarterly installment payment on returns with
fiscal year ending September 30, 1941, being due on December 15,
1941; whereas there are excluded from the statistics in this report, as
previously indicated, the returns for a fiscal year ending prior to
July 1940 and subsequent to June 1941.
5. The amount collected in the current year includes "back taxes"
as well as the interest and penahies thereon. Back taxes are tax
payments which are delayed due to delinquency in filing, financial
embarrassment, liquidation of business, or any other cause, and are
not collected until after the close of the year in which they are due.
6. The amount tabulated in Statistics of Income is the entire tax
liability reported on the returns, whereas a relatively small portion of
such liability may be uncollectible.
7. Tabulations in this report exclude data reported on nonresident
foreign corporation income tax returns. Form 1120NB, whereas collec-
tions in the current year include taxes on these returns. Foreign
corporations not engaged in trade or business within the United
States and not having an office or place of business therein are re-
quired to report, on Form 1120NB, income derived from sources
within the United States, unless the full amount of the tax has been
withheld at the source. The rate of tax applicable to such income
is 16K percent except that, by reason of treaty provisions, dividends
are taxed at the rate of 5 percent if received by Canadian corporations,
or at 10 percent if received by Swedish corporations. The defense
tax is not applicable to these reduced rates.
20
OTATdiSTICS OF ENC'OME FOR 19 40, PART 2
Footnotes for text tables, pages S-17
(Facsimiles of return forms to which references are made appear on pages 333-355)
' "Net income" or "Deficit" for 1940 is the amomit
reported for declared value excess-profits tax compu-
tation, adjusted by excluding net operating loss de-
duction (items 30 and 26, respectively, page 1, Form
1120) to make this item comparable with net income
or deficit for 1939.
2 Includes income defense tax which increases the
income tax by 10 percent of the rates provided by the
Revenue Act of 1940 for returns with taxable year
beginning after December 31, 1939. The amount
tabulated does not take into account any credit
claimed for income tax paid to a foreign country or
United States possession. For amount of this
credit, for 1940, see page 18.
3 Includes declared value excess-profits defense tax
which increases the declared value excess-profits tax
by 10 percent of such tax for returns with taxable
year ending after .Tune 30, 1940. Reported as item
10, page 2, Form 1120. Amount shown for affiliated
railroad corporations, p. 14, is reported in separate
declared value excess-profits tax returns, the filing
of consolidated returns net being permitted for this
purpose.
* Imposed by Second Revenue Act of 1940, and re-
ported as item 32 on the corporation excess profits
tax return, Form 1121. This tax is levied in addition
to the declared value excess-profits tax.
« A corporation is classified industrially according
to the business activity reported on the return.
When multiple busincss"S are reported on a return,
the classification is determined by the activity which
accounts for the largest percentage of receipts.
Therefore, an industrial group may contain data for
industrial activities other than that on which thf
classification is based. Charts, showing the major
industrial groups and minor industrial groups in
which changes occur between 1940 and 1939, are
presented on pages 309-314.
' "Total compiled receipts," as tabulated, consists
of gross sales (less returns and allowances), gross
receipts from operations (where inventories are not
an income-determining factor), taxable interest,
rents and royalties, net short-term cajiital gain, net
long-term capital gain, net gain from sale or exchange
of property other than capital assets, dividends,
other receipts required to be included in gross in-
come, and tax-exempt interest received on Govern-
ment obligations. "Total compiled receipts" ex-
cludes nontaxable income other than tax-exempt
interest received on certain Govemmentjibligations.
' Gross sales less returns and allowances where
inventories are an income-determining factor. For
"Cost of goods sold," see "Deductions."
8 Gross receipts from operations where inventories
are not an income-determining factor. For "Cost
of operations," see "Deductions."
» Gross amounts received. The amounts of de-
preciation, repairs, interest, taxes, and other ex-
penses which are deductible from the gross amount
received for rents, and the amount of depletion which
is deductible from the gross amount of royalties re-
ceived, are mcluded in the proper deduction items.
ID Net capital gain or loss resulting from the sale
or exchange of capital assets. The term "Capital
assets" means property held by the taxpayer
(whether or not connected with trade or business),
but excludes (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 customers in the ordinary
course of trade nr business, and (3) property, used in
trade or business, of a character which is subject to
the allowance for depreciation. For taxable years
beginning after December 31, 1939, sales or exchanges
of capital assets are classified "short-term" and
"long-term." "Short-term" applies to capital
assets held 18 months or less; "long-term" to capital
assets held for more than 18 months. A net short-
term capital gain and a net long-term capital gain or
loss are included in computing net income for the
current year; but a net short-term capital loss is not
deductible in computing net income for the current
year. Such loss (in an amount not in excess of the
net income for the year in which the loss was sus-
tained) may be carried forward and applied against
the short-term capital gain of the succeeding taxable
year not already offset by capital losses of such
succeeding year. This carry-over is restricted to one
year.
" Net gain or loss from property used in trade or
business of a character which is subject to allowance
for depreciation.
'2 Dividends from domestic corporations subject to
income taxation under ehai)ter 1 of the Internal
Revenue Code (column 2, schedule E, page 3, Form
1120), which amount is used for the computation of
the dividends received credit. Excludes dividends
from corporations organized under the China Trade
Act, 1922, and corporations entitled to the benefits
of section 251 of the Internal Revenue Code (corpora-
tions receiving a large portion of their gross income
from sources within a possession of the United States)
which are tabulated in "Other receipts."
'3 Reported in column 3, schedule E, page 3, Form
1120, and not used for the computation of dividends
received credit.
'* Includes dividends from corporations organized
under the China Trade Act, 1922, and corporations
entitled to the benefits of section 251 of the Internal
Revenue Code (corporations receiving a large por-
tion of their gross income from sources within a pos-
session of the United States); and amounts not else-
where reported on the return such as: Profit from
sales of commodities other than the principal com-
modity in which the corporation deals; income from
minor operations; bad debts recovered; cash dis-
count; conditional payments from United States
Department of Agriculture; Federal income tax
paid by lessee; income from claims, license rights,
judgments and joint ventures; net amount under
operating agreements; net profits from commissaries;
profit on dealing in futures; profit on prior years'
collections (installment basis); profit on purchase of
corporation's own bonds; recoveries of bonds, stocks,
and other securities; refunds for cancellation of con-
tracts, for insurance, management expenses, and
processing taxes; and income from sales of scrap,
salvage, or waste.
" Interest on United States savings bonds and
Treasury bonds owned in principal amount over
$5,000, reported as item 8, page 1, Form 1120.
'6 Interest on obligations of States, Territories, and
political subdivisions thereof, the District of Colum-
bia, and United States possessions; obligations of
the United States issued on or before September 1,
1917, Treasury notes. Treasury bills, and Treasury
certificates of indebtedness; United States savings
bonds and Treasury bonds owned in principal
amount of $5,000 or less; and obligations of instru-
mentalities of the United States.
I' Items for which specific headintrs are nroviiiH.u
on the return, when reported in cost, are not trans-
ferred to their respective headings but remain in the
amount tabulated as cost.
'8 Excludes compensation of officers of life in-
surance companies which file Form ir20L. Data
not available.
"9 The cost of incidental repairs, including labor
and supplies, which do not add materially to the
value of the property or appreciably prolong its life.
20 Excludes (1) Federal income tax and Federal
excess profits taxes, (2) estate, inheritance, legacy,
succession, and gift taxes, (3) income taxes paid to a
foreign country or possession of the United States if
any portion is claimed as a tax credit, (4) taxes
assessed against local benefits, (5) Federal taxes paid
(Footnotes continued on p. 21)
STATISTICS OF EST'COME FOR 1940, PART 2
21
CORPORATION EXCESS PROFITS TAX RETURNS (FORM 1121)
PRINCIPAL EXCESS PROFITS TAX PROVISIONS OF THE INTERNAL REVENUE CODE
CORPORATIONS SUBJECT TO TAX
The Second Revenue Act of 1940 imposes an excess profits tax for
taxable years beginning after December 31, 1939. The excess profits
provisions of this Act were supplemented and amended by the Excess
Profits Tax Amendments of 1941, effective as of the same date. All
corporations are subject to excess profits tax, except the followmg:
(a) Corporations exempt from mcome tax, (6) personal holding com-
panies, (c) mutual investment companies, (d) diversified investment
companies registered with the Securities and Exchange Commission,
(e) foreign corporations not engaged in trade or business within the
TJnited States and not having an office or place of business therein,
(/) domestic corporations with incomes derived largely from sources
outside the United States, (g) certain air mail carriers, and (h) for
corporations engaged in the mining of strategic metals, the portion of
the adjusted excess profits net income attributable to such mining in
the United States. A personal service corporation^ — a corporation
whose income is ascribed primarily to the activities of the shareholders
Footnotes for text tables, pages S-17—Coi\tmu(id
on tax-free covenant bonds, and (6) taxes reported in
"Cost of goods'' and "Cost of operations."
'1 Limited to 5 percent of net income before deduc-
tion of contributions or gifts.
22 The deduction, provided by the Second Revenue
Act of 1940, to allow for the amortization of the cost
of emergency facilities necessary for national defense.
Inasmuch as 1940 is the first year for which this pro-
vision is operative, the amounts reported under this
caption on the returns may include amortization
other than the cost of emergency facilities.
''3 Includes (1) negative amounts reported under
income. (2) losses by abandonment, fire, storm, ship-
wreck, or other casualty, and theft, (3) salaries and
wages not deducted elsewhere on the return, and (4)
amounts not otherwise reported, as: Administrative,
general, and office expenses; advertising costs;
bonuses and commissions; delivery charges; freight
and shipping expenses; payments in connection with
lawsuits; research expenses; sales discount; selling
costs; travel expenses; and unrealized profits on
installment sales; also special deductions of life
insurance companies relating to reserve for dividends
and reserve funds required by law, which deductions
are $958,893,686 for returns with balance sheets, and
$4,126,382 for returns with no balance sheets.
'< The net operating loss deduction is the carry-
over of the preceding year reduced by certain adjust-
ments. This deduction is allowed (except to mutual
investment companies) in taxable years beginning
after December 31, 1939.
2« Compiled net loss after total tax payment.
26 Excludes returns of inactive corporations.
" Excludes returns of inactive corporations and
returns with fragmentary balance sheet data.
28 Includes bank deposits.
28 Obligations of States, Territories, and political
subdivisions thereof, the District of Columbia, and
United States possessions; obligations of the United
States; and obligations of instrumentalities of the
United States.
30 Consists of (1) depreciable tangible assets such
as buildings, fixed mechanical equipment, manu-
facturing facilities, transportation facilities, and
furniture and fixtures, (2) depletable tangible assets —
natural resources, (3) intangible assets such as
patents, franchises, formulas, cop>Tights, leaseholds,
goodwill, and trade-marks, and (4) land. (Amount
on page 10 excludes land.)
31 Assets not elsewhere reported on return, such as:
Sinking funds; other funds; deferred charges; organi-
zation expenses; prepaid and suspense items; interest,
discount, coupons, and dividends receivable; guar-
anty deposits, and deposits on contracts and meters;
and cash value of life insurance. Other assets of life
insurance companies include market value of real
estate and bonds and stocks in excess of book value;!
interest, rents, and premiums due; and agents' bal-
ances.
32 Assets and liabilities are tabulated as of Decem-
ber 31, 1940, or close ' f fiscal year nearest thereto.
Total assets classes are based on the net amount of
total assets after reserves for depreciation, depletion,
amortization, and bad debts. Adjustments are
made in tabulating the data, as follows: (1) Reserves,
when shown under liabilities, are used to reduce
corresponding asset accounts, and "Total assets"
and "Total liabilities" are decreased by the amount
of such reserves, and (2) a deficit in sufplus, shown
under assets, is transferred to liabilities, and "Total
assets" and "Total liabilities" are decreased by the
amount of the deficit.
S3 Liabilities not elsewhere reported on return,
such as: Deferred and suspense items; accrued ex-
penses; dividends payable; funds held in trust;
borrowed securities; outstanding coupons and certi-
ficates; and overdn^fts. Other liabilities of life
insurance companies include the net value of out-
standing policies and annuities, and borrowed
money. Other liabilities of banks include deposits
(time, savings, demand, etc.) and bank notes in cir-
culation. Other liabilities of buildins and loan asso-
ciations include certificates of deposit.
s* Reserves reported by corporations under the
caption "Surplus reserves" (item 13, schedule L,
page 4, Form 1120).
3' Consists of "Paid-in or capital surplus" and
"Earned surplus and undivided profits" (items 15
and 16, schedule L, page 4, Form 1120).
" Negative amounts of "Earned surplus and undi-
vided profits" (item 10, schedule L, page 4, Form
1120).
3' Includes 4,041 returns of inactive corporations.
22 STATISTICS OF inSTC'OME FOR 1940, PART 2
and in which capital is not a material income-producing factor — is
relieved from excess profits tax if it elects to have its income taxed in
the hands of its shareholders.
Two measures are afforded for determining the portion of earnings
to be considered as excess profits — one based on prior earnings, the
other on invested capital. In general, the amount subject to excess
profits tax represents the excess of the earnings for the taxable year
over the sum of $5,000 (specific exemption) and either (a) 95 percent
of the average earnings for 1936-1939 plus 8 percent of the net addi-
tion to capital (or minus 6 percent of the net reduction in capital)
during the taxable year, or (b) 8 percent of invested capital, whichever
is the larger.
A corporation subject to excess profits tax having excess profits net
income of more than $5,000 (computed under the invested capital
credit method) is required to file an excess profits tax return, Form
1121, a facsimile of which appears on page 346.
EXCESS PROFITS NET INCOME FOR THE TAXABLE YEAR
The normal-tax net income for the taxable year provides the start-
ing point in the determination of excess profits net mcome. Adjust-
ments are made to exclude the following items of income: (a) Net
long-term capital gain or loss, (b) net gain from sale of depreciable
property held more than 18 months, (c) income from debt retirement,
(d) refunds and interest on Agricultural Adjustment Act taxes, (e) re-
coveries of bad debts, (J) dividends received from domestic corpora-
tions (this adjustment refers to that portion of dividends not deducted
as dividends received credit in computing normal-tax net income),
and (g) abnormal income attributable to other years. Income and
income defense taxes for the taxable year are deducted. The normal-
tax net income after the above adjustments represents the excess
profits net income if the income method of determining the excess
profits credit is used. If the invested capital credit method is used,
further adjustments are made as follows: (a) 50 percent of the interest
paid on borrowed capital is added back (since 50 percent of borrowed
capital is included in invested capital), (b) interest on all Government
obligations is added, if the corporation elects to consider all such obli-
gations as admissible assets in computmg invested capital, and (c)
dividends on stock of foreign corporations, other than foreign personal
holding companies, are deducted.
If
^ " EXCESS PROFITS CREDIT BASED ON INCOME
The excess profits credit based on income is 95 percent of the average
base period income plus 8 percent of the net addition to capital (or
minus 6 percent of the net reduction in capital) during the year.
Capital additions are confined to money and property paid in for
stock, or as paid-in surplus, or as a contribution to capital. Capital
reductions are confined to distributions, not out of earnings and
profits. Both are computed on a daily average basis.
The basis for computing average base period net income is the
normal-tax net income for each of the taxable years beginning after
December 31, 1935, and before January 1, 1940, adjusted to conform
with the treatment of capital gains and losses for taxable years be-
ginning in 1940. Adjustments are made with respect to each base
period year to exclude the following items of income: (a) Net long-
STATISTICS OF INlCOiME' FO'R 19 40, PART 2 23
term capital gain Ox loss, (b) net gain from sale of depreciable property-
held more than 18 months, (c) income from debt retirement, and (d)
dividends received from domestic corporations (this adjustment
refers to that portion of dividends not deducted as dividends received
credit in computing normal-tax net income). Income taxes are
deducted and the following items allowed as deductions in computing
normal-tax net income are added back: (a) Deductions incident
to debt retirement, (6) casualty, demolition, and similar losses, (c)
repayment of processing tax to vendees, (d) abnormal judgment
liabilities etc., (e) abnormal development costs, (/) other abnormal
deductions, and (g) deductions on account of expenditures for adver-
tising or promotion of goodwill, if the corporation elects to capitalize
such amounts. If such an election is made, a corresponding adjust-
ment must be made in the income tax liability for the base period
years. The normal-tax net income, after the above adjustments, is
the excess profits net income for each base period year.
The average base period net income, under the general average
method, is the aggregate of the excess profits net income for the base
period years divided by the number of months in the base period and
multiplied by 12. If there is an excess profits deficit in one or more
of the base period years, zero is substituted for the largest such
amount in arriving at the aggregate.
Where the income for the second half of the base period is in excess
of the income for the first half, a special method of computing the
average is prescribed. Under this method the income for the last
half of the base period is increased by one-half of the excess of the
income for the last half over the income for the first half and the sum
is divided by the number of months in the last half and multiplied
by 12. The result, limited to the highest excess profits net income
for any taxable year in the base period, represents the average base
period net income. Certain limitations are imposed in the case of
taxable years ending after May 31, 1940, which, in effect, limit the
benefits of increased earnings in the last half of the base period to
earnings prior to June 1, 1940.
Corporations in existence during only part of the base period are
permitted to construct an excess profits net income amounting to 8
percent of their invested capital at the beginning of their 1940 taxable
year for each 12 months in the base period during which they were
not in existence.
A corporation which acquired another corporation, a partnership,
or a sole proprietorship is permitted to add to its excess profits net
income for the years in the base period the excess profits net incomes
of the acquired organization, provided such organization was actually
or constructively in existence at the beginning of the base period.
EXCESS PROFITS CREDIT BASED ON INVESTED CAPITAL
Corporations electing the invested capital method of determining
excess profits credit are allowed a credit equal to 8 percent of invested
capital for the taxable year.
Four factors enter into the computation of invested capital, namely,
equity invested capital at the beginning of the taxable year, changes
in equity invested capital during the year, borrowed capital, and
inadmissible assets.
24 STATISTICS OF I!N€OME FOiR 1940, PART 2
Equity invested capital at the beginning of the taxable year is the
sum of (a) money and property paid in for stock, or as paid-in surplus,
or as a contribution to capital, (b) distributions of earnings and profits
in stock of the corporation, (c) accumulated earnings and profits (an
operating deficit does not operate to reduce other components of
equity invested capital), and (d) tax-free liquidation gain; reduced by
the sum of (a) distributioDS made prior to the taxable year not out of
accumulated earnings and profits, (b) earnings and profits of another
corporation if included in accumulated earnings and profits, and (c)
tax-free liquidation loss.
Changes in equity invested capital during the taxable year, that is,
the average additions and reductions, are similarly computed on a
daily average basis. No adjustment is made to reflect earnings of the
taxable year or distributions during the year of such earnings.
The equity invested capital at the beginning of the year plus
average additions less average reductions during the taxable year con-
stitutes average equity invested capital.
Borrowed capital consists of the outstanding indebtedness of the
corporation which is evidenced by a bond, note, debenture, mortgage,
or any other evidence of indebtedness. Like changes in equity in-
vested capital, the amount of borrowed capital is determined on a
daily basis. Fifty percent of average borrowed capital is termed
average borrowed invested capital which, together with average
equity invested capital, constitutes average invested capital.
Inadmissible assets are (a) stocks (except foreign personal holding
company stocks) and (6) obligations of a State, Territory, or political
subdivision thereof, or of the District of Columbia, or United States
possessions, and obligations of the United States or its instrumental-
ities. Since the income from inadmissible assets is not included in
excess profits net income, the average invested capital is reduced by
the ratio of inadmissible assets to total assets. This ratio is deter-
mined by dividing the daily average of inadmissible assets by the
daily average of total assets. At the election of the taxpayer, all
Government obligations may be considered admissible assets, provided
the mterest on all such obligations is included in excess profits net
income.
TAX BASE AND RATES
The excess profits net income, less the sum of the excess profits
credit and the specific exemption of $5,000, is the adjusted excess
profits net income against which graduated excess profits tax rates are
applied. If the excess profits credit exceeds the excess profits net
income, such excess may be carried forward to succeeding taxable
years as an excess profits credit carry-over.
The excess profits tax rates are as follows:
Rate of tax
Adjusted excess profits net income brackets: percent
First $20,000 25
Next $30,000 30
Next $50,000 35
Next $150,000 40
Next $250,000 45
Over $500,000 50
In order to prevent corporations from obtaining an advantage under
the graduated rate schedule by subdividing into several smaller cor-
porations, provision is made for the redetermination of the adjusted
STATISTICS OF lOSTlCOME FOR 19 40, PART 2 25
excess profits net income brackets. Such redetermination is based
on the relation of the invested capital of the corporation prior to
the subdivision to the reduced invested capital after the subdivision.
If, in the determination of the excess profits credit, an item or
transaction is treated in a manner inconsistent with the treatment
accorded such item or transaction in the determination of income tax
habihty for a taxable year beginning prior to December 31, 1939, and
if correction of the effect of the inconsistent treatment in the prior
taxable year is prevented by reason of the statuteof limitations, etc.,
the increase or decrease in income tax liability attributable to the
correction of such inconsistent treatment is added to or subtracted
from the excess profits tax.
CONSOLIDATED RETURNS
An affiliated group of corporations may file a consolidated excess
profits tax return in lieu of separate returns. An affiliated group
means one or more chains of corporations connected through stock
ownership with a common parent corporation if (1) at least 95 percent
of each class of voting stock of each of the corporations (except the
common parent corporation) is owned directly by one or more of the
other corporations and (2) the common parent corporation owns
directly at least 95 percent of each class of the voting stock of at least
one of the other corporations. The following groups of corporations
may not be included in a consolidated return: (1) Corporations
exempt from excess profits tax, (2) foreign corporations, other than
Canadian or Mexican subsidiaries of domestic corporations, formed to
comply witli the laws of such countries, (3) China Trade Act corpora-
tions, (4) corporations receiving a large percentage of income from
possessions of the United States, (5) personal service companies, and
(6) life or mutual insurance companies, except where the affiliated
group is composed solely of life insurance companies or of mutual
insurance companies other than life.
\^'hen a consolidated return is filed only one specific exemption of
$5,000 is allowed for the entire affiliated group of corporations.
GENERAL RELIEF PROVISIONS
The vSecond Revenue Act of 1940 granted the Commissioner of
Internal Revenue the authority to adjust any items which abnormally
affect income or capital. This provision was repealed by the Excess
Profits Tax Amendments of 1941, which provide for the adjustment of
abnormal base period net income where (a) the character of the business
engaged in by a corporation as of January 1, 1940, was different from
the character of business engaged in during one or more of the base
period years, or (6) normal production, output, or operations in one or
more of the base period years was interrupted or diminished because
of events abnormal in the case of the corporation. In addition to
defining specific grounds upon which relief could be claimed, this Act
provided certain limitations on the amount of relief which might be
claimed.
The relief provisions of the Revenue Act of 1942 which are retroac-
tive extend the grounds upon which relief may be claimed and remove
the limitation on the amounts of relief wliich may be requested.
The tax tabulated in this report is prior to any reduction under the
general relief provisions since corporations claiming relief are required
26
STATISTICS OF INCOME FOR 1940, PART 2
to make application on a special form and to file their excess profits tax
returns on the basis of their actual (or constructive) base period net
income.
REVIEW OF TABULATIONS FROM
CORPORATION EXCESS PROFITS TAX RETURNS (FORM 1121)
SUMMARY DATA
The number of corporation excess profits tax returns tabulated is
57,932, of which 13,440 returns with excess profits tax of $373,510,919
show $2,997,937,073 excess profits net income, $2,019,109,361 excess
profits credit, and $911,603,066 adjusted excess profits net income,
while 44,492 returns with no excess profits tax show $3,507,328,925
excess profits net income, $6,792,265,127 excess profits credit, and
$3,557,920,514 adjusted excess profits deficit.
RETURNS INCLUDED
The excess profits data included in this report are tabulated from
returns for the calendar year 1940, fiscal years ending in the period
January through June 1941, and part years beginning in 1940 with
the greater number of months in 1940. Unlike the income tax data
included in this report, no data are included for returns for fiscal
years ending in the period July through November 1940 since the
excess profits tax provisions are applicable only to taxable years
beginning after December 31, 1939.
The data are tabulated from the returns as filed, prior to revisions
that may be made as a result of audit by the Bureau of Internal
Revenue. Data from tentative and amended returns are not included.
Several thousand returns with excess profits net income (computed
under the invested capital method) of not more than $5,000 were
filed but, unless filed on a consolidated basis, are not included in' this
report since their incomes are below the filing requirement.
DISTRIBUTION OF TAXABLE RETURNS AND TAX
The over-all effective excess profits tax rate for taxable returns,
i. e., the total excess profits tax divided by the adjusted excess profits
net income, is 41.0 percent. Only 251 returns show income subject
to the top rate of 50 percent. This group of returns, while represent-
ing only 1.9 percent of the total number of returns with adjusted
excess profits net income, shows excess profits tax of $258,375,709,
or 69.2 percent of the total. At the lower end of the rate scale 9,539
returns, or 71.0 percent of the total, show income subject only to
the 25 percent rate and account for 3.6 percent of the tax. The num-
ber of taxable returns and excess profits tax by highest rate applicable
follow:
Highest rate applicable (percent)
25 --
30.
35-
40
45.
60
Total
Number of
returns
9,539
1,869
892
614
275
251
13, 440
Excess
profits tax
(thousands
of dollars)
13,475
15, 557
18,451
31,755
35, 897
258, 376
373, 511
Percentage
distribution
Returns Tax
71.0
13.9
6.6
4.6
2.0
1.9
100.0
3.6
4.2
4.9
8.5
9.6
69.2
100.0
OTATmSTIOS OTF MlCOME FOR 1940, PART 2
27
Returns with total assets of $1,000,000 and over, while representing
only 20 percent of the total number of returns (excluding returns with
no balance sheets and returns filed on a consolidated basis), account
for 88 percent of the excess profits tax. The distribution of taxable
returns and excess profits tax by total assets classes is shown below:
Total assets classes
(thousands of dollars)
Number of
returns
Excess
profits tax
(thousands
of dollars)
Percentage dis-
tribution
Returns Tax
Under 50.
SO under 100. --
100 under 250 -
250 under 500
500 under 1,000.
1,000 under 5,000
5,000 under 10,000
10,000 under 50,000
50,000 under 100,000
100,000 and over
Total classified
Balance sheets not available.. _.
Returns filed on a consolidated basis
Grand total
791
1,621
3,479
2,348
1,733
1,912
288
223
28
23
659
1,915
7,386
10, 141
15, 881
60, 193
33, 821
71, 226
25,464
69, 219
6.4
13.0
28.0
18.9
13.9
15.4
2.3
1.8
.2
.2
12,446
295, 905
100.0
887
107
18, 489
59, 118
13, 440
373, 511
0.2
.6
2.5
3.4
6.4
20.3
n.4
24.1
8.6
23,4
100.0
The manufacturing industry accounts for as many returns with
adjusted excess profits net income as all other industrial groups com-
bined and over five times as much excess profits tax. The distribu-
tion of retm-ns with adjusted excess profits net income and excess
profits tax by industrial divisions is as follows:
Industry
Mining and quarrying
Manufacturing...
Public utilities
Trade
Service
Finance, insurance, real estate, and lessors of real property
Construction .
Agriculture..
Not classified
Consolidated
Total -.-
Number of
returns
316
,712
822
,673
517
659
495
111
28
107
13, 440
Excess
profits tax
(thousands
of dollars)
3,428
316, 369
13, 189
27, 898
1,790
7,404
3,122
264
46
(2)
373, 511
Percentage dis-
tribution
Returns Tax
2.4
50.0
6.1
27.3
3.8
4.9
3.7
100.0
0.9
84.7
3.5
7.5
.5
2.0
100.0
' Less than 0.05 percent.
' The tax reported on consolidated returns is allocated to industrial groups on the basis of the industrial
activity and the normal-tax net income of parent and subsidiary corporations.
TOTAL INCOME AND EXCESS PROFITS TAXES IN RELATION TO NORMAL-TAX NET
INCOME
The taxable excess profits tax returns show $3,919,796,141 normal-
tax net income, $"917,248,107 income tax, and $373,510,919 excess
profits tax. In aggregate, total income and excess profits taxes repre-
sent less than one-third of the normal-tax net mcome.
The portion of normal-tax net income absorbed by income and
excess profits taxes varies from a low of 22.9 percent for corporations
with total assets of under $50,000 to a high of 34.7 percent for corpora-
tions with total assets between $10,000,000 and $50,000,000. The
525003—44 3
28
STATISTICS OF ESTCOME FOR 1940, PART 2
normal-tax net income, income tax, and excess profits tax, by total
assets classes for returns with adjusted excess profits net income, are as
follows:
[Money figures and assets classes in thousands of dollars]
Total assets classes
Normal-
tax net
income
Income
tax
Excess
profits
tax
Total income and
excess profits taxes
Amount
Percent
of nor-
mal-tax
net
income
Under 50
60 under 100
100 under 250
250 under 500-.
600 under 1,000.. __
3,000 under 5,000....
5,000 under 10,000
10,000 under 50,000
60,000 under 100,000
100,000 and over
Balance sheets not available
Eeturns filed on a consolidated basis
Total.-.
11, 179
32, 124
115,718
149, 980
199, 063
660, 748
312. 681
638, 635
302, 276
694, 518
160, 080
642, 794
1,901
5,881
24, 395
35, 234
47,611
157, 761
74, 474
150, 520
69, 202
164, 256
36, 676
149, 337
659
1,915
7,386
10, 141
15, 881
60, 193
33, 821
71,226
25, 464
69, 219
18, 489
59, 118
2,560
7,796
31,781
45, 375
63, 492
217, 954
108, 295
221, 746
94, 666
233, 475
55, 164
208, 455
22.9
24.3
27.5
30.3
31.9
33.0
34.6
34.7
31.3
33.6
34. &
32.4
3, 919, 796
917, 248
373, 511
1, 290, 759
32.9
The distribution of normal-tax net income, income tax, and excess
profits tax by normal-tax net income classes is shown below.
[Money figures and income classes in thousands of dollars]
Normal-tax net income classes
Under 20
20 under 50
50 under 100
100 under 250
250 under 600
500 under 1,000...
1,CC0 under 5,000.
5,C0O and over...
Deficit
Total 3,919,796
Normal-
tax net
income
44, 477
127, 156
163,617
304, 795
292, 716
322. 156
851, 863
1,814,502
1 1, 484
Income
tax
6,939
26, 171
39, 248
72. 634
69, 868
76, 751
202, 200
423, 436
917.248
Excess
profits
tax
2,200
6,994
9, 850
22,514
23, 368
28, lu2
93, 736
186, 533
216
3V3, 511
Total incorce and
excess profits taxes
Amount
9,139
33, 165
49, 098
95, 148
93, 236
104,853
295, 936
609, 969
216
1, 290, 759
Percent of
normal-
tax net
income
20.5
26.1
30.0
31.2
31.9
32.5
34.7
33.6
1 Normal-tax deficit.
METHOD OF CREDIT COMPUTATION
Nearly two-thirds of the returns with adjusted excess profits net
income show excess profits credit based on income, and account for
over three-fourths of the excess profits net income, excess profits
credit, adjusted excess jDrofits net income, and excess profits tax,
whereas the majority of returns with no adjusted excess profits net
income show excess profits credit based on invested capital.
The returns showing excess profits credit based on income are
distributed about equally between those employing the general
average method and those employing the increased earnings formula
for computing average base-period net income.
The number of returns, excess profits net income, excess profits
credit, adjusted excess profits net income or deficit, and excess profits
tax by method of credit computation for returns with adjusted excess
profits net income and with no adjusted excess profits net income are
shown in the following table:
STATIiSTIOS O'F IlNiCOME FOR 1940, PART 2
29
[Money figures in thousands of dollars]
Method of credit computation
Number
of
returns
Excess
profits
net income
Excess I Adjusted
nrofits ^^'^'^ss profits
cS °«ir.T^
or deficit (— )
Excess
profits
tax
Returns with adjusted excess profits net income
Invested capital method
Income method
General average
Increased earnings...
Total
Invested capital method
Income method
General average
Increased earnings...
Total -..
4,776
8,664
4,275
4,389
699, 864
2, 298, 073
1, 323, 998
974, 075
13, 440 2, 997, 937 2, 019, 109
467, 671
1, 551, 439
896, 773
654, 665
208, 322
703, 281
405, 867
297,415
911,603
79,803
293, 708
173, 113
120, 595
373, 511
Returns with no adjusted excess profits net income
23,253 2,387,931
21,239 1,068,298
i0,702 I 543,634
10,537 524,664
44,492 3,456,229
5, 392, 882
1, 399, 383
705, 528
693, 855
-3, 122, 427
-435, 494
-214, 049
-221, 445
6, 792, 265 -3, 557, 921
The proportion of returns with no adjusted excess profits net income
which show excess profits credit based on the invested capital method
increases from a low of 17.5 percent for corporations with assets
under $50,000 to a high of 85.5 percent for corporations with total
assets of $100,000,000 and over. In general, the proportion of returns
with adjusted excess profits net income which show excess profits
credit based on mvested capital is the same within each total assets
class.
The number of returns with adjusted excess profits net income and
with no adjusted excess profits net income is shown below by size of
total assets and by method of credit computation:
Returns with adjusted excess
' profits net income
Returns with no adjusted ex-
cess profits net income
Total assets classes
Total
Credit method
Total
Credit method
(thousands of dollars)
Invested
capital
Income
Invested
capital
Income
Number of returns
Under 60
791
1,621
3,479
2,348
1,733
1,912
288
223
28
23
887
107
321
583
1,243
800
5S5
628
83
75
4
8
393
53
470
1,038
2,236
1,548
1.148
1,284
205
148
24
15
494
54
2,849
5, 559
11,147
7,689
5,328
5,758
901
750
113
76
3,666
656
499
1,680
5,050
4,454
3,324
4.006
697
586
89
65
2,287
516
2,350
3,879
60 under 100
100 under 250
6.097
250 under 500
3 235
500 under 1,000..
2 014
1,000 under 5.000_.
1,752
5,000 under 10,000 . ..
204
10,000 under 50,000
164
50,000 under 100,000.
24
100,000 and over.
11
Balance sheets not available
1,379
Returns filed on a consolidated basis
140
Total
13, 440
4,776
8,664
44, 492
23, 253
21. 239
Percentage (
iistributio
a
Under 50
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
40.6
36.0
35.7
34.1
33.8
32.8
28.8
33.6
14.3
34.8
44.3
49.5
59.4
64.0
64.3
65.9
66.2
67.2
71.2
66.4
85.7
65.2
55.7
50.5
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
17.5
30.2
45.3
57.9
62.4
69.6
77.4
78.1
78.8
85.5
62.4
78.7
82.5
sounder 100
69.8
100 under 250_
54.7
250 under 500
42.1
500 under 1,000
37.6
1,000 under 5,000
30.4
5,000 under 10,000
22.6
10,000 under 5u,000...
21.9
50,000 under 100,000
21.2
100,000 and over
14.5
Balance sheets not available
37.6
Returns filed on a consolidated basis
21.3
Total
100.0
35.5
64.5
100.0
52.3
47.7
30
STATISTICS OF INCOME FOR 1940, PART 2
COMPARISON OF TAXABLE AND NONTAXABLE RETURNS
While less than one-fourth of all returns show adjusted excess profits
net income and excess profits tax, one-half of the total normal-tax
net income is reported on returns with adjusted excess profits net
income. The proportion of returns with adjusted excess profits net
income is highest in the $250,000 to $500,000 normal-tax net income
class and lowest in the under $20,000 income class.
The number of returns and normal-tax net income are shown below
by normal- tax net income classes for returns with adjusted excess
profits net income and with no adjusted excess profits net income:
[Nonnal-tax net income classes and money figures: in thousandis of dollar^
Normal-tax net income classes
All returns
Returns
justed
its net
with ad-
excess prof-
mcome
Returns with no ad-
justed excess prof-
its net income
Number
of returns
Normal-tax
net income
Number
of returns
Normal-tax
net income
Number
of returns
Ncrmal-tax
net mcome
Under •^—
31,050
12, 664
5,413
3,924
1,521
870
799
200
1,491
321, 376
389, 630
379, 181
606, 501
531220
614,542
1,677,219
3,518.917
1203,618
3,311
4,040
2,3U7
1,948
830
452
421
91
40
44. 447
127, 156
163,617
304, 795
292, 716
322, 156
851, 863
1,814,502
1 1, 484
27, 739
8,624
3,108
1,976
691
418
378
109
1,451
276, 900
20 under 50
262, 474
50 under 100
215. 564
100 under 250
301. 7U6
250 under 5U0 . .
241, 504
500 under 1,000..
292, 386
1,000 under 5,000
825, 356
5,000 and over
1,704,415
Deficit _.-
'202,134
Total
57, 932
7. 837, 967
13, 440
3, 919, 796
44, 492
3,918,171
' Normal-tax deficit.
CONSOLIDATED RETURNS
Consolidated returns were filed by 763 affiliated groups of corpora-
tions. Of this number, 107 returns, representing 527 parent and sub-
sidiary concerns, show an excess profits tax of $59,117,860 and 656
returns, representing 6,174 parent and subsidiary concerns, show no
excess profits tax.
Of the 107 returns with adjusted excess profits net income, 53 show
excess profits credit computed on the basis of invested capital and
54 on the basis of income. Of the 656 returns with no adjusted excess
profits net income, 516 show excess profits credit based on invested
capital and 140 based on income.
BASIC TABLES
Basic tables 10-17, pages 230-277, present the data tabulated from
corporation excess profits tax returns in greater detail than are shown
in the foregoing summaries.
PERSONAL HOLDING COMPANY RETURNS
The total number of personal holding company returns, Form 1 120H,
for 1940 filed during the calendar year 1941 is 5,730. A surtax liability
of $1,198,476 is reported on 300 returns showing undistributed sub-
chapter A net income of $1,476,834, while 5,430 returns show no
undistributed subchapter A net income and are therefore nontaxable.
These figures compare with the data for 1939 as follows:
STTATIiSTICS OF ENICOME FOR 19 40, PART 2 31
Personal holding company returns, 1940 and 1939
Total number of returns
Returns with undistributed subchapter A net income:
Number - -
Undistributed subchapter A net income
Surtax liability
Returns with no undistributed subchapter A net income
1940
5,730
300
$1,476,834
$1, 198, 476
5,430
1939
5,647
252
$1,114,733
$823, 788
5,395
Increase
Number or
amount
83
48
$362, 101
$374, 688
35
Percent
1.47
19.05
32.48
45.48
.65
The data in this section are tabulated from personal holding com-
pany returns, Form 1120H, for the calendar year 1940, a fiscal year
ending in the period January tlirough June 1941, a part year beginning
and ending in 1940, and a part year beginning in 1940 and ending
in 1941, the greater part of the accounting period falling in 1940.
Data from corporation income, declared value excess-profits, and
defense tax returns. Form 1120, filed by personal holding companies
are not included in this section but are included in all tabulations
pertaining to Form 1120 throughout this report. Amiual information
returns, Foito 958, required to be filed by each officer and du*ector
of foreign personal holding companies defined in section 331 of the
Internal Revenue Code, are not included in this report.
Personal holding company returns, Form 1120H, are filed under
the provisions of subchapter A, chapter 2 of the Internal Revenue
Code, which levies a surtax at graduated rates on the undistributed
subchapter A net income of corporations classified as personal holding
companies. The sm*tax thereby imposed is in addition to the cor-
poration income, declared value excess-profits, and defense taxes
reported on Form 1120. Personal holding companies are exempt
from the surtax levied by section 102 of the Code on corporations
improperly accumulating surplus and are likewise exempt from the
corporation excess profits tax imposed under section 710 of the Code.
The personal holding company surtax rates (including sm'tax defense
tax), for taxable years beginnmg after December 31, 1939, are 71J^
percent of the undistiibuted subchapter A net income not in excess
of $2,000, and 82}^ percent of the amount thereof in excess of $2,000.
A comparison of prior year rates is shown in note 40, page 325.
In section 501 of the Code, a personal holding company is defined,
in general, as any corporation if (1) at least 80 percent of its gross
income for the taxable year is personal holding company income; but
if the corporation is a personal holding company for any taxable year
beginning after December 31, 1936, then, for each subsequent taxable
year, the minimum percentage is 70 percent in lieu of 80 percent,
until a taxable year during the whole of the last half of which the
stock ownership required in (2) does not exist, or until the expiration
of three consecutive taxable years in each of which less than 70 per-
cent of the gross income is personal holding company income; and
(2) at any time during the last half of the taxable year more than 50
percent in value of its outstanding stock is owned, directly or indi-
rectly, by or for not more than five individuals.
The term "personal holding company" does not include a corpora-
tion exempt from taxation under section 101 ; a domestic bank or
trust company, a substantial part of the business of which consists of
receiving deposits and making loans and discounts or exercising
32 STATISTICS OF INCOME FOR 1940, PART 2
fiduciary powers; a life insurance company; a surety company; a
foreign personal holding company (as defined in section 331); a
licensed personal finance company under State supervision, at least
80 percent of the gross income of which is lawful interest received
from individuals each of whose indebtedness to such company did
not at any time during the taxable year exceed $300 in principal
amount, if such interest is not payable in advance or compounded
and is computed only on unpaid balances; and a foreign corporation
if (a) its gross income from sources within the United States for the
three previous consecutive years has been less than 50 percent of its
total gross income from all sources and (b) all of its stock outstanding
during the last half of the taxable year is owned by nonresident alien
individuals, whether directly or indirectly through other foreign
corporations.
Personal holding company income, which enters into the foregoing
classification, is defined in section 502 of the Code as the portion of
gross income which consists of: (a) Dividends, interest (other than
interest constituting rent under (g)), royalties (other than mineral,
oil, or gas royalties), and annuities; (b) gains from stock and security
transactions, except in the case of regular dealers; (c) gains from
commodity transactions; (d) income from estates and trusts; (e)
income from personal service contracts; (/) amounts received as
compensation for a shareholder's use of corporation property; (g)
rents, unless constituting 50 percent or more of the gross income ; and
(h) mineral, oil, or gas royalties, unless such royalties constitute 50
percent or more of the gross income, and unless the deductions
allowable for expenses under section 23(a) (other than compensation
for personal services rendered by shareholders) constitute 15 percent
or more of the gross income. For further explanation of, and excep-
tions pertaining to the above items, see instruction (A) for Form
1120H, facsimile on page 354.
The subchapter A net income, computed as the first step in the
determination of personal holding company surtax liability, includes
personal holding company income and other income as well. It is
obtained from the net income for income tax computation (item 32,
page 1, Form 1120) by making the following adjustments, described
here in the order of computation on the face of Form 1120H:
A. Capital gain and loss adjustments —
In place of the net long-term capital gain or loss and the net
short-term capital gain used in computing chapter 1 net income,
there is substituted the net capital gain or loss computed without
regard to length of time for which the assets were held but with
losses allowed only to the extent of $2,000 plus the gains.
B. Deductions not allowed —
(1) Expenses and depreciation which are allocable to the oper-
ation and maintenance of property owned or operated by the
personal holding company, and which are allowed as deductions
under chapter 1 of the Code, are disallowed for purposes of chap-
ter 2, subchapter A, to the extent that they exceed the rent or
other compensation received for the use of the property. For
exceptions to this provision, see instruction 7, Form 112011,
facsimile on page 335.
(2) The net operating loss deduction (allowed for taxable years
beginning after December 31, 1939, in the computation of chap-
STATISTICS OF INlCOME FOR 194 0, PART 2
33
ter 1 net income) is not allowed in computing subchapter A net
income.
C. Additional deductions —
(1) Federal income, war profits, and excess profits taxes, as
well as income and profits taxes paid to a foreign country or
United States possession, are deductible to the extent not allowed
in computing chapter 1 net income. This provision does not
apply to surtax on corporations improperly accumulating surplus
or to surtax on personal holding companies.
(2) In lieu of contributions or gifts deducted in computing
chapter 1 net income, there is substituted a deduction for contri-
butions or gifts made within the taxable year in an amount not
in excess of 15 percent of the taxpayer's net income, such net
income being computed under the provisions of chapter 1 without
a deduction for contributions or gifts and adjusted to the extent
described in A and B(l), above.
(3) Amounts paid in liquidation of liability of the corporation
based on liability of a decedent to make contributions or gifts
are also deducted in arriving at the subchapter A net income.
Undistributed subchapter A net income is derived from the sub-
chapter A net income by deducting (a) the amount of dividends
paid credit provided in section 27(a) (1) and (2), computed without
the benefit of the credit for interest on certain Government obligations,
(6) amounts used or irrevocably set aside to pay or to retire in-
debtedness of any kind incurred prior to January 1, 1934, if such
amounts are reasonable with reference to the size and terms of such
indebtedness, and (c) dividends paid after the close of the taxable
year and before the 15th of the third month following the close of the
taxable year. Amounts deductible under (a) and (c) are computed
as provided in section 504 (a) and (c). See instruction (1), Form
1120H, facsimile on page 354.
The two tables which follow are based on returns as filed, prior to
revisions that may be made as a result of audit by the Bureau of Inter-
nal Revenue. The first table shows the number of returns with sub-
chapter A net income, classified by size of subchapter A net income,
while the second table shows the principal items reported for the
computation of the surtax.
Personal holding company returns, 1940, with subchapter A net income, by subchapter
A net income classes and by returns with undistributed subchapter A net income
and returns with no undistributed subchapter A net income: Number of returns
Number of retiirns with subchapter
A net income
Subchapter A net income classes
(thousands of dollars)
Total
W;ith un-
distributed
subchapter
A net in-
come
With no
undistrib-
uted sub-
chapter A
net income
Under 5
1,243
471
591
383
314
313
31
20
3
153
37
32
29
13
31
4
1
1,090
5 under 10 . - .. . .
434
10 under 25 . .
559
25 under 50
354
50 under 100
301
100 under 500 .
282
500 under 1,000
27
1,000 under 5,000 -
19
3
Total - -.
3,369
300
3,069
34
STATISTICS OF INCOME FOR 19 40, PART 2
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StTATttiSTICS OF MsiCOME FO'R 19 40, PART 2 35
HISTORICAL DATA
CORPORATION INCOME AND PROFITS TAX RETURNS
Section 21 of the Revenue Act of 1916 provided for the preparation
and pubHcation annually of statistics with respect to the operation of
the Federal income tax law. Classifications of taxpayers and of
income, amounts allowed as deductions and exemptions, and any
other facts deemed pertinent and valuable are required. The infor-
mation for 1916 and subsequent years in this report is from "Statistics
of Income," published annually in accordance with section 21 of the
1916 Act and similar provisious in subsequent Federal tax laws. The
information for 1909 through 1915 is from the reports of the Com-
missioner of Internal Revenue.
Summaries of data from corporation income and profits tax returns
for the years 1909-1940, showing number of returns, gross income, net
income, deficit, tax, items of receipts, deductions, assets, liabilities,
and dividends paid, are presented in aggregate, and by States and
Territories, industrial groups, and net income and deficit classes, for
returns with net income, and for returns with no net income where
applicable. Some items are not shown for all years or for all classi-
fications. The paragi'aphs below indicate the years, the classifications,
and the items covered by each historical table. Descriptions of the
classifications and of the items will be found in the footnotes as indi-
cated on each table. There is included for the first time a summary
of the returns of corporations which filed on a consolidated basis for
income tax purposes, for the years 1928-1940. The factors affecting
the comparability of historical data are discussed on pages 36-38, and
a synopsis of corporation income and profits tax rates, credits, and
other provisions of the Federal tax laws affecting the historical data
in this report appears on pages 316-331.
Table 18, page 282, presents, for 1909-1940, the number of returns,
gross income, net income or deficit, income tax, excess profits taxes,
total tax, and for 1922-1940, dividends paid in cash and assets other
than the corporation's own stock, and dividends paid in the cor-
poration's own stock. These items are shown for returns with net
income and for returns with no net income, where applicable. The
total number of returns includes the returns of inactive corporations.
For 1909-1926 the number of returns of inactive corporations is not
available, being included in the number of returns with no net income;
for 1927-1940 the number of returns of inactive corporations may be
determined by deducting the sum of the returns with net income and
the returns with no net income from the total number of returns.
Table 19, page 283, shows, for the years 1937-1940, by net income
and deficit classes, the number of returns and the net income or deficit.
Table 20, pages 284-285, presents, for all returns for each of the years
1926-1940, summary data combining returns with net income and
returns with no net income. The items tabulated consist of number
of returns, receipts and deductions, compiled net profit or net loss,
net income or deficit, dividends paid in cash and assets other than the
corporation's own stock, and dividends paid in the corporation's own
stock. It should be noted that the figures in this table are in milHons
of dollars; also that the number of returns for 1926 includes the
returns of inactive corporations.
36 STATISTICS OF rNCOME FOR 19 40, PART 2
In table 21, pages 286-287, the data are from returns with balance
sheets and, as in table 20, are presented in composite for returns with
net income and returns with no net income. For each of the years
1926-1940, itemized assets and liabilities are shown, and, for 1931-
1940, there are included receipts and deductions, compiled net profit or
net loss, and net income or deficit. It should be noted that the figures
in this table are in millions of dollars ; also that the number of returns
for 1926 includes returns of inactive corporations reporting complete
balance sheet information.
Table 22 shows by industrial groups, and table 23 by States and
Territories, for 1931-1940, by returns with net income and returns
with no net income, the number of returns, gross income, net income
or deficit, and, where applicable, income tax, excess profits taxes,
and total tax. In both tables the number of returns of inactive
corporations may be determined by deducting the sum of the number
of returns with net income and the number of returns with no net
income from the total number of returns. In table 22 the industrial
groups for 1938-1940 have been adjusted so as to correspond in so far
as possible to the major groups in Statistics of Income for 1931
through 1937, by the method described in Statistics of Income for
1938, Part 2, pages 241-248. The factors affecting the comparability,
over a period of years, of data classified industrially, are discussed
on pages 37-38, and charts showing the industrial gi'oups in which
changes occur between 1940 and 1939 appear on pages 309-314 of this
report. A discussion of the comparability of data distributed geo-
graphically appears on page 37.
Table 24, page 305, presents in this report for the first time a sum-
mary of the consolidated corporation returns filed for income tax
purposes. This table shows for 1928-1940 the number of consolidated
returns and the number of subsidiaries; for returns with net income
are shown the number of returns, total compiled receipts, net income,
net loss for prior year, and income tax ; for returns with no net income
are shown the number of returns, total compiled receipts, and deficit.
A synopsis of the requirements for filing consolidated returns and the
tax rates on such returns for the years 1917-1940 'appears on pages
327-331.
COMPARABILITY OF HISTORICAL DATA
Returns included. — The data in each report of Statistics of Income
from the first, which was compiled from returns for 1916, are from
returns for the calendar year indicated, for fiscal years ending within
the period July of the calendar year through June of the succeeding
year, and for part years with the greater number of months of the
accountmg period falling in the calendar year.
While the returns included in each report are those filed for com-
parable periods of time, there are factors which interfere with the
precise comparability of the data over a period of years, among which
are the following:
Contents of items. — Changes in provisions of the Federal tax laws
affecting items on the return forms and shifts in the classification of the
returns by net income and no net income as well as industrial groups
result in certain data not being strictly comparable over the period of
years. For example: Under provisions of the Revenue Act of 1936,
"net income" for 1936 and subsequent years includes dividends from
domestic corporations (other than those described in note 16, page 306)
STATOSTICS OF ENCOME FOR 1940, PART 2 37
and excludes "contributions." These changes affect gross income,
deductions, compiled receipts, compiled deductions, compiled net
profit, deficit, and lax liability, as well as the classifications "returns
with net income" and "returns with no net income." Therefore, con-
sideration should be given lo these developments in the tabulation of
the data from the returns for 1936 and subsequent years in comparing
the data with that tabulated for prior years. The basic variations are
explained in footnotes indicated on the tabulations affected.
The items in general, for 1934 and subsequent years, are not precisely
comparable with those for 1917-1933, by reason of the discontinuance,
under the Revenue Act of 1934, of the privilege of filing consolidated
income tax returns (except by railroad corporations and their related
holding and leasing companies and, beginning with 1940, by Pan-
American trade corporations) and the consequent appearance, in the
separate returns filed by corporations formerly included in an affiliated
group, of items which, owing to "intercompany eliminations," did not
appear on the consolidated return.
Geographic distribution. — The distribution by States and Territories
is not strictly comparable from year to year by reason of the variation
in corporate capital structure. Through transfer of ownership,
separate returns may be filed for each concern of an affiliated group of
companies which formerly filed on a consolidated basis. Since the law
requires a corporation return to be filed in the collection district in
which is located the principal place of business or principal office of
the corporation making the return, the separate returns of the formerly
affiliated companies may or may not be filed in the same State as that
in which the consolidated return was filed. Vice versa, companies
which have been filing separate returns may lose their identity through
having been merged into the corporate structure of a parent company
as branches or departments, and therefore discontinue filing separate
returns.
Industrial classification. — A corporation is classified industrially
according to the business reported on the return. "When multiple
businesses are reported on a return the classification is determined by
the activity which accounts for the largest percentage of receipts.
Therefore, an industrial group may contain data for industrial activi-
ties other than that on which the classification is based. The data by
industrial classification for 1934 and subsequent years are not strictly
comparable with such data for prior years due to the general dis-
continuance, under the Revenue Act of 1934, of the privilege of filing
consolidated returns for income tax purposes. Prior to 1934, a
consolidated return was classified on the predominant activity of the
group of affiliated concerns, whereas, for 1934 and subsequent years,
the separate return filed by each concern which was formerly a part of
an affiliated group is classified on its predominant industry. Consoli-
dated returns were permitted to be filed for 1934 and subsequent years
by affiliated groups of common carriers by railroad and their related
holding or leasing companies (including electric railways after 1935,
and trackless trolley and bus systems after 1937) and, beginning with
1940, by Pan-American trade corporations.
As a result of the initial application of the Standard Industrial
Classification to the corporation returns for 1938, the number of
industrial groups for purposes of this report for 1938 was increased
over the number of groups for 1937, and certain changes were made in
38 STATISTICS OF INCOME FOR 1940, PART 2
the contents of the groups in order to adapt the Standard Classification,
which is designed on an estabUshment basis, to corporation returns
which are filed on an ownership basis. A comparison of the 1938 and
1937 industrial groups appears in Statistics of Income for 1938, Part 2,
pages 241-248. Adjustments for the purpose of making the data for
1938 and subsequent years more nearly comparable to those for 1937
and prior years are explained in note 53, page 308. There are charts
on pages 309-314 of this report showing the changes in industrial clas-
sification between 1940 and 1939. (The classification for 1939 is the
same as for 1938.)
SOURCE BOOK OF STATISTICS OF INCOME
The Source Book is a series of unpublished volumes containing
detailed tables of financial information from income tax returns
which supplement the published reports. Statistics of Income. The
Source Book volumes are maintained in the Statistical Section,
Income Tax Unit, Bureau of Internal Revenue, and are available
for research purposes to officials of the Federal and State Govern-
ments and to qualified representatives of accredited organizations
upon the presentation of a written request addressed to the Com-
missioner of Internal Revenue.
The corporation data in the Source Book are from the returns for
1926-1939. It is planned to transcribe in the Source Book the
information tabulated from the returtis for 1940. The data are
tabulated separately for (1) all returns and (2) returns with balance
sheets. For the years 1932-1934, tabulations of data from consoli-
dated returns are also shown.
For all returns with and without balance sheets (excluding returns
of inactive corporations), the data pertain to the number of returns,
items of receipts and deductions, total compiled receipts, total com-
piled deductions, compiled net profit or net loss, net income or deficit,
net loss for prior year (1926-1932), each type of income and profits
tax in effect, total tax, compiled net profit less total tax, cash divi-
dends paid, and stock dividends paid. These items are shown in
aggregate for the United States, for returns with net income, and
for returns with no net income, classified by (1) major and minor
industrial groups, and (2) minor industrial groups cross-classified
by States and Territories, 1926-1937, and major industrial groups
so classified, 1938-1939. For all returns, there is an additional
series of tabulations in which the major industrial groups are cross-
classified by net income and deficit classes, showing the number of
returns, net income or deficit, each type of income and profits tax in
effect, and total tax.
For returns with balance sheets (excluding returns of inactive
corporations), the information in the Source Book pertains to the
number of returns, items of assets and liabilities, total assets, and
total liabilities, in aggregate for the United States, for returns with
net income, and for returns with no net income, by major industrial
groups for 1926-1929, and by major and minor industrial groups for
1930-1939. Within each mmor industrial group for 1931-1937,
and each major industrial group for 1938-1939, the data are further
classified by States and Territories. For each major industrial
group, 1931-1939, a cross-classification by size of total assets is also
included, showing, in addition to the balance sheet data, the same
SfTATISTICS OP INCOME FOR 19 40, PART 2 39
items of receipts, deductions, etc., for returns with balance sheets
as are listed in the preceding paragraph for all returns.
A considerable number of corporations filing consolidated returns
for 1932 and 1933 were denied this privilege for taxable years begin-
ning after December 31, 1934, by section 141 of the Revenue Act
of 1934, which limited the filing of consolidated returns to common
carriers by railroad and their related holding and leasing companies.
To show the effect of this provision on the comparability of data
from returns for 1934 with corresponding items from returns for
prior years, four series of tabulations of data from returns of active
corporations (with and without balance sheets) for 1932, 1933, and
1934 are presented in the Source Book: (1) Consolidated returns for
1932 and 1933, tabulated separately, (2) returns not consolidated
for 1933, (3) returns for 1934 of corporations for which consolidated
returns were filed for 1933, and (4) returns for 1934 of corporations
for which consolidated returns were not filed for 1933. The returns
in each of the four series named are classified by minor industrial
groups, within each of which a segregation is made as to returns with
net income and those with no net income. The items shown imder
each classification consist of those listed above for all returns and,
for returns with balance sheets, the balance sheet items listed in the
preceding paragraph. An additional compilation prepared from
the 1934 returns of corporations filing consolidated returns for 1933
((3) above) shows the same classifications and items except that the
industrial classification for each 1934 return is based on the pre-
dominant industrial activity shown on the corresponding 1933 con-
solidated return.
CORPORATION INCOME, DECLARED VALUE EXCESS-
PROFITS. AND DEFENSE TAX RETURNS
BASIC TABLES
All returns
1. States and Territories, general summary.
2. Major and minor industrial groups, general summary.
3. Major industrial groups (Receipts and deductions).
Returns with balance sheets
4. Major industrial groups (Assets and liabilities, receipts and de-
ductions).
5. Total assets classes (Assets and liabilities, receipts and deductions).
6. Total assets classes and major industrial groups (Selected assets,
liabilities, and receipts).
All returns
7. Net income and deficit classes and type of tax liability.
8. Net income and deficit classes (Dividends and interest received).
9. Net income and deficit classes (Dividends paid).
41
42
STATISTICS OF INCOME FOR 1940, PART 2
Table 1. — Corporation returns, 1940, by States and Territories, for returns with net
net income or deficit, and dividends paid in cash and assets other than own
[Money figures in
States and Territories '
Alabama. .-.
Alaska.
Arizona
Ark aosas- -
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.
Total
number of
returns ^
1,
34,
12,
7,
4,
4,
6,
3,
6,
23.
15,
9,
2,
14,
2,
4,
1,
28,
123,
6,
2,
24,
6,
4,
24,
3,
3,
2,
4,
15,
2,
1,
W,
4,
14,
1,
516, 783
Returns with net income 3
Number of
returns
1,761
109
564
1,382
10,111
1,873
4.220
1,617
1,442
3, 955
2,994
571
698
16,241
5,851
3,658
2,214
2,466
2,796
1,426
2,957
10, 284
7,728
4,503
1, 215
6, 645
1,117
1, 905
302
706
9, 355
455
42, 048
3, 626
932
12, 939
2,203
1,954
10, 853
1,464
1,800
918
2,625
7, 366
1,108
521
3, 963
3,986
2,395
6, 564
591
220, 977
Total
compiled
receipts *
573
10
128,
295,
5, 615
574,
2. 237,
1,733
610,
744,
1, 078,
336
142
13,711
1, 933
1,055
603
1, 006
854:
400,
1, 224
4, 936
9, 026
2, 095,
251
3,321
191
490,
272,
201
3, 623,
71
32, 827,
1,571
86,
8, 405,
942,
529
10,414
703
529
100,
972,
3, 123
265,
136,
1, 278,
1, 069,
639,
2,1
52,
125, 180, 472
For footnotes, see pp. 225-227.
STATISTICS OF INCOME FOR 1940, PART 2
43
income aiid returns with no net income: Number of returns, total compiled receipts,
stock; also, for returns with net income: Income tax and excess profits taxes
thousands of dollars]
Returns with net income '—Continued
Returns with no net income ^
Dividends
Dividends
Net
income '
Income
tax 6
Excess
profits
taxes 6<
paid in
casli and
assets other
than own
Number
of
returns
Total
compiled
receipts *
Deficit '
paid in
cash and
assets other
than own
43, 682
stock "
stoclc 51
8,908
1,830
14, 165
1,435
89, 871
6,386
873
1
1,325
238
9
561
125
4,151
443
31
2
8,226
1,611
78
3,347
625
41, 203
3,326
447
3
19, 309
3, 871
221
7,127
908
42, 175
2,933
155
4
499, 053
96,611
10, 814
304, 849
11,103
1, 259, 352
135, 229
20,641
5
51.056
10. 056
475
31,886
2,556
155, 356
14,420
454
6
224, 109
46, 996
20, 341
94, 934
4,565
473, 333
44. 185
7,466
7
488, 952
69, 504
19, 638
335,715
1,216
104, 005
39, 280
5,129
8
51,559
9,244
4.58
31,102
1,056
198, 970
7,897
507
9
64, 776
10, 136
949
21, 990
4,581
188,011
19, 194
1,275
10
85, 692
17, 821
1,698
38, 408
2,258
156, 057
8,790
706
11
35, 522
6,510
832
19,554
230
23, 908
1,541
535
12
13, 565
2,600
106
7,783
638
19, 007
1,902
277
13
921,383
187, 529
32, 927
431,962
15, 579
1,933,557
239, 280
8,953
14
158, 165
32, 004
6,938
62, 342
4,902
357, 577
27, 020
948
15
57. 593
10, 735
620
26, 550
2,667
189, 475
22, 877
1,507
16
39, 291
7,800
487
21,403
1,796
217,514
9, 703
2,646
17
73, 280
15,482
1,353
38, 795
1,994
173, 488
9,661
2,679
18
63,400
12, 294
1,288
37, 284
2,748
204, 487
12, 927
1,420
19
30,054
5,857
471
15, 721
1,806
135, 877
7,672
635
20
126,154
22, 486
4,051
71,513
2, .544
467. 848
28,814
4,875
21
367, 955
71,220
14,321
198, 578
12, 250
1,287,045
152, 720
6, 673
22
871.227
188, 896
61,994
393, 222
6,390
626, 931
60,488
2,881
23
133,041
25, 730
2,445
61. 545
4,069
456, 029
36, 867
2,167
24
13, 801
2,556
183
6,245
1,105
65, 719
4,496
431
25
263. 294
55, 292
4,824
139, 841
6,359
714. 829
62, 768
4,674
26
14, 601
2,898
131
8.625
1,053
37, 216
3,103
351
27
36, 503
7,381
374
19, 696
1,792
109, 051
14, 392
729
28
14, 543
2,387
177
8, 030
399
14, 700
1,895
178
29
13, 646
2,776
358
8,485
722
53, 710
3,132
305
30
411,971
70, 192
13, 875
221,391
17,036
1, 165, 514
183,071
16,511
31
4,265
733
40
1,686
401
16,657
1,133
101
32
3,217,376
567,095
84,931
1,899.785
74. 367
6, 614, 769
636, 415
52. 128
33
131,229
27, 799
2, 425
59, 135
2,348
167, 696
9.438
2,327
34
3,447
574
51
1,409
896
26, 832
1,711
223
35
750. 664
159, 548
39,411
333. 201
10, 489
1, 196, 031
80,636
11,742
36
74,716
15,214
544
49, 203
2,614
371,160
24, 221
6,690
37
34, 982
7, 052
1,339
12.4,52
2, 154
141,578
12, 384
1.646
38
924. 601
180, 664
41, 867
420, 788
11,499
1, 467, 143
150,812
9,720
39
.59, 709
11,994
4,363
28, 924
1,768
162, 705
9,401
1,021
40
33, 524
6,7«0
667
9,161
1,404
71. 257
5, 509
131
41
4,447
782
37
2.366
974
26, 982
1,103
40
42
63, 856
13, 320
1, 573
27,032
1,874
145, 794
10, 942
2, 132
43
213,437
42, 839
1,802
142. 938
6, 887
566, 863
58, 335
7,127
44
22, 070
4,097
390
12, 398
1,058
65, 987
3,623
159
45
15,064
3,109
2,061
5,677
632
52, 756
3, 552
173
46
145, 858
31, 197
4,990
62,413
2,718
203, 987
25, 922
1,936
47
93, 976
17, 781
3,658
47, 256
4,402
210, 371
24, 571
1,689
48
49, 241
9,754
577
23, 363
2,034
142, 009
10, 501
1.024
49
169, 354
35, 628
9,224
64, 162
6,596
423,853
46, 270
3,232
50
4,680
711
37
2,325
443
15, 923
902
157
51
11, 203, 224
2, 144, 292
404, 254
5, 888, 325
252,065
23, 056, 316
2, 283, 795
200,457
525003 — 44-
44
STATISTICS O'F lOSnCOME FOR 1940, PART 2
K*"
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STATISTICS OF INCOME FOR 194 0, PART 2
45
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46
STATISTICS OF INCOME FOR 194 0, PART 2
s~ <» ^-
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CUM C^lNCSCl ^?3wC^C^?5ci
STAlTISTICS OF INCOME FOR 1940, PART 2
53
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54
STATISTICS OF INCOME FOR 1940, PART 2
Table 3. — Corporation returns, 1940, by major industrial groups, for all returns,
receipts, compiled deductions, compiled net profit or net loss, net income or deficit,
loss deduction, income tax, excess profits taxes, total tax, and compiled net profit
PART I. ALL
[Money figures in
Major industrial groups '
All indus-
trial groups
Mining and quarrying
Total
mining
and
quarrying
Metal
mining
Anthra-
cite
mining
Bitumi-
nous cral,
lignite,
peat. etc.
1
Number of returns '^
473, 042
10, 383
1.444
136
1.756
Receipts:
Gross sales "
2
114,641,817
24, 482, 5.35
2, 495, 828
2, 023, 567
188. 347
178. 273
2, 020, 731
244, 874
1, 177, 423
354, 600
428, 792
2, 896, 822
217.077
9,270
48, 573
8,411
4,969
43, 106
1,782
31, 632
1,701
1,030
956, 954
12,542
2.542
5,340
882
333
30, 443
1, 695
5.676
667
506
216,247
4,865
403
4,806
25
222
101
1
4,595
198
10
878. 103
38, 032
2,044
22. 232
1,167
773
3,845
38
8,407
369
133
3
4
5
Gross receipts Trom operations ><
Interest, not on Government obliga-
tions.
Rents and royalties '5
fi
Net capital gain "-
7
8
9
10
11
12
Net gain, sales other than capital
assets."
Dividends, domestic corporations 's..
Dividends, foreign corporations i'
Other receipts, not interest on Gov-
ernment obligations."
Interest on Government obligations:
Subject to declared value excess-
profits tax.2o
Whollj' tax-exempt 21
Total compiled receipts «
Deductions:
Cost of goods sold "
13
148, i36. 787
3, 264, 372
1. 017. 581
231. 472
955, 143
14
86,739,133
12,297,318
30 2, 949, 533
1, 966, 120
1, 236, 945
617, 281
2, 700, 558
4,316,756
38, 124
3,520,195
474, 866
7,593
702, 738
335, 960
31 20,985,446
1, 864, 826
128, 886
50, 052
16, 304
59,289
11,293
55, 571
139, 158
577
167, 096
237, 014
63
18,006
17, 983
291, 719
571,340
6, 563
6,058
910
14, 134
2.754
9,391
51,971
253
35. 752
89, 930
7
3, 984
8,569
60, 072
174. 399
3,231
1.827
765
5.289
3.045
7.307
10, 216
30
6,107
6,758
695, 368
23, 478
10, 301
4,777
21,631
2,152
11,443
37, 461
79
38,410
20, 012
2
4,154
1,652
69, 694
15
Cost of operations "
16
Compensation of officers
17
18
Rent paid on business property
Repairs 25
19
Bad debts
20
Interest paid.
•21
Taxes paid 29. . .
22
Contributions or gifts 2'.
23
Depreciation
24
Depletion
25
Amortization 28 . .
26
Net long-term capital loss " .
363
418
12, 237
27
28
Net loss, sales other than capital
assets.i'
Other deductions so _
Total compiled deductions
29
32138,888,566
3, 057, 835
861,688
231,992
940, 615
Compiled net profit or net loss (13 less 29).
Net income or deficit 3 (30 less 12).
Net operating loss deduction 29
30
31
32
9, 348, 221
8, 919. 429
122, 898
206, 537
205, 507
6,847
155, 892
155, 387
1,345
33520
33 530
1,381
14, 529
14, 396
1,644
Income tax ' ...
33
2,144,292
30, 744
373,511
63, 692
436
3,428
35, 269
113
1,855
790
4
62
5.963
89
541
34
35
Declared value excess-profits tax « __
Excess profits tax *5__ _
Total tax..
36
2, 548, 546
67, 556
37, 238
857
6,593
Compiled net profit less total tax (30 less
36).
Dividends paid: "
Cash and assets other than own
stock. 51
Corporation's own stock-
37
38
39
6, 799, 675
6, 088, 781
139, 989
138, 981
282, 591
3,710
1 18, 655
141. 159
34 1. 377
2,755
7,935
18, 596
278
For footnotes, see pp. 255-257.
STATISTICS OF I'NIOOMB FOiR 194 0, PART 2
55
returns with net income, and returns with no net income: Number of returns, compiled
and dividends paid by type of dividend; also, for returns with nee income: Net operating
less total tax
EETURNS
thousands of dollars]
Major industrial groups ^—Continued
Mining and quarrying
— Contd.
Manufacturing
Crude, pe-
troleum and
natural gas
production
Nonmetal-
lic mining
and
quarrying
Mining
and quarry-
ing not
allocable
Total manu-
facturing
Food and
kindred
products
Beverages
Tobacco
manu-
factures
Textile-
mill
products
5,094
1,678
275
85,588
10, 249
2,961
286
4,799
1
577, 493
256, 774
11,252
64, 549, 386
10, 422, 326
1, 806, 302
1, 404, 342
4,112,537
2
146, 779
13, 409
1,449
1,205,511
58, 598
6,294
1,502
67, 132
?
3,833
409
40
103, 534
9,832
1,740
1,158
3,808
4
14, 181
1,945
69
216,317
18,029
3, 895
2,491
12,343
6
5,650
686
1
28, 834
1,044
285
453
613
6
3,347
213
82
22, 557
2,389
498
69
1,335
7
7,206
1,510
1
372, 957
29,282
2,564
6,027
5,106
8
46
1
1
121.460
16, 535
577
595
1,076
9
10, 464
2,395
95
347, 568
49, 599
11,078
4,097
24, 580
10
370
92
6
12, 192
903
228
335
654
11
331
51
00
10, 466
950
244
199
473
12
769, 698
277, 484
12,995
66, 990, 782
10, 609, 486
1, 833, 704
1, 420, 259
4, 229, 556
13
266,329
148, 053
8,736
47, 087, 642
8, 398, 792
974, 521
1, 025, 102
3, 340, 922
14
87, 674
7,044
896
672, 400
12.930
1,313
680
43, 784
15
20, 786
10, 779
301
1,076,801
99, 101
31, 390
6,721
71,476
16
7,766
2,051
35
309. 569
34, 212
5,983
1, 613
13. 143
17
8,666
9, 325
244
859, 909
85, 581
12, 555
2,236
43. 984
18
2.263
1, 063
15
141.327
14, 948
6, 324
674
5,537
19
23. 482
3, 822
125
35S, 058
36, 715
12, 235
5,933
21,995
20
30, 367
8,664
480
1,831,396
174, 561
295, 944
101, 003
80, 881
21
117
96
2
18, 530
2.038
755
181
941
?.?
71, 620
14,499
708
1,530.482
146, 552
38, 809
7,788
88, 585
23
111,035
54
8,752
1
526
196. 253
5.980
223
92
1
9
10
52
''4
*">
8,285
1,206
13
111.068
15,414
2,543
4,330
6,372
26
6,584
670
89
59. 934
7,267
3,767
2,338
6,378
27
114,973
33, 669
1,074
7, 414, 430
1,172,317
315,476
121,412
312, 479
28
760, 002
250, 293
W, 245
61, 673, 777
10, 200, 742
1, 701, 625
1,280,011
4, 036, 539
29
9,695
27, 191
S3 250
5.317.005
408, 744
132,079
140, 248
193,017
30
9. 365
27,140
33 250
5. 306. ,540
407, 794
131,834
140, 049
192. 545
31
1,638
824
14
42, 122
3,678
494
156
2,686
32
14, 649
6,883
137
1, 215, 160
93, 794
33, 188
33, 667
49, 109
33
75
151
4
21, 366
598
142
29
988
34
472
487
10
316, 369
4,133
1,974
895
6,099
35
15, 196
7,522
150
1, 552, 895
98, 525
35, 304
34, 591
56, 195
36
34 5, 501
19, 669
3^401
3,764,111
310, 220
96, 775
105, 667
136, 822
37
99, 391
20, 484
205
2, 399, 627
245, 706
67, 043
90, 160
78, 943
38
2,561
870
47, 985
5,201
817
100
3,595
39
56
STATISTICS OF INCOME FOR 194 0, P.\RT 2
Table 3. — Corporation returns, 1940, by major industrial groups, for all returns,
receipts, compiled deductions, compiled net profit or net loss, net income or deficit,
loss deduction, income tax, excess profits taxes, total tat, and compiled net profit
PART I. ALL
[Money figures in
Number of returns •'.
Receipts:
Gross sales "
Gross receipts from operations '*
Interest, not on Government obliga-
tions.
Rents and royalties <•
Net capital gain "
Net gain, sales other than capital
assets. I'
Dividends, domestic corporations "
Dividends, foreign corporations "
Other receipts, not interest on Govern-
ment obligations."
Interest on Government obligations:
Subject to declared value excess-
profits tax.'"
Wholly tax-exempt " — .
Total compiled receipts ".
Deductions:
Cost of goods sold ". —
Cost of operations '< -,
Compensation of officers
Rent paid on business property
Repairs "...
Bad debts
Interest paid.
Taxes paid 2«
Contributions or gifts "
Depreciation
Depletion
Amortization 28...
Net long-term capital loss "
Net loss, sales other than capital
assets."
Other deductions *"
Major Industrial groups ' — Continued
Manufacturing— Continued
Apparel
and prod-
ucts made
from fab-
rics
Total compiled deductions.
Compiled net profit or net loss (13 less 29) .
Net income or deficit ' (30 less 12)
Net operating loss deduction "9
Income tax '
Declared value excess-profits tax «.
Excess profits tax "
Total tax.
Compiled net profit less total tax (30 less
36).
Dividends paid: "
Cash and assets other than own stock".
Corporation' s own stock
8,437
Leather
and prod-
ucts
2.118
Rubber
products
Lumber
and tim-
ber basic
products
586
2,644
Furniture
and fin-
ished lum-
ber prod-
ucts
4,497
2, 459, 6R6
33,238
962
4,290
120
203
1,345
57
9,103
178
131
2, 609, 293
1, 994, 988
24,393
86, 894
25,300
4. 055
6,667
7.863
30,264
570
11,008
2
10
648
824
272, 378
1. 275, 5.56
3,868
1,149
1,559
172
408
1,507
19
6,025
1,290,402
1, 060, 258
1,942
27, 748
7,623
7,959
2,781
4,355
19,269
288
11,662
57
2
528
682
107, 455
2, 465, 865 1, 252, 609
43,428
43, 297
1,043
37, 793
37, 745
632
11, 520
241
840
12, 602
9,110
209
10, 007
30, 826
20,336
4,820
27,78
22, 600
1,199
1, 142, 983
2,334
1,578
2,331
48
136
5.950
7,572
2,513
1, 165, 553
811,211
99
9,690
5,033
17,483
6,266
7,543
51, 442
176
27, 630
8
3
273
542
157, 396
1, 094, 795
70, 758
70, 715
199
14, 783
280
979
16, 042
54, 716
27, 176
249
1, 044, 443
19, 560
1,765
5,994
2,687
1,599
2,737
15
12, 657
197
77
1,091,731
763, 235
12, 279
23, 164
3,162
8,464
5,054
9,858
25, 006
201
27, 796
26, 461
59
8,232
1,871
118,049
1, 032, 891
58, 840
58, 763
3,049
15, 805
563
2,652
19, 020
39, 820
37, 967
418
1, 370, 708
8,791
1,522
2,347
447
673
1,777
613
9,043
377
209
1,396,408
1, 017, 383
3,374
44, 516
9,694
12, 262
5,078
6,518
27,077
306
22,241
1,494
8
2,221
1,820
179, 291
1, 333, 283
63, 125
62,916
1,094
15, 657
426
1,903
17, 986
45, 139
28,588
876
For footnotes, see pp. 225-227.
STATISTICS OF INCOME FOR 194 0, P.\RT 2
57
returns with net income, and returns with no net income: Number of returns, compiled
and dividends paid by type of dividend; also, for returns with net income: Net operating
less total tax — Continued
RETURNS— Continued
thousands of dollars]
Major industrial groups '—Continued
Manufacturing
—Continued
Paper and
allied prod-
Printing and
pur>lishing
Chemicals
and allied
Petroleum
and coal
Stone, clay,
and glass,
Iron, steel,
and prod-
Nonferrous
metals and
their prod-
ucts
Flectrical
machinery
and equip-
ment
ucts
industries
products
products
products
ucts
2,182
11,431
6,834
655
3,490
6,621
2.534
1,787
1
2, 005, 728
2,238.654
4,700,640
5, 208. 535
1, 663, 251
7,481,439
1,913,505
2, 440. 339
2
4,248
115, 146
32, 352
279, 520
7,425
19,156
61, 185
5,813
S
8,711
4,426
8,293
13,016
2,336
11,129
3,555
3,937
4
5,914
12, 634
15,079
44,078
6,087
13, 836
2,592
6,448
5
1,576
1,064
2,194
2,543
858
1,740
144
268
6
807
789
738
1,976
1,289
1,690
131
377
7
6,161
15, 224
70, 370
101,749
9,514
17. 443
12,887
13,511
8
1,377
1.476
16,216
5,599
11,736
5,412
4,7fi5
3.542
t
12, 046
20,174
20, 141
26, 820
10, 650
26, 296
12. 374
16, 321
10
615
1,145
1,551
526
630
1,189
308
670
11
249
1,034
1,680
590
354
657
171
945
12
2,047,433
2,411,766
4, 869, 254
5, 684, 951
1,714,131
7, 579, 987
2,011,619
2,491,071
13
1, 426, 506
1. 465, 244
2, 949, 305
3,746,715
1,083,693
5, 560 634
1,467,715
l,-655, 238
14
1,203
56, 465
5, 690
156, 664
4,386
5,997
30, 964
2,707
15
41,710
107, 803
81,180
14, 286
38, 550
116, 140
36, 698
32, 597
16
9,820
31,200
15,367
56, 646
5,983
30, 247
6,984
9,055
17
43, 598
9,775
59, 564
78, 678
38, 668
199, 678
24, 806
28,791
U
6, 094
11,385
12,129
11,568
4.580
10, 338
2,680
4,437
It
21,884
15,243
20, 354
37, 965
9,546
93, 133
7,084
5,036
2C
43, 586
52, 265
106, 170
202, 6S1
39, 164
161,354
38, 238
59, 856
21
745
1,282
1,501
840
633
1,780
450
889
22
67, 003
46, 007
131,608
271,062
62, 178
228, 115
33,616
50, 594
2S
3,013
9
5,531
149, 056
1,713
4,110
2,995
73
24
100
8
573
4
149
437
188
373
25
3, 595
5,775
6,067
16, 277
4,282
10, 482
2,772
6,899
26
2,372
5, 479.
2,988
2,347
2,215
5,411
2,604
967
27
194, 684
454, 543
803, 427
691, 757
216, 826
556, 405
139, 366
315, 163
28
1, 865, 912
2, 262, 542
4, 201, 452
5, 436, 546
1, 512, 565
6, 984. 261
1, 797, 159
2,171,672
29
181,520
149,224
667, 802
248, 405
201, 566
595. 726
214,460
319, ,399
30
181, 271
148, 190
666, 122
247,815
201,212
595, 069
214, 289
318, 454
31
1,303
1,870
2,056
805
1,062
9,349
744
927
32
42, 546
36, 993
145, 106
44, 751
47, 294
137, 191
48, 749
74. 139
33
300
226
734
119
932
4,798
631
1,245
34
9,037
2,622
36, 314
4,616
9,141
38, 277
18, 650
27, 612
35
51,884
39, 840
182, 155
49, 486
57, 366
180, 266
68,030
102, 995
36
129,637
109, 383
485, 647
198, 920
144, 200
415, 460
146, 430
216, 404
37
65, 067
89. 439
336,000
185, 849
102,814
191.749
68, 427
147, 221
38
1,681
2,117
6,198
793
1,480
5,119
822
2,248
39
58
STATISTICS OF INCOME FOR 1940, PART 2
Table 3. — Corporation rehirns, 1940, by major industrial groups, for all rettirns,
receipts, compiled deductions, compiled net profit or net loss, net income or deficit,
loss deduction, income tax, excess profits taxes, total tax, and compiled net profit
PART I. ALL
[Money figures in
Major industrial groups '—Continued
Manufacturing— Continued
Machin-
ery, ex-
cept trans-
portation
equip-
ment and
electrical
Automo-
biles and
equip-
ment, ex-
cept
electrical
Transpor-
tation
equip-
ment, ex-
cept auto-
mobiles
Other
manufac-
turing
Manufac-
turing not
allocable
Number of returns 12
Receipts:
Gross sales " ---
Gross receipts from operations '<
Interest, not on Government obliga-
tions.
Rents and royalties " -.
Net capital gain '« -
Net gain, sales other than capital
assets."
Dividends, domestic corporations i'.-
Dividends, foreign corporations "
Other receipts, not interest on Govern-
ment obli.gations.s'
Interest on Government obligations:
Subject to declared value excess-
profits tax.2»
Wholly tax-exempt 21
Total compiled receipts ".
Deductions:
Cost of goods sold 23_
Cost of operations 24
Compensation of officers
Rent paid on business property
Repairs 25
Bad debts
Interest paid
Taxes paid 29_
Contributions or gifts 2'
Depreciation ^
Depletion
Amortization 28
Net long-term capital loss 16
Net loss, sales other than capital assets "
Other deductions '•">
Total compiled deductions
Compiled net profit or net loss (13 less 29) _ .
Net income or deficit 3 (30 less 12)
Net operating loss deduction 29
Income tax «. _.
Declared value excess-profits tax '
Excess profits tax ^s
Total tax
Compiled net profit less total tax (30 less 36)
Dividends paid:"
Cash and assets other than own stock ^i.
Corporation's own stock- ._•
5, 839
4,075
, 468, 527
70, 295
13, 732
33,600
3,476
3,536
10, 763
10, 146
27,000
1,887
1,603
4, 669, 548
1,724
5,584
10, 638
7,698
1,771
46, 182
31,075
21,761
365
451
1, 162, 987
395,517
2,204
7,604
961
1,884
6,984
270
16, 039
4, 644, 565
4, 796, 798
1, 138, 511
9.233
2,382
3,424
260
174
6,077
2,402
6,830
148
125
1. 169. 667
2, 866, 719
5, 549
107,944
14,690
73, 089
13, 407
16, 066
106, 374
2,131
102, 666
248
1,543
7,402
3, 392
683, 886
3, 626, 176
413
22, 926
5, 504
66, 237
3, 838
6,112
145. 267
2.040
91,618
659
407
1,637
1,979
254, 148
4, 005, 105
4, 228, 963
820. 935
295, 193
16,285
6,072
30, 813
1,500
5,342
38, 301
270
35, 429
29
1, 8.52
3,085
3,004
87, 865
1,345,975
731,629
4.825
43.912
9,645
8,241
4,404
4,601
25, 260
418
20, 895
30
87
1,518
1,009
200, 224
1, 056, 098
639, 460
637, 858
4, 486
567, 836
567, 385
1,104
248, 838
248, 656
4,117
112,868
112,743
933
143. 896
5,299
60, 477
209. 672
429, 788
218. 139
7,210
127, 709
743
50, 333
67, 402
1,856
31, 353
26, 740
740
6,729
178, 785
90, 612
34, 209
389, 050
249, 339
473
158, 226
71, 234
208
78, 660
45, 763
2,025
418,861
2,678
716
1,104
182
196
798
384
3,420
149
60
428, 436
300, 722
1, 550
16,071
2,534
3,391
1,641
2.678
7,433
94
7,619
633
23
1,717
678
59, 884
406, 567
21, 869
21,819
334
6,011
266
1,046
7,323
14, 546
10, 080
337
For footnotes, see pp. 227-227.
STATISTICS OF INCOME FOR 194 0, PART 2
59
returns with net income, and returns with no net income: Number of returns, compiled
and dividends paid by type of dividend; also, for returns with net income: Net operating
less total tax — Continued
RETURNS— Continued
thousands of dollars]
Major industrial groups '—Continued
Public utilities
Trade
Total public
Transpor-
Communi-
Other pub-
Total trade
Wholesale
utilities
tation
cation
lic utilities
Total
Commis-
Other
wholesale
sion mer-
chants
whole-
salers
22,053
14, 649
3,674
3,730
139, 849
37,502
4,639
32,863
1
154, 183
112, 756
2,757
38, 670
45, 783, 711
21, 245, 576
390, 072
20, 855, 504
?
12, 967, 200
7, 656, 403
1, 516, 272
3, 794, 525
693, 684
426, 497
224, 673
201, 824
3
83,093
50, 161
2,939
29, 993
74,654
27, 653
5,703
21, 949
4
' 248,971
199, 982
22, 732
26, 256
97,910
23, 560
1,645
21,915
5
5,157
2,490
521
2,145
7,439
3,164
229
2,935
6
29,960
27, 935
53
1,972
7,073
2,278
177
2,101
7
130, 474
72, 153
14, 620
43, 700
48, 893
27, 569
6,649
20, 920
8
1,410
656
30
724
40, 071
11,055
117
10, 938
9
83, 419
61, 950
3,519
17, 950
457, 942
120, 365
8,983
111,382
10
4,136
2,982
48
1,106
2,819
1,116
81
1,035
11
2,369
1,355
234
779
1,849
827
133
694
12
13, 710, 372
8, 188, 824
1, 563, 727
3, 957, 821
47, 216, 043
21, 889, 660
638,462
21, 251, 198
13
111,334
78, 899
1, 531
30, 905
36, 788, 085
18, 545, 444
359, 473
18, 185, 971
14
7, 365, 107
5, 127, 948
705, 120
1, 532, 040
231, 423
109, 258
22, 944
86, 314
15
123, 404
90, 914
9,156
23, 334
901, 592
366, 161
40, 470
325, 691
16
500, 368
425, 621
33, 258
41, 489
704, 239
98, 948
9, 405
89, 543
17
37, 679
30, 025
2,091
5,562
97, 694
19, 905
550
19, 355
18
22, 032
6,939
5,449
9,643
159, 136
62, 793
4,369
58, 424
19
1, 075, 254
647, 636
48, 684
378, 934
134, 357
51, 529
3,706
47, 823
20
1, 057, 965
523, 757
138, 926
395, 282
467, 894
130, 203
6,777
123, 426
21
3,693
603
885
2,205
8,523
2,813
281
2. 532
22
900, 397
271, 809
188, 053
440, 536
292, 145
68, 576
3,312
65, 264
23
12, 888
2,702
('■)
10, 186
1,023
431
33
398
24
107
94
6
7
858
369
229
140
25
47, 728
39, 770
1,409
6,548
34, 139
16, 397
2,285
14, 112
26
26, 425
21, 764
1,251
3,411
13, 393
4,055
327
3,728
27
1, 110, 582
588, 827
148, 557
373, 198
6, 297, 470
1, 975, 579
150, 400
1, 825, 179
28
12, 394, 963
7, 857, 306
1, 284, 377
3, 253, 280
46, 131, 971
21, 452, 461
604, 561
20,847,900
29
1, 315, 409
331, 517
279, 350
704, 541
1, 084, 072
437, 198
33, 901
403, 297
.30
1, 313, 040
330, 163
279. 116
703, 761
1, 082, 223
436, 371
33, 768
402, 603
31
33,001
10, 225
1,596
21, 180
16, 569
6,948
496
6,452
32
347, 346
124, 052
65, 055
158, 238
262, 928
100, 142
7,076
93, 066
33
1,195
865
100
231
4,913
2,357
185
2,172
34
13, 190
8,194
1,683
3,313
27, 898
12, 810
1,504
11,306
35
361, 730
133, 112
66, 837
161, 782
295, 740
115,309
8,765
106, 544
36
953, 678
198, 406
212, 513
542, 759
788, 332
321, 889
25, 136
296, 753
37
1, 075, 328
331, 514
201, 762
542, 052
512, 465
173, 001
17,983
155, 018
38
11,316
1,272
605
9,439
19, 118
9,989
279
9,711
39
525003—44-
60
STATISTICS OF INCOME FOR 1940, PART 2
Table 3. — Corporation returns, 1940, by major industrial groups, for all returns,
receipts, compiled deductions, compiled net profit or net loss, net income or deficit,
loss deduction, income tax, excess profits taxes, total tax, and compiled net profit
PART I. ALL
[Money figures in
Major industrial groups '—Continued
Trade — Continued
Retail
Total retail
General
merchan-
dise
Food
stores,
including
market
milk
dealers
Package
liquor
stores
Drug
stores
Number of returns '2...
Receipts:
Gross sales '^
Gross receipts from operations '*
Interest, not on Government obligations.
Rents and royalties 's.
Net capital gain "^-
Net gain, sales other than capital
assets. "
Dividends, domestic corporations "
Dividends, foreign corporations "
Other receipts, not interest on Govern-
ment obligations. *'
Interest on Government obligations:
Subject to declared value excess-
profits tax. 20
Wholly tax-exempt ^i
Total compOed receipts "
Deductions:
Cost of goods sold 23_
Cost of operations ".
Compensation of officers
Rent paid on business property
Repairs -^
Bad debts
Interest paid
Taxes paid 28
Contributions or gifts "
Depreciation _.
Depletion
Amortization 2'
Net long-term capital loss "
Net loss, sales other than capital assets i'
Other deductions ^o
Total compiled deductions
Compiled net profit or net loss (13 less 29)
Net income or deficit 3 (30 less 12)
Net operating loss deduction 2»
Income tax ' _.
Declared value excess-profits tax «
Excess profits tax's ._ ._
Total tax
Compiled net profit less total tax (30 less 36) .
Dividends paid: *'
Cash and assets other than own stock *'.
Corporation's own stock.
85, 798
6,502
6,860
1,703
20, 926, 350
205, 664
40, 828
62, 627
3,609
3,562
19, 030
8,514
305, 826
1,479
837
5, 717, 487
29, 376
20. 392
25, 982
1,553
368
8,481
77, 020
379
286
4, 094, 961
18, 173
1,015
4,398
301
870
1,755
8
13,214
489
125
96, 256
777
10
107
12
32
1
21, 578, 326
5, 890, 220
4, 135, 310
97, 362
3, 827, 717
7, 860
54, 327
164, 468
22, 088
22, 421
20, 892
106, 953
2,221
69, 471
63
4
6,849
1,007
1,283,914
3, 255, 231
11,106
35, 576
62,412
14, 547
3,914
6,907
43. 622
775
40, 960
3
11
2,587
1,338
599, 760
75, 734
559
5, 536
2,905
131
67
167
1,875
9
546
(")
5
1
22
9,727
21, 042, 907
5, 580, 256
4, 078, 748
97, 286
535, 419
534, 582
7,770
309. 965
309, 679
1,148
56, 562
56, 436
677
134, 937
1,451
12, 635
73, 378
282
15,218
73
442
135
8
2
149, 024
82, 848
15, 734
386, 395
276, 358
6,467
227, 117
153, 864
2,340
40, 828
38, 079
3<69
5,436
618,813
2,653
4f)2
1, 535
453
122
1,497
(")
5,699
631, 249
432, 796
1,214
17,097
31, 880
1,931
457
1, 118
8,991
116
6,708
3
11
43
114
115,742
618, 221
13,028
13,021
168
3,049
68
104
3,222
7,419
57
For footnotes, see p. 225-227.
STATISTICS OF INCOME FOR 1940, PART 2
61
returns with net income, and returns with no net income: Number of returns, compiled
and dividends paid by type of dividend; also, for returns with net income: Net operating
less total tax — Continued
RETURNS— Continued
thousands of dollars]
Major
industrial groups '—Continued
Trade— Continued
Retail— Continued
Apparel
and
accessories
Furniture
and house
furnish-
ings
Eating and
drinking
places
Automo-
tive
dealers
Filling
stations
Hardware
Building
materials,
fuel, and
ice
Other
retail
trade
11,401
5,691
9,623
10, 722
2,675
2,860
8,812
8,403
1
1, 892, 685
790, 921
752, 263
3, 788, 336
307, 813
184,699
1,237,018
875,391
2
13,803
10, 061
29, 130
61, 126
4,330
875
12,200
16, 525
3
1,348
2,728
443
6,404
134
688
2,745
3,070
4
7,954
2,309
4,279
2,098
3,014
457
4,864
4,233
6
185
89
62
169
109
20
438
134
fi
205
179
313
227
135
37
646
246
7
2,228
479
1,133
634
211
34
1,302
574
R
(")
(")
00
9
2
(")
4
6
9
39, 775
88,259
4,070
28,060
2,056
2,232
13, 653
19, 299
10
145
42
37
105
92
6
86
68
11
65
34
20
23
93
41
63
60
12
1,958,384
895, 102
791, 751
3, 887, 190
317, 990
189,088
1,272,919
919, 607
13
1,246, '841
452, 115
441, 721
3, 268, 316
234,861
141,012
950, 295
607, 362
14
4,822
2,317
16. 424
36,918
2,354
418
6,993
6,116
15^
64, 401
37, 288
30, 242
71, 227
7,212
9,765
46, 725
39,617
1«
125, 195
28, 210
62,428
36,613
6,794
3,995
8,181
31, 268
17
4,569
2,060
6,833
5,189
2,023
262
6, 522
2,064
18
8,123
9,497
522
9,396
939
1,389
10,990
6,900
19
4,483
6,103
2,815
12, 563
894
988
6.762
3,710
20
24, 877
14, 840
20,237
24, 095
6,675
2,720
18,924
13, 117
21
647
252
162
282
32
37
251
184
22
16, 002
5,610
18, 843
10, 289
5,206
1,240
14, 931
7,742
23
31
2
18
17
10
(")
123
110
24
98
3
40
81
2
(")
12
8
2t>
983
262
478
1,354
182
51
1,976
518
26
628
204
403
648
86
81
1,081
1,517
27
415,006
316, 123
197, 082
376, 084
43,608
24, 898
176,227
184, 837
28
1,916,704
873, 886
788, 246
3,853,070
310, 778
186, 856
1, 248, 993
906, 060
29
41, 680
21,218
3,505
34, 120
7,212
2,232
23, 926
14, 547
3a
41, 625
21, 184
3,485
34,097
7,119
2,191
23, 864
14, 487
31
1,205
857
511
1,178
213
76
800
691
32
11,228
6,540
3,046
8,138
1,901
726
5,856
4,652
33
153
83
69
225
22
37
184
171
34
864
148
110
1,143
32
48
199
314
35
12,245
5,772
3,214
9,506
1,966
810
6,240
6,138
39^
29, 435
15,446
291
24, 614
6,256
1,422
17, 687
9,409
37
19, 091
7,333
7,522
13, 589
4,916
1,105
12,629
6,869
38
473
197
59
778
125
92
693
682
39
62
STA/riSTICS OP INOOME FOR 1940, PAET 2
Table 3. — Corporation returns, 1940, by major industrial groups, for all returns,
receipts, compiled deductions, compiled net profit or net loss, net income or deficit,
loss deduction, income tax, excess profits taxes, total tax, and compiled net profit
PART I. ALL
[Money figures in
Major industrial groups '—Continued
Trade — Continued
Retail-
Con.
Retail
trade not
allocable
Trade not
allocable
Service
Total
service
Hotels and
other lodg-
ing places
Number of returns ".
Receipts:
Oross sales "-
Gross receipts from operations "
Interest, not on Government obligations.
Rents and royalties "
Net capital gain '6
Net gain, sales other than capital assets "
Dividends, domestic corporations "
Dividends, foreign corporations "
Other receipts, not interest on Government
obligations.''
Interest on Government obligations:
Subject to declared value excess-profits tax »".
Wholly tax-exempt 21..
Total compiled receipts 22.
Deductions:
Cost of goods sold ^3
Cost of operations 24
Compensation of officers ---
Rent paid on business property
Repairs "..
Bad debts
Interest paid
Taxes paid ^d
Contributions or gifts 2?
Depreciation
Depletion
Amortization 28
Net long-term capital loss '^
Net loss, sales other than capital assets ".
Other deductions 8"...
Total compiled deductions-
Compiled net profit or net loss (13 less 29).
Net income or deficit ^ (30 less 12)
Net operating loss deduction 29_..
Income tax '
Declared value excess-profits tax «.
Excess profits tax "
Total tax.
Compiled net profit less total tax (30 less 36) .
Dividends paid: '7
Cash and assets other than own stock "..
Corporation's own stock
5,120
569, 708
6,634
1,388
1,397
85
183
283
2
12, 421
592, 155
449, 973
3,092
17,078
9,026
1,387
4,137
2,556
6,715
95
5,064
25
6
124
196
85, 330
584, 804
7,351
7,319
196
2,071
85
41
2,196
6,154
3,890
140
16,549
41, 385
3, 611, 785
61, 523
6,173
11, 724
666
1,232
2,294
20, 502
31, 751
224
184
409, 854
3, 265, 240
7,985
78, 270
2,460
2,935
23, 033
4,540
50,882
352
582
3, 748, 058
2, 858, 675
21, 972
99, 341
41,918
9,184
17, 590
13, 872
44,150
649
30, 957
186
209
2,335
2,013
493, 552
3, 846, 133
251, 660
1,754,432
198, 790
201, 291
47. 358
20, 899
59, 196
121, 700
1,415
142, 677
8,428
6,010
923, 499
3, 636, 604
111,455
111,270
1,851
3, 737, 537
108, 595
108, 013
5 572
27, 849
1,106
2,452
36, 558
408
1,790
31, 406
38, 756
80,048
63, 106
2,662
69, 839
91,408
2,411
4,852
178, 118
423, 535
813
30,490
498
364
1,450
27
7,783
643, 128
102, 451
181, 357
15,010
39, 663
21, 654
2,709
29,405
41,419
97
47, 023
15
11
3,853
1,902
170, 528
657, 098
33 13, 969
33 13, 990
921
3,155
42
113
3,310
34 17, 279
6,147
191
For footnotes, see pp. 225-227.
STATISTICS OF INCOME FOR 194 0, PART 2
63
returns with net income, and returns with no net income: Number of returns, compiled
and dividends paid by type of dividend; also, for returns with net income: Net operating
less total tax — Continued
RETURNS— Continued
thousands of dollars]
Major
industrial groups '—Continued
Service— Continued
Automotive
Miscella-
Amuse-
Other
service,
including
schools
Personal
service
Business
service
repair
services
and
neous re-
pair serv-
ices, hand
Motion
pictures
ment, ex-
cept mo-
tion pic-
Service
not
allocable
garages
trades
tures
9,256
7,562
3,803
1,416
4,471
4,858
4,988
179
1
72, 109
36, 253
43, 261
14, 652
27, 258
15, 314
21, 937
950
2
680, 312
728, 488
116, 881
46, 102
920, 286
216, 277
228, 726
4,633
3
452
2,717
173
38
2,339
340
1,109
6
4
1,805
14, 093
4,920
120
19, 186
4,221
3,403
31
5
144
390
28
6
722
255
417
(")
6
376
421
S83
105
399
848
139
(")
7
552
2,822
128
5
16, 782
784
505
4
8
85
490
3,875
5
51
9
3,824
9,701
2,048
432
16, 821
5,263
5,936
75
10
49
74
150
80
3
7
2
1
34
150
13
78
73
163
11
8
12
659, 782
795, 605
167, 732
61, 471
1,006,853
243, 397
262, 458
5,707
13
36, 365
26, 674
30, 450
9,574
20,655
9,253
15, 695
643
14
326, 594
412, 408
60, 974
29, 621
532, 233
107, 989
101, 172
2,084
15
49,281
62, 069
10, 804
5,244
20, 934
11, 922
22, 551
976
16
20,193
18, 397
20,256
1,412
78, 125
12, 510
10, 492
243
17
8,889
3,354
1, 035
306
6,086
3,970
2.037
27
18
5,021
7,859
878
316
1,553
641
1,999
23
19
4,732
3,080
1,987
315
14,285
3,305
2,031
57
20
18, 539
13, 204
4, 783
1,247
24, 229
11, 696
6,446
137
21
267
280
20
11
144
527
66
2
22
25, 634
14, 874
6,122
1,279
28,486
12, 641
6,486
132
23
9
14
499
4
9
1,384
1
7
179
7
19
17
1,038
11
13
686
31
16
740
n
25
17
32
26
527
404
503
31
358
1,235
1,051
(")
27
150, 987
202, 517
29,511
10, 593
210, 080
59, 472
88, 501
1,309
28
647, 551
766, 516
167,511
59, 972
938, 241
235, 771
259, 214
5,665
29
30
12, 231
29,089
221
1,499
68, 612
7,626
3,244
43
12, 157
29, 009
214
1,498
68, 462
7,548
3,081
35
31
612
648
137
63
2,481
376
327
5
32
3,871
' 9, 382
696
416
12, 525
4,025
2,443
45
33
74
72
17
18
74
50
52
10
34
143
545
70
37
219
361
311
(")
35
4,088
9,999
782
471
12, 818
4,426
2,807
55
36
8,143
19, 089
3<561
1,028
55, 795
3,200
438
3U3
37
8,015
25, 419
1,287
926
37, 665
7,141
4,728
79
38
555
264
31
9
294
952
115
39
m
STATISTICS OF INCOME FOR 194 0, PART 2
Table 3. — Corporation returns, 1940, by major industrial groups, for all returns,
receipts, compiled deductions, compiled net profit or net loss, net income or deficit,
loss deduction, income tax, excess profits taxes, total tax, and compiled net profit
PART I. ALL
[Money figures in
Major industrial groups '—Con,
Finance, insurance, real estate, and
lessors of real property
Total
finance, in-
surance, real
estate, and
lessors of
real property
Finance
Total
finance
Banks and
trust com-
panies
IS, 873
1
Number of returns "
142, 602
37, 462
Receipts:
Grosssales"
9.
67, 552
3, 729, 120
2, 209, 472
1, 304, 966
131,145
103, 239
1,385,182
74, 357
164, 300
332, 129
411,767
22, 910
767, 256
1, 345, 158
176,425
113,616
60, 257
1, 203, 753
72, 833
90, 334
267, 907
209, 107
3
Gross receipts from operations '* .. ..-
293, 029
917,014
92, 824
88, 783
3,454
26, 967
702
47, 678
262, 816
200, 276
4
Interest, not on Government obligations . -
5
Rents and royalties "
fi
Net capital gain '« ._ . .
7
Net eain, sales other than capital assets "
8
Dividends, domestic corporations "
<)
Dividends, foreign corporations "-
10
Other receipts, not interest on Government obligations '9.
Interest on Government obligations:
Subject to declared value excess-profits tax ">
12
Wholly tax-exempt 21 _,
Total compiled receipts "
13
9, 913, 228
4, 389, 556
1, 933, 543
Deductions:
Cost of goods sold 23 _.
14
50, 168
219,938
30 451,572
204, 849
107, 887
244. 619
991, 993
644, 256
4,856
417, 285
24, 456
425
439, 200
193, 929
31 4, 637, 664
18, 735
84, 077
287, 186
82, 183
16, 388
217, 847
558, 325
168, 256
3,627
88, 191
1,392
177
336, 325
102,715
1, 043, 366
IS
Cost of operations 2* ._
222
192, 265
44, 753
12, 532
126, 692
228, 973
108, 140
2,059
52,129
89
8
78, 409
19, 216
628, 801
16
Compensation of officers
17
Rent paid on business property
18
Repairs 2*
19
Bad debts
20
Interest paid
21
Taxes paid 29
22
Contributions or gifts 2?
23
Depreciation
24
Depletion . .
25
Amortization 28 _
26
Net long-term capital loss " --.
27
Net loss, sales other than capital assets "
28
Other deductions »0-
Total compiled deductions
29
32 8, 633, 096
3. 008, 790
1,494,277
Compiled net profit or net loss (13 less 29)
30
1, 280, 132
868, 365
11,595
1, 380. 766
1,171.658
4,286
439, 267
238, 990
1,230
31
Net income or deficit ' (30 less 12)..
32
Net operating loss deduction 2»
Income tax'
33
189, 137
1,164
7,405
120, 397
545
3,827
21, 724
307
200
34
Declared value excess-profits tax ' .
3.5
Excess profits tax "
Total tax
36
197, 706
124, 769
22,232
Compiled net profit less total tax (30 less 36)
Dividends paid:"
Cash and assets other than own stock "
37
38
1,082,426
1, 655, 130
53, 086
1, 255, 997
1, 359, 251
50,193
417. 035
236, 458
12, 676
39
Corporation's own stock
For footnotes, see pp. 225-227.
STATISTICS OF INCOME FOR 1940, PART 2
65
returns with net income, and returns with no net income: Number of returns, compiled
and dividends paid by type oj dividend; also, for returns with net income: Net operating
less total tax — Continued
EETURNS— Continued
thousands of dollars]
Major industrial groups '-
-Continued
Finance, insurance, real estate, and lessors of real property— Continued
Finance— Continued
Long-term
credit
Short-term
Investment
Other invest-
ment com-
Security and
commodity-
exchange
agencies,
credit
trusts and
panies in-
Other finance
Finance not
mortgage
agencies,
investment
cluding hold-
companies
allocable
compames,
except baulks
companies '
ing compan-
dealers
except banks
ies 9 10
2,987
5,482
4,065
2,250
2,011
1,837
2,957
1
3,353
222, 122
14, 854
137, 432
4,704
6,459
2
15, 752
10, 573
66, 696
15, 192
a
20,776
157,551
30, 936
199, 798
3,956
3,996
11, 131
4
12, 666
1,814
2,806
19, 761
623
43, 325
2,607
s
1,459
1,213
10, 530
6,400
2,525
897
1,809
t
639
589
1,778
1,284
50, 550
780
1,183
7
479
9,597
217, 634
995, 593
4,854
5,341
3,288
H
(")
116
7,147
64, 682
45
83
57
U
4,034
11, 975
2,546
15, 006
4,890
1,588
2,617
1(J
329
78
1,341
1,638
1,208
46
452
11
1,106
123
1,648
2,111
2,123
81
1,640
V2
67, 241
408, 530
286, 937
1, 458, 559
137. 469
67, 300
39, 976
13
2,755
2,893
12, 342
56, 499
3,638
3,694
14
963
1,160
16, 633
2,013
15
6,144
25, 558
8,506
17, 598
28, 173
4,175
4,778
lb
1,200
9,617
916
16, 737
6,958
781
1,221
17
1,066
642
297
898
143
619
189
18
7, 557
25, 786
24, 472
15, 175
1,764
8,309
8,092
19
14, 057
50,690
31, 929
218, 500
4,105
3,515
6,557
20
4,417
11,467
7,549
27, 088
4,725
2,538
2,332
21
25
270
329
774
108
46
15
22
2,584
3,366
768
22, 803
824
4,940
777
23
37
4
424
718
37
22
61
24
10
2,171
13
3,456
6
118,841
(")
114,471
2
1,478
139
4,861
25
i2, 637
26
5,242
914
3,534
61, 755
3,696
5,856
2,502
27
28,148
157, 969
36, 214
89, 055
61, 994
25, 435
15, 751
28
73, 621
295, 400
234, 946
654, 413
130, 639
68, 569
56, 925
29
33 16, 381
113, 130
51, 991
804, 146
6,830
33 1, 269
33 16, 949
30
33 17, 487
113, 007
50, 344
802, 035
4,708
83 1, 350
33 18, 588
31
177
511
833
757
282
356
140
32
973
24, 718
6,312
58,773
2,764
4,157
975
33
7
95
27
46
22
28
13
34
2
2,169
6
968
350
124
7
35
982
26, 982
6,346
59,787
3,136
4,309
995
36
31 17, 363
86, 148
45, 646
744, 359
3,695
3* 5, 579
3« 17, 944
37
4,595
69, 918
174, 316
828, 348
18, 054
19, 447
8,114
38
2,651
320
5,586
28,702
215
10
32
39
66
STATISTICS OF INCOME FOR 1940^ PART 2
Table 3. — Corporation returns, 1940, hy major industrial groups, for all returns,
receipts, compiled deductions, compiled net profit or net loss, net income or deficit,
loss deduction, income tax, excess profits taxes, total tax, and compiled net profit
PART I. ALL
[Money figures in
Major industrial groups '—Continued
Finance, insurance, real estate, and
lessors of real property — Continued
Insurance carriers, agents, etc.
Total insur-
ance carriers,
agents, etc.
Insurance
carriers
Insurance
agents,
brokers, etc.
Number of returns '2.
8,138
1,881
6,257
Receipts:
Gross sales i^
Gross receipts from operations '*
Interest, not on Government obligations
Rents and royalties '5
Net capital gain '«
Net gain, sales other than capital assets "
Dividends, domestic corporations "
Dividends, foreign corporations "
Other receipts, not interest on Qovermnent obliga-
tions."
Interest onGovernment obligations:
Subject to declared value excess-profits tax 20
Wholly tax-exempt 21
1, 985, 549
833. 675
191,018
4,341
263
102, 038
1,323
11, 520
62, 691
201, 156
1,792,810
832, 680
189. 503
4,021
158
98, 358
1,067
6,578
62, 644
201, 113
192, 739
994
1,515
320
105
3,681
257
4,942
Total compiled receipts 2a.
58 3, 393, 575
«8 3, 188, 933
204,642
Deductions:
Cost of goods sold '^
Cost of operations =<
Compensation of officers
Rent paid on business property
Repairs -^
Bad debts
Interest paid
Taxes paid 2*
Contributions or gifts "
Depreciation
Depletion
Amortization's
Net long-term capital loss i'
Net loss, sales other than capital assets ".
Other deductions s"
21, 022
30 56, 921
22, 414
2,121
5,139
50. 979
111,251
413
43, 830
10
10
61, 696
4,732
31 3, 044, 146
854
30 12, 910
15, 015
1,844
3,498
49, 651
106, 681
264
42, 153
60,703
4,603
312,948,171
Total compiled deductions.
32 3, 424, 686
Compiled net profit or net loss (13 less 29) .
Net income or deficit 3 (30 less 12)
Net operating loss deduction's
Income tax *
Declared value excess-profits tax '.
Excess profits tax"
3331,111
33 232, 267
922
23, 217
190
2,754
Total tax.
26, 160
Compiled net profit less total tax (30 less 36).
Dividends paid: "
Cash and assets other than own stock ".
Corporation's own stock
3< 57, 271
128, 702
1,314
32 3, 246, 354
20, 168
44,011
7,399
277
1,640
1,328
4,570
149
1,677
4
10
993
129
95, 975
178, 332
33 57, 421
33 258, 534
57S
26, 310
26, 267
343
17, 744
3
2,249
19, 996
3» 77, 417
111, 460
534
5,473
186
504
6,164
20, 146
17, 242
780
For footnotes, see pp. 225-227.
STATISTICS OF INCOME FOR 194 0, P.\RT 2
67
returns with net income, and returns with no net income: Number of returns, compiled
and dividends paid by type of dividend; also, for returns with net income: Net operating
less total tax — Continued
RETURNS— Continued
thousands of dollars]
Major industrial groups '- Continued
Finance, insurance, real
estate, and lessors of
Agriculture, forestry, and fishery
real property— Contd.
Construc-
tion
Nature of
business
not allo-
Real estate.
Lessors of
Total ag-
Agriculture
and serv-
cable, ex-
including
lessors of
real prop-
erty, except
riculture,
forestry.
Forestry
Fishery
cept trade
buildings
buildings
and fishery
89, 734
7,268
15,749
8,400
7,540
518
342
7,033
1
40, 133
4.509
199, 502
518, 426
484, 357
10, 093
23, 976
62, 380
2
968, 926
7,390
2, 273, 345
89, 868
81,769
4,239
3,860
41, 491
3
28,536
2,103
2,580
2,433
2,037
329
67
2.807
4
754, 911
182, 612
11, 741
10, 766
10, 407
229
131
6,053
5
11,460
1,728
989
2,303
1,056
1,225
21
1,610
6
41,770
948
3, 078
2,904
1,022
457
1,424
1.559
7
16,302
3,089
7,749
6,697
6,467
99
131
2,641
8
167
36, 605
34
25, 841
771
27, 460
314
8,858
308
7,802
7
598
169
5,363
q
458
10
1,201
331
346
743
728
11
4
182
11
1,284
220
424
108
99
6
3
197
12
1, 901, 294
228, 803
2, 527, 985
643,420
596, 051
17,293
30, 076
124, 452
13
27, 713
3,721
156, 163
381, 217
352, 926
8,506
19, 785
48, 038
14
114,211
d29
1, 888, 391
25, 432
21, 781
1,444
2,207
11,310
15
102, 287
5,178
111,961
20, 788
19, 173
679
936
14, 574
16
96, 498
3,754
12, 221
14, 751
14, 401
106
244
2,529
17
87, 718
1,660
13, 943
12, 078
11, 444
42
592
1,109
18
19, 434
2,199
7,560
3,746
3.297
i,75
174
6,670
19
331, 333
51, 356
8,373
13, 166
11, 633
1,228
306
4,589
20
342, 609
22, 140
32, 657
16, 590
14,830
1,328
432
5.141
21
773
43
396
85
76
9
1
50
22
275, 098
10, 165
38, 299
27,504
25, 933
569
1,001
4,310
23
661
22, 393
183
2,604
717
1,884
3
346
24
230
36, 738
7
4,441
57
4,974
7
8.188
7
6,595
(")
1,431
11
31, 009
?5
162
26
82, 240
4,241
1,747
5,183
2,334
2,831
18
11,357
27
5:;6, 532
23, 619
182. 795
95, 010
87, 979
3,582
3,449
32, 277
28
2, 044, 076
155, 544
2, 459, 720
626, 349
573. 126
23, 913
29,310
173, 318
29
33 142, 782
73, 260
68, 265
17, 070
22, 925
33 6, 620
765
33 48, 865
30
33 144, 066
73, 040
67, 841
16, 963
22, 826
33 6, 626
762
33 49, 063
31
5,177
1,209
5,308
1,564
1,328
69
167
321
32
24, 148
21, 375
18, 858
9,190
8,542
276
372
1,423
33
377
53
934
282
200
17
66
43
34
386
438
3,122
264
254
6
6
46
35
24, 911
21, 867
22, 914
9,736
8,996
298
442
1.512
36
3< 167, 693
51,393
45, 351
7,334
13, 929
31 6, 918
323
3< 50, 378
37
87, 643
79, 535
30, 905
25,907
23, 681
1,817
409
15, 419
38
1,465
114
2,009
113
113
CO
241
H»
68
STATISTICS OF INCOME FOE 194 0, PART 2
Table 3. — Corporation returns, 1940, by major industrial groups, for all returns,
receipts, compiled deductions, compiled net profit or net loss, net income or deficit,
loss deduction, income tax, excess profits taxes, total tax, and compiled net profit
PART II. RETURNS
[Money figures in
Number of returns ''
Receipts:
Gross sales ■'
Gross receipts from operations •*
Interest, not on Government obliga-
tions.
Rents and royalties "
Net capital gain i'
Net gain, sales other than capital
assets."
Dividends, domestic corporations >8. .
Dividends, foreign corporations "
Other receipts, not interest on Gov-
ernment obligations. S9
Interest on Government obligations:
Subject to declared value excess-
profits tax.20
Wholly tax-exempt ^^
Total compiled receipts 22
Deductions:
Cost of goods sold 23 _
Cost of operations ^* -
Compensation of ofEcers
Rent paid on business property
Repairs 25
Bad debts
Interest paid
Taxes paid 26 _
Contributions or gifts 2f.
Depreciation
Depletion
Amortization 28.. _
Net long-term capital loss '^
Net loss, sales other than capita!
asisets."
Other deductions «»
Total compOed deductions
Compiled net profit (13 less 29)
Net income ' (30 less 12)
Net operating loss deduction 29.
Income tax «
Declared value excess-profits tax «
Excess profits tax " _
Total tax
Compiled net profit less total tax (30 less
36).
Dividends paid: "
Cash and assets other than own
stock. 51
Corporation's own stock
Major industrial groups '
All indus-
trial groups
220, 977
100, 447, 558
18, 227, 482
1, 427, 793
1, 273, 656
157, 763
136, 211
1, 852, 227
237, 600
935, 514
281, 769
202, 899
125, 180, 472
75, 406, 494
8, 846. 776
30 2, 275. 695
1, 388, 586
1, 042. 928
383, 329
1, 622, 707
3, 386, 173
37, 067
2, 800, 809
373, 149
6,549
258,511
53, 427
31 15, 892, 148
32 113,774,349
11,406,123
11, 203, 224
122, 898
2, 144, 292
30, 744
373,511
2,548,546
8, 857, 577
5, 888, 325
130, 578
Mining and quarrying
Total
mining
and
quarrying
3,956
2, 162, 155
143, 897
7,063
30, 779
5,793
3,018
40, 069
1,775
19, 380
1,531
910
2, 416, 369
1, 333. 995
82, 139
33, 808
8,932
41,643
4, 359
26, 0S7
100, 470
560
109, 555
175, 980
21
5,292
1,058
176, 610
2,100,511
315, 859
314, 948
6,847
Metal
mining
380
868, 537
8,925
2,507
3,698
831
269
30, 339
1,695
5,010
922, 946
510, 456
4,806
5,221
738
12,417
547
6,789
45, 192
252
30, 301
79, 980
3
2,449
164
47, 587
746, 903
176, 043
175, 575
1,345
63, 692
436
3,428
67, 556
248, 303
267, 964
1,653
35, 269
113
1, 855
37, 238
138, 805
140, 111
Anthra-
cite
mining
59
114, 849
3,709
110
2,675
1
110
51
1
1,143
139
6
122, 793
90, 292
2,364
1,268
344
2,066
113
2,230
6,695
30
3,251
4,252
76
4
4,841
117, 824
4,969
4,982
1,381
790
4
62
857
4,112
2,755
Bitumi-
nous coal,
lignite,
peat, etc.
676
611,359
19, 704
1,520
15, 813
1,044
519
3,290
38
5,296
290
658, 961
472, 052
10, 947
6,810
3,318
14, 054
1,663
6,545
25, 070
78
25, 532
16, 486
654
203
46, 447
628, 859
30, 102
30, 013
1,644
5,963
89
641
6,593
23, 509
16, 300
278
For footnotes, see pp. 226-227.
STATISTICS OF INCOME FOR 1940, PART 2
69
returns with net income, and returns with no net income: Number of returns, compiled
and dividends paid by type of dividend; also, for returns with net income: Net operating
less total tax — Continued
WITH NET INCOME
thousands of dollars]
Major industrial groups '—Continued
Mining and quarrying— Contd.
Manufacturing
Crude pe-
troleum and
natural gas
production
Nonmetal-
lie raining
and
quarrying
Mining
and quarry-
ing not
allocable
Total manu-
facturing
Food and
kindred
products
Beverages
Tobacco
manu-
factures
Textile-
mill
products
1,992
818
31
47, 168
5,315
1,641
124
2,690
1
347, 003
102, 348
2,585
7,096
3,317
1,889
4,928
40
5,990
343
299
214, 715
8,433
314
1,492
599
162
1,461
1
1,899
90
48
6,693
778
26
6
(»)
70
1
58, 485, 720
1, 036, 758
90, 149
196, 293
26, 688
17, 844
360, 740
120, 849
303, 532
11, 653
10, 043
9, 333, 526
46, 068
8,945
15, 367
782
1,910
28,712
16, 450
40, 453
810
786
1, 623, 091
4,950
1,549
3,231
254
383
2,282
576
9,087
186
236
1, 378, 993
1,479
1,069
2,464
419
54
5,008
595
3,941
329
193
3, 390, 761
64,531
2,971
10, 105
473
759
4,730
858
19, 967
612
446
2
3
4
5
6
7
8
42
3
(")
10
11
12
475, 836
229, 213
6,620
60, 660, 270
9, 493, 808
1, 545, 825
1, 394, 545
3, 486, 113
13
138, 356
69, 265
11,967
2,948
5, 535
1,2G5
8.131
16, 167
103
39, 003
67, 703
17
1,441
511
51, 985
118, 801
4,311
8,348
1,575
7,529
761
2,327
7,224
95
11, 187
8,278
1
673
158
25,287
4,038
447
194
9
42
10
66
123
2
283
280
42, 262, 217
567, 675
902, 793
250, 508
803, 315
109, 807
294, 046
1, 634, 052
18, 340
1, 366, 912
163, 761
5,575
77, 905
24, 417
6, 536, 957
7, 502, 371
7,287
79,113
27, 912
76, 389
12, 157
28,537
150, 921
2,007
123, 247
197
89
12, 103
3,520
1, 022, 855
820, 845
901
25, 373
4,350
10, 499
4,537
8,985
232,617
746
29,895
1,006,940
680
6,837
1,416
2,134
563
5,730
99, 726
181
7,480
2, 705, 692
34, 401
67, 277
9,316
37, 704
3,153
14, 946
66, 454
931
70, 504
U
15
16
17
18
19
20
21
22
23
24
2
1,586
805
252, 456
52
5,327
1,922
248,240
?5
785
495
117, 105
■'6
17
463
27
28
404, 397
196, 553
5,974
55, 018, 278
9, 048, 705
1, 393, 595
1. 249, 072
3, 255, 920
29
71, 439
71, 140
1.638
32, 660
32, 612
824
646
646
14
6, 641, 992
5, 631, 949
42.122
445, 103
444, 317
3.678
152, 229
151, 993
494
145. 473
145, 279
156
230, 193
229, 746
2,686
30
31
32
14,649
75
472
6,883
151
487
137
4
10
1,215,160
21, 366
316, 369
93, 794
598
4,133
33, 188
142
1,974
33, 667
29
895
49, 109
988
6,099
33
34
35
15, 196
7,522
150
1, 552, 895
98, 525
35, 304
34, 591
66, 195
36
56,243
88,330
605
25,138
20,269
870
496
198
4,089,097
2, 376, 783
47, 277
346, 579
243, 634
6,150
116, 925
66, 699
814
110, 881
89,296
100
173, 997
77, 485
3,564
37
38
3&
70
STATISTICS OF INCOME FOR 1940. P.\RT 2
Table 3. — Corporation returns, 1940, by major industrial groups, for all returns,
receipts, compiled deductions, compiled net profit or net loss, net income or deficit,
loss deduction, income tax, ejccess profits taxes, total tax, and compiled net profit
PART II. RETURNS WITH
[Money figures in
Major industrial groups " — Continued
Manufacturing — Continued
Api>arel j
and prod- i
nets made
from fab-
rics !
Leather
and prod-
ucts
Rubber
products
and tim- i .-Jrvj i„„
nets
products
1 Number of returns
Receipts:
Gross sales '•
Gross receipts from operations "
Interest, not on Government obliga-
tions.
Rents and royalties '•
Net capital gain i*
Net gain, sales other than capital
assets. '"
Dividends, domestic corporations is
Dividends, foreign c-orporations "
Other receipts, not interest on Govern-
ment obligations.!'
Interest on Government obligations:
Subject to declared value excess-
profits tas.J'
■VThoUy tai-esempt ^
Total compiled receipts *»
Deductions:
Cost of goods sold ^.
Cost of operations «
Comjjensation of officers
Rent paid on business property
Repairs »5 _
Bad debts
Interest p>aid
Taxes paid «... ',
Contributions or gifts '^-..
Depreciation
Depletion
AmortiMtion ^
Net long-term capital loss "
Net loss, sales other than capital
assets. 1'
Other deductions ••
Total eompfled deductions.
Compfled net profit (13 less 29).
Net income » (30 less 12)
Net opaating loss deduction ».
Income tax '.
Declared value excess-profits tax •.
Excess profits tax « ,
4.1&S
1,139
339
1.608
2,398
1,926.750
12.996
S23
3,864
89
104
1.296
56
7,381
171
124
1.027,
2.
S52
679
,253
151
363
,383
11
,611
,091.350
2,191 i
1,514
2,304
43
7S
7,57i i
2,372
8S9, 641 1, 152, 217
16,483 1 7,820
1, 497 1. 275
4,628
2,429
1,114
2,625
15
10, 136
17S
1,722
280
459
1,584
613
7,224
342
195
1,953,655 ' 1.039,203 1.113,391 i 92S. S52 1.173,732
1,55a 380
9,435
64,797
16.930
3.156
4.342
5,317
23,215
535
8.013
1
10
517
344
307,418
842,200
1,471
21,333
5,096
6,842
2,033
2,668
15,582
286
8,952
49
1
168
234
84.175
77a 018
25
8,374
4, no
16,801
7,165
49,619
176
26,313
6
3
191
531
15a734
641,745
ia840
19,554
2,200
6,281
3,683
5,990
20,347
199
22,159
22,487
58
1,042
230
96,161
842,997
2.941
35,205
7.253
11,098
3,512
4,584
22,317
296
18.109
1.069
8
1,167
556
147. 152
1.894,439 ! 991,092 I L 040, 664 I 852, 975 j 1. 098. 265
59,215
59,092
1,043
48,111
48,074
632
79 712
""199
75,847
75.772
3,049
75,467
75,272
1,094
11.520
241
840
9,110
209
14,783
280
9:9
15,805 15,657
563 I 426
2,652 I 1,903
Total tax-
12,602
iaoo7
16,042
19,020
17,986
Compfled net profit less total tax (30 les 46, 614 38, 104
36). I
Dividends paid:"
Cash and assets other than own ' 19,736 22,366
stock.-: I
Corpc-ration's own stoct 4,783 1,104
56,685
27,021
249
56,827
36,329
418
57,481
27,697
527
Tor footnotes, see pp. 225-227.
STATISTICS OF INCOME FOR 1940; PART 2
71
returns with net income, and returns with no net income: Number of returns, compiled
and dividends paid by type of dividend; also, for returns with net income: S'et operating
less total tax — Continued
NET INCOME— Continued
thoosands of dollars]
Major industrial groups ' — Continued
Manufacturing— Continued
Paper and
Frinting and
Chemicals
1
■ Petroleum
Stone, clay
Iron, steel,
Xonferrous
metals and
their prod-
j ucts
Electrical
allied prod-
publishing
and allied
and coal
and glass
and prod-
and equip-
[ ment
1
ucts
industries
products
products
products
ucts
1.469
i 5, 612
3,484
334
1,940
4,552
i 1,596
1,059
I
1, 781. 054
1. 811, 074
4, 479, 317
4,646,815
1, 532, 191
7.032.321
1,831,373
2, 331, 677
2
3,114
79,240
29,294
220,484
4,436
17.485
60,437
5,188
3
2.076
3,920
7,950
12,017
2,216
10, 714
3,510
3,803
4
4,759
10,606
14,277
40,955
5,397
12.711
2,409
1 6,092
,">
1,403
947
2.047
2,515
759
1,621
135
253
6
733
636
660
1,685
1,180
1,577
122
356
7
5.658
14,955
69,806
93,398
9,434
17,239
12.863
13,480
'8
1,377
1,461
16,163
5,583
11,736
5,206
4,765
3,541
9
10, 919
16,091
18, 241
21, 112
9,378
24.720
12. Ill
14, 516
10
594
1,061
1,506
519
620
1,127
306
570
11
234
1,000
1,649
583
341
643
169
943
12
1, 811, 922
1, 940, 992
4, 640, 910
5, 045, 667
1, 577, 687
7, 125, 364
1, 928. 199
2,380,418
13
1, 242. 616
1, 171, 119
2.789.227
3, 298, 346
985,619
5, 199, 479
1. 399, 532
1,568,601
14
1,030
39,686
4,239
116,208
1,969
4,940
30,558
2,345
15
36,529
81, 577
70,789
12,043
32,591
106,276
32,693
29,351
16
7,595
21.655
12,978
49,684
4,803
27.639
6,(M7
8,023
17
39,584
8,198
58,090
72.844
36, 214
187, 347
2i332
27,857
IS
3,419
8,057
8,882
9,833
3,856
9,140
2,447
3,738
19
13,204
11,000
18,000
31.097
6,899
89,325
6,652
4,346
20
38,522
42,183
100, 819
182,268
35,296
150, 814
36.64>3
57,234
21
732
1,250
1,492
839
626
1,772
447
888
22
59,813
36,683
125,961
238,932
54,924
211,924
31.^89
48,288
23
2,636
6
5.464
121, 727
1,507
4.103
2,992
70
24
69
2
536
1
148
432
176
276
25
1,960
2,554
5.263
11.963
2.890
9,386
2.560
5,630
26
1,154
1,332
2,364
1,446
1,049
2,494
887
659
27
172,680
336, 176
751,988
630, 152
195, 501
503,297
131, 104
296.428
28
1, 621, 544
1, 761, 477
3, 956, 093
4, 777, 384
1, 363, 890
6, 50S, 369
1.708,966
2.053,734
29
190,378
179, 515
684.817
268,283
213, 797
616, 995
219. 233
326, 684
30
190,143
178,515
683,168
267,700
213, 456
616, 352
219,0^4
325, 740
31
1,303
1,870
2,056
805
1,062
9,349
744
927
32
42,546
36,993
145, 106
44,751
47,294
137, 191
48,749
74,139
33
300
226
734
119
932
4.798
631
1,245
.34
9,037
2.622
36,314
4,616
9,141
38,277
18,650
27,612
35
51,884
39,840
182. 155
49,486
57,366
180,266
68,030 1
102, 995
36
138,494
139, 675
502,662
218,798
156,430
436,728
151,204 1
■223,689
37
64,738
88,342
335,405
175, 246
102, 537
191, 262
i
68,367 !
147, 142
38
1,681
2,107
6,159
793
1.480
5,119
810 1
2.248
39
72
STATISTICS OF INCOME FOR 1940, PART 2
Table 3. — Corporation returns, 1940, hy major industrial groups, for all returns,
receipts, compiled deductions, compiled net profit or net loss, net income or deficit,
loss deduction, income tax, excess profits taxes, total tax, and compiled net profit
PART II. RETURNS WITH
[Money figures in
Major industrial groups '—Continued
Manufacturing— Continued
Machin-
ery, ex-
cept trans-
portation
equip-
ment and
electrical
Automo-
biles and
equip-
ment, ex-
cept
electrical
Transpor-
tation
equip-
ment, ex-
Icept auto-
mobiles
Other
manufac-
turing
Manufac-
turing not
allocable
Number of returns ".
Receipts:
Gross sales '3..
Gross receipts from operations '*
Interest, not on Government obliga-
tions.
Rents and royalties i». -
Net capital gain '«
Net gain, sales other than capital
assets."
Dividends, domestic corporations "...
Dividends, foreign corporations "
Other receipts, not interest on Govern-
ment obligations. 5'
Interest on Government obligations:
Subject to declared value excess-
profits tax.2o
Wholly tax-exempt '•
Total compiled receipts ".
Deductions:
Cost of goods sold 23.
Cost of operations 24.
Compensation of officers
Rent paid on business property
Repairs "
Bad debts—
Interest paid...
Taxes paid s«
Contributions or gifts "
Depreciation.
Depletion
Amortization 28
Net long-term capital loss "..
Net loss, sales other than capital
assets. 1'
Other deductions 60
Total compiled deductions.
Compiled net profit (13 less 29).
Net income 3 (30 less 12)
Net operating loss deduction 2'.
Income tax '..
Declared value excess-profits tax '.
Excess profits tax "
Total tax.
Compiled net profit less total tax (30 less
36).
Dividends paid: "
Cash and assets other than own stock «i
Corporation 's own stock
3,833
498
2,030
4, 288, 590
68, 347
13, 047
32, 710
3,344
3,165
10,615
10. 146
25,462
1,852
1,571
4, 553, 599
1,689
5,508
10, 267
7,683
461
46, 178
31,075
21, 333
364
450
1, 120, 949
389,311
2,150
7,480
701
1,751
6,979
270
15, 612
178
180
1, 002, 496
6,925
2,145
2,785
203
119
5,870
2,402
5,797
130
12i2
4, 458, 849
4, 678, 608
1, 545, 560
1, 028, 994
2, 729, 972
4,300
99, 458
13, 189
71,669
11, 163
13, 993
102, 005
2,124
97, 236
243
1,393
6,879
2,451
649, 716
3, 523, 106
406
21,282
5,163
65, 489
3,619
5,504
142, 346
2,040
88, 102
659
394
1,512
647
241,091
783, 820
289, 584
14, 820
5, 655
30,111
1,399
4,895
36, 658
270
34, 101
29
1,818
2,990
775
82, 022
632, 781
3,525
35, 601
7,219
7,662
3,185
3,161
22, 223
413
18, 188
5
85
1,130
238
171,023
3, 805, 793
4,101,362
1, 288, 948
906, 439
653, 056
651, 485
4,486
677, 246
576, 796
1,104
256, 612
266, 431
4,117
122, 555
122, 433
933
143, 896
5,299
60, 477
127, 709
743
50, 333
57, 402
1,856
31, 353
26, 740
740
6,729
209, 672
178, 785
90, 612
34, 209
443, 384
217, 668
7,141
398, 461
249, 282
472
166, 000
71, 181
208
88, 346
45, 347
2,013
883
360, 085
1,611
675
906
155
173
757
380
3,070
146
49
368, 008
254, 809
904
12, 916
1,673
3,015
1,087
2,048
6,240
91
6,168
512
21
302
282
49, 483
339, 551
28, 457
28,407
334
6,011
266
1,046
7,323
21, 134
10,002
337
For footnotes, see pp. 225-227.
STATISTICS OF INCOME FOR 194 0, PART 2
73
returns with net income, and returns with no net income: Number of returns, compiled
and dividends paid by type of dividend; also, for returns with net income: Net operating
less total tax — Continued
NET INCOME— Continued
thousands of dollars]
Major industrial groups '—Continued
Public utilities
Trade
Total public
utilities
Transpor-
tation
Communi-
cation
Other pub-
lic utilities
Total trade
Wholesale
Total
wholesale
Commis-
Other
sion mer-
chants
whole-
salers
11,479
7,317
1,784
2,378
71, 766
22, 296
2, 106
19, 890
1
90,556
9, 918, 430
58, 468
52, 450
4, 871, 455
26, 346
2,610
1, 462, 454
2,899
35,497
3, 584, 520
29, 224
38, 859, 834
524, 657
65, 914
18,556,411
342, 764
24, 890
309, 509
188, 242
5,087
18, 246, 902
154, 523
19, 803
2
3
4
173, 053
4,421
27, 965
125, 137
1,911
26, 244
22, 241
520
52
25, 675
1,990
1,670
79, 245
5,322
4,907
18, 994
2,584
1,704
1,162
152
140
17, 832
2,431
1,564
5
6
7
114, 139
1, 351
47, 812
55, 948
649
31, 644
14, 591
30
2,981
43, 599
671
13, 187
46, 859
39, 983
391, 183
26, 718
10, 981
101, 903
6,462
74
5,826
20,256
10, 907
96. 077
8
9
10
3,859
2,730
47
1,081
2,574
1,025
75
950
n
1,848
852
229
767
1,627
734
128
606
12
10, 441, 901
5, 195, 366
1, 508, 654
3, 737, 881
40, 022, 103
19, 088, 709
516, 858
18, 571, 851
13
65, 850
5, 239, 454
95, 446
313.410
25, 977
16, 887
628, 632
826, 598
3,636
772, 610
11,870
93
19, 055
4,362
36, 118
3, 136, 829
65, 970
244, 029
20, 072
3,009
240, 881
313, 259
571
178, 669
2,290
86
12.719
1,463
1,481
671, 053
8,253
31. 698
1,109
5,028
44, 681
135, 835
880
180, 669
28, 251
1,431,571
21,223
37, 683
4,796
8.850
343, 070
377, 504
2,186
413. 272
9,580
4
4,982
1,837
31, 146, 712
141,956
686, 594
542, 916
79. 718
120, 308
101,953
387, 567
8,125
230,017
645
496
21, 436
4,193
16, 160, 853
70. 005
300, 566
78, 356
16. 578
47, 256
41,303
111,649
2,718
54, 488
345
110
9,884
1,558
284, 666
13,414
30. 698
7,339
406
2,855
2.879
5,622
270
2,549
4
11
1,482
252
15, 876, 187
56, 591
269, 868
71,018
16, 173
44, 401
38, 423
106, 027
2.448
51. 939
341
99
8,402
1,305
14
15
16
17
18
19
20
21
22
23
?4
4
1,354
1,062
25
26
27
824, 104
355, 241
139, 077
329, 785
5, 277, 118
1, 695, 706
125, 257
1, 570, 449
28
8, 847, 985
4,611,208
1, 222, 183
3, 014, 594
38, 750, 354
18, 591, 374
477, 704
18,113,670
29
1, 593, 916
1,592,069
33, 001
584, 158
583. 306
10, 225
286, 471
286, 242
1,596
723, 288
722, 521
21, 180
1, 271, 749
1, 270, 122
16, 569
497, 335
496, 601
6,948
39, 154
39, 026
496
458, 181
457, 575
6,452
30
31
32
347, 346
1,195
13, 190
124, 052
865
8,194
65, 055
100
1,683
158, 238
231
3,313
262, 928
4,913
27, 898
100, 142
2,357
12, 810
7,076
185
1,504
93, 066
2,172
11,306
33
34
35
361,730
133, 112
66, 837
161, 782
295, 740
115,309
8,765
106, 544
36
1, 232, 186
451,046
219, 633
561, 506
976, 010
382,025
30, 389
351, 636
37
1, 053, 670
11,216
320, 023
1,187
200, 957
590
532, 690
9,439
504, 738
18, 795
170,054
9,813
17, 362
275
152, 692
9,538
38
39
74
STATISTICS OF INCOME FOR 1940, PART 2
Table 3. — Corporation rehirns, 1940. by major industrial groups, for all returns,
receipts, compiled deductions, compiled net profit or ?iet loss, net income or deficit,
loss deduction, income tax, excess profits taxes, total tax, and compiled net profit
PART II. RETURNS WITH
[Money figures in
Major industrial groups '—Continued
Trade— Continued
Retail
Total retail
General
merchan-
dise
Food
stores,
including
market
milk
dealers
Package
liquor
stores
Drug
stores
Number of returns i'
Receipts:
Gross sales "
Gross receipts from operations '<
Interest, not on Government obliga-
tions.
Rents and royalties " -.
Net capital gain '«
Net gain, sales other than capital as-
sets. "
Dividends, domestic corporations i*
Dividends, foreign corporations i'
Other receipts, not interest on Govern-
ment obligations. 5'
Interest on Government obligations:
Subject to declared value excess-
profits tax. 2°
Wholly tax-exempt 21
Total compiled receipts " ,
Deductions:
Cost of goods sold 23
Cost of operations 2*
Compensation of officers
Rent paid on business propierty.
Repairs "
Bad debts ---
Interest paid
Taxes paid 26
Contributions or gifts "..
Depreciation
Depletion
Amortization 28
Net long-term capital loss '*
Net loss, sales other than capital as-
sets.i?
Other deductions ^
Total compiled deductions
Compiled net profit (13 less 29)....
Net income 3 (30 less 12).
Net operating loss deduction 29...
Income tax '
Declared value excess-profits tax «..
Excess profits tax ".
Total tax
Compiled net profit less total tax (301ess 36)
Dividends paid:^'
Cash and assets other than own stock ".
Corporation's own stock
40,619
3,575
733
17,443,311
137, 395
35, 971
50. 934
2,175
2,360
18, 18fi
8.506
263. 347
1.377
750
17,964,312
12, 737, 466
61, 379
310,814
434, 264
56, 259
60, 569
51, 162
241, 318
4,824
152, 996
159
196
10, 604
2,266
3. 199. 651
17, 323, 927
640, 385
639. 635
7,770
134, 937
1,451
12,635
149, 024
491, 361
273, 096
6,364
5, 435, 732
25, 669
19, 289
24, 632
592
154
8,783
8.480
72, 327
363
280
3, 516, 696
8,251
866
3,037
2,43
686
1,511
6
11, 176
468
55,608
445
3
84
11
18
121
450, 635
1,178
440
982
431
74
1,488
(")
4,306
5, 596, 299
3, 543, 027
56, 289
459, 543
3,622,012
6,705
46, 718
154,517
21. 138
18, 768
19,313
102, 162
2,199
56,816
61
2
5,203
818
1. 218. 744
2, 793. 834
4,919
23,517
49, 895
11,368
2,837
4,589
35, 718
756
32, 112
1
6
2,322
414
511.847
43, 938
312
3,028
1,437
69
30
89
964
6
274
5,175
310, 469
500
9,439
21, 857
1,476
2b0
676
6,357
95
4,618
(")
3
5
40
86, 659
5, 275, 178
3,474,137
55, 331
442, 472
321. 122
320, 842
1, 148
68, 890
68,802
677
957
957
49
17, 072
17, 067
168
73, 378
282
9,188
15,218
73
442
135
8
2
3,049
68
104
82, 848
15, 734
145
3,222
238, 274
153, 539
2,331
53, 156
37,838
897
813
13, 850
7,393
57
For footnotes, see p. 225-227.
STATISTICS OF INCOME FOR 194 0, P.\RT 2
75
returns with net income, and returns with no net income: Number oj returns, corn-piled
and dividends paid by type of dividend; also, for returns with net income: Net operating
less total tax — Continued
NET INCOME— Continued
thousands of dollars]
Major industrial
groups '—Continued
Trade — Continued
Retail— C ontinued
Apparel
and
accessories
Furniture
and house
furnish-
ings
Eating and
drinking
places
Automo-
tive
dealers
Filling
stations
Hardware
Building
materials,
fuel, and
ice
Other
retail
trade
5,174
2,992
2,678
6,266
1,079
1,365
5,091
4,338
1
1, 516, 860
636, 412
418,964
3, 016, 158
228,522
134, 041
950,289
648, 901
2
10, 385
7,012
13, 753
46, 953
1,740
542
7,599
9,541
a
1,110
2,184
207
5,380
111
590
2,247
2,414
4
6,776
1,791
2,182
1,376
2,499
269
3,371
2,975
5
157
63
36
122
76
10
284
91
6
163
162
125
147
102
31
429
120
7
2,185
431
1,129
614
203
29
1,119
455
R
(")
(■')
(")
8
1
(")
3
5
9
32,507
79,882
2,441
21, 386
1,567
1,742
10, 664
15, 979
10
142
33
24
103
92
2
68
58
11
49
21
15
22
93
37
52
57
12
1, 570, 335
727,991
438, 876
3, 092, 268
235, 006
137, 293
976, 127
680, 595
13
993, 961
352, 982
243, 554
2, 589, 573
172, 895
101, 808
726, 155
443, 740
14
3,066
1,382
7,445
26, 345
727
209
3,898
4,030
15
45, 235
27, 369
14, 722
55, 908
3,974
6,482
34, 705
27,674
16
94, 139
21,150
27, 271
27, 740
3,753
2,361
5,280
18,866
17
3,925
1,669
4,090
3,991
1,786
183
3,979
1,573
1«
6,481
7,342
198
6,624
618
920
7,867
5,540
19
3,196
3,562
1,125
8,897
528
666
4,519
2,330
2(J
19, 833
12, 210
11,015
18, 880
4,742
1,909
14,311
8,445
21
623
222
128
250
28
31
231
173
22
12, 428
4,285
10, 097
7,750
4,118
848
10, 622
5,389
23
1
86
315
4
23
279
13
58
916
9
2
138
49
4
989
2
4
202
?4
3
147
25
9
26
169
60
71
202
34
12
353
46
27
330, 380
267,073
102, 219
299, 900
32, 318
17, 470
129, 043
137,080
28
1, 513, 838
699, 456
422, 242
3,047,045
225, 668
132, 908
942,005
655,094
29
56, 497
28,535
16, 634
45, 223
9,339
4,385
34, 122
25,500
30
56, 448
28, 513
16, 619
45,201
9,246
4,348
34, 069
25,444
31
1,205
857
511
1,178
213
76
800
691
32
11,228
5,540
3,045
8,138
1,901
726
5,856
4,652
33
153
83
59
225
22
37
184
171
34
864
148
110
1,143
32
48
199
314
35
12, 245
5,772
3,214
9,506
1,956
810
6,240
5,138
36
44, 252
22,763
13, 420
35, 717
7,383
3,576
27,882
20,362
37
18, 709
7,205
7,452
13,054
4,897
1,082
12, 097
6,219
38
473
179
57
725
125
86
688
580
39
525003—44 e
76
STATISTICS OF nSPOOME FOK 1940, PART 2
Table 3. — Corporation returns, 1940, by major industrial groups, for all returns,
receipts, compiled deductions, compiled net profit or net loss, net income or deficit,
loss deduction, income tax, excess profits taxes, total tax, and compiled net profit
PART II. RETURNS WITH
[Money flgnres in
Major industrial groups '—Continued
Trade — Continued
Retail —
Con.
Retail
trade not
allocable
Trade not
allocable
Service
Total
service
Hotels and
other lodg-
ing places
Number of retiu-ns " - •
Receipts:
Gross sales " --
Gross receipts from operations '<
Interest, not on Government obligations
Rents and royalties "
Net capital gain '«-
Net gain, sales other than capital assets "
Dividends, domestic corporations '8_.
Dividends, foreign corporations "_.-
Other receipts, not interest on Government ob-
ligations.s'
Interest on Government obligations:
Subject to declared value excess-profits tax '".
Wholly tax-exempt 2' -
Total compiled receipts 22
Deductions:
Cost of goods sold 23
Cost of operations ■*
Compensation of officers -
Rent paid on business property --
Repairs "
Bad debts . --- -
Interest paid
Taxes paid 2'
Contributions or gifts 2?
Depreciation
Depletion
Amortization 28
Net long-term capital loss '«
Net loss, sales other than capital assets "
Other deductions «' -
Total compiled deductions
Compiled net profit (13 less 29)..
Net incomes (30 less 12)
Net operating loss deduction 29
Income tax ' .'
Declared value excess-profits tax ».
Excess profits tax «
Total tax..
Compiled net profit less total tax (30 less 36).
Dividends paid: s?
Cash and assets other than own stock »•
Corporation's own stock..
2,876
434, 495
4,326
1,131
961
58
151
238
2
9,250
450, 663
342, 546
1,842
12, 043
6,000
1,013
3,065
1,670
4,772
82
3,639
17
1
79
40
61, 743
438, 553
12, 109
12, 079
196
2,071
85
41
2,196
9,913
3,566
133
8,851
2,860,111
44, 497
5.053
9,317
563
842
1, 956
20, 496
25, 932
171
143
230, 229
2, 274, 522
5,012
47,412
1,907
2,307
21,757
4, 051
29, 905
244
416
2, 969, 082
2, 617, 761
2, 248, 393
10, 572
75, 214
30, 295
6,881
12, 483
9,488
34, 600
584
23, 133
141
190
948
369
381, 761
141,633
1, 25.3, 912
130, 975
122, 236
26, 981
8,250
28, 624
73, 278
1,308
83, 761
48
50
3,003
819
539, 101
2, 835, 052
2, 413, 981
134, 030
133, 887
1,851
203, 780
203, 365
5,572
27, 849
1,106
2,452
36, 558
408
1,790
31,406
38, 756
102, 623
61,588
2,619
165, 024
89, 989
1,916
1,718
84, 771
200, 217
499
14, 781
327
225
893
19
3,490
305, 252
46,919
80, 980
8,071
19, 206
9,472
910
9,793
16, 558
85
18,812
14
7
818
146
75, 688
287, 479
17, 773
17, 762
921
3,155
42
113
3,310
14, 463
6,916
For footnotes, see pp. 225-227.
STATISTICS OF INCOME FOR 1940, PART 2
77
returns with net income, and returns with no net income: Number of returns, compiled
and dividends paid by type of dividend; also, for returns with net income: Net operating
less total tax — Continued
NET INCOME— Continued
thousands of dollars]
78
STATISTICS OF ENCOME FOR 194 0, PART 2
Table 3. — Corporation returns, 1940, by major industrial groups, for all returns,
receipts, compiled deductions, compiled net profit or net loss, net income or deficit,
loss deduction, inconie tax, excess profits taxes, total tax, and compiled net profit
PART II. RETURNS WITH
[Money figures in
Major industrial groups '—Con.
Finance, insurance, real estate, and
lessors of real property
Number of returns '^
Receipts:
Gross sales " .-_
Gross receipts from operations '<...
Interest, not on Government obligations..
Rents and royalties "
Net capital gain '^ _
Net gain, sales other than capital assets i'.
Dividends, domestic corporations 's
Dividends, foreign corporations "
Other receipts, not interest on Government obligations
Interest on Government obligations:
Subject to declared value excess-profits tax 20
Wholly tax-exempt 21
Total compiled receipts «.
Deductions:
Cost of goods sold 23
Cost of operations 2«
Compensation of officers
Rent paid on business property.
Repairs ^s..
Bad debts.-
Interest paid
Taxes paid 26
Contributions or gifts "
Depreciation
Depletion
Amortization 2'
Net long-term capital loss "
Net loss, sales other than capital assets "
Other deductions «"
Total compiled deductions
Compiled net profit (13 less 29)
Net income^ (30 less 12)
Net operating loss deduction 29
Income tax ' _
Declared value excess-profits tax »
Excess profits tax ".. I...
Total tax.
Compiled net profit less total tax (30 less 36)
Dividends paid: "
Cash and assets other than own stock "
Corporation's own stock
Total
finance, in-
surance, real
estate, and
lessors of
real property
58, 988
Finance
Total
finance
22, 398
47, 445
2,517,960
1, 196, 366
728. 024
110.092
74, 440
1, 254, 336
68. 407
112,824
260, 792
187, 529
6, 558, 215
34,728
127, 089
30 325, 950
129, 478
44, 972
117,459
531, 230
328, 672
4,625
190.058
19. 163
268
127, 904
17, 707
3' 2, 340, 480
21, 858
669, 532
1,119,516
133,817
98, 783
45, 424
1, 176, 061
67, 244
66, 367
246, 137
167, 061
3,811,800
32 4, 339, 784
2, 218. 4.32
2, 030, 903
11,595
189. 137
1.164
7,405
197. 706
2, 020, 726
1,535,969
47,603
17, 784
72, 342
226, 516
67, 839
11, 573
110,526
386, 093
136, 745
3,611
68,633
1, 173
110
78,954
13,018
819,611
Banks and
trust com-
panies
2, 014, 529
1,797,271
1, 630, 210
4,286
120, 397
545
3,827
124, 769
1, 672, 502
1, 283, 257
45,296
11,422
244, 855
760,644
71,405
77, 987
2.826
22,603
495
38, 070
241, 847
160, 544
1, 621, 276
109
155. 634
37, 916
9,627
81, 607
171,517
89, 659
2,053
40,228
78
7
39, 122
9.422
504, 457
1,141,435
479, 841
319, 297
1,230
21,724 !
307
200
22, 232
457, 609
215, 922
10, 413
For footnotes, see pp. 225-227
STATISTICS OF INCOME FOR 1940, PART 2
79
returns with net income, and returns with no net income: Number of returns, compiled
and dividends -paid by type of dividend; also, for returns with net income: Net operating
less total tax — Continued
NET INCOME- Continued
thousands of dollars]
•
Major industrial groups ^-
-Continued
Finance, insurance, real estate, and lessors of real property— Continued
Finance — C ontinued
Long-term
credit
Short-term
Investment
Other invest-
ment com-
Security and
commodity-
exchange
agencies,
mortgage
credit
agencies,
trusts and
investment
panies, in-
cluding hold-
Other finance
companies
Finance not
allocable
compames,
except banks
companies '
ing compa-
except banks
nies 9 1"
1,109
3,558
2,411
1,441
886
618
953
1
2,738
14, 793
4,327
?
10, 792
210, 769
7,997
134, 319
45, 767
4,043
10, 989
3
11,240
143, 242
23, 492
170, 358
2,965
720
6,855
4
1,724
1,309
2,190
17, 476
245
37, 639
1,831
5
896
1,033
8,994
5,819
1,839
692
1,522
6
408
481
388
1,247
38, 792
705
577
7
255
9,159
187, 188
945, 849
3,820
4,753
2,434
8
{")
115
6,298
60, 187
25
80
44
9
1,481
10, 573
1,078
9,439
3,375
713
1,639
10
75
70
1,189
1,482
1,061
31
392
11
121
116
1,404
1,869
1,685
38
1,285
12
26, 992
379,604
240, 218
1,362,837
99, 565
53, 738
27, 569
13
2,230
12, 248
3,306
14
257
902
14
56, 404
11,381
2,436
840
15
3,868
21, 690
5,907
14, 238
19,717
2,655
2,807
16
721
8,646
530
15, 380
3,306
474
866
17
186
524
188
689
66
184
110
18
473
21, 938
2,724
2,533
509
232
510
19
3,780
45, 365
13, 747
146, 781
1,913
596
2,394
20
1,118
10, 560
5,072
24, 350
3,335
1,432
1,220
21
23
268
329
774
104
46
14
22
592
3,009
512
21,471
455
1,989
377
23
20
2
314
690
20
11
37
24
10
108
6
526
1
15, 264
87
1,973
?5
20, 960
181
822
26
140
236
906
1,751
485
39
38
27
10,080
144, 592
26, 698
69,076
39, 509
16, 187
9,013
28
21, 376
260,493
72, 205
387, 345
80,979
31, 647
19, 049
29
5,616
119, 112
168,013
975, 492
18,586
22, 092
8,519
30
5,495
118, 996
166, 610
973, 624
16, 900
22,054
7,235
31
177
511
833
757
282
356
140
32
973
24,718
6,312
58,773
2,764
4,157
975
33
7
95
27
46
22
28
13
34
2
2,169
6
968
350
124
7
35
982
26,982
6,346
59, 787
3,136
4,309
995
36
4,634
92,129
161, 668
915, 706
15, 450
17, 782
7,524
37
3,536
68. 406
157, 168
801, 633
11, 209
19, 060
6,323
38
67
320
5,558
28,681
215
10
32
39
80
STATilSTICS O'F INICOME FOR 1940, PART 2
Table 3. — Corporation returns, 1940, by major industrial groups, for all returns,
receipts, compiled deductions, compiled net profit or net loss, net income or deficit,
loss deduction, income tax, excess profits taxes, total tax, and compiled net profit
PART II. RERURNS WITH
[Money figures in
Major industrial groups '— Continiled
Finance, insurance, real estate, and
lessors of real property— Continued
Insurance carriers, agents, etc.
Total insur-
ance carriers,
agents, etc.
Insurance
carriers
Insurance
agents,
brokers, etc.
1
Number of returns '^
4,007
780
3,227
Receipts:
Gross sales "_
9.
3
Gross receipts from operations '<
1, 481, 127
61,488
16, 341
3,018
94
66, 184
1,063
7,393
13, 374
19, 360
1, 326. 396
60, 647
15,078
2,726
32
62, 558
807
4,123
13,333
19, 326
154,731
841
1,263
292
62
3,626
256
3,270
41
35
4
Interest, not on Government obligations
fi
Rents and royalties 1' .
fi
Net capital gain '8
7
Net gain, sales other than capital assets i'..
8
Dividends, domestic corporations "
9
Dividends, foreign corporations "
10
11
Other receipts, not interest on Government obliga-
tions.5»
Interest on Government obligations:
Subject to declared value excess-profits tax 20
Wholly tax-exempt -'
Total compiled receipts 22..
13
«8 1, 669, 442
58 1, 505, 024
164, 418
Deductions:
Cost of goods sold 23
14
15
Cost of operations 21. .
12, 074
3« 41, 158
17, 222
1,421
2,985
3.927
SO, 634
400
6,103
10
6
43, 735
2,839
31 1, 303, 929
387
30 9, 330
11,767
1,225
1, 969
3,099
46, 879
263
4,801
7
11,686
31, 828
5,455
196
1,016
828
3,755
137
1,302
4
6
677
82
78, 329
16
Compensation of officers
17
Rent paid on business property
18
Repairs 25
19
Bad debts
20
Interestpaid
21
Taxes paid 28_ . .
22
Contributions or gifts 27
23
Depreciation.
24
Depletion.
25
Amortization 28
26
Net long-term capital loss IS
43, 059
2.758
31 1, 225, 599
27
Net loss, sales other than capital assets "
28
Other deductions 60
Total compiled deductions.
29
32 1, 486, 443
32 1, 351, 143
135, 300
Compiled net profit (13 less 29)
30
182, 999
163, 639
922
153, 880
134, 555
579
29, 118
29, 084
343
31
Net income 3 (30 less 12)
32
Net operating loss deduction 29 _
Income tax »
33
23, 217
190
2,754
17, 744
3
2,249
5,473
186
504
34
Declared value excess-profits tax «.
35
Excess profits tax «'..
Total tax
36
26, 160
19, 996
6,164
Compiled net profit less total tax (30 less 36)
37
156, 839
100, 254
1,138
133, 884
83. 147
376
22, 955
17, 107
762
38
Dividends paid: "
Cash and assets other than own stock "
39
Corporation's own stock
For footnotes, see pp. 225-227.
STAiTISTICS OF INCOME FOR 19 40, PART 2
81
returns with net income, and returns with no net income: Number of returns, compiled
and dividends paid by type of dividend; also, for returns with net income: Net operating
less total tax — Continued
NET INCOME-Continued
thousands of dollars]
Major industrial groups '- Continued
Finance, insurance, real
estate, and lessors of
Agriculture, forestry, and fishery
real property— Contd.
Construc-
tion
Nature of
business
not allo-
Real estate.
Lessors of
Total ag-
Agriculture
and serv-
cable, ex-
including
lessors of
real prop-
erty, except
riculture,
forestry,
Forestry
Fishery
cept trade
buildings
buildings
and fishery
29,825
2,758
6,716
3,213
2.963
118
132
1,600
1
21, 752
3,836
137, 782
393, 916
368, 484
6,953
19, 480
39, 920
2
361,841
5,461
1, 720, 509
65, 561
60,611
2,696
2,255
25, 1S9
!
14, 102
1,261
1,890
1,408
1.279
101
27
1,523
'
429, 126
148, 739
8,883
7,275
7,095
78
102
2,692
ft
6,850
1,441
643
1,639
781
843
14
1,259
fi
28,282
641
2,297
2,319
558
346
1,416
1,113
7
10, 401
1,690
7.148
5,491
6,349
15
127
1,687
(
97
15, 887
3
23, 177
757
23. 053
296
6,483
296
4,842
131
2,341
<
278
363
10
973
307
270
722
713
7
1
125
11
915
193
337
65
64
1
CO
124
12
890, 225
186, 749
1, 903. 570
484, 176
450, 072
10, 319
23, 785
76, 105
13
13, 778
3,166
107, 199
284, 014
262, 635
5,040
16, 339
30, 147
14
42, 295
379
1, 414, 185
14, 332
12, 034
1,031
1,267
6,032
U
65, 300
2,977
79, 117
13,010
12, 124
315
571
8,001
16
41, 794
2.623
7, 545
12, 424
12, 255
45
124
1,136
17
30. 902
1,075
10, 226
9,486
9,076
20
389
611
IH
3,815
133
3,754
1.957
1,803
17
137
647
H
109, 157
32. 052
5,100
5,907
5,537
202
168
1,126
2(
127. 946
13, 346
23, 110
10, 237
9,601
360
276
2,190
2:
573
41
356
76
67
9
(•')
40
22
109, 927
5. .S95
26, 802
18, 682
17, 966
163
553
1,811
2;
328
148
4,505
17, 651
4
709
122
45
2, 595
1.429
943
636
(")
933
792
130
1
377
?^
?.?
6
6
2fi
1,699
205,124
151
11,817
445
120.928
205
62, 140
204
59, 249
1
2,007
221
14,711
?7
884
28
747, 292
91.519
1,801,531
434, 842
404. 122
8,883
21, 837
67, 084
2S
142, 933
95. 229
102. 039
49, 334
45, 950
1,436
1,948
9,020
30
142,018
95, 036
101, 702
49, 269
45, 887
1,436
1,947
8,897
3:
5,177
1,209
5,308
1.564
1,328
69
167
321
•6'2
24, 148
21, 375
18.858
9,190
8,542
276
372
1,423
33
377
53
934
282
200
17
66
43
3'
386
438
3,122
264
254
6
6
46
35
24,911
21, 867
22, 914
9,736
8,996
298
442
1,512
36
118,022
73. 363
79, 125
39, 598
36, 954
1,138
1,506
7,508
37
75, 214
77, 244
29,850
24, 421
23,090
932
399
4,941
38
1,080
89
1,838
89
89
191
3t
82
STATISTICS OF INCOME FOR 1940, PART 2
Table 3. — Corporation returns, 1940, by major industrial groups, for all returns,
receipts, compiled deductions, compiled net profit or net loss, net income or deficit,
loss deduction, income tax, excess profits taxes, total tax, and compiled net profit
PART III. RETURNS WITH
[Money figures in
29
Number of returns '2_.
Receipts:
Gross sales "
Gross receipts from operations '^
Interest, not on Government obliga-
tions.
Rents and royalties '»
Net capital gain w _
Net gain, sales other than capital
as.sets.''
Dividends, domestic corporations '*-.
Dividends, foreign corporations ■'
Other receipts, not interest on Gov-
ernment obligations. 5»
Interest on Government obligations:
Subject to declared value excess-
profits tax. 2"
Wholly tax-exempt 21
Total compiled receipts 22
Deductions:
Cost of goods sold 23 _
Cost of operations 24. ._
Compensation of ofTicers
Rent paid on business property
Repairs 25
Bad debts
Interest paid
Taxes paid 26
Contributions or gifts ''
Depreciation
Depletion
Amortization 28
Net long-term capital loss "
Net loss, sales other than capital
assets."
Other deductions 1° -.
Total compiled deductions
Compiled net loss (13 less 29)_.-
Deficit 3 (30 loss 12)
Dividends paid: "
Cash and assets other than own
stock. 61
Corporation's own stock
Major industrial groups '
All indus-
trial groups
252, 065
14, 194, 259
6, 255, 053
1, 068, 034
749,911
30, 584
42, 061
168, 504
7,274
241,910
72, 831
225, 893
23, 056, 316
11,332,639
3, 450, 542
30 673, 838
577, 534
194,017
233, 953
1, 077, 851
930, 583
1,057
719, 385
101,717
1,044
444, 227
282, 533
31 5, 093, 297
32 25,114,217
2, 057, 902
2, 283, 795
200, 457
9,411
Mining and quarrying
Total
mining
and
quarrying
734, 667
73, 180
2,207
17, 793
2,618
1,952
3,037
7
12, 251
170
120
848, 003
530, 831
46, 747
16, 244
7,371
17, 646
6,933
29, 483
38, 688
17
57, 541
61,034
42
12,713
16, 925
115, 109
957, 324
109, 322
109, 442
14,628
2,056
Metal
mining
1,064
88,417
3,617
35
1,642
52
(")
104
94, 635
60, 884
1,758
837
171
1,717
2,207
2,603
6,779
(>')
5. 451
9,950
4
1,535
8,405
12, 485
114,785
20, 151
20, 188
1,048
Anthra-
cite
mining
77
101, 398
1,156
292
2,131
23
113
60
"'3,152'
60
4
108, 679
84, 107
867
559
421
3,223
2,932
5,078
3,521
(")
2,856
2,506
287
414
7,396
114, 168
6,489
5,492
Bitumi-
nous coal,
lignite,
peat, etc.
266, 744
18, 329
523
6,419
123
254
556
CO
3,111
296, 182
223, 316
12, 530
3,490
1,459
7,577
490
4,898
12, 391
1
12, 878
4,527
2
3,501
1,449
23, 247
311,756
15, 574
15, 617
2,296
For footnotes, see pp. 225-227.
SITATISTlICS OF INCOME FOR 19 40, PART 2
83
returns with net income, and returns with no net income: Number of returns, compiled
and dividends paid by type of dividend; also, for returns with net income: Net operating
less total tax — Continued
NO NET INCOME
thousands of dollars]
Major industrial groupo '—Continued
Mining and quarrying
— Contd.
Manufacturing
Crude pe-
troleum and
natural gas
production
Nonmetal-
lic mining
and
quarrying
Mining
and quarry-
ing not
allocable
Total manu-
facturing
Food and
kindred
products
Beverages
Tobacco
manu-
factures
Textile
mill
products
3,102
860
244
38, 420
4,934
1,320
162
2,109
1
230, 490
• 42,059
5,559
6, 063, 666
1, 088, 800
283, 211
25,349
721, 776
2
44, 431
4,976
672
168, 753
12, 530
1, 314
24
12, 601
3
1,248
95
14
13,385
887
190
90
837
4
7,085
453
63
20, 024
2,662
664
27
2,238
5
2,334
87
1
2,147
262
31
34
140
6
1,458
51
12
4,712
480
115
5
676
7
2,278
49
12,217
569
281
20
376
S
6
4,474
1
53
611
44, 036
85
9,146
2
1,991
218
4,613
q
496
156
10
27
2
2
539
92
42
7
42
11
32
4
422
164
8
5
26
1?
293, 862
48, 271
6,374
6, 330, 512
1,115,677
287, 880
25, 714
743, 443
13
127, 973
29, 852
4,698
4, 825, 425
896, 421
153, 676
18, 162
635, 230
14
28, 409
2,733
449
104, 724
5,643
412
(»)
9,383
15
8,818
2,431
107
174, 008
19, 988
6,017
884
14, 200
16
4,818
475
27
59, 061
6,300
1,633
197
3,826
17
3,131
1,796
201
56, 594
9,193
2,056
101
6,279
18
998
302
4
31,520
2,791
1,787
110
2,384
19
15,351
1,494
59
64,011
8,178
3,250
203
7,049
20
14, 200
1,440
357
197, 344
23, 639
63, 327
1,277
14, 427
21
14
1
(")
190
31
10
(")
11
22
32, 618
3,313
426
163, 570
23, 305
8,914
308
18, 081
23
43, 332
36
6,815
473
246
32, 492
405
33, 163
26
3
3,311
1
8
957
10
?4
?5
533
13
3,545
1,044
26
6,073
512
72
35, 518
3,748
2,962
1,844
4,455
27
62, 988
8,382
611
877, 473
149, 462
63,020
4,307
64,239
28
355, 605
53, 739
7,271
6, 655, 499
1,152,037
308, 030
30. 939
780, 619
29
61, 744
5,468
897
324, 987
36, 359
20, 151
5,224
37, 175
30
61,775
6,472
897
325, 409
36, 623
20, 159
5,230
37, 202
31
11,062
214
7
22,844
2,071
344
864
1,468
32
2,056
709
51
3
31
33
84
STATISTICS OF INCOME FOR 1940, PART 2
Table 3. — Corporation returns, 19^0, by major industrial groups, for all returns,
receipts, compiled deductions, compiled net profit or net loss, net income or deficit,
loss deduction, income tax, excess profits taxes, total tax, and compiled net profit
PART III. RETURNS WITH
[Money figures in
Number of returns "
Receipts:
Gross sales ".
Gross receipts from operations '*
Interest, not on Government obliga-
tions.
Rents and royalties i«.
Net capital pain "
Net gain, sales other than capital
assets."
Dividends, domestic corporations ". ..
Dividends, foreign corporations "
Other receipts, not interest on Gov-
ernment obligations."
Interest on Government obligations:
Subject to declared value excess-
profits tax. 20
Wholly tax-e.xempt 'i. ,
Total compiled receipts "
Deductions:
Cost of goods sold 23
Cost of operations 2<._.
Compensation of officers
Rent paid on business property
Repairs 2'
Bad debts
Interest paid
Taxes paid 28... _
Contributions or gifts ".
Depreciation
Depletion
Amortization 28_
Net long-term capital loss '»
Net loss, sales other than capital
assets. '7
Other deductions 6'
Total compiled deductions
Compiled net loss (13 less 29)
Deficit 3 (30 less 12)
Dividends paid: "
Cash and assets other than own stock ".
Corporation's own stock
Major industrial groups '—Continued
Manufacturing — Continued
Apparel
and prod-
ucts made
from fab-
rics
4,239
532, 916
20, 242
139
425
31
49
1
1,722
555, 638
444,608
14, 958
22, 097
8,369
898
2,325
2,546
7,049
35
2,966
1
(")
131
480
64,960
571, 426
Leather
and prod-
ucts
15, 787
15, 795
600
37
979
247, 704
1,189
374
306
21
45
124
8
1,414
1
12
251, 199
218, 058
471
6,415
2,526
1,117
747
1,687
3,687
2
2,711
8
1
360
448
23, 279
261, 517
10, 318
10, 330
234
Rubber
products
51, 633
143
64
27
4
57
62
140
52, 163
41, 193
74
1,316
323
682
267
378
1,823
(")
1,317
2
6,662
54, 131
Lumber
and tim-
ber basic
products
1,036
154, 802
3,078
268
1,366
258
484
112
0>)
2,521
162, 910
121, 490
1,439
3,610
962
2,183
1,370
3,869
4,659
2
5,637
3,974
2
7,190
1,641
21, 888
179, 916
1,969
1,997
17, 007
17, 009
1,638
Furniture
and fin-
ished lum-
ber prod-
ucts
2,099
218, 491
971
247
625
167
114
193
1
1,819
222, 677
174, 386
433
9,311
2,441
1,164
1,566
1,934
4,760
10
4,131
425
('■)
1,054
1,263
32, 140
235, 019
12,342
12, 357
891
349
For footnotes, see pp. 225-227.
STATISTICS OF INCOME FOR 194 0, PART 2
85
returns with net income, and returns with no net income: Number of returns, compiled
and dividends paid by type of dividend; also, for returns with net income: Net operating
less total tax — Continued
NO NET INCOME— Continued
thousands of dollars]
Major industrial groups '—Continued
Manufacturing
—Continued
Paper and
Printing and
Chemicals
Petroleum
Stone, clay,
Iron, steel,
Nonferrous
metals and
their prod-
ucts
Electrical
machinery
and equip-
ment
allied prod-
publishing
and allied
and coal
and glass
and prod-
ucts
industries
products
products
products
ucts
713
5,819
3,350
321
1,550
2,069
938
728
1
224, 673
427, 580
221, 323
561,719
131,060
449, 119
82, 132
108, 662
2
1,134
35, 906
3,058
59, 036
2,989
1,671
749
626
3
6,635
506
343
998
120
415
45
134
4
1,155
2,027
802
3,123
690
1,126
183
356
5
173
117
147
28
99
118
8
14
6
73
152
78
290
109
113
10
21
7
503
268
564
8,351
80
203
25
31
8
CO
15
54
16
(")
206
(")
1
9
1,127
4,083
1,900
5,709
1,273
1,577
263
805
10
22
84
45
7
10
62
3
(")
11
15
33
31
7
14
14
2
1
12
235, 510
470, 773
228, 344
639, 284
136, 444
454, 623
83, 419
110,653
13
183, 890
294, 125
160, 078
448, 369
98, 074
361, 154
68, 183
86, 636
14
173
16, 778
1,451
40, 456
2,417
1,057
407
362
15
5,181
26, 226
10, 391
2,242
5,960
9,864
3,999
3,245
16
2,225
9,605
2,389
6,962
1,180
2,608
936
1,032
17
4,014
1,577
1,474
5,834
2,454
12, 331
474
934
18
2,675
3,328
3,247
1,735
724
1,197
233
698
19
8,679
4,243
2,354
6,868
2,647
3,807
433
690
20
5,064
10, 082
5,351
20, 413
3,869
10, 540
1,592
2,622
21
13
32
9
(")
7
8
3
1
22
7,190
9,323
5,647
32, 131
7,253
16, 191
1,727
2,306
23
377
3
66
27, 329
206
7
3
2
24
30
6
38
3
1
5
12
96
25
1,635
3,220
803
4,314
1,392
1,096
212
269
26
1,218
4,147
623
901
1,166
2,917
1,717
308
27
22,004
118, 367
51, 439
61, 605
21, 325
53, 108
8,262
18, 735
28
244, 368
501. 065
245, 359
659, 162
148, 675
475, 891
88, 193
117,937
29
8,858
30, 291
17,015
19, 878
12, 230
21,268
4,774
7,285
30
8,872
30,325
17, 046
19,885
12, 244
21, 283
4,776
7,286
31
328
1,097
10
595
39
10,603
277
486
59
12
79
32
33
86
STATISTICS OF INCOME FOR 194 0, PART 2
Table 3. — Corporation returns, 1940, by major industrial groups, for all returns,
receipts, compiled deductions, compiled net profit or net loss, net income or deficit,
loss deduction, income tax, excess profits taxes, total tax, and compiled net profit
PART III. RETURNS WITH
[Money figures in
Major industrial groups ' — Continued
Manufacturing — Continued
Machin-
ery, ex-
cept trans-
portation
equip-
ment and
electrical
Automo-
biles and
equip-
ment, ex-
cept
electrical
Transpor-
tation
equip-
ment, ex-
cept auto-
mobiles
Other
manufac-
turing
Manufac-
turing not
allocable
Number of returns '2...
Receipts:
Gross sales"
Gross receipts from operations '<
Interest, not on Government obliga-
tions.
Rents and royalties "
Net capital gain 'b
Net gain, sales other than capital
assets.!'
Dividends, domestic corporations '8
Dividends, foreign corporations!'
Other receipts, not interest on Govern-
ment obligations. 5»
Interest on Government obligations:
Subject to declared value excess-
profits tax. 20
Wholly tax-exempt 21
Total compiled receipts 22
Deductions:
Cost of goods sold 23
Cost of operations -*
Compensation of officers
Rent paid on business property
Repairs 25
Bad debts
Interest paid
Taxes paid 26
Contributions or gifts 2?
Depreciation
Depletion
Amortization 28
Net long-term capital loss i'
Net loss, sales other than capital
assets.!'
Other deductions ^o.
Total compiled deductions
Compiled net loss (13 less 29)-.
Deficits (30 less 12)
Dividends paid: 5'
Cash and assets other than own
stock. 6!
Corporation's own stock
2,006
361
2,045
179, 937
1,948
685
890
132
371
148
(")
1,538
115, 949
35
77
372
15
1,310
4
429'
(")
42, 038
6,206
54
124
260
134
428
2
2
136, 015
2,308
237
639
57
54
207
(")
1,034
185, 716
118, 190
49, 253
140, 573
136, 747
1,249
8,486
1,500
1,421
2,244
2,073
4,369
5,431
5
148
524
940
34, 169
103,070
7
1,643
.341
748
218
608
2,921
1
3,517
37, 115
5,608
1,466
416
702
101
447
1,643
1
1,328
13
124
1,331
13, 057
34
95
2,229
6,843
1,300
8,311
2,426
579
1,220
1,439
3,037
5
2, 707
25
2
388
771
29, 201
199, 312
127, 601
57, 027
150, 2d0
13, 596
13, 628
470
70
9,410
9,411
(»)
7,774
7,776
9,686
9,690
406
12
1,085
58, 776
967
40
197
27
23
41
4
350
(»)
60, 428
45, 913
645
3,156
861
376
554
630
1,193
3
1,450
21
3
1,414
396
10, 401
67, 016
6,588
6,588
7S
For footnotes, see pp. 225-227.
STATISTICS OF INCOME FOR 194 0, PART 2
87
returns with net income, and returns with no net income: Number of returns, compiled
and dividends paid by type of dividend; also, for returns with net income: Net operating
less total tax — Continued
NO NET INCOME— Continuod
thousands of dollars]
Major industrial groups
'—Continued
Public utilities
Trade
Total public
Transpor-
Communi-
Other pub-
Total trade
Wholesale
utilities
tation
cation
lic utilities
Total
Commis-
Other
wholesale
sion mer-
chants
whole-
salers
10, 574
7,332
1,890
1,362
68,083
15, 206
2,233
12, 973
1
63,627
60, 306
147
3,173
6,923,877
2,689,165
80, 663
2, 608, 602
2
3,048,770
2,784,948
53, 818
210, 004
169,028
83, 732
36,431
47, 301
3
24, 625
23, 816
41
769
8,740
2,762
616
2,146
4
75,919
74, 846
492
581
18, 666
4,566
483
4,083
6
736
580
1
156
2,117
580
77
603
fi
1,994
1,691
1
302
2,166
573
37
537
7
16, 335
16, 205
29
101
2,033
851
187
664
8
59
35,607
6
30,306
53
4,763
88
66, 759
74
18, 462
43
3,157
31
15,306
q
538
10
277
251
1
26
245
90
6
85
11
521
503
5
13
222
93
6
83
12
3,268,471
2,993,458
55,073
219, 939
7,193,940
2,800,950
121,604
2,679,347
13
45,484
42, 780
60
2,654
5, 641, 373
2,384,591
74,807
2, 309, 784
14
2,125,653
1,991,118
34,066
100, 468
89, 467
39, 252
9,530
29, 722
15
27, 958
24, 944
903
2,111
214, 998
65, 595
9,772
55, 823
16
186, 958
181,591
1,561
3,806
161, 323
20, 691
2,066
18, 525
17
11, 702
9, 953
982
766
17, 976
3,327
145
3,182
18
6,145
3,931
421
793
38, 828
16, 538
1,514
14, 024
19
446, 622
406, 756
4,003
35, 863
32, 404
10, 226
826
9,400
20
231,367
210, 498
3,091
17, 778
80, 326
18, 665
1,156
17, 399
21
56
32
6
19
398
96
11
85
22
127, 787
93, 140
7,384
27, 263
61, 628
14,088
764
13, 324
23
1,018
411
(")
607
378
86
29
58
24
14
8
3
3
362
259
218
41
25
28, 673
27, 051
65
1,667
12, 703
6,513
803
5,710
26
22,063
20, 300
189
1,674
9,200
2,497
74
2,422
27
286, 478
233, 580
9,479
43, 413
1,020,352
279, 873
25, 143
254, 730
28
3,546,978
3, 246, 098
62, 193
238, 686
7,381,618
2,861,087
126, 857
2, 734, 230
29
278, 508
252, 640
7,120
18, 747
187, 677
60, 137
6,263
64,884
30
279,029
253, 143
7,126
18, 760
187, 899
60, 229
6,258
64, 972
31
21, 658
11,491
805
9,362
7,727
2,946
620
2,326
32
99
85
15
323
177
4
173
31
88
STATISTICS OF INCOME FOR 194 0, PART 2
Table 3. — Corporation returns, 1940, by major industrial groups, jor all returns,
receipts, compiled deductions, compiled net profit or net loss, net income or deficit,
loss deduction, income tax, excess profits taxes, total tax, and compiled net profit
PART III. RETURNS WITH
[Money figures in
Major industrial groups '—Continued
Trade— Continued
Retail
Total retail
General
merchan-
dise
Food
stores,
including
market
milk
dealer?
Package
liquor
stores
Drug
stores
Number of returns '2
Receipts;
Gross sales "__
Gross receipts from operations '<
Interest, not on Government obliga-
tions.
Rents and royalties "
Net capital gain i*
Net gain, sales other than capital
assets."
Dividends, domestic corporations ■*
Dividends, foreign corporations "
Other receipts, not interest on Gov-
ernment obligations."
Interest on Government obligations:
Subject to declared value excess-
jiroflts tax.zo
Wholly ta.x-exempt 2'.
Total compiled receipts '2
Deductions:
Cost of goods sold ^s.
Cost of operations ■*
Compensation of officers
Rent paid on business property
Repairs "_
Bad debts.-
Interest paid
Taxes paid ^e
Contributions or gifts"
Depreciation _..
Depletion
Amortization 28
Net long-term capital loss '«
Net loss, sales other than capital
assets."
Other deductions s"
Total compiled deductions.--
Compiled net loss (13 less 29)
Deficit 3 (30 less 12).-_.
Dividends paid: "
Cash and assets other than own stock '•.
Corporation's own stock.
45, 179
4,368
970
3, 483, 039
68, 269
4,857
11, 693
1,434
1,202
844
8
42, 478
101
87
281, 755
3,707
1,103
1,350
961
214
115
1
4,692
578, 266
9,922
150
1,361
58
184
244
2
2,038
40,648
332
7
23
1
14
47
3, 614, 014
293, 921
592, 283
41,073
2, 646, 499
38,814
125, 276
129, 109
12, 347
18, 183
17, 794
52, 222
237
39, 617
246
84
4,803
5,059
205, 705
1,155
7,610
9,950
951
3,653
1,579
4,790
22
2,655
1
2
1,646
65, 170
461, 397
6,187
12, 059
12,517
3,179
1,077
2,317
7,904
19
8,847
2
5
265
925
87, 913
31, 797
248
2,508
1,468
63
38
77
911
4
273
(»)
2
1
14
4,552
3, 718, 979
305, 078
604,611
41, 955
104, 966
105, 053
3,263
103
11, 157
11, 163
326
10
12, 328
12, 366
241
2
882
3,476
168, 177
1,475
22
553
22
48
1,394
3
2
171, 706
122, 328
714
7,658
10, 023
455
177
443
2,634
21
2, 091!
2
8
38
75
29, 083
175, 749
4,043
4,046
For footnotes, see pp. 225-227.
STATISTICS OF INCOME FOR 1940, PART 2
«U
returns with net income, and returns with no net income: Number oj returns, cornpiled
and dividends paid by type of dividend; also, for returns with net incom$: Net operating
less total tax — Continued
NO NET INCOME— Continued
thousands of dollars]
Major industrial groups '—Continued
Trade— Continued
Retail— Continued
Apparel
and
accessories
Furniture
and house
furnish-
ings
Eating and
drinking
places
Automo-
tive
dealers
Filling
stations
Hardware
Building
materials,
fuel, and
ice
Other
retail
trade
6.227
2,699
6,945
4,456
1,596
1,485
3,721
4,065
1
375, 825
154, 509
333, 299
772, 178
79, 292
50, 658
286,728
226, 491
2
3,418
3,049
15, 377
14, 173
2,590
332
4,601
6,984
c
238
545
236
1,024
23
98
497
657
4
1,178
518
2,097
722
515
188
1,493
1,258
5
28
26
26
47
32
9
154
43
6
43
16
188
80
33
6
216
126
7
43
48
4
20
(»)
6,674
9
1
489
5
183
1
2,890
119
2
3,320
8
q
7,268
8,377
1,630
491
10
3
10
13
2
(")
4
18
10
11
6
13
4
1
^...
4
10
3
12
388, 049
167, 111
352, 874
794, 922
82, 984
51, 795
296, 792
239, 012
13
252, 880
99, 133
198, 167
678, 743
61, 967
39, 204
224, 140
163, 613
14
1,755
935
8, 979
10. 573
1,628
209
3,095
2,086
15
19, 166
9,919
15, 520
15,319
3,238
3,283
12, 021
11,943
16
31, 056
7,060
25, 157
8,872
3,041
1,634
2,901
12, 402
17
644
392
2,743
1,198
237
78
1,543
491
Id
1,642
2,155
325
2,772
321
469
3,122
1,360
19
1,286
1,540
1,690
3,665
366
322
2,243
1,380
2t
5,044
2,629
9,221
5,215
1,833
811
4,613
4,672
21
24
30
34
32
4
6
20
11
22
3,575
1,325
8,746
2,539
1,088
393
4,309
2,353
2J
30
2
13
5
2
(")
74
108
24
12
(»)
16
23
(»)
(")
8
3
25
668
115
198
438
44
42
987
316
26
459
14i3
333
446
62
69
728
1,471
27
84, 626
49, 050
94, 862
76, 184
11,290
7,428
47, 184
47, 767
28
402, 866
174, 428
366, 003
806, 025
85, 110
53, 949
306, 988
249, 966
29
14,817
7,317
13, 120
11, 103
2,127
2,154
10, 196
10, 954
30
14,823
7,330
13, 134
11, 104
2,127
2,157
10,206
10, 957
31
382
129
70
535
19
23
632
650
32
18
2
52
6
6
1
3;j
90
STATISTICS OF INCOME FOR 1940, PART 2
Table 3. — Corporation returns, 1940, by major industrial groups, for all returns,
receipts,- covipiled deductions, compiled net profit or net loss, net income or deficit,
loss deduction, income tax, excess profits taxes, total tax, and compiled net profit
PART III. RETURNS WITH
[Money figures in
Number of returns "
Receipts:
Gross sales " -.
Gross receipts from operations '■' -
Interest, not on Government obligations.
Rents and royalties '5...
Net capital gain '^
Net gain, sales other than capital assets i'
Dividends, domestic corporations "
Dividends, foreign corporations '«
Other receipts, not interest on Government
obligations 59.
Interest on Government obligations:
Subject to declared value excess-profits tax 2"
Wholly tax-exempt 21 _.
Total compiled receipts "
Deductions:
Cost of goods sold 2'. -
Cost of operations 8*
Compensation of officers
Rent paid on business property
Repairs ^
Bad debts.
Interest paid
Taxes paid 29.
Contributions or gifts "
Depreciation
Depletion
Amortization 28
Net long-term capital loss "
Net loss, sales other than capital assets "
Other deductions ^o
Total compiled deductions
Compiled net loss (13 less 29)
Deficit 3 (30 less 12)
Dividends paid: "
Cash and assets other than own stock "
Corporation's ovrn stock...
Major industrial groups ^ — Continued
Trade—Continued
Retail-
Con.
Retail
trade not
allocable
2,244
135, 212
2,308
257
436
27
33
45
CO
3,171
141,492
107, 427
1,250
5,034
3,026
374
1,072
885
1,943
13
1,425
8
5
46
155
23, 587
146, 250
4,758
4,759
323
7
Trade not
allocable
751, 674
17, 026
1,120
2,406
103
390
338
6
5,819
778, 977
610,283
11,400
24, 126
11,622
2,303
6,108
4,384
9,550
65
7,823
45
19
1,387
1,644
111,791
801,551
22, 575
22, 617
1,518
43
Service
Total
service
25, 294
179, 624
990, 718
2,973
30, 858
553
628
1,276
489
20, 977
109
166
1,228,371
110,027
500, 519
67,815
79, 055
20, 377
12,648
30, 572
48, 422
107
58, 916
49
36
5, 424
5,191
384, 398
1,323,556
95, 185
95, 351
1,419
496
Hotels and
other lodg-
ing places
3,134
93, 347
223, 318
314
15, 710
170
140
657
9
4,293
10
337, 876
55, 532
100, 378
6,939
20, 457
12, 182
1,799
19,612
24, 861
13
28,211
1
4
3,035
1,755
94, 840
369, 618
31, 742
31,753
232
191
For footnotes, see pp. 225-227.
STATISTICS OF INCOME FOR 1940, PART 2
91
returns with net income, and returns with no net income: Number of returns, compiled
and dividends paid by type of dividend; also, for returns with net income: Net operating
less total tax — Continued
NO NET INCOME— Continued
thousands of dollars]
Major industrial groups '—Continued
Service— Continued
Automotive
Miscella-
Amuse-
Other
service,
including
schools
Personal
service
Business
service
repair
services
and
neous re-
pair serv-
ices, hand
Motion
pictures
ment, ex-
cept mo-
tion pic-
Service
not
allocable
garages
trades
tures
5,493
4,315
2,530
825
2,118
3,330
3,438
111
1
29, 762
10, 627
21,412
6.044
2,429
7,702
9. -150
151
2
198, 038
143, 033
53, 895
11,820
186, 312
73, 108
99, 313
1,882
3
97
1,421
46
5
131
73
880
5
4
709
3,191
2,660
46
4,574
2.061
1,900
7
5
38
104
21
3
39
74
104
(")
6
95
115
20
17
71
135
36
(»)
7
31
124
11
(")
110
355
87
1
8
73
1,121
158
6.363
244
2,421
3
2,724
2
3,912
q
998
112
33
10
11
7
68
24
1
3
(»)
7
3
4
17
111
11
^?.
229, 983
164, 229
79. 066
17,046
196. 338
86, 242
115, 611
2,081
13
16, 222
8,093
14, 923
3,239
1,726
4,681
5,509
102
14
113,693
86, 892
28,950
7,653
85, 870
38, 595
37, 747
843
15
18, 203
15, 675
5,534
1,933
5,463
4,232
9,359
477
16
9,641
4,941
10, 485
643
20, 826
5,457
6,493
111
17
2,940
541
442
65
1,478
1,820
899
9
18
2,620
6,038
458
112
352
218
1,044
7
19
2,191
1,735
1,225
82
2,549
1,775
1,368
36
20
6,437
2,846
2,363
360
4,556
4,147
2,801
51
21
36
15
7
2
5
7
22
1
22
9,196
3,836
2,170
321
6,747
6,301
3,074
59
23
4
1
252
1
4
217
1
5
177
6
13
11
804
9
3
527
14
8
378
?4
26
8
27
26
356
256
447
26
206
1,120
1.025
(")
27
58, 161
49, 980
15, 656
3.344
77, 245
29, 263
65, 333
576
28
239, 852
181, 068
82, 842
17. 795
206, 852
98, 158
125, 074
2,298
29
9,869
16, 839
3,776
749
10, 514
11,915
9,563
217
30
9,876
16, 863
3,779
749
10, 522
11,919
9,674
217
3i
290
205
15
40
6
24
329
285
206
86
6
32
83
525003 — i4
92
STATISTICS OF IXCOME FOR 19 40, PART 2
Table 3. — Corporation returns, 19^0, by major industrial groups, for all returns,
receipts, compiled deductions, compiled net profit or net loss, nd income or deficit,
loss deduction, income tax, excess profits taxes, total tax, and compiled net profit
PART in. RETUKN'S WITH
[Money figures in
Major industrial groups "—Con.
Finance, insurant, real estate, and
(lessors of real property,'
Total
finance, in-
surance, real
estate, and
lessors of
real property
Finance
Total
finance
Banks and
trust com-
panies
Number of retnms ".
S3. 614
Receipts:
Gross ssles '*
Gross receipts from operations -*
fiiterest, not on GoTemmeni obligations
Rents and royalties n
Net capital gain '*
Net gain, sales other than capital assets -'
Dividends, domestic corporations ^*
Dividends, foreign corporations i»
Other receipts, not interest on Government obligations *•_
Interest on Government obligations:
Subject to declared value excess-profits tax *
■Wholly tax-exempt *"
Total compfled receipts **.
Deductions:
Cost of goods sold ".
Cost of operations '*
Compensation of officers..
Rent paid on business property
Repairs **
Bad debts
Interest paid
Taxes paid *•
Contributions or gifts ^
Depreciation
Depletion
AJEortiration »
Net loEg-tenn capital loss '•
Net loss, sa]es other than capital assets "
Other deducrlons '■'■
30.107
1.211.160
1, 013. 105
576. 942
21.053
28.79S
130.845
5,950
51,476
71.337
224. 23S
a 355. 013
15.441
9Z849
M 125, 622
75.371
62,915
127,159
460,764
315.584
231
227.226
5,293
157
311,295
176,221
»: Z 297. 1&4
Total compiled deductions " 4. 293. 312
Campfled net loss (13 less 29)
Deficit * (SOless 12)
Dividends paid:*^
Cash and assets other than own stock s.
Corporation's own stock
15.064
1. 052
97. 724
225. &42
42. 60S
14S33
14.834
87,691
5.589
23.967
21.770
42.047
951
11.735
60,671
14.344
4.814
107, 321
172,232
31, 510
15
19.558
219
67
257, 371
89.697
223.756
994.261
4.451
4S. 174
156.370
21.419
10.796
628
4.363
208
9.609
20.969
39,732
312,267
113
36.621
6.838
2,905
45,085
57.456
18.481
6
11,901
11
I
39.287
9,793
124.345
352,841
For footnotes, see pp. 225-227.
STATISTICS OF INCOME FOR 1940, PAET 2
93
returns with net income, and returns with no net income: Number of returns, compiled
and dividends paid by type of dividend; also, for returns with net income: Net operaiing
less total tax — Continued
NO NET INCOME— Continned.
thoDsands of dollars]
Major industrial groups '-
-Continued
Finance, insurance, real estate, and lessors of real property— Continued
Finance— Continued
Long-term
credit
Short-term
Investment
Other invest-
ment com-
Security and
commodity-
exchange
agencies.
credit
trusts and
panies, in-
Other finance
Finance not
mortgage
agencies,
investment
cluding hold-
compames
allocable
companies,
except banks
companies '
mg compa-
dealers
except banks
nies »'«
1.878
1,924
1,654
809
1.125
1,219
2,004
I
615
11. 353
60
3,113
377
2,417
2
4.960
2.576
20,929
4,203
3
9.536
14,309
7,444
29,440
991
3,276
4,277
4
10,942
505
616
2,285
379
5,686
776
6
563
181
1,536
580
685
205
287
ft
231
108
1.339
37
11, 759
76
606
224
437
30,445
49,744
1,033
588
855
R
1
1,402
848
1,468
4,495
5,567
21
1,515
3
875
13
978
^
2,553
10
254
7
152
157
156
15
60
11
986
7
244
242
437
43
355
IX
30,248
28. 926
46,719
95,722
37,904
13, 562
12.407
la
525
1,991
94
95
332
1,258
14
706
1,146
5,253
1,173
l."*
2,276
3,868
2,599
3,360
8,456
1,521
1,971
1ft
478
971
386
1,357
3,652
307
355
17
8S0
119
109
209
77
435
80
18
7,084
3.848
21.748
12, 641
1,255
8,077
7.582
ID
10. 278
5,325
18, 181
71, 719
2,192
2,919
4.162
20
3,300
907
2,477
2,738
1,390
1,106
1.112
21
1
3
(»)
(»)
4
(")
(")
22
1,992
356
256
1.332
369
2,951
401
23
17
2
110
28
16
11
24
24
7
5
0')
2
52
?5
2,064
2,930
103. 577
93, 511
1.297
2,889
11.815
2fi
5,102
678
2.628
60.004
3,211
5,817
2.464
27
18.068
13,377
9,516
19, 979
22,485
9, 248
6,738
28
52.245
34,907
162. 741
267.068
49,660
36.923
37. 876
29
21. 997
5,982
116.022
171, 346
11, 755
23.361
25.46S
.SO
22,982
5,989
116,266
171, 589
12,193
23,404
25,823
31
1.059
1,513
17,148
26, 715
6,845
388
1,791
32
2,584
28
21
'
^^
94
STATISTICS OF INCOME FOR 1940, PART 2
Table 3. — Corporation returns, 1940, by major industrial groups, for all returns,
receipts, compiled deductions, compiled net profit or net loss, net income or deficit,
loss deduction, income tax, excess profits taxes, total tax, and compiled net profit
PART III. RETURNS WITH
[Money figures in
Number of returns ".
Receipts:
Gross sales ".. -
Gross receipts from operations ><
Interest, not on Government obligations. -.
Rents and royalties n .- -.
Net capital gain '6 ,
Net gain, sales other than capital assets "
Dividends, domestic corporations '8. —
Dividends, foreign corporations "
Other receipts, not interest on Government obliga-
tions.'"
Interest on Government obligations:
Subject to declared value excess-profits tax s'
Wholly tax-exempt" -
Total compiled receipts ".
Deductions:
Cost of goods sold ^
Cost of operations '*
Compensation of officers
Rent paid on business property
Repairs "
Bad debts
Interest paid
Taxes paid 2« -.
Contributions or gifts " -.
Depreciation
Depletion
Amortization 28
Net long-term capital loss '«
Net loss, sales other than capital assets ".
Other deductions ^o
Total compiled deductions -
Compiled net loss (13 less 29)
Deficit 3 (30 less 12)....
Dividends paid: «'
Cash and assets other than own stock ".
Corporation's own stock
Major industrial groups '—Continued
Finance, insurance, real estate, and
lessors of real property — Continued
Insinrance carriers, agents, etc.
Total insur-
ance carriers,
agents, etc.
4,131
504, 423
772, 187
174, 676
1,323
169
35, 855
260
4,127
49,317
181, 796
1, 724, 133
M 15, 764
5,192
700
2,154
47, 052
60,617
13
37, 727
4
17, 960
1,893
31 1, 740, 218
32 1,938,243
214,110
395, 906
28,448
176
Insurance
carriers
1,101
466, 415
772. 034
174, 425
1,295
126
35, 800
260
2,456
49, 312
181, 788
«8 1, 683, 910
466
«o 3, 580
3,247
619
1,.529
46, 552
59, 802
1
37, 352
17. 644
1,845
3" 1, 722, 572
32 1,895,211
211,301
393, 089
28, 313
158
Insurance
agents,
brokers, etc.
3,030
38,008
153
252
28
43
65
(")
1,671
40,224
8,482
12, 184
1,945
81
625
500
814
12
376
(")
4
316
48
17, 646
43, 032
2,809
2,817
135
18
For footnotes, see pp. 225-227.
STATISTICiS OF INICOME FOiR 1940, PART 2
95
returns with net income, and returns with no net income: Number of returns, compiled
and dividends paid by type of dividend; also, for returns with net income: Net operating
less total tax — Continued
NO NET INCOME— Continued
thousands of dollars]
Major industrial groups '— Continued
Finance, insurance, real
estate, and lessors of
Agriculture, forestry, and fishery
real property— Contd.
Construc-
tion
Nature of
business
not allo-
Eeal estate.
Lessors of
Total ag-
Agriculture
and serv-
cable, ex-
including
lessors of
real prop-
erty, except
riculture,
forestry.
Forestry
Fishery
cept trade
buildings
buildings
and fishery
59. 909
4,510
9,033
6, 187
4,577
400
210
5,433
1
18, 381
673
61, 720
124, 510
115, 873
4.140
4,497
22, 460
2
607, 085
1,929
552, 835
24, 306
21, 158
1,643
1,606
16, 302
3
14, 435
842
690
1,025
758
228
39
1, 2S4
4
325, 785
33, 873
2,858
3,491
3,312
151
28
3,361
5
4,610
288
345
664
275
382
7
350
tt
13. 488
307
781
584
464
112
9
445
7
5,902
1,398
601
1,206
1,118
84
4
954
8
70
20, 718
31
2,663
14
4,407
18
3,374
11
2,960
7
319
38
3,022
• 4
95
10
227
23
76
21
14
4
3
68
11
369
27
87
43
35
5
2
74
12
1,011,070
42, 054
624. 415
159, 243
145, 979
6,974
6.290
48, 348
13
13, 935
555
48, 965
97, 203
90, 291
3,466
3,447
17, 891
14
71,916
249
474. 206
11, 100
9,747
414
940
5.278
15
46, 987
2,201
32, 843
7,778
7,049
364
365
6,572
16
54, 704
1,131
4,676
2,327
2,146
61
120
1,392
17
66, 816
585
3,717
2,592
2,368
21
203
498
18
15. 619
2,066
3,806
1,790
1,494
259
36
6,123
19
222. 176
19, 304
3,273
7,259
6,096
1,026
138
3,462
20
214, 664
8,793
9,547
6,353
5,229
968
156
2,951
21
201
2
40
10
9
(")
00
9
22
165, 171
4,770
11, 497
8,822
7,967
407
448
2,498
23
333
4,741
61
1,175
81
1,092
3
215
24
82
32, 232
3
3,732
12
2,379
6
7,244
6
5, 662
(")
1,425
10
30, 632
'^5
157
26
80. Ul
4,090
1,302
4,977
2,130
2,831
17
11, 136
27
321, 408
11,802
61,867
32,871
28,730
2,698
1,443
17,566
28
1, 296, 785
64, 024
658, 189
191, 507
169, 004
15,030
7.473
106, 233
29
285. 715
21,970
33, 774
32, 264
23, 025
8,056
1,182
57, 886
30
286, 084
21, 996
33, 861
32, 307
23, 061
8,061
1,185
57, 959
31
12,429
2,291
1,055
1,486
591
S85
10
10, 479
32
386
25
171
24
24
(")
50
33
96
STATISTICS OF EN'COME FOR 19 4 0, PART 2
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STATISTICS OF INlOOOVLE FOR 1940, PART 2
133
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134
STATISTICS OF IIsX'OME FOR 1940, PART 2
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STATISTICS OF liNlOOiME FOR 1940, PART 2
135
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136
STATISTICS OP INCOME' FOR 19 40, PART 2
Table 6.- — Corporation returns with balance sheets, 1940, hy total assets classes
net income:^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns ivith net income, the total tax.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable *^
Total assets
classes *'
returns
with
Cash 36
accounts
receiv-
Inven-
tories
Invest-
ments <5
assets 38
(less re-
assets-
Total
balance
able "
serves)
liabilities 3'
sheets "
ALL INDUSTRIAL GROUPS—
1
87, 705
34, 656
37, 250
18,802
12,043
12,545
1,924
1,742
292
311
213, 847
219, 883
520.. 059
704, 924
1, 064, 839
3, 692, 212
1. 887, 763
5, 381, 162
2, 731, 175
19, 132, 203
500, 378
627, 196
1,513,460
1, 733, 908
2,14.5,014
5, 840, 752
2,515,834
5, 550, 957
2,421,219
13,118,072
385, 885
481,207
1, 028. 144
996, 961
1, 128, 194
2, 958, 886
1,286,718
3, 005, 684
1, 583, 334
4, 283, 145
87, 242
136, 105
463, 884
784, 392
1, 283, 755
5,761,232
3, 466, 164
10, 166. 453
5, 503, 434
39, 441, 038
675, 229
948, 567
2, 226, 549
2, 254, 622
2.614,619
7, 473, 941
3, 999, 579
11,372,563
7, 4.';3. 361
29, 943, 885
1,919.211
2, 479, 679
5,906,127
6, 632, 647
8,423,216
26, 242, 965
13,435,506
36, 167, 468
20, 150, 564
107,301,486
581, 953
611,677
1, 216, 828
1,091,870
1,130,014
2, 667, 237
1, 127, 564
2,316,130
971,377
4, 239, 823
60 -
100
250
600
1,000
6,000
10,000 -
60,000
100,000
Total...
207, 270
35,548,069
35, 966, 789
17, 138, 158
07, 093, 699
68,962,915
228, 658, 869
15, 954, 472
ALL INDUSTRIAL GROUPS—
1
137, 295
26, 397
21, 809
9,030
5,462
5,082
679
524
76
92
139, 857
77, 029
132, 804
161, 804
273, 324
1,010,841
515,878
1, 061, 352
469, 240
2, 033, 171
457, 769
314, 800
501,517
4,56,670
541, 567
1, 515, 431
588, 839
1,039,163
401, 200
1, OSO, 472
351, 879
212, 027
302, 360
206, 802
194, 302
404,017
147,331
230. 097
40,720
235, 440
118,382
132. 602
316, 779
441,809
703, 237
2, 717, 6.58
1, 446, 200
4, 289, 077
2, 357, 607
30, 381, 519
1, 064, 342
1,066,318
2, 052, 048
1, 801, 869
1, 992, 402
4, 613, 568
1, 894, 261
3, 349, 617
1,929,382
11, 487, 244
2, 216, 902
1, 862, 242
3, 409, 806
3,154,522
3, 801, 120
10,513,522
4, 706, 774
10, 320, 693
5,414,234
46, 410, 027
1, 027, 594
539, 836
769, 601
572, 384
583, 503
1,171,982
422,317
609, 752
180, 320
850, 963
60
100
250
600
1,000
5,000
10,000
60,000
100,000
Total...
206, 446
5, 875, 301
6,897,427
2,324,976
42, 904. 869
31,251,052
91, 818, 842
6, 728, 253
TOTAL MINING AND QUARRYING—
1
1,218
576
718
428
288
310
61
55
5
10
2,865
3,769
9,788
13, 939
16, 120
53, 280
38, 877
115,579
46, 182
117,738
4.934
7,608
20,311
22, 946
31,485
67, 153
44, 907
77, 342
9,597
109, 905
705
l.OU
3, 659
5,681
5, 751
28, 247
17, ,562
72, 637
29, 299
88, 638
857
1,753
6, 492
12, 200
16, 146
93, 258
88, 828
237, 139
82, 434
565, 955
17, 287
25, 488
71,081
93, 396
124,571
397, 363
243, 739
60S, 293
196. 838
961, 324
27, 388
41, 151
115,975
153,428
199, 222
659, 237
443, 158
1, 126, 709
370, 656
1, 926, 772
8,474
9 304
23, 948
24, 6.54
30, 046
52, 617
39, 935
72, 331
4, 369
61, 504
60
100
250
500
1,000
5,000
10,000
50,000
100,000
Total...
3,669
418, 135
396, 188
253, 220
1,105,063
2, 739. 380
5, 063, 696
327, 182
TOTAL MINING AND QUARRYING-
1 _
2, 559
838
798
405
272
269
38
33
4
2,351
2,197
3,867
4,139
6,516
17, 359
8,570
16,941
7,602
6,446
7,209
13, 463
13, 834
14,818
47, 902
18. 468
28, 030
9,228
1,172
1,720
3,204
2,654
3,877
12, 157
6,739
18, 965
5,662
2, 436
3, (>68
9,586
10, 489
1,S, 478
67, 743
29, 004
83, 132
28, 899
33, 667
43, 107
91,666
107, 157
138, 531
414,316
191,943
446, 382
225, 629
48, 567
60, 416
127, 184
144, 353
186, 466
574, 890
264, 653
602, 997
289, 262
28, 755
25, 448
.36. 096
36, 043
47. 177
96, 308
44, 536
108, 542
3,407
60
100
250
500
1,000 -
5,000
10,000
50,000
100,000
Total.. -
6,216
69,541
159, 397
56, 148
250, 436
1,692,400
2, 298, 788
426, 313
For footnotes, see pp. 225-227.
STATISTICS OF ENlCOOVLE FOR 1940, PART 2
137
and by major industrial groups,'^ for returns with net income and returns with no
compiled net profit or net toss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable ^'
Capital
stock J8
Surplus and
undivided
profits *9
(less defi-
cit) <2
Gross sales
and gross
receipts
from opera-
tions 50
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit ^
Total
taxM
Divi-
dends
paid M
RETURNS WITH NET INCOME
184, 740
1, 006, 882
23, 750
5, 147, 006
5, 276, 982
155, 204
155, 039
23, 615
49, 781
312,541
1, 067, 271
344, 877
5, 204, 384
5, 397, 438
176, 571
176, 036
30, 388
59, 607
794, 162
2, 318, 030
1, 063, 700
9,941,911
10, 234, 559
420, 599
419, 458
82, 876
147, 264
772, 703
2, 325, 159
1, 359, 088
8, 401, 122
8, 680, 053
459, 543
456, 090
102, 366
174, 457
804, 197
2, 763, 227
1,788,466
8,610,956
8, 932, 843
561,316
554, 127
134, 567
213,046
2, 163, 773
7, 942, 879
6, 349, 406
19, 804, 740
20, 696, 174
1, 725, 202
1, 696, 518
424, 177
724, 495
1,175,410
3, 964, 849
3, 582, 680
7, 732, 692
8, 150, 400
826, 576
812, 701
211,899
374, 765
4, 148, 084
10, 845, 691
8, 929, 143
18, 895, 694
19, 877, 127
2, 081, 431
2, 046, 028
506, 256
1, 101, 359
3, 647, 242
6, 034, 792
4, 235, .511
7, 379, 340
7, 913, 8.50
1, 064, 221
1, 047, 630
244, 953
624, 168
14,652, 050
30,711,734
19, 574, 495
25, 895, 767
28, 293, 174
3, 797, 345
3, 704, 768
763, 804
2, 368, 875
28,654, 902
68, 980, 515
47,251,116
117,073,613
123, 452, 599
11, 268, 009
11, 068, 395
2, 524, 901
5, 837, 806
RETURNS WITH NO NET INCOME
1, 714, 755
1,015,518
1, 605, 890
1, 343. 513
1,411,096
3, 395, 845
1,256,015
2,271,011
1, 229, 959
5, 205, 552
20, 449, 154
1, 283, 556
52 402, 733
52 430, 267
52 213, 617
52 105. 341
52 41, 588
280. 544
1, 050, 215
287, 719
2, 564, 092
1, 705, 468
19, 461, 827
4, 339, 952
1, 960, 189
2, 507, 226
1, 606, 302
1, 485, 689
2, 759, 965
1, 035, 476
1, 97.3, 083
573, 700
3, 732, 441
33 251, 251
33 119, 298
33 145, 729
33 114,999
33 134, 363
33 323, 806
33 139, 420
33 232, 106
33 125,388
33 210, 036
21, 974, 022 33 1,796,397 33 2, 020, 192
33 251,373
83 119.400
33 146. 164
33 116, 438
33 137. 798
33 338, 886
33 146, 255
33 250, 385
33 136, 130
33 377, 364
5,998
5,521
6,478
12, 488
6,694
24, 464
15, 364
37, 773
18, 439
48, 041
181, 260
RETURNS WITH NET INCOME
1,960
33, 804
52 19,811
43, 870
45, 329
4,088
4,085
657
2,960
3,346
24, 848
262
50, 076
51. 468
4,162
4,160
734
2,572
11,840
64. 233
7,875
126, 622
130, 935
12, 527
12, 523
2,611
8,431
16, 030
74, 327
27. 560
156, 778
160, 680
15, 880
15,866
3,580
10, 472
16, 259
90, 097
49. 396
163, 330
169, 406
14, 707
14, 667
3.296
8,797
56. 752
274. 015
242, 761
367, 117
382, 921
42,911
42, 751
9,978
28,084
54, 768
157, 508
174,475
2)6,030
226, 538
26, 847
26, 763
6,185
18, 917
136, 118
446, 259
423. 650
511,256
534, 025
65, 516
65, 327
14,812
60, 075
38, 230
100, 212
211,931
1.34. 104
139, 392
25, 146
25, 058
5, 5.50
33, 940
152, 152
850, 654
800, 024
513, 574
550, 757
100, 832
100, 630
19, 494
91, 852
487, 455
2, 122, 557
1, 918, 124
2, 282, 756
2, 391, 450
312,617
311,830
66, 897
266, 101
RETURNS WITH NO NET INCOME
15.812
13. 901
21, 524
24. 662
38, 317
105, 233
70, 714
117, 102
160, 949
67, 462
59, 006
93, 955
104, 524
93, 715
269, 365
114, 984
245, 436
114, 154
52 70, 449
52 45, 580
52 34, 518
52 30, 202
52 10, 226
75, 616
17, 868
121, 806
52 5, 072
45, 389
34, 026
64, 780
53, 655
66, 412
187, 705
88, 373
182,013
66, 203
47, 360
35, 580
68,094
56, 182
69. 311
196, 925
94, 491
189, 942
69, 774
33 10, 306
33 15, 364
33 9, 232
33 9. 910
33 9. 686
33 19, 398
33 7, 761
33 16, 501
33 2, 417
33 10, 308
33 15, 365
33 9. 236
33 9, 916
33 9, 692
33 19, 448
33 7, 767
33 16, 542
33 2, 420
316
432
612
1,037
671
2,383
1,912
5,882
537
568, 216
1, 162, 600
19. 241
788, 557
827, 659
33 100, 576
33 100. 695
13, 781
138
STATISTICS OF INCOME FOR 1940, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income:^ Number of returns, selected assets and liabilities, selected receipts,
assets other than otvn stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable *«
Total assets
returns
Cash se
accounts
Inven-
Invest-
assets 38
assets-
classes *^
with
receiv-
tories
ments *5
(L'SS re-
Total
balance
able "
■ serves)
liabilities 39
sheets 3s
MINING AND QUARRYING: METAL MINING—
1
55
36
71
55
38
65
16
16
3
6
320
444
1,734
3,007
2,898
12, 539
17, 630
61,827
32, 904
108, 821
186
300
1, 260
1,451
2,784
9,245
14, 732
15. 030
7,019
50, 937
52
66
540
1,185
1, 026
10, 497
8,277
43. 171
11,733
81, 366
48
186
290
912
2,176
22, 709
26, 121
54, 775
78, 704
510, 730
856
1,500
7,345
12, 097
16, 398
98,611
46, 584
171, 2«
97, 597
608, 101
1,525
2.628
11,579
19, 522
25, 892
157, 795
116,848
352, 663
232, 951
1, 427, 320
1,212
560
2,236
2,389
3,375
7,786
3.408
28, 443
3,430
52, 255
50
100
250
600
1,000
5,000
10,000 ---
50,000
100,000--
Total- --
361
242, 123
102, 944
157, 914
696, 650
1, 060, 332
2, 348, 724
105, 094
MINING AND QUARRYING: METAL
1
201
135
154
84
68
69
4
6
226
400
363
763
458
1,630
203
940
364
666
027
1, 762
1,854
6,050
2,550
2,847
64
194
316
228
1,055
2,798
612
2,368
311
477
1,682
1,967
4,687
8,129
78
8,771
3,800
7,765
19, 152
24, 760
34,916
126, 151
24, 545
81,191
5,207
10, 082
23, 652
30, 379
44, 902
147, 822
28,712
100, 636
3.176
2,581
5, 546
6, 047
5,804
11,379
1,014
32, 791
so
100
250 - --
500
l.OCO
5,0C0
10,C00
50 COO
100 000
781
Total...
4,983
17,021
7,635
26, 102
322, 279
391,392
68, 337
MINING AND QUARRYING: ANTHRACITE
1
13
5
20
9
5
1
3
1
75
39
337
423
626
44
2,608
3,018
120
87
832
812
1,421
204
4,311
184
24
6
132
245
208
105
943
229
3
37
87
201
603
148
3,427
3,004
160
148
1,939
1, 564
1,324
491
11,149
22, 329
394
337
3, 445
3, 431
4,217
1,002
24, 258
30, 188
154
63
1,490
1,716
804
71
8,218
.3,114
50
100
250
500 -
1,000 -
5,000
10,000
50 000
100.000
1
5,098
4,120
1,388
29,646
102, 874
137, 544
1,448
Total. .-
58
12, 268
12,092
3,280
28, 156
141,977
204,816
17,079
MINING AND QUARRYING: ANTHRACITE
1
50
36
6
12
4
5
7
1
68
42
111
113
426
608
55
95
85
675
314
486
851
2.377
28
21
158
48
2! 7
378
490
38
3
20
162
566
5, 093
3,308
355
224
983
725
1,081
6, 969
2,158
612
388
2, 077
1, :«3
3,101
14, 239
8,422
1, 960
183
1, 139
1,116
1,480
2, 186
593
100
250
500
1 000
,5,000
10 000
50,000
2
3,154
6,684
4,784
15, 699
101, 273
143,110
2,626
100 000
Total...
73
4,576
11,567
6,123
24, 888
113,768
17.3, 341
11.283
For footnotes, see pp. 225-227.
STATISTICS OF INCOME FOR 19 40, PART 2
139
and by major industrial groups,'' for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable *''
Capital
stock "
Surplus and
undivided
profits ■"
(less defi-
cit) *'
Gross sales
and gross
receipts
from opera -
tions 50
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit 3
Total
tax 66
Divi-
dends
paid 51
RETURNS WITH NET INCOME
197
4,068
52 4, 205
5,359
5,446
704
704
134
452
234
1,897
52 419
5,722
5,816
468
468
107
435
1,459
6.826
37
12, 055
12, 266
1,374
1,374
308
610
4,918
15. 108
52 4, 362
18, 559
19, 045
3,477
3,477
830
3,343
1,091
15, 191
4,850
18, 938
19, 264
2,002
1,985
435
1,362
6,763
77, 527
57, 175
75, 367
77, 927
11, 605
11,574
2,797
8,796
553
40, 762
66,211
68, 435
70, 630
12, 224
12, 163
2,927
10, 616
12, 063
143, 167
139, 412
197. 951
200, 773
39, 351
39, 275
9,526
33,906
11,000
68. 937
140, 898
85, 436
90, 349
17, 878
17, 790
3,805
14, 840
62, 169
700, 238
560, 007
388, 064
419, 775
86, 737
86, 542
16, 321
65, 664
100, 445
1, 073, 721
959, 604
875, 888
921, 291
175, 820
175, 352
37, 191
140, 024
MINING— RETURNS WITH NO NET INCOME
MINING— RETURNS WITH NET INCOME
MINING— RETURNS WITH NO NET INCOME
2,385
1,710
3,163
4,902
5,467
9,740
5, 005
1,953
13,317
19, 080
16, 572
24, 444
22, 789
88, 462
19, 307
20, 560
52 14, 375
62 15,029
52 3, 562
52 0, 983
8,946
33, 758
883
44,499
2,324
2, 567
4,318
4,401
9,319
33, 304
5,294
28, 425
2,502
2,663
4,449
4,541
9,492
33, 703
5,328
29, 689
■!i3 1^474
33 7, 821
33 1,471
33 2, 758
33 1, 344
33 1, 604
33397
33 1
33 1,474
33 7, 821
33 1, 471
33 2, 758
33 1, 345
33 1,604
33397
3335
59
234
3
306
390
34, 384
224, 532
48, 136
89, 952
92,368
33 16, 870
33 16, 906
992
40
42
509
401
360
265
439
122
735
787
756
500
9,251
9,465
52 351
62 15
317
231
1,402
2
5,113
52 2, 033
2,995
1,528
12,597
16, 607
9,243
2,724
21,812
14, 328
3,031
1,550
12, 669
16, 656
9,345
2,750
23, 230
15, 857
78
40
216
536
573
5
375
808
78
40
216
536
571
5
375
805
12
6
41
53
154
1
61
87
37
8
334
8
93
18, 265
33, 426
51,416
45, 367
36, 464
37, 446
2,337
2,337
530
2,188
53, 309
73, 469
50. 032
118,299
122, 534
4,968
4,962
857
2,755
3,102
123
310
320
847
8, 599
5, 452
1,773
124
422
1.080
1, 580
9,346
2,137
52 6, 330
5299
52 585
52 1, 789
62 1,554
62 8, 629
52 960
4,670
1,001
10, 651
4, 563
8,309
11,407
11.961
4,753
1,005
10, 694
4, 580
8,393
12. 003
14, 719
33553
33.39
33 365
43 309
33370
33 1,021
33591
33 553
23.39
33 365
33 .309
33371
33 1.021
33 .591
109, 081
26. 748
52 10, 367
49, 376
51, 887
33 2, 157
332. 159
127, 835
43, 209
62 30, 319
101, 938
108, 035
33 5, 405
33 5, 408
525003—44-
-10
140
STATISTICS OF HSPCOME FOR 19 40, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income:'^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable "
Total assets
returns
Cash 36
accounts
Inven-
Invest-
assets 3S
assets —
classes *'
with
receiv-
tories
ments '=
(less re-
Total
balance
able "
serves)
liabilities 3'
sheets ^^
MINING AND QUARRYING: BITUMINOUS COAL.
1
ise
97
107
89
73
79
18
18
407
784
1,453
2, 661
4,781
9,761
6. 272
23, 352
959
1,999
3,920
6,608
8,707
19,728
9,071
35, 973
145
293
755
1,398
1,884
4,554
3,447
10, 075
72
2S9
854
2,895
3,935
23. 631
25, 048
75, 723
1,870
3,389
10, 067
18, 867
31,280
94, 628
86, 678
244, 190
3, 551
6, 957
17,454
33, 177
51,9.50
156,306
133, 237
393, 281
1,828
2, 541
4,031
5,336
7,756
15,824
11,603
29. 821
50
100
250 - -
500 -
1,000
5,000
10,000
50 000
100,000
2
2,722
12, 614
1,892
31, .383
186, 853
247, 565
4,992
Total-
639
52, 194
99, 578
24,443
164, 431
677, 823
1, 043, 478
83, 732
MINING AND QUARRYING: BITUMINOUS COAL, LIGNITE,
1
436
124
133
56
41
57
16
13
4.'i5
397
702
647
673
5,047
4.534
3,812
f. 514
1,408
3,412
2,178
2, 304
10, 527
6.423
10, 946
307
419
914
542
671
4, 101
2,498
4,380
277
461
884
1,314
1,791
17, 369
15, 340
16, 538
5,557
5,785
14,912
13, 861
21,980
88, 206
75, 728
155, 763
8,469
8,795
21,756
19,641
27, 943
128, 561
111, 244
193,070
6,432
4,559
7, 368
4.776
6, 279
22, 040
14,080
9.319
50
100
250
500
1,000
5,000
10,000
50 000
100 000
Total...
876
16, 266
38,712
13, 833
53, 974
381,791
519, 480
74, 852
MINING AND QUARRYING: CRUDE PETROLEUM AND
1
731
275
342
196
121
108
23
15
1
1
1.339
1,219
3,642
5,212
5,364
20, 213
11,147
17,968
18
1,097
2,217
2,948
8,384
9,849
13,353
26, 968
16,486
21, 1.54
403
42,235
124
132
477
1,103
1,014
4,343
4,796
10, 043
615
3,992
543
762
3,056
6. 083
6. 622
33, 245
30, 747
97, 633
2, 587
3,196
10, 730
13, 706
36, 539
45, 706
54, 487
128,943
97, 466
126,154
62. 564
63, 496
15,401
19, 490
54, 903
70,118
83, 133
219, 072
162,442
274, 620
66, 349
114,344
3,427
3, 482
11,667
12, 176
13, 934
18.970
16, 704
8,707
558
2,809
so
100
2.S0 -
,500
1,000.
5,000
10,000 - .-
50,000
100,000
Total..
1,813
67, 218
143, 997
26, 639
184, 474
639. 789
1, 079, 872
92, 435
MINING AND QUARRYING: CRUDE PETROLEUM AND
1
1, 356
415
380
204
132
113
15
14
2
1,157
1.053
1,929
2,290
4, 458
9,513
3, 505
12, 189
4.448
3, 038
3,582
6,955
7,636
8,925
28,114
6,692
14. 237
2,544
293
308
661
787
1, 245
4,027
2,387
12,217
877
1,407
2,181
5, 446
5,809
6,212
3.3,310
6.390
57, 823
13.200
18, 166
21,544
43,918
53, 438
67, 507
163, 188
84. 656
209, 429
124.356
25. 377
29, 867
61,220
73, 141
91,698
246, 147
105, 581
309, 291
146. 152
12.853
15,031
18,181
20, 602
30, 953
57. 128
17,572
66, 433
781
50
100 - ..
250
500 -
1,000
5,000
10,000 - ..
50.000 - ..
100 000
Total...
2,631
40, 543
81. 722
22, 802
131.779
786, 204
1. 088. 476
239. 533
For footnotes, see pp. 225-227.
STATTSTTCS OP INIC'OME FOR 1940, PART 2
141
and by major industrial groups,'' for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable *'
Capital
stock <8
Surplus and
undivided
profits 48
(less defi-
cit) 42
Gross sales
and gross
receipts
from opera-
tions 50
Total
compiled
receipts 2s
Compiled
net profit
or net loss
Net income
or deficit 3
Total
tax 66
Divi-
dends
paid 51
LIGNITE, PEAT, ETC.— RETURNS WITH NET INCOME
303
2,548
52 1,586
11,343
11,637
436
433
70
133
710
3,029
62 115
18, 053
18, 554
540
540
92
122
1,603
9,113
1,505
37, 355
38, 255
1,709
1,707
364
749
1,732
14, 907
9,082
55, 774
57, 121
2,912
2,911
651
1,393
4,254
25, 723
10, 705
72, 410
74, 531
4,167
4,157
975
1,644
18, 128
63, 428
52, 298
127, 307
131, 364
6,870
6,830
1,472
3,537
24, 166
53, 946
39, 747
67. 300
70, 478
3,627
3,614
877
1,718
53, 118
155, 548
148, 551
184, 715
196, 466
8,543
8,529
1, 967
6,603
56, 557
95, 000
88, 822
52, 248
55, 957
854
847
26
160, 572
423, 242
349, 009
626, 603
654, 364
29, 657
29, 568
6,494
15,901
PEAT, ETC.— RETURNS WITH NO NET INCOME
2,639
1,800
4,378
2,926
5,207
28, 767
37, 220
43, 658
7,109
6,881
16, 497
10, 527
16, 103
57. 324
51, 423
118, 683
52 10, 174
52 6, 336
52 8. 520
52 112
52 2, 149
1,5, 019
52 906
16,317
20, 009
15,823
24, 393
17, 957
17, 2,50
66, 187
34, 451
78, 070
20, 543
16, 293
25, 316
18, 647
17, 786
69, 105
36, 352
8(3. 936
33 1, 722
33 850
33 1, 389
33 1,036
33 764
33 3,881
33 3, 072
33 1, 471
33 1, 724
33 851
33 1,392
33 1, 040
33 766
33 3, 899
33 3, 078
33 1, 478
84
4
8
187
110
226
920
758
126, 595
284, 548
3,139
274, 199
■ 284,978
33 14, 185
33 14, 228
2,296
NATURAL GAS PRODUCTION— RETURNS WITH NET INCOME
822
22. 724
52 13, 270
12,346
13,229
2,130
2,129
317
2,107
1,321
12.959
219
11,758
12, 349
1,945
1,944
312
1,648
5,184
33, 674
52 45
32, 561
34, 942
6, 075
6,074
1,207
6,073
7,047
30, 239
15, 202
42, 826
44, 372
6,147
6,145
1,343
4,831
7, 064
35, 670
20, 647
38. 545
41, 246
5,320
5,316
1,111
4,536
24, 639
72. 781
89, 464
92, 462
99, 792
14, 565
14,500
3,210
11,661
28, 781
53, 550
58. 301
56, 463
59, 968
9,881
9,872
2,133
6.490
38, 949
109, 336
108, 793
87, 143
92, 594
12, 183
12. 090
2,495
16. 159
27, 230
11,100
26,812
25, 851
25, 893
268
268
64
9. ,500
4,000
105, 828
36, 798
37, 579
10, 905
10, 905
2.617
24, 000
141,038
386, 033
411,951
436, 755
461. 964
69, 418
69, 242
14. 808
87,005
NATURAL GAS PRODUCTION-RETURNS WITH NO NET INCOME
4,312
8,288
11,377
14,018
22, 071
52, 005
22. 977
71,491
51, 868
36, 430
25, 863
47. 382
55, 990
46. 336
95. 154
40,217
106, 193
87, 406
52 31, 284
62 22,314
52 20, 165
52 22, 032
62 18. 390
27, 450
21, 746
60, 989
5,295
9, 961
7,582
18, 375
19. 232
26,419
68, 620
28. 468
7.5, 519
16, 827
11,001
8,439
20, 273
20. 753
28, 390
73, 616
29. 810
79. 316
17. 886
33 5, 227
33 6, 016
33 5, 080
33 5, 213
33 6, 692
33 11,942
33 3, 448
33 15,029
33 260
33 5, 228
33 6,016
33 5, 081
33 5.214
33 6, 692
33 11,970
33 3, 448
33 15, 029
33 260
152
175
492
521
562
2.109
991
4.733
537
258, 408
540, 972
1.296
271. 003
289. 485
33 58, 906
33 58, 938
10, 271
142
STATISTICS OF INCOOME FOR 1940, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income:^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Total assets
classes "
Num-
ber of
returns
with
balance
sheets ^s
Cash 36
Notes and
accounts
receiv-
able "
Inven-
tories
Invest-
ments *5
Capital
assets 38
(less re-
serves)
Total
assets —
Total ,
liabilities s'
Accounts
and notes
payable "
MINING AND QUARRYING: NONMETALLIC MINING AND
1
254
161
174
77
48
57
1
5
1
685
1,278
2,524
2,574
2,239
10, 724
1,220
9,414
13, 260
1,393
2,192
5,865
4,070
4,949
11,008
307
5,001
2,175
354
539
1,739
1,508
1,560
8,749
99
9,119
16,951
192
474
2,204
1,919
2,640
13, 525
2, 885
6,004
1,144
3,579
6,653
14, 703
14,981
19, 626
74, 690
1,861
44, 378
36, 677
6,322
11,547
27, 930
26, 299
31,856
125,062
6, 373
75, 957
71,356
• 1,767
2.624
4,348
2,869
3, 685
9,966
1
2,246
380
50
100
250
500 --
1,000
5 000
10 000
50 000 .
Total...
778
43, 919
36,960
40, 617
30, 985
217, 149
382, 701
27, 886
MINING AND QUARRYING: Is
ONMETALLIC MINING AND
1
400
139
106
43
22
21
1
406
284
758
309
441
560
185
1,281
1. 438
1,471
1,809
704
2,360
403
458
716
1,147
1,045
690
852
123
286
339
1,135
1,128
443
3,843
3,885
5,130
6, 852
11,237
10, 765
12, 787
27, 033
267
7,755
9,976
16,507
15,491
15,949
35, 352
5,020
3,865
2, 837
3, 571
3,038
1, 668
3,557
6,033
SO
100
250
600 .--
1 000 - --
5 000
100,000
Total...
732
2,943
9,467
5,031
11,058
74, 070
106, 050
24. 569
MINING AND QUARRYING: MINING AND QUARRYING NOT
]
9
2
4
2
3
38
6
97
61
211
58
83
50
154
271
5
4
16
242
59
"" "e"
93
92
488
181
1,455
195
192
662
881
2,175
86
34
176
167
494
50 .- -
100
250
191
170
500
10 000
100,000
Total. __
20
414
616
326
367
2,310
4,106
957
MINING AND QUARRYING
: MINING AND QUARRYING
1
70
19
13
14
4
2
1
39
20
5
18
60
(")
88
155
31
22
133
545
22
62
8
3
116
208
419
109
1,779
660
936
1,464
3,608
260
2.769
4,590
1,147
1,309
1,971
4.308
2.873
2,769
5,674
468
257
291
464
994
19
5,245
50
100
250
1 000
6,000
23
628
2
60 000
inn nnn
Total...
123
230
909
724
2,634
14, 288
20, 061
7,738
For footnotes, see pp. 225-227.
STATIISTICS OF lOMOOMEi FOR 1940, PART 2
143
and by major industrial groups,'^ for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable <'
Capital
stock 48
Surplus and
undivided
profits "
(less defi-
cit) "
Gross sales
and gross
receipts
from opera-
tions M
Total
compiled
receipts 22
SeTprom Net income
orKss °>-d'^fl^"'
Total
tax 66
Divi-
dends
paid 61
QUARRYING— RETURNS WITH NET INCOME
548
3,934
52359
10, 988
11, 146
717
717
122
174
1,037
6,776
502
12,901
13, 076
1,155
1,155
216
368
3,084
13, 727
5,786
31, 239
31, 988
3, 062
3,060
673
935
1,748
13, 024
7,216
21,720
22, 172
2,735
2,725
678
852
3, 490
12, 388
10, 606
22, 570
23, 351
2,316
2,308
544
851
6,956
60, 380
43, 822
69, 257
71,087
9, 866
9,842
2,498
4,082
1.268
13, 724
5,104
28, 926
2,020
27, 118
2,232
28, 334
740
4,630
740
4,629
187
824
28, 743
3,408
26, 175
44, 220
22, 816
23, 150
7,001
7,001
1,680
9,600
31,855
165, 148
145, 823
220, 629
226, 536
32, 223
32, 175
7,421
20, 269
QUARRYING— RETURNS WITH NO NET INCOME
1,045
1,778
2,146
1,774
4,573
5,624
6,782
6,266
10, 881
9,214
5,293
17, 579
1,800
52 4, 551
62 1, 833
62 911
924
3,010
7,266
52 2, 895
7,904
6,854
6,979
7,262
4,988
8,186
3,194
8,052
6,964
7,293
7,416
5,100
8,498
3,238
33 1, 101
33537
33 807
33 388
33 463
33949
33 253
33 1, 101
33537
33 807
33 388
33 463
33 952
33 253
15
20
108
23
48
16, 940
57, 813
1,011
45, 366
46,560
33 4, 497
33 4, 501
214
ALLOCABLE— RETURNS WITH NET INCOME
50
2
91
65
157
262
369
62 40
90
275
192
1,187
839
114
814
1,292
1,624
841
124
814
1,315
1,668
23
13
92
73
329
23
13
92
73
329
3
2
19
24
77
6
27
184
45
69
237
944
1,705
4,683
4,761
530
530
125
148
NOT ALLOCABLE— RETURNS WITH NO NET INCOME
2,330
202
151
722
152
498
2,051
793
2,201
3,270
1,613
1,500
100
52 3, 729
31
62774
62 210
62 90
751
461
199
64
241
127
510
215
69
246
150
C)
5,044
33 229
33 101
33 122
33 206
3355
33 1
33 229
33 101
33 122
33 206
3355
33 1
6
1
5,006
4,054
11, 527
62 4,021
6,098
6,233
33714
33714
7
144
STATISTICS OF INCOME FOR 19 40, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income:^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable <«,
Total assets
returns
Cash 36
accounts
Inven-
Invest-
assets 38
assets —
classes *^
with
recr'iv-
tories
ments «
(less re-
Total
balance
able "
serves)
liabilities as
sheets "
TOTAL MANUFACTURINQ-
1-
50...
100-
250
500
1,000_
5,000
10,000
60,000
100,000
Total
15, 199
7,628
9,432
5,218
3,472
3,704
594
535
75
76
45, 933
41,287
55, 557
141,. 564
159,607
213,155
746, 573
406, 441
1, 143, 555
660, 995
1,905,395
5, 474, 128
102,
142,
359,
398,
467,
1,315,
627,
1, 444,
626,
2, 282.
7, 667, 653
75, 965
126, 808
371,233
471,209
628, 121
1, 921, 588
948, 047
2,286,140
1,185,233
3, 243, 721
9,742
17, 720
68, 621
109, 378
175,933
708, 693
492, 154
1,667,017
735, 845
4, 647, 670
11,258,065 8,632,773
120, 906
191,852
522, 782
659, 964
884, 442
2, 936, 360
1,573,038
4,142.847
1,912,446
7, 734, 977
20, 679, 615
360, 230
550, 634
1, 509, 335
1, 853. 877
2, 443, 724
7,831,301
4,134,915
10, 850, 998
5, 088, 271
19, 994, 466
54,617,742
109, 248
136,310
314. 308
321. 553
380, 338
962, 937
438, 225
996, 835
431,871
1, 989, 643
6, 081, 268
TOTAL MANUFACTURING—
1
23, 249
4,394
3,622
1,440
843
699
69
41
3
5
23, 658
15,000
24,380
20, 952
23, 398
55.092
17, 086
40,812
4,895
44, 678
88, 603
62, 040
100, 482
82, 842
82, 6,57
162, 120
42. 279
77, 236
13,590
32, 874
77, 654
63, 496
118.982
111.218
121,755
248, 206
88. 606
127. 433
20.417
97, 942
10,809
12.693
29, 942
32. 292
43, 767
123,414
64, 142
107, 786
57.035
234. 009
162, 806
144, 478
267, 961
233, 903
291,409
669, 506
248, 705
394. 469
139. 795
472, 566
379, 665
310, 580
566,141
500, 660
684, 775
1,203,488
479, 852
770.711
242. 793
892, 080
177,318
108, 493
160. 629
123,443
139,320
254, 680
64, 928
76, 463
4,917
119,405
60
100.
250
600
1,000 .
5,000 ...
10 000
50 000
100,000
Total...
34, 265
269, 952
744, 723
1, 075, 767
715, 888
2, 926, 698
5,929,645
1, 229, 597
MANUFACTURING: FOOD AND KINDRED
1...
1,647
893
1,114
692
373
373
52
58
11
9
3,808
4.963
13,036
17, 233
21,541
70,361
32, 797
128,680
67, 460
111,047
7,414
11,455
29, 597
33, 335
40, 428
106.055
41,827
136, 823
91,316
188,311
6,947
12,323
37, 691
43, 046
62, 959
184,461
77, 821
238, 853
191,654
246, 634
1,185
2,237
7,313
13, 516
19, 3.54
79, 175
42, 746
174, 663
110.360
388, 735
18, 988
31,771
85, 206
94, 169
111,749
319,913
153, 469
484, 447
260, 836
469, 177
39, 291
64, 856
178,380
208,101
264,030
781,070
368,113
1,178,416
733, 190
1,416,891
10,606
15, 108
35, 993
32, 740
41, 795
111,499
69, 023
88, 3,56
53, 173
99, 627
60
100
250 ..
600
1,000
6,000...
10,000
50.000...
100,000
Total...
5,122
470,927
686, 660
1,102,288
839, 264
2,029,724
5, 222, 337
547, 920
MANUFACTURING: FOOD AND KINDRED
1..
2,641
728
632
208
106
74
12
7
2,376
2,342
3,876
3,053
3,789
6,095
3,203
4,458
7,610
7,343
13, 844
9,707
9,716
13,311
6, 371
12, 062
7,680
7,734
14, 907
12, 043
11.583
21,910
13, 392
16,812
1,021
1,719
4, 623
4,320
6, 748
14, 840
12, 748
16, 632
26, 615
30,919
56, 793
41,437
40, 766
78, 607
45, .544
61, 259
46, 788
61, 806
97, 579
73, 161
73, 805
138,882
82, 915
111,341
20, 367
16, 685
26, 172
16, 071
13. 676
25, 760
6,896
10, 601
60
100....
250
600,...
1,000
5,000_
10.000
60.000
100,000
Total...
4,307
28, 193
79, 964
104, 962
60, 656
381,939
676, 277
136, 228
For footnotes, see pp. 225-227
STATISTICS OF INIOOMB FOR 19 40, PART 2
145
and by major industrial groups, ' for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
paStetf stock"
Surplus and
undivided
profits "
(less defi-
cit) "
Gross sales
and gross
receipts
from opera-
tions 60
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit 3
Total
tax 66
Divi-
dends
paid 61
RETURNS WITH NET INCOME
24, 551
195,521
5,462
1, 059, 384
1, 066, 157
31, 550
31,522
4,937
7,310
38, 7^9
254, 605
87, 787
1, 332, 380
1,342,029
51, 247
51,208
9,398
13, 870
101,277
675,519
334, 490
3, 166, 023
3,192,342
156, 495
156,312
34, 238
46,082
118,463
783, 285
527, 329
3,318,036
3, 352, 104
204,411
204, 097
51,001
66, 492
145,310
996, 747
779, 970
3, 907, 654
3, 952, 362
285, 961
285, 373
76, 996
93, 455
446, 566
3, 168, 926
2, 801, 524
10, 272, 781
10,415,712
956, 513
954, 459
270, 537
338, 324
248, 056
1,617,628
1, 579, 570
4, 372, 152
4, 445, 832
480, 832
479, 783
142, 459
188, 032
840, 509
4,420,314
3, 869, 707
10, 172, 726
10, 373, 346
1, 158, 855
1, 156, 4.38
336, 781
486, 944
482, 369
1, 880, 910
1, 762, 550
4,531.734
4, 644, 909
563, 236
562, 445
155,001
256, £67
2,005,299
8, 403, 903
6, 661, 068
16, 839, 217
17,314,221
1,715,037
1, 712, 467
463, 085
870, 706
4, 451, 130
22, 397, 359
18, 409, 458
58, 972, 087
60, 099, 013
5, 604, 136
5, 594, 104
1, 544, 433
2, 368, 182
RETURNS WITH NO NET INCOME
61, 199
48, 164
90, 570
67, 086
95,371
208, 751
103, 999
109, 047
63, 352
119, 097
308, 458
205, 0C9
345.118
291, 304
321,038
597, 492
188, 575
339, 286
60, 653
374, 294
62 203, 570
52 71, 306
62 66, 008
62 4, 469
478
84, 336
96, 579
151,4.53
82, 078
255, 415
893, 689
493,417
785, 005
621,055
654, 101
1,087,185
411,904
573, 571
101,371
429. 680
899, 657
498,011
794, 635
628, 738
662, 834
1, 104, 175
420, 361
586, 330
104, 775
447, 401
33 54, 561
33 27, 390
33 41,462
33 29, 785
33 39, 618
33 52, 287
33 16, 496
33 22, 860
33 2, 305
33 4, 325
33 54, 586
33 27, 396
33 41,485
33 29,816
33 39. 674
S3 52, 407
33 16,633
33 22, 873
33 2, 365
334,327.
585
704
1,325
1,934
1,271
3,229
1,130
1,851
9,699
966, 637
3, 031, 287
324, 986
6, 050, 979
6, 146, 917
33 291, 150
33 291, 561
21,728
PRODUCTS— RETURNS WITH NET INCOME
3,181
20. 972
2,320
145, 423
146, 205
2,764
2,761
409
777
5,928
30, 988
9,668
202,711
203, 788
4,361
4, 359
692
1, 083
15.002
82,114
37, 527
487, 536
490, 287
13. 923
13, 908
2,558
4,664
15, 908
88, 359
62, 266
499,076
502, 920
17, 923
17, 889
3,914
6,795
21,176
109, 158
81, 379
614, 158
619,119
24, 576
24,512
5.729
10, 030
63,011
328, 720
245, 525
1, 499, 856
1,516,429
72,816
72, 602
17, 389
31,255
23. 730
159,411
106, 728
543, 254
551, 565
28, 141
28,079
6,726
12, 435
48, 591
565, 967
427, 905
1, 455, 434
1,481,984
114.546
114, 498
24, 040
62, 929
69, 261
313, 768
268, 457
865, 949
882, 841
87,511
87,212
21,006
57, 782
124,061
727, 316
429, 871
3,024,993
3,057,128
76, 422
76, 376
15, 680
54, 605
389, 850
2, 426, 774
1,671,645
9, 338, 391
9, 452, 207
442, 983
442, 197
98, 143
242,355
PRODUCTS— RETURNS WITH NO NET INCOME
7,779
9, 090
18, 446
11,869
11,618
31,938
15,782
12, 181
35, 728
30, 682
52,991
39, 707
41,032
67,071
42, 207
52, 250
62 20, 633
62 7, 160
62 7, 271
2,784
5,013
6,680
15, 960
28,972
142,069
107. 601
179, 692
117,360
138,016
168, 737
82, 352
129, 163
142,881
108, 303
181,561
118,674
139, 206
170, 703
84, 645
133, 060
33 5, 933
33 3, 686
33 7 232
33 3; 583
33 4, 491
33 5, 695
33 1, 298
33 2, 271
33 5, 946
33 3, 686
33 7, 233
33 3, 587
33 4, 491
33 5, 705
33 1,416
33 2, 280
69
54
200
284
187
405
665
162
"
118, 703
361, 667
24,345
1,064,991
1,079,033
33 34, 188
33 34, 344
2,025
146
STATISTTCS or INCOME FOR 19 40, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income:^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax— Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable *^
Total assets
returns
Cash 36
accounts
Inven-
Invest-
assets 38
assets-
classes <'
with
receiv-
tories
ments «
(less re-
Total
balance
able "
serves)
liabilities ^s
sheets '5
MANUFACTURING: BEVERAGES-
1
468
333
329
175
115
152
21
16
1
1,259
2,431
4,418
6,309
8,066
28, 393
11,055
23, 657
1,528
1,429
2,224
5,782
7,313
9. 427
44, 122
15, 269
44, 461
21, 440
2,079
3,096
7,840
10, 717
16, 802
61, 767
44, 694
97, 739
29, 138
237
423
1,424
2,468
5,090
19, 746
14, 718
22, 438
16, 807
7, 366
14,674
28, 456
32, 239
41,869
155, 229
63, 766
130, 795
10, 082
12.913
23, 833
50, 269
61,636
85, 387
320, 914
153, 635
325, 934
80, 022
2,902
3,962
8,886
10, 783
15, 657
50, 918
26, 027
34, 200
5,000
50
100
250
500
1,000
5,000
10,000 -
60,000 -
100,000
Total...
1,610
87, 117
151,467
273, 872
83, 351
484, 475
1, 114, 543
158, 334
MANUFACTURING: BEVERAGES—
1
629
188
168
97
50
41
4
1
578
428
986
762
1,142
2,337
1,375
580
1,341
1,503
2,917
4,152
4,783
10, 636
4,372
1,205
2,369
2,001
4,482
5,199
6,373
12, 431
9,272
6,279
265
295
817
743
1,441
4,537
1,699
1,510
7,798
8,208
16, 625
22, 627
24, 167
35, 383
6,750
1,831
13, 108
13, 248
27, 212
35, 180
40, 085
67, 735
24, 092
11, 540
6,273
4,321
7,049
8,664
10, 064
15,587
4,713
4,810
50
100—
250
500
1,000
6,000
10,000 .
50,000
100,000 -
Total...
1,184
8,190
30,908
48,406
11, 307
123, 390
232, 201
61, 481
MANUFACTURING: TOBACCO MANUFAC
1
21
10
28
15
9
16
4
9
3
3
60
88
397
458
639
3,062
1,599
16,615
21,511
33, 292
110
151
1,123
1,331
1,386
5,227
3,261
10, 876
15, 053
126, 617
121
325
1,787
1,974
2,815
13, 049
10, 845
61,591
130, 525
349, 656
12
69
282
224
173
7,574
16
42, 612
4,101
59, 743
134
43
901
1,195
1, 596
6,393
7,321
29, 388
11,764
103, 885
441
681
4,616
5,444
6,818
35, 672
2,\874
105, 049
183, 601
676, 003
150
192
856
1,259
961
1,874
4,993
10, 028
6, 499
54, 670
50 .-
100
250
600
1,000
5,000
10,000
50,000 .
100,000
Total...
118
77, 721
165, 134
572, 687
114,806
162, 620
1, 104, 201
81,481
MANUFACTURING: TOBACCO MANUFAC
1...
96
15
19
9
2
3
88
38
131
214
10
2,921
382
201
665
660
209
5,052
363
324
1,012
936
266
940
34
75
118
188
334
40
546
385
980
993
255
209
1,476
1,070
2,935
2,981
1,104
9,533
949
388
822
861
140
293
60
100
250 . .
600
1,000
6,000
10,000 - .
1
1,748
1,112
12, 283
2,509
1,510
19, 243
171
50,000
100,000
Total...
145
5,150
8,181
16, 123
3,299
4,878
38, 342
3,623
For footnotes, see pp. 226-227.
STATISTICS OF liNlOGMD FOR 1940, PART 2
147
and by major industrial groups,'' for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable *''
Capital
stock 18
Surplus and
undivided
profits ^9
(less defi-
cit) <2
Gross sales
and gross
receipts
from opera-
tions 6"
Total
compOed
receipts 22
Compiled
net profit
or net loss
Net income
or deficit 3
Total
tax 68
Divi-
dends
paid 51
RETURNS iVITH NET INCOME
909
6,395
1,764
32, 939
33, 183
2,748
2,744
484
1,620
2,118
9,536
6,387
48, 354
48, 793
5,434
5,432
1,089
2,912
3,786
19,114
14, 197
94, 852
96, 142
10, 163
10, 142
2,216
5,032
4,204
22, 841
19, 724
106, 424
107, 443
10, 639
10, 636
2,501
4,826
4.344
29, 860
29, 318
112, 193
114,113
12, 835
12, 818
2,961
6,273
18,019
90, 004
142, 873
507, 785
512, 648
44, 538
44, 438
10, 689
20, 367
22, 043
42, 121
57, 264
176, 792
178, 764
14, 755
14, 742
3,242
5,722
67, 259
65, 929
140, 885
373, 525
377, 887
42, 375
42, 298
10,018
15, 691
22,000
28, 176
23,079
68, 192
69, 745
8,266
8,266
1,983
4,091
144, 682
313, 975
435, 491
1,521,055
1, 538, 718
151, 752
151, 516
35, 182
66, 534
RETURNS WITH NO NET INCOME
2,082
2,467
8,317
6,039
5,918
10, 115
2,392
3,611
9,154
8,944
15,051
16, 531
19,416
25,412
5,052
100
52 5, 409
52 3, 503
52 5, 733
1, 238
2,222
13, 938
10, 952
2,784
22, 925
17, 821
35, 642
37, 669
48, 727
58, 939
36, 344
11, 073
23, 133
17, 976
36. 043
38, 074
49,419
59, 702
36, 785
11,238
33 2, 705
33 2, 705
13
33 1, 386
33 3. 4,^3
33 2, 172
33 3, 964
333,019
33399
33 29
33 1,386
33 3, 454
33 2, 172
33 3, 964
33 3, 020
33 405
33 29
16
16
45
81
133
35
40, 940
99, 659
16, 490
269, 139
272, 371
33 17, 127
33 17, 135
339
TURES— RETURNS WITH NET INCOME
8
402
52 152
1,358
1,390
90
90
15
39
10
301
161
2,522
2. 534
19
19
3
6
171
2,315
1,212
8,410
8,527
410
407
74
327
271
2,463
1,332
9,698
9,790
387
372
82
97
481
2,926
2, 257
9,144
9,217
505
505
129
267
1,424
18, 169
13, 679
35, 278
35, 637
1,962
1,961
397
1,338
1,200
9,267
9,547
45, 293
45, 408
2,414
2,414
584
804
85, 674
60, 706
64, 758
60,316
135, 986
301,008
141,418
303, 257
15, 198
22, 288
15, 040
22, 288
3,622
5,670
11, 553
37, 163
8,824
55, 883
366, 855
161,391
824, 162
829,511
101,291
101, 274
23, 824
65, 520
96, 611
549,077
314, 501
1, 372, 859
1, 386, 688
144, 564
144, 371
34,401
88,776
TURES— RETURNS WITH NO NET INCOME
228
136
219
470
318
122
1,811
955
1,911
2,142
179
5,622
62 1,565
62 478
5251
52 519
448
3,471
2,938
1,185
4,328
5,113
1,154
4,718
2 986
33 353
33353
3370
33 118
33 157
33 29
33 1, 875
1, 202 33 70
4.399 33 118
1
7
5,169
1,198
4,733
33 157
33 24
33 1, 875
6
2
3,538
11, 530
3,635
5,729
5,813
33 2, 525
33 2, 525
848
5,030
24, 150
4,941
25, 165
25, 500
33 5, 121
33 5, 126
864
148
STA'TTSTTCS OF I3SPC'0ME FOR 1940, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income:^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable "
Total assrts
returns
Cash 38
accounts
Inven-
Invest-
assets 38
assets-
classes "
with
receiv-
tories
ments «
(less re-
Total
balance
able "
serves)
liabilities 3 9
sheets 35
MANUFACTURING: TEXTILE-MILL PROD
1
50
500
347
522
397
350
401
67
43
3
1,439
2,422
6,893
9,957
18, 707
61,850
32, 225
50, 625
35, 785
3,396
6,046
18, 683
26, 446
41,592
124, 252
63, 163
91, 251
26, 079
2, 983
7,456
25, 075
43, 381
73, 762
228, 979
140, 227
237, 099
60, 032
312
800
2,421
6,429
13, 492
56,011
45,919
71,825
9,314
3,848
8,423
31,860
56, 253
96, 740
356, 374
176,819
288, 450
80, 904
12, 252
25, 558
86, 752
145, 884
249, 823
841, 064
464, 479
749, 875
214, 969
4,389
7, 250
21,748
29, 128
40, 804
107, 883
51,452
60, 729
28, 149
100
250
500
],000
5,000 .
10,000
50,000
100,000
Total...
2,630
219, 903
400, 909
818, 994
206, 523
1, 099, 671
2, 790, 655
351, 532
MANUFACTURING: TEXTILE-MILL PROD
1 . .
960
293
299
170
133
92
12
2
1,288
1.016
2,150
2,210
3,582
9,507
2,337
1,258
3, 835
3,094
6,887
8,352
10, 579
26, 227
6,188
9,240
3,997
4,687
11,810
16,283
23, 610
51,384
18,841
17,012
641
743
2,266
1,843
6,351
15, 805
9,874
5,010
8,448
10,871
23, 965
31.705
48, 652
83, 428
37. 885
20, 591
18. 691
20, 982
48, 614
61, 649
95. 371
191,871
77, 197
53, 742
8,937
8,289
16, 055
17,369
19, 892
38, 054
9,959
12, 221
50_._
100
250
500
1,000
5,000
10,000
50.000
100,000
Total.. -
1,961
23, 348
74, 402
147, 624
42, 534
265, 547
568, 116
130, 776
MANUFACTURING: APPAREL AND PRODUCTS MADE
1
1,875
881
802
290
154
97
8
5
7,372
8,361
14, 138
10, 374
9,844
18,614
4,875
7,744
18, 120
25, 908
48, 115
33, 698
32, 390
53, 742
11,072
10, 759
12. 454
19, 561
42. 232
37, 706
40, 272
70, 295
17, 943
19, 138
876
1,233
3,729
3,633
6,731
18, 244
11,851
16, 804
6.066
6,696
13, 046
10, 790
15,289
35, 494
9,730
16, 287
45, 598
63, 162
124, 143
98, 958
107, 958
201,114
55, 834
71, 968
17, 148
23,914
44. 555
29, 155
28. 772
41.401
7,467
4,941
60
100 . .
250..
500
1,000
5,000....
10,000 .
50,000.
100,000
Total...
4,112
81, 322
233, 804
259, 601
63, 102
113,397
768, 734
197, 352
MANUFACTURING: APPAREL AND PRODUCTS MADE
1 - -
3,068
390
247
84
19
11
1
4,757
2, 502
2.672
1,879
723
1,018
35
15. 932
9,917
11,742
8,039
3, 261
6,165
754
12,667
8,788
13, 068
10, 904
4,045
7,000
1,640
1,387
1.065
1,804
1,585
1,535
3,250
29
8,913
3,973
6,213
4,051
2, 354
7, 693
3,770
44, 827
26, 938
36, 934
27, 786
12, 621
25, 788
6,289
21, 080
10, 951
14,2:39
10.619
3,670
9,777
1,042
60
100.
250
500..
1,000
5,000
10,000
50,000
100,000
Total...
3,820
13, 587
55, 809
58, 111
10, 654
36, 967
181, 183
71, 379
For footnotes, see pp. 225-227.
STATISTICS OF INICOMB FQiR 1940, PART 2
149
and by major industrial groups,'' for returns with net income and returns with an
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable "
Capital
stock <8
Surplus and
undivided
profits ^'
(less defi-
cit) "
Gross sales
and gross
receipts
from opera-
tions 50
Total
coniiiiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit '
Total
taxM
Divi-
dends
paid 5»
UCTS— RETURNS WITH NET INCOME
871
6,222
62 179
42, 886
43, 096
977
977
147
136
2,024
10, 672
3,923
69. 000
69, 559
1,805
1,804
298
303
6, 381
37,012
16. 960
192, 852
194, 467
7,606
7,605
1,587
1,376
9,693
66, 626
34, 331
276, 445
279, 187
12, 338
12,317
2,794
3,264
14, 542
110,854
73, 403
398. 998
403, 780
23, 481
23, 444
5,791
6,832
38, 710
384, 972
282, 730
1, 059, 392
1, 072, 742
69,612
69, 509
16, 808
24,613
26, 523
183, 192
187,117
505, 327
510,857
35, 547
35, 435
8,817
] 1, 030
21, 565
327, 735
317, 397
711.294
721,034
60, 586
60, 430
15, 320
22, 393
30, 000
94,412
61, 857
168, 834
170, 799
17, 270
17,256
4,438
7,277
150, 309
1,221.699
967, 539
3, 425, 027
3,465,520
229, 223
228, 777
56, 000
77, 224
UCTS— RETURNS WITH NO NET INCOME
3,230
4, 650
7,798
8,834
13, 663
22, 799
7,877
16, 968
12, 983
29, 528
39, 501
• 67, 383
99, 509
34, 600
31,316
52 12, 177
62 6, 827
62 8, 297
6! 6, 356
1,300
27, 245
22, 776
9,268
51,854
38, 134
75, 877
83, 633
115.550
215. 902
77, 942
63, 739
52, 230
38, 574
76, 862
84, 566
117,272
218,682
79, 051
64, 308
33 3, 539
33 2, 191
33 4, 774
33 4, 067
33 6, 013
33 8, 274
33 3, 327
33 1, 399
33 3, 539
33 2, 192
33 4, 776
33 4, 069
33 6,017
33 8, 291
33 3, 327
33 1, 399
36
53
96
116
212
597
219
38
68, 850
321, 788
26. 932
722, 631
731, 545
33 33, 684
33 33, 610
1,367
FROM FABRICS— RETURNS WITH NET INCOME
1,811
20, 962
2,572
223, 749
224, 295
2,665
2.665
381
266
2,632
25, 547
7,497
251,582
252. 293
3,623
3,622
593
524
5,089
48, 274
19, 942
436. 023
437, 438
8,214
8,211
1,529
1,632
4,672
41,399
18, 991
264. 966
266, 458
7,094
7.090
1, 506
1,971
3,862
42. 024
26, 755
267, 843
269, 554
9, 378
9,367
2, 238
2,936
8,365
81,463
61,671
342, 595
345, 462
17,717
17. 614
3, 956
6,875
1,152
31,136
14, 962
61,632
63,610
2,995
2.995
594
916
1,010
24,649
38, 790
77, 267
80, 426
7,354
7,353
1,779
4,601
28, 694
315, 453
191, 178
1,925,657
1,939,537
69, 040
68,917
12, 676
19,711
FROM FABRICS— RETURNS WITH NO NET INCOME
4,500
2,410
3,004
2,149
147
4,178
2,152
28,611
13, 476
20, 605
13, 730
6,387
9,228
2,700
52 13, 373
52 1, 264
52 2, 325
199
2,045
2,123
363
'222, 840
88, 939
93. 932
65,718
24, 043
31,737
4,458
223, 467
89, 246
94, 434
66, 066
24, 260
32, 031
4,572
33 6, 596
33 2, 015
33 2, 195
33 1, 648
33 680
33 631
3330
33 6, 598
33 2.016
33 2, 198
33 1.649
33 681
33 631
3330
72
335
33
118
22
18, 539
94, 736
62 12, 232
531, 668
634, 066
33 13, 797
33 13, 804
680
150
STATISTICS OF INCOME FOR 1940, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income:^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable ««
Total assets
returns
Cash 36
accounts
Inven-
Invest-
assets 38
assets-
classes "
with
receiv-
tories
ments «5
(less re-
Total
balance
able "
serves)
liabilities ss
sheets ^
MANUFACTURING: LEATHER AND
1
60
100
250
335
178
295
142
89
70
10
5
1
1,083
1,357
4,533
4,115
6,412
14, 247
7,326
6,935
24, 492
3,117
4,543
15, 491
14,414
17, 820
32.614
17. 344
22, 752
14, 651
2,480
4, 165
16, 783
20, 691
24,162
69, 797
19, 785
36, 119
25, 915
126
351
1,238
1,977
4,250
12, 572
7,521
8,856
2,942
1,389
2,394
8,156
8,550
10, 436
29, 631
14, 599
20,912
16, 728
8,403
13,068
47, 378
51,212
64, 559
163, 150
68, 424
96,207
85, 253
3,059
3,963
13, 320
13, 002
13, 454
23, 204
4,514
12, 387
2,976
600._
1,000
5,000 . .
10,000 .
50,000
100,000
Total...
1,125
69, 498
142, 746
219, 898
39, 834
112, 794
597, 653
89,878
MANUFACTURING: LEATHER AND
1
50
100
250
500
1,000 . .
556
121
136
58
26
22
2
1
762
572
1,242
917
805
1,978
210
669
3.236
2,564
5,591
5,049
3,476
6,603
2,424
91
3,184
2,982
7,425
8, 246
8,467
17, 792
3,322
1,886
317
354
855
1,845
1,796
7,629
3,755
12, 497
2,461
1, 9.';9
5,244
3.878
4,001
10, 129
2,828
10,214
8,803
20, 981
20, 607
18,996
45, 634
12, 930
15,210
4,713
3,376
7,316
6,561
14, 693
14, 608
2,340
373
5,000
10,000
50,000
100,000
Total, --
922
7,155
29, 034
63, 305
29, 048
30, 499
153, 405
63, 981
MANUFACTURING: RUBBER
1
60
91
41
64
36
32
44
6
6
189
3,56
1,036
806
1,763
7,637
3,067
5,777
449
763
2,232
2,536
5,324
14. 274
6,819
27, 502
418
760
2, 822
3,578
6,447
23, 693
9,529
32, 204
37
121
202
402
663
5,199
4,025
1,207
617
843
3, 467
5,744
8, 959
38, 4.50
15,545
41,211
1, 768
2,900
10, 126
13.391
23; 623
91. 420
39, 601
108, 641
526
710
1,850
2,236
4,490
12, 850
2,376
59, 779
100
250
500
1,000
6,000
10,000
60.000
100,000-
4
40, 372
130, 054
165, 968
209, 631
202, 722
754, 616
56, 510
Total. --
324
61, 005
189, 952
246, 479
221, 486
317, 557
1,046.086
141, 327
MANUFACTURING: RUBBER
1
50
100
250
500
1,000 . . .
158
19
19
6
8
10
110
49
70
92
138
1,503
587
285
663
457
914
3,965
449
271
792
494
1,147
5,779
14
41
160
191
237
2,738
1,261
048
1,472
477
2,777
9,715
2, 589-
1,329
3, 248
1, 755
5,460
25, 223
1,042
408
1,170
400
899
6,845
5,000
10,000-
50,000
100,000
Total...
220
1,962
6,871
8,932
3,382
16, 351
39, 603
10, 763
For footnotes, see pp. 226-227.
STATISTICS OF INlC'OMEi FQiR 19 40, PART 2
151
and by major industrial groups,'' for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable "
Capital
stock <8
Surplus and
undivided
profits <3
(less defi-
cit) "
Gross sales
and gross
receipts
from opera-
tions 50
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit 3
Total
tax 66
Divi-
dends
paid 51
PRODUCTS— RETURNS WITH NET INCOME
400
4,069
272
30, 508
30, 657
521
521
82
69
666
6,093
1,710
42, 299
42, 514
867
867
134
163
2,569
19, 826
9,331
139, 754
140, 663
3,444
3,443
666
798
1,313
19, 683
14,245
130, 942
131, 789
3,994
3,988
825
1,089
3,850
26, 647
18, 243
132, 707
134, 172
5,117
5,112
1,175
1,669
5,434
70, 203
58, 907
230. 819
233, 030
12,491
12, 480
2,810
6,000
600
24, 047
36, 500
95, 368
95, 906
6, 336
6,325
1,698
3,083
4,273
43, 139
35, 325
135, 575
137, 349
6,183
6,179
989
3,624
72
50, 250
30, 121
87, 322
87, 831
8,846
8,846
1,533
5,850
19, 176
263, 956
204, 659
1,025,293
1,033,909
47, 797
47, 760
9.910
22, 346
PRODUCTS— RETURNS WITH NO NET INCOME
1,103
744
2,005
1,243
7,284
20, 703
4,139
7,866
5, 482
11,378
12, 564
11,655
24, 000
4,702
8,978
524,115
52 1,300
52 536
52 587
52 16,044
62 14, 408
1,757
5,791
31,728
23, 727
52, 309
38, 336
28, 743
55, 339
10, 384
3,898
31,922
23, 870
52, 718
38, 676
28, 928
55,941
10, 488
4,150
33 1,846
33 840
33 2,007
33 1,226
33 1,033
33 2, 565
33 308
3377
33 1, 846
33 840
33 2, 008
33 1,227
33 1.033
33 2, 574
33 308
33 77
8
2
22
91
13
48
37, 221
86, 626
62 29, 442
244, 465
246, 693
33 9, 901
33 9, 913
184
PRODUCTS— RETURNS WITH NET INCOME
132
814
163
5,245
5,316
207
207
27
27
214
1,168
678
6,791
6, 861
291
291
50
79
351
4, 827
2, 540
22, 252
22, 357
1,459
1,457
317
393
725
6,535
3,262
23, 907
24, 027
1,342
1,340
362
345
1,869
9,039
6, 693
40, 104
40. 352
3.030
3,030
777
820
10,312
32, 802
31,296
148,677
149,375
10, 9,39
10, 934
3,279
3,695
4,450
17, 772
13, 762
49,120
49, 408
2,588
2,588
531
1,608
559
22, 127
23, 068
98, 596
99, 453
5,416
5,414
1,064
1,064
169, 305
350, 286
154, 956
661, 753
678, 866
46, 068
46, 064
9,361
18, 370
187, 916
445, 369
236, 419
1, 056, 445
1, 076, 016
71.341
71, 325
15, 768
26, 399
PRODUCTS— RETURNS WITH NO NET INCOME
442
116
308
45
1,928
1,180
2,051
939
2,021
654
1,482
14, 612
52 1, 197
52 206
52 382
639
453
2,078
4,620
1.913
4,569
2,757
7,197
29, 987
4,657
1,923
4.636
2,795
7.244
30, 167
33304
33 113
33310
33 84
33 360
33 718
33 304
33 113
3-: 310
33,84
33 360
33 746
(■11)
(■')
1
153
4,018
21, 759
1,385
51,043
51, 423
33 1. 890
33 1, 918
155
152
STATISTICS OP I3SrC0ME FOR 19 40, PART 2
Table Q.— Corporation returns with balance sheets, 1940, by total assets classes
net income:^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax— Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
Total assets
returns
Cash 36
accounts
Inven-
Invest-
assets 3s
assets-
and notes
classes "
with
receiv-
tories
ments <'
(less re-
Total
payable <'
balance
able "
serves)
liabilities 39
sheets ^s
MANUFACTURING: LUMBER AND TIMBER
1
392
275
371
211
128
141
23
11
917
1,348
4,388
5,247
6.019
18, 670
7,271
9,609
2,752
5,126
14, 566
16, 526
15,074
37, 191
12, 244
17, 218
2,776
5, 398
17, 384
21,306
23, 499
59, 498
16, 909
23, 452
233
426
3,014
5,273
7,477
29,841
24, 718
46, 155
3,437
7,059
18,518
24, 445
33. 486
133; 262
88, 839
110,012
10, 469
19, 855
59, 706
75, 045
88, 424
285, 660
152, 478
209, 533
3,784
5,729
13. 923
14,260
14. 463
33, 242
7,903
6,248
so
100
250
500 --
1,000
5,000
10.000
50 000
100,000.. -
1
10, 392
5,186
7.309
22, 889
98, 371
145, 954
1.318
Total.. -
1.553
63, 860
125, 884
177, 531
140, 027
517, 428
1, 047, 126
100, 871
MANUFACTURING: LUMBER AND TIMBER
1
430
152
140
63
51
36
4
5
428
358
1,226
917
714
2, 255
507
2,141
1,768
2,491
4,238
3,144
4, 135
7,548
1,849
6.907
1.611
2,390
3.779
4.325
6, 738
10, 250
1,087
9,942
339
525
1,478
1,011
2. 983
8, 568
710
11,869
3,843
4,882
10, 502
11. 608
18, 592
42,017
23, 186
55, 609
8.301
10,933
21,960
22, 664
34, 162
72, 626
27, 681
87, 715
4, 160
4,218
7,794
5,150
8,425
9,859
4.433
5,162
50
100
250
500
1,000
5.000
10 000
50.000
100 000
Total...
881
8,547
32, 079
40, 123
28, 084
170, 239
286, 042
49, 200
MANUFACTURING: FURNITURE AND FINISHED
1
729
456
537
334
146
119
15
4
1
1,687
2,346
6,578
7,757
7,296
16, 337
6, 500
8, 762
3,612
5, 822
9,944
24, 695
31. 188
22. 252
46, 127
18, 881
12 832
7,306
5,270
9, 926
25, 663
34, 380
29, 419
60. 502
28, 844
22, 451
14, 744
411
853
3,612
5, 207
6, 885
15, 504
12, 862
28, 809
9,705
4, 337
8,785
24, 242
37, 594
33, 505
72, 107
39,916
23, 270
27, 072
17. 855
32, 589
87, 095
119,709
102, 340
217,481
110, 070
96, 994
63, 365
6,154
8,811
18.011
20; 540
14.447
26, 707
8, 806
2,958
4,192
60 --
100
250 -
500
1,000
6.000
10.000
60.000
100 000
Total...
2,341
60, 875
179, 046
231, 199
83, 908
270, 828
847, 497
110, 625
MANUFACTURING: FURNITURE AND FINISHED
1
1,235
250
244
110
44
20
3
1, 165
634
1. OGO
1, 296
1,253
2,387
636
6,723
4, 607
7,860
7, 446
4,978
6.979
2,153
5, 855
4,803
10, 345
10, 239
7, 266
8,670
3,510
499
407
1, 523
2,418
3, 293
3,198
5,810
7. 330
6,615
16.064
14, 149
11.390
15,047
5, 539
21,291
17,612
38, 462
36, 5.50
29, 400
38, 071
17, 999
10. 327
5 997
9; 7G4
8,201
4, 068
15, 484
1,361
60
100.
250 .
500
1,000
5,000
10.000
50.000
100,000
Total...
1,906
8,432
39, 745
60, 687
17, 148
76, 134
199, 385
55, 201
For footnotes, see pp. 225-227.
STATISTICS OF lOSTlOOME FOR 19 40, PART 2
153
and by major industrial groups,'' for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable *'
Capital
stock <8
Surplus and
undivided
profits "
(less defi-
cit) 42
Gross sales
and gross
receipts
from opera-
tions 50
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit 3
Total
tax 96
BASIC PRODUCTS— RETURNS WITH NET INCOME
BASIC PRODUCTS— RETURNS WITH NO NET INCOME
LUMBER PRODUCTS— RETURNS WITH NET INCOME
LUMBER PRODUCTS— RETURNS WITH NO NET INCOME
Divi-
dends
paid 51
761
5,217
15
29, 545
29, 847
1,066
1,066
182
230
1,589
8, 9r,i
2,342
43,019
43,413
2.002
2,000
383
410
4,510
28, 834
9,066
104, 655
106, 233
6,154
6, 146
1,3.59
2, 081
6,603
35, 035
14, 770
117,167
119.848
8,414
8,409
2,187
2.070
5, 861
46,312
16, 451
112,714
114,819
7,813
7,799
2.197
3,084
31,675
140, 350
67, 123
255, 963
262. 198
24, 181
24.164
6.489
11,016
10, 568
68, 556
58, 720
91. 775
94, 728
8,809
8,785
2,217
4,483
11,697
122, 306
61,410
91,191
95, 006
6,219
6,214
1,494
4,582
12, 500
126, 833
47, 149
49, 565
10, 489
10, 489
2,343
8,250
73, 264
468, 071
356, 729
893, 178
915, 658
75, 147
75, 071
18, 850
36, 204
1,549
1,847
4, 631
3.312
4,782
25. 672
6,406
7,131
7.598
8,101
17,203
15, 2,^.3
21,685
45. 049
8,400
34, 122
52 5, 853
52 3, 906
52 9, 426
53 2. 326
52 2, 559
52 15, 496
7,945
39, 700
15, 032
12, 704
19, 3.53
16, 676
18, 709
30, 212
2,972
36. 177
15, 199
12.914
19. 836
17. 162
19; 285
31,380
3.127
37, 802
33 1,082
33 570
33 2, 092
33 1,671
33 1,702
33 2. 532
33 653
33 5, 279
33 1,082
33570
33 2, 092
33 1,673
33 1,702
33 2, 533
33 653
33 5, 279
28
34
434
340
195
447
36
55. 331
157,411
8,079
151,834
156, 706
33 15, 581
33 15., 583
1,514
1,229
8,960
329
49. ,525
49, 853
1,145
1,145
166
138
2, 003
14, 968
5,167
68, 857
69, 443
2,114
2.113
330
353
7,513
40. 003
17.205
161,750
163, 148
6.643
6, 632
1.300
1,452
8. 546
52. 719
32, 274
1S8, 757
190, 898
11.018
11,000
2,556
3,622
6 318
42, 305
34. ,532
148, 331
149,9,53
10, 996
10. 945
2.952
3,134
10, 398
108, 557
61,884
269, 524
272, 450
21,376
21.282
5,448
7,297
5, 061
51.926
41,. 395
112,625
114,806
7,603
7,602
2, 000
3,415
14, 0.55
46, 251
30, 348
86, 362
88, 487
7,458
7,458
1,627
4,880
179
13, 423
45, 565
53, 877
54, 153
4,439
4,419
1,053
3,034
55, 303
379, 202
268, 698
1, 139, 609
1, 153, 190
72, 792
72, 597
17, 433
27, 326
3,293
2,520
5,508
5,293
4,182
1,992
1,710
14, 866
10, 757
23, 432
19, 160
15, 771
19, 172
6,718
52 9, 058
45. 573
45, 909
23, 664
42, 893
40, 191
26, 191
23, 609
13, 203
33 2, 427
33 1, 183
33 2, 178
33 1, 960
33 1,452
33972
33 381
33 2, 428
33 1, 183
33 2, 180
33 1, 970
33 1, 453
33974
33 381
4
52 2,881 23,410
52 2, 347 42, 436
2,353 .39.719
30
34
152
4,496
838
6,259
25, 690
22, 877
12,865
83
297
25
24, 498
109,878
52341
212, 569
215. 659
33 10, 553
33 10, 568
626
154
STATISTICS OF INCOME FOR 19 40, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income:^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Total assets
classes *^
Num-
ber of
returns
with
balance
sheets ^s
Cash 38
Notes and
accounts
receiv-
able «
Inven-
tories
Invest-
ments 45
Capital
assets 38
(less re-
serves)
Total
assets —
Total
liabilities 3"
Accounts
and notes
payable *«
MANUFACTURING: PAPER AND ALLIED
1
284
195
333
213
150
197
37
34
3
1
856
1,319
5,077
5,684
8, 643
33, 735
27,312
46, 534
12,153
3,072
2.261
3,653
12,611
14,935
18, 607
52, 327
24, 494
52. 751
14, 886
6,858
1,991
3,324
12.939
19; 173
25, 349
80, 560
41,337
86, 492
16,551
7,206
208
508
2, 485
3, 278
8,805
42, 691
25, 359
102, 599
32, 727
32, 777
2.500
5, 168
19, 170
30, 200
42, 838
200. 401
132, 344
356,211
114,402
52, 076
8,028
14,474
53, 89.=;
75, 890
107, 768
420, 157
256, 207
6.54, 720
193.078
102, 559
2,420
3,299
10. 707
11,455
12,274
32, 2,59
14,925
32, 653
15,094
2,075
50
100
250
500
1,000
5,000
10,000
50,000
100,000
Total...
1,447
144, 386
203, 384
294, 921
251, 497
955, 310
1, 886, 775
137, F'l
MANUFACTURING: PAPER AND ALLIED
1
378
106
82
36
39
31
1
2
1
1
439
296
604
351
1,126
1,690
184
494
3.282
6,494
1,899
1,596
2,156
2, 376
3,613
6,878
174
2,654
1, 162
3, 068
1, 578
1,813
2.942
2,790
5,830
10 279
168
3.378
1.368
6,298
186
577
671
817
1,022
9,001
150
20, 574
55, 516
163,297
2,713
3, 206
6. 340
6,789
15, 352
32. 053
5, 134
25.011
11,377
18,025
7; 115
7,698
13, 149
13 436
27, 874
61.404
5.909
52, 458
78, 041
198, 4,53
3,575
3, 205
3,719
4.193
7,343
7, 630
102
3,004
403
5,913
50
100
250
500
1,000
5,000
10,000
50,000
100,000
Total...
677
14, 958
25, 575
36, 445
251,811
126, 000
465, 537
39, 086
MANUFACTURING: PRINTING AND PUBLISHING
1
50
100
2,704
887
842
403
265
226
39
22
1
2
6,739
6, 843
13,906
12,674
18, 267
40, 355
19. 165
30. 909
9, 955
1,914
16. 996
14.861
27: 880
26, 881
30, 0S3
79, 054
30, 492
48. 899
1.748
43:317
5,312
6,635
14,834
16, 295
19, 672
52, 143
1.5,097
23. 787
3,858
1,329
2,473
3,760
11,250
16. 143
25, 469
70, 746
64, 674
89, 863
1.5.821
163, 287
25, 454
28.126
56, 676
64 371
82. 9.56
209, 383
12.5,949
169. 581
19. 766
52, 482
59, 080
63. 027
130. 209
141,857
184, 631
473, 350
266, 654
373, 089
.51,247
262, 750
15,124
11.345
18.055
16,445
19,291
42, 706
15, 609
17,517
6,799
57, 507
2,50
500 i
1,000
5,000
10,000
50,000
100,000
Total...
5,391
160, 727
320,211
1.58, 961
463, 488
834, 744
2, 005, 894
220, 399
MANUFACTURING; PRINTING AND PUBLISHING
1
4,032
480
300
95
55
32
7
6
3,380
1,581
2.156
2,027
1,785
2,479
2,623
2,198
15,4,56
7,091
9,670
6, .563
7, 845
11,163
3,275
21, 542
5,819
3,827
6, 186
4,224
3, 616
5,276
936
2,022
2, 062
2,008
4.117
4,272
3,228
■ 6,110
13, 224
15,944
30, 475
17,159
22, 313
13. 739
19, 558
29. 778
26. 901
57, 191
60, 262
33, 469
47, 002
31,977
37, 522
58, 545
54, 322
102; 385
26, 779
10, 509
12. 694
5.978
9.105
23 544
5, 961
11, 2.S3
50
100-.
2,50
500
1.000
5,000
10,000.
50,000
100,000
Total...
5,007
18, 230
82, 604
31,906
50. 964
217,115
425, 483
105, 853
For footnotes, see pp. 225-227.
STATISTICS OF IlNOOOVIEi FOiR 194 0, PART 2
155
and by major industrial groups,'' for returns with net incovie and returns with no
corn-piled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable *'
Capital
stock 48
Surplus and
undivided
profits <s
(less defi-
cit) 42
Gross sales
and gross
receipts
from opera-
tions 50
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit 3
Total
tax 66
Divi-
dends
paid 61
PRODUCTS— RETURNS WITH NET INCOME
485
4,140
489
20, 164
20, 320
710
710
103
179
1,098
R,815
2,672
31,083
31,378
1,138
1,137
196
362
3, 593
22, 652
14,474
107, 404
108, 472
5,253
5,248
1,040
1,819
5,912
30, 656
24, 608
138, 943
140, 286
7,233
7,224
1,685
2,346
8,604
45, 945
36, 033
169, 481
171, 770
11,841
11,819
2,938
4,262
33, 968
183, 264
151, 486
449, 729
456, 018
42, 703
42, 613
11,257
13. 694
26, 830
110,626
91, 269
233, 051
236, 959
27, 771
27, 732
8,254
11,179
80, 427
343, 859
178, 439
467, 276
474, 530
59, 515
59, 469
18, 276
24, 100
40, 853
76, 975
49, 614
111,465
114, 064
21, 524
21, 503
4,836
1,837
16, 307
64, 271
14. 779
43, 424
45, 750
11,521
11,521
3,030
4,909
218, 077
889, 203
563, 925
1,772,018
1, 799, 546
189, 210
188, 976
51, 614
64, 688
PRODUCTS— RETURNS WITH NO NET INCOME
901
963
1,590
1,400
4,769
15, 233
3, 135
1,739
37, 764
37, 052
5,830
4,867
7,163
6,498
10, 945
23, 125
2,762
20, 958
7,217
112,934
52 3,716
52 1, 808
232
562
3,810
13, 708
52 177
62 6, 022
3,567
41, 289
14, 756
13, 380
19,280
16, 452
30, 894
59, 038
1,624
24, 030
12. 276
23, 336
14,931
13, 509
19, 494
16, 639
31,232
59, 675
1,637
24, 820
13, 765
28,933
33 1, 036
33 758
33 687
33 611
33 1, 679
33 1,854
33 162
33 683
33 77
33317
33 1, 036
33 758
33 687
33 611
33 1. 693
33 1,855
33 162
33 683
3377
33317
6
1
51
31
24
33
104, 546
202, 299
51, 444
215, 065
224, 635
33 7, 865
33 7, 879
147
INDUSTRIES— RETURNS WITH NET INCOME
5,221
34, 195
85
132, 735
133, 969
4,964
4,946
704
1,324
4,852
30, 583
12, 234
112,574
113,982
5,746
5.739
1,002
2,258
9,788
61,021
33, 929
196, 754
199, 649
12,309
12, 279
2,447
5,426
10, 940
60, 890
44, 072
185,913
189, 330
13,182
13, 146
2,940
5,943
15,943
73, 843
65, 060
209. 544
214, 661
17,977
17,892
4,100
8, 551
39, 291
163,785
198, 622
471,924
484, 553
47,431
47, 264
11,383
21, 994
35, 223
90, 204
110,947
184, 082
191,211
24. 858
24, 496
5,624
14, 681
22, 688
128, 355
167, 268
310,930
322, 371
41. 534
41.331
9,568
23, 401
6,615
22, 776
13, 570
36, 449
38, 488
3, 835
3, 743
695
2,584
9,358
126, 768
67,512
29^, 751
32,315
3,872
3,872
527
1,895
159,918
792, 420
713, 299
1, 870, 656
1, 920, 528
175, 709
174, 709
38, 990
88,057
INDUSTRIES— RETURNS WITH NO NET INCOME
12, 954
6,282
7, 518
4,181
8,181
13, 184
11,626
15, 739
47, 068
21,632
25, 282
17,867
18, 159
24, 537
9,246
38, 352
52 34, 097
62 7, 772
62 2, 181
2,441
52 894
62 8, 308
16, .307
33, 796
116, 202
42, 393
63, 140
41, 729
38, 099
57, 684
40, 941
49, 032
117, 173
43, 031
64, 145
42, 467
38.616
59. 623
41.468
49, 801
33 6, 988
33 3, 033
33 3, 430
33 1, 921
33 2, 498
33 2, 606
33 3, 237
33 1, 793
33 6, 989
33 3, 034
33 3, 436
33 1. 926
33 2. 498
33 2, 613
33 3, 250
33 1, 793
,
66
39
84
157
107
242
80
100
79,664
202, 142
52 709
449, 221
456, 324
33 25, 505
33 25, 538
875
525003—44-
-11
156
STATISTICS OF INCOME FOR 194 0, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income:^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable <«
Total assets
returns
Cash 30
accounts
Inven-
Invest-
assets 35
asstts—
classes "
with
receiv-
tories
ments "
(less re-
Total
balance
able "
serves)
liabilities 38
sheets ^s
MANUFACTURING: CHEMICALS AND ALLIED
1
1,132
491
657
411
248
302
48
74
12
4
2,795
3,097
11,711
14. 544
16. 172
74. 545
41, 279
150, 429
102, 440
150, 656
6,139
8.139
24. 339
31, 147
34, 295
110, 425
45. 745
214. 265
59, 927
99, 467
5,604
8,038
23,065
35, 227
41. 283
136, 762
67, 589
246, 841
147, 203
104, 838
765
1,703
6, 834
10, 651
15, 735
79, 324
39. 362
342, 409
113,111
393, 922
7,933
12, .590
36, 781
50, 293
59, 214
226, 409
136. 046
601, 533
346, 206
427, 870
24, 056
35, 490
106, 439
146, 800
172, 837
643, 237
337, 457
1, 576, 970
775, 369
1,181,076
6,730
7,493
17, 237
22,718
22, 765
87, 383
31, 660
121,371
67, 288
124, 944
60
100
250
500
1,000
50,00
10,000
50,000
100,000
Total...
3,379
568, 269
633, 888
816, 451
1,003,816
1, 904, 875
4, 999, 730
509, 590
MANUFACTURING: CHEMICALS AND ALLIED
1
50
2,202
329
232
90
44
34
1
1
1, 565
1,153
1,384
1,359
1,285
3,399
321
33
5,516
3,844
6,605
4,929
3, 4.56
7,873
844
3,601
5.770
3.812
5,750
5,449
4, 517
12,319
711
1,486
930
1,382
2.357
2.920
3.716
12, 442
857
10, 762
13.343
12. 081
18. 028
13, 808
14,518
24. 497
3. 300
9,105
29, 143
23, 543
36,018
29, 722
28,901
63, 398
8.401
25,015
13, 461
6,321
7,968
6,369
5,089
11,492
249
2,593
100 -
250..
500
1,000
5,000 -
10,000
50,000
100,000 . - .
Total...
2,933
10, 498
35, 668
39, 815
35, 367
108, 679
244, 139
53, 541
MANUFACTURING: PETROLEUM AND COAL
1
67
31
52
31
34
56
19
9
18
204
341
942
606
2,134
9. 510
7,837
21.838
54. 283
362, 240
4.58
568
2,001
2,434
4,240
19, 348
5,579
36, 460
68, 348
506, 263
264
299
1,315
1,831
4.958
22, 033
10,019
54, 926
102, 435
618, 727
57
43
179
363
1,133
5,448
1, 638
21, 267
60, 494
1,506,669
740
937
4.028
5,479
9.878
57, 710
25, 756
216.551
327, 412
2, 867, 510
1,764
2, 258
8,700
10,919
22, 959
116,567
51.917
358. 349
621, 228
5, 921, 333
553
485
2,185
2, 650
5,771
20, 607
5,227
30. 236
90. 189
406, 832
50
100
250 ..
500
1,000
5,000 ..
10,000
50,000
100,000
Total...
324
459, 936
645, 699
816, 807
1, 597, 290
3, 516, 002
7,116,004
564, 734
MANUFACTURING: PETROLEUM AND COAL
1.. _-
50
100
250.. ..._
500
1,000.- _.
5,000
134
• 36
45
23
15
21
7
6
2
3
119
172
394
358
963
2,103
1,143
10, 221
1,614
30, 320
496
397
978
1,083
1, 585
4,833
3.477
8,565
12.428
19, 801
256
231
637
1,504
2, 156
5.374
10, .597
14. 770
19.049
47, 527
55
122
517
986
939
2,596
5,947
6, 555
1.519
59, 981
1,358
1, 346
4,141
3,645
4,552
28,034
26. 379
75. 452
128.417
390, 288
2.484
2, 502
7,003
7,797
10. 556
47, 901
48. 577
117,950
164. 752
556, 592
1,878
922
2, 862
3, ,564
5.050
17,848
13, 574
18. 979
4,514
75, 556
10,000
50,000.
100,000
Total...
292
47, 407
53,642
102, 107
79, 276
663, 613
966,114
144, 747
For footnotes, see pp. 225-227.
STATISTICS OF IINIOOME FOR 1940, PART 2
157
and by major industrial groups,'^ for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable "
Capital
stock «
Surplus and
undivided
profits <9
(less defi-
cit) "
Gross sales
and gross
receipts
from opera-
tions 60
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit 3
Total
tax 68
Divi-
dends
paid 51
PRODUCTS— RETURNS WITH NET INCOME
PRODUCTS— RETURNS WITH NO NET INCOME
PRODUCTS— RETURNS WITH NET INCOME
PRODUCTS— RETURNS WITH NO NET INCOME
1,610
14,511
62 222
53, 597
54, 070
2,320
2,319
366
558
1,879
17, 889
6,446
66, 980
67, 547
3,390
3,388
600
1,094
5,215
51,221
28, 634
190, 319
192, 069
11,725
11,711
2,429
4,367
7,647
60,619
49, 446
230, 830
233, 107
18,012
17, 995
4,236
7,070
9,027
69, 850
63, 263
225, 654
228, 754
20, 533
20, 455
4,956
8,580
26, 963
269, 476
232, 985
710, 766
722, 973
86, 933
86, 649
21,653
41, 172
13, 488
139, 900
131, 082
301,451
306, 567
49, 323
49, 240
13,964
26, 280
156, 806
619, 686
615,514
1, 263, 102
1, 294, 985
177, 101
176, 479
45, 328
94, 911
64, 134
265, 797
301, 407
678, 576
695, 047
111,340
111,315
34, 598
36, 778
541,369
498, 225
754, 438
811, 769
200, 827
200, 311
53, 359
113,825
286, 769
2,050,318
1, 926, 781
4, 475, 712
4, 606, 888
681, 504
679, 862
181, 489
334, 635
5,250
2,194
5,051
3,200
6,361
3,863
9,183
31,406
16,236
24,134
20, 450
15, 585
34, 116
67
14, 615
62 23, 503
62 2, 229
62 2, 589
62 976
854
9,737
62 1, 123
7,785
39, 468
23, 104
34, 683
29, 139
23, 886
51,924
3,755
5,693
39, 844
23,429
35.110
29,631
24, 322
52,816
3,847
6,426
334,714
33 1, 697
33 1, 947
33 1, 976
33 1, 443
33 2, 685
33 619
33 16
33 4_ 714
33 1, 698
33 1, 950
33 1, 977
33 1, 454
33 2, 700
33 619
33 16
4
36
92
154
64
265
35, 102
156, 609
62 12, 044
211, 652
215, 427
33 15, 098
33 15, 129
695
150
786
158
4, 585
4,628
153
153
23
21
45
927
608
7,269
7, 336
258
258
43
81
742
3,264
1,817
24, 336
24, 504
862
860
179
298
1,176
2,743
3,568
31, 179
31,356
1,129
1,129
268
196
1,642
7,487
6,318
51, 682
52, 055
2,484
2,481
552
932
5,927
52.014
30, 895
211,826
214, 122
11,642
11,635
2,786
2,849
1,034
18. 878
24. 141
64, 353
65, 485
5,633
5, 633
1,668
2,595
54.515
176, 593
86, 162
307, 719
317, 172
23, 755
23, 747
6,151
6,448
97, 602
263, 935
149, 428
619.839
630. 290
44. 058
44. 050
13, 166
25, 279
715, 587
2, 865, 460
1, 824, 143
3,329,876
3, 479, 089
168, 930
168, 375
23, 101
136, 495
878, 419
3,392,087
2,127,237
4, 652, 662
4,826,037
258, 905
258, 323
47, 937
175, 195
393
484
977
751
1,596
14, 032
11,826
21, 788
25, 588
82, 044
2,043
1,679
3,916
3,936
4,440
20, 450
19, 368
80, 531
53, 436
166, 866
62 2, 053
62 831
82 1, 105
62 813
62 845
62 7, 758
2,977
62 19, 567
78,511
211,638
5,140
3,635
11,617
14,412
15, 338
52, 524
60, 458
104, 228
89,096
258, 840
6,191
3,693
11,748
14, 502
15, 521
53,071
61,009
107, 666
91,011
270, 380
33401
33 615
33 825
33 706
33 1, 529
33 3, 624
33 2, 870
33 2, 536
33 2, 288
33 3, 663
33401
33 615
33 825
33 706
33 1, 531
33 3. 625
33 2, 870
33 2, 539
33 2, 288
33 3, 664
2
18
61
15
32
118
659
9,699
159, 478
356, 667
260, 154
615, 289
633, 792
33 19, 056
33 19,064
10. 603
158
STATISTICS or INiCOME FOR 19 40, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income:^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock: also, for returns with net income, the total tax — Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable "
Total assets
returns
Cash 39
accounts
Inven-
Invest-
assets 38
assets-
classes "
with
receiv-
tories
ments *5
(less re-
Total
balance
able «
serves)
liabilities »'
sheets 35
MANUFACTURING: STONE, CLAY, AND GLASS
1
584
343
396
190
161
1,53
33
28
4
1
1,405
2, 243
5,799
6,183
11,067
34, 376
24, 584
67, 912
36, 891
12, 287
3,916
5,986
13, 732
12, 643
17, 791
38, 574
18, 690
48, 366
32, 149
10, 740
2,995
4,419
11,417
12, 229
21,236
46, 239
35, 673
92, 629
27, 590
21,540
299
741
3,236
4,752
8,124
26,211
32, 527
101, 423
78, 501
22, 560
5,972
10, 945
27, 428
30, 320
54, 320
162,411
114,373
279,311
81,033
61, 420
14, 865
24,913
63, 376
67, 530
11.5, 180
315,802
229. 474
596, 317
259, 618
129, 6-13
3,770
5,226
9.922
8,012
11,793
18, 654
12, 570
51, 127
5, 958
6,949
50 -
100 .-
250
500
1,000
6,000.
10,000
60,000
100,000
Total...
1,893
202, 747
202, 587
275, 968
278, 374
827, 532
1,816,717
133, 981
MANUFACTURING: STONE, CLAY, AND GLASS
]
830
216
203
83
35
35
3
2
780
450
1,175
1,132
628
2,681
881
402
3,022
2,770
4,298
3,382
2,338
4,975
901
737
3,162
2,303
4,980
4,647
2,687
8,199
1,949
1,472
469
522
1,451
1,644
1, 760
4,994
57
316
7,751
8,038
18,433
16, 238
15, 323
44, 2,50
20, 859
21, 265
15,789
14,731
31,216
28, 107
23,810
67, 226
25, 172
24, 641
6,732
5,556
7,361
3,993
4,479
5,084
693
228
50
100
250 --
500 _
1,000
6,000
10,000
50,000
100,000
1,407
,
Total.. -
8,130
22, 424
29, 399 11, 214
152, 156 230, 693
34, 126
MANUFACTURING:
IRON, STEEL, AND
1
1,081
704
1,046
642
426
447
49
57
4
15
2,955
5,232
16, 202
20,929
23, 863
95, 700
33, 245
154,005
25, 339
244, 927
8,123
13,010
38, 985
48, 237
59, 106
164, 546
60, 168
164, 926
35,311
301,512
5,806
11,915
42, 355
56, 906
78, 565
2,54, 124
81, 661
247, 973
67, 444
754, 124
648
1,383
7,982
12, 403
18, 385
76, 968
30, 229
141,453
48, 789
378, 560
9,226
18,007
61,187
82, 304
108, 324
335, 559
122, 260
450,005
131,063
1,935,604
27, 361
50, 795
170,614
226, 120
296, 487
946, 683
333, 952
1,168,318
309, 551
3, 653, 677
8,141
11,677
30, 900
35, 934
45, 204
107, 909
43, 426
139, 604
22, 981
623, 349
50
100
250
500— -
1,000
5,000 .
10,000
60,000
100,000
Total...
4,471
622, 396
893, 924
1, 600, 873
716, 800
3, 253, 539
7, 183, 558
1,069,125
MANUFACTURING: IRON, STEEL, AND
1
1,214
265
226
85
64
38
6
3
1,196
813
1,394
1,362
1,380
3,064
1,110
1,427
4,867
3,590
6,075
5,275
7,379
10, 552
3,316
4, 146
4,355
4,182
8,163
6,076
8,827
16, 842
11,611
9,522
493
640
1,531
2,165
3,462
6,162
1,634
3,330
9,139
8,794
16, 994
13, 250
22, 072
42, 654
22, 530
20, 355
20, 812
18, 741
35, 488
29, 699
44, 677
80, 773
40, 720
39, 058
10, 984
6,752
9, 030
6,859
9, 857
14, 738
9,271
2,387
50
100- -
250
600
1,000
6,000
10,000
50,000
100,000
1
7,864
10,005
44, 118
10, 731
64, 253
137, 035
37, 937
Total...
1,902
19, 610
55, 204
113,696
30, 148
220, 042
447, 004
107,816
For footnotes, see pp. 225-227.
STATIiSTICS OF laSTlCOME FOR 19 40, PART 2
159
and by major indxistrial groups,'' for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable "
Capital
stock *»
Surplus and
undivided
profits *8
(less defi-
cit) "
Gross sales
and gross
receipts
from opera-
tions '"
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit 3
Total
tax 88
Divi-
dends
paid 5>
PRODUCTS— RETURNS WITH NET INCOME
910
9,609
52 455
29, 527
29, 805
1,273
1,273
208
522
1,798
12, 836
3, 636
40, 837
41,456
2,365
2,364
439
720
3,510
33, 606
12, 933
88, 982
90, 103
6,829
6,823
1,467
2.369
4,047
32, 164
20, 168
84, 741
85,869
7,134
7,120
1,819
2,610
6,155
64, 645
37, 084
141,668
143, 383
13,917
13, 896
3,794
5,137
25, 675
144, 008
114,837
258, 230
262, 738
31,858
31,766
8,299
13, 762
9,676
130, 525
69, 930
150. 322
153, 309
19, 748
19, 700
4,648
11, 244
41,941
286, 097
189, 177
388, 493
400, 508
65, 596
65, 557
18,769
31,609
11, 284
105,824
120, 682
198, 643
213,299
46, 959
46, 842
13, 372
21,636
54, 701
62, 175
148, 377
150, 287
17,642
17, 640
4, 452
10,909
104, 996
864,016
630, 167
1,529,819
1, 570, 757
213, 321
212, 980
57, 268
100, 519
PRODUCTS— RETURNS WITH NO NET INCOME
2.234
2,911
4,186
5,647
5,901
8,232
8.851
10, 326
14,384
10, 308
20. 331
17, 223
13,121
41.270
12.912
2,842
52 9, 029
52 5, 310
52 2, 751
52 438
52 840
10, 579
1, 087
7,108
19. 811
11,851
22, 812
17,884
13,176
32, 101
8,028
4,808
20, 048
12, 079
23, 183
18, 157
13, 446
32. 782
8.206
4,894
83 2, 558
83 1, 201
33 1,810
33 1.685
33 854
33 1,745
33945
33 754
33 2, 558
33 1, 201
33 1,812
33 1,686
33 859
33 1, 7,52
33 946
33754
22
22
28
148
40
17
48, 288
132,391
466
130, 472
132, 795
33 11.553
33 11.567
277
PRODUCTS— RETURNS WITH NET INCOME
2,161
15, 474
52544
65, 747
66. 171
2,654
2,654
437
326
3,705
23, 170
8,990
102, 556
103, 201
5,858
5,848
1,117
1,132
11,122
72. 637
45, 304
307, 946
310,287
21,510
21, 494
5,135
5,059
12, 823
94, 958
67. 040
365, 838
369. 075
30, 914
30, 866
8,499
9. 325
16, 888
116,877
99, 355
441,328
445, 362
36, 872
36, 808
10, 606
9,739
45, 001
374, 729
355. 043
1, 233, 612
1. 246, 807
141,069
140, 839
45, 302
43.039
26, 024
116. 1.58
123, 125
394.112
398, 700
45. 701
45, 750
14,513
15,321
89, 784
443, 612
386, 728
1, 143, 087
1, 158, 706
116, 678
116, 427
39, 894
34, 836
40, 301
153,091
78, 989
229, 720
232, 394
24. 494
24, 494
6,825
9,917
865, 429
1,301,199
747, 237
2, 730, 474
2, 759, 118
187, 524
187, 515
46, 776
62, 245
1,113,298
2,711,905
1,911,267
7, 014, 420
7, 089, 821
613,336
612, 695
179, 105
190, 939
PRODUCTS— RETURNS WITH NO NET INCOME
3,397
3,797
4,626
3,782
6,336
14,711
10,480
3,289
18. 554
13. 236
23, 704
16.612
30, 710
37, 633
19.924
16, 549
62 15, 049
52 6, 518
52 3, 424
930
" 4, 534
11,624
52 492
16, 332
34. 382
23, 661
36. 025
28. 913
39, 787
69, 012
33, 579
30, 677
34, 635
23, 877
36, 452
29. 313
40. 260
09, 929
33, 962
30, 768
33 2, 482
33 1, 428
33 1. 736
33 1,824
33 6, 413
33 2, 922
33 668
33 906
33 2, 483
33 1, 429
33 1, 737
83 1, 826
83 6, 420
33 2. 924
3S 668
33 907
25
30
37
122
100
74
61
7
94. 494
2,488
147, 504
148, 089
33345
33 346
60,417
271,417
1,359
443, 540
447, 285
83 18. 724
8« 18, 739
457
160
STATISTICS OF BSPCOME FOR 1940, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income: ^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable «
Total assets
returns
Cash 3fl
accounts
Inven-
Invest-
assets 3'
assets-
classes "
with
receiv-
tories
ments <5
(less re-
Total
balance
ablo "
serves)
liabilities s'
sheets '■^
MANUFACTURING: NONFERROUS METALS AND
1
613
263
298
147
99
100
20
17
2
3
1,618
1,998
4,355
4.222
4,451
17,527
12,069
33, 640
14. 006
16, 388
4,686
5, 658
13, 986
13, 3.S8
16, 128
37, 768
32, 301
63, 825
13, 359
81, 6.53
3,556
5,152
13, 139
15, 178
20, 750
59, 328
36, 100
103, 474
30, 692
87, 680
353
449
1,719
2,800
5,966
15,719
20, 032
38, 568
29, 962
259, 311
3,746
5,048
12, 251
15, 161
19, 493
59, 389
47, 460
165, 230
52, 488
136,438
14, 345
18, 794
46, 720
52, 089
68, 519
194, 261
150.312
411,613
148, 598
585,409
4,987
5,027
9,913
10. 874
12, 692
27, 045
23, 803
56, 597
21, 879
46, 179
50
100
250
500
1,000
6,000
10,000
50,000
100,000—
Total...
1,562
110,275
282, 702
375,048
374,878 516,705
1,690,661
218, 997
MANUFACTURING: NONFERROUS METALS AND
1
662
96
49
19
7
6
675
305
370
453
338
848
2,835
1,403
1,618
819
930
1,791
2,593
1,659
1,648
1,736
1,159
2,255
336
188
239
404
651
394
3,560
2,862
3,389
2,435
1,231
3,572
10, 279
6,819
7, 553
6.274
4,496
9,666
4,759
2, 957
2, 068
1,948
391
4,075
60
100 . .
260
600 :
1,000
6,000. .
10,000
1
104
13
ii, 586
6
6,162
17, 989
68
50,000-. _.
100,000
Total- -.
840
3,092
9,409
22, 635
2,218
23, 210
63, 076
16, 266
MANUFACTURING: ELECTRICAL MACHINERY
1
306
129
197
127
97
124
24
17
806
1.101
2,979
4,401
6,991
26, 005
20, 348
35, 761
2.110
2,573
8,472
11, .363
14. 273
56, 308
33, 167
64. 116
2,109
2,994
9,678
13. 286
21,159
82. 061
46. 198
84, 989
181
236
809
1,345
4,201
19. 745
24,831
CO, 681
1,901
2,255
8.562
14. 050
18. 665
73. 364
40, 541
113, 583
7,332
9,483
31,472
45. 780
67.415
263. 056
168. 972
353, 984
2,465
2,588
8.039
10,117
12,5.38
31. 296
17, 512
36, 671
60
100
250 ...
500....
1,000
6,000
10,000
60,000
100,000
3
79, 373
136, 597
213. 195
316, 875
172,922
924, 899
83, 479
Total...
1,024
177, 766
317, 979
475, 671
428, 904
445, 844
1, 872, 392
204, 705
MANUFACTURING: ELECTRICAL MACHINERY
1 .
483
56
57
26
20
13
2
369
94
354
397
897
2,827
539
1,637
722
1.122
1.507
2.024
4,735
3,506
2,444
935
2, 139
2,287
3,880
8,545
4,130
o...
8, 186
3.809
8.435
9.312
13. 855
29. 068
14, 726
3,656
1.119
2.946
3. 265
3. 875
10. 934
2,508
60. ..
100...
260
765
676
162
1,343
253
3,636
4,080
5.873
10. 780
6,204
600
1,000
6,000 .
10,000
60,000
100,000
657
Total. -
5,477
15, 252
24, 360
3,500
35, 405
87, 389
28, 302
For footnotes see pp. 226-227.
STATISTICS OF mOOME FOR 19 40, PART 2
161
and by major industrial grovps,'' for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable "
Capital
stock <9
Surplus and
undivided
profits ■'9
(less defi-
cit) 42
Gross sales
and gross
receipts
from opera-
tions 50
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit 3
Total
tax 68
Divi-
dends
paid 61
THEIR PRODUCTS— RETURNS WITH NET INCOME
964
7.554
62 405
40, 066
40, 261
1,215
1,215
198
140
1,546
8,265
2,733
46, 653
46, 955
1,840
1,840
356
306
3, 584
22, 465
8, 143
98, 807
99, 524
5,429
5,427
1,277
1,227
2,437
21,343
13, 798
97, 494
98,190
6,471
6,468
1,781
1,912
3.098
27. 143
21,200
118,430
119,464
8,255
8,253
2,355
2,307
7.032
77, 746
68, 353
307, 886
310, 451
25, 760
25, 696
7,461
7,894
6,929
46, 148
62, 567
207, 843
209, 551
18, 281
18, 278
5,416
6,330
50. 200
160, 917
125,974
526, 580
534, 847
44, 779
44, 696
14, 983
12, 877
6
64, 836
58, 380
131,316
131,855
11,3.53
11, 3.53
2,712
4,810
24, 000
220, 238
256, 184
312, 285
332, 569
95, 679
95, 669
31, 457
30, 555
99, 796
656, 655
616, 926
1,887,359
1, 923, 668
219, 063
218, 894
67, 996
68, 360
THEIR PRODUCTS— RETURNS "WITH NO NET INCOME
1,384
866
2,274
888
458
783
8,422
4,746
5,828
2.983
2,620
4,334
62 5, 400
52 2, 143
52 2, 799
156
946
317
22, Oil
9, 567
8,335
8, 263
3, 3.58
13, 097
22, 118
9,674
8,432
8, 339
3,430
13, 144
33 1, 205
33 585
33 458
33 329
33 65
33 361
33 1, 206
33 585
33 458
33 329
33 65
33 362
8
1
2
19
8
10
16, 391
600
851
16, 607
16, 608
333
333
23, 043
29, 533
62 8, 072
81, 238
81, 745
33 3, 007
33 3, 009
49
AND EQUIPMENT— RETURNS WITH NET INCOME
335
3,514
465
17, 962
18,206
767
767
121
114
677
3,793
1,622
2.3, 120
23, 304
1.276
1,276
268
227
1,910
12, 404
6.798
67, 026
67,518
4,077
4,074
1,014
891
3,206
15, 924
12,923
90, 036
91,059
6,954
6,952
1,977
1,624
3,491
23, 546
21,076
116, 182
117, 563
11,977
11, 963
3,574
2,973
6.981
91,027
110,774
422, ,500
427. 787
48, 242
48, 156
15, 650
13, 661
2,837
42, 850
94, 027
224, 610
231.211
34, 133
34, 102
11, 232
11, 436
27, 231
120,518
153, 891
399, 070
407, 378
43, 914
43, 660
13, 614
26, 033
47
456, 393
281, 730
955, 291
975, 196
172, 881
172, 328
54, 832
89, 983
46, 714
769, 971
683, 306
2, 315, 796
2, 359, 221
324, 220
323, 277
102, 282
146,941
AND EQUIPMENT— RETURNS WITH NO NET INCOME
1,608
521
1,359
562
989
984
1,068
5,678
2,509
5,229
4,183
5,023
12, 245
7,534
62 3, 526
52535
62 1, 442
879
2,614
3,514
3,341
12, 246
4,254
8,828
10,419
20, 958
26. 656
20, 571
12,355
4,299
8,991
10, 539
21, 163
27, 065
20, 783
33 1, 483
33475
33 889
33452
33 669
33 1, 735
33931
33 1, 483
33475
33 890
33452
33 669
33 1, 736
33931
2
11
9
11
45
6,991
42, 401
4,844
103, 932
105, 195
33 6, 634
33 6, 635
78
162
STATISTICS OF INCOME FOR 1940, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income: ^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
Total assets
returns
Cash 39
accounts
Inven-
Invest-
assets 38
assets-
classes *^
with
receiv-
tories
ments "
(less re-
Total
payable *«
balance
able "
serves)
liabilities 39
sheets 3'
MANUFACTURING: MACHINERY, EXCEPT TRANSPORTATION
1 ..
890
573
874
478
388
412
86
58
5
4
2,402
4,734
14, 961
15, 995
27, 992
110,647
76, 165
167, 484
36, 188
77, 381
5,571
10, 099
31,313
38, 135
57, 535
177, 127
117, 636
201, 455
41, 528
212, 707
4,637
9,753
35, 250
45, 201
73, 816
246, 041
169, 256
316, 647
76, 894
170, 893
552
1,203
6,762
11,288
15, 570
72, 745
56, 660
187, 434
63, 806
246, 286
8,298
15.489
49, 874
56.117
89, 032
276, 209
169, 025
316, 586
144, 762
169, 972
21, 976
42. 252
142, 376
171, 404
270, 496
906, 793
598, 041
1, 202, 794
365, 705
878, 404
6,157
8.338
24, 788
24, 888
39, 512
98, 637
49, 067
104, 156
15, 236
52, 726
60
100
250 .
500
1,000
5,000 .
10,000
60,000
100,000
Total _._
3,768
533, 949
893, 105
1, 148, 388
662, 306
1, 295, 365
4, 600, 240
423, 504
MANUFACTURING: MACHINERY, EXCEPT TRANSPORTATION
1__- .._
60
100
250
1,121
269
248
85
67
45
1,201
774
1,497
929
1,659
' 3,410
3,808
3,375
6,122
4,785
6,637
15, 198
4,615
4,628
9,252
6, 765
10, 576
26, 140
532
861
2,420
1,386
1,839
11,327
9,106
8,808
17, 687
14, 446
16, 407
33, 970
20,271
19, 120
38, 757
29. 855
38, 508
93, 518
8,276
6,581
9,151
5,917
9,268
10, 605
600
1,000 --
5,000
10,000....
50,000
100,000
Total...
1,825
9,470
39, 925
61, 976
18, 365
100, 423
240, 029
49, 797
MANUF
ACTURIN
G: AUTOMOBILES
AND EQUIPMENT'
1
127
63
100
57
■ 36
69
14
18
4
3
235
307
1,821
1,487
2,622
19, 942
15, 161
67, 467
54, 490
669, 073
918
1,304
3,931
6,179
5,941
28, 478
23, 508
63, 482
21, 194
323, 172
897
1,298
4,767
6,086
7, 529
43, 241
25, 755
95,018
55, 464
360, 232
66
67
255
638
834
8,240
7,887
67, 120
51, 719
534, 869
800
1,317
4,763
6,411
8,084
50, 355
26, 300
129, 567
56, 325
796, 286
3,019
4,431
16. 088
20, 253
25, 580
154, 318
100, 963
410,317
243, 122
2,611,324
1,157
1,427
4,274
4,381
4,892
26,212
24, 286
45,416
23, 384
321, 240
50
100,
250
500
1,000 ..
5,000
10,000-
50,000 ..
100,000
Total...
491
722, 505
477, 107
600, 287
661, 594
1, 079, 208
3, 589, 416
456, 669
MANUFACTURING: AUTOMOBILES AND EQUIPMENT,
1
176
36
31
12
9
9
1
2
122
142
106
192
234
461
44
4,988
608
385
768
658
729
1,230
613
3,184
738
564
818
1,340
1, 285
4,009
1, 363
6,048
120
116
325
65
132
699
1,412
667
1,429
1,144
2,720
1,415
3, 406
15, 753
1,982
32, 262
3,175
2,567
4,880
4,063
6, 165
22, 876
5,919
57,090
1,600
789
831
1,106
2,125
4,007
411
2,469
60-.
100
250...
600
1,000-
5,000
10,000
50,000
100,000
TotaL..
276
6,289
8,176
16, 164
3,336
60, 111
106,736
13,338
For footnotes, see pp, 225-227.
&TATISTICS OF INCOTVIE FOR 19 40, PART 2
163
and by major industrial groups,'' for returns with net income and returns with no
com-pded net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable *'
Capital
stock *8
Surplus and
undivided
profits "
(less defi-
cit) 12
Gross sales
and gross
receipts
from opera-
tions 50
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit 3
Total
tax«9
Divi-
dends
paid 51
EQUIPMENT AND ELECTRICAL— RETUENS WITH NET INCOME
1,595
13, 898
62 1, 566
46, 244
46, 686
2,454
2,453
427
445
2,712
21. 266
6, 828
73, 824
74. 506
5,019
5,011
1,084
1,030
9,456
66, 691
31, 794
220, 945
223, 703
19, 1.55
19, 129
5,000
4,057
11,083
74, 188
49,817
243, 900
247, 319
23, 925
23, 862
6,705
7,089
12, 273
101, 796
94, 689
379, 503
3S3, 894
44,416
44, 325
14, 245
10, 342
34, 684
340, 244
348, 596
1, 029, 664
1,051,237
152, 741
152,511
50, 629
42, 789
21,345
230, 229
228, 973
590, 446
601. 355
106,511
106, 320
38, 873
32, 718
59, 553
480, 264
441, 255
1, 020, 527
1,041,300
173, 085
172, 805
61,946
58, 301
25, 791
165, 196
146, 502
259, 355
284, 166
56, 068
55, 947
17, 067
26, 639
25, 322
464, 909
306, 397
480, 897
492, 126
66. 994
66,432
12, 841
32, 890
203, 813
1, 958, 681
1, 653, 286
4, 345, 303
4, 446, 291
650, 366
648, 795
208, 816
216, 300
EQUIPMENT AND ELECTRICAL— RETURNS WITH NO NET INCOME
3,023
2,385
5,635
3,345
3,505
13, 299
19, 285
15, 214
26, 370
23, 302
21,426
48, 478
62 11,900
52 6, 243
52 4, 909
52 4. 405
2,236
16, 352
23, 485
15, 049
30, 650
18,552
29, 133
59, 606
23, 784
15, 270
31,517
18,947
29, 625
61, 037
33 2, 358
33 1, 606
33 1, 956
33 1,432
33 2, 058
33 3, 004
33 2, 364
33 1, 606
33 1, 956
33 1,432
33 2, 064
33 3, 021
157
19
46
97
65
75
31, 192
154, 136
62 8, 870
176, 475
180, 180
33 12,413
33 12, 443
459
EXCEPT ELECTRICAL— RETURNS WITH NET INCOME
151
1,808
52 422
8,620
8,703
245
245
34
.53
621
, 1,986
52
11,492
11,557
384
384
65
32
1, 200
5,923
3,385
40, 714
41,077
2.206
2,205
545
551
1,101
7,870
5,440
40. 141
40, 432
2. 662
2,659
737
682
906
7,651
10, 150
49, 810
50, 250
4,724
4.722
1, .383
1,407
7,017
49, 139
.59, 746
294, 493
296. 797
28, 425
28, 401
8,862
8,511
3,263
23, 669
38, 144
142, 360
144, 251
12, 130
12, 107
4,208
3,069
35, 387
115,750
188, 728
580,114
587, 864
61, 622
61,544
20, 592
18, 389
625
81, 165
96, 648
306, 838
311,572
22, 359
22. 307
6,536
9,796
661, 557
1,513,152
3, 060, 967
3, 165, 955
441, 977
441, 708
135, 706
206, 792
50, 330
956, 515
1,915,024
4, 535, 549
4, 658, 458
576, 733
576, 283
178, 669
249, 282
EXCEPT ELECTRICAL— RETURNS WITH NO NET INCOME
642
367
1,303
809
438
3,246
945
3,967
2,646
2,075
3,845
2,229
3,165
14, 989
1,800
25, 043
52 1, 990
52979
52 1, 284
52 195
62 81
62 2,616
2,366
23, 839
5,593
3,119
4,044
4,838
5,297
15, 894
2,574
73, 274
5,636
3,214
4.090
4,892
5,427
16, 255
3.860
73, 448
33 483
33 1, 084
33 410
33 229
33744
33 2, 791
33 182
33 3, 014
33 483
33 1, 084
33410
33 229
33744
33 2, 791
33 182
333,014
45
10
1
11,718
55, 792
19,059
114,634
116,822
33 8, 937
33 8, 937
57
164
STATISTICS or lOSPCOME FOR 19 40, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income:^ Number of returns, selected assets and liabilities, selected receipts,
assets other than ovjn stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable ««
Total assets
returns
Cashes
accounts
Inven-
Invest-
assets 38
assets-
classes "
with
receiv-
tories
ments <5
(less re-
Total
balance
able "
serves)
liabilities 39
sheets ^s
MANUFACTURING: TRANSPORTATION EQUIPMENT, EXCEPT
1- . .
90
62
72
40
30
63
16
24
11
4
278
437
1,069
1,383
2,362
15, 508
15, 096
92, 120
160, 862
167, 865
507
1,109
3,119
2,892
4,025
29, 120
25, 315
76, 180
62, 219
96, 363
338
786
2,575
2,929
5,144
40, 886
23, 484
105, 977
206, 194
105, 477
83
211
439
408
461
8,925
11, 676
61, 580
87, 697
28, 037
843
1,837
4,650
6,154
7,338
61, 427
35, 574
151,313
231,603
133, 290
2,097
4,505
12, 185
13, 289
20, 341
151, 635
113,047
608,315
760, 356
541, 064
551
1,381
2,864
3,075
3,988
29, 320
16. 621
62, 290
63, 074
42, 695
60 ...
100
250
600 - .-
1,000.--
5,000
10,000
50,000 - .
100,000.- -
Total —
412
456, 980
300,849
492, 789
199, 517
623,029
2, 126, 834
225, 860
MANUFACTURING: TRANSPORTATION EQUIPMENT, EXCEPT
1
179
49
40
25
11
8
1
1
220
205
265
506
168
1,265
1,262
10, 091
521
514
809
1,013
400
698
793
2,189
680
421
1,257
1,554
1,819
6,996
1,706
14, 929
66
100
98
973
412
180
801
704
1,781
1,784
3,642
4,326
4,116
6,484
2,735
6,866
3,295
3,192
6,308
8,741
7,448
15, 173
8,101
35, 334
3,356
922
2,245
1,763
1,692
3,066
1,017
2,114
60
100
250— --
600
1,000
6,000
10,000
60,000
100,000
Total --
314
13,982
6,936
28, 261
3,335
31, 734
87, 591
16, 176
MANUFACTURING: OTHER MANUFACTURING —
1
60
100 -
929
319
341
188
93
91
13
8
2.396
2,572
5,051
6,020
6,933
21,813
6,879
23, 166
6,370
6,836
13, 057
16, 263
12, 636
41,415
19, 744
42, 535
4,991
6,268
15,691
20, 197
18, 297
61,713
26, 528
48,904
425
550
2,137
3,942
4,494
26, 605
8,935
22, 499
5,175
5,943
15, 009
18, 222
18, 723
50, 142
22, 007
32, 483
19, 983
22, 814
52, 825
66, 633
63, 305
207, 348
85, 659
172, 825
6,288
5,883
10, 728
11,788
7,913
17, 232
10,415
14,413
250
600
1,000 --.
6,000 - .
10,000
50,000
100,000
1
26, 113
14,499
28, 913
83, 518
55, 961
208, 856
9,543
Total. -
1,983
99, 944
173.355
231, 501
153, 105
223, 656
900, 246
94, 203
MANUFACTURING: OTHER MANUFACTURING—
1
1,446
191
129
36
29
12
2
1,430
738
843
331
614
1, 007
675
6,349
3, 033
4,006
2, 335
2, 808
4,302
1,268
6,318
3,616
4,994
2,778
4.318
6,300
4,430
656
439
1,312
1,004
2,263
6, 085
6,183
7, 159
6,331
7, 162
4,993
9,745
10, 040
7,179
20. 836
13, 865
19,412
12, 198
20, 362
27, 836
18, 872
9,706
5,971
6,576
2,950
3,658
2,284
398
60
100 .
250
600
1,000.
6,000
10,000-- -
60.000
100,000.
1,844
Total...
6,239
23, 102
30, 753
16, 842
61,609
133, 381
30, 543
For footnotes, see pp. 225-227.
SIaTISTICS of miCOME FOR 1940, PART 2
165
and by major industrial groups,'' for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable *'
Capital
stock 18
Surplus and
undivided
profits 1'
(less defi-
cit) <2
Gross sales
and gross
receipts
from opera-
tions 5"
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit s
Total
tax™
Divi-
dends
paid 51
AUTOMOBILES— RETURNS WITH NET INCOME
181
1,280
52 14
4,558
4,625
245
245
44
65
264
2,362
224
7,385
7,537
491
490
111
63
612
5,163
2,459
21, 566
21, 743
1,485
1,481
410
252
1,012
4, 537
3,158
19, 802
20, 105
2,123
2,122
680
622
1,260
6.644
6,191
26, 958
27, 166
2,844
2,843
905
475
8,906
62, 972
40, 773
166, 256
169, 336
22, 870
22, 837
7,872
4,602
2,238
39, 859
40,134
102, 063
103, 990
15,111
15, 090
4,360
4,397
31,254
158. 539
116.661
403,971
408, 781
49, 146
49. 050
15, 758
11, 746
36, 423
120. 580
267, 936
414,3.52
425,110
72, 627
72, 605
19,512
30. 832
84, 873
133, 156
342, 689
356, 493
89. 628
89,626
40,935
18, 237
82, 150
476, 810
610,680
1,609,601
1,544,885
256, 570
266,390
90, 588
71, 181
AUTOMOBILES— RETURNS WITH NO NET INCOME
865
538
1,062
1,079
2,121
1,374
2,549
2,732
4,328
4,555
3,045
4,519
3,484
1,500
52 3, 857
52 1,251
62 1, 892
759
52 52
1,863
1,6.58
62 2, 879
3,431
2,671
3,963
4.887
4,271
5,309
4,691
15, 443
3,514
2,736
4,066
6,005
4,289
6,361
5,113
15,528
83 729
33 219
33513
33730
S3 550
33 718
33 198
83 1,674
33729
33 220
33513
33731
33550
33 718
83 198
83 1, 574
51
9,348
16,388
26, 712
52 5, 652
44,667
46,612
33 5, 230
33 6,232
51
RETURNS WITH NET INCOME
950
10,516
858
66, 621
66, 937
1,711
1,711
279
207
1,665
11,386
2,318
50, 845
51, 275
1,918
1,918
335
624
3,446
23. 907
11,560
105, 678
106, 505
5,245
5,237
1,149
1,334
2,642
27, 666
20, 890
111,233
112,400
7,620
7,611
1,940
2,180
2.251
25. 851
22, 265
91,359
92. 388
8,633
8,630
2, 546
2,633
13. 929
74, 547
88, 208
245, 409
249, 673
31, 030
30, 973
9,316
8, 804
1,318
34, 108
35, 926
85, 816
87, 368
11,420
11,404
3,106
4,757
6,654
63, 129
60, 264
166, 714
170, 871
31,417
31,414
10, 602
9,603
105, 206
83, 325
92, 692
98, 484
23, 291
23, 267
4,859
15, 226
32, 853
376, 316
325,615
1, 006, 366
1,025,900
122, 286
122, 164
34, 133
45, 268
RETURNS WITH NO NET INCOME
2,850
1,496
3,222
1,482
2,789
776
6,429
15, 529
11, 782
13, 007
7,276
11,933
14.818
7,098
52 9, 194
52 6, 088
52 3, 664
52 210
980
9,257
4,623
41,347
17, 103
20, 843
10, 691
16. 823
18,132
8,367
41, 662
17, 275
21, 256
10. 970
17, 157
18. 529
8,003
333,059
33 1, 341
33 1, 401
33 822
33 813
33 1, 395
33 289
33 3, 059
S3 1, 341
S3 1, 402
33 823
33 814
83 1,396
33 289
10
4
24
12
22
318
19,044
81, 442
52 4, 296
133, 306
135, 452
33 9, 120
33 9, 123
391
166
STA'TISTTCS OF m'COME FOR 19 40, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income:^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
>JiiTn-
ber of
Notes and
Capital
Total
Accounts
and notes
payable "
Total assets
classes "
returns
with
Cash 3«
accounts
receiv-
Inven-
tories
Invest-
ments "
assets 28
("less re-
assets-
Total
balance
able "
serves)
liabilities 39
sheets ^s
MANUFACTURING: MANUFACTURING NOT
1
334
154
162
99
49
51
2
2
783
1,059
2,272
3,224
2,473
7,739
586
3,887
2,073
2,804
6,210
8, 357
6,785
17, 108
927
3,038
1,937
2,920
6,931
9,893
10, 226
24,415
2, 753
9,777
203
292
1,298
2,278
2,639
11,461
3,971
26, 762
2,138
3, 501
8,553
10, 905
11,948
36, 747
5,398
16, 121
7,334
10, 900
25, 970
35, 932
35. 234
100, 548
13, 752
60, 771
2,187
2,502
5,555
6,114
6,864
14, 098
544
5,159
50
100,
250
500
1,000
6.000
10,000
60,000
100,000
Total...
853
22, 023
47, 362
68, 851
48, 903
95,311
290, 440
43, 024
MANUFACTURING: MANUFACTURING NOT
1
719
109
76
21
14
6
609
336
427
214
162
258
2, 177
1,316
1,847
1,211
862
1,409
2,350
1,523
2,598
1,401
1,589
1,516
268
431
595
235
403
1,569
4,732
3,676
5,618
3,817
6,300
5,412
10, 635
7,802
11,997
7.148
9, .596
10, 742
4,706
2,258
3,798
1,641
1,865
3,105
60
100
250
500
1,000
5,000
10,000
60,000
100,000
Total...
945
2,006
8,821
10, 978
3,501
29, 557
57, 921
17, 373
TOTAL PUBLIC UTILITIES— RETURNS
1 .-
4,890
1,494
1,655
832
543 V
701
172
241
75
74
12, 403
11,894
25, 236
26, 876
34, 624
111,713
66, 067
291, 306
156, 012
687, 141
18. 777
18, .371
39, 089
37, 562
37, 445
107,118
61,071
242, 266
161.074
447, 846
1,466
1,797
4,125
4,454
6,887
28, 514
18, 968
78, 533
74, 686
336, 634
3,284
5,242
13,117
19, 907
20, 690
109, 583
86, 093
325, 406
230, 380
3,117,831
64, 297
64, 871
157, 973
192, 186
272, 008
1, 140, 095
946, 699
4, 522, 184
4, 440, 424
19, 693, 943
94, 371
106, 372
248, 491
293, 565
383, 768
1, 548, 906
1, 216. 582
5, 629. 796
5. 250. 584
24, 851, 541
24, 479
21, 138
39, 757
42, 833
44, 946
145,916
80, 004
203, 8.5a
105. 652
394, 179
60
100
250
600
1,000
6,000
10,000
60,000__. _
100,000
Total...
10, 577
1, 423, 273
1, 170, 620
556, 063
3,931,532
31, 484, 680
39, 623, 976
1, 102, 762
TOTAL PUBLIC UTILITIES-RETURNS
1
6,882
742
561
249
206
270
70
74
17
32
5,708
2,764
4.777
5,087
6,158
24, 288
14, 563
39, 642
28, 370
296, 403
14, 566
7,793
11,197
8,596
8,498
26, 309
13, 478
40.111
12,111
126,927
1,277
898
1,558
1,301
2,324
8,581
5,260
16, 161
14, 135
137, 498
2,805
2,797
5,296
5,599
9,834
37,710
19, 156
121,562
45, 369
1,061,521
48, 784
33, 721
61, 394
64, 007
115, 242
482, 705
429. 466
1,351,876
1, 099, 440
10, 806, 083
77, 079
50, 894
88, 127
87, 276
146, 899
606, 510
497, 647
1, 661, 851
1, 257, 873
12, 649, 662
37, 112
19, 162
27, 058
19, 800
28, 813
83, 967
82,091
80. 688
57, 362
579, 652
60
100-
250
600__ _...
1,000-.-
5,000
10,000. -. .
60.000
100,000
Total...
8,103
427, 761
269, 585
188, 993
1,311,647
14, 492, 718
17, 123, 818
1, 015, 604
For footnotes, see pp. 225-227.
StTATISTICS OF INICOME FOK 1940, PART 2
167
and by major industrial groups,'' for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable ^7
Capital
stock 18
Surplus and
undivided
profits 19
(less defi-
cit) "
Gross sales
and gross
receipts
from opera-
tions 50
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit 3
Total
tax"
Divi-
dends
paid "
ALLOCABLE— RETURNS WITH NET INCOME
537
4, 226
82 72
17, 783
17, 936
654
654
101
75
685
5,093
1,891
22, 627
22, 796
1,048
1, 047
209
209
1,728
12, 157
5,281
47, 462
47, 926
2,395
2,391
540
679
2,499
14, 067
11, 146
60, 607
61,216
3,902
3,901
1,007
914
1,411
16, 343
8, 255
49, 864
50, 575
3,757
3,754
1,092
1,071
3, 846
40, 736
35, 519
120, 598
123, 250
10, 177
10, 136
2,801
3, 096
2,525
7,045
3,303
10, 459
10, 824
965
965
182
529'
15, 060
19, 220
19, 761
29, 913
30, 987
5,377
5,377
1,347
3,371
28, 291
118,886
85, 084
359, 312
365, 509
28, 276
28, 226
7,281
9,944
ALLOCABLE— RETURNS WITH NO NET INCOME
1,591
1,381
1,531
708
2,088
336
10,413
5,732
7, 801
4, 889
5,875
7,303
« 6, 878
62 2, 071
52 1, 831
52 582
62 1, 089
52 402
16, 239
8,193
12, 644
7,895
5,255
7,760
16, 381
8.254
12, 769
7,972
5,341
7,940
33 2. 281
33 1, 295
33 1,041
33500
33 583
33 566
33 2. 281
33 1, 295
33 1,041
33500
33 583
33 566
2
6
18
5
7
7,636
42, 074
62 12,852
57, 985
58, 667
33 6, 266
33 6, 266
37
WITH NET INCOME
8,217
48, 3.';6
7,014
197, 422
201, 133
11, 150
11, 147
1,823
3,511
12, 207
46, 075
20, 080
IfiO, 121
164, 097
12,007
11,985
2, 385
3,693
36, 512
105, 704
50, 501
296, 101
302, 270
28, 058
28, 038
6,230
10, 975
50, 181
125, 117
55, 985
271.331
277, 681
31, 4.35
31,404
7,539
14, 006
75, 232
' 165,179
77, 130
293. 346
299, 658
37, 087
37,014
9,660
17, 132
395, 460
622, 699
306, 075
688, 024
712,842
115,353
115, 240
28,416
56, 721
347, 365
500, 758
228, 500
396. 989
410. 221
76, 894
76, 792
19, 796
41, 555
1, 938, 200
2, 381, 201
825, 390
1, 713, 562
1, 765. 831
302, 422
301, 879
72, 868
195, 906
2, 188, 218
2, 057, 672
678. 436
1,119,075
1. 144, 126
221,071
220, 994
52,827
153, 240
9, 219, 463
10, 118, 527
4, 275, 689
4, 816, 909
5, 103, 875
746, 566
745, 706
157, 043
549, 192
14,271.055
16,171,289
6,524,801
9, 952, 880
10, 381, 734
1,582,044
1, 580, 199
358, 587
1, 045, 933
WITH NO NET INCOME
20,
12,
29,
33,
72,
289,
228,
914,
685,
6, 774,
9, 059, 671
76, 047
30. 555
44, 637
42, 235
67, 325
238, 277
188, 342
624, 581
428, 334
3, 749, 544
62 63, 742
52 15, 498
52 21, 177
62 17, 224
52 32, 538
62 75. 371
62 77, 206
62 171, 659
62 188, 446
93, 342
5, 489, 877 62 559, 518
142,791
51, 739
62, 265
53, 824
37, 187
162, 985
91,859
275, 9.59
219, 540
1, 940, 179
3, 044, 327
145, 728
52, 870
65, 152
54, 747
41, 857
169, 072
107, 837
288, 041
226, 508
2, 040, 518
3, 192, 330
33 9, 364
33 4, 585
33 4, 195
33 3, 330
33 4, 234
33 23, 412
33 20, 283
33 46, 251
33 24. 210
33 122, 477
33 262, 353
33 9, 365
33 4, 588
33 4, 202
33 3, 353
33 4. 239
33 23, 512
33 20, 559
33 46, 273
33 24, 244
33 122, 534
33 262, 870
383
90
449
703
159
2,316
1,177
4,696
4, 563
6,944
21, 479
168
STATTSTICS OF ESPCOME FOR 19 40, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income:^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax— Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable *'
Total assets
returns
Cash 36
accounts
Inven-
Invest-
assets 39
assets-
classes <'
with
receiv-
tories
ments *'
(less re-
Total
balance
able "
serves)
liabilities 3»
sheets ^^
PUBLIC UTILITIES: TRANSPORTATION—
1
3,477
1.017
1,019
529
311
349
69
66
18
21
9,774
9,046
18, 965
19, 341
25, 789
81, 364
37, 971
157, 343
53, 501
368, 895
15, 729
15, 087
31, 485
30. 207
27. 520
69. 876
32,389
93, 977
55, 243
149,318
1,030
1,303
2,620
3.045
4.210
14, 322
8,082
20, 988
23, 970
183, 325
2,487
3,807
9, 691
14, .395
13, 318
75. 137
49,848
104, 081
134, 754
1, 621. 650
33, 863
40, 054
91, 273
108, 554
139, 131
4S1. 278
334, 134
1, 053, 738
880, 786
9, 679, 779
66, 044
72, 6.59
161, 144
185, 223
218, 301
754, 000
479, 060
1, 471, 000
1, 176, 650
12, 233, 438
20,914
17,639
31, 642
34, 675
32, 774
87, 3.55
44,098
68, 247
28, 073
206, 560
50
100
250
600
1,000
6,000
10,000
60,000
100,000
Total...
6,876
781, 989
520, 831
262, 897
2, 029, 167
12,842,590
16, 817, 517
571, 977
PUBLIC UTILITIES: TRANSPORTATION—
1
4,414
559
398
160
135
176
39
51
13
31
4,553
2,270
3,715
3,994
4,026
20, 185
9,724
25, 066
20, 200
294,380
12,198
6,692
9,306
7,304
5,142
19, 092
4,049
24, 380
7,067
123,076
934
650
1,083
852
917
4,750
2,186
9,918
11,144
135, 894
2,345
2,387
3,951
4,000
8,648
26, 251
16, 345
92, 736
42, 55S
1,061,487
34, 132
23, 889
40, 987
37, 513
72, 781
324, 559
239, 128
956, 155
836, 972
10, 629, 906
57, 167
38, 341
61,871
55,652
95, 015
413, 9.32
280, 638
1, 165, 341
965, 400
12, 465, 727
30, 132
16, 670
22, 016
15,006
16,456
60, 958
34,944
64, 770
53, 097
579, 222
50
100
250
500
1,000
6,000
10,000
60,000
100,000
Total...
5,97 <
388, 113
218,304
168,328
1,260,709
13,196,022
15,599,083
893, 269
PUBLIC UTILITIES: COMMUNICATION—
1
795
220
207
92
57
69
11
18
4
13
1,580
1,585
3,237
4,005
2,601
9,214
5,015
21,379
2,394
39, 930
1,830
1,800
3,064
2,787
2,935
3,590
2,856
25, 354
8,139
110, 528
278
269
598
433
740
3,445
2,494
6,800
3,918
47,054
365
712
1,394
2,319
2,893
7,431
5,823
8,091
840
253, 163
10, 650
10, 548
23, 701
20, 733
30, 333
110,005
57, 854
354, 178
260, 675
2, 964, 175
15,276
15, 229
32, 937
31,642
40,815
137, 456
78, 645
422, 743
277, 431
3, 446, 376
1,567
1,558
3,363
1,765
2,366
4,293
2,368
12,861
5, 932
66, 009
60
100
250
600
1,000
6,000
10,000
60,000..
100,000
Total...
1,486
90,940
162, 882
66,029
283, 030
3, 842, 849
4, 498, 550
102, 082
PUBLIC UTILITIES: COMMUNICATION—
1
907
59
34
11
8
14
3
5
720
250
307
84
316
550
383
3,017
1,431
538
516
306
264
596
280
3,355
240
71
75
34
68
1,713
658
1,928
235
70
130
798
104
1,322
19
2,532
7,766
2,832
3,664
2,383
4,345
26, 456
16, 659
91, 426
10, 977
4,003
5,003
3,666
5,158
31, 785
18,715
104, 184
2,122
706
1,117
602
902
1,994
344
6,098
60
100
250
600
1,000 . .
6,000
10,000
60,000
100,000
Total...
1,041
5,626
7,285
4,786
5,211
155, 531
183, 492
13,886
For footnotes, see pp. 225-227.
STATISTICS OF ESTlOOME FOR 1940, PART 2
169
and hy major industrial groups,'' for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable *'
Capital
stock ^3
Surplus and
undivided
profits 49
(less defi-
cit) *2
Gross sales
and gross
receipts
from opera-
tions 60
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit 3
Total
tax 66
Divi-
dends
paid s
RETURNS WITH NET INCOME
6,322
32, 138
1,681
178, 810
181,815
8,999
8,997
1,489
2,625
8,511
28, 183
13, 572
138, 049
140, 618
8,384
8,365
1,621
2.450
20, 991
66, 750
29,860
252, 955
258, 462
20, 537
20, 522
4,684
7,292
25, 832
76, 946
34, 352
222, 529
227, 834
22, 239
22,221
5,484
9,245
32,481
95, 694
43, 529
233, 877
238, 928
26, 767
26, 727
7,282
11,810
141,228
294, 085
188. 695
460, 421
480, 851
77, 924
77, 832
19, 636
32, 480
102,418
191,918
112,287
214, 581
223, 574
44, 954
44, 874
12, 192
20, 848
345, 272
592, 141
356, 464
694, 396
725. 598
107, 587
107, 413
25, 914
60, 800
317,362
458, 142
297, 949
275, 030
289,816
65, 9S0
65, 961
15, 647
42, 993
4, 631, 773
3, 779, 610
3, 199, 531
2, 203, 768
2, 374, 872
189, 923
189, 542
36, 239
122, 225
5, 632, 190
5, 615, 606
4, 277, 920
4, 874, 417
5, 142, 369
573, 305
572, 454
130, 188
312, 768
RETURNS WITH NO NET INCOME
14, 722
8,771
21.915
19, 573
50, 111
183,517
128, 248
596, 202
535, 519
6, 689, 353
42, 394
23, 105
32, 897
29, 182
47, 489
182, 490
103,373
450, 160
314,809
3, 657, 684
52 36, 303
62 14, 068
52 20, 757
52 15, 140
52 27, 108
52 70, 876
52 47, 178
52 143, 587
52 205, 458
89, 776
131,885
48, 096
55, 771
46, 927
26, 532
126,980
49, 944
204, 180
174,188
1, 934, 165
134, 368
49, 130
58, 555
47, 743
27, 869
132, 374
64, 995
214, 924
180, 954
2, 028, 351
33 7, 986
33 3, 952
33 3, 172
33 2, 555
33 3,117
33 19, 415
33 15, 731
33 40, 098
33 23, 073
33 121, 476
33 7, 987
33 3, 955
33 3, 173
33 2, 577
33 3, 121
33 19, 516
33 15,996
33 40, 116
33 23, 101
33 121, 533
278
70
417
487
137
1,775
153
1,147
4
6,944
8, 247, 932
4, 883, 641
62 490, 697
2,798,667
2, 939, 263
33 240, 575
33 241,075
11, 414
RETURNS WITH NET INCOME
837
8,494
3,734
11,953
12, 406
1,322
1,321
210
499
970
7,464
4,539
12, 765
12, 983
2,037
2, 035
397
819
4,310
14, 455
9,058
24, 472
24, 752
4,690
4,688
1,067
2,247
4,002
15, 684
7,731
25, 189
25, 468
4,755
4,746
1,133
2.401
8, 733
19, 648
7,985
20,598
21,062
4,496
4,491
1,146
2, 013
49, 412
59, 276
19, 362
38, 845
39, 633
8,077
8,067
1,934
4.396
15, 382
59, 432
52 1, 733
19, 501
20, 216
2,626
2,616
668
2, 309
106, 368
227, 286
53, 995
180, 563
183, 716
35, 853
35, 851
9,657
19. 246
71, 474
171, 450
16, 039
83, 302
84, 640
16,011
16, 009
3,841
11,846
837, 859
2, 186, 425
224,611
1, 046, 224
1, 082, 016
206, 389
206, 203
46, 752
155, 146
1,099,348
2, 769, 614
345, 320
1, 463, 413
1,506,892
286, 257
286, 028
66,804
200, 922
RETURNS WITH NO NET INCOME
935
716
1,527
1,141
2,142
19, 143
9,416
110, 119
7,877
2,451
2,748
2,302
2,288
9,974
7,568
25, 242
62 665
52 122
52 685
52 598
52 591
52 137
824
52 39, 087
7,248
1,745
1,744
1,470
1,274
6,251
3,989
11,394
7,608
1,774
1, 751
1,495
1,374
6,311
4,043
11,633
33712
33 282
33 263
33 208
33 108
33 674
33 489
33 1, 613
33713
33 282
33 263
■ 33 208
33 109
33 674
33490
33 1, 616
20
8
(")
18
134
315
298
.
145, 138
60, 450
52 41,059
35, 113
35,990
33 4, 348
33 4, 354
794
170
STATISTICS OF IN'COME FOR 194 0, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income: * Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable *^
Total assets
returns
Cash 39
accounts
Inven-
Invest-
assets 38
assets-
classes *^
with
receiv-
tories
ments '=
(less re-
Tot il
balance
able »
serves)
liabilities 39
sheets "
PUBLIC UTILITIES: OTHER PUBLIC
1
618
257
329
211
175
283
92
157
53
40
1,049
1,263
3,034
3,529
6,235
21, 135
23, 082
112,584
100. 117
278, 316
1,219
1,483
4, 539
4, 568
6,991
33, 6.52
25, 827
122, 935
97, 693
188, 000
157
225
906
976
1,936
10, 746
8,392
50, 745
46, 797
106, 256
432
723
2,032
3, 193
4,479
27,014
30, 422
213.234
94, 786
1, 243, 019
9,785
14. 270
42. 999
62, 899
102, 544
548,812
554, 712
3,114,268
3, 298, 963
7, 049, 989
13, 052
18, 484
54, 409
76, 701
124, 653
657, 450
658, 877
3, 736, 053
3, 796, 504
9, 171, 728
1,999
1,940
4,752
6,393
9,806
54, 268
33, 538
122, 750
71,647
121,610
50
100
250
500-^
1,000
5,000
10,000
50,000
100,000
Total.-.
2,215
550, 345
486, 907
227, 137
1, 619, 334
14, 799, 241
18, 307, 909
428, 703
PUBLIC UTILITIES: OTHER PUBLIC UTILITIES—
1
561
124
129
78
63
SO
28
18
4
1
434
244
7.54
1,009
1,817
3, 554
4,457
11.560
8, 170
2,023
937
564
1,376
986
3,092
6.622
9,150
12, 376
5,044
3,850
102
177
400
415
1,339
2,118
2,417
4,316
2,990
1,604
225
339
1,215
800
1, 083
10, 136
2,791
26, 293
2.810
34
6,885
7,000
16, 744
24,110
38, 116
131,690
173, 679
304, 296
262, 469
176, 177
8,935
8, 5,50
21, 253
27, 958
46, 726
160, 793
198, 294
392, 326
292, 473
183, 935
4, 857
1,785
3,925
4,191
11,455
21,015
46, 803
9,820
4,265
330
50
100
2,50
500
1,000
5,000
10,000
50,000
100,000
Total...
1,086
34, 022
43, 996
15, 878
45, 727
1, 141, 165
1,341,244
108, 448
TOTAL TRADE: RETURNS
1
50
100
250
500
1,000
34, 863
13. 277
11,749
4,428
2,159
1,627
175
122
17
8
85, 389
82, 969
144. 670
122,716
124,333
292. 481
120,672
253, 430
100, 547
166, 440
228, 378
305, 371
621,608
526, 571
483, 563
982, 003
358. 628
581.617
201,372
548, 175
283, 365
327, 445
603, 537
485,174
455, 959
913,023
2'<2, 512
535, 567
275,918
,527, 187
19, 235
30, 293
81,317
95, 496
104, 540
322, 602
159, 443
367, 734
409,991
354, 028
156, 478
17.5,312
329, 097
265, 564
271,580
624.060
277, 524
585, 403
182, 265
327, 920
793,110
944, 834
1,826,469
1, 536, 330
1,479,920
3, 206, 992
1,22.3,656
2. 367, 365
1,179,815
1,984,541
269, 844
288, 585
514,644
404, 108
380, 837
843, 570
272, 690
609, 270
224, 182
593, 640
5,000..
10,000 — .
50,000
100,000
Total...
68, 425
1, 493, G48
4, 837, 285
4, 689, 688
1, 944, 680
3, 195, 203
16, 543, 032
4,301,371
TOTAL TRADE: RETURNS
1
50
46, 355
5, 836
3,372
869
352
226
20
19
49, 466
20, 965
25, 644
14,425
16,85!
34, 486
10, 544
17,911
183, 767
121,483
157,092
89, 359
68.341
99, 255
32. 515
37, 277
239, 072
125, 423
144, 754
77, 097
57, 183
106, 856
33, 438
48, 246
19,938
16, 145
31,908
26, 954
25, 966
48, 439
24, 337
64.318
190, 477
107, 516
135, 0.36
77, 547
62, 5,59
116,240
26, 382
91, 925
707, 568
404, 361
511,197
296, 185
240, 056
416,703
129, 546
265, 591
345, 7,58
155, 228
176,439
91,782
74, 139
117,961
31, 170
72, 425
100
250
500
1,000..
6,000
10,000
50,000
100,000
Total...
57,049
190, 292
789, 089
832,070
258, 006
807, 681
2, 971, 208
1, 064, 901
For footnotes, see pp. 225-227.
STATISTICS OF INlOOME FOK 1940, PART 2
171
and by major industrial groups,'' for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable *'
Capital
stock <s
Surplus and
undivided
profits *9
(less defi-
cit) <2
Gross sales
and gross
receipts
from opera-
tions 50
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit 3
Total
tax 66
Divi-
dends
paid 51
UTILITIES— RETURNS WITH NET INCOME
1.057
7,724
1,599
6,659
6,912
829
829
124
388
2,726
10, 429
1,969
9,307
10, 496
1,587
1,586
366
424
11,211
24, 499
11,583
18, 673
19, 057
2,831
2,828
478
1,436
20, 347
32, 487
13,902
23, 613
24, 379
4,441
4,436
922
2,359
34, 018
49, 837
25, 616
38, 871
39, 668
5,824
5,796
1,232
3,309
204, 820
269, 338
98, 018
188, 758
192,359
29, 351
29, 341
6,846
19, 845
229, 566
249, 408
117,947
162, 906
166,431
29,314
29, 302
6,936
18, 398
1, 486, 560
1,561,774
414,931
838, 603
856, 510
158, 983
158, 616
37, 297
115.860
1, 799, 382
1,428,080
364, 449
760, 743
769, 669
139,070
139, 024
33, 340
98, 402
3, 749, 830
4, 152, 493
851,547
1,566,917
1, 646, 986
350, 254
349, 961
74, 052
271, 822
7, 539, 517
7, 786, 069
1,901,561
3, 615, 050
3, 732, 473
722, 483
721,717
161, 594
532, 242
RETURNS WITH NO NET INCOME
4,410
2,627
6,043
12, 525
20,091
86, 727
90.618
208, 364
149, 979
85, 315
25, 777
5, 000
8,991
10, 751
17,547
45.813
77, 401
149, 179
113,466
91, 860
52 26, 774
62 1,308
266
52 1,487
52 4, 838
52 4, 358
52 30, 853
11,015
17,012
3,565
3,659
1,898
4,751
5, 426
9,381
29. 754
37, 926
60, 386
45, 352
12,014
3,752
1,966
4,846
5,509
12,614
30, 386
38, 798
61,484
45, 554
12, 168
33 665
33 351
33 761
33 568
33 1,010
33 3, 323
33 4, 073
33 4, 540
33 1, 138
33 1,001
33 666
33 3,51
33 765
33 568
33 1,010
33 3. 323
33 4, 073
33 4, 542
33 1, 143
33 1, 001
84
12
32
216
3
406
709
3,251
4,558
666, 601
545, 786
62 37, 761
210, ,547
217,078
33 17, 430
33 17, 442
9,272
WITH NET INCOME
45, 876
373,020
59, 251
2, 998, 421
3.031,674
53, 956
53, 923
8,184
11,275
59. 472
388, 346
158, 784
3,161,377
3, 199, 879
62, 926
62, 808
10,470
16,036
124, 705
712, 175
380, 930
5, 451. 758
5, ,535, 86S
125, 547
125, 454
23,619
35, 132
97, 339
594, 947
362, 433
4, 009. 030
4. 073, 572
110.507
110,344
24, 077
35, 948
100, 972
553,418
368, 509
3.631,178
3, 693, 743
107, 487
107, 302
25, 333
34, 375
224, 368
1,103,035
878, 391
7. 239, 262
7, 361, 140
251,945
251, 4S0
63, 361
94, 826
80, 663
414,215
387, 372
2. 304, 705
2, 354, 931
95, 375
95, 176
24, 194
37, 035
224, 340
754, 712
771.623
5, 562. 305
5, 627, 949
163,612
163, 272
39, 996
73, 466
95. 586
522, 480
299, 082
1,288.880
1.352,611
59. 593
59, 576
11,790
32, 535
28, 349
612. 129
676, 307
3, 030, 899
3,090,615
222. 996
222, 986
60, 978
127, 131
1,081,670
6, 028, 475
4, 343, 182
38, 690, 813
39, 321, 982
1. 253, 943
1, 252, 322
292,002
497, 757
WITH NO NET INCOME
91,674
55, 170
64. 579
37, 856
39, 452
80,914
20, 158
65, 836
443, 729
212. 922
270, 456
148, 412
106. 724
161.305
52. 661
69, 143
62 223, 974
52 40, 980
52 24, 691
4,472
3.677
35. 141
21, 555
53, 918
2, 350, 783
1,025,579
1, 105. 687
545, 478
400,031
048, 752
170,481
395, 151
2, 374, 534
1,039.408
1, 122. 834
555, 309
409, 643
662,311
175,095
399,005
33 69,117
33 22,063
33 22, 924
33 12,074
33 10, 291
33 14. 230
33 2.613
93 11,230
33 69, 140
33 22, 066
33 22, 912
33 12, 100
33 10, 322
33 14, 320
33 2, 623
33 11,249
i,205
503
952
793
529
1,556
391
792
455, 638
1,465,352
52 170, 883 6. 641. 943
6, 738, 139 33 164. 542
33 164, 762
6,721
525003—44-
-12
172
STATISTICS OP INCOME FOR 1940, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income: ^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Total assets
classes "
Num-
ber of
returns
with
balance
sheets 36
Cash 38
Notes and
accounts
receiv-
able "
Inven-
tories
Invest-
ments <5
Capital
assets 3'
(less re-
serves)
Total
assets —
Total
liabilities 3«
Accounts
and notes
payable "
TRADE: TOTAL WHOLESALE—
1
8,468
4,052
4,750
2,154
1,079
854
90
57
9
1
25, 638
31,616
69, 630
68, 529
69, 465
168, 641
67, 304
142,869
54,171
476
75, 008
113,511
283, 252
269, 817
255, 562
579, 346
218, 997
354, 492
114,147
4,891
51, 890
89, 065
249, 783
253, 397
245,434
527, 283
154, 385
261,725
164, 773
6,253
10, 963
33, 977
45, 369
52,418
180, 430
93, 958
201, 421
282, 814
96, 944
30, 589
41, 535
99, 600
93, 122
97, 954
195, 291
77, 262
90, 906
12, 374
1
194, 338
293, 581
752, 943
749, 609
739, 853
1,683,231
621,575
1, 073, 651
631,773
102, 348
73, 853
100. 245
242, 677
229, 842
233. 246
562, 034
19S, 967
392, 429
170,086
15,686
60 --
100 -
250
500
1,000
5,000
10,000
50,000
100,000
Total...
21,514
698, 338
2,269,022
1, 997, 735
1, 004, 548
738, 634
6, 842, 901
2, 219, 065
TRADE: TOTAL WHOLESALE—
1
9,777
1,752
1,258
358
155
107
7
8
13, 842
8,704
12, 418
7,793
9,877
20, 976
3,043
10,282
59, 600
44, 962
67, 199
39, 188
30, 623
54, 190
11,318
23, 022
40, 037
35, 485
57, 260
33, 824
28, 803
53, 958
13, 939
23, 154
6,679
6,33!
13,471
10, 717
13. 404
24. 782
6,440
31,519
30, 419
23, 833
37, 365
27. 382
19. 001
39. 781
6, 285
14, 113
156, 443
123, 339
193, 952
123, 198
105,851
197,820
42, 144
105, 808
85,646
52, 282
74, 287
42, 385
38, 424
68, 532
18, 499
44, 092
so
100
250
500
1,000 .-- --
5,000
10,000
50 000
100 000
Total...
13, 422
86,937
330, 103
286, 460
113, 345
198. 181
1, 048, 556
424, 147
TRADE: WHOLESALE: COMMISSION
1
1, 456
288
260
96
62
55
8
8
1
5,426
3,914
7,414
6,176
7,976
18, 291
10. 678
39, 559
1,248
10, 389
9,093
18, 595
15,378
18, 922
57, 524
34, 830
65, 750
5,781
1,288
1,341
2, 650
2,837
4,062
4,070
2,524
2,616
25
1,732
1,615
3,714
4,289
6,792
22, 220
10, 649
57, 727
46, 999
4,731
3,975
6,396
3,297
3,963
3,710
1,311
4,871
1,279
24, 712
20,537
40, 180
33. 499
43, 698
106, 531
60, 114
171,212
55, 768
8,291
6,979
14,002
12. 472
14, 870
43, 849
22, 997
73, 294
4,943
50
100
250
500
1,000.
5,000
10,000
50,000
100,000
Total...
2,234
100, 682
236, 263
21,412
155, 737
33, 534
556, 252
201, 696
TRADE: WHOLESALE: COMMISSION MERCHANTS—
1
1,604
124
80
26
13
6
1
2
2,472
1,074
1,447
1,544
1, 462
1,337
219
1,262
7,002
3,973
5, 155
3,589
3,555
2, 451
5,025
3,723
1,205
491
406
249
737
1,276
1,487
1,045
1,522
1,495
1,486
3,088
5,100
1,767
2, 634
1,673
1,112
674
153
32
18, 524
8.719
11,782
8,742
8,853
9, 547
5,397
24, 281
10,659
3.273
4,529
3,411
2,958
3.704
5, 247
3,298
50
100
250
500
1,000 . . .
5,000
10,000
183
15,915
.50,000
100.000
TotaL-.
1,856
10,818
34, 533
4,606
26,039
13, 145
95, 843
37,080
For footnotes, sec pp. 225-227.
STATISTICS OOP ESDOOME FOR 1940, PART 2
173
and by major industrial groups,'' for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
fignres in thousands of dollars]
Bonds and
mortgages
payable *'
Capital
stock "
Surplus and
undivided
profits 48
(less defi-
cit) <2
Gross sales
and gross
receipts
from opera-
tions 50
Total
compiled
receipts "
Compiled
net profit
or net loss
Net income
or deficit 3
Total
tax 66
Divi-
dends
paid "
RETURNS WITH NET INCOME
10, 767
88,000
10, 900
949, 894
959, 361
16, 456
16,451
2,595
3,541
16, 907
120, 109
44, 217
1, 166, 734
1, 176, 592
21, 767
21, 709
3,834
5,343
45, 029
293, 539
142, 023
2, 598, 045
2,621,126
54, 807
54, 773
10,712
15,457
43, 556
287,044
158,410
2,316,947
2, 337. 028
57, 298
57, 228
12, 830
18, 934
49, 451
269, 555
156, 676
2, 089, 051
2, 109, 256
53, 965
53, 874
12, 940
17,008
89,914
561, 604
400, 161
4,361,118
4, 402, 189
134, 853
134, 576
35, 270
50, 100
25, 223
188, 479
183, 885
1, 338, 149
1,357,057
54, 328
54, 243
13, 442
19, 998
84,025
269, 665
277,812
3, 230, 626
3, 253, 334
68, 451
68, 350
17, 724
23, 752
53, 796
270, 468
126, 628
509, 604
529, 996
27, 914
27, 901
4,632
12, 157
84,000
2,545
21,866
24, 061
1,298
1,298
47
1,400
418, 667
2, 432, 464
1, 503, 256
18, 582, 034
18,770,000
491, 136
490, 402
114,026
167, 690
RETURNS WITH NO NET INCOME
18, 257
14, 630
20, 060
14,312
20,654
33, 715
6,552
29, 351
106, 379
67, 108
107, 956
59, 060
44, 644
64, 586
15, 397
23, 309
M 64, 490
E2 16, 143
62 16,042
3,902
62 1, 400
20, 283
1,140
7,370
659, 503
372, 468
510, 536
294, 227
203, 759
351, 770
31,632
196, 434
666, 296
375, 925
515,515
296, 990
206, 098
356, 289
32, 361
197, 482
33 17,411
33 7, 665
33 9, 229
33 4, 280
33 4, 524
33 5, 920
33 860
33 4, 423
33 17,412
33 7, 667
33 9, 232
33 4, 294
33 4, 540
33 5, 971
33 865
33 4, 423
271
221
403
284
345
841
167, 530
488, 438
62 65, 379
2,620,329
2,646,957
33 54, 312
33 54, 404
2,364
MERCHANTS— RETURNS WITH NET INCOME
1,120
11,609
1,693
78, 949
81, 443
3,807
3,805
636
1,369
745
8,149
3,501
52, 008
53,078
2,363
2,362
464
879
2,752
14, 335
7,141
109, 985
111,794
4,714
4,711
1,101
2,045
2,175
12, 871
4,011
.53, 952
54, 877
3,209
3,197
825
1,099
3,025
15.510
8,584
70, 636
71,615
2,800
2,793
678
1,228
5,104
32, 959
22, 276
40, 534
43, 163
7,118
7,088
1,997
3,000
163
20,915
14, 288
15,806
17, 644
3,555
3,555
906
1,249
16,413
40, 364
38, 907
65,039
69, 561
7,249
7,175
1,611
3,437
25, 635
24, 679
2,169
4,789
3,339
3,339
324
2 131
31, 497
182, 347
125,080
489,077
507, 963
38, 153
38,025
8,544
16,437
RETURNS WITH NO NET INCOME
3,099
1,111
1,752
597
2,531
1,901
13, 829
4,918
6, 643
4,239
2,578
2,057
150
9,139
«2 11,034
62 1, 002
62 1,518
62 125
668
912
57,288
21,630
13, 467
7,267
5,910
2,270
430
2,618
59, 646
22, 100
13, 941
7,461
6,089
2,519
554
2,740
33 2,439
33 638
33 428
33 451
33 172
3344
33 2, 439
33 638
33 428
33451
33 176
S3 44
61
30
9
10
109
3,685
7,299
33427
33427
14, 676
43, 653
62 4, 799
110,779
115,049
33 4, 598
33 4, 603
219
174
STATISTICS or IXCOME FOR 1940, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income:^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable *^
Total assets
returns
Cash 36
accounts
Inven-
Invest-
assets 38
assets-
classes "
with
receiv-
tories
ments "
(less re-
Total
balance
able 4«
serves)
liabilities 39
sheets '^
TRADE: WHOLESALE: OTHER WHOLESALERS-
1
7,012
3,764
4,490
2, 058
1,017
799
82
49
8
1
20,212
27, 702
62, 216
62, 353
61,489
150,350
56, 626
103, 309
52, 923
476
64, 620
104,418
264, 657
254, 439
236, 640
521, 823
184, 166
288, 742
108, 365
4,891
50, 602
87, 723
247, 133
250, 561
241,372
523, 213
151,861
259, 109
164, 747
4,522
9,348
30, 264
41,080
45, 626
158,210
83, 309
143, 694
235, 815
96, 944
25, 858
37, 560
93. 204
89, 825
93, 991
191,581
75, 951
86, 034
11,095
1
169, 627
273, 044
712, 763
716, 109
696, 154
1, 576, 699
561,461
902, 438
576, 006
102, 348
65, 562
93, 266
228, 675
217.370
218,376
518, 185
175. 970
319, 135
165, 143
15, 686
60
100
250
500
1,000
5,000
10,000
50,000
100,000
Total...
19, 280
597, 656
2,032,760
1, 976, 322
848, 810
705, 100
6, 286, 649
2,017,369
TRADE: WHOLESALE: OTHER WHOLESALERS—
1
8,173
1, 628
1,178
332
142
101
6
6
11,370
7, 630
10, 971
6,249
8,415
19, 640
2,824
9,020
52, 538
40, 989
62, 044
35, 599
27, 068
51,739
6,293
19, 299
38, 833
34, 994
56, 794
33, 576
28, 066
52, 683
13, 939
22, 971
5,192
5,286
11,949
9,222
11,918
21. 694
6,440
15, 604
25, 320
22, 066
34, 731
25, 709
17, 889
39, 107
6, 1.32
14,081
137, 920
114.620
182, 170
114,457
96, 999
188, 274
36. 746
81, 527
74, 987
49, 009
69. 759
38, 974
3.5, 466
64, 828
13, 252
40, 794
60
100
250
500
1.000
5.000
10,000
50,000
100,000
Total...
11, 566
76, 119
295,570
281, 854
87, 306
185,036
952, 713
387,067
TRADE: TOTAL RETAIL—
1
60
100
250
500
1,000
22, 309
7,426
5, 455
1,696
781
620
76
60
8
6
49, 832
41.142
58,414
41,362
40, 664
110, 139
48, 822
102, 300
46, 376
161,410
121,655
149.419
260, 799
192. 035
164, 794
329. 902
125, 910
201.815
87, 225
536, 388
200, 570
197,611
280, 003
170, 072
146, 165
313,041
106, 730
256, 922
111,146
496, 153
10, 640
14,847
35, 727
36, 837
35, 558
110,770
56, 705
132,515
127, 177
144,419
105,718
105,931
175,615
127,835
130, 232
373, 385
183,726
468, 823
169, 891
311,303
501,417
522, 843
834, 163
584, 405
533, 620
1, 270, 709
535,911
1,182,733
548, 042
1, 709, 693
162, 096
150. 705
210,085
126,421
104, 410
225, 608
65. 670
106.031
54. 096
562, 063
6,000 -
10,000
60,000
100,000
Total...
38,437
700, 461
2, 169, 942
2, 278, 412
705, 194
2, 152, 460
8, 223, 535
1,767,084
TRADE: TOTAL RETAIL—
1
50
100
260
31,. 556
3,301
1,615
373
144
92
12
7
30, 470
9, 626
9,809
5, 163
5, 027
9,790
6,884
6,285
99, 2.56
59, 829
66, 975
36, 087
2S, 542
38, 586
19, 283
7,041
174, 647
74, 286
66. 122
31,060
22, 407
42, 030
18, 270
14, 543
10, 950
7,975
13,831
11,373
8,955
17, 735
16,621
26, 639
138, 759
67, 365
76,410
36. 704
29, 044
60, 184
16,029
60, 133
470, 265
226, 214
241,049
124,947
97, 332
174, 336
78, 271
115, 390
219, 3.33
82, 724
76, 559
35, 247
27,826
3.5, 371
10, 563
25, 233
500
1,000
5,000 . .
10,000
50,000
100,000
Total
37, 100
83, 054
365, 600
443, 364
113,080
484, 628
1,527,805
511,856
For footnotes, see pp. 225-227.
STATISTICS OF I!N)COMB FOR 19 40, PART 2
175
andfby major indxistrial groups,'' for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable "
Capital
stock 48
Surplus and
undivided
profits ■"
(less defi-
cit) 42
Gross sales
and gross
receipts
from opera-
tions 5"
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit 3
Total
Divi-
dends
paid "
RETURNS WITH NET INCOME
9,647
76, 391
9,207
870, 945
877,918
12, 649
12, 646
1, 959
2,173
16, 162
111,900
40, 716
1, 114, 726
1, 123, 514
19, 403
19,346
3, 369
4,464
42, 277
279. 205
134,882
2, 488, 060
2, 509, 333
50.093
50, 003
9,611
13,412
41,381
274, 174
154, 399
2, 262, 995
2, 282, 151
54,090
64,031
12,005
17.836
46, 426
254,045
148,092
2,018,415
2, 037. 641
51, 105
51,081
12, 262
15, 780
84. 809
528, 645
377. 885
4. 320, 584
4, 359, 026
127,7.35
127, 487
33, 273
47, 100
25,060
167, 564
169, 598
1,322,343
1,339,413
50, 773
60, 688
12, 536
18. 749
67,612
229. 302
2,'?8, 905
3,165,587
3, 183, 773
61, 201
61, 175
16, 113
20, 315
53, 796
244, 832
101.949
507, 435
525, 207
24, 576
24, 562
4,308
10, 026
84, 000
2,545
21, 866
24,061
1,298
1,298
47
1,400
387, 170
2, 250, 117
1, 378, 176
18, 092, 956
18,262,037
452, 983
452, 377
105, 482
151, 253
RETURNS WITH NO NET INCOME
15, 157
13, 620
18, 307
13,715
18, 123
31,814
6,552
25, 666
92, 650
62, 189
101,313
54, 821
42, 066
62,528
15, 247
14, 170
«2 53, 456
«2 15, 141
62 14, 524
4,027
»2 2, 008
19, 371
1,140
71
602, 216
350, 838
497, 069
286, 960
197, 848
349, 600
31, 202
19.^ 916
606. 651
353, 825
501. 573
289. 529
200. 009
353, 770
31, 807
194, 743
33 14,972
23 7, 027
33 8, 801
33 3, 830
334,351
33 5, 876
33 860
33 3, 995
33 14, 973
33 7, 029
33 8, 804
33 3, 844
33 4, 365
33 5, 927
33 865
33 3, 995
210
191
403
275
334
732
142, 855
444, 884
« 60, 579
2, 509, 550
2, 631, 908
88 49, 713
33 49, 801
2,144
RETURNS WITH NET INCOME
29, 339
237, 625
42, 906
1, 721, 344
1,741,486
30,727
30. 705
4,558
6,265
35, 362
214,499
90, 900
1,654,677
1.679,173
33. 259
33, 205
5,345
8 927
63, 439
322, 694
184, 726
2, 289, 103
2 332,071
55, 235
55. 190
10, 051
15,720
38. 867
229, 881
150, 894
1. 261, 641
1,299,727
40, 064
40, 013
8,400
13, 223
36, 139
204, Ol4
154. 128
1,120,693
1,152,480
38, 216
38, 146
8,757
12, 610
118,029
444,417
405,618
2, 437, 588
2, 510, 241
100, 209
100, 052
23, 918
38, 225
62,281
200. 206
178, 9.55
885,512
915,468
35, 250
35, 159
8,161
16, 112
137, 368
445,314
441,358
2, 187, 322
2, 226, 531
88, 337
88, 097
20, 674
46, 962
41, 790
252.012
172, 954
779, 276
822,615
31.679
31,675
7,158
20, 378
28,349
518, 129
641,815
2, 903, 657
2, 940, 616
177, 269
177, 258
49, 843
90, 731
680, 963
3, 068, 791
2,364,255
17, 240, 714
17,620,408
630,246
629, 600
146, 854
269, 163
RETURNS WITH NO NET INCOME
63, 059
34, 291
35, 691
17, 506
14,377
37, 113
6,682
30,051
285, 820
115,177
126,015
65, 746
44, 788
79, 306
36, 968
30,829
M 132, 764
«2 20, 249
'2 9, 477
« 1,959
1,526
12, 582
22,023
27,494
1, 450, 180
532. 960
453, 838
177, 047
153, 881
251,876
122, 608
157,297
1, 464, 946
541, 830
463, 895
182, 886
160, 157
260, 069
126,400
159, 430
33 43, 579
33 11, 736
33 10, 562
33 5,796
33 4, 805
33 6, 749
33 1, 602
33 5, 731
33 43, 593
33 11, 737
33 10, 568
33 5, 806
33 4,809
33 6, 778
33 1, 606
33 5, 749
635
240
409
253
141
651
391
252
238, 669
784,649
52 100,825
3,299,687
3,359,614
33 90, 660
3' 90, 646
2,870
'
176
STATISTICS OP lOSriCOME FOR 1940, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income:^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns loith net income, the total tax — Con,
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
Total assets
returns
Cash 38
accounts
Inven-
Invest-
assets 38
assets-
classes "
with
receiv-
tories
ments 15
(less re-
Total
payable "
balance
able "
serves)
liabilities 39
sheets ^s
TRADE: RETAIL: GENERAL MERCHANDISE-
1
50
1,487
597
590
261
181
204
39
35
6
5
3,997
4,110
8,174
8,234
10, 049
35. 658
22, 531
49, 334
32, 454
117, 805
6,634
10, 336
23, 836
26, 231
36, 4(10
112,351
65, 382
140. 621
50, 366
530, 424
18, 153
18,491
34, 930
29, 482
36, 515
110.8.'i4
58, 579
118,843
62, 149
436, 890
774
1,375
6, 126
5,941
9,416
29,158
27,314
62, 019
126. 227
104.219
5,515
7,380
17, 852
18. 947
30, 805
140, 358
110,370
329, 822
147, 331
298, 034
35, 617
42, 308
93. 384
91, 869
126, 377
440, 300
288, 610
710, 893
423, 578
1, 539, 476
8.432
8,600
15, 403
12,917
18, 274
56, 749
23, 992
56, 405
13, 658
509, 601
100
250
500
1.000 . -
5,000
10,000
50,000
100,000
Total...
3,405
292, 347
1,002,582
924, 886
372, 569
1,106,413
3, 792, 413
724, 031
TRADE: RETAIL: GENERAL MERCHANDISE—
1
50 . .
1,779
276
155
51
21
20
3
2,046
953
1,284
516
841
1,498
845
6,695
4,678
6,500
4,431
3,870
9,386
7, 651
14, 766
7,338
7,828
4,233
3,849
10, 802
4,602
960
881
1, 422
1, 992
1,020
3,614
1,578
6,301
5,137
6, 325
4,351
4,071
13,817
4,606
31,447
19, 513
24, 276
16, 369
13, 963
40, 032
19, 620
10,621
5,186
5,327
4,987
3,486
6,685
5,468
100
250
500
1,000
5,000
10 ,000
50,000
100,000
7,983
43, 211
S3, 418
Total...
2,305
11, 467
44,607
165, 220
41, 760
TRADE:
RETAIL:
FOOD STORES, INCLUDING MARKET
1
50
100
250
1,348
346
300
116
79
81
10
9
1
1
2,291
2,715
2,255
3,832
3,722
5,131
18, 420
7,649
22, 867
11,372
43, 605
5,435
4, 560
7,509
4,599
6,486
24, 084
5,701
6,077
1,697
5,964
5,823
4,674
9,565
8,968
13, 286
38, 598
13, 431
70, 095
24,012
59, 263
643
761
2,246
2,120
3,544
14, 756
6,559
30, 697
778
40, 200
10, 170
11, 654
22, 761
19, 386
24, 790
84, 903
31, 585
53,019
17, 641
13, 269
25, 572
24, 751
47, 749
40, 083
55, 464
185, 362
68. 857
187, 474
56, 672
170, 217
8,378
6,720
12,312
8, 938 -
9, 772
29, 032
6, 610
24, 625
5,843
52. 462
500
1,000 .
5,000
10,000
50,000
100,000
Total...
121, 568
72, 113
247, 714
102, 305
289, 180
862, 201
164. 690
TRADE:
RETAIL:
FOOD STORES, INCLUDING MARKET
1
2,935
291
138
34
16
13
1
2
2,328
837
979
654
766
3,091
556
2,384
7,892
4,314
3,422
2,184
1,342
1,969
1,149
4,157
7,386
2,875
2,816
1,580
1,804
7,351
2,326
1,461
959
745
750
381
387
2,033
1,004
3,768
17, 768
10, 364
10, 764
6, 896
4.774
11, 262
3,260
38,713
37,717
19, 935
19, 921
11,951
9,715
26, 348
8,438
50, 887
18,057
7,948
6.250
2.463
2,844
6,433
720
5,075
SO
100 .
250
500
1,000
5,000
10,000
50,000
100,000
27,600
10, 026
Total...
3,430
11, 596
26, 430
103, 799
184, 912
49, 790
For footnotes, see pp. 225-227.
STATISTICS OF MIOOME FOIR 1940, PART 2
177
and by major industrial groups,'' for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable ■"
Capital
stock *8
Surplus and
undivided
profits <9
(less defi-
cit) <2
Gross sales
and gross
receipts
from opera-
tions 50
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit 3
Total
tax 66
Divi-
dends
paid 51
RETURNS WITH NET INCOME
1,285
19, 528
4,998
89, 354
90, 567
2,381
2,377
359
814
1,764
21,519
9,010
94,923
96, 897
2,788
2,786
443
1,116
5, 674
44, 666
24, 263
185, 317
190, 573
5,948
5,934
1,040
2,095
5,278
43, 773
25, 298
183, 902
189,632
7,063
7,055
1,510
2.809
10, 667
56, 425
35, 228
233, 059
239, 392
9,470
9,465
2,210
3,436
54, 250
165, 327
143, 922
756, 882
779, 135
37,606
37, 576
9,136
14. 353
33, 567
111,470
106.447
424, 656
440, 381
18, 044
17, 967
4,300
8,863
112,482
252, 674
262,617
939, 058
962, 671
44, 040
43, 916
10, 492
21,636
41, 790
207, 938
140, 057
442, 906
457, 973
24.884
24. 881
5,597
16,214
25, 318
516,029
432, 789
1, 987, 848
2, 024, 222
163, 408
163, 398
46, 487
80, 105
292, 076
1, 439, 349
1,184,628
5, 337, 905
5,471.443
315, 633
315,356
81, 575
151, 440
RETURNS WITH NO NET INCOME
2,815
1,575
2,436
2.309
3.111
16,214
1,175
22, 724
1..048
18, 753
11, 282
6,492
18, 220
9,680
62 5, 879
52 2, 225
62 3. 096
62 2. 919
62 868
62 2, 640
2,935
58, 767
28,251
36, 290
17,014
23, 106
64,245
39,361
59, 592
29,111
37, 532
17, 822
24, 033
66, 154
40, 980
33 2, 793
33 1,539
33 1. 234
33 736
33 1,973
33957
33 472
33 2, 793
33 1, 540
33 1, 235
33 738
33 1,973
33959
33473
57
20
41
19
7
8
117
29, 635
101, 198
62 14, 691
267, 034
275, 223
33 9, 704
33 9, 710
269
MILK DEALERS-RETURNS WITH NET INCOME
1,583
12, 254
1,991
136, 032
136, 746
1,697
1,697
262
474
1,901
10,111
4,585
102, 343
102, 9S4
1,699
1,697
291
395
4,540
19, 479
9,069
187, 431
188, 903
2,989
2,987
516
821
3.628
16, 152
9,616
145, 440
146,345
2,784
2,783
582
1,004
4,348
18, 919
19, 941
211, 209
213, 133
5,171
5,161
1,200
2,031
17,074
67, 746
64,611
546, 727
650, 682
16, 058
16,011
3.829
6,627
6.922
29, 506
22. 745
165, 580
166, 804
5,715
5,711
1,362
3,007
3,753
61, 069
90, 481
799, 065
802 528
13,467
13, 444
3,094
8,567
34, 074
2,100
12, 701
109, 026
258, 115
915, 809
260, 972
916,392
4,418
13.861
4,418
13,861
991
3,356
3,664
3,030
10, 626
46, 779
271, 410
344, 765
3, 467, 751
3,485,490
67,858
67, 770
15, 483
37, 216
MILK DEALERS— RETURNS WITH NO NET INCOME
5,083
2,763
3,143
2,189
445
1,320
364
20, 000
21, 740
9,993
10, 085
7,172
5,726
10. 146
6.903
12,917
52 10. 135
52 1,784
52 817
62 741
434
7,746
398
12, 126
171,222
60, 703
61. 149
27, 691
28, 725
93.911
25, 595
78. 150
172,035
61,207
61,576
28, 049
29, 032
94, 908
25,618
78, 678
33 3. 886
33 1, 130
33 1,011
33953
33 267
33 1,032
33 85
33 2, 505
33 3, 887
33 1, 130
33 1,011
33954
33 267
33 1,051
33 85
33 2, 523
17
26
18
21
17
56
49
35, 307
84, 682
7,227
547, 144
551, 104
33 10,870
33 10,907
205
178
STATISTICS or INCOME FOR 1940, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income:^ Number of retinns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Total assets
classes "
Num-
ber of
returns
with
balance
sheets ^s
Cash 38
Notes and
accounts
receiv-
able "
Inven-
tories
Invest-
ments 4'
Capital
assets 3s
(less re-
serves)
Total
assets —
Total
liabilities 39
Accounts
and notes
payable ^'
TRADE: RETAIL: PACKAGE LIQUOR STORES-
1
50
100
614
50
16
1
1,471
522
236
1
622
308
178
5,568
2,047
1,486
473
127
47
1
1,853
443
369
5
9,995
3,442
2,309
479
4,679
1,514
1,183
101
250
500
1,000
5,000
10,000
50,000
100,000
681
Total...
2,230
1,108
9,574
175
2,671
16, 226
7,476
TRADE:
RETAIL:
PACKAGE LIQUOR
STORES—
1... .
748
27
4
1,013
153
28
547
105
45
4,756
847
293
142
61
7
2,293
586
52
9,184
1,804
433
5,060
695
215
50
100
250 . .
600
1,000
5,000
10,000
50,000
100,000
Total...
779
1,194
697
5,896
209
2,930
11,422
5,970
TRADE: RETAIL: DRUG STORES—
1 ... .
1,464
118
67
20
20
20
2
2
2,596
681
1,225
988
1,809
5,729
1,943
5,492
3,253
1,117
1,125
453
373
1,874
451
10, 799
13, 158
3,527
5.193
3,420
6,129
19, 035
5,503
12, 586
658,
297
454
172
428
1,628
1,206
3,783
6,210
2,170
2,189
2,028
4,237
12, 961
3,003
9,516
26, 342
8, 038
10,412
7,258
13, 486
42, 605
12, 550
43, 401
7,987
1,706
2,725
1,492
2,558
6,609
2,674
3,634
50
100
250
600
1,000
5,000
10,000
50,000
100,000 ...
Total...
1.713
20, 462
19, 445
68, 561
8,626
42, 314
164, 092
29, 386
TRADE: RETAIL: DRUG STORES—
1
60
2,558
88
21
10
7
1
1,700
237
209
277
782
180
3,423
778
355
206
366
454
17,009
2,589
1, 122
1,401
2,661
734
781
238
431
43
23
248
10, 499
1,912
1,087
1,083
1,307
391
34, 269
5,922
3,295
3,304
5, 350
2,030
14, 561
2,020
1,245
788
1,692
361
100
250
500
1,000 -
5,000 _..-
10,000
50,000
100,000
Total...
2,685
3,385
6,582
25, 517
1,764
16,281
54, 169
20, 668
See footnotes, see pp. 225-227 .
STATISTICS OF IfNlOOMEi FOR 1940, PART 2
179
and by major industrial groups,'^ for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable <'
Capital
stock <*
Surplus and
undivided
profits '9
(less defi-
cit) <2
Gross sales
and gross
receipts
from opera-
tions 60
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit 3
Total
tax 69
Divi-
dends
paid 5>
RETURNS WITH NET INCOME
646
340
262
324
3,380
864
398
1
715
,65
298
33
33, 398
12, 006
7,635
1,377
33, 550
12, 047
7,654
1,377
529
225
145
19
529
225
145
19
76
34
27
3
35
11
1,572
4,644
1,511
54, 416
54, 627
918
918
139
46
RETURNS WITH NO NET INCOME
1,129
410
26
3,655
559
136
62 1, 193
62 65
32
30,050
3,857
1,517
30,113
3,871
1,518
33 627
33 100
33 13
33 627
33 100
33 13
7
1,565
4,349
62 1, 226
35,424
35, 502
33739
33739
7
RETURNS WITH NET INCOME
1,457
14,143
1,593
84, 632
85, 486
1,755
1, 755
259
360
529
3,789
1,681
21, 958
22.287
630
630
104
125
857
4,116
2,399
33, 931
34, 236
871
870
158
298
275
2,904
2,181
26, 387
26, 777
1,004
1,004
234
514
2, 153
4.051
4,060
39, 562
40, 122
1,445
1,444
346
430
5,574
9,360
18, 769
127, 257
129, 288
5,425
5,424
1,178
2,216
3,955
28, 705
5,011
9,807
28.068
79, 120
28,668
81, 677
1,615
4,130
1,615
4,130
313
600
948
186
2,499
11,030
71,023
45, 502
440, 915
448, 541
16,877
16,872
3,192
7,389
RETURNS WITH NO NET INCOME
4,952
749
336
521
424
21, 104
2,915
1,768
1,147
1,926
811
62 8, 673
16
62 122
741
1,025
805
97,956
13, 768
6,922
9,867
18, 794
3,602
98, 828
13, 947
7,031
9,951
19, 388
3,682
33 2, 395
33 209
33 132
33 130
33 127
33 20
33 2, 396
33 209
33 133
33 131
33 127
33 20
9
4
14
6,981
29, 671
62 6,208
150,909
152, 827
333,014
33 3,016
27
180
STATISTICS OF IDS^COME FOR 1940, PART 2
Table 6.^ — Corporation returns with balance sheets, 1940, by total assets classes
net income:^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable *'
Total assets
returns
Cash 39
accounts
Inven-
Invest-
assets 39
assets —
classes "
with
receiv-
tories
ments <5
(less re-
Total
balance
able"
serves)
liabilities 39
sheets ^s
TRADE: RETAIL: APPAREL AND ACCESSORIES—
1
3,122
839
581
219
112
85
6
5
8, 455
6,059
8,693
8,022
6,899
20, 494
4,882
9,234
15,610
17, 934
27, 950
23.011
24, 389
37, 101
4,957
13, 629
34, 163
23, 673
33, 018
26. 547
23, .585
49, 071
9,185
21, 604
1,406
1,985
3,409
4,198
4,485
19. 235
10, 777
14, 941
8,184
7,942
13,919
12, 939
14,911
34, 577
8,120
18, 458
69, 037
58, 844
89, 499
77, 037
77, 728
166, 753
39,514
79, 879
23, 244
16,715
22. 295
18, 259
18, 088
29, 594
3,763
4,905
50
100 --
250
600
1,000
5,000
10,000
50,000
100,000
Total...
4,969
72, 737
164, 582
220, 845
60, 434
119, 051
658, 290
136, 853
TRADE: RETAIL: APPAREL AND ACCESSORIES-
1
4,618
351
177
43
11
9
3
6,727
1,481
1,729
653
238
716
1,066
12, 352
6,196
6,251
4,147
1,932
3,313
3,519
34, 641
10, 338
10, 193
4,978
2,570
3,814
2,453
1,380
756
1,958
943
1,464
1,952
7,906
9,537
4,692
5,189
2,817
1,531
2.183
4,055
65, 233
24. 170
26, 296
13. 972
7,907
12,341
19, 247
32, 970
9,278
9,454
4.230
1,809
4,876
1,264
50
100 -
250 ..
600
1,000
6,000
10.000
50,000
100,000
Total...
6,212
11,612
37, 709
68, 987
16, 358
30, 005
169, 165
63, 881
TRADE: RETAIL: FURNITURE AND HOUSE
1
60
100
250
600
1,000
1,299
592
575
229
90
67
6
3
1
2,371
2,013
3,517
2,708
2,523
4,768
1,839
1,230
2,549
14, 198
22, 297
53. 297
46, 624
34. 708
61. 873
27, 044
19,614
35, 161
10, 473
11, 821
20, 402
15, 430
10,421
18, 697
5.462
5,262
24, 985
439
745
2,048
2,672
3,753
5.675
3,380
1,262
172
2,778
4. 251
9,383
9,011
7,448
15, 901
2,618
3,846
4,919
31,015
42, 000
90, 161
78,412
60, 174
109, 264
40, 837
31, 760
67, 792
11,018
11,504
19, 661
14, 677
9,327
15. 913
8,033
6,275
34, 596
6,000
10,000
50,000
100,000
Total. -_
2,852
23, 618
314, 816
122, 952
20, 146
60, 156
551,414
131, 004
TRADE: RETAIL: FURNITURE AND HOUSE
1
1,754
277
186
50
24
11
1,656
768
817
407
524
671
12, 231
9,804
14, 476
8,802
9.305
10, 223
11,041
5,319
6, 858
3.325
2.486
2,700
662
320
1,157
855
1,118
1,877
3.242
2, 650
4,037
2. 655
3,447
4,234
29, 536
19. 364
28.115
16. 391
17,442
20, 554
13, P55
6.305
8,042
4.181
3,209
4,468
60
100 .
250
500
1,000
5,000
10,000-. _
50,000
100,000
Total...
2,302
4,743
64, 840
31,728
5,890
20, 266
131, 401
40, 160
For footnotes, see pp. 226-227.
STATISTICS OiF MlCOME FOR 1&40, PART 2
181
and by major industrial groups,'' for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
fignres in thousands of dollars]
Bonds and
mortgages
payable <'
Capital
stock 4s
Surplus and
undivided
profits *9
(less defi-
cit) "
Gross sales
and gross
receipts
from opera-
tions 50
Total
compiled
receipts 22
Compiled ^^ ijjpQj^p
net profit ^r deficit 3
or net loss
Total
tax 66
BETURNS WITH NET INCOME
2,878
34, 360
5,488
189, 226
192,589
3,997
3,996
565
619
2,123
24, 980
12, 251
141,318
145. 233
3, 963
3,962
633
1,038
4,489
36,131
21,362
224, 351
230. 432
6,256
6,250
1,139
1,590
4,120
31,223
18, 551
181, 141
186, 921
5,829
5,819
1, 2.55
1,520
3,243
27,400
24. 430
179, 361
186,498
6.422
6,419
1.372
1,500
13,488
54, ,525
59, 323
388, 781
401,086
15, 129
15, 105
3,715
5,644
2,674
17,202
14,205
67, 696
68, 264
3,283
3,278
736
1,368
9,341
24,836
35, 787
140,892
144, 387
11, 198
11,197
2,765
5,371
42, 355
250,657
191,397
1, 512, 765
1, 555, 410
56,077
56,028
12, 181
18, 650
RETURNS WITH NO NET INCOME
6,150
2,690
3,395
1,864
1,426
1,065
1,486
42,794
13, 821
14, 746
6,794
4,505
6,584
10, 220
52 20, 682
52 2, 905
52 2, 741
(52) (U)
62 70
62379
5,903
167. 192
48, 932
64,765
23. 925
12,514
22,905
25, 441
169, 698
50. 263
56,371
25, 329
12, 707
23,346
26, 356
337,017
33 1,415
33 1,782
33 988
33 107
33720
33413
337,021
33 1,415
33 1,782
33 988
33 167
33720
33414
159
19
29
16
5
134
18,075
99, 464
62 20,874
355, 673
364,071
3' 12, 503
33 12, 508
362
FURNISHINGS— RETURNS WITH NET INCOME
1,347
14, 018
2,685
67, 389
68, 718
1,618
1,615
225
127
2,450
17, 548
7,444
61, 399
63, 840
2,081
2,080
316
409
6,189
31, 004
22, 498
109, 897
118, 072
4,827
4,826
802
766
4, 533
25, 544
21, 484
83, 761
94, 605
4,116
4,113
797
1,067
2,899
19, 673
17,818
53, 627
60, 848
3,011
3,001
672
871
6,005
33, 206
34, 729
105, 291
120, 705
5,671
5,669
1,341
1,673
567
14. 197
6,087
42,812
53, 053
3,025
3,024
652
967
674
18, 479
2,021
32,612
35. 820
1,513
1,513
354
798
10, 000
20, 197
78, 255
103, 670
2,377
2,376
670
500
24,664
183, 668
134, 964
635, 042
719, 330
28, 240
28, 218
5,728
7,178
FURNISHINGS— RETURNS WITH NO NET INCOME
2,988
2,252
3,585
2,280
2,345
1,308
19, 667
10, 151
14, 059
6,131
6,950
7,874
62 9, 725
62 1,024
62 1, 176
832
1,579
2,952
55.813
22, 388
25,910
15, 458
13, 288
15, 038
56, 703
23, 261
27, 556
16. 847
15, 584
17, 282
33 2. 853
33 786
33 1, 023
33 691
33 606
33 507
33 2, 853
33 787
33 1, 023
33 691
33 610
33515
11
8
22
17
14
57
14, 758
65, 431
62 6, 562
147, 895
157, 233
33 6, 466
33 6, 478
129
182
STATISTICS OF INCOME FOR 1940, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income:'^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total lax — Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable ^^
Total assets
returns
Cash 39
accounts
Inven-
Invest-
assets 38
assets-
classes «
with
receiv-
tories
ments "
(less re-
Total
balance
able "
serves)
liabilities 39
sheets "
TRADE: RETAIL: EATING AND DRINKING
1
1,970
228
124
26
20
17
2
3
3,987
2,130
2,228
1.077
2,113
5,771
1,848
2,961
2,083
1, 198
1,597
697
1,044
1,595
1,080
203
3,137
1,345
1,627
486
997
1,751
1,380
1,448
656
583
1,197
745
843
4,579
2,585
12, 743
17, 661
9,723
10, 666
6.017
8. 2.30
18,016
4.965
30, 528
29, 125
15, 759
18, 734
9,299
13, 846
32,481
12,214
48, 451
10, 358
4. 525
5,158
1.356
2, 368
6,580
1.156
1,684
50
100
250
500
1,000
5,000
10,000
50,000
100,000
Total...
2,390
22.114
9,497
12, 171
23, 930
105, 807
179, 909
33, 186
TRADE: RETAIL: EATING AND DRINKING
1
5,045
162
79
10
5
5
3,803
462
475
227
499
1,253
2,037
736
854
239
302
182
4,758
716
574
249
177
301
1.042
482
452
810
570
311
36. 910
7.860
8.629
1.447
2,180
8,166
52, 003
10, 665
11,405
3,120
3,822
11, 439
28, 733
4.612
3.077
1,629
866
1.158
60
100
250
500
1,000
5,000
10,000 . .
1
999
66
201
6,746
12, 545
20, 877
933
50,000
100,000
Total...
5,307
7,718
4,415
6,976
10, 413
77,738
113, 332
41,008
TRADE: RETAIL: AUTOMOTIVE
1
2, 869
1,749
1,133
212
59
27
4
2
6,270
8,492
11, 360
4,532
2,600
4, 468
5.754
7,989
16, 189
24. 665
36, 652
18, 617
13,012
16. 409
4,488
5,101
42, 138
65. 778
81, 169
27. 964
13, 154
13, 490
6.668
20, 819
1,128
1,959
3,973
4, 1.56
1,526
4. 852
3,948
398
10, 408
16, 886
27. 025
13, 527
7,101
10, 426
5,229
1,919
80, 106
123. 244
167. 345
71.025
39. 349
50, 845
26, 308
37, 010
33, 587
48. 908
60. 371
25, 541
13. 824
35. 283
2.046
4,712
60
100..
250-
500
1,000
5,000
10,000
50,000
100,000
Total...
6,055
51, 464
135, 133
271, 181
21,940
92, 582
595, 231
224, 271
TRADE: RETAIL: AUTOMOTIVE DEALERS—
1
2,954
669
239
24
8
4
3,068
1,523
1,416
272
226
151
12, 777
8,662
6,906
2,296
1,598
2,177
31, 707
23, 073
15, 002
2,913
1,532
1,041
1,069
1,179
1,061
286
111
1,137
10, 205
9,062
9,604
1,751
1,407
531
61, 593
45, 291
35, 103
7,886
4,960
5,594
32, 354
22, 035
14, 765
3,437
3,845
1,840
50
100
250..
600
1,000
6,000
10,000 .
1
1,526
1,362
1,963
455
4,714
10,112
3,150
50,000..
100,000....
3,899
8,184
6,299
Total.. -
35, 779
77,232
37, 275
170, 599
81,426
For footnotes, see pp. 226-227.
STATISTICS OF BSDCOMB FOR 194 0, PART 2
183
and by major industrial grottps,'' for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
raort^agps
payable *'
Capital
stock <8
Surplus and
undivided
profits *^
(less defi-
cit) "
Gross sales
and gross
receipts
from opera-
tions 50
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit 3
Total
tax 65
Divi-
dends
paid 51
PLACES— RETURNS WITH NET INCOME
3,282
12, 121
831
130, 735
131, 845
2,732
2,730
416
589
1,968
5,617
2,250
49, 671
50, 142
1,613
1,613
291
468
2, 298
5,101
4,390
54, 778
55, 403
2,211
2,209
440
594
1, 249
3,771
2,400
17, 061
17, 518
679
677
138
229
1,518
6,041
3,100
33, 738
34, 217
1,420
1,420
323
675
4,743
8,778
10, 710
58, 684
60, 039
3,566
3,563
741
1,641
250
3,283
7,025
19, 651
19, 788
587
583
122
499
4,933
23, 563
16, 466
52, 089
53, 461
3,371
3,369
652
2,350
20, 241
68, 276
47, 172
416, 407
422, 413
16, 180
16, 165
3,125
7,045
PLACES— RETURNS WITH NO NET INCOME
12,519
3,213
3,629
794
443
5,180
29, 022
3,808
4,407
2,172
1,880
5, 536
52 24, 760
32 1, 983
52551
52 1, 624
456
52730
220, 970
26, 444
18, 144
5,979
5,786
11,332
222, 516
26, 783
18, 599
6,099
6.034
11,507
33 7, 643
33925
33 567
33 313
33 207
33596
33 7, 647
33925
33 567
33313
33 207
33 596
18
17
9
6,688
4,057
8,871
14, 701
15, 733
33721
33721
32, 467
50, 881
52 20, 320
303, 357
307, 271
33 10, 971
33 10, 976
44
DEALERS— RETURNS WITH NET INCOME
6,227
31,062
3,491
490, 750
495, 147
4,646
4,646
691
633
11,061
40, 847
12, 966
768, 129
775, 483
8,374
8,361
1,382
2,055
17, 177
51, 705
25, 105
958,417
967, 366
12, 227
12, 227
2,403
3,551
5,982
18, 192
16, 945
314,816
318, 616
6,082
6,079
1,383
1,963
3,182
11,445
8,400
161, 195
162, 636
2, 766
2,761
740
690
2,986
10,331
52 324
150,117
152, 038
2,830
2,830
758
930
6,223
7,551
9,687
65, 555
66, 098
1,136
1,135
243
370
6,000
9,940
13, 688
86, 222
86, 462
6,050
6,050
1,683
2,355
58, 839
181, 073
89, 957
2, 995, 201
3, 023, 845
44, no
44, 088
9,282
12, 547
RETURNS WITH NO NET INCOME
9,396
9,236
6,601
772
473
453
29, 741
16,839
14, 728
2,999
1,034
2,034
52 14, 668
52 6, 610
52 2, 765
430
52590
1,193
317, 125
215, ,532
146, 270
22, 966
17, 958
7,582
320, 217
217,968
148, 099
23, 215
18, 130
7,814
33 5, 073
33 2, 242
33 1, 162
33 135
33 305
33 240
33 5, 073
33 2, 242
33 1, 162
33 135
33 305
33 240
41
64
38
52
29
111
10
6,709
16, 320
16, 407
33 62
33 62
100
26, 930
67, 385
52 16, 302
743, 752
751, 850
33 9, 218
33 9, 219
436
184
STATISTICS OP INCOME FOR 1940, PART 2
Table 6. — Corporation returns ivith balance sheets, 1940, by total assets classes
net income:^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable *9
Total assets
returns
Cash 39
accounts
Inven-
Invest-
assets 38
assets-
classes "
with
receiv-
tories
ments "
(less re-
Total
balance
able "
serves)
liabilities 39
sheets "
TRADE: RETAIL: FILLING STATIONS—
1
781
112
82
17
7
6
3
1
1,742
899
1,422
437
535
1,036
619
3,194
3, 571
1,513
2,177
736
760
1,292
2,077
5,772
2,423
1, 057
1, 851
663
731
2,573
3,885
6,265
390
310
439
585
280
42
51
6,671
5,814
3,465
6, 662
2,893
2,376
6,241
12,519
21,714
14, 238
7,466
12, 832
5,476
4,764
11,344
19, 383
43, 864
3,739
1,463
2,687
823
1,134
5,258
6,504
3,792
50
100 - -
250
500
1,000
5,000
10,000
50,000
100 000
Total...
1,009
9,884
17, 897
19, 449
8,769
61, 685
119, 367
25, 400
TRADE: RETAIL: FILLING STATIONS—
1
1,177
84
34
2
921
237
126
8
3, 543
1,089
1,003
54
2,098
466
433
20
391
175
448
7,830
3, 491
3,378
622
15, 325
5,623
5, 501
710
6.440
1,448
1,805
63
60
100
250
500
1,000
5,000
10,000
50,000
100,000
Total...
1,297
1,291
5,689
3,017
1,014
15, 321
27, 159
9,756
TRADE: RETAIL: HARDWARE—
1
50
856
276
125
23
10
6
1,515
1,052
803
499
283
342
5,340
5,972
5,780
2,755
3,041
2,776
11,075
8,553
7,659
3,088
2,508
2,679
414
604
498
280
69
1,399
2,595
2,986
2,981
912
736
699
21, 195
19, 486
18,060
7,626
6,970
7,948
6,529
4,827
4,638
1,886
2,594
1,598
100
250
500
1,000
5,000
10,000
50,000
100,000
Total...
1,296
4,494
25, 664
35, 562
3,265
10, 910
81,285
21,072
TRADE: RETAIL: HARDWARE—
1.
1,081
124
35
6
969
250
143
39
4,595
2,076
1,321
639
10, 499
3,366
1,903
719
433
280
121
103
3,064
1,729
1,477
598
19, 943
7,880
5,068
2,121
7,133
2,445
1,491
343
60
100
260
600
1,000
6,000
10,000
50,000
100,000
Total...
1,246
1,401
8,632
16, 487
936
6,867
35,012
11,412
For footnotes, see pp. 225-227.
STATISTICS OF IlNlOOMB FOR 1940, PART 2
185
and by viajor industrial groupsj for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable *'
Capital
stock «s
Surphis and
undivided
profits ■"'
(less defi-
cit) 12
Gross sales
and gross
receipts
from opera-
tions 5"
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit ^
Total
tax «6
Divi-
dends
paid "
RETURNS WITH NET INCOME
1,349
5,526
2,100
48, 762
49, 579
884
882
128
183
937
2, 505
1,785
20, 632
20, 949
505
505
72
165
1,806
4,006
3,114
37,010
37, 667
1,013
1,013
199
345
551
1,844
1,943
11, 893
12, 206
448
447
79
185
1, 099
991
1,212
10, 933
11,028
221
221
54
58
47
1,612
4,030
21, 102
21,660
1,170
1,170
293
476
1,750
8,392
2,493
17, 872
18, 536
467
467
88
90
26, 048
10, 492
58, 265
59, 525
4,567
• 4, 478
1,034
3,386
7,540
50,925
27, 169
226, 470
231, 150
9,276
9,183
1,947
4,888
RETURNS WITH NO NET INCOME
2,799
1,812
936
543
7,912
1,895
2,718
476
52 2, 948
215
62 189
62 380
53, 261
9, 651
8,218
1,056
53, 906
9,795
8,421
1,097
33 1, 275
33 178
33 285
33 52
33 1, 275
33 178
33 285
3352
8
5
6
"
6,089
13, 001
62 3, 303
72, 186
73, 219
33 1, 790
33 1, 790
19
RETURNS WITH NET INCOME
918
1,340
964
179
358
635
11,782
8,925
7, 469
3,549
1,822
3,336
2,377
3,864
4,450
1,731
1,959
1,907
40, 169
31,271
27, 127
12, 860
10, 625
9,198
40, 729
31,911
27, 741
13,115
10, 948
9,495
1,000
894
988
572
408
447
1,000
885
987
570
390
439
150
138
162
143
90
114
199
257
215
195
88
128
4,394
36,882
16, 287
131, 250
133, 940
4,308
4,271
798
1,082
RETURNS WITH NO NET INCOME
1,629
817
538
140
13, 865
4,553
2,248
1,671
52 3, 705
52 216
714
62 50
30,118
9,159
4,406
2,747
30, 488
9,364
4,532
2,796
33 1,323
33322
33 131
33 63
33 1, 327
33322
33 131
33 63
7
14
2
3,124
22, 337
62 3, 257
46, 429
47, 180
33 1, 839
33 1, 843
23
186
STATISTICS or IKiCOME FOR 19 40, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income:^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable **
Total assets
returns
Cash 38
accounts
Inven-
Invest-
assets 3s
assets-
classes "
with
balance
receiv-
able "
tories
ments "
(less re-
serves)
Total
liabilities s'
sheets '=
TRADE: RETAIL: BUILDING MATERIALS, FUEL,
1 _
2,196
1,209
1,043
300
109
65
1
4,329
5,221
8, 051
5,550
4,647
6,779
305
21,207
30, 842
54,798
31, 959
22, 537
33, 513
3,528
17, 950
24, 462
41, 686
26, 232
18, 898
29, 641
1,034
1,320
3,134
9,747
11,402
8,244
17, 762
347
12, 549
21,146
40, 355
25, 850
17, 964
30, 793
1,712
58, 267
86, 236
157, 323
102, 677
73, 502
121, 0.50
7,115
16, 680
20, 190
33, 870
17, 754
10, 544
18, 937
1,303
50
100
250
500
1,000
5,000
10 000
50,000
100,000
Total.. -
4,923
34, 882
198, 384
159, 903
51, 956
150, 369
606, 170
119, 279
TRADE: RETAIL: BUILDING MATERIALS, FUEL,
1
2.398
467
315
102
29
12
2
2,536
1.334
1,441
1,428
651
1,021
756
15.318
10. 579
14. 487
8,786
5,187
3,079
2,156
10,514
6,243
8,594
6, 039
2,817
1,660
1,031
1,278
1,844
4, 252
4,851
2,761
2,026
5,016
12, 969
11,720
17, 732
11,984
0,424
14, 366
3,215
43, 960
32, 665
47, 689
34, 405
18, 281
22, 945
12, 270
19, 722
10, 314
12. 952
8,585
5,819
1,871
1,836
50
100
250
500._ ..-
1,000
S,O0O
10 000
50 000
100,000
Total...
3,326
9,167
59, 592
36, 897
22, 027
78, 409
212, 217
61, 099
TRADE: RETAIL: OTHER RETAIL TRADE—
1
50
100
2,595
7.57
504
172
63
36
3
5.868
4.465
6,041
3.873
2,710
5,289
1,452
16, 271
16. 737
28, 595
■ 24, 304
14, 664
24, 193
11, 201
22, 936
19,802
26. 980
17,915
13, 340
18, 789
1,606
1,607
1,721
3.646
2, 256
2,337
6,858
538
10, 944
8.938
10, 503
9. 232
8,346
12,115
3,604
58, 783
52, 807
78, 034
59, 725
42, 370
68,612
20, 524
19, 193
16.486
19,999
16,113
11,589
14, 218
9,588
250
500
1,000
5,000
10,000
50,000
100,000
Total...
4,130
29, 699
135, 965
121,428
18, 963
63, 683
380, 854
107, 184
TRADE: RETAIL: OTHER RETAIL TRADE—
1
50
100
250
500-
2,959
261
117
28
11
8
3
3
3,050
790
599
601
216
898
3,662
1,375
10, 332
5,519
5,406
2, 465
1,439
4,606
4,808
1,457
16, 625
6,847
6, 260
4,794
3,364
9,174
7,857
10,918
1.289
460
946
561
1,261
1,381
1,118
14, 670
10.311
4.049
3,508
1,437
1,293
2,886
894
4,161
42, 881
18, 108
17,212
10, 341
8,135
19, 183
18, 695
33,514
20, 063
6,245
6. 493
3,505
2,228
5,108
1.276
16, 075
1,000
5,000
10,000 -
50,000
100,000
Total...
3,390
11,190
36, 033
65,839 21,687
28, 538
168, 069
60, 993
For footnotes, see pp. 225-227.
STATISTICS OF IlNlOOME FOR 1940, PART 2
187
and by major industrial groups,'' for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
Capital
stock «8
Surplus and
undivided
profits <»
(less defi-
cit) 42
Gross sales
and gross
receipts
from opera-
tions 50
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit 3
Total
tax 66
Divi-
dends
paid 51
AND ICE-RETURNS WITH NET INCOME
3,072
5,783
10, 954
5,837
3,948
8,436
328
30, 568
41,702
70, 111
50. 568
34, 072
53, 663
1.825
5.831
15,931
37, 869
26, 156
23, 071
35. 665
3,321
135, 175
159,278
248, 225
138, 148
96, 154
152, 721
15, 373
136. 727
161, 789
252, 727
141, 369
98, 463
156, 582
15, 493
3,416
5,043
8,984
5,368
3,821
6,471
663
3,410
5, 036
8,977
5,356
3,811
6,461
663
505
775
1,472
1,003
796
1,464
169
956
1,583
2,775
2, 015
1,871
2,779
38. 359
282, 508
147, 844
945, 074
963, 149
33, 765
33, 714
6,184
11, 979
AND ICE— RETURNS WITH NO NET INCOME
RETURNS WITH NET INCOME
RETURNS WITH NO NET INCOME
5,365
4,065
6,852
5,186
4,077
5.953
2,000
28. 402
18, 529
24, 682
19. 341
10. 030
14, 300
4,748
52 11,762
52 1,486
1,660
433
62 2,010
52 208
3,571
97. 509
47, 855
52, 353
34, 273
17, 920
17, 638
12, 242
98, 579
48, 679
53. 584
35, 124
18, 323
18,058
12, 670
333,349
33 1, 438
33 1,711
33 1,244
33 677
33 678
33 82
33 3, 349
33 1, 438
33 1,714
33 1, 248
33 677
33 678
33 84
54
48
102
108
34
176
33. 498
120, 031
62 9, 802
279, 791
285, 016
33 9, 179
33 9, 189
521
2,871
2,895
4,302
4.021
1,879
2,364
27, 842
19, 954
28, 974
19, 095
15, 154
24. 479
2.825
4,301
8,705
17, 534
15, 375
9,971
22, 675
1,933
149, 448
104, 336
128, 159
92, 985
62, 789
72, 561
38, 248
151, 679
106, 684
132, 568
97, 202
65, 584
78, 250
38, 386
3,577
3,451
6,202
4,309
2,841
4,031
715
3,576
3,436
6,198
4, 302
2,832
4,011
714
539
560
1,259
958
674
917
166
657
754
1,913
1,125
604
1,102
18,331
138, 323
80, 494
648, 525
670, 353
25, 126
25, 070 5, 073
6.154
5,504
27, 674
9,765
8,847
4,216
2,697
9,296
5,417
13, 845
52 14, 455
62 2, 508
62 1,316
633
1,029
49
9.217
52 211
89,004
22, 982
19, 787
11, 924
3, 032
6,809
19, 969
48, 125
. 90,301
23, 718
20, 420
12, 134
3,543
7,334
20, 776
48,611
33 3, 359
33 897
33 831
33322
33 244
33 1, 419
33549
33 2, 443
333,359
33 897
33 831
33 324
33 244
33 1,419
33549
33 2, 443
44
3,062
5
2,083
89
G48
999
4,255
1, 657
3,363
10
24
91
140
103
21.611
81, 756
62 7, 562
221, 632
226, 837
33 10. 065
33 10, 068
507
525003—44-
-13
STATISTICS OF mCOME FOR 1940, PART 2
Table 6.- — Corporation returns with balance sheets, 1940, by total assets classes
net income:^ Number of returns, selected assets andl iabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Total assets
returns
Cash 3«
accounts
Inven-
Invest-
assets 3s
assets-
classes ^^
with
receiv-
tories
ments <5
(less re-
Total
payable ^«
balance
able "
serves)
liabUities "
sheets '^
TRADE: RETAIL: RETAIL TRADE NOT
1
1,708
553
315
100
31
18
4,516
3,244
2, 833
1,720
1, 365
1,385
11,242
11, 939
17, 308
12, 050
7,379
12, 840
13, 571
12, 320
14, 437
9,404
6,601
7,863
1,078
1,327
1,944
2,311
633
4,824
10, 976
8, 946
10, 949
7,087
3,286
6,396
42,125
38, 463
48, 320
33, 440
19, 591
34, 146
9,272
7,548
9,781
6,575
4,339
5,738
50 .
100_
250
500
1,000 -
5 000
10 ODD
50 000
100 000
*
Total...
2,723
15.061
72, 757
64, 196
12,116
47, 641
216, 085
43, 252
TRADE: RET.VIL: RETAIL TRADE NOT
1
1,550
224
115
13
12
9
1,652
600
562
80
284
412
7,512
5,294
5, 949
1,837
3,202
3,198
8,848
4,270
4,240
807
1,147
4,452
664
554
827
547
241
3, 157
7,828
4,114
4,628
1,063
2,609
2,350
27, 177
15, 273
16, 676
4,377
7.756
13, 870
9,665
4,192
4,441
1,037
2,027
2,571
60
100
250
500
1,000
5 000
10 000
50 000
100,000
Total...
1,923
3,590
26, 992
23, 771
5,989
22, 591
85, 130
23, 933
TRADE: TRADE NOT ALLOCABLE—
1
4, 086
1,799
1,544
578
299
153
9
5
9,920
10,211
16, 626
12, 825
14, 204
13, 701
4,545
8,261
31,715
42, 441
77, 557
64, 719
63, 207
72, 754
13, 722
25, 310
30, 906
40, 770
73, 751
61, 705
64, 361
72, 699
21,396
16, 920
2,342
4,483
11,613
13, 290
16, 564
31, 402
8,780
33, 799
20, 171
27, 845
53, 882
44, 607
43, 394
55, 384
16, 535
25, 675
97, 354
128, 409
239, 363
202, 316
206, 448
253,053
66, 170
110, 982
33, 895
37, 634
61, 882
47, 846
43, 180
56, 028
8,054
10,810
60
100
250
500
1,000
5,000
10,000
50 000
100,000
1
4,555
6,897
31,034
112,665
16,616
172, 500
15, 892
Total- -.
8,474
94, 848
398, 320
413,541
234, 938
304, 109
1, 476, 596
315, 222
TRADE: TRADE NOT ALLOCABLE—
l._. ..-
60
100
250.
600
5,022
783
499
138
53
27
1
4
5,154
2,635
3,416
1,469
1,946
3,720
616
1,344
24,911
16, 691
22,918
14,084
9,175
6,479
1,914
7,213
24,387
15, 652
21,372
12,213
5, 973
10, 868
1,230
10, 549
2,309
1,839
4,606
4,863
3,607
5,9:22
1,276
7,159
21, 299
16,318
21,261
13. 461
14,514
16, 274
4,067
17, 678
80, 860
54, 808
76, 196
48, 040
36, 872
44, 546
9,132
44, 393
40, 779
20, 222
26, 593
14, 149
7,889
14, 058
2,108
3,100
1,000
6,000
10,000
60 000
100,000
Total..-
6,527
20, 301
103, 386
102, 245
31,581
124, 872
394,846
128, 898
For footnotes, see pp. 225-227.
STATISTICS OF INCOME FOR 19 40, PART 2
189
and by major industrial groups,'' for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable "
Capital
stock "
Surplus and
undivided
profits <9
(less defi-
cit) 42
■Gross sales
and gross
receipts
from opera-
tions 5"
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit 3
Total
tax««
Divi-
dends
paid M
ALLOCABLE— RETURNS WITH NET INCOME
2,424
2,270
3,928
2,889
845
2,427
21, 040
16, 137
19, 534
13, 265
8,022
12, 054
6,506
9,962
12, 375
9,181
4,938
9,601
126, 272
87,413
86, 826
51,869
28, 343
48, 268
128, 124
88, 927
88, 728
54, 044
29, 613
51, 282
2,494
1,994
2,573
1,791
1,220
1,806
2,493
1,988
2,565
1,788
1,219
1,794
381
305
433
316
281
432
618
552
757
599'
356
656
14. 782
90. 052
52, 563
428, 990
440, 717
11,878
11, 848
2,148
3,638
ALLOCABLE— RETURNS WITH NO NET INCOME
2,671
1,648
2, 051
258
636
1,364
17, 521
8,301
8,239
2,346
3,549
4,506
62 4, 180
325
891
686
540
3,792
61, 193
23,438
18, 106
4,149
12, 760
8,813
61, 970
23, 865
18, 656
4,424
13, 381
9,985
33 1, 986
33554
33 681
33 170
33 232
33579
33 1, 986
33554
33 682
33 170
33 232
33579
204
27
32
8
- - ..
11
43
8,629
44,463
2,054
128, 460
132, 281
33 4, 201
33 4, 202
323
RETURNS WITH NET INCOME
5,770
47, 394
6,446
327, 183
330,827
6,773
6,768
1,031
1,469
7,204
53, 738
23, 667
339, 966
344, 114
7,900
7,895
1,292
1,766
16, 238
95, 941
54, 181
574, 610
582, 671
15, 505
15, 490
2,856
3,955
14,916
78, 022
53, 129
430, 442
436,816
13,144
13, 103
2,847
3,790
15, 382
79, 849
57, 705
424, 534
432, 008
15, 305
15,282
3, 036
4,756
16, 426
97, 013
72,612
440, 556
448, 710
16, 883
16, 852
4,173
6,502
3,159
25, 530
24, 532
81, 044
82, 405
5,797
5,775
2,601
925
2,947
39, 733
52, 452
144, 356
148,084
6,826
6,825
1,598
2,752
10, 000
131, 947
105, 376
125,939
44,429
44,429
11, 088
35, 000
82, 040
527, 220
475, 671
2,868,066
2,931,574
132, 561
132, 420
31, 122
60, 914
RETURNS WITH NO NET INCOME
10, 358
6,248
8,928
6,038
4,420
10, 087
6,924
. 6,434
51, 530
30, 637
36, 486
23, 606
17, 291
17,413
297
15, 005
52 26, 720
S2 4, 588
828
2,529
3, 551,
2,277
«2 1, 609
19, 053
241, 100
120, 151
141,313
74, 204
42, 391
45, 106
16,241
41,421
243, 292
121, 653
143, 4:^4
75, 433
43, 388
45, 953
16, 334
42, 092
33 8, 127
33 2, 662
33 3, 134
33 1, 997
33 963
33 1, 560
33 151
33 1, 077
33 8, 136
33 2, 662
33 3, 142
33 1, 999
33973
S3 1, 571
33 151
33 1, 077
299
43
141
257
44
164
640
69, 438
192, 265
" 4, 679
721, 927
731, 569
33 19, 670
33 19, 712
1,487
190
STATISTICS OF INCOME FOR 1940, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income:^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Num-
Total assets
ber of
returns
Cash 36
Notes and
accounts
Inven-
Invest-
Capital
assets 3'
Total
assets-
Accounts
and notes
payable ^^
classes "
with
receiv-
tories
ments "
(less re-
Total
balance
able <<
serves)
liabilities 39
sheets ^s
TOTAL SERVICE: RETURNS
I ._
9,207
2,167
1,838
664
366
317
21
14
2
3
23, 274
17. 274
28, 228
19,931
23, 141
63, 107
7,873
24,314
8,664
14, 435
34, 958
25, 141
39, 237
27, 755
24, 364
61, 530
7.396
22. 460
994
17,076
8,770
6,164
9,102
6,570
4,461
17, 733
4.070
20, 588
15,994
68, 223
7,817
9,189
20, 656
20, 559
21, 666
8.5, 717
19, 079
37,110
31,112
233, 826
79, 731
88, 666
176,818
146,052
167, 362
398, 996
83. 010
124, 797
65, 969
39, 473
162, 647
153, 076
285, 270
229, 608
251, 382
652, 487
124, 476
233, 508
125,454
376, 097
45, 285
31, 160
46, 579
32, 147
30, 481
69, 742
18, .597
17,801
6,974
9.675
CO
100
250
500
1,000
5.000
10,000
.50,000
100,000 -.-
Total__.
14, 599
230, 241
260, 909
161, 677
486, 731
1, 370, 874
2, 594, 007
308, 441
TOTAL S5;RVICE: RETURNS
1
15,817
1, 583
1,150
390
281
237
25
12
14, 933
5,194
7,547
5, 742
11,433
17, 970
.% 489
4,888
34, 335
12,922
17, 364
10,617
10, 989
20, 828
3,493
14, 243
10, 270
3,458
4,751
2,684
2,966
10, 381
6,499
10, 664
8,711
6,620
11, 742
11,335
15,797
37, 338
6, 500
55, 608
112,986
77, 171
128, 422
102, 559
149, 875
382, 641
142, 077
119, 147
192, 436
111,117
178,346
138, 408
198, 771
482, 267
167. 698
209,881
96, 743
32, 063
44. 386
26, 060
32, 484
63, 081
28, 841
42, 683
50
100
250
500
1,000
6,000
10,000
60 000
100,000
Total.. -
19, 495
73, 195
124, 792
51, 671
163, 651
1, 214, 879
1, 678, 925
366, 341
SERVICE: HOTELS AND OTHER LODGING
1
50
614
244
341
162
130
106
6
2
1.421
1,687
3,362
2,804
4,545
8,009
1,358
1,797
1,340
1.267
3,149
2,312
2,437
5,506
314
4,155
493
561
1,264
908
1, 21,8
2,778
491
507
520
639
2,036
1,993
3.285
18, 224
3,906
6,305
7,985
12, 436
42. 160
47. 150
77, 441
189, 942
27, 545
26, 894
12,771
17.522
53,917
56. 572
92, 155
229, 745
34, 040
40, 316
3,531
3.682
7,734
6,450
6, 5<!9
16, 231
1,893
2,922
100
250
500
1,000
5,000
10,000
60,000
100,000
Total...
1,606
24,983
20, 481
8,300
36, 908
431, 554
537, 036
49, 043
SERVICE: HOTELS AND OTHER LODGING
1
1,378
354
316
163
145
157
18
8
1,543
848
1,694
1,622
2,520
7,152
4, 543
3,359
1,768
988
2,158
1,349
2.161
6,794
955
8,625
648
491
742
603
1.025
3,370
1,342
1,027
814
657
1,245
1,252
2,459
9, 590
1,720
24, 164
17, 477
21, 198
43, 777
51, 366
92,922
298, 683
108, 962
105, 581
23, 692
25, 249
51, 662
58, 130
103, 879
334, 222
120, 357
145, 600
13, 138
7,624
8.995
10, 425
8,815
36,013
20, 069
8,702
50
100
250
500
1,000
6,000
10,000
50,000
100,000 . --
TotaL..
2,639
23, 281
24, 798
9,248
41, 899
739, 967
862, 792
113, 782
For footnotes, see pp. 225-227.
STATISTICS OF lOSRCOME FOR 19 40, PART 2
191
and by major industrial groups,'' for returns ivith net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable *''
Capital
stock IS
Surplus and
undivided
profits <9
(less defi-
cit) "
Gross sales
and gross
receipts
from opera-
tions 50
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit 3
Total
taxes
Divi-
dends
paid 51
WITH NET INCOME
17, 795
80, 098
6. 295
437, 924
449, 797
19,824
19, 808
3,080
6,791
28. 686
60, 910
22, 234
261, 550
269. 447
15, 563
15,552
2,700
5, 638
44. 965
110, 555
64, 810
380, 492
392, 676
24, 855
24,779
4,765
10, 438
43.711
83, 734
55, 965
240, 331
248, 677
20, 508
20, 486
4, 355
8,651
65, 132
88,914
52, 680
211,325
221, 325
19, 991
19, 977
4,308
9.165
161,892
215,973
172, 642
472, 053
491,283
55, 946
55,911
12, 571
25, 933
35, 887
40, 303
26, 890
68, 203
71, 580
6.548
6.541
1, -/ll
2,660
52, 142
80. 219
70, 328
168, 097
179, 360
12,651
12, 633
2,712
9,389
23, 459
20, 435
72, 1.58
64, 621
70. 054
4,424
4, 424
455
3,643
59, 368
102, 641
201, 307
150, 397
170, .'^72
19, 326
19, 202
1,836
6,494
533, 037
883, 782
745, 308
2, 454, 992
2, 564, 772
199, 637
199, 313
37, 993
88, 802
WITH NO NET INCOME
46, 110
31,417
61,058
55, 880
89. 786
259, 153
91, 030
101,090
132, 399
57, 506
77, 709
49, 756
68, 103
154, 904
36.041
24, 684
52 107, 776
52 22, 089
62 19, 506
52 3, 969
52 8, 455
52 36, 132
52 6, 869
32, 762
412,534
110,166
118, 795
72, 131
84, 688
161,944
47, 143
75, 220
431, 128
115,909
125, 247
74, 680
89, 487
170, 387
49, 649
80,845
33 26, 409
33 6, 872
33 7, 517
33 4, 766
33 10, 057
33 16, 942
33 4, 577
33 5, 516
33 26, 418
33 6, 878
33 7, 523
33 4, 780
33 10, 081
33 17,041
33 4, 577
33 5, 523
311
103
220
105
149
279
111
20
735, 523
601, 102
62 172, 034
1,082,621
1, 137, 331
33 82, 655
33 82,821
1,299
PLACES— RETURNS WITH NET INCOME
2,535
6.287
52 732
31, 172
34, 592
1,299
1,299
194
382
4,321
7,794
465
26, 376
28, 804
1,149
1,149
175
229
14, 382
21, 961
5,825
46, 672
50, 315
2,664
2,661
447
889
19. 399
22, 807
4,858
36, 035
37, 131
2,591
2,589
486
824
39. 870
31. 863
10, 272
44,281
47, 485
3,046
3,043
613
1,027
91, 135
66. 815
50, 672
75, 586
79, 815
5,830
5,827
1,196
1,906
12, 973
7.244
11, 155
10, 549
10, 934
829
829
166
153
7,062
6,424
23, 593
11, 120
12,638
169
169
5
477
191, 676
171, 195
106, 107
281, 792
301, 714
17, 577
17, 567
3,283
5,888
PLACES— RETURNS WITH NO NET INCOME
7,455
10, 514
23, 082
32,472
59, 413
216,016
79, 974
78, 981
15. 103
12. 759
21.570
16. 814
34, 916
99, 855
25. 526
10, 228
52 16, 080
52 11, 687
52 7, 433
62 6, 401
52 8,086
52 48, 660
52 22. 723
39, 959
42,009
21, 890
26, 206
22, 975
32,714
99, 132
32, 546
29, 912
47, 753
24, 897
28, 725
23,660
33, 607
103, 028
33, 920
32, 143
33 2, 726
33 1, 607
33 2, 086
33 1, 562
33 3, 292
33 9, 499
33 3, 856
33 4, 744
33 2, 726
33 1, 607
33 2, 086
33 1. 562
33 3, 293
33 9, 502
33 3, 856
33 4, 750
18
5
46
16
54
78
507, 907
236, 771
52 81,110
307, 385
327, 734
33 29, 372
33 29, 383
217
192
STATISTICS OP ESPCOME FOR 1940, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income:^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable *^
Total assets
returns
Cash 38
accounts
Inven-
Invest-
assets 38
assets-
classes "
with
receiv-
tories
ments «6
(less re-
Total
balance
able «*
serves)
liabilities 3«
sheets ^s
SERVICE: PERSONAL SERVICE—
1
2,068
676
515
147
44
29
2
3,876
3,692
5,318
3,485
1,765
2,679
647
8,572
7,170
10, 599
5,847
2,377
3,710
523
2,980
2,314
3,886
2,932
928
1,961
2,644
1,274
2,115
5,534
4,702
4,621
10, 262
876
24, 764
30, C98
49, 058
31,013
18, 428
29,212
6,932
42, 873
47, 711
77, 449
49, 766
28, 997
49, 648
11,784
11, 224
8,833
10, 526
4,715
2,327
4, 857
553
50
100
250
500
1,000
5,000
10,000
50,000
100,000
Total—
3,481
21, 463
38, 798
17,645
29, 384
190, 106
308, 228
43, 035
SERVICE: PERSONAL SERVICE—
1
50 .. . .
3,728
385
201
45
15
9
2,665
871
1,067
517
606
551
9,578
3,968
3,924
1,453
792
734
3,367
1,356
1,035
477
254
670
1, 493
1,036
1,654
1,872
1,858
1,926
32, 242
18, 390
20, 926
10, 009
5,377
10, 079
51, 324
26, 860
29, 767
14,991
9,215
14, 182
20, 858
7,447
5,841
2,005
1,441
1,035
100
250
500
1,000
6,000
10,000
60,000
100,000
Total...
4,383
6,276
20, 449
7,159
9,839
97, 024
146, 339
38, 626
SERVICE: BUSINESS SERVICE—
1
2,091
338
301
110
60
61
2
6
6,644
4,133
9,291
5,627
8,272
25, 679
825
15, 823
10, 892
7,477
14, 186
10, 035
13, 083
28,012
1,747
8,160
1,086
893
1,429
1,300
746
3,339
77
1,584
2,295
2,787
6,211
6,470
5,541
25, 331
7,155
10, 848
8,550
7,574
14, 144
12,223
11, 785
35, 477
1,988
31, 699
31,032
23, 867
47, 603
38, 401
41, 698
127, 895
12,236
69, 534
9, 355
6,464
11,244
8,419
8,686
21,516
925
7,640
60
100
260
600 ..
1,000
5,000
10,000
60,000
100,000
Total...
2,968
76, 295
93, 691
10, 452
66, 639
123, 441
392, 266
74, 250
SERVICE: BUSINESS SERVICE—
1....
3,035
186
112
35
25
18
1
1
3,658
1,135
1,024
1,262
2,909
6,616
3
590
8,556
3,030
4,342
2, no
4,586
5,193
42
1,996
. 1, 184
343
332
693
479
632
2,181
1, 869
3,528
2. 637
3,813
7,846
11,861
5,607
6,803
6,124
4,927
10, 852
6,500
169
29, 387
12,812
16, 894
13, 122
17, 864
33, 556
6,547
21, 473
15, 681
4.187
4,947
2,716
10, 794
9,338
9
16, 627
60..
100
250
500
1,000._._
6,000-.
10,000
822
16, 597
60 000
100,000
Total...
3,413
17, 197
29,854
4,485
38, 472
52, 844
151, 655
64, 300
For footnotes, see pp. 225-227.
STATISTICS OF INCOME FOR 1940, PART 2
193
and by major industrial growps,'' for rehirns with net income and retvrns with no
compiled net profit or net loss, net income or deficit ,and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable "
Capital
stock 48
Surplus and
undivided
profits •<«
(less defi-
cit) «2
Gross sales
and gross
receipts
from opera-
tions 50
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit 3
Total
tax««
Divi-
dends
paid "
RETURNS WITH NET INCOME
4,562
23, 423
825
98. 927
99, 830
3,204
3,200
470
725
6,295
20, 708
9,541
72. 885
73,711
3,242
3, 239
497
978
9,444
32, 476
20, 871
110, 698
111,943
5,610
5,569
1,018
1,853
5,074
21,033
16, 490
56, 109
56, 885
3,666
3,661
776
1,377
3,614
11. 506
9,796
28, 424
29, 047
1,982
1,977
411
738
6,806
27, 773
6,885
33, 995
34, 607
2, 692
2,685
612
1,487
813
4,822
5,044
14, 279
14, 325
1,230
1,229
223
420
36, 608
141, 740
69, 451
415, 317
420, 348
21, 626
21, 560
4,006
7,577
RETURNS WITH NO NET INCOME
10, 509
5,812
8,651
3,207
1,815
3,376
33, 862
14, 324
13, 575
7,277
5,333
6,696
52 19, 058
62 2, 775
62 2
1,848
30
2,568
107, 501
36, 856
32,814
14, 969
8,867
7,976
108, 309
37, 206
33, 177
15, 088
9,088
8,146
33 4, 366
33 1, 143
33 1, 103
33 482
33 236
33 1, 228
33 4, 366
33 1, 143
33 1, 105
33 486
33 236
33 1, 229
62
10
49
45
72
52
33, 370
81, 067
62 17, 388
208, 983
211,013
33 8, 658
33 8, 565
290
RETURNS WITH NET INCOME
1,753
15, 572
1,719
91, 592
93, 526
4,189
4,183
674
1,357
6,149
9,113
62 61
51. 169
52, 580
2,600
2,598
449
1,014
2, 632
17, 678
12, 557
98, 671
101, 212
5,025
5,014
956
2,457
3,027
13, 296
10, 537
61, 324
62, 918
3,585
3,580
773
1.949
3, 623
13,317
11, 750
66, 119
67, 866
5,061
5, 058
1,115
2,449
8,783
45, 212
42, 084
147, 962
152, 111
17, 919
17, 903
4,261
10,311
3,660
5,856
1,649
3,720
4,416
700
700
103
139
21
34, 546
17, 559
78, 812
84, 613
6,437
6,424
1,604
5,416
29, 649
154, 591
97, 795
599, 368
619, 243
45, 515
45. 459
9,935
25, 092
RETURNS WITH NO NET INCOME
5,756
2,052
2, 664
1,008
2,637
5,900
22, 888
7,838
8,910
5,164
7,361
7,092
1,000
1,000
62 18, 618
52 2, 253
52 1, 163
3,372
62 3. 982
8,359
5,525
3,847
61, 707
13, 030
15. 287
10, 561
16, 924
20, 735
66, 952
13, 619
15, 887
10, 745
17, 723
21, 542
(")
3,393
33 4, 427
33930
33954
33 407
33 4, 878
33 2, 688
33 15
33 288
33 4, 429
33933
33 956
33 408
33 4, 889
33 2, 693
33 15
33 289
75
2
52
17
13
1,327
19,916
61, 254
52 4, 913
139, 571
149, 860
33 14, 587
33 14, 611
160
194
STATISTICS OF IXCOMEi FOB 19 40, PART 2
Table 6.- — Corporation returns with balance sheets, 1940, by total assets classes
net income:^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable *«
Total assets
returns
Cash 36
accounts
Inven-
Invest-
assets 35
assets-
classes *^
with
receiv-
tories
ments "
(less re-
Total
balance
able"
serves)
liabilities 39
sheets ^s
SERVICE: AUTOMOTIVE REPAIR SERVICES AND
1 .
940
119
88
21
9
8
1,631
565
913
389
188
559
3. 503
1,399
1,310
524
229
1,645
1,623
907
629
217
64
129
402
104
6r9
255
122
441
5,766
5,156
10, 102
6.832
5,078
8,982
13, 770
8,508
14, 052
7,366
5,809
12, 168
4,903
1,856
2,503
1,109
726
1,725
60
100
250
500
1,000
6,000
10,000
60,000
100,000
Total...
1,185
4,246
8,611
3,569
1,984
40, 916
61, 673
12, 821
SERVICE: AUTOMOTIVE REPAIR SERVICES AND
1
60
100
250
500
1,000
1,883
102
90
30
9
3
1,356
173
171
455
101
28
4,979
823
907
1,010
75
27
1,981
426
617
168
27
22
800
446
221
156
106
9,158
5,185
11,955
8,412
6,218
6,386
19,517
7,387
14. 198
10, 360
6,641
6,480
10, 541
2,308
1,967
1,790
929
3,616
6,000
10,000
60,000
100,000
Total...
2,117
2,284
7,820
3,241
1,728
46, 314
63, 584
21, 151
SERVICE: MISCELLANEOUS REPAIR SERVICES,
1.
50
100
448
69
28
2
1
1
856
419
551
71
90
184
289
2,373
1,451
834
308
8
43
408
1,443
895
852
35
54
114
223
205
200
163
5
205
1
2,417
1,765
1, 530
269
189
1,159
4,418
7,472
4,890
4,098
753
594
1,541
5,353
2,274
1,037
574
93
4
10
249
250
600
1,000
6,000
10,000
60,000
100,000
Total...
550
2,461
5,483
3,616
779
11,746
24, 701
4,241
SERVICE: MISCELLANEOUS REPAIR SERVICES,
1...
50
100
260
634
23
7
1
448
108
50
2
1,696
304
154
1, 265
209
179
200
38
126
270
2,780
760
488
(")
6, 665
1, 509
1,018
273
2,665
309
156
269
600
1,000
6,000
10,000
50,000
100,000
Total...
665
608
2,154
1,654
635
4,028
9,465
3.400
For footnotes, see pp. 225-227.
STATISTICS OF INCOME FOR 194 0, PART 2
195
and by major industrial groups,^ for returns with net income and returns with no
compiled ret profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable <"
Capital
stock *8
Surplus and
undivided
profits •'9
(less defi-
cit) ^2
Gross sales
and gross
receipts
from opera-
tions 50
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit 3
Total
tax 68
Divi-
dends
paid «i
GARAGES— RETURNS WITH NET INCOME
1,698
5,847
53
40, 021
41, 432
1,049
1,047
153
197
2,557
3,318
338
13, 258
13, 862
477
477
78
80
3,010
5,378
2,530
14,014
14, 775
829
829
150
270
2,159
2,425
1,410
4,593
5, 248
402
402
76
178
1,430
3,119
338
3,243
3,331
382
382
109
171
•i, 482
4,059
2,380
7,481
7,733
806
805
208
328
14, 337
24, 145
7,049
82, 609
86, 381
3,946
3,941
775
1,224
GARAGES— RETURNS WITH NO NET INCOME
5,090
3,345
7,757
4,600
5,502
1,127
12, 751
2,829
4,774
3,456
1,433
649
62 11,830
52 1, 441
52 986
7
52 1, 860
3
52, 184
6,068
5,015
3,776
1,152
508
54, 584
6,377
5,326
4,179
1,182
586
33 2, 154
33 251
33 269
33 206
33 212
3352
33 2, 157
33 251
33 269
33 206
33 212
3352
11
20
3
27, 420
25, 893
52 16, 107
68, 703
72, 234
33 3, 144
33 3, 146
35
HAND TRADES— RETURNS WITH NET INCOME
652
499
336
4
4,080
1,936
1,504
41
227
19
1,164
1,459
490
342
17, 593
9,057
6,033
1,645
420
1,013
6,798
17,755
9,151
6,104
1,653
440
1,018
6,891
584
493
465
100
52
308
140
584
493
464
100
52
308
140
91
94
120
24
12
74
33
48
126
166
20
29
974 460
175
3,700
1,250
88
338
5,191
10,012
4,022
42, 558
43, on
2,142
2.141
449
902
HAND TRADES— RETURNS WITH NO NET INCOME
698
153
162
5,620
937
366
4
52 3, 047
43
247
523
12, 198
2,108
992
12, 340
2, 130
1,000
33 550
33 80
33 15
333
33550
33 80
33 15
333
3
21
1,013
6,928
52 2, 760
15, 299
15, 470
33 647 33 fi47
24
196
STATISTICS OF rN'COME FOB 1940, PAKT 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income: ^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable "
Total assets
returns
Cash 3«
accounts
Inven-
Invest-
assets 38
assets-
classes "
with
receiv-
tories
ments 45
(less re-
Total
balance
able ^i
serves)
liabilities 39
sheets ^6
SERVICE: MOTION PICTURES—
1
1,247
386
298
116
65
66
8
7
2
3
4,491
3,888
4,442
3,300
3, 634
10, 967
4,074
6,695
8,664
14, 435
3,557
3,053
4,433
3,596
3,174
13, 287
2,256
10, 146
994
17, 076
217
173
310
610
1,138
8,608
19
18, 497
15,994
68, 223
1,460
1,476
2,352
3,518
3, 678
19,810
3,317
19, 957
31,112
233, 826
14, 252
16,911
32, 204
27, 404
30, 942
85, 796
35, 590
66, 205
65, 969
39, 473
25, 763
26, 987
45, 961
39, 618
44,017
144, 287
46, 981
123, 658
125, 454
376, 097
6,626
5,137
9,611
6,895
7,353
20, 728
14, 799
7,239
6,974
9.675
60
100
250
500
1,000
6,000
10,000 .
50,000
100,000...
Total...
2,198
64, 589
61, 571
113, 790
320, 506
414, 745
998, 822
95, 036
SERVICE: MOTION PICTURES-
1
1,425
169
140
34
29
19
3
1
1,716
611
1,331
413
1,505
1,026
134
703
2,156
1,300
2, 667.
1,233
676
3,080
1,765
334
487
78
789
374
215
4,266
4,940
7,895
1,158
537
1,186
1,983
2,995
3,001
4
3,547
12, 861
8,295
14, 370
6,561
13,110
20. 525
13, 135
2,781
20, 265
11,581
21, 144
12, 100
19, 962
33, 068
20, 346
16, 427
12, 180
4,018
13, 759
4,281
4,171
5.804
6,822
2,442
50 . ..
100
250
500
1,000
6,000
10,000
60,000
100,000
Total...
1, 820 7, 441
13, 110
19,045
14,411
91, 638
154,893
53, 537
SERVICE: AMUSEMENT
, EXCEPT MOTION
1
891
153
99
43
32
33
1,948
1,100
1,326
1,308
3.161
11, 355
1, 365
866
947
1, 051
1,639
2,646
309
133
119
118
47
431
498
661
1,160
1,469
1,108
7,213
10, 348
7,660
11,491
10, 525
15, 159
42, 415
15, 207
10, 826
15, 342
14, 882
21, 722
64, 913
3,976
2,382
2,135
1,740
3,409
3,472
60
100
250 .. .
600
1,000
6,000
10,000 .
60,000
100,000
Total...
1,251
20, 196
8,514
1,158
12, 109
97, 598
142,892
17, 115
SERVICE: AMUSEMENT
, EXCEPT
MOTION
1
1,861
164
147
42
32
15
3
1,312
419
811
213
374
852
807
1, 466
588
690
942
998
915
731
412
144
268
35
74
393
216
734
771
1,061
872
611
8,084
4,776
15, 882
9,310
18, 387
13, 000
19, 365
20; 123
13, 480
20, 960
11,783
22, 570
15, 427
21,943
30, 884
20, 448
12, 321
2, 953
4,496
2, 120
3.968
2.957
1,941
60-
100
250
600.-
1,000
5,000
10,000
60,000
100,000
Total...
2,264
4,789
6,331
1,542
16, 908
109, 548
144,014
30, 758
For footnotes, see pp. 225-227.
SfTATISTIICS OF INCOME FOR 1940, PART 2
197
and by major industrial groups,'' for returns ivith net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable <'
Capital
stock "
Surplus and
undivided
profits <5
(less defi-
cit) <2
Gross sales
and gross
receipts
from opera-
tions 60
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit 3
Total
tax6«
Divi-
dends
paid,6i
RETURNS WITH NET INCOIV
[E
2, 6S5
9,502
4,622
85, 782
87, 801
5,829
5,828
934
3,115
4,908
7,669
7,405
50, 882
52, 154
4,638
4,637
868
2,313
8,092
14, 157
11, 386
65, 900
68, 662
6,485
6,482
1,271
3,339
8,326
9,677
12, 307
43, 873
46, 720
5,449
5,449
1,106
2,742
11,619
12, 538
11, 202
37, 539
40, 116
5,050
5,048
1,016
2,970
43, 599
35, 725
38, 229
147, 626
155,321
17, 530
17, 527
3,419
7,533
14,427
13, 578
3,383
25, 844
27, 775
2,889
2,887
510
1,329
45,060
39, 249
29, 176
78, 165
82, 109
6,045
6,040
1,102
3,496
23, 459
20, 435
72, 158
64, 621
70, 054
4,424
4,424
455
3,643
59, 368
221, 542
102, 641
201, 307
150, 397
170, 572
19, 326
19, 202
1,836
6,494
265, 171
391, 176
750, 629
801, 183
77, 665
77, 522
12, 516
36, 975
RETURNS WITH NO NET INCOME
PICTURES-RETURNS WITH NET INCOME
PICTURES— RETURNS WITH NO NET INCOME
5,534
3,967
7,171
4,661
8 6'>9
9,482
4,470
6,861
2,896
Q OS"?
52 9, 822
62 1, 699
62 7, 642
62 398
1,502
62 11, 529
5, 056
62 11, 3S0
67, 132
15,319
17, 746
6. 870
7,550
24 45''
68, 710
15,844
18, 930
6,270
8,074
O?, Q8Q
33 3, 536
33 842
33 854
33 665
33494
33 2,011
33 234
33471
33 3, 536
33 842
33 854
33 671
33494
33 2,012
33 234
33471
24
32
2
2
18 134 ''" ''-'"^
109
5; 627
22, 108
2, 397
2,428
10 912 11 'i^'^
111
31, 703
32, 299
8
75,863
49, 967
62 35, 920
180, 685
187, 599
33 9, 108
33 9. 115
287
2,604
2,632
3,796
2, 645
4,064
6,883
8,231
4,287
6,262
6,133
10, 795
27, 137
62 749
666
2,512
3,510
2,177
24,068
32, 816
18,417
13, 025
14, 398
19, 049
45, 490
33, 988
19, 260
13, 649
15, 155
19,814
47, 286
1,998
1, 557
1,502
1,982
2,781
9,066
1,997
1,556
1,501
1,982
2,780
9,065
308
280
341
443
613
2,340
561
466
548
459
1,008
3,696
22,624
62, 844
32, 184
143, 195
- 149, 152
18, 884
18,881
4,326
6,737
6,755
2,904
7,798
6,877
9,299
8,824
5,428
15, 007
7,216
11, 109
8,082
8,206
13,813
7,118
62 15,411
62 1,919
62 2. 387
52 2, 390
62 1, 920
4,128
5,273
36, 689
6,301
8,118
4,615
3,764
5,840
3,685
38, 205
6,790
8,918
4,796
4,401
6,607
4,245
33 4, 515
33 1, 124
33 1, 448
33975
33522
33 623
33472
33 4, 516
33 1, 126
33 1, 449
33975
33522
33 624
33472
85
(")
49
25
40
47, 886
70, 551
62 14, 626
69, 013
73 964 1 33 Q fi7Q
33 9, 683
200
198
SITATTSTICS OF INCOME FOR 1940, PAKT 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income:^ A^ianber of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable "
Total assets
classes "
returns
with
Cash 36
accounts
receiv-
Inven-
tories
Invest-
ments *5
assets 38
(less re-
assets-
Total
balance
able "
serves)
liabilities 33
sheets ss
SERVICE: OTHER SERVICE, INCLUDING
1
858
178
165
61
25
13
2
2,291
1,746
2,943
2.940
1,486
3,675
679
3,212
2, 361
3,709
4,009
1,417
6,681
2,148
552
275
584
451
186
372
616
1,082
1,204
2,507
2,134
3,105
4,435
3,825
5,403
6,376
15, 976
11,019
8,339
6,013
6,536
13, 072
12, 514
26, 477
21,575
16,391
22, 292
14,082
3,214
1,688
2,192
2,609
1,376
1,202
178
50
100
250
500
1,000
5,000
10,000
50,000
100,000
Total. __
1,302
15, 761
23, 537
3,037
18, 293
59, 662
126, 402
12, 460
SERVICE: OTHER SERVICE, INCLUDING
1
1,797
192
135
40
24
16
2,183
1,011
1,393
1,258
3,402
1,745
4,020
1,796
2,623
2,520
1,697
4,085
866
409
774
334
889
1,028
1,293
1,265
2,719
2,293
3,186
6,892
10, 414
8,081
11,604
7, 086
7,286
16, 993
19,960 8.813 1
60
13. 442
20, 714
14. 007
17, 804
30, 876
3,050
4,206
2,454
2,337
4,257
100
250
500
1,000
5,000
10,000
2
236
3,289
920
11,301
10, 616
26, 380
14,911
50,000 -
100,000
Total. __
2,206
11,2:^8
20, 029
5,220
28, 949
72, 08J
143, 182
40,028
SERVICE: SERVICE NOT ALLOCABLE—
1
50
100
250 -
50
4
3
2
116
44
82
5
145
97
69
12
66
14
31
81
3
34
11
246
89
153
617
689
251
37j
675
182
81
60
117
600
1,000
6,000 .
10.000
60,000
100,000
Total...
59
247
323
111
129
1,106
1,986
441
SERVICE: SERVICE NOT ALLOCABLE—
1
76
8
2
53
18
5
117
125
(")
58
1
16
37
1
1
311
344
111
666
494
378
546
168
18
60 -
100 . . -• ...
250
600
1,000
2
16
6
2
769
669
1,463
28
5,000
10,000
50,000
100,000
Total.. -
8S
92
248
77
809
1,435
3,001
760
For footnotes, see pp. 225-227.
STATISTICS OF INCOME FOR 19 40, PART 2
199
and by major industrial groups,'' for returns with net income and returns with no
corn piled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable *'
Capital
stock "
Surplus and
undivided
profits ^9
(less defi-
cit) 42
Gross sales
and gross
receipts
from opera-
tions 5"
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit 3
Total
tax 68
Divi-
dends
paid 51
SCHOOLS- RETURNS WITH NET INCOME
1, 107
6,858
620
38, 236
39,042
1,610
1,608
246
403
1,301
6,016
2,653
18, 765
19, 185
1, 355
1, 351
249
430
3,273
11,079
7,428
24, 813
25, 436
2,160
2,144
427
851
2,642
8, 267
6,300
22, 135
22, 739
2,727
2,718
672
1,099
912
5,549
6,802
12, 2.50
13, 227
1,637
1,636
418
774
1,204
8,280
7,865
12, 900
13,391
1,796
1,792
462
496-
313
7,553
5,572
7,013
7,239
760
756
176
281
10,811
53, 602
37, 240
136, 111
140, 260
12,044
12,005
2,650
4,334
SCHOOLS— RETURNS WITH NO NET INCOME
4,194
2,649
3,819
3,056
2,019
5,776
17, 292
6,892
10, 468
6, 064
5,694
9,353
52 13,422
52 416
52370
52 7
6,047
8,999
31,970
8,252
12, 276
9,364
13, 682
3,301
33, 096
8, 700
12,944
9,941
15, 375
4,488
334,011
33 864
33786
33 466
33395
33 841
33 4, 015
33 865
33 788
33 469
33 407
33929
26
12
19
10
11,028
347
12, 278
13, 010
33 13
33 13
13
21,513
66, 791
1,178
91, 122
97, 565
33 7, 375
33 7, 486
80
RETURNS WITH NET INCOME
139
25
298
69
60
54
52 83
62
242
62
1,786
741
666
219
1,830
741
681
228
63
52
116
63
52
9
9
34
1
2
3
66
3
434
6 6
598
481
284
3,412
3,480
237
237
53
73
RETURNS WITH NO NET INCOME
119
20
55
393
239
75
52 489
57
230
1,144
343
340
1,179
346
340
33 123
3331
33 2
33 123
3331
33 2
6
441
1,172
52 186
34
37
33 27
33 27
634
1,880
52 388
1,860
1,902
33 184
33 184
6
200
SITAITISTICS OF INCOME FOR 194 0, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income: * Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable "
Total assets
returns
Cash 36
accounts
Inven-
Invest-
assets 38
assets-
classes *^
with
receiv-
tories
ments *'
(less re-
Total
balance
able "
serves)
liabilities as
sheets ^s
TOTAL FINANCE, INSURANCE, REAL ESTATE, AND LESSORS
1
16, 706
7,772
10, 273
6,528
4.810
5, 589
S75
763
118
139
32, 939
33, 889
144, 503
340, 606
630, 447
2, 379, 704
1,231,614
3, 542, 304
1, 758, 776
16, 228, 808
71, 794
88, 988
356,017
645, 183
1,018,837
3, 147, 592
1,374,018
3,145,661
1,521,068
9, 710, 820
2,379
3,164
6,977
908
1,438
2,247
934
4,088
2,204
5,617
40, 525
63, 898
252, 280
498, 873
907, 640
4, 331, 424
2, 580, 579
7, 497, 437
4,013,671
30, 433, 126
210, 404
358,814
871,981
808, 414
792, 845
1, 784, 679
819,317
1, 330, 196
655, 419
1, 099, 776
368, 662
560, 124
1, 659, 810
2, 322, 318
3, 386, 943
11,772.337
6, 113, 273
15, 805, 070
8, 135, 784
57, 944, 820
82, 490
88, 907
210, 109
210,580
202, 033
485, 444
255, 273
476,016
198. 330
1, 189, 643
50
100
250
500
1,000
6,000..
10,000
50,000
100,000
Total...
53, 573
26, 323, 592
21, 080, 578
29, 957
50, 619, 453
8,731,844
108, 069, 141
3,398,825
TOTAL FINANCE, INSURANCE, REAL ESTATE, AND LESSORS
1
32, 278
11,335
11,033
5, l30
3,223
3,265
441
340
52
55
30, 923
24, 452
56, 520
102, 832
202, 483
851, 107
457, 704
932, 856
428, 373
1, 692, 090
84, 825
76, 580
157, 467
209, 848
324, 495
1, 098, 657
463, 504
833, 385
366, 271
920, 671
5,854
6,056
13, 236
1,424
533
2,308
514
241
607
62, 649
79, 488
207, 985
322, 602
539, 526
2, 309, 197
1,292,922
3, 819, 370
2, 226, 303
29, 085, 990
449, 209
652. 968
227, 045
147, 953
260,718
230, 981
218,888
490, 135
153,632
213, 739
114, 634
152,006
50
603, 398 807, 960
1,267,828 1,741,059
1, 127, 766 1. 798. 174
100
250
500
1, 139, 885
2, 451, 385
789, 264
897, 269
464, 518
208, 596
2, 249, 836
6,837,917
3, 060, 770
6, 703, 814
3, 624, 306
32, 868, 286
1,000
5,000
10,000
50,000
100,000
Total...
67, 152
4, 779, 401
4, 535, 703
30, 673
39, 946, 034
9, 399, 118
60, 346, 090
2, 209, 730
FINANCE, INSURANCE, REAL ESTATE, AND LESSORS OF REAL
1
3,417
1,491
3,444
3,687
3,366
4, 381
675
615
96
133
9,718
13,014
105, 457
306, 475
586, 921
2, 255, 340
1, 132,U47
3, 307, 075
1, 076, 381
16, 185, 474
29, 017
48, 359
271, 548
580, 215
954, 362
3. 020, 602
1,331,515
3, 096, 838
1, 519, 800
9, 710, 741
248
412
1,221
580
535
1,268
^69
1,848
1,622
5,420
20, 665
34, 989
173, 137
398, 800
761, 524
3, 737, 068
2, 090, 784
6, 101, 990
3, 244, 852
29, 812, 400
7,701
9, 987
26, 024
43, 816
66, 962
245, 009
114, 207
248, 632
114,895
840, 742
69, 671
109, 130
584, 622
1, 340, 032
2, 384, 905
9,308,511
4, 721, 664
12, 879, 478
6, 630, 984
56, 948, 816
15, 380
21, 434
78, 958
110,404
115,301
337, 659
212, 868
395, 491
196, 368
1, 189, 496
50
100
260 -
500
1,000
6,000
10,000
50,000
100,000
Total...
21, 305
25, 577, 902
20, 562, 996
13, 623
46, 376. 210
1, 717, 974
94, 977, 814
2, 673, 358
FINANCE, INSURANCE, REAL ESTATE, AND LESSORS OF REAL
1
5,255
1,385
1,616
1,304
1,220
1,704
258
210
29
23
9,718
8,927
30, 391
79, 127
171,326
768, 334
394, 927
798, 119
346, 635
766, 616
32,415
32,618
82, 825
145, 549
261, 020
974, 488
425, 230
781, 799
307, 064
920, 671
460
261
7.54
112
78
1, 039
25, 289
34, 160
101, 747
195, 715
3ij8, 889
1, 718, 622
607, 494
2, 341, 276
1, 280, 509
3, 410, 340
16, 903
17, 506
36, 809
35, 765
55, 785
175, 992
55, 790
96, 601
48, 095
22, 060
89, 276
98, 101
262. 477
466, 275
869, 966
3, 686, 010
1, 804, 915
4, 094, 930
1, 990, 704
5, 220, 813
43, 208
22, 504
48, 694
60, 012
52, 707
187, 953
61, 694
186, 669
70, 733
152,006
50
100
250
500
1,000
5,000
10 000
50000 -- —
68
100,000
Total...
13, 004
3, 374, 123
3, 963, 679
2,779
10, 384, 041
561, 305
18, 583, 467
886, 180
For footnotes, see pp. 225-227.
STATISTICS OF INCOME FOR 194 0, PART 2
201
and by major indnstrial groups,'^ for returns with net income and retusuj, with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash nad
figures in thousands of dollars]
Bonds and
mortgages
payable *'
Capital
stock «
Surplus and
undivided
profits <»
(less defi-
cit) <2
Gross sales
and gross
receipts
from opera-
tions 5"
Total
compiled
receipts 2*
Compiled
net profit
or net loss
Net income
or deficit '
Total
taxes
Divi-
dends
paid M
OF REAL PROPERTY— RETURNS WITH NET INCOME
76, 894
213, 184
82 25, 027
105, 793
173, 786
24,842
24, 764
3,487
15,900
158, 897
238, 496
41,089
60, 660
127, 852
21, 742
21,405
3, i60
15, 856
448. 552
542, 824
184, 467
114, 104
275, 083
54, 314
53, 579
7,667
31,973
424, 473
578,811
273, 167
104, 843
257, 813
59, 194
56, 323
7,861
34, 204
376, 199
764, 929
408, 971
121,192
306, 577
78, 536
72,311
10, 645
44, 506
836, 874
2, 357, 463
1, 781, 525
342, 185
888, 395
263, 521
237, 907
30, 487
166,111
399, 807
1, 188, 594
1,102,391
227, 459
484, 424
125, 462
113,063
14,314
82, 124
951, 168
2, 727, 356
2,914,600
609, 097
1, 292, 041
362, 487
330, 689
35,970
267, 068
819,380
1, 447, 083
1,210,855
240, 926
562, 758
190, 752
175, 133
19, 330
143,832
3, 187, 420
10, 495, 475
6, 884, 096
403, 148
1, 916, 141
978, 452
889, 642
68, 715
711,845
7, 679, 663
20,554,215
14, 776, 135
2, 389, 408
6, 284, 869
2, 159, 302
1,974,818
191, 638
1,513,419
OF REAL PROPERTY— RETURNS WITH NO NET INCOME
267, 999
388, 995
879, 699
814,814
806, 345
1,961,829
664, 296
1, 185, 240
651,893
858, 035
458, 320
364, 404
653, 476
581, 420
631, 552
1, 782, 695
592, 339
937, 531
626, 8i8
1.081.714
62 361, 680
62 152, 494
52 224, 068
52 136, 522
82 38, 073
62 162,688
256,014
823, 185
399, 159
2, 215, 334
87, 525
54, 741
99, 222
92, 479
100, 620
221, 346
101,572
217. 987
75,092
68, 354
155, 798
106, 074
196, 267
153, 425
165, 127
402, 160
181,512
392, 264
172, 643
1, 244, 521
33 58, 349
33 31, 306
33 48, 774
33 44, 429
33 53, 585
33 184, 560
33 63, 547
33 125. 647
33 96, 395
33 83, 233
33 58, 406
33 31, 377
33 49,112
33 45, 734
33 56, 845
33 199, 134
33 69, 963
33 143,811
33 107, 101
33 250, 503
2,574
3,135
2,349
3,329
3,670
13, 484
10, 403
24, 533
13, 340
31, 398
8,479,146
7, 710, 270
2, 618, 167
1, 118, 939
3, 169, 793
33 789,824
33 1,011,986
108, 219
PROPERTY: TOTAL FINANCE— RETURNS WITH NET INCOME
5,511
60, 308
62 17, 342
23, 795
39, 717
8,050
8,001
894
7,551
9,341
57, 798
6,824
10, 379
26, 637
6,797
6,481
830
8,879
30, 865
176, 366
67, 434
25, 444
77, 516
23, 636
22,996
2,621
16, 159
40, 962
261, 656
132, 754
29, 795
109. 109
34, 209
31,508
3,615
21, 087
56, 026
419, 642
215, 593
32, 310
148, 969
47, 459
41, 581
4,628
26, 554
195, 662
1, 524, 076
1, 220, 607
82, 424
502, 129
194, 077
170, 998
16, 937
125, 700
166, 072
778, 800
716, 020
49, 807
227, 630
87, 013
77. 196
7,340
55, 145
435, 528
2, 162, 782
2, 136, 727
88, 676
565, 102
265, 044
240, 205
19, 633
200, 289
485, 197
1, 227, 988
883,417
29, 061
238, 042
155, 460
143, 217
12,815
117,886
3, 171, 132
10, 244, 097
6, 666, 616
314, 461
1, 775, 398
946, 808
860, 027
.53, 712
688, 810
4, 596, 294
16, 913, 513
12, 028, 650
686, 152
3, 760, 249
1, 768, 555
1, 602, 209
123, 025
1,268,061
PROPERTY: TOTAL FINANCE— RETURNS WITH NO NET INCOME
17,
18,
34,
57,
69,
467,
182,
610,
262,
2, 579, 234
120, 266
95, 520
163, 450
174, 571
219, 673
946, 212
322, 329
664, 303
505, 955
991, 014
4, 203, 294
82 104, 693
52 52, 058
52 66, 016
62 45, 096
19, 743
62 277, 919
188, 417
534, 284
379, 371
1, 159, 027
1, 735, 061
11,229
5,027
11,941
4,934
6,105
15,222
4, 713
19, 243
7,032
9,178
94, 624
20, 068
11,277
25, 887
23, 193
34, 718
123, 359
50, 036
118.353
45, 310
107, 604
559, 804
33 14, 622
33 7, 021
33 10, 818
33 11,763
33 16, 314
33 79, 555
33 31, 644
33 38, 398
33 54, 633
33 00, 303
33 325, 070
33 14, 663
33 7, 071
33 11,071
33 12, 962
33 19, 185
33 92, 086
33 36. 008
33 46, 474
33 57, 024
33 70, 169
33 366, 712
1,524
1,363
1,065
1,461
2,219
8,535
7,396
17, 673
9,652
16, 914
67, 803
202
STATISTICS OF IT^'COME FOR 1940, PAET 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income: ^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable ^^
Total assets
classes *'
returns
with
Cash 36
accounts
receiv-
Inven-
tories
Invest-
ments "
assets 38
(less re-
assets-
Total
halance
able <4
serves)
liabilities 3'
sheets ^s
FINANCE, INSURANCE, REAL ESTATE, AND LESSORS OF REAL PROPERTY:
1
202
168
1,507
2,479
2,520
3,228
456
412
61
84
11,117
1.070
4,339
83. 398
280. 706
548. 220
2.111.214
1, 037, 718
3, 046. 759
1, 567, 875
15, 292, 718
869
5, 189
117.679
403. 402
764, 187
2, 468, 977
980. 548
2, 434, 087
1,145,0.56
7, 993, 614
562
2,713
61, 175
206, 377
435, 563
2,048,172
1,067,431
2,784,157
1, 288. 838
14, 820, 929
853
709
6,626
16. 627
32. 800
142.894
73, 965
16,5, 064
86. 348
472, 339
3,433
13, 170
270, 721
909. 860
1, 787. 634
6. 796. 443
3, 195. 441
8. 484. 123
4, 146, 383
38. 767, 891
50
100
250
500 . -
1 000
5,000
10,000
50,000...
100,000
Total
23, 974, 016
16, 313, 609
22,715,919
998, 225
64, 375, 098
FINANCE, INSURANCE, REAL ESTATE, AND LESSORS OF REAL PROPERTY:
1
483
156
453
673
764
1,185
170
114
13
10
1,218
1,905
18,316
65, 571
155, 689
722. 642
368. .507
712, 584
297,816
690, 732
2, 8.58
4,374
29. 305
90. 684
192. 690
790. 958
346. 051
558. 141
214,379
654, 487
1, 669
2,335
23, 207
73, 462
185, 410
952.212
415,072
812, 056
312,734
801. 550
1,879
1.666
5.192
8,767
15,909
74, 630
34, 744
72. 695
18. 725
21. 839
8,122
10, 974
78, 605
242, 413
553, 443
2, 560, 130
1,178,644
2, 194, 714
846, 909
2, 174, 651
50
100
250
500
1,000
5,000
10,000 .-_
50,000
100 000
Total
4,021
3, 035, 070
2, 883, 926
3. 579, 708
256, 048
9, 848, 604
FINANCE, INSURANCE, REAL ESTATE, AND LESSORS OF REAL PROPERTY: FI-
RETURNS WITH
1
50._.. --.
100
487
156
168
97
65
37
1
1
1,048
980
1,644
2,412
3,048
7, 751
602
1,099
2,436
3,212
8,416
12, 349
15. 196
23, 361
96
4.649
5. 252
14. 189
16. 198
21, 158
30, 619
3, 635
19, 085
1,096
1,476
2,658
3,815
4.017
5,065
660
9, 580
11,227
27, 2.58
35, 447
44, 145
68, 2!,'5
7,623
20, 844
1,936
2, 120
5.139
7, 159
12. 490
14, 125
2
250
500
1,000 ...
5,000
10.000
50,000
100,000
Total...
1,012
18, 583
65, 066
114,785
18, 786
224, 420
42, 970
FINANCE, INSURANCE, REAL ESTATE, AND LESSORS OF REAL PROPERTY: FINANCE:
WITH NO
1
874
238
213
80
65
70
9
7
1, 168
976
1,289
934
1,727
6, 461
6,984
22, 409
3,751
3,923
7, 739
7,402
10,418
25. 996
10, 835
13,861
^ 6, 329
6,153
12.625
14,696
23, 594
89, 493
44,719
119,582
3,972
4, 677
9, 122
4,648
7,957
20, 857
756
12, 179
15,981
1.';,632
32, 536
28, 103
44, 786
146,792
64, 113
172, 167
11,479
3,588
6,446
5, 220
6,338
23, 1 10
6,884
8,507
50
100 -
250
500
1,000
5,000
10,000
50,000
1000,00
Total
1,556
41, 948
83, 926
317. 192
64, 168
521, 108
71, 572
For footnotes, see pp. 225-227.
STATISTICS OF INCOME FOR 19 40, PART 2
203
and by viajor industrial groupsj for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and canifa]
payable*'
Surplus and
undivided
profits ^'^
(le.ss defi-
cit) *2
Gross sales
and gross
receipts
from opera-
tions 50
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit ^
Total
tax 86
Divi-
dends
paid 51
FINANCE: BANKS AND TRUST COMPANIES— RETURNS WITH NET INCOME
3,245
3,010
35, 370
79, 766
123, 715
399, 879
52 1, 241
1, 243
18, 984
57, 450
112,425
456. 897
614
238
2,228
6,682
9,469
32. 559
15.974
43. 204
16, 141
115, 501
1,245
1,054
15, 195
43, 984
78, 155
261, 970
107, 796
256, 334
99, 291
747, 005
248
248
3,597
11,515
21. 147
65. 993
25. 535
67, 681
28, 468
252. 999
240
225
3,110
9.120
15. 786
44. 669
16, 035
43, 895
16, 961
167, 267
33
29
373
1, 060
1,947
5,608
1,717
4,479
1,413
5,327
591
154
1 205
4 286
7 016
23 919
167,672 1 205.796
8 648
383, 633
156, 326
1, 099, 531
477, 112
240, 106
2, 311, 195
26 174
11 814
131 425
2, 452, 147
3, 879, 967
242, 611
1, 612, 030 477, 431
317, 308
21, 987
215, 161
FINANCE: BANKS AND TRUST COMPANIES— RETURNS WITH NO NET INCOME
8.171
6.581
27. 442
32, 226
51,014
195, 373
81, 131
133, 660
47, 213
69, 100
52 3, 682
52 1. 344
52 11, 805
10. 161
19, 253
136, 075
70,616
116, 494
59,415
113, 290
423
53
746
1,506
2,626
9,847
4.241
13, 282
5.906
7,540
1,356
519
3,929
10, 643
21, 629
88, 992
36, 536
67, 997
23,011
50, 170
33 2, 196
33 871
33 2, 578
33 2,751
33 2, 797
33 6, 250
33 1, 747
33 7. 542
33 9. 577
1.882
33 2, 219
33 883
33 2,711
33 3, 748
33 5, 508
33 17, 470
33 6, 062
33 15, 255
33 11,966
33 7, 975
916
119
309
468
996
4 732
2 243
3 156
1,312
2 683
651,911
508, 473
46, 171
304, 782
33 34, 427
33 73, 796
16, 934
NANCE: LONG-TERM CREDIT AGENCIES, MORTGAGE COMPANIES, EXCEPT BANKS-
NET INCOME
821
6,781
52 560
1,476
2,208
404
403
59
233
1,724
6,490
44
756
1, 389
240
235
33
119
4, 141
13, 209
2, 369
1,619
3,268
615
• 614
88
804
6,410
12,343
6, 095
1,279
3,177
755
739
110
406
8, 257
11,615
8,441
2,761
4,804
777
746
115
445
14,608
17, 192
15, 529
2,805
6,934
1,736
1,669
339
996
6,411
1
1,500
52 1, 196
842
894
* 3,817
34
953
34
953
223
450
42, 371
69, 130
31, 564
10, 697
26, 490
5,514
5,394
967
3,453
LONG-TERM CREDIT AGENCIES, MORTGAGE COMPANIES, EXCEPT BANKS— RETURNS
NET INCOME
5, 044
21. 738
52 24, 055
52 6, 962
52 7, 815
24
52 3. 056
52 23, 389
52 10, 262
52 7, 536
1,094
181
454
474
636
1, 557
1
371
1,675
717
1,463
1,380
2,104
7,767
1.315
12, 655
33 1, 447
33911
33 986
33728
33 1,813
33 6. 334
33 3, 667
33 3, 665
33 1, 447
33922
33992
33745
33 1,817
33 7, 062
33 3, 667
33 3, 881
110
7, 299 9, 985
8, 622 20. 312
698
21
9,855
15, 046
84, 547
43, 064
153, 514
11,209
20, 318
42, 795
21, 128
7,493
10
133
53
326, 991
154,978
52 83, 050
4,768
29, 075
33 19, 550
33 20, 534
1,025
525003—44-
-14
204
SfTATISTICS OP INCOME FOR 1940, PART 2
Table 6. — Corporation returns with balance sheets, 1940, hy total assets classes
net income:^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable "
Total assets
returns
Cash 3»
accounts
Inven-
Invest-
assets 3s
assets-
classes *'
with
receiv-
tories
ments <'
(less re-
Total
balance
able "
serves)
liabilities 39
sheets ^s
FINANCE, INSURANCE, REAL ESTATE, AND LESSORS OF REAL PROPERTY : FINANCE:
1-
50
1,044
540
879
444
221
.. 207
2,438
2,633
8,669
8,632
11.533
29, 795
25, 199
35, 480
24, 100
96, 600
18, 487
31,168
117,996
130, 674
123, 272
316, 174
252, 054
357. 397
214, 088
1, 258, 680
167
288
1,036
476
476
433
202
146
129
487
1,891
3, 893
9,323
10, 659
14,910
43, 847
10, 279
11,652
5,599
39, 104
775
1,111
3,032
3,279
2, 155
4,646
1,374
1,708
947
997
24, 161
39, 714
141,885
156,015
154, 155
399, 131
292, 700
407, 766
245, 161
1, 398, 631
5,955
1 1, 320
50, 565
65, 083
63, 570
167, 491
155, 487
239, 152
108, 130
986, 256
100...
250
600
1,000
5,000
42
24
3
4
3,408
10,000
50,000
100,000
Total...
245, 079
2, 819, 989
3,840
151, 157
20, 023
3, 259, 319
1,853,010
FINANCE, INSURANCE, REAL ESTATE, AND LESSORS OF REAL PROPERTY: FINANCE:
1
1,115
251
210
68
25
18
2
1
1
2,163
1,474
2,760
1,000
399
1,948
455
437
5,665
13, 581
12,479
21,745
16, 929
11,728
21, 580
6,454
33
34, 543
164
224
208
69
40
46
1,831
1,023
19, 536
17, 600
32, 483
23, 322
17. 389
36, 689
13, 909
19, 368
62,113
6,243
4,433
11,613
10, 287
7,173
8,271
3
50
2,167
4,935
3,843
3,624
9,780
5,788
18, 874
11,526
776
1,743
765
491
1,406
277
100
250
500 .
1,000
5 000
10 000
50,000
66
231
26, 746
100,000-.
Total...
1,691
16, 303
139, 071
877
62, 358
6,712
231,300
74, 768
FINANCE, INSURANCE, REAL ESTATE, AND LESSORS OF REAL PROPERTY:
^YITH NET
1
494
229
378
291
239
416
66
49
3
4
1,103
1,050
3,238
5,186
8,286
45, 361
30. 116
68, 651
10, 626
26, 127
920
1,387
5,508
9, 838
12,243
74, 261
19, 625
35, 351
4,339
1,727
6,627
12, 394
49, 020
83, 275
143; 119
790, 737
400, 858
1, 044, 348
215,029
680, 937
1,133
1,527
3,888
4,906
5,560
13, 747
4,610
16, 330
10, 089
16, 692
62, 489
104, 509
170,077
928, 200
458, 080
1,168,741
230, 063
617,545
1,391
1,263
4,775
11,238
8,028
50, 309
6,914
26, 905
679
3,357
60
100
260
500
1 000
5,000
10,000
........
60 000
100,000....
2,757
Total
2,168
199, 740
165, 101
3, 326, 343
54, 467
3, 766, 485
114,859
FINANCE, INSURANCE, REAL ESTATE, AND LESSORS OF REAL PROPERTY:
WITH NO NET
1
565
183
211
148
117
110
27
28
7
869
801
1,424
2,272
3, 160
13, 472
7,303
25, 082
34, 369
1, 7.')0
1,260
5, 233
5, 78 1
13, 827
29, 560
15, 629
32,107
3,579
6,002
9, 088
23,913
41,081
59, 083
208, 691
178, 563
525, 082
614,965
1,327
1,648
3,469
2,888
4,268
7,226
1,021
1,533
10, 569
13, 355
35, 032
52, 705
81,925
264, 170
204, 310
690,341
553,415
4,468
2, 052
0,491
10, 357
14,221
44, 339
12, 107
81,713
5,704
50
100
250
500
1,000
5,000
10,000
50 000
100,000
Total
1,396
88, 752
108, 726
1, 666, 467
23, 380
1,805,822
.181, 453
For footnotes, see pp. 225-227.
STTATISTICS OP INCOME FOR 19 40, PART 2
205
and by major industrial groups,'' for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable «'
Capital
stock "
Surplus and
undivided
profits ^«
(less defi-
cit) 42
Gross sales
and gross
receipts
from opera-
tions 60
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit 3
Total
tax «6
Divi-
dends
paid 61
SHORT-TERM CREDIT AGENCIES, EXCEPT BANKS— RETURNS WITH NET INCOME
1,607
13, 432
1,792
4,439
7,832
1,324
1,323
192
1,449
4,422
17, 899
3,699
5,638
10, 664
1,697
1,689
260
826
17,441
49, 266
16, 324
15, 115
31, 123
6,844
6,838
1,102
3,819
21,081
40, 788
17,808
15, 686
30, 703
6,712
6,707
1,221
3,472
23, 399
36,010
18, 509
16, 004
30, 494
6,767
6,755
1,397
2,996
62, 538
90, 229
47, 016
28, 836
62, 455
15, 352
15, 268
3,301
8,886
46, 061
45, 848
34, 235
28, 309
45,821
11,723
11,723
2,716
5,614
27, 137
71, 708
48,518
28, 543
45, 924
15, 970
15, 970
3,833
9,681
33, 750
61,118
30, 628
5, 482
36, 702
15, 724
15, 724
3,597
7,766
64, 425
175,614
117, 156
63,883
73, 678
35, 556
35, 556
9,096
22,889
301,862
601,911
335, 685
211, 935
375, 397
117, 669
117, 553
26, 714
67, 398
SHORT-TERM CREDIT AGENCIES, EXCEPT BANKS— RETURNS WITH NO NET INCOME
2,373
3,230
6,014
4, 432
4, 621
12, 427
14, 360
9, 455
12, 398
8,212
4,019
9,386
692
1
9,175
52 4, 703
62 789
62 115
62 1, 247
1,182
2,246
13, 188
3,037
1,858
2,718
1,291
502
857
4,824
3,348
6,560
3,049
2,234
3,460
81
148
3,628
33 1, 378
33 1, 379
66
33700
33 758
33543
33 203
33 297
3333
33702
33759
33544
33 206
33 297
3333
50
105
104
18
175
19, 236
8,000
6,694
785
33791
33791
800
60, 334
67, 698
16, 456
11, 048
27, 331
33 4, 703
33 4, 710
1,317
FINANCE: INVESTMENT TRUSTS AND INVESTMENT COMPANIES 8—RETURNS
INCOME
728
15, 151
62 7, 668
115
3,305
2,771
2,769
170
2,458
1,127
13, 267
742
33
1,669
1,262
1,259
70
1,188
2,992
40, 440
13, 394
10
7,111
5,996
5,962
316
5,590
5, 326
57, 225
28,815
9
7,185
5,491
5,426
296
4,536
6,889
135, 497
14,871
5
11,026
8,529
8,388
304
8,024
43, 475
474, 169
332, 521
601
59, 569
46, 280
45, 748
1,725
43, 014
22, 541
199, 073
226, 404
49
23, 755
18, 170
18,056
708
16, 996
108, 258
427, 635
600, 672
114
67, 353
47, 499
47, 268
1,691
52,920
19, 528
55, 591
153, 021
8,279
6,450
6,428
230
5,944
235, 006
385, 186
62 11, 184
7,039
38,590
16, 274
16, 093
414
11, 170
445, 870
1,803 233
1, 361, 588
7,976
227, 842
158, 722
157, 397
5,924
151,841
FINANCE: INVESTMENT TRUSTS AND INVESTMENT COMPANIES 8—RETURNS
INCOME
1,352
2,288
5,475
15,708
16, 242
115,199
58, 198
169,242
122, 299
16, 998
10, 989
30, 767
35, 446
48, 643
317,349
56, 818
176,615
159, 650
62 14, i.73
62 2, 597
62 10,313
62 13, 286
62 1,908
62 251, 497
69, 509
116.036
249, 495
1,141
35
431
(")
18
675
63
13
107
1,743
424
1,198
1,308
2,009
6, 298
4,025
13, 920
13,094
33 2, 033
33 1, 408
33 2, 187
33 1, 781
33 2, 085
33 42, 046
33 7, 852
33 6, 514
3334,475
33 2, 034
33 1,418
33 2, 199
33 1, 800
33 2, 137
33 42, 164
33 7, 852
33 6, 542
33 34, 476
241
292
238
434
298
1,664
1,134
4,704
7,541
506, 002
853, 274
141, 167
2,484
44, 018
33 100, 381
33 100, 621
16, 646
206
STATISTICS OF IK^COME FOR 19 40, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income:^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for retvrns with net income, the total tax — Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable *'
Total assets
returns
Cash 36
accounts
Inven-
Invest-
assets ss
assets-
classes «
with
receiv-
tories
ments «
Hess re-
Total
balance
able ^i
serves)
liabilities 3«
sheets ss
FINANCE, INSURANCE, REAL ESTATE, AND LESSORS OF REAL PROPERTY: FINANCE:
TURNS WITH
1
50
lUO
250
95
66
175
176
190
392
89
115
26
41
171
393
1,266
1,982
5, 276
35, 831
21,008
123, 994
41, 853
770, 029
320
5,56
3, 290
6, 075
15, 180
91,099
43, 900
201,586
124, 062
456, 720
3
15
2
36
14
453
167
1,677
1,493
4,932
1,613
3,118
20, 406
48, 510
103, 440
712, 647
535, 880
2,101,604
1,614,725
14,371,4.30
305
668
3,444
6,908
11,965
62, 339
23, 865
47, 588
15,813
364, 649
2.443
4, 763
29, 060
64, 125
137,839
911,463
630, 613
2, 523, 660
1,810,375
16, 164, 749
331
630
3,266
6,614
7,882
51, 177
20, 282
76,211
40, 488
199, 883
500
1,000
5,000
10,000 .—
50,000
100,000
TotaL_-
1,365
1, 001, 803
942, 788
8,792
19, 513, 372
537, 545
22, 279, 090
406, 765
FINANCE. INSURANCE, REAL ESTATE, AND LESSORS OF REAL PROPERTY: FINANCE
WITH NO
1
50
100
86
73
105
95
97
172
40
46
7
13
160
350
891
1,033
2,593
11,414
5,309
10, 909
2,913
75, 884
402
1,010
2,577
4,260
7,048
49, 099
34, 096
133, 430
51,142
200, 185
28
2
20
1,121
2,866
• 11,202
25, 089
49, 937
292, 241
229, 455
701,021
398, 407
2, 608, 789
379
864
3,038
3,721
7,290
19, 692
10, 056
9.476
24. 602
221
2,139
5,275
17,811
34, 790
68, 493
381,857
281,370
865, 272
481, 451
3, 046, 162
1,068
1,370
2,423
5,409
7,587
45, 888
27, 397
75, 168
38, 227
152, 006
250
500
1,000
18
677
5,000
10 000
50 000
100,000
TotaL._
734
111,457
549, 248
744
4, 320, 127
79, 337
5, 184, 618
356, 532
FINANCE, INSURANCE, REAL ESTATE, AND LESSORS OF REAL PROPERTY: FINANCE;
WITH
1
369
129
145
95
50
38
7
9
1
2.222
2.099
4,527
4,430
4,281
10, 730
6,229
24, 561
4,142
1,694
2,133
5,936
7,878
5, 028
12,914
12,782
40, 985
23, 592
2,868
4,144
10, 163
IS, 182
23,410
51,496
26, 867
105, 550
22, 001
607
595
978
1, 023
1,150
1,040
9
102
54
7.894
9, 215
22,815
32, 717
34, 590
78, 570
46, 992
187, 038
50, 053
2,548
3,664
9,598
14, 855
14, 504
29, 826
14, 573
53, 098
37, 700
50
100
250 -
500
1,000
5 000
10,000
50,000
100 000
Total
843
63, 220
112, 943
264, 681
5,557
469, 884
180, 364
FINANCE, INSURANCE, REAL ESTATE, AND LESSORS OF REAL PROPERTY: FINANCE:
WITH NO
1
614
1.770
3,109
2,973
5,666
3,761
4,910
11,275
2,400
4,429
3, 778.
4,315
9,884
8.551
10, 388
42. 469
3,892
61,810
991
780
1,450
1,034
2, 636
1,184
10.201
10. 145
20, 557
16,915
20, 704
61, 000
11, 500
102, 892
10, 605
3,851
8,038
11,908
. 6, 160
27, 337
3, 1.38
13, 989
50
142 1.656
100
132
47
. 31
30
2
5
2,571
3,108
2,294
4,241
4,268
24, 385
250 . - -
500
1,000
5,000
10,000
600
50,000
100,000
Total
1, 003 44. 293
38, 523
145,087
8,676
253, 916
85, 025
For footnotes, see pp. 225-227.
SITATISTICS OF IIS" COME FOR 19 40, PART 2
207
a7id by major industrial groups," for returns with net income and rettirns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgaees
payable *'
Capital
stock *8
Surplus and
undivided
profits *9
(less defi-
cit) 42
Gross sales
and gross
receipts
from opera-
tions 50
Total Compiled
compiled net profit
receipts 22 or net loss
Net income
or deficit 3
Total
tax 66
Divi-
dends
paid 61
OTHER INVESTMENT COMPANIES, INCLUDING HOLDING COMPANIES ""—RE-
NET INCOME
171
2,169
52317
26
1,114
694
694
20
1,243
177
2,724
1,148
84
568
402
401
20
366
?.993
16, 894
5. 597
368
3.976
2,875
2,866
160
2.829
2, :42
41, 329
12,996
296
7,411
5, 620
5,605
223
5.975
8,747
73, 030
48, 856
224
9,553
6,513
6,466
250
6.044
62,073
467, 157
319, 987
5,292
72, 361
51,633
51, 160
3,010
41, 835
73, 727
317. 555
215,859
2.369
37, 736
27, 687
27,594
1,409
21. 940
286, 916
1,211.720
915,813
8,762
170, 530
126, 100
125, 823
8.221
108.310
431, 538
889. 330
429, 839
3,111
122, 391
98, 584
98, 573
7.120
84, 541
2, 871, 701
8, 583, 767
4, 249, 449
128, 038
916, 126
641, 979
641, 112
38, 875
523, 326
3, 740, 286
11, 605, 675
6, 197, 227
148, 570
1, 341, 766
962, 088
960, 293
59, 309
796, 408
OTHER INVESTMENT COMPANIES, INCLUDING HOLDING COMPANIES » lO— RETURNS
NET INCOME
1,127
575
2,524
6,003
10, 304
176, 592
48, 994
181,092
116,846
858, 035
7,790
16, 066
12,449
21,067
32, 397
263. 862
144, 121
312,890
289, 913
921,914
52 7, 988
62 12,971
62 280
966
15,900
52 153, 693
49, 207
245, 909
22, 714
1, 045, 738
17
11
15
39
114
542
149
409
230
1.638
166
201
419
972
1,378
7,668
6,454
14, 946
4,201
57, 434
33 1,816
33 256
33517
33 1, 125
33 1, 698
33 14, 452
33 13,906
33 16, 077
33 6, 338
33 62, 185
33 1,816
33 259
33517
33 1, 133
33 1, 727
33 14, 553
33 13, 954
33 16, 100
33 6, 339
33 62, 194
18
47
54
225
383
1,426
1,519
6.332
».
14, 231
1, 402, 092 2. 022. 460
1, 205, 502 1 3. 164
93, 839
33 118,369
33 118,592
24,234
SECURITY AND
NET INCOME
COMMODITY-EXCHANGE BROKERS AND DEALERS— RETURNS
363
3,985
357
14.637
17, 728
634
627
87
200
296
3, .594
1,210
2,943
7.331
1,213
946
67
4,525
1,119
7, 038
3.801
4,393
10, 058
1,495
1,420
207
545
2,498
10, 307
2,991
4.683
10, 545
1,524
1,372
204
596
3.286
8,044
7,171
2,323
8, 483
1,652
1,391
257
558
1.253
28, 639
13.352
6,041
17. 188
4,574
4,126
1. 054
1,742
5,415
14. 143
7,513
2,488
6, 688
1,511
1,424
353
740
13, 216
40, 756
54. 078
7,754
16, 242
4,291
4,062
693
1,115
5,000
.. ..
7,090
210
3,951
1,030
1,012
185
750
27,448
121, 506
97, 564
45, 472
98, 214
17, 924
16, 379
3,108
10, 771
SECURITY AND COMMODITY-EXCHANGE BROKERS AND DEALERS— RETURNS
NET INCOME
2,222
1,439
3.278
1, 338
1.883
7.488
3,945
5,500
15. 073
5,721
9,519
27, 436
12,009
20, 318
3,600
10, 451
52 19. 124
52 1,353
52 2, 135
52 25, 951
52 147
2. 045
793
34, 314
3,575
1,626
6,163
1,024
1,618
1,429
2
5,098
6,654
3,766
9,477
3.316
2,862
4.337
504
6,156
33 1, 626
33 803
33 871
S3 1, 203
33 641
33 1. 682
33 2,113
33 1, 204
33 1, 634
33 812
33 904
33 1,327
33 672
33 1,817
33 2. 113
33 1,301
28
26
259
26
155
127
2,500
3,482
27.092
104, 127
62 11. 558
20, 536
37, 072 33 10. 142
33 10, 580
6,603
208
SITAJTISTICS OF INCOME FOR 1940, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income:^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable "
Total assets
returns
Cash 38
accounts
Inven-
Invest-
assets 3s
assets-
classes "
with
receiv-
tories
ments "
(less re-
Total
balance
able "
serves)
liabilities 39
sheets ^s
FINANCE, INSURANCE, REAL ESTATE, AND LESSORS OF REAL PROPERTY:
1
341
70
58
30
21
20
4
2
1
869
703
1,145
1,550
1,592
7,140
594
2,128
8,654
1,088
680
1, 504
1,330
3,562
8,289
1,708
3,925
4,822
62
63
170
59
37
381
511
603
1,685
2,430
3,422
13,511
17, 745
4,579
50, 824
2,472
2,629
3,946
5,012
5,527
10, 836
4,687
11,999
6,763
5,370
4,984
8,746
10,964
14,410
40, 678
24, 846
23, 088
71, 437
1,345
806
1,033
1,357
2,694
5,723
2,798
123
9,371
50
100
250
500
1,000 -—
5,000
10,000
26
50,000
100,000 . -
Total...
547
24, 377
26, 968
797
95, 310
53, 872
204, 529
25, 250
FINANCE, INSURANCE, REAL ESTATE, AND LESSORS OF REAL PROPERTY:
1
608
134
110
64
38
48
4
3
1
748
459
1,053
2,976
1,826
5,775
1,902
797
5,872
1.240
1, 555
2,144
3, 725
3,176
17, 920
3,282
9,273
3,422
122
14
235
42
20
311
897
1,220
3,339
7,261
9,131
30, 587
19, 344
34, 953
42, 877
5,580
5,332
9,571
7,450
10, 545
35, 061
3,618
115
4,536
9, 305
9, 508
17, 523
23, 199
26, 615
99, 168
28, 472
48, 958
56, 817
3,656
3,696
2,506
4,200
1,468
5, 626
4,654
50
100
250
600....
1,000
5,000
10,000
50,000
2
56
100,000
1,010
Total ...
21,408
45, 737
746
155, 608
81, 809
319, 566
25, 863
FINANCE, INSURANCE, REAL ESTATE, AND LESSORS OF REAL PROPERTY:
1 . ..
385
133
134
75
60
44
10
3
1
797
818
1,570
1,579
4,686
7,517
10, 582
4,403
19, 132
3,201
4,035
11,159
8,669
15, 693
25, 527
20, 901
23, 508
3,839
15
47
14
9
7
1
1,945
2,872
7,177
13, 109
16. 501
46, 039
28, 089
31,015
47, 835
460
1,273
1,45J
2,246
3,788
4,441
5,697
5,181
4,971
6,701
9,365
21.648
26, 397
42, 050
85, 730
65, 369
64, 219
77, 512
1,874
1,630
4, 583
4,097
6,134
19, 008
12, 812
3
50
100
250.
600
1,000
5,000
10,000
60,000 .
100,000 -
51, 084
Total...
845
116, 532
93
194, 641
29, 508
398, 990
50, 141
FINANCE, INSURANCE, REAL ESTATE, AND LESSORS OF REAL PROPERTY:
1
50 .
910
208
182
129
83
71
4
6
1,623
1,305
2,087
2,232
3,638
2,380
109
1,517
5,723
5,043
8,416
13, 007
17, 223
28, 100
6, 483
30, 525
145
22
231
1
3,662
6,026
12, 643
21,733
27, 723
87, 149
10, 662
67, 897
1,753
1,762
3,223
6,492
6,689
15, 937
5,317
2
13, 424
14,612
27, 930
44,827
56,611
137, 304
22, 597
101, 228
5,689
3,515
11,177
12, 632
9,759
33, 381
7,513
7,301
100
250
500
1,000 . .
5
7
5,000
10,000
60,000
100,000..
Total...
1,593
14, 892
114, 522
411
237, 494
41, 175
418, 533
90, 967
For footnotes, see pp. 225-227.
SfTAlTISTICS OF INCOME FOR 19 40, PART 2
209
and by major industrial groups,'' for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable ■"
Capital
stock "
Sun>lus and
undivided
profits '-'
(less defi-
cit) "
Gross sales
and gross
receipts
from opera-
tions 50
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit 3
Total
tax 66
Divi-
dends
paid 61
FINANCE: OTHER FINANCE COMPANIES— RETURNS WITH NET INCOME
1,042
9,809
52 7, 606
1,197
4,249
1,511
1,505
258
1,002
694
2,607
478
404
2,826
1,343
1.342
292
1,511
981
3,633
2,436
917
4,361
1,474
1,472
289
864
1, 185
6, 995
694
733
3,996
1,733
1,732
434
775
272
8,187
2,359
533
3,415
983
974
191
578
2,654
14, 633
14, 176
4,086
16, 666
7,326
7,326
1,757
4,365
460
6, 362
17, 500
14, 608
4,984
2,540
3,080
1,425
1,863
1,405
1,863
259
461
506
206
1,325
42, 622
15, 868
10, 548
3,279
3,279
118
5,991
7,288
112, 348
47, 996
8,076
51, 679
20, 936
20, 898
4,059
16,917
FINANCE: OTHER FINANCE COMPANIES— RETURNS WITH NO NET INCOME
1,727
1, 252
3,921
11, 580
8,125
40, 596
28,068
22, 932
15, 704
16.318
8,523
19, 045
7,480
14, 752
34, 523
1,070
2
5
82 13, 591
62 5, 594
52 10, 255
52 6, 020
52 2, 867
7,487
62 5, 353
22, 129
41, 052
724
958
332
148
52
140
256
59
3
1,872
1,581
1,205
1,119
747
2,571
993
1,463
1,376
33 2, 042
33 1, 074
33 1, 214
33 2, 448
33 1,713
33 4, 822
33 2, 295
33 2, 988
33 3, 452
33 2, 048
33 1, 074
33 1,218
33 2. 457
33 1, 720
33 4, 828
33 2, 295
33 2,988
33 3, 452
14
46
58
9
59
133, 904
101, 718
26, 988
2,673
12, 927
33 22, 048
33 22,080
186
FINANCE: FINANCE NOT ALLOCABLE- RETURNS WITH NET INCOME
779
5,737
62 2, 101
1,290
2,035
465
440
74
445
900
8,207
52 1, 739
283
1,135
392
384
59
190
1,197
10, 516
4, 529
795
2,426
740
714
86
504
2,221
12, 904
5,905
428
2,108
858
807
67
1,041
5,174
23,545
4,962
990
3,038
1,091
1,075
167
893
9,060
32, 177
21, 130
2,204
4, 986
1, 183
1,031
142
943
11, 457
28, 146
12, 801
617
2,400
928
924
179
702
8,330
34, 709
93
1,822
688
371
31
315
381
18,000
6,865
4,117
6,881
1,925
1,240
152
1,080
31, 169
147, 561
87,060
10,816
26, 831
8,271
6,986
958
6,112
FINANCE: FINANCE NOT ALLOCABLE-
3,821
2,517
5,055
8,260
13,047
30, 890
376
58, 852
19,818
28,211
31, 518
31, 494
36, 521
62, 607
13, 770
23, 191
52 17, 276
52 20, 448
62 23, 299
62 9, 743
52 8, 614
2,807
719
6,937
1,219
305
1,081
452
639
175
1,780
722
1,636
1,408
1,754
2,266
127
1,067
33 2, 085
33 998
33 1, 707
33 1, 184.
33 5, 365
33 3, 672
3331
33 407
33 2,087
33 1,001
33 1, 771
33 1, 207
33 5, 398
33 3, 896
3331
33 407
131
85
22
185
235
300
11
122,819
247, 130
62 68, 916
3,781
10, 760
33 15, 450
33 15, 799
957
210
aTATISTICS OF INCOME FOR 19 40, PART 2
Table 6. — Corporation returns with balance sheets 1940, by total assets classes
net income:^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Num-
ber of
Notes anrl
Capital
Total
Accounts
Total assets
returns
Cash 36
accounts
Inven-
Invest-
as.sets 39
assets-
and notes
classes ^^
with
receiv-
tories
ments "
(less re-
Total
payable «
balance
able "
serves)
liabilities 39
sheets "
FINANCE, INSURANCE, REAL ESTATE, AND LESSORS OF REAL PROPERTY:
1
2,145
438
374
139
126
205
75
81
13
4
6,725
4,618
9.362
7, 406
18,210
76, 522
77, 477
195, 744
78, 642
38, 683
19,213
14, 898
22. 643
1.5,290
14, 558
22, 620
6, 695
14. 077
3,586
3, 652
13,145
14, 688
40,415
337. 704
402, 003
1,288,584
704, 494
620, 726
7, 535
6,783
9, 554
7,124
9,089
26, 183
11,, 552
42, 256
9,999
2,000
39, 354
31, 502
58, 637
48, 047
88. 384
505, 155
539, 096
1, 681, 869
889, 166
733, 434
19, 968
14,522
24, 079
15,228
17, 195
18, 843
13,263
14, 698
50
100
250
500
1,000
5,000
10,000
50,000
100,000
Total
3,600
513, 387
129, 994
3, 428, 996
132, 075
4, 614, 643
137, 796
FINANCE, INSURANCE, REAL ESTATE, AND LESSORS OF REAL PROPERTY:
1
2,296
251
130
55
77
134
50
69
16
32
3,836
2,286
3,100
3, 869
9, 582
40,814
46, 376
116,147
74, 342
925, 474
14, 837
6,976
4,732
1, 536
2,268
4,478
3,193
3,304
7,016
9,508
32, 451
249, 603
271, 861
1, 296, 261
876, 938
25, 675, 650
7,612
3,370
3, 162
2,218
4,183
17, 770
9,081
48, 821
12, 777
186, 536
31, 772
17,416
20, 316
19,171
54, 691
336, 099
349, 958
1,. 552, 877
1,081,712
27, 647, 473
18,146
7,340
4,934
1,392
2,389
4,963
50
100
250
500
1,000
5,000
10,000
50,000
100,000
34, 826
Total -.
3,110
1, 225, 824
28, 425, 786
295, 531
31,111,483
39, 165
FINANCE, INSURANCE, REAL ESTATE, AND LESSORS OF REAL PROPERTY:
NET
1 .
76
22
59
50
77
176
73
79
13
4
407
434
1,830
3.453
11,154
68, 445
69, 431
191,127
78. 642
38, 683
715
753
6,041
9.690
34, 269
326, 933
401, 797
1, 264, 946
704. 494
620, 726
125
242
877
3,475
4.564
20,215
10, 697
37, 927
9,999
2,000
1,470
1,694
10, 123
18, 834
54, 905
454, 129
523, 295
1,635,015
889, 166
733, 434
50
100- .
250
500
1,000
5,000
10,000
50,000
100,000
Total.-
629
463, 607
3, 370, 365
90, 121
4, 322, 065
FINANCE, INSURANCE, REAL ESTATE, AND LESSORS OF REAL PROPERTY:
NO NET
1
190
57
64
45
71
130
50
69
16
32
853
1,016
2,106
3,735
9, 338
40, 339
46, 376
116. 147
74. 342
925, 474
1,159
2,193
5,612
8,587
32. 136
248, 199
271,861
1, 296, 261
876, 938
25, 675, 650
168
259
1.179
1, 660
3.606
16. 625
9.081
48. 821
12. 777
186, 536
2,752
4,087
10, 760
15.870
50, 957
328, 569
349, 958
1, 552, 877
1,081,712
27, 647, 473
60
100
250 .
500
1,000
5,000
10,000
50,000
100,000
Total
724
1, 219, 725
28, 418, 597
280, 712
31, 045, 014
For footnotes, see pp. 225-227
STATTSTICS OF ITs^COME FOR 1940, PAKT 2
211
and by major industrial groups,'' for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgag'es
payable *'
Capital
stock «
Surplus and
undivided
profits *'>
(less defi-
cit) "
Gross sales
and gross
receipts
from opera-
tions 50
Total
compiled
receipts 22
Compiled
net profit
or net loss
Met income
or deficit '
Total
tax 66
Divi-
dends
paid "
TOTAL INSURANCE CARRIERS, AGENTS, ETC.— RETURNS WITH NET INCOME
906
13, 134
2,938
33, 270
35, 457
3,631
3,628
624
1,890
777
8,965
5, 109
18, 376
19, 755
1,946
1,944
327
808
1,451
17. 298
9,773
30, 182
32, 056
4,124
4,099
783
1,836
825
13, 873
10, 407
19, 774
20, 995
3,033
2,954
599
1,562
2, 553
22, 355
22, 840
37, 306
40,549
6,230
6,035
1,400
2,992
2,536
119,905
155, 844
159. 752
175,914
22, 748
20, 610
4,009
12, 586
66, 407
191,910
49, 650
29,000
153, 832
531, 425
233, 575
200, 810
165, 743
557, 751
211,686
88, 687
184, 861
615, 950
244, 493
118, 184
17,411
64,720
21, 677
15, 637
14, 947
57, 926
18, 303
13,611
2,512
8,686
3,291
1,164
9,645
40,811
17, 022
10, 000
9,047
532, 496
1, 326, 552
1, 322, 527
58 1, 488, 213
161, 156
144,057
23, 393
99, 151
TOTAL INSURANCE CARRIERS, AGENTS, ETC.— RETURNS WITH NO NET INCOME
2,243
1,135
1, 191
416
511
372
13, 980
5,085
4,842
6,255
7,034
42, 083
23, 236
50, 685
18, 854
90, 700
262, 753
52 6, 948
52 65
1,144
2,456
13, 450
54, 315
41,514
114,688
57. 309
1, 056, 307
20, 663
6,517
7,288
5,385
12, 503
60, 120
61, 305
155, 813
46, 178
59, 176
22, 543
7,486
8,333
5,967
14, 584
72, 336
73, 852
216, 333
86, 309
1, 136, 917
33 2, 336
33 1, 854
33 903
33 2, 089
33 4, 301
33 2, 350
33 1, 870
33944
33 2, 150
33 4. 616
44
28
71
47
180
33 51, 636 33 53, 544
33 15,020 33 17,025
33 72, 264 33 82. 322
1,854
1,950
6,602
33 36, 895
33 22, 930
33 45, 207
33 180, 334
2,969
14,484
5,867
1, 334, 171
434, 948
58 1, 644, 659
33 210, 227
33 390, 361
28, 229
INSURANCE CARRIERS, AGENTS, ETC.: INSURANCE CARRIERS 58— RETURNS WITH
INCOME
454
538
4.189
7,884
16, 360
111, 370
65, 655
169, 906
49, 650
29, 000
430
365
2,194
4,691
16, 875
142, 215
152, 288
521, 889
233, 575
200, 810
1,114
1,528
2,541
3,540
18, 462
132, 747
162, 178
548, 896
211,686
88, 687
1,564
1,873
3,177
4,204
20, 917
147, 581
180, 734
604, 789
244, 493
118, 184
102
144
697
967
2,578
14, 214
16, 000
60, 330
21,677
15, 637
100
143
677
892
2,389
12, 093
13, 535
53. 537
18, 303
13,611
14
23
128
162
425
1,948
2,259
7,877
3,291
1,164
29
47
339
354
1,034
7,455
8,421
37, 557
17, 022
10, 000
455, 006
1, 275, 333
1, 171, 380
1,327,517
132, 346
115, 281
17, 291
82,259
INSURANCE CARRIERS, AGENTS, ETC.
INCOME
INSURANCE CARRIERS 58— RETURNS WITH
1,660
1,087
1,926
4,983
6,711
40, 398
23, 236
50, 685
18, 854
90, 700
52 1, 555
62 229
1,285
2,240
13, 723
54, 335
41,514
114, 688
57, 309
1, 056, 307
1,609
858
2,747
4,581
11,843
56, 983
61, 305
155, 813
46, 178
59, 176
2,331
1,352
3,541
5,126
13, 902
69, 133
73, 852
216, 333
86, 309
1, 136, 917
33 848
33 1, 469
33713
33 1,871
334,152
33 51, 595
33 15, 020
33 72, 264
33 36, 895
33 22, 930
33 857
33 1, 483
33753
33 1,931
33 4, 467
33 53, 503
33 17,025
33 82,322
33 45, 207
33 180, 334
4
53
33
178
1,853
1,950
6,602
2,969
14, 484
"
240, 239
1, 339, 618
401, 094
1, 608, 795
33 207, 757
33 387, 883
28, 125
212
STATISTICS OF INCOME FOR 1940, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income: ^ Nximher of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable <n
Total assets
returns
Cash 38
accounts
Inven-
Invest-
assets 38
assets-
classes "
with
receiv-
tories
ments <5
(less re-
Total
balance
able "
serves)
liabilities 3'
sheets 3'
FINANCE. INSURANCE. REAL ESTATE, AND LESSORS OF REAL PROPERTY: INSUR
WITH NET
1
2,069
416
315
89
49
29
2
2
6,318
4.183
7,531
3,953
7,055
8,078
8,046
4,616
19, 213
14, 898
22, 643
15, 290
14, 558
22, 620
6,695
14,077
2,871
2,899
7,104
4,998
6,146
10, 771
205
23, 637
7,411
6,541
8,677
3,649
4,524
5,968
855
4,329
37, 883
29, 809
48, 514
29, 212
33, 479
51,026
15, 801
46,854
19, 968
14, 522
24, 079
15, 228
17, 195
18, 843
13, 263
14, 698
50
100
250
500 -
1,000-
5,000
10,000
50,000
100,000 -
Total...
2,971
49, 781
129, 994
58, 631
41, 954
292, 578
137, 796
FINANCE, INSURANCE, REAL ESTATE, AND LESSORS OF REAL PROPERTY: INSUR
WITH NO
1..
2,106
194
66
10
6
4
2,983
1,270
993
134
245
474
14, 837
6,976
4,732
1,536
2, 268
4,478
2,034
1,111
1,404
920
315
1,404
7,445
3,111
1,983
558
578
1,145
29,020
13, 329
9, 556
3,301
3,734
7,530
18, 146
7,340
4,934
1,392
2,389
4,963
50
100
250 .
600
1,000
5,000
10,000
50,000
100,000
Total...
2,386
6,099
34,826
7,189
14, 820
66, 470
39, 105
FINANCE, INSURANCE, REAL ESTATE, AND LESSORS OF REAL PROPERTY: REAL
1
10, 154
5,522
6,060
2,521
1,204
847
80
32
1
14, 853
15, 054
26, 799
24, 006
22. 665
40, 673
14,819
23, 214
442
22, 090
24, 509
56. 823
46, 179
44, 850
90, 610
25, 479
14, 003
453
2,085
2,554
5,541
279
648
522
197
70
31
15, 001
23, 302
60,815
78, 843
95, 590
229, 570
70, 770
76, 726
48, 541
180. 965
324, 097
789. 380
707, 309
658, 495
1,241,401
424,628
414, 750
374
240, 375
396. 445
954, 273
869, 768
835, 220
1, 630, 153
543, 105
535, 701
50, 130
44, 197
49, 971
102,711
81,488
66, 889
117,324
14, 049
52, 748
143
50
100 .
250
500
1,000
5,000 -.
10,000
50,000-
100,000
Total...
26, 421
182, 527
324,997
11,926
699, 157
4, 741, 397
6, 055, 171
529, 519
FINANCE, INSURANCE, REAL ESTATE, AND LESSORS OF REAL PROPERTY: REAL
1
22, 689
9,152
8,788
3,548
1,784
1,290
114
48
3
16, 007
12, 282
21,667
18, 338
19, 256
38, 639
15, 830
16,012
2,269
34, 702
34. 020
64, 515
57, 132
55, 480
109, 310
36, 624
45, 298
54, 454
5,101
5, 629
11,825
1,174
378
645
148
228
82
31, 950
40, 009
91,635
109, 926
127,518
302. 552
107, 217
160, 550
44, 520
394, 444
551, 108
1,168,469
1,028,839
999, 225
2, 034, 789
605, 328
555, 912
124, 693
493, 887
653, 601
1,381.718
1, 235, 599
1, 223, 490
2,530,317
776, 152
811, 272
229, 862
147, 427
108, 486
190,637
155,471
152, 897
253, 929
81, 179
22, 599
43, 513
60....
100...
250
500..
1,000
5,000
10,000
50,000 ..
100,000
Total. -_
47, 416
160. 300
491, 533
25, 209
1, 015, 877
7, 462, 806
9, 335, 898
1, 156, 137
For footnotes, see pp. 225-227.
STATISTICS OF INiC'OME FOR 1940, PART 2
213
and by viajor industrial groups,'' for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
I'ayable "
Capital
stock "
Surplus and
undivided
profits 49
(less defi-
cit) «
Gross sales
and grcss
receipts
from opera-
tions 60
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit 3
Total
tax 6'
Divi-
dends
paid "
ANCE CARRIERS, AGENTS, ETC.: INSURANCE AGENTS, BROKERS, ETC.— RETURNS
INCOME
906
1,451
825
2, 553
2,536
12, 680
8,427
13, 109
5.988
5, 995
8,535
752
22, 004
2,508
4,744
7,578
5,716
5, 964
13, 628
1,544
9,536
32. 157
16, 848
27, G40
16, 234
18. 844
27, 005
3,565
8,854
33, 894
17, 881
28, 878
16, 791
19, 632
28, 334
4,126
11, 161
3, 529
1, 802
3,427
2,066
^ 3, 651
8,534
1,411
4,390
3,527
1,802
3,421
2.062
3,646
8,516
1,411
4,390
610
304
655
437
975
2,060
252
810
1,861
761
1,496
1,208
1.958
5,131
1,224
3,254
9,047
77, 490
51, 219
151, 147
160, 696
28, 810
28, 776
6,102
16, 893
ANCE CARRIERS, AGENTS, ETC.: INSURANCE AGENTS, BROKERS. ETC.— RETURNS
NET INCOME
2,243
1,135
1,191
416
511
372
12,319
3,998
2,916
1,272
323
1,685
62 5, 393
163
62 141
216
62 273
62 20
19, 053
5,659
4,541
803
660
3,138
20, 213
6,134
4,792
841
682
3,203
33 1, 487
33 385
33 190
33 219
33 149
3340
33 1, 493
33 387
33 191
33 219
33 149
3340
44
24
18
15
2
2
5,867
22, 514
62 5, 448
33, 854
35, 864
33 2, 470
33 2, 478
104
ESTATE,
INCLUDING LESSORS OF BUILDINGS-
RETURNS WITH NET INCOME
68, 307
114,632
1,554
48, 311
93, 744
11,013
10, 990
1,691
4,512
145, 972
150,869
33, 830
31, 689
78, 009
11, 484
11, 468
1,714
5,042
408, 468
301.512
106, 954
57, 991
156, 702
22, 643
22, .586
3,482
10, 283
375, 263
264, 075
120, 123
54, 390
121,062
19, 314
19, 233
3,135
9,037
310, 714
272, 541
156, 757
51, 183
108,117
20, 492
20,352
3,719
10, 635
567, 897
550, 603
337, 450
99, 141
189, 497
36, 194
35, 853
7,212
20, 110
177, 076
193, 572
150, 162
11.500
51, 750
11,099
10, 994
2,145
7,384
213, 805
125, 998
118,464
17, 345
54, 909
5,027
4,909
1,000
3,694
10, 177
5,500
34, 159
1,479
179
178
5
2, 277, 679
1, 979, 301
1, 059, 453
371, 551
855, 270
137, 444
136, 563
24, 002
70, 697
ESTATE, INCLUDING LESSORS OF BUILDINGS— RETURNS WITH NO NET INCOME
238, 693
359, 637
826, 997
740, 100
704, 551
1, 399, 695
427,435
482, 537
149, 663
268, 088
228. 673
421,798
344,314
335, 426
667, 718
188, 542
151,727
39, 655
62 200, 504
62 79, 221
52 133, 568
62 75, 813
62 49, 400
63, 605
41,901
102, 336
62 26, 378
55, 280
42, 864
79, 683
81,954
81, 628
145, 671
35, 531
42, 550
21,882
111,283
85, 642
159, 655
121,865
112,840
199, 696
54, 752
54, 242
25, 803
33 39, 113
33 21, 195
33 34, 680
33 28, 878
33 30, 394
33 48, 338
33 16, 499
33 12, 692
33 4, 018
33 39, 113
33 21, 200
33 34, 720
33 28, 919
33 30, 463
33 48, 462
33 16, 545
33 12, 722
334,020
866
1,697
1,038
1,623
976
2,431
1,062
258
5, 329, 308
2, 645, 940
62 357, 041
587, 044
925, 777
33 235, 807
33 236, 166
9.951
214
STATISTICS OF IKCOME FOR 1940, PART 2
Table 6. — Corporation returns with balance sheets, 1940, hy total assets classes
net income: ^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable *^
Total assets
returns
Cash 36
accounts
Inven-
Invest-
assets 38
assets —
classes "
with
receiv-
tories
ments "
(less re-
Total
balance
able "
serves)
liabilities as
sheets ^s
FINANCE, INSURANCE, REAL ESTATE, AND LESSORS OF REAL PROPERTY:
1
50
100
2.50 ___'.
500
1,000
5,000
10.000
50.000
100,000
Total..
990
1.643
1,474
46
1,272
14, 203
19, 262
2,946
321
1.203
1.222
198
1, 955
17, 948
23, 046
2,981
395
2,885
5, 003
216
5,183
47, 023
62, 278
4,361
181
2,719
3,499
48
6, 542
50, 165
64, 471
3,460
114
2,651
5,068
256
10,111
58, 300
78, 434
2,649
1.56
7,168
13, 7C0
457
27, 082
272, 087
328,517
11,617
45
7,271
10, 329
369
17,023
268, 930
309, 409
15. 093
35
16, 271
20, 742
2,170
30. 137
624, 557
708, 022
13, 080
8
,3,311
1,415
551
15, 785
530, 152
565, 504
1,819
2
4,651
79
197
257, 034
262, 570
147
2,247
49, 775
62, 591
4,507
115,091
2, 140, 398
2, 421, 513
58, 153
FINANCE, INSURANCE, REAL ESTATE, AND LESSORS OF REAL PROPERTY: LESSORS
1 .
2,038
547
499
223
142
137
19
13
4
1,362
957
1,362
1,498
2,319
3,379
571
2,578
5,127
2,871
2, 966
5,396
5,632
5,728
10, 382
1,650
6,287
4,753
293
166
657
139
77
623
358
13
358
2,217
2.015
7,587
7, 4.53
10.668
.38. 421
6, 3.50
21,283
24, 336
30, 250
31,415
59, 388
60, 944
80, 692
222. 835
119,065
J 95, 934
278, 953
38, 033
38, 841
76, b-iH
77, 130
101,690
285, 491
129, 745
244, 735
322, 028
18, 264
9,623
10, 452
14, 105
10,895
43, 290
10, 758
4,471
388
60
100
250
500
1,000
5,000
10,000. .
50,000
100,000
Total. --
3. 622
19, 154
45, 665
2,685
120,329
1,079,476
1, 314, 241
128, 247
CONSTRUCTION: RETURNS
1
50
100
3,588
1,084
958
376
198
146
17
7
10, 945
10, 987
19, 127
15, 575
16,019
30, 282
9,510
10, 104
30, 023
31, 080
61,604
58, 835
67, 131
137,916
37, 137
33, 800
9,697
8,539
12,897
8,072
8, 508
14,510
11,757
4, 0.58
3,137
4, 494
11,890
13,966
14,701
49, 661
22, 562
16, 351
15, 061
IV, 500
36,641
27, 180
24, 672
39, 878
26, 288
21,140
71,488
77, 020
147,673
129, 339
1.36,419
283, 908
110,806
88, 373
28, 996
25, 862
47, 289
37, 877
38, 978
72, 892
19, 900
17,522
250
500 — - ..
1,000
5,000
10,000
50,000
100,000
Total...
6,374
122, 549
457, 528
78. 638
136, 762
210, 959
1,051,025
289, 315
CONSTRUCTION: RETURNS
1
50._. _
100
250
500
1,000
5,944
718
516
146
63
32
1
1
7.820
3,933
6,219
3,939
3,470
2,765
19
6,436
30, 780
17, 223
28, 668
20, 594
16, 391
27, 090
5. 399
3,888
10, 520
5,794
7, 580
3. 188
801
2,658
8,' 073
4,929
4.771
8, .551
7, 753
9,046
10,046
1
371
23, 726
16, 925
23. 883
12, 478
11,319
9,450
81,270
50, 477
78, 438
50, 484
43, .585
53, 208
5,422
31,205
46, 987
24, 065
32, 372
16,432
10,424
7,160
5,422
1,606
5,000
10,000
12, 436
50,000 .
100,000
Total...
7,421 1 34,600
150, 033
38,613 45,470
110,216
394, 089
144, 467
For footnotes, see pp. 225-227.
STATISTICS OF INCOME FOR 19 40, PART 2
215
and by major industrial groups,'' for returns with net income and returns with no
compiled net profit or net loss, net inco?ne or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable "
Capital
stock ■•*
Surplus and
undivided
profits •'s
(less defi-
cit) "
Gross sales
and gross
receipts
from opera-
tions 50
Total
compiled
receipts 22
Compileil
net profit
or net loss
Net income
or deficit 3
Total
tax 66
Divi-
dends
paid 51
LESSORS OF REAL PROPERTY, EXCEPT BUILDINGS— RETURNS WITH NET INCOME
2,170
25, 109
52 12.176
417
4,867
2,147
2,146
378
1.947
2,807
20, 864
52 4, 675
216
3,452
1,514
1,512
289
1,127
7, '768
47, 648
305
487
8,808
3,912
3,898
782
3,695
7.422
39, 208
9,883
8?4
6,647
2,639
2,628
513
2.518
6,907
50, 392
13, 781
392
8,942
4,355
4,343
899
4,324
70, 779
162, 880
67, 625
868
20, 854
10, f 01
10,447
2,329
7,715
56. 659
149,815
82, 377
410
20. 183
9,939
9,927
2,318
9,950
301,834
246, 666
127,985
5,325
56, 080
27. 697
27, 649
6,651
22, 274
324, 007
163,945
59, 704
179
28, 745
13,435
13.435
3,220
8,924
16, 288
222, 378
16, 670
22, 559
16, 007
16,004
3,839
13, 036
796, 642
1, 128, 905
361, 479
9,178
181, 137
92, 146
91, 989
21, 218
75, 510
OF REAL PROPERTY, EXCEPT BUILDINGS— RETURNS WITH NO NET INCOME
9,398
9,622
16, 622
17, 122
32, 015
94, 024
54,216
92, 336
239, 381
55, 986
35, 126
63, 386
56, 281
69, 420
126, 682
58, 232
70.816
62, 354
52 49, 535
62 21,150
52 25, 629
52 18, 069
52 21,867
52 2, 689
62 15,818
71,877
52 11,144
353
333
311
206
384
332
22
381
1,904
1,669
2,392
2,401
2,986
6,769
2,873
3,337
15, 221
33 2, 278
33 1, 235
33 2, 373
33 1, 698
33 2, 576
33 5. 032
33 385
33 2, 294
33 849
33 2, 280
33 1,236
33 2, 376
33 1, 703
33 2, 581
33 5, 043
33 385
33 2, 294
33 849
139
47
175
198
295
663
719
564, 736
598, 282
52 94, 024
2,322
39, 553
33 18, 720
33 18,747
2,237
WITH NET INCOME
5,063
31,508
329
252, 139
254, 237
5,858
5. 855
814
815
6,013
28, 779
10,908
200, 928
203, 549
6,034
6,030
1,060
978
10, 110
47, 433
27, 454
331,306
335, 902
11,972
11,948
2,519
2,030
8,072
33, 430
31,409
249, 267
253, 532
10, 953
10, 920
2,574
2,553
4,764
33, 931
32, 275
225, 764
231. 130
11, 299
11,251
2,991
2,799
9,051
69, 642
83, 127
336, 539
349, 370
28, 520
28, 404
6,672
10, 520
6, 200
32, 239
41,000
137, 976
145, 663
12, 498
12, 487
3,372
3,210
1,149
16,311
35, 188
84, 730
89, 525
13, 166
13, 070
2,541
6,454
50, 421
293, 273
261, 690
1, 818, 650
1, 862, 906
100, 301
99, 965
22, 542
29, 359
WITH NO NET INCOME
12, 051
7,121
8,543
3,344
3,091
9,011
51, 937
25. 456
32, 078
16, 760
12,232
16, 623
1
10, 000
52 38,112
52 9, 700
52 303
7,532
12, 248
7,936
52 1
18, 520
231,935
85, 600
101,877
58, 325
29, 061
26, 816
233, 941
87, 073
103, 682
59, 789
30, 482
27, 744
33 10, 638
33 6, 691
33 4, 838
33 3, 292
33 1,312
33 2. 822
(33) (11)
33 1,012
33 10, 640
33 6, 701
33 4,849
33 3,316
33 1, 325
33 2, 843
(33)(")
33 1,013
210
46
159
131
129
60
33, 688
33, 759
43, 062
165,087
52 1, 879
567, 302
576, 470
33 30, 605
33 30, 688
736
216
STATISTICS OF EST COME FOR 19 40, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income:^ Number of returns, selected assets and liabilities, selected receipts,
assets other than axon stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable <«
Total assets
returns
Cash 39
accounts
Inven-
Invest-
assets 38
assets-
classes "
with
receiv-
tories
ments <5
(less re-
Total
balance
able "
serves)
liabilities 39
sheets ^s
TOTAL AGRICULTURE, FORESTRY, AND
1
1, 198
480
585
248
160
120
5
4
2,506
2,071
4,906
4,011
5,139
10, 801
4,474
532
3, 653
3,922
8,527
8.772
7,944
17,072
2,012
527
3,023
5,740
15,415
13,774
15, 838
30, 785
2,117
2,157
939
1,696
5,490
6,003
10,919
36, 438
2,761
16, 607
16, 357
19, 981
53, 780
52, 370
67, 400
134, 526
22, 786
33, 913
27, 119
34,031
91, 394
86, 370
109, 706
234, 038
34. 486
54, 078
6,252
7,094
15, 282
12, 530
16, 396
24,586
1,289
20,249
50
100
250
500
1,000.-.- -
6,000
10,000
60,000
100,000
1
12,246
1,934
13, 124
88, 604
86, 473
223, 258
1,538
Total-.-
2,801
46. 686
54, 362
101, 972
169, 457
487, 586
894, 480
105, 217
TO'
rAL AGRICULTURE, FORESTRY, AND
1
60
100
2,398
655
525
215
116
95
8
3
1,816
1,316
1,990
1,405
1,479
3,638
1,714
1,680
4,797
4,073
7, 515
6,58fi
5,834
13, 495
5,770
4,406
4,885
4, 703
7,402
6,673
4,^89
9,428
915
315
1,690
1,966
5,470
7,725
12, 699
31, 160
8,429
20, 886
31, 955
32, 029
58, 956
49, 568
53, 152
112, 624
38, 510
35, 975
46, 675
45, 704
83, 948
73. 930
78, 961
173, 439
55, 730
63, 550
18, 915
14, 719
21,385
12, 782
16,251
26, 456
3,769
13, 536
250
500
1,000
5,000
10,000
50,000
100,000 .
TotaL-
4,015
15,037
52,475
38, 609
90,024
412, 770
621, 937
127, 813
AGRICULTURE, FORESTRY, AND FISHERY: AGRICULTURE
1
60 — .
1,093
455
531
232
147
109
6
4
2,138
1,987
4,353
3,483
4,796
9,942
4,474
532
3,426
3,505
7,349
7,705
7,308
14,919
2,012
527
2,918
5,497
15, 003
13, 709
14, 807
27, 833
2.117
2,157
795
1, ,584
4,800
5,472
10, 148
31,385
2,761
16, 607
15,068
19, 115
49, 256
49, 216
60, 600
124, 121
22, 786
33, 913
24, 903
32, 206
83, 277
80, 922
99, 508
2x1,839
34, 486
54, 078
5,522
6,555
14, 139
12, 234
13, 780
22. 815
1,289
20, 249
100
250
500
1,000
5,000
10,000
50,000
100,000--.-
1
12, 246
1,934
13, 124
88, 604
86, 473
223,258
1,538
Total...
2,577
43, 950
48, 684
97, 164
162, 155
460, 549
844, 477
98, 120
AGRICULTURE, FORESTRY, AND FISHERY: AGRICULTURE
1
2,122
583
458
192
91
66
5
3
1,540
1,054
1,588
1,237
1,135
2,278
921
1,680
4,088
3,446
6,488
5, 795
4, 660
8,133
3,848
4,406
4,684
4,496
7,274
6,299
4,211
7,054
750
315
1,459
1,741
4,812
6,628
9,387
21,404
5,865
20,886
28,358
28, 600
50, 786
43, 857
41,377
74, 369
19, 828
35, 975
41,371
40, 756
73, 183
65, 543
61, 903
114,606
31, 322
63, 550
16, 379
13, 194
18, 212
11,305
13, 297
18, 099
3,441
13, 536
60... ---
100
250
500 .- -
1,000
5,000
10,000 . -
50,000 -
100,000
Total...
3,520
11, 433
40, 862
35, 082
72, 182
323, 150
492, 233
107, 463
For footnotes, see pp. 225-227.
STATISTICS OF lOSTCOME FOR 1940, PART 2
217
and by major industrial groups,'' for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable *'
Capital
stock <"
Surplus and
undivided
profit" "
fless defi-
cit) «
Gross sales
and gross
receipts
from opera-
tions ii'
Total
compiled
receipts 22
Compiled
net profit
or net loss
Net income
or deficit 3
Total
tax 66
Divi-
dends
paid »i
FISHERY: RETURNS WITH NET INCOME
3,057
19, 001
52 2, 402
40,090
41, 671
2,656
2,656
419
767
4,006
19, 397
2, 279
29, 152
30, 036
2,265
2,261
376
617
13, 629
47, 594
12, 178
54, 155
56, 669
5,331
5,326
961
1,303
12, 107
39, 501
19, 159
43, 832
46, 589
5,081
5,079
1,082
1,513
14,012
54, 337
21,052
47, 275
50, 408
5,558
5,551
1,230
2,258
26. 668
107, 631
68, 750
74. 785
80, 620
9,043
9,015
1,927
3,095
2,470
6,366
23, 688
4,824
5,599
1,231
1,214
253
698
4,458
11, 978
16, 696
13, 921
14, 936
2,703
2,702
576
2,057
128, 406
76, 003
141, 623
146, 994
473, 521
14, 135
14, 134
2,653
11, 655
80,408
434, 210
237, 403
449, 657
48,002
47, 939
9,477
23, 964
FISHERY: RETURNS WITH NO NET INCOME
12, 881
11,571
21,901
13, 186
14,217
32, 309
19, 879
17, 807
38, 947
29, 149
63, 198
47, 032
43, 594
80, 878
14, 457
10, 388
62 26, 819
52 12, 566
52 27, 613
52 3, 646
62 1, 372
21, 998
8,794
19, 624
37, 116
20,974
23, 871
16, 091
10, 598
18, 523
3,982
2,276
38, 053
21, 697
25, 364
17, 181
11,936
21, 090
5,144
2,790
33 4, 191
33 3, 103
33 4, 246
33 2, 631
33 2, 482
33 7, 659
33 1, 271
333,028
33 4, 192
33 3, 103
33 4, 249
83 2, 632
33 2, 490
33 7, 678
33 1, 271
33 3, 040
169
218
176
160
607
147
143, 753 327. 643
62 21, 598
133, 430
143, 256
33 28, 612
33 28, 655
1,477
AND SERVICES- RETURNS WITH NET INCOME
2,815
17, 476
62 1, 942
37,280
38, 100
1,959
1,958
272
591
3,854
18, 355
2,285
27, 518
28,208
2,077
2,074
340
473
12, 787
43, 109
10, 936
49, 669
51. 544
4,745
4,740
853
1,196
11, 579
35, 692
18, 779
40, 108
42, 085
4,312
4,310
876
1,247
11,991
48, 521
21,413
43, 425
46,128
5,087
5,081
1,120
1,897
24,819
95, 409
63, 131
61, 271
66, 502
8,613
8,586
1,846
2,949
2,470
6,366
23, 688
4,824
5,599
1,231
1,214
253
698
4,458
11,978
10, 696
13, 921
14, 936
2,703
2,702
576
2,057
128,406
76, 003
141, 623
146, 994
14, 135
14, 134
2,653
ii, 655
74, 775
405,311
230, 989
419, 638
440, 095
44, 860
44,799
8,788
22, 764
AND SERVICES- RETURNS WITH NO NET INCOME
10, 521
9,898
19, 445
12,615
13, 308
28,523
12, 364
17,807
34, 057
24, 903
52, 870
39, 370
35,385
56, 332
10, 600
10, 388
62 22,062
52 9, 472
62 21, 668
52 1, 737
52 4, 984
2,494
2,794
19, 624
33, 877
19, 383
22,286
14, 682
9,661
16, 726
3,740
2,276
34, 672
20, 030
23, 645
15, 686
10, 838
18, 805
4,574
2,790
33 3, 569
33 2, 674
33 3, 075
33 2, 380
33 2, 117
33 2, 893
33550
33 3, 028
33 3, 569
33 2, 674
33 3, 078
33 2, 382
33 2, 120
33 2, 909
33550
33 3, 040
141
111
67
147
122
124, 482
263, 906
62 35,010
122, 632
131,040
33 20, 286
33 20, 322
689
218
SfTATISTICS OF mCOME FOR 1940, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income:^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con.
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
and notes
payable *^
Total assets
returns
Cash 3«
accounts
Inven-
Invest-
assets 3'
assets^
classes "
with
receiv-
tories
ments «
(less re-
Total
balance
able "
serves)
liabilities '»
sheets 35
AGRICULTURE, FORESTRY, AND FISHERY:
1'
37
11
28
10
9
9
76
22
355
249
271
490
88
307
680
726
466
1,586
65
117
179
43
661
1,561
90
]7
241
226
374
3,024
308
366
2,295
2,128
5.245
9,164
641
842
4,202
3,464
7, 290
16, 213
190
235
.'102
189
1,797
1,543
50
100
250
500
1,000
15,000
10,000
50 000
100,000
Total...
104
1,464
3,852
2,625
3,971
19, 506
32, 651
4,456
AGRICULTURE, FORESTRY, AND FISHERY:
1
50
100
141
50
56
20
24
24
3
201
205
352
120
344
984
793
442
510
758
711
1,173
2,972
1,922
90
88
33
348
36
20
165
105
178
482
995
3,142
7,550
2,564
1,852
2,446
7, 025
5, 030
11,26!
36, 130
18, 683
2,856
3,533
8, 996
7,373
16.330
49, 367
24, 407
1,538
1,117
2,553
1,318
2,820
4,334
328
250
500
1,000
5,000
10 000
50 000
100,000
Total...
318
2,999
8,489
780
15,017
82, 427
112, 862
14,007
AGRICULTURE
FORESTRY, AND
FISHERY:
I
68
14
26
6
4
2
293
62
198
279
71
369
139
111
498
340
171
567
41
127
232
22
369
1,392
54
95
448
306
397
2,030
981
500
2, 229
1,027
1,555
1,240
1,576
983
3,915
1,983
2, 909
5,986
540
304
641
107
820
228
50_
100
250
500 - -
1,000
5 000
10 000
50 000
100,000
Total...
120
1,272
1,825
2,183
3, 330
7,531
17, 352
2,640
AGRICULTURE
, FORESTRY, AND
FISHERY:
1
50
100
250
500
135
22
11
3
1
5
74
57
50
48
("■)
375
267
118
263
80
2
2,390
111
119
95
25
42
2,354
125
47
175
102
169
2,206
1,745
983
1,145
681
514
2,125
2,449
1,415
1,770
1,014
728
9,466
998
408
621
159
134
4,023
1,000
5 000
10 000
50 000
100 000
Total.. -
177
605
3,124
2,748
2,825
7,193
16, 842
6, 343
For footnotes, see pp. 225-227.
STATISTICS OF INIOOME FOR 1940, PART 2
219
and by major industrial groups,'' for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortg<*<res
payab'.e *'
Capital
stock "
Surplus anr
undivided
profits <9
(less defi-
citl «
Gross sales
and gross
rcneipts
from opera-
tions w
Total
compiled
receipts "
Compiled
net profit
or net loss
Net income
or deficit '
Total
taxes
Divi-
dend<5
paid «>
FORESTRY— RETURNS WITH NET INCOME
72
148
437
446
1,516
1,849
461
416
2,505
2,737
5,011
9,840
«no7
62 42
451
52 215
«2 1, 096
2,351
510
783
1,351
1,714
2, 275
1,857
546
930
1,807
2,128
2,398
2,176
74
103
262
357
264
186
74
103
262
357
264
185
12
22
48
84
62
28
23
117
57
226
317
72
4,468
20, 970
1,343
8,490
9,985
1,246
1,245
255
812
FORESTRY— RETURNS WITH NO NET INCOME
1,774
1,261
1,988
412
899
3,438
7,515
3,184
3,406
9,511
7,233
7,525
23, 241
3,857
62 3, 843
52 2, 766
52 5, 763
52 2, 143
3,712
17, 259
6,000
1,121
873
868
767
905
548
242
■ 1,219
738
978
840
1,067
944
570
33 408
33 311
33 1,108
33 133
33 359
33 4, 175
33 720
33 408
33 311
33 1, 108
33 133
33 364
33 4, 175
33 721
27
107
101
13
485
147
17,287
57, 957
12, 458
5,124
6,355
33 7, 214
33 7, 219
879
FISHERY— RETURNS WITH NET INCOME
170
1,064
52 353
2,301
3,025
624
624
135
153
3
627
35
851
899
84
84
15
27
405
1,980
791
3,135
3,319
324
324
60
50
83
1,071
595
2,010
2,376
412
412
122
39
505
805
736
1.575
1,882
206
206
48
45
2,383
3,267
11,658
11,941
244
244
54
74
1,165
7,930
5,071
21, 529
23, 441
1,895
1,895
434
388
FISHERY-RETURNS WITH NO NET INCOME
586
413
468
159
10
348-
1,706
840
817
429
684
1,305
52 914
52 328
62 182
234
52 100
2,244
2,118
917
717
642
31
1,249
2,162
929
741
055
31
1,341
33 215
33 118
33 63
33 118
33 6
33 591
33 215
33 118
33 63
33 118
33 6
33 593
2
8
1,983
5,780
955
5,674
5,860
33 1,112
33 1, 114
10
525003—44 15
220
STAITISTICS OF INCOME FOR 19 40, PART 2
Table 6. — Corporation returns with balance sheets, 1940, by total assets classes
net income:^ Number of returns, selected assets and liabilities, selected receipts,
assets other than own stock; also, for returns with net income, the total tax — Con,
[Total assets classes and money
Num-
ber of
Notes and
Capital
Total
Accounts
Total assets
returns
Cash 3«
accounts
Inven-
Invest-
assets 38
assets-
classes "
with
balance
receiv-
able **
tories
ments "
(less re-
serves)
Total
liabilities 39
payable "
sheets ^s
NATURE OF BUSINESS NOT ALLOCABLE,
1
836
178
142
80
47
31
4
1
2, 239
. 1,473
2,036
1,664
1,860
4,270
2,236
38
5, 124
3,952
7. 148
7,695
7,106
5,109
3, 020
2,513
515
508
1,199
519
1, 230
2,239
752
1,917
1,707
1,819
4,023
8,009
11,520
23, 857
14, 663
1,653
4,107
4,083
6, 395
9,495
9,740
17, 984
7,179
3,790
14,195
12, 438
21,711
27,813
32, 131
53, 758
28, 154
11,572
6,884
3,318
4,912
5,588
5, 958
9,533
1,650
2,249
60- — --
100
250
500 --- -
1 000
6,000
10,000
50 000
100 000
Total...
1,319
15,817
41,667
8,879
67, 250
02, 773
201, 771
40,091
NATURE OF BUSINESS NOT ALLOCABLE'
1
2,813
296
232
186
106
89
7
1
3,183
1,209
1, 859
3, 283
1, 536
4,077
191
185
9,651
5, 476
8, 268
14, 394
9, 543
19, 774
3,933
588
1,177
480
892
.164
574
3. 442
5,301
4,415
4,454
6,300
17, 060
31,122
52, 610
1,709
16, 043
10, 733
7,973
16, 901
26, 883
30, 430
74, 700
27,914
137
30, 774
20, 732
36, 366
65,051
74, 771
165, 101
45, 455
17, 092
48, 962
12, 705
10,518
15, 063
16,008
32, 234
7,928
70
60
100 -
250
500.
1,000
5,000
10,000
60 000
100 000
Total...
3,730
15, 522
71, 628
12,431
133,713
195, 672
455, 342
143, 488
For footnotes, see pp. 225-227.
STATISTICS OF INlCOiME FOR 1940, PART 2
221
and by major industrial groups,'' for returns with net income and returns with no
compiled net profit or net loss, net income or deficit, and dividends paid in cash and
figures in thousands of dollars]
Bonds and
mortgages
payable *'
Capital
stock "
Surplus and
undivided
profits *»
(less defi-
cit) "
Gross sales
and pross
receipts
from opera-
tions »"
Total
compiled
receipts "
Compiled
net profit
or net loss
Net income
or deficit 3
Total
taxM
Divi-
dends
paid »>
EXCEPT TRADE: RETURNS WITH NET INCOME
1,327
12, 391
M 7, 361
11,963
13, 198
1,279
1,279
214
453
1,184
5,815
1,454
8,140
9,081
626
626
104
346
2, 572
11,993
995
11,351
12,814
1,500
1,499
266
900
2,327
12, 008
6,083
7,674
9,405
1,575
1,572
296
619
6,318
15, 674
« 1, 518
6,892
8,233
691
681
108
557
6,142
22, 895
14, 610
11,996
13, 891
1,451
1, 351
227
882.
193
7,238
18, 794
4,353
5,614
890
881
115
535-
7,340
1,961
115
18
18
1
I
20, 064
95,354
35,016
62, 368
72, 351
8,029
7,905
1,332
4,292
EXCEPT TRADE: RETURNS WITH NO NET INCOME
18, 894
4,626
9, 665
13, 139
14, 052
23, 610
2,681
5,945
137, 455
31,451
25, 264
62, 070
66, 814
94, 306
68, 615
9,962
" 187, 433
52 32, 521
'2 12, 383
52 29, 588
"31,080
7,577
" 36, 191
606
12, 257
3,147
4,895
5, 047
3,755
4,201
355
73
13, 753
3,567
5,950
6,250
5,010
6,102
1,387
109
33 8, 316
33 1, 924
33 2, 540
33 4, 782
33 3, 097
33 2, 497
33 22, 861
33 61
33 8, 317
33 1, 926
33 2, 564
33 4, 791
33 3, 129
33 2, 503
33 22, 861
33 61
245
290
235
4,296
115
650
89
92,612
495, 936
«2 321, 014
33, 729
42,128
33 46, 080
83 46, 153
5,820
222
STATISTICS OF lO^TC'OME FOR 1940, PART 2
Table 7. — Corporation returns, 1940, hy net income and deficit classes and 6y
type of tax liability, showing for total returns with net income and for taxable retxirns:
Number of returns, net income, income tax and/or declared value excess-profits
tax {excluding excess profits tax imposed by Second Revenue Act of 1940) : for non-
taxable returns with net income: Number of returns and net income; and for returns
with no net income: Number of returns and deficit
[Net income and deficit classes and money figures in thousands of dollars]
Returns with net income '
Net income classes '
Total
Number
of returns
Net income 3
Income tax »
Declared'
value
excess-
profits tax
Under 1
77, 282
27, 053
16,615
11,955
9,803
24, 508
11,950
7,245
5, 703
11,058
7,355
5, 539
2, 220
1,237
1,166
158
127
27, 791
39, 206
40, 944
41,521
44, 047
174,912
14r>, 761
125, 475
128, 152
388, 485
515,4(12
858, 466
782, 570
871,395
2, 424, 760
1, 137. 565
3,455,712
3,412
4,880
5,141
5,300
5,757
23, 447
20, 526
17, 795
18, 766
73, 520
106, 165
175, 482
158, 937
177, 079
481,611
219,215
647, 259
116
'90
207
219
248
928
764
15 under 20
614
578
1,788
50 under 100 -
2,420
100under250
3,876
250 under 500
2,960
500 under 1,000
2,918
1 000 under 5 000
8,034
5 000 under 10,000 -- -
1,480
10 000 and over
3,401
Total
220, 977
11, 203, 224
2, 144, 292
30, 744
Returns with net income 3— Continued
Taxable
Net income classes *
Income tax only
93
Declared value excess-profits
tax only "
Number
of returns
Net income '
Income tax 5
Number
of returns
Net
income ^
Declared
value
excess-
profits tax *
Under 1 .
62, 892
21, 406
12,927
9,256
7,700
18, 836
9,151
5,622
4,465
8,469
5,435
4,039
1,634
889
857
119
102
22, 538
31,028
31,833
32, 168
34, 003
134, 673
112, 593
97, 533
100, 466
297, 544
380, 559
627, 226
574, 933
624, 687
1, 798, 070
844, 675
2, 853, 609
3, 099
4,203
4,289
4,320
4,710
18,712
16, 133
14, 121
14,942
56, 706
78, 177
127, 264
115,598
125,485
351,855
156,278
513, 130
12
6
4
1
1
5
3
3
9
10
4
5
36
38
(")
2
(>')
(")
(")
1
1
20 under 25 .
1
2
3
21
61
222
(")
(")
50 under ion
6
100 under 250
250 under 500
500 under 1 000
1 000 under 5 000
5 000 under 10,000
Total -. --
173, 799
8, 598, 738
1, 609, 023
38
409
9
For footnotes, see pp. 225-227.
STATISTTCS OF liNCOiME' FQiR 1940, PART 2
223
Table 7. — Corporation returns, 1940, by net income and deficit classes and by type
of tax liability, showing for total returns with net income and for taxable returns:
Number of returns, net income, income tax and/or declared value excess-profits
tax (exckiding excess profits tax imposed by Second Revenue Act of 1940); for nontax-
able returns with net income: Number of returns and net income; and for returns
with no net income: Number of returns and deficit — Continued
[Net income and deficit classes and money figures in thousands of dollars]
Returns with net income ^ — Continued
Taxable— Continued
Nontaxable "
Returns with no
Net income and
deficit classes 3
Both income and declared value
excess-profits tax
Num-
ber of
returrs
Net
income '
Income
tax 5
Declared
value
excess-
profits
tax 6
Num-
ber of
returns
Net
income s
Num-
ber of
returns
Deficit '
Under 1 4----
1 under 2 .
5,465
3,368
2,494
2,059
1,685
4,668
2,430
1,411
1,111
2,329
1,761
1,390
544
325
289
37
25
2,279
4,914
6,187
7,142
7,578
33, 214
29, 685
24, 312
. 24,868
82,111
123, 982
214, 168
192, 580
230, 170
575, 659
276, 921
602, 102
313
677
852
980
1,047
4,735
4,393
3, 674
3,823
16, 814
27, 989
48, 218
43, 339
51, 595
129, 756
62. 937
134, 129
115
188
207
219
248
928
763
614
578
1,788
2,415
3,876
2,960
2,918
8. 034
1,480
3,401
8,913
2,276
1,190
639
417
999
366
212
126
258
1.56
110
42
23
20
2
2,970
3,256
2,913
2,208
1,862
6,988
4,446
3,630
2,798
8,769
10, 699
17, 072
15, 057
16, 538
51,031
15, 969
146, 742
32, 993
17, 150
10, 475
7,039
16. 443
6,601
3,503
2,153
4,448
2,287
1,354
454
201
179
22
21
43, 090
47, 283
42, 074
2under3 -
3 under 4
36, 298
31 484
4 under 5
5 under 10 _
115,442
80, 490
60, 633
48 203
10 under 15 - -
15 under 20
20 under 25
25 under 50
155, 092
50 under 100
157 125
100 under 250
206 130
250 under 500 ... .
154 145
500 under 1,000
1,000 under 5,000
5,000 under 10,000
10,000 and over
138. 088
367, 625
160, 337
440, 256
Total
31, 391
2, 437, 872
535, 269
30, 734
15, 749
166, 205
59 295, 806
2, 283, 795
For footnotes, see pp. 225-227.
Table 8. — Corporation returns, 1940, by net income and deficit classes: Total number
of returns, number of returns with dividends received, and amount of dividends
received from, domestic corporations, and from foreign corporations; also interest
received on Government obligations.
[Net income and deficit classes and money figures in thousands of dollars]
Returns with net income 3
Total
number
of
returns
Dividends received from—
Interest received on
Government obligations
Net income classes '
Domestic
corporations "
Foreign
corporations "
Num-
ber of
returns
Amount
Num-
ber of
returns
Amount
Total
Subject to
declared
value
excess-
profits
tax 20
Wholly
tax-
exempt "
Underl
1 under 2 _
77. 282
27, 056
16, 615
11,955
9.803
24, 508
11,950
7,245
5,703
11,058
7,355
5,539
2,220
1,237
1,166
158
127
3,331
2,043
1,589
1,205
1, 052
3,566
2,183
1,491
1, 237
3,029
2. 559
2, 265
1,108
696
786
120
108
2,594
2,185
1,843
1,572
2, 062
8,112
8,103
7,572
6,917
30, 929
48, 620
97, 005
91,984
107, 484
389, 983
217,293
827, 968
100
53
47
49
35
149
96
85
72
209
248
293
160
133
224
41
55
88
64
54
47
31
415
157
494
202
1,092
2,402
5,625
6,204
9,247
36, 841
36, 327
138, 309
4,665
5,234
5,256
5,107
4.244
16, 685
12, 501
10, 028
7,700
25, 500
32, 446
39, 474
44, 446
42,911
105, 178
58, 394
64, 898
1,536
2,002
1,962
2,182
1,691
7,431
5,214
4.276
3,720
12, 182
16, 982
22, 434
27, 109
26, 396
64, 261
38, 953
43, 440
3,128
3,232
2undrr3
3 under 4
3,294
2,926
2,553
6 under 10
9,254
10 under 15
7,287
15 under 20
5,751
20 under 25 . .
8,980
25 under 50
13,318
sounder 100
15, 465
100 under 250
17, 040
250 under 500
500 under 1.000
1,000 under 5,000
5,000 under 10,000
10,000 and over
17, 337
16, 515
40, 918
19, 441
21, 458
Total -
220, 977
28, 367
1, 852, 227
2,049
237, 600
484, 668
281, 769
202, 899
For footnotes, see pp. 225-227.
224
STATISTICS OF INCOME FOR 19 40, PART 2
Table 8. — Corporation returns, 1940, by net income and deficit classes: Total mimher
of returns, number of returns with dividends received, and amount of dividends
received from domestic corporations, and from foreign corporations; also interest
received on Government obligations — Continued
[Net income and deflcit classes and money, figures in thousands of dollars]
Returns with no net income ^
Total
number
of
returns
Dividends received from—
Interest receivec
Government oblig
Domestic
corporations •*
Foreign
corporations i'
ations
Deficit classes '
Num-
ber of
returns
Amount
Num-
ber of
returns
Amount
Total
Subject to
declared
value
excess-
profits
tax8»
Wholly
tax-
exempt "
Underl
146, 742
32, 993
17. 150
10. 475
7,039
16, 443
6,601
3,503
2,153
4,448
2,287
1,354
454
201
179
22
21
3,258
1.187
784
571
441
1,273
647
422
262
787
461
369
155
82
100
15
16
4,738
3,036
1,256
1,257
995
5, 228
2,835
2,433
1,382
7, 054
14, 551
18, 733
6,304
22, 873
39, 869
10, 605
25, 354
106
40
29
21
18
65
25
16
18
57
44
41
22
16
9
140
73
21
15
11
213
1,064
60
38
386
371
515
608
475
2,720
5,369
3,245
2,694
2,463
1,880
7,391
4,523
3,737
3,391
9,984
8,522
12, 207
16,015
12, 704
44, 973
77, 268
82,360
1,682
' 980
626
692
492
2,009
1,311
877
1,153
2,944
2,977
3.519
2, 808
4, 363
13, 534
32, 051
812
3,687
I'under 2 . . ..
2.265
2under3 .-.
2,068
Blunder 4
1,771
1,388
5 under 10
5,382
10 under 15
3,212
15under20
2,859
20under25
2,238
25 under 50
7,040
50 under 100
100 under 250 .
5,544
8,688
250 under 500 .
13, 208
500 under 1,000_
1,000 under 5.000
5,000 under 10,000
10,000 and over
8,341
31,439
45. 217
6
563
81,548
Total
252, 065
10, 830
168, 504
533
7,274
298, 725
72, 831
225, 893
For footnotes, see pp. 225-227.
Table 9. — Corporation returns, 1940, by net income and aeficit classes: Total num-
ber of returns, number of returns with dividends paid, and amount, by type of
dividend paid
[Net income and deficit classes and money figures in thousands of dollars]
Returns with net income '
Total
number
of
returns
Dividends paid "
Only cash and
assets other than
own stock 51
Only corpora-
tion's own stock
Both cash and assets other
than own stock, and
corporation's own stock
Num-
ber of
returns
Amount
Num-
ber of
returns
Amount
Num-
ber of
returns
Amount
of cash
and assets
other
than own
stock
Amount
of corpo-
ration's
own
stock
"Under 1
77, 282
27, 056
16,615
11, 955
9,803
24, 508
11,950
7,245
5,703
11,0.58
7,355
5,539
2.220
1,237
1,166
158
127
6,476
6,400
4,370
3,712
3,177
10, 563
6,215
3,993
3,335
7,221
5, 3.52
4,323
1,843
1,008
1, 034
147
120
11,528
13,817
13, 224
13, 196
12, 821
60, 133
55, 127
47, 253
48. 7(53
159, 075
223, 166
380, 761
385, 782
426, 497
1, 282, 720
672. 768
2, 030, 806
96
80
55
44
44
145
91
33
34
70
37
14
6
5
2
1
1
617
446
491
496
457
1,717
1,509
825
1,053
2.963
2,543
4,129
1,239
2.495
2,310
2, 116
27, 078
65
75
46
55
55
196
109
79
57
132
HI
85
49
20
15
3
1
121
208
105
105
126
841
553
521
530
1,729
3,034
5. 255
7,660
5,580
11,031
8,110
5,375
314
1 under 2 _
600
2 under 3_.
442
3 under 4
376
4 under 5
400
6 under 10 ..
2,603
10 under 15
1,484
15 under 20
1,864
20 under 25 .
1.369
25 under 50
5, 609
50 under 100
8,700
100 under 250
12,913
250 under 500..
14, 097
600 under 1,000
6.399
1,(1(1(1 under 5.000 ... .
14.716
6,000 under 10,000
10,000 and over..
4,932
1,378
Total.
220, 977
68, 349
5, 837, 439
758
52, 482
1,163
50, 886
78. 096
For footnotes, see pp. 225-227.
STATISTICS OF UNlOOME FOiR 194 0, PART 2
225
Table 9. — Corporation returns, 1940, hy net income and deficit classes: Total num-
ber of returns, number of returns with dividends paid, and amount, by type of
dividend paid — Continued.
[Net income and deficit classes and money figures in thousands of dollars]
Returns with no net income '
Total
number
of
returns
Dividends paid "
Deficit classes '
Only cash and
assets other than
own stock "
Only corpora-
tion's own stock
Both cash and assets other
than own stock, and
corporation's own stock
Num-
ber of
returns
Amount
Num-
ber of
returns
Amount
Num-
ber of
returns
Amount
of cash
and assets
other
than own
stock
Amount
of corpo-
ration's
own
stock
Under 1
14% 7'42
32. 993
17, 150
10, 475
7,039
16, 443
6,601
3,503
2,153
4,448
2,287
1.354
454
201
179
22
21
2,414
819
548
406
259
765
411
215
151
393
241
150
51
33
36
3
5
10, 377
4,163
3,255
3,739
2,017
10, 604
7,201
5,869
3.422
15, 532
21, 240
26, 452
16, 694
25, 466
28,136
5,043
11, 682
49
20
13
8
2
18
8
5
4
8
4
2
1
1
1
366
96
146
57
30
385
175
84
190
538
34
63
2,421
900
29
13
10
9
5
15
5
2
4
5
2
68
28
33
74
7
57
24
1
43
105
113
191
1 under2
2 under 3 -
179
101
3 under 4 - . _ .
177
4 under 5
51
5 under 10...
475
10 under 15 .
56
15 under 20 .
51
20 under 25.. . .
106
25 under 50
2,293
sounder 100
225
100 under 250
250 under 500
1
1
11
1
21
500 under 1 ,000
(")
1,000 under 5,000
5,000 under 10,000.
10,000 and over
Total
252, 065
6,899
199, 891
144
5,485
101
566
3,926
Footnotes for basic tables 1-9, pages 45-225
[Facsimiles of Forms 1120 and 1120L, to which references are made, appear on pp. 334-345]
' Returns filed in a State may not be a complete
coverage of all corporations whose principal place of
business is located therein. A corporation may file
an income tax return either in the collection district
in which it has its principal place of business or in
the collection district in which it has its principal
office or agency. Conversely, a tabulation for a given
State may include data from returns of corporations
having their principal place of business in another
State.
2 Includes returns of inactive corporations.
3 "Net income" or "Deficit" is the amount re-
ported for declared value excess-profits tax compu-
tation adjusted by excluding net operatin? loss
deduction (items 30 and 26, respectively, p. 1, Form
1120).
* "Total compiled receipts," as tabulated, consist
of gross sales (less returns and allowances), gross
receipts from operations (where inventories are not an
income-determining factor), taxable interest, rents
and royalties, net short-term capital gain, net long-
term capital gain, net gain from sale or exchange of
property other than capital assets, dividends, other
receipts required to be included in gross income, and
tax-exempt interest received on Government obliga-
tions. "Total compiled receipts" exclude nontax-
able income other than tax-exempt interest received
on certain Government obligations.
' Includes income defense tax which increases the
income tax by 10 percent of the rates provided by
the Revenue Act of 1940, for returns with taxable
year beginning after Dec. 31, 1939.
6 Includes declared value excess-profits defense tax
which increases the declared value excess-profits tax
by 10 percent of such tax, for returns with taxable
year ending after June 30, 1940.
' A corporation is classified according to the busi-
ness activity reported on the return. When multi-
ple businesses nre reported on a return, the classifica-
tion is determined by the activity which accounts
for the largest r'ercenfage of receipts. Therefore, an
industrial group may contain data for industrial
activities other than that on which the classification
is based. The industrial groups are based on the
Standard Industrial Classification, issued by the
Division of Statistical Standards, Bureau of the
Budget, Executive Office of the President. Charts
showinc the major industrial sroups and minor in-
dustrial sroups in which chances occur between
1940 and 1939 are shown on pp. 310-314.
* Corporations which derived 90 percent or more of
receipts from investments and which at no time dur-
ing the taxable year had investments in corporations
in which they owned 50 percent or more of the voting
stock.
' Corporations which derived 90 percent or more
of receipts from investments and which at some time
during the taxable year had investments in corpora-
tions in which they owned 50 percent or more of the
voting stock.
m Corporations which derived less than 90 percent
but more than 50 percent of receipts from invest-
ments.
11 Less than $500.
(Footnotes continued on p. 226.)
226
STATISTICS OF IN'C'OME FOR 19 40, PART 2
Footnotes for basic tables 1-9, pages 42-225 — Continued
[Facsimiles of Forms 1120 and ir20L, to which references are made, appear on pp. 334-345]
" Excludes returns of inactive corporations.
13 Gross sales less returns and allowances where
Inventories are an income-determining factor. For
"Cost of goods sold," see "Deductions."
i< Gross receipts from operations where inventories
are not an income-determining factor. For "Cost of
operations," see "Deductions."
15 Gross amounts received. The amounts of depre-
ciation, repairs, interest, taxes, and other expenses
which are deductible from the gross amount received
for rents, and the amount of depletion which is
deductible from the gross amount of royalties received,
are included in the respective deduction items.
16 Net capital gain or loss is the amount from the
sale or exchange of capital assets. The term "Capi-
tal assets" means property held by the taxpayer
(whether or not connected with trade or business),
but excludes (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 customers in the ordinary
course of trade or business, and (3) property, used
In trade or business, of a character which is subject
to tne allowance for depreciation. For taxable years
beginning after I>ec. 31, 1939, sales or exchanges of
capital assets are classified "short-term" and "long-
term." "Short-term" applies to capital assets held
18 months or less; "long-term" to capital assets held
for more than 18 months. A net short-term
capital gain and a net long-term capital eain or
loss are included in computing net income for the
current year; but a net short-term capital loss is not
deductible in computing net income for the current
year. Such less may be carried forward and applied
against the short-term capital gain of the succeeding
taxable year not already offset by carrital losses of
such succeeding year, in an amount not in excess of
the net income for the year in which the loss was
sustained. This carry-over is restricted to one year.
1' Net gain or loss from sale of property, used in
trade or business, of a character which is subject to
allowance for depreciation.
18 Dividends from domestic corporations subject to
income taxation under Chapter 1 of the Internal
Revenue Code (column 2, schedule E, p. 3, Form
1120) which is the amount used for the computation
of dividends received credit. Excludes dividends
from corporations organized under the China Trade
Act, 1922, and corporations entitled to the benefits
of sec. 251 of the Internal Revenue Code (corpora-
tions receiving a large portion of tlieir gross income
from sources within a possession of the United States)
which are tabulated in "Other receipts."
i« Reported in column 3, schedule E, p. 3, Form
1120, and not used for the computation of dividends
received credit.
20 Interest on United States savings bonds and
Treasury bonds owned in principal amount over
$5,000, reported as item 8, p. 1, Form 1120.
21 Interest on obligations of States, Territories, and
political subdivisions tliereof, the District of Colum-
bia, and United States possessions; obligations of the
United States issued on or before Sept. 1, 1917, Treas-
ury notes, Treasury hills, and Treasury certificates
of indebtedness; United States savings bonds and
Treasury bonds owned in principal amount of .$5,000
or less: and obUgations of instrumentalities of the
United States.
22 Excludes nontaxable income other than interest
on wholly tax-exem pt obligations reported in schedule
M, p. 4, Form 1120.
2' Items for which specific headings are provided
on the return, when reported in cost, are not trans-
ferred to their respective headings but remain in the
amouBt tabulated as "Cost of goods sold."
2* Items for which specific headings are provided
on the return, when reported in cost, are not trans-
ferred to their respective headings but remain in the
amount tabulated as "Cost of operations."
25 The cost of incidental repairs, including labor and
supplies, which do not add materially to the value
of the property or appreciably prolong its life.
28 Excludes (I) Federal income tax and Federal
excess-profits taxes, (2) estate, inheritance, legacy,
succession, and gift ta.xes, (3) income taxes paid to
a foreign country or possession of the United States
if any portion is claimed as a tax credit, (4) taxes
assessed against local benefits, (5) Federal taxes paid
on tax free covenant bonds, and (6) taxes reported
in "Cost of goods" and "Cost of operations."
27 Limited to 5 percent of net income before deduc-
tion of contributions or gifts.
28 The deduction, provided by the Second Reve-
nue Act of 1940, to allow for the amortization of the
cost of emergency facilities necessary for national
defense. Inasmuch as 1940 is the first year for whicli
this provision is operative, the amounts reported
under this caption on the returns may include amor-
tization other than the cost of emergency facilities.
29 The net operating loss deduction is the carry-
over of the preceding year reduced by certain adjust-
ments. This deduction is first allowed (except to
mutual investment companies) in a taxable year
beginning after Dec. 31, 1939.
30 Excludes compensation of officers of life insur-
ance companies which file Form 1120L. Data not
available.
3' Includes special deductions of life insurance com-
panies relating to reserve for dividends and reserve
funds required by law. On returns in table 3 these
deductions are $29,804,967 for returns with net in-
come and $933,215,101 for returns with no net income.
On returns with balance sheets in tables 4 and 5
these deductions are $28,768^431 for returns with net
income and $930,125,255 for returns with no net
income.
32 See notes 30, 31, and 60.
33 Compiled net loss or deficit.
3< Compiled net loss after total tax payment.
35 Excludes returns of inactive corporations and
returns with fragmentary balance sheet data.
36 Includes bank deposits.
3' Obligations of States, Territories, and political
subdivisions thereof, the District of Columbia, and
United States possessions; obligations of the United
States; and obligations of instrumentalities of the
United States.
38 Consists of (1) depreciable tangible assets such
as buildings, fixed mechanical equipment, manu-
facturing facilities, transportation facilities, and fur-
niture and fixtures, (2) depletable tangible assets —
natural resources, (3) intangible assets such'as patents,
franchises, formulas, copyrights, leaseholds, good will,
and trade-marks, and (4) land. (Amount in table 4
excludes land.)
3' Assets and liabilities are tabulated as of Dec. 31,
1940, or close of fiscal year nearest thereto. Total
as.sets classes are based on the net amount of total
assets after reserves for depreciation, depletion,
amortization, and bad debts. Adjustments are made
in tabulating the data, as follows: (1) Reserves, when
shown under liabilities, are used to reduce corre-
sponding asset accounts, and "Total assets" and
"Total liabilities" are decreased by the amount of
such reserves, and (2) a deficit in surplus, shown
under assets, is transferred to liabilities, and "Total
assets" and "Total liabilities" are decreased by the
amount of the deficit.
(Footnotes continued on p. 227)
STATISTICS OF INlCOME FQiR 1940, PART 2
227
Footnotes for basic tables 1-9, pages 42-225 — Continued
[Facsimiles of Forms 1120 and 1120L, to which references are made, appear on pp. 334-345)
<" Reserves reported by corporations under the cap-
tion "Surplus reserves" (item 13, schedule L, p. 4,
Form 1120).
« Consists of "Paid-in or capital surplus" and
"Earned surplus and undivided profits" (items 15
and 16, schedule L, p. 4, Form 1120).
" Negative amounts of "Earned surplus and undi-
vided profits" (item 16, schedule L, p. 4, Form 1120).
" The lower limit of each total assets class is shown
in this table. For method of tabulating "Total
assets," see note 39.
** Accounts receivable have been reduced by the
reserve for bad debts.
<5 Consists of "Investments, Government obliga-
tions," and "Other investments" (items 4 and 5,
respectivelj', schedule L, p. 4, Form 1120). Govern-
ment obligations include obligations of States, Terri-
tories, and political subdivisions thereof, the Dis-
trict of Columbia, and United States possessions;
obligations of the United States; and obligations of
instrumentalities of the United States.
« Accounts payable, and notes payable with origi-
nal maturity of less than 1 year (items 9 and 10 (a),
respectively, schedule L, p. 4, Form 1120).
" Bonds and mortgages with original maturity of
1 year or more (item 10 (b), schedule L, p. 4, Form
1120).
48 Preferred and common stock (items 14 (a) and
(b), respectively, schedule L, p. 4, Form 1120).
« Consists of "Surplus reserves." "Paid-in or capi-
tal surplus," and "Earned surplus and undivided
profits" (items 13, 15, and 16, respectively, schedule
L, p. 4, Form 1120).
50 Consists'of (1) "Gross sales less returns and allow-
ances," where inventories are an income-determin-
ing factor, and (2) "Gross receipts from operations,"
where inventories are not an income-determining
factor (items 1 and 4, respectively, p. 1, Form 1120).
51 Dividends paid in cash and assets other than the
corporation's own stock, not including liquidating
dividends.
52 Surplus deficit.
53 Returns with income tax liability but with no
declared value excess-profits tax liability are those on
which the allowance of 10 percent of the declared
value of capital stock and the "Dividends received
credit" are in excess of "Net income for declared
value excess-profits tax computation" (item 30, p. 1,
Form 1120).
5< Returns with declared value excess-profits tax
liability but with no income tax liability have net
income for declared value excess-profits tax computa-
tion in excess of 10 percent of the declared value of
capital stock and the "Dividends received credit,"
but not in excess of the sum of the declared value
excess-profits tax and interest on obligations of the
United States.
55 Nontaxable returns with net income for declared
value excess-profits tax computation not in excess
of (1) net operating loss deduction or (2) interest on
obligations of the United States, subject to declared
value excess-profits tax, or (3) the sum of 10 percent
of declared value of capital stock and "Dividends
received credit."
" Includes 43,741 returns of inactive corporations.
5' Reported in schedule M, p. 4, Form 1120.
58 Life insurance companies are required to include
only interest, dividends, and rents in gross income,
and are allowed as deductions the earnings needed
to maintain reserve funds required by law and re-
serve for dividends. See note 31.
59 Includes dividends from corporations organized
under the China Trade Act, 1922, and corporations
entitled to the benefits of sec. 251 of the Internal Rev-
enue Code (corporations receiving a large portion
of their gross income from sources within a possession
of the United States); and amounts not elsewhere
reported on the return, such as profit from sales of
commodities other than the principal commodity
in which the corporation deals; income from minor
operations; bad debts recovered; cash discounts; con-
ditional payments from U. S. Department of Agri-
culture; Federal income tax paid by lessee; income
from claims, license rights, judgments, and joint
ventures; net amount under operating agreements;
net profit from commissaries; profit on dealing in
futures; profit on prior years' collections (installment
basis) ; profit on purchase of corporations' own bonds;
recoveries of bonds, stocks, and other securities;
refunds for cancellation of contracts, for insurance,
management expenses, and processing taxes; and in-
come from sales of scrap, salvage, or waste.
50 Includes (1) negative amounts reported under
income, (2) losses by abandonment, fire, storm,
shipwreck, or other casualty, and theft, (3) sal-
aries and wages not deducted elsewhere on the
return, and (4) amounts not otherwise reported, as
administrative, general, and office expenses; adver-
tising costs; bonuses and commissions; delivery
charges; freight and shipping expenses; payments in
connection with lawsuits; research expenses; sales
discount; selling costs; travel expenses; and unreal-
ized profits on installment sales. See notes 30 and 31.
81 Assets not elsewhere reported on return, such
as sinking funds; other funds; deferred charges; organ-
ization expenses; prepaid and suspense items: inttr-
est, discount, coupons, and dividends receivable;
guaranty deposits, and deposits on contracts and
meters; and cash value of life insurance. Other
assets of life insurance companies include market
value of real estate and bonds and stocks in excess of
book value; interest, rents, and premiums due; and
agents' balances.
«2 Liabilities not elsewhere reported on return,
such as deferred and .suspense items; accrued expen-
ses; divi'lends payable: funds held in trust; borrowed
securities; outstanding coupons and certificates; and
overdrafts. Other liabilities of life insurance compa-
nies include the net value of outstanding policies ana
annuities, and borrowed money. Other liabilities
of banks include deposits (time, savings, demand,
etc.) and bank notes in circulation. Other liabili-
ties of building and loan associations include certifi-
cates of deposit.
53 Any amount under capital stock which is not
definitely designated as either common or preferred
is tabulated under common stock.
6' Consists of declared value excess-profits tax (in-
cluding defense tax thereon) and the excess profits
tax imposed by Second Revenue Act of 1940. (See
pp. 21-26.)
65 Imposed by Second Revenue Act of 1940. (See
pp. 21-26.)
56 Consists of income tax (including defense tax),
declared value excess-profits tax (including defense
tax) , and the excess profits tax imposed by the Second
Revenue Act of 1940.
CORPORATION EXCESS PROFITS TAX RETURNS
BASIC TABLES
ALL EXCESS PROFITS TAX RETURNS
10. States and Territories, general summary.
11. Adjusted excess profits net income and deficit classes, and
method of credit computation.
12. Normal-tax net income classes and method of credit computation.
EXCESS PROFITS TAX RETURNS EXCLUDING CONSOLIDATED
RETURNS
13. Industrial groups, general summary.
14. Total assets classes and method of credit computation.
15. Itemized computation of net income, credit, and tax.
CONSOLIDATED EXCESS PROFITS TAX RETURNS
16. Normal-tax net income classes and method of credit compu-
tation; related income tax returns of parent companies and
subsidiaries by industrial divisions.
17. Adjusted excess profits net income and deficit classes.
229
230
STATISTICS OP INCOME FOR 1940, PART 2
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STATISTICS OF INIOOOVEE FOR 19 40, PART 2
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232
STATISTICS OF INCOME FOR 1940, PART 2
Table 11. — Corporation excess profits tax retttrns, 1940, by adjusted excess profits
and reiurns with no adjusted excess profits net income, in aggregate and by method
tax, excess profits net income or deficit, excess profits credit, adjusted excess profits
[Adjusted excess profits net income and deficit
Adjusted excess prof-
its net income and
deficit classes '
Returns with adjusted excess profits net income '
Number
Normal-
Normal-
tax net
tax def-
income ^
icit '
Income
tax '
Excess
profits net
Excess
profits
credit *
.\djustcd
excess
profits
not in-
come '
Excess
profits
tax
AGQRE
5.294
4,245
1,869
892
614
275
251
173, 942
297, 305
293. 598
340. 340
364,010
382. 433
2, 063, 653
351
464
188
50
424
36,114
68. 429
69. 963
80, 928
80. 450
90, 702
484, 002
140,015
233, 890
226. 219
266, 057
282. 806
293. 457
1, 5,54, 893
102, 802
168, 563
1.57.341
199. 298
185.107
196,610
1,009,322
10,787
44,137
59, 449
62. 880
94: .569
95. 465
544,316
2. 698
10, 777
15,5.57
18,451
31,755
35, 897
258. 376
20 under 50
sounder 100.
100 under 250
250 under 500
600 and over
Total
13,440
3,921,280
1,484
917, 248
2, 997, 937
2.019,109
911,603
373,511
INVESTED CAPITAL
Under 5
2,184
1,477
550
271
171
69
54
56, .509
77.190
67, 096
93, 584
99, 479
87, 590
419,744
228
403
109
50
403
10, 841
17, 195
15,911
20, 765
23, 425
20, 882
99, 769
47, 974
64. 4.50
53, 172
70. 305
79. 230
08, 774
315,899
32, 721
41,9.36
32, 838
50, 209
51,723
44, 514
213.729
4.360
15.129
17, 584
18.782
26. 052
23,916
101,899
1,078
3,674
4,531
5, 462
8,902
8,892
47. 263
5 under 20
20 under 50 - ...
sounder 100
100 under 250
250 under 500
600 and over
Total
4,776
901, 192
1,260
208, 787
099, 804
467,671 1 208,322 1 79.803
1
INCOME METHOD-
Under 5
5 under 20
3,110
2,768
1,319
621
443
206
197
117,432
220,115
220, 503
252. 750
264, 531
294, 843
1, 643, 909
123
1
79
22"
25. 273
51.235
54,0.52
60. 164
63, 025
09,819
384. 893
92, 042
169. 439
173.047
196,292
203. 576
224.082
1,238,994
70. 081
120,026
124. 503
149.089
133. 445
1.52.102
795, 592
6,428
29.008
41,865
44. 098
07.917
71. 5.50
442.417
1,620
7, 103
11,027
12.988
22. 852
27. 005
211,112
20 under 50
50 under 100
100 under 250
250 under ,500
600 and over
Total
8,664
3, 020, 089
224
708, 461
2,298,073
1,551,439
703, 281
293, 708
INCOME METHOD—
Under5..
5 under 20
20 under 50 . .
1,504
1,338
603
297
240
120
113
62. 139
93, 250
110,302
126,021
147. 200
148, 681
1, 077, 187
123
1
43
11,115
21, 582
26, 330
30, 182
.35,138
35, 502
251,345
40, 853
71,394
83, 422
90, 004
112.131
114,321
805.813
30. 243
50. 045
58, 940
73, 072
73. 939
72. 347
536, 987
3,107
14.0.59
21.107
20,900
30. 991
41,375
268, 261
801
3, 443
5,001
6,213
12.026
15,676
128, 753
sounder 100
100 under 250-
250 under 500
600 and over
Total
4, 275
1,754,778
166
411,193
1,323,998
896, 773
405, 867
173,113
INCOME METHOD-
Under 5
1,600
1,430
656
324
203
86
84
05, 294
120,805
110,200
120,736
117,331
146. 163
566, 722
30"
22
14.159
29, 0.'-3
27. 722
29.982
27, 887
34,317
133, .548
51,189
98. 040
89. 025
100. 228
91,446
110,361
433,181
39, 838
75, 982
65, 562
75,417
59, 505
79, 7.50
258, 606
3.321
14.949
20. 098
23 192
30. 925
30.175
174.150
819
3.660
5.425
6.775
10, 227
11,329
82, ,300
Sunder 20
20 under 50.
60 under 100
100 under 250
250 under 600
600 and over .
Total
4,389
1,205,311
68
297, 268
974. 075
654, 665
297,415
120.595
For footnotes, see pp. 278-279.
STATISTICfi OF INlOOiME F0« 1940, PART 2
233
net income and deficit classes and by returns with adjusted excess profits net income
of credit computation: Number of returns, normal-tax net income or deficit, income
net income or deficit, and excess profits tax
claEses and money figures in thousands of dollars]
Returns with no adjusted excess profits net income '
Number
Normal-tax
net income '
Normal-tax
deficit «
Income
tax'
Excess
profits net
income '
Excess
profits
deficit ' '
Excess
profits
credit '
Adjusted
excess
profits
deficit »
GATE
15, 908
311,994
1,255
60, 259
260, 581
2
221,769
40, 731
18, 075
447, 927
3,548
92, 553
373, 028
203
465,110
182, 654
5, 566
289, 329
4,407
65, 077
237, 895
738
382, 027
172, 504
2,141
257, 704
3,761
59, 681
210, 542
1,006
348, 457
149,581
1,499
391,477
5, 602
92, 347
325, 970
1,699
549, 604
232, 398
001
309, 373
13,621
73, 468
262, 804
2,334
471,330
213,865
702
2,112,500
169,940
518, 085
1,836,508
45, 117
4, 353, 968
2, 566, 188
44, 492
4, 120, 305
202, 134
961, 471
3, 507, 329
51, 100
6, 792, 265
3, 557, 921
METHOD
6,596
9,312
3,633
1,530
1,099
474
609
96,818
102,847
129,622
114,414
170,387
197, 517
1,819,700
1,043
2, 651
3,426
3,156
4,741
11,098
168,488
17, 578
31,575
28, 023
26, 320
39, 973
46, 924
451,997
89, 089
154,882
119,244
104, 973
158,456
176,286
1, 623, 301
72, 519
206, 950
213, 950
204, 437
323, 378
342, 259
4, 029, 388
16,410
98, 621
11
137
412
1,232
36, 507
112,883
107, 207
170,830
169, 575
2,446,900
23, 253
2,691,304
194, 604
642, 391
2, 426, 230
38, 299
5,392,882
3, 122, 427
AGGREGATE
9,312
215, 176
211
42, 682
171,492
2
149, 251
24, 321
8,763
285, 080
897
60, 978
218, 146
203
258, 160
84. 032
1,933
159, 708
981
37, 054
118,652
727
168, 077
59, 021
611
143, 290
605
33, 361
105, 569
869
144,019
42, 374
400
221,090
861
52. 374
167,514
1,287
226, 226
61, 568
127
111,856
2, 523
26, 544
86,518
1,102
129,071
44, 290
93
292, 799
1,452
66, 088
213, 208
8,010
324. 580
1 19, 287
21, 239
1, 429, 000
7,530
319, 080
1, 081, 099
12, 801
1, 399, 383
435, 494
GENERAL AVERAGE
4,886
112,634
163
22,124
90, 117
2
77, 840
12,154
4,298
135, 136
795
28, 796
103, 358
162
122, 995
41,290
941
74. 863
700
17, 239
55,242
508
79, 342
29, 118
269
68, 599
287
16,203
61, 198
584
68, 059
18, 790
190
103,113
635
24.480
78, 390
912
105, 778
29, 251
74
55, 719
2,184
12,861
45, 046
1,071
69, 588
25. 983
44
178, 083
1,070
39,618
130, 895
7,372
181,926
57, 464
10, 702
728, 147
5,834
161,320
554, 246
10,612
705, 528
214,049
INCREASED EARNINGS
4,426
102, 543
49
20, 557
81,375
1
71,411
12, 167
4,465
149, 945
102
32, 182
114,788
41
135,165
42, 742
992
84, 845
281
19,815
63,410
218
88, 735
30, 504
342
74, 091
318
17, 158
54,371
285
75, 960
23, 584
210
117,977
226
27, S95
89, 125
375
120, 448
32,317
53
56, 137
340
13,682
41,472
31
59, 483
18, 307
49
114,716
381
26, 470
82,313
1,238
142, 654
61,823
10, 537
700, 854
1,696
157,760
526, 853
2,189
693, 855
221,445
234
STAfTISTICS OF INCOME FOR 1940, PART 2
Table 12. — Corporation excess profits tax returns, 1940, by normal-tax net income
adjusted excess profits net income, in aggregate and by method of credit computa-
net income or deficit, excess profits credit, adjusted excess profits net income or
TMoney figures in
Normal-tax net income classes «
Total
number
of
returns
Returns with adjusted excess profits net income 2
Number
Normal-tax
net
income ^
Income
tax ^
Excess
profits net
income ^
Excess
profits
credit «
AGGRE
Under 5,000
6,000 under 20,000
20,000 under 25,000
25,000 under 31,964
31 ,904 under 38,566
38,566 under 50,000
50,000 under 100,000
100,000 under 250,000--.
250,000 under .500,000- --
500,000 under 1,000,000.-
1,000,000 under 5.000,000
5,000,000 and over
Deficit 'o
Total
2,024
29, 026
4,416
3,393
2,169
2,6!>6
5,413
3,924
1,521
870
799
200
1.491
56
3,255
1,279
1,093
702
966
2,307
1,948
830
452
421
91
40
57,932 13,440
157
44, 320
28, 808
30, 837
24, 604
42, 847
163,617
304, 795
292,716
322, 156
851,863
1,814,502
11 1, 484
12 3, 919, 796
23
6,916
4, 667
5, 846
5,491
10, 168
?9, 248
72, 634
69, 868
• 76.751
202, 200
423, 436
2,327
40, 689
24, 844
25, 631
19, 788
33, 958
128, 289
238, 689
227, 201
243, 774
650, 681
1, 358, 586
3,480
2, 997, 937
1,733
14.600
11,830
12, 759
11,091
19, 138
78, 375
150,602
148,759
162,898
428, 353
976, 581
2,391
2, 019, 109
INVESTED CAPITAL
Under 5,000
5,000 under 20.000
20,000 under 25,000
25,000 under 31,964
31 ,964 under 38,566
38,566 under 50,000
50.000 under 100.000
100,000 under 250,000. _.
250.000 under 500,000- -.
500,000 under 1,000.000--
1,000,000 under 5,000,000
5,000,000 and over
Deficit i»
Total-
1,755
14, 951
1, 905
1,448
873
1,034
1, 998
1,413
562
328
318
97
1, 347
28, 029
35
,742
496
401
204
302
636
505
218
93
97
17
30
95
22, 675
11,201
11,295
7, 1.56
13,550
44, 807
78, 215
77, 982
66,117
200, 276
367, 823
" 1, 260
>2 899, 932
208, 787
589
21, 488
10, 095
9,728
6,154
11,264
35, 988
63, 751
62, 216
50, 639
152, 284
273, 008
2,659
699, 864
248
6, 963
4,507
4,275
3,315
6,114
20, 700
38, 518
39, 024
32, 928
105,316
203, 896
1,866
467, 671
INCOME METHOD-
Under 5,000
5,000 under 20,000
20,000 under 25,000
25,000 under 31,964
31,964 under 38,506
38,566 under 50,000
60,000 under 100.000
100.000 under 250,000.-.
250,000 under 500.000- --
500,01)0 under 1,000,000 .
1,060,000 under 5,000,000
5,000.000 and over
Deficit 1"
Total
269
14, 075
2,511
1,945
1,296
1,652
3,4)5
2,511
959
642
481
103
144
29, 903
21
1, 513
783
692
498
864
1,671
1,443
612
359
324
74
10
62
21,644
17, 667
19, 542
17,449
29, 298
118,810
22(), 581
214, 733
256, 038
651.586
1, 446, 679
11224
3,
2,
3,
3,
6,
28,
■54,
51,
61,
155,
337,
8,664 12 3,019,804 708,461 2,298,073 1,551,439
1,738
19, 201
14, 750
15, 903
13, 633
22, 693
92, 301
174, 938
164, 985
193, 135
498, 397
1, 085, 578
820
1,485
7,638
7,323
8,484
7,770
13, 024
67, 675
112,084
109, 735
129,970
323, 036
772, 685
525
For footnotes, see pp. 278-279.
STATISTICS OF IMCOME FOR 19 40, PART 2
235
classes, and by rehirns with adjusted excess profits net income and returns with no
tion: Nutnher of returns, normut-iax net income or deficit, income tux, excess profits
deficit, and excess profits tax
thousands of dollars]
Returns with adjust-
ed excess profits
net income '—Con.
Returns with no adjusted excess profits net income '
Adjusted
excess
profits
net income *
Excess
profits
tax
Number
Normal-tax
net income 6
Income
tax 7
Excess
profits net
income ^
Excess
profits
deficit 3 s
Excess
profits
credit 5
Adjusted
excess
profits
deficit >
GATE
321
65
1,968
5,648
830
20,771
228
58, 662
47, QfiO
9, 8 If)
2,136
25, 771
271,251
41, 777
254, 535
989
402, 238
277, 526
6,619
1,566
3.137
70, 575
U, 430
62, 164
623
96, 340
50, 483
7, 408
1,720
2,300
64,914
12, 308
55, 851
174
93, 288
49,111
5,187
1,251
1,467
51, .534
11,529
45, 526
178
93, 494
55, 482
10,097
2,457
1. 720
75, 450
17,980
63, 691
485
116,735
62,129
38, 379
9,850
3,106
215, 564
51,334
179, 351
655
322, 842
159, 046
78, 363
22, 514
1,976
301, 706
72, 061
253, 157
1,413
541, 855
299, 432
74, 220
23, 3G8
691
241, ,W4
57, 516
194, 052
1,108
338, 854
141, 426
78,617
28, 102
418
292, 386
71,460
239, 936
3,750
474, 053
24a, 950
220. 138
93, 736
378
825, 356
204, 731
707,211
3,300
1,332,005
628, 825
381, .""iSO
18G, 533
109
1,704,415
405, 169
1,340,117
2, 152, 638
813,066
723, 885
889
216
1,451
11 202, 134
3,348
90,966
38, 195
769, 261
911,603
37,3,511
44, 492
'■' 3, 918, 171
961, 471
3, 507, 329
51, 100
6. 792, 265
3, 557, 921
METHOD
173
5,818
3.107
3,448
1.819
3,658
12, 108
22, 689
22, 102
17. 246
46, 482
69, 028
643
208, 322
30
1,209
727
751
447
909
3,105
6,617
7, 053
6.001
19, 427
33, 385
142
79, 803
1,720
13, 209
1,409
1, 047
669
732
1, 362
908
344
235
221
80
1,317
23, 253
4,S95
13,5,699
31,654
29, 582
23, 540
32, 198
95, 150
139. 986
120, 499
165,282
498, 398
1,414,415
11 194, 604
> 2, 496, 700
720
20, 708
5,130
5, 647
.5, 192
7. 694
22, 628
33, 575
29, 071
41, 297
127, .526
340. 224
2,978
642, 391
18,723
142, 780
.30, 541
28, 140
24, 855
31,0(4
89, 901
133. 736
103, 631
145, 860
463,619
1,128,008
85, 392
2, 426, 230
177
125
101
1,024
120
599
36, 120
38, 299
53, 105
267, 131
56, 785
57, 394
65, 231
71, 179
197, 282
379, 198
210,077
349, 963
1,018, .500
1,911.343
755, 692
5. 392, 882
AGGREGATE
43, 159
190,499
33,290
34,515
43. 721
43, 795
114,261
251,027
108,353
200, 937
.555, 986
783, 735
713, 146
3, 122, 427
148
35
248
753
110
2.048
51
5, 557
4,800
3, 998
12, 562
135, 553
21,069
111,755
865
135, 107
87, 026
3, 51 2
838
1,728
38, 921
6,300
31, 624
623
39, 554
17,194
3, 960
909
1,253
35, 332
6, 663
27, 712
147
35, 894
14, 595
3,368
805
798
27, 995
6,337
20, 671
178
28, 263
11, 761
6,439
1,548
988
43. 252
10, 285
32, 647
485
45. 556
18,333
26, 271
0,744
1, 744
120,408
28, 706
89, 450
554
125, .560
45, 385
55, 674
1.5,897
1,068
161, 720
38, 485
119,420
389
162, 6.56
48,405
52.118
16.315
347
121.006
28,445
90. 421
982
128,777
41,073
61, 370
22. 101
183
127, 103
.30, 163
94,076
3, 151
124,Cf>0
34,013
173, 6.56
74, 308
157
326, 958
77, 205
243, .592
3,300
313, 505
72, 840
312, 523
246
153, 147
73
293, 708
29
134
21, 239
290, 000
11 7,5,30
12 1,421,470
64. 945
'369
212. 109
5, 574
1,081,099
241.295
13, .568
29,330
10, 7.39
2, 075
703, 281
319, 080
12, 801
1,-399,383
435, 494
52.5003—44-
-16
236
STATISTICS OF INCOME FOR 19 40, PART 2
Table 12. — Corporation excess profits tax retvrns, 1940, by normal-tax net income
adjusted excess profits net income, in aggregate and by method of credit computa-
net income or deficit, excess profits credit, adjusted excess profits net income or
[Money figures in
Normal-tax net income classes '
Total
number
of
returns
Returns with adjusted excess profits net income'
Number
Normal-tax
net
income «
Income
tax '
Excess
profits net
income 3
Excess
profits
credit '
INCOME METHOD—
Under S,OCO . ._
5,000 under 20,000
20,000 under 25,000
25,000 under 31, 9fi4
31,964 under S'^.See
38,560 under 50,000
50,000 under 100,000
100,000 under 250,000, _.
250,000 under 500.000 _ .
500,000 under 1,000,000 .
1,000,000 uiider 5,000,000
6,000,000 and over.
Deficit >»
Total
155
7.205
1,287
831
fi26
S09
1,6.58
1.194
433
280
254
54
91
14, 977
7
753
409
33S
247
318
821
686
273
201
177
38
7
4.275
24
10, 634
9,266
9, .545
8,657
14,078
58. 227
108. 524
97, 325
144,889
362, 934
930. 675
I' 166
<2 1, 7.54, 612
4
1, 666
1,513
1,800
1,947
3, 358
14, 006
25, 985
23. 240
34, 670
86,418
216,585
411, 193
179
9,554
7.698
7,809
6, 769
10. 988
45. 300
82. 159
75, 949
108, 906
273. 210
695. 133
343
1, 323, 998
3,
3
4,
3,
6,
27,
51,
48,
70,
177,
498,
105
704
790
178
811
482
656
317
972
527
885
139
8,773
INCOME METHOD-
Under 5,000
5,000 under 20,000
20,000 under 25,000
25,000 under 31,964
31,964 undi>r 38,566
38,566 under ,50.000
50,000 under 100,000
100,000 under 250,000 . . .
250,000 under 500,000 _ .
500,000 under 1,000,000_.
1,000,000 under 5,000,000
5,00f.,000 and over
Deficit I"
Total
114
6. 870
1.224
1,014
670
843
1. 757
1.317
526
262
227
49
53
14. 926
14
760
374
354
251
346
850
7,57
339
1.58
147
36
3
38
11,011
8,401
9,997
8,791
15, 220
60, 583
118.056
117,408
111.149
288. 652
516. 004
" 58
4, 389 '2 1. 265. 252
6
1,740
1,.340
1.907
1, 980
3, 629
14, 507
28.110
28.032
26, 538
68, 891
120, 589
297, 268
1, 559
9,647
7.051
8.094
6, 864
11,700
47. 001
92, 779
89. 036
84, 229
225, 187
390, 445
477
974. 075
1,380
3.934
3. .533
4, 306
3.964
6, .542
30. 019
60. 767
60. 763
59, 443
145, 1,52
274, 546
316
654, 665
For footnotes, see pp. 278-279.
STATTSTXCS OF ESTlCOME FQiR 1940, PART 2
237
classes, and by returns with adjusted excess profits net income and returns with no
Hon: Number of returns, normal-tax net income or deficit, incbme tax, excess profits
deficit, and excess profits tax — Continued
thousands of dollars]
Returns with adjust-
ed excess profits
net income '—Con.
Returns with no adjusted excess profits net income >
Adjusted
excess
profits
net income '
Excess
profits
tax
Number
Normal-tax
net income'
Income
tax '
Excess
profits net
income 3
Excess
profits
deficit 3 8
Excess
profits
credit *
Adjusted
excess
profits
deficit >
GENERAL AVERAGE
39
7
148
447
63
970
34
2,593
2,397
2,085
487
6,452
68, 295
10, 559
56. 125
398
66,119
42. 652
1,864
450
878
19, 806
3,211
16, 031
620
19. 552
8,530
1,941
479
593
16, 737
3,131
13, 032
102
17, 139
7.174
1,723
402
379
13, 334
3,046
9,706
143
13, 091
5,423
3,005
781
491
21. 483
5,103
16, 457
449
22, 486
8.933
13, 539
3,478
837
57, 869
13. 787
43, 272
245
61,224
22. 382
27.412
7,890
508
76, 139
18. 000
56, 056
282
75. 995
22. 632
25, 540
8,123
160
55, 567
12, 950
40, 494
857
60, 638
21,801
37. 374
13, 681
79
55,911
13, 032
42, 286
2,711
55. 809
16. 561
94, 440
40, 586
77
169, 542
39. 511
126, 129
3,136
159, 984
36,217
196, 804
96, 721
16
173,017
38, 518
130, 143
143. 921
13 858
99
27
84
" 5,834
359
3,545
1,633
6,978
5,487
405, 867
173,113
10, 702
'2 722, 313
161, 320
554, 246
10, 612
705, 528
214, 049
INCREASED EARNINGS
109
27
100
306
46
1,078
17
2,964
2,403
1.913
439
6,110
67, 258
10,511
55. 630
466
68, 989
44, 374
1.648
389
850
19,115
3. 089
15, 592
4
20, 003
8.664
2.019
490
660
18. 595
3,530
14. 680
45
18. 755
7,420
1. 645
402
419
14. 661
3,291
10, 964
35
15, 172
6,338
3,433
767
497
21, 769
5,182
16, 191
36
23, 070
9.400
12, 732
3,267
907
62. 538
14,919
46, 178
309
64. 337
23. 003
28, 262
8,007
560
85. 581
20, 486
63, 364
107
86, 661
25, 773
26, 578
8,191
187
65. 439
15, 494
49, 926
124
68, 139
19, 272
23.996
8,420
104
71, 192
17, 080
51, 79C
440
68. 281
17,451
79, 215
33, 722
80
1.57,416
37, 694
117, 463
164
153, 521
36. 622
115,719
56, 426
13
116,983
26, 427
81. 966
97, 374
15, 473
146
46
50
" 1,696
10
2,030
441
6.590
5.252
297,415
120, 595
10, 537
'2 699, 157
157, 760
526, 853
2,189
693, 855
221, 445
238
STATISTICS OF INCOME FOR 19 40, PART 2
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STATISTICS OF INICOME FOR 19 40, PART 2
239
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250
STATISTICS OF ESTCOME FOR 1940, PART 2
Table 14. — Corporation excess profits tax returns (excluding consolidated returns),
returns with no adjusted excess profits net income, and by method of credit computa
average; and Part III, income credit method, increased earnings: Auniher of re
or deficit, excess profits credit, adjusted excess profits nit income or deficit, excess
[Data from Forms 1121 and
PART I— INVESTED
[Total assets classes and
Returns with adjusted excess profits net
income ^
Total assets classes i'
Total returns
with balance
sheets
Under 50
50 under
100
100 under
250
10
Number of returns s?
Assets:
Cash 18
Notes and accounts receivable (less reserve)
Inventories
Investments (Government obligations):
States, Territories, and political subdivisions
thereof.
United States
Instrumentalities of the United States
Other in vestments
Capital assets (less reserves) "
O ther assets
Total assets "
Liabilities:
Accounts payable _
Bonds, notes, and mortgages payable:
Maturity less than 1 year
Matmity 1 year or more
Other liabilities
Capital stock, preferred
Capital stock, common
Surplus reserves ^
Surplus and undivided profits "
Less deficit "
Total liabilities "
Normal-tax net income '
Normal-tax deficit « .._
Excess profits net income ^
Excess profits credit 5
Adjusted excess profits net income ^
Excess profits tax
Income tax ' _
Declared value excess-profits tax 23 _
Total tax
4,330
764, 238
1, 224, 526
1, 195, 489
26, 930
109, 912
9,355
887, 579
2. 488, 228
143. 068
6, 849, 325
546, 253
260. 397
572, 196
691, 100
622. 374
1, 932, 551
220. 803
2, 050, 187
46, 535
6, 849, 325
750, 916
649
577,115
377, 129
178, 336
67, 934
173,490
6.512
247, 936
2,253
3,018
1,687
1
6
11
244
2, 952
342
5,810
12,810
10, 290
28
1,050
11,597
1,385
10, 515
43, 091
1,935
683
645
1,144
491
3,497
163
2,723
705
7,964
4,716
2,923
3,388
1,.597
14, 679
784
9,083
2,041
10,515
43, 091
3,567
8,517
3,042
205
1,231
270
577
637
1,423
225
932
2,285
1,243
21,476
57, 063
50, 874
303
735
329
6,825
60. 923
6, 052
204, 579
35, 638
20, 8.56
16, 105
16, 148
9,723
64, 981
2, 959
45. 025
6,855
204, 579
28,356
15
24, 004
9,216
8,574
2,146
5,287
558
7,992
For footnotes, see pp. 278-279.
STATISTICS OF INlCOME FO'R 1940, PART 2
251
IQJtO, by total assets classes, by returns tvith adjusted excess profits net income and
tion — Part I, invested capital credit method; Part II, income credit method, general
turns, assets and liabilities, normal-tax net income or deficit, excess profits nei income
profits tax, income tax, declared value excess-profits tax, and total tax
1120 filed by identical corporations]
CAPITAL CREDIT METHOD
money flgures in thousands of dollars]
Returns with adjusted excess profits net income *— Continued
Total assets classes "—Continued
Returns
with no
balance
sheets
250 under
500
500 under
1,000
1,000 under
5,000
5,000 under
10,000
10,000 under
50,000
50,000 under
100,000
100,000 and
over
800
585
628
83
75
4
8
99
1
26, 238
79, 080
70, 274
306
1,343
335
12, 758
84, 928
8,344
40, 987
103, 650
100, 936
2,404
3,845
7.W
20, 416
129, 584
9,918
1,50,532
315,454
307, 170
6,094
26. 002
2,683
104, 985
434, 976
32, 238
54, 696
13,5, 445
110, 101
5,686
17, 371
2,839
61, 670
191,907
16, 146
171, 965
267, 233
265, 691
8,758
29, 436
2,263
179, 119
559, 197
18, 660
20, 563
31, 661
27, 420
3,209
9,382
117
50, 750
128, 221
2,188
269, 717
219, 113
251,048
123
21, 696
?
■?
4
f>
a
7
449, 761
883, 943
47,813
S
9
10
283,607
412, 490
1, 380. 134
595, 861
1, 502, 323
273, 511
2, 143, 213
11
42,618
29,054
25, 788
19, 300
16,710
84, 143
4,509
66.817
5,332
46, 447
30, 310
29, 829
41,237
23, 023
127, 872
8,888
110. 241
5,357
119, 678
94, 758
91, 069
173, 909
119,557
392, 019
33. 344
369, 336
13, 536
60, 309
27, 030
47, 326
75, 297
55.291
143. 975
20, 080
177. 849
1,297
102, 332
27, 722
129, 030
173, 951
135, 388
478, 346
66, 410
400. 497
11,351
13, 338
125, 993
25, 268
198, 400
170, 475
244, 673
566. 477
74, 420
737, 508
1?
13
31, 080
16, 252
15, 922
56, 563
9,246
131, 109
14
15
Ifi
17
18
19
20
283, 607
412, 490
1, 380, 134
.595, 861
1, 502, 323
273, 511
2, 143, 213
?1
33, 250
64
27, 331
13. 556
9,775
45,808
366
37, 067
20, 987
13, 155
148, 302
175
118,072
72, 329
42, 603
67, 789
10
47, 101
SO, 870
15, 816
165, 089
19
118,666
87, 188
31, 103
36, 435
233, 803
7,598
405
6,614
2,621
3,499
22
?3
21, 694
15. 452
6,222
172, 921
125, 685
47, 196
24
25
26
2,572
7,475
548
3,651
10, 875
746
14,118
35, 325
1,884
5,545
13, 599
446
13. 205
36. 131
1.259
2,507
7,100
146
23. 282
55, 699
615
800
1,760
137
27
28
29
10, 695
15, 272
51, 327
19, 690
50, 594
9,753
79, 596
2,697
30
525003—44-
-17
252
STATISTICS OF I]SrC'OMB FOR 1940, PART 2
Table 14. — Corporation excess profits tax returns {excluding consolidated returns),
returns with no adjusted excess profits net income, and by method of credit computa
average; and Part III, income credit method, increased, earnings: Number of re
or deficit, excess profits credit, adjusted excess profits net income or deficit, excess
[Data from Forms 1121 and 1120
PART I— INVESTED CAPITAL
[Total assets classes and money
10
Number of returns s'.
Assets:
Cash's..
Notes and accounts receivable (less reserve)
Inventories
Investments (Government obligations):
States, Territories, and political subdivisions
thereof.
United States.
Instrumentalities of the United States
Other investments
Capital assets (less reserves) "--.
Other assets
Total assets "_
Liabilities:
Accounts payable.
Bonds, notes, and mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities
Capital stock, preferred
Capital stock, common
Surplus reserves 20
Surplus and undivided profits *'
Less deficit 22
Total liabilities ".
Normal-tax net income »
Normal-tax deficit ' -.
Excess profits net income'
Excess profits credit '
Adjusted excess profits net income '.
Excess profits tax.
Income tax '
Declared value excess-profits tax ".
Total tax.
Returns with no adjusted excess profits
net income '
Total assets classes "
Total returns
with balance
sheets
20, 450
9, 649, 222
9, 771, 946
3, 398, 639
910, 335
4, 268, 491
388, 374
7, 298, 581
19, 376, 291
1, 161, 305
56, 223, 184
1, 519, 583
1,153,871
8, 064, 886
20, 066, 555
3, 064, 062
11, 594, 360
1,048, 119
10, 372. 958
661,211
56, 223, 184
1, 277, 900
51, 848
1, 180, 600
2, 189, 722
2« 1,111,372
288, 175
1,790
289, 965
Under 50
2,708
4,701
3, 834
26
55
28
442
5, 574
618
17, 986
3,200
1,183
1,556
1,117
1,712
15, 224
127
5,006
11, 140
17,!
3,789
5
3,255
1,994
" 1, 234
597
65
50 under
100
12, 765
33, 655
31, 581
195
380
115
3,949
43, 300
3,705
129, 645
16, 377
9,491
9.570
6,953
6,135
59, 756
973
30, 268
9,878
129. 645
13,286
20
llv536
8,268
2< 5, 131
2,050
136
2,187
100 under
250
5,050
62, 380
218. 375
188, 478
1,906
4,670
1,365
34, 995
304, 410
23,577
840, 157
94, 165
64,085
77, 394
37, 503
46, 165
356, 433
6,548
199, 389
41, 524
840, 157
52, 461
232
46^382
57, 891
2< 36, 759
8,341
234
8,575
For footnotes, see pp. 27 8-2'. 9.
STATISTICS OF INlCOiME FOR 19 40, PART 2
253
19ItO, hy total assets classes, by returns with adjusted excess profits net income and
Hon — Part I, invested capital credit method; Part II, income credit method, general
turns, assets and liabilities, normal-tax net income or deficit, excess profits net income
profits tax, income tax, declared value excess-profits tax, and total tax — Continued
filed by identical corporations]
CREDIT METHOD— Continued
figures in thousands of dollars]
Returns with no adjusted excess profits net income »— Continued
Total assets ciasses " —Continued
Returns
with no
balance
sheets
250 under
500
500 under
1,000
1,000 under
5,000
5,000 under
10,000
10,000 under
50,000
50,000 under
100,000
100,000 and
over
4,454
3,324
4,006
697
586
89
65
258
1
101, 861
348,068
282, 631
4,228
13, 103
3,096
96,717
698, 273
39,836
195, 460
535, 083
338, 076
20, 355
39, 799
7,948
181, 321
970, 117
58, 678
1, 135, 108
1, 863, 801
781, 708
141, 233
338, 898
62, 525
1, 008, 258
2,996,611
170, 896
673, 658
943, 273
375. 141
71, 681
260, 156
40, 169
626, 519
1, 792, 068
92, 596
2, 093, 730
1, 876, 525
722, 021
134, 512
757, 541
68, 542
1, 733, 770
4, 266. 676
244, 996
981, 855
861, 714
226, 835
103, 167
333, 568
44, 574
908, 073
2,614,899
150, 069
4, 389, 698
3, 086, 752
448, 332
433, 032
2, 520. 320
160, 012
2. 704, 536
5, 684, 364
376, 335
?
^
4
fi
fl
7
8
()
in
1,587,813
2. 346. 836
8, 499, 037
4, 875, 260
11,898,313
6, 224, 754
19, 803, 382
11
137, 702
118,520
259, 558
87,723
96, 318
578, 601
15, 162
352, 188
57, 960
156, 656
160, 550
362, 607
315,211
144, 436
740, 736
32, 420
527, 615
93, 396
337, 776
352, 127
1,004.114
2, 475, 366
494, 734
2, 144, 892
153, 909
1, 714, 814
178, 694
135, 090
172, 585
567, 057
1, 494, 497
293, 808
1,113,631
111,436
1, 060, 553
73, 396
327, 863
220, 428
1, 685, 812
4,203,511
847, 717
2, 287, 323
260, 762
2, 213, 436
148, 539
130, 761
48, 149
1, 520, 398
2, 151, 343
476, 928
1, 045, 230
95, 184
798, 451
41, 690
179, 994
6,753
2, 576, 820
9, 293, 330
656, 109
3, 252, 534
371, 597
3, 471, 237
4,993
1?
11
14
15
16
17
18
1Q
?fl
1, 587, 813
2, 346, 836
8, 499, 037
4, 875, 260
11,898,313
6, 224, 754
19, 803, 382
'I
64,563
748
61,418
94, 662
i* 55, 514
77, 693
1,808
72, 066
132, 546
2< 77, 099
205, 736
5,641
189, 898
396, 775
» 226, 907
112,016
5,589
106, 237
229,014
■* 126, 262
271, 542
9,436
248, 259
478, 623
" 233, 293
121,016
3,151
121. 484
226, 552
« 105, 513
355, 798
25, 216
320, 064
563, 399
" 243, 660
16, 679
679
18, 833
59, 171
« 41, 628
22
23
24
25
26
77
11, 2ftl
158
16, 150
200
47, 109
392
26,566
127
63, 621
228
28,.851
12
83,599
238
3,813
12
28
29
11, 449
16, 350
47,500
26, 693
63, 849
28, 862
83, 837
3,826
30
254
STATISTICS OF INCOME FOR 1940, PART 2
Table 14. — Corporation excess profits tax returns (excluding consolidated returns),
returns with no adjusted eacess profits net income, and by method of credit computa
average; and Part III, income credit method, increased earnings: A umber of re
or deficit, excess profits credit, adjusted excess profits net income or deficit, excess
[Data from Forms 1121 and 1120
PART II— INCOME CREDIT MB
[Total assets classes and money
Number of returns ".
Assets:
Cash" -.--
Notes and accounts receivable (less reserve)
Inventories
Investments (Government oblipationsh
States, Territories, and political subdivisions
thereof.
United States
Instrumentalities of the United Slates
Other investments
Capital assets (less reserves) i'
Other assets —
Total assets ".
Liabilities:
Accounts payable
Bonds, notes, and mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities
Capital stock, preferred
Capital stock, common
Surplus reserves -<> _
Surplus and undivided profits 21
Less deficit 22
Returns with adjusted excess profits net
income 2
Total assets classes "
Total returns
with balance
sheets
4,032
977, 109
1,501,269
1,780,297
38, 549
167, 935
44, 441
749, 246
2,701,465
164, 181
8, 124, 491
Total liabilities ".
Normal-tax net income'-.
Normal-tax deficit » ,
Excess profits net income '
Excess profits deficit ' -.
Excess profits credit '
Adjusted excess profits net income '-
Excess profits tax
Income tax '
Declared value excess-profits tax «.
Total tax.
1, 023, 626
162, 930
609, 992
741, 608
486, 109
2,221.602
369, 276
2,528,810
19, 523
Under 50
1,683
2,163
1,004
(«)
137
1,897
210
7,106
8, 124, 491
1, 295, 338
38
982, 338
660, 287
301,890
123, 547
305, 370
6,290
435, 208
1,432
283
236
937
128
2,407
142
2.601
1,059
50 under
100
510
6,360
10, 840
8,262
20
233
50
1,142
10, 390
1,301
38, 599
7,106
3,451
2,834
1,017
747
182
602
65
6,104
2,374
1,876
3,515
1,293
11, 246
816
12. 470
1,096
100 under
250
38, 599
10, 852
""8," 797'
3,835
2,412
598
2,006
163
2,767
1,095
24,972
52, 238
43, 085
309
1,219
200
6,296
48, 085
5,567
181, 973
27, 345
9, 587
7, 621
16, 774
5,780
55, 370
4,123
57, 322
1,948
181,973
40, 893
"3i,"843'
16, 500
9,868
2,552
8,863
433
11, 847
For footnotes, see pp. 278-279.
STATISTICS OF INlCOME FOR 1940, PART 2
255
1940, by total assets classes, by returns with adjusted excess profits net income and
tion — Part I, invested capital credit method; Part II, income credit method, general
turns, assets and liabilities, normal-'.ax net income or deficit, excess profits net income
profits tax, income tax, declared value eocess-profiis tas, and total tax — Continued
filed by identical corporations]
THOD— GENERAL AVERAGE
figures in thousands of dollars]
Returns with adjusted excess profits net income '—Continued
Total assets classes "-
-Continued
Returns
with no
balance
sheets
250 under
600
500 under
1,000
1,000 under
6,000
5,000 under
10,000
10,000 under
50,000
50,000 under
100,000
100,000 and
over
789
571
631
121
80
10
11
45
1
33,002
74, 489
69, 686
559
3,714
769
12, 133
80, 506
7,867
47, 996
97, 294
92, 897
2,603
5,995
647
20, 587
118,844
9,600
178, 810
274. 006
304, 320
6,737
31,681
3,640
83, 656
448, 201
33, 123
113,915
136,211
172, 897
6,864
24, 560
986
60, 883
292, 828
21,065
230, 616
249,611
272, 522
6,625
58, 853
10,987
179, S31
618,168
20, 577
101, 733
36, 116
87, 383
2,882
22, 999
238, 021
568, 301
728, 241
11,949
18,669
27, 163
284, 746
798, 783
46, 859
?
3
4
5
6
7
99, 834
283, 763
18,112
8
<J
10
282, 723
396, 363
1, 364, 175
830, 207
1, 647, 789
652, 822
2, 722, 732
11
38,006
16, 536
13,632
24,085
12, 809
83,516
6,825
90, 989
3,674
51,069
20.092
19, 223
37, 503
21.097
109, 951
10, 991
127, 900
1,463
125, 423
49,848
55, 995
134, 428
88, 152
363, 458
46, 946
505, 418
5,492
51,449
17, 683
52, 171
79, 721
61,501
231, 966
37. 808
298, 564
656
108, 784
29, 129
153, U29
197, 790
122,603
465, 146
83, 449
494, 995
4,135
27, 384
12, 785
27, 689
83.073
9.619
147, 283
31.856
313. 133
586, 631
4,614
281. 521
163, 844
163. 126
751. 2.58
146.319
625, 418
1?
13
14
l.";
16
17
18
1<»
?0
282, 725
396, 363
1,364,175
830, 207
1,647,789
662, 822
2, 722, 732
21
56, 525
25
43,395
71, 725
6
55,039
255, 104
142, 969
264, 399
7
201,024
97, 355
352,066
4,126
22
193, 204
108, 281
76, 569
261,361
3,247
24
'>5
25, 239
14,211
31, 186
20,998
121,546
68, 503
72, 271
35, 404
128, 873
71,751
55, 662
20, 847
204, 168
57, 148
1,423
1.599
26
27
3,884
13,442
523
6,248
17, 133
632
24, 647
61 , 005
1.905
14, 486
34,139
858
32, 843
62, 730
1,441
9,990
22, 483
144
28,118
82, 967
127
311
953
25
28
29
30
17, 849
24, 014
87, 557
49, 483
97,014
32, 617
111,212
1,289
31
256
STATISTICS OF IN'COMEJ FOR 1940, PART 2
Table 14. — Corporation excess profits tax returns (excluding consolidated returns),
returns with no adjusted excess profits net income, and by method of credit computa
average; and Part III, income credit method, increased earnings: Number of re
or deficit, excess profits credit, adjusted excess profits net income or deficit, excess
[Data from Forms 1121 and 1120
PART II— INCOME CREDIT METH
[Total assets classes and money
Returns with no adjusted excess profits
net income '
Total assets classes "
Total returns
with balance
sheets
Under 50
50 under
100
100 under
250
Number of returns ".
9,914
1, 158
Assets;
Cash 1'..
Notes and accounts receivable (less reserve)
Inventories
Investments (Government obligations):
States, Territories, and political subdivisions
thoreor.
United Stitos
Instrumentalities of the United States..
Other investments
Capital assets tlcss reserves) "
Other assets
Total assets ".
Liabilities:
Accounts payabl"-
Bonds, notes, and mortgasros payable:
Maturity less than 1 year
Maturity 1 year or m!;rc
Other liabilities j...
Capital sUiek, preferred
Capit;il stoc'c, common
Surplus reserves 21'
Surplus and undivided profits 21
Less d(^ficit 2-'
Total liabilities ".
Normal-tix net income'.
Normal-tax deficit e
Excess profits net income 3
Excess piofits deficit ^
Excess profits credit ■'
Adjusted excess profits net income *.
Excess profits tax
Income tax '
Declared value excess-profits tax 23.
Total tax.
1,031,351
1, 305, 910
1, 090, 909
104, 512
307, 359
37, 190
1,717,770
2, 654, 699
269, 261
8,183
8, 634
6,249
21
260
41
1,516
10 927
1,216
19.384
35, 503
28, 90S
139
1,016
248
5,203
44,431
4,300
53, 593
133,717
101,660
1.348
4,476
813
24,376
161, 286
14,779
8, 524, 962
37. 046
139, 132
499, 046
562, 289
222, 431
933.611
1, 297, 921
617,218
2, 278. 492
270, 557
2,413,797
71, 355
4, 368
1,228
1,211
3,203
559
17, 139
738
12,791
4, 195
17,887
6, 847
7, 035
8,563
3. 595
52. 550
1,401
46. 529
5,335
60, 925
30. 594
33, 278
27,831
19.032
183, 374
7,307
153.923
17, 218
8, 524, 962
617, 868
2,468
470. 817
8,502
589, 103
2< 176, 358
37, 016
139,132
499. 046
11,823
48
9, 667
186
9,111
' 5, 420
21,827
17, 769
1
17, 508
2*9,171
55, 602
38
43, 701
216
49, 963
2<21,936
136, 098
380
136, 478
1,949
61
3,643
73
10, 263
138
2,011
3,716
For footnotes, see pp. 278-279.
STATISTICa OF INlOO'ME FOR 19 40, PART 2
257
1940, by total assets classes, by returns with adjusted excess profits net income and
lion — Part I, invested capital credit method; Part II, income credit method, general
turns, assets and liabilities, normal-tax net income or deficit, excess profits net income
profits tax, income tax, declared value excess-profits tax, and total tax — Continued
filed by identical corporations]
OD— GENERAL AVERAGE— Continued
figures in thousands of d. liars]
Returns with no adjusted e.xcess profits net income 2— Continued
Total assets classes " -Continued
Returns
with no
balance
sheets
250 under
500
600 under
1,000
1,000 under
5,000
5,000 under
10,000
10,000 under
50,000
50,000 under
100,000
100,000 and
over
1,672
1,036
859
104
86
11
9
201
1
58,606
155, 066
107, 349
2,310
6.741
1,758
40,115
199, 939
18, 4')0
85, 218
162, 294
110, 977
8,279
15, 866
1,954
66. 619
242, 648
20, 744
240. 187
370, 964
234, 047
27,428
68, 573
7,683
169,616
544, 043
40, 821
87, 943
114, 149
70, 332
13, 774
36, 521
2,543
127, 101
256, 690
18, 379
203, 649
173,981
168, 095
33, 798
98, 496
18, 326
324, 005
607, 533
69, 356
76, 408
95, 315
72, 302
8,101
29, 743
3,825
117,868
338, 921
14, 361
198, 090
56, 288
196, 990
9,316
45, 666
?.
3
4
5
fi
7
841, 352
245, 282
66, 847
8
9
10
.590, 435
714. 599
1, 703, 361
727, 432
1, 697, 239
756, 844
1, 659, 829
11
63. 502
30,811
49, 091
47, 022
26, 539
195, 857
10. 434
170, 8 '6
9,b96
64,951
37, 336
50, 518
97, 427
38, 488
205, 837
13,875
217, 775
11,608
119,283
61, 963
133, 333
350, 591
93, 660
443,519
40, 120
482, 662
21. 770
47, 666
16, 027
84, 446
121,311
38, 215
175, 829
28, 825
215, 699
586
85, 146
29, 081
176, 279
331. 009
105, 925
452, 703
45, 052
472, 044
41,610
2,545
148, 501
128, 166
112.702
180, 141
23, 166
120,960
947
66, 891
u
n
249.915
182, 798
178, 504
371, 543
99, 579
520, 599
14
I,")
16
17
IK
19
20
530, 435
714, 599
1, 703, 361
727, 432
1, 697, 239
756, 844
1, 659. 829
?x
51,716
311
39, 966
38
50, 930
5* 19. 361
54, 760
414
41, 008
318
54, 902
2* 19, 452
121,814
678
88,482
1,049
122, 766
24 39, 627
49,723
221
34, 436
465
50, 434
21 16, 983
116,230
757
91, 654
869
112,887
24 22. 533
37, 051
97, 323
6,564
256
4,805
340
7,350
3,889
22
?,1
28,638
183
39, 764
24 11, 363
75, 492
5,178
80, 781
24 10. 513
24
25
26
27
28
11,008
47
12,617
21
28, 725
21
11, 770
6
27, 561
12
7,813
20, 746
1,366
8
29
30
11,058
12, 638
28,747
11, 776
27, 573
7,813
20, 746
1,374
31
258
STATISTICS OF INCOME FOR 19 40, PART 2
Table 14. — Corporation excess profits tax returns (excluding consolidated returns),
returns with no adjusted excess profits net income, and by metJiod of credit computa
average; and Part III, income credit method, increased earnings: dumber of re
or deficit, excess profits credit, adjusted excess profits net income or deficit, excess
[Data from Forms 1121 and 1120
PART III— INCOME CREDIT ME-
[Total assets classes and money
Returns with adjusted excess profits net
income *
Total assets classes "
Total returns
with balance
sheets
Under 50
50 under
100
100 under
250
Number of returns 3'.
4,084
256
Assets:
Cash '»
Notes and accounts receivable (less reserve)
In ven tories
Investments (Government obligations):
States, Territories, and political subdivisions
thereof.
United States
Instrumentalities of the United States
Other investments
Capital assets (less reserves) ".
Other assets-- -..
Total assets ".
Liabilities:
Accounts payable... -
Bonds, notes, and mortgages payable:
Maturity less than 1 year...
Maturity 1 year or more
Other liabilities. _
Capital stock, preferred
Capital stock, common
Surplus reserves ^o _.
Surplus and undivided profits 2'
Less deficit "
Total liabilities ".
Normal-tax net income '
Normal-tax deficit ".._
Excess profits net income '
Exccps profits deficit ^
Excess profits credit '.
Adjusted excess profits net income '.
Excess profits tax
Income tax '
Declared value excess-profits tax "..
Total tax.
807, 140
1,033,045
1, 234, 629
21, 276
132, 967
9,323
601,996
1, 844, 530
158, 991
1,971
2,631
983
45
9
247
1,950
275
7,083
11,236
7,991
158
41
1,033
10,704
1,126
5, 843, 897
8,110
39, 500
639, 147
204, 200
532, 070
954, 590
496. 608
1, 207, 603
187, 572
1, 738, 034
15, 927
1,400
253
280
961
190
2,565
190
2,999
729
6,534
2,137
1,852
4,329
900
9,914
937
13, .532
633
5, 843, 897
8,110
39, 500
1,071,376
22
821, 994
4,161
12, 755
3,426
10, 279
541, 642
259, 933
1,309
837
4,919
2,720
104, 423
252. 374
6,856
207
722
67
680
2,452
206
363, 652
996
3,338
1,141
27, 041
55, 695
43,491
391
941
219
5, 681
50, 706
4,533
188, 698
30, 846
12,474
9,957
17,763
5,759
49,013
4,299
00, 344
1,757
188, 698
46, 484
"36,"218'
20, 021
10, 492
2,688
10, 245
594
13, 527
For footnotes, see pp. 278-279.
STATISTICa OP INIOOME FOR 1940, PART 2
259
19J^0, hy total as'iets classes, by returns with adjusted excess profits net income and
lion — Part I, invested capital credit method; Part II, income credit method, general
turns, assets and liabilities, normal-taa net income or deficit, excess profits net income
profits tax, income lax, declared value excess-profits tax, and total tax — Continued
filed by identical corporations]
THOD— INCREASED EARNINGS
figures in thousands of dollars]
Returns with adjusted excess profits net income 2— Continued
Total assets classes "—Continued
Returns
with no
balance
sheets
2.50 under
500
500 under
1,000
1,000 under
6,000
5,000 under
10,000
10,000 under
50,000
50,000 under
100,000
100,000 and
over
759
677
653
84
68
14
4
84
1
33,811
75. 653
62, 146
1,355
1,425
190
10,598
81,200
7,195
45,211
105, 090
100, 472
800
3,764
361
20. 425
122. 684
10, 603
181,843
309, 200
301, 735
5,973
17, 576
2,948
86,874
425, 219
40,711
80, 178
117,762
120, 837
1,813
6,324
848
48, 425
188, 775
13, 968
164, 108
171,225
223, 091
6,882
37, 643
3,066
138,409
522, 447
35, 372
167, 575
140, 614
245, 621
3,759
26,415
1,641
98, 540
270, 132
26,124
98, 320
43, 939
128, 262
237
38, 677
?
3
4
5
R
7
191,765
170, 653
19, 084
R
q
10
273, 572
409,411
1,372,079
578, 929
1, 302, 241
980, 420
690, 936
11
39, 980
19,447
13, 440
26, 098
11,754
68, 176
0,122
89,431
877
57, 608
27, 498
26, 413
44, 482
22, 458
92, 629
9,886
131,735
3,298
155, 700
03, 370
88, 566
175, 385
85, 298
321,517
47,113
441. 762
0,633
55, 941
31,451
47, 009
85, 233
36, 668
128,116
20, 561
174, 685
733
65, 674
23, 589
185, 602
199. ,580
77.377
364, 385
43. 695
313. 606
1, 268
43,889
20,845
115,613
268, 431
82, 605
148, 920
36, 724
263,393
81, 576
3, 130
43, 337
132, 328
173, 599
22. 368
18,044
216, 547
1^
n
14
15
16
17
18
1<}
?0
273, 572
409,411
1,. 372, 079
578, 929
1, 302, 241
980. 420
690, 936
21
60, 294
81, 901
257, 539
22
196,117
111, 933
219, 173
168, 486
108, 649
4,899
22
?3
45, 991
62, 687
86, 703
170, 143
131,033
80, 396
4,029
24
25
28, 695
13, 502
39, .534
20, 268
130, 935
61.917
53. 453
31.830
114,507
55, 296
103, 881
27, 082
44, 387
35, 989
1,677
1,932
26
27
3,685
14,317
628
5,982
19, 603
848
21, 428
61,431
2,075
13, 790
26, 736
1,003
25, 178
51, 659
1,312
12,967
39, 619
118
17.819
25, 590
5
381
1,072
38
28
29
30
18, 629
26, 433
84, 934
41, 530
78, 149
52, 703
43, 414
1,491
31
260
STATISTICS OF IN'COME FOR 1940, PART 2
Table 14. — Corporation excess profits tax returns {excluding consolidated returns),
returns with no adjusted excess profits net income, and by method of credit computa
auerage; and Part III, income credit method, increased earnings: Number of re
or deficit, excess profits credit, adjusted excess-profds net income or deficit, excess
[Data from Forms 1121 and 1120
PART III— INCOME CREDIT METHOD—
[Total assets classes and money
Returns with no adjusted excess profits
net income 2
Total assets classes "
Total returns
with balance
sheets
Under 50
50 under
100
100 under
250
Number of returns ".
9,806
1,192
1,993
3,004
Assets:
Cash 18....
Notes and accounts receivable (less reserve)
Inventories
Investments (Government obligations):
States, Territories, and political subdivisions
thereof.
United States
Instrumentalities of the United States
Other investments
Capital assets (less reserves) "...
Other assets
Total assets '^
Liabilities:
Accounts payable
Bonds, notes, and mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities
Capital stock, preferred.
Capital stock, common
Surtilus reserves 2". .
Surplus and undivided profits"
Less deficit 22
Total liabilities ".
Normal-tax net income'
Normal-tax deficit «
Excess profits net income '
Excess profits deficit 3...
Excess profits credit '
Adjusted excess profits net income '.
Excess profits tax
Income tax '
Declared value excess-profits tax ".
Total tax.
960, T-1 1
1,474,078
824, 449
118,863
323, 853
-34. 909
865. 591
2, 345, 257
235,153
7,264
10,372
5,780
31
218
13
1,388
10,845
1,528
20, 710
39. 844
26, 793
174
768
136
5,504
49.617
4,738
51, 625
131,328
93, 098
812
3,353
699
19,373
167.630
14, 764
7,182,894
37, 440
148, 344
482, 681
474,109
261,113
820, 754
1,760.887
360. 745
1, 747, 922
139,172
1, 662. 961
44,770
5,228
1,469
1.339
3,205
647
13, 624
602
14,644
3,319
, 182, 894
37, 440
574, 799
1,124
439, 161
393
566,415
» 176,676
12, 279
10,116
8
9,738
s< 5. 590
128, 727
580
2.024
75
129,314
2,099
21, 405
8, 495
9,206
10, 2:^6
3,775
48,910
1.642
48,917
4,242
71, 802
33, 601
36,609
31,781
20, 530
145. 357
6,395
143,988
7,380
148, 344
482,681
25,603
58, 552
20, 848
I
21,601
2< 10,718
46, 615
43
55, 726
i* 24, 173
4,309
108
10, 950
112
4,477
11,061
For footnotes, see p. 278-279.
STATISTICa OF INCOME FOR 1940, PART 2
261
1940, hy total assets classes, by returns with adjusted eocess profits net income and
tion — Part I, invested capital credit method; Part II, income credit method, general
turns, assets and liabilities, normal-tax net income or deficit, excess profits net income
profits tax, income tax, declared value excess-profits tax, and total tax — Continued
filed by identical corporations]
INCREASED EARNINGS— Continued
figures in thousands of dollars]
Returns with no adjusted excess profits net income »— Continued
Total assets classes "—Continued
Returns
with no
balance
sheets
250 under
600
500 under
1,000
1,000 under
6,000
5,000 under
10,000
10,000 under
50,000
50,000 under
100,000
100,000 and
over
1,563
968
893
100
78
13
2
169
1
65, 647
143, 2G2
96,311
2,249
4,830
734
30, 745
202, 648
14, 222
550, 649
88. 059
185, 831
96, 348
9,496
15, 173
2.174
47, 384
213, 570
20,365
256,003
461,966
206,956
37,373
61, 188
9,022
149,321
629, 746
47,938
115, 767
122.641
67, 834
18,996
40,488
3, 489
92. 829
199, 473
24, 612
213, 682
218,090
110,395
40,010
173, 624
11,606
240, 273
4.38,931
57, 524
100, 287
93, 208
119, 375
9,715
34,212
7,036
124,940
359,060
44, 173
51,697
67, .538
1,557
VI
3
4
n
n
7
l.'i3,774
173, 738
5,288
8
9
10
678. 400
1,749. .512
686, 129
1,504,142
892, 005
453, 592
11
72,006
39,430
54, 329
62, 574
25, 7U8
150, 205
8,881
159, 128
11,702
72,321
39, 533
.17, 833
144. 798
30, 272
152, 698
11,272
174,941
5,271
126,962
87, 749
148, 815
492, 280
91, 147
342,384
35, 130
429,918
7,902
35, 134
22, 507
53. 898
216,310
31, 295
136, 7S6
20,823
169, 888
510
47,112
20. 504
150, 368
556, 457
53,424
309, 449
32. 662
338, 278
4,111
21,684
7,750
182, 297
241,985
65, 104
206, 669
21,539
145, 410
332
653
76
126,031
11,261
35, 753
241,841
220
37,849
U
13
14
15
16
17
18
19
20
550, 649
678. 400
1, 749, 512
686. 129
1,504,142
892, 005
453,592
?1
61,875
112
46, 558
85
61. 154
s* 22, 496
61, 166
81
45,949
32
60,450
2' 19,373
134,909
387
99,977
no
137,356
2M1,954
46, 102
199
36,291
.53
50, 706
SM4.968
113,013
344
88,007
62
109,236
2<21,681
51. 459
9,840
10.422
253
6,438
379
1,5,975
'« 10, 761
22
?3
40,359
4,440
24
•>5
SO, 558
» 10. 264
9,890
» 5. 460
28
27
23
13, 698
69
14,200
58
31,911
41
10,951
15
26, 812
109
12,115
1,698
2,367
15
29
.30
13, 767
14, 257
31,952
10,966
26,921
12,115
1,698
2,382
31
262
STATISTICS OP INCOME FOR 1940, PART 2
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H««g
cc o
■t-' 00
•£_^-'
a! S t^
°5 -^"^
6 .^a
,„ 0) c8 aj
.-gbsa
sas
V cS'^^ o
bii-" tea p
a o as
■^ CO
£ .a -C ';
a-goi
s a iii
3 _^ a C3
i3§a
'£§cu.
^'^s.aoi-'-®a
:aoT|s^>5
Oi O ^ IM CO
-^ ao >— ' CO CO
CO O h- -* CO
CO O ■— ' CD-iO
OOOCrO-^
CD rococo 00
■^ OJO-^OO
CO -rf OCN-H
00 CO -^ '^ CO
O'^'of CO
OCNOCM O
coos ^ C> ■-*
CO »o -rj- CM t^
■^ -- Ol lO 00
OIOOO^ CM
1— OS oot^O
io--'co ^
CO O Q
CM CM W
o.__0 ="•-•
l0wcoS-<^Ow
' cGtn CO fe £■««
a-c°"-
O) S o o
_o a " '- .Q
'S S o o £
■ a>i
^ QJ 0) -ti
o p oqa
H H O
12 W
CM CO ■^ lO O t>* 00 OS O <-« CM CO ■**< lO CO t* 00
'S 2^-^ Sot;
i5 C3 ™ *-• . . . CO
i-iSeJcsN
STATISTICS OP miOOME FOR 1940, PART 2
263
WC^WMCSC^ CC M CO CO CO CO CO CO CC CO -^ ^^^^^ ^^^
,-t o t^ o
O) 1-* <-< CO
coocco
CO ''^^ai o
-^ lO ooo
M' Tt* t^ r^ 04 iM rf to "^ --H 40 O O O O — ' 00
OOl---OOrOCO lOiOiOiOOOCq-^CO"^— tTf
t^ lO C^ -^ 00 c^
coooo»OTfi "^ oi on
CM -?■ — I CC O 1— iO
O 00 CO 00 OO 05 CO
CC OCC ■-h'"'^
CS CN Tf O O
00 iCi C<i-t
O000'-'CC'»0 05 '^ C5
iC O ^^ CO CO
r^tooO'<**CM (Dttco
O CM CM lO O 05CD10
CO CM OCO CO f-H Oi
^ w lO lO 00 r-4 1-i
r-H TJ* O '-d CM
00 CM lO CM
COOCMOSt^^ C0OG00:iOC-JC0O'--'rt*O
OSOOiOiOCOOO tQCOU^-^iO'^COI
1 O CO CO CO h- ic;
Oao^ocor--^ ocO'-'ioc^'^.— iinoooos
eotooicoooos r-'-HOCMrHt-cDcooo-^r--
O>00'-iCM CM 05 OS -^ rr CO i>. CO
J o «i^ CO CM ro 00
t^ 1— I t^ 00 t^
CO CM oT^' 00
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iO COi-t
ceo
w a 1^ -
P OT C3 c3
a.2 tH
o ox: 9 2 c^
TJ
.2 '-3 03^3
c "H ■*^ ^ " ^
=5 fl '2 3 g til ti
^ ^ — '-J t« ^
03T3 OT PJr"-"^-^J:: 1^ — — ^ "-« > o
*fi3 ais 3'"t3PP^>«cccroq
g" P< u •=: o 03 -g & 03 ca -a o o -, ., ., 2
_ 0^ .. .. .-e .. .. 03 rt OT :^
SS<1
".g ^ 3 3 CD 3 j5 s <» £ > > ^ s t?
■r-C>M~(H.H!-,cu__3u,>
.i33^■i3£G^";>'3sJ□■gc
ST3 !g <u OJ an3 !
o-TS o > > t> a>
■^ H a " 2
0.0 g £ CO «
^ o^*^ M "^ 3 °
•Sam 3 » o*^
O W O "O X P
2S
•^ »0 CO t^ 00 OS O --H C^ CO -^ wo CO [^ GO O) O T-H CM CO '<t* >0 «D t^ 00
CM C^ CM C^ CM C^ CO CO CO CO CO CO CO CO CO CO •<»< -^ji '.jh tJ< -«j< -^j* •'T tT ■*
264
STATISTICS OF INCOME FOR 19 40, PART 2
Table 16. — Consolidated^* excess profits tax returns, 1940, and related income tax
by method of credit computation — Part I, returns with adjusted excess profits net
returns, number of subsidiaries, normal-tax net income or deficit, income tax, excess
deficit, and excess profits tax; data from income tax returns by industrial
PART I. RETURNS WITH ADJUSTED
[Normal-tax net income classes and
Normal-tnx net income
classr.*; of exces." profits
tax returns '
Consolidated exeess profits tax returns
Num-
ber of
consoli-
dated
excess
profits
tax
returns
Number
of sub-
sidiaries
reported
on excess
profits
tax re-
turns 3S
Nor-
Nor-
Excess
mal-
mal-
Income
profits
tax net tax
tax '
net in-
income" deficit'
come 5
Excess
profits
credit ^
Ad-
justed
excess
profits
net in-
come 2
Excess
profits
tax
AGGRE
Under 5
1
3
10
13
21
14
10
23
12
1
3
14
15
34
42
22
99
190
4
33
368
939
3,554
4,649
7,464
45, 878
579, 905
2
6
82
235
856
1,140
1,807
10, 906
134. 302
10
39
324
759
2,770
3,423
5.638
34, 278
439, 069
8
23
337
576
2. 023
2.906
3, 9.58
26, 543
327, 664
3
4
44
118
658
374
1,630
7, 535
111,346
(»)
1
10
30
184
99
528
3,133
55, 133
6 under 20
20 under 50
50 under 100
100 under 250
250 under 500
600 under 1,000
1,000 under 5.000
5.000 and over
Deficit '"
Total
107
420
642, 794
149,3.37 486.310 364,038
121,712
59,118
INVESTED CAPITAL
Under 5
1
3
7
7
12
6
6
6
5
I
11
9
19
11
11
40
106
4
33
267
457
2,139
1,935
4,253
16,115
96, 939
2
6
62
121
616
462
1,018
3,843
23, 305
10
39
245
423
1,726
1,432
3,213
12,7,57
78, 925
8
23
193
316
1,265
1,275
2.268
9,491
65, 173
3
4
35
72
382
126
916
3,236
13,728
8
19
106
35
330
1.373
6,634
6 under 20 -.-
20 under 50
50 under 100
100 under 2.50
250 under 500
600 under 1,000
1,000 under 5,000
6,000 and over
Deficit '» -
Total
53
211
122,142
29, 334
98, 771
80.012
18, 503
8, 506
INCOME METHOD—
Under 6
5 under 20 .. ..
20 under 50 -..
3
6
9
8
4
17
7
3
6
15
31
11
69
84
100
482
1.415
2,714
3,211
29, 763
482, 966
21
114
340
679
789
7, 064
110, 997
78
335
1.045
1,992
2,425
21, 520
360, 144
144
260
758
1, 631
1.690
17,052
262, 491
9
46
276
248
714
4,298
97, 618
2
11
78
64
198
1,760
48. 499
60 under 100
100 under 2.50
250 under 500 . ..
600 under 1,000
1.000 under 5,000
6,000 and over - ..
Deficit '0 --
Total
54
209 620.6.52 1 Il20.003
387, ,5.39 284,026 103,209 < 50,612
INCOME METHOD—
Under 5
6 under 20 . .
20 under 50
3
3
6
5
3
8
3
3
3
7
24
10
28
70
100
239
1,030
1,756
2,542
15,113
362, 139
21
56
247
419
629
3, 577
82, 965
78
1.58
7.52
1,309
1,916
10, 791
267, 721
144
121
518
1,072
1,458
7, 875
190, 904
9
22
205
139
442
2,876
76, 802
2
6
60
40
154
1.195
38. 263
60 under 100
100 under 2,50
250 under 500
600 under 1,000
1,000 under 5,000
6,000 and over
Deficit 1"
Total
31
145
382, 920
87, 914
282,725 202,093
80, 494
39. 720
INCOME METHOD—
Under 5
6 under 20
20 under 50
50 under 100
3
3
3
1
9
4
3
8
7
1
31
14
243
385
9.58
669
14, 6.50
120,827
58
93
260
160
3,487
28,032
'""'177
292
683
509
10,730
92. 423
139
241
558
232
9,177
71, 587
23
71
110
272
1,423
20, 816
6
18
24
44
564
10, 236
100 under 2,50
250 under 500
600 under 1,000
1,000 under 5,000
6,000 and over
Deficit '"
Total
23
64 1137,732
32, 089
104,814
81,934
22,715
10,892
For footnotes, see pp. 278-279.
STATISTICS OP miOOME FOK 19 40, PART 2
265
returns of parent companies and subsidiaries, by normal-tax net income classes and
income; Part II, returns with no adjusted excess profits net income: Number of
profits net income or deficit, excess profits credit, adjusted excess profits net income or
divisions.
EXCESS PROFITS NET INCOME
money figures in thousands of dollars]
Corporation income tax return
s of parent companies and subsidiaries
Total
Mining and quarrying
Income tax returns of
parent companies
and subsidiaries
Normal-
tax net
income '
Normal-
tax
deficit 8
Income
tax '
Number
tabulated
Normal-
tax net
income «
Normal-
tax
deficit «
Income
Number
tabu-
lated 36
Number
not
available
tax'
GATE
2
11
38
376
962
3,588
4,769
7,578
45, 711
581,411
7
io"
71
40
106
55
307
1,666
2
6
82
224
847
1,134
1,813
10, 955
139, 506
4
20
25
51
41
29
107
155
2
4
3
4
15
3
15
47
1
4
1
1
109
26
1
3
6
666
929
795
160
223
36
189
434
93
644. 445
2,263
154, 569
12
2. 503 1 36
599
METHOD
2
4
14
15
28
16
14
40
77
2
4
1
3
1
3
6
34
U
38
271
521
2,138
1,921
4,271
15, 966
97, 126
7
"" 8"
64
18
2
6
61
121
507
458
1. 021
3,827
23, 299
1
4
1
i
109
26
288
161
6
795
36
189
210
54
122, 264
547
29. 302
8
908
36
216
AGQREaATE
;
6
10
23
25
15
67
78
2
1
14
105
441
1,450
2,848
3,307
2
7
21
106
55
21
103
340
676
792
7,128
116, 207
1
3
666
929
160
9
13
29. 745 19
484, 285 1, 505
223
224
39 1 522,181 1 1,715
125, 266 1 4
1,594
383
GENERAL
AVERAC
IE
6
6
13
19
13
30
62
105
249
1,049
1,766
2,638
15.115
363, 587
2
3
13
1
55
10
1,503
21
58
247
417
631
3, 621
87, 243
10
"" '6
11
149
27
384. 510
1. 588
92.238 i
INCREASED
EARNINGS
4
10
6
2
37
16
2
1
4
3
2
192
401
1,082
669
14. 630
120, 697
4
8
106
44
93
260
160
3,507
28, 964
1
3
666
929
160
8
1
223
75
12 1 137. 671
128
33. 028
4
1.594
383
266
STATISTICS OF ESTCOME FOR 19 40, PART 2
Table 16.— Consolidated^* excess profits tax returns, 1940, and related income tax
by method of credit computation — Part I, returns ivith adjusted excess profits net
returns, mimber of subsidiaries, normal-tax net income or deficit, income tax, excess
or deficit, and excess profits tax; data from income tax returns by industrial
PAKT I. RETUKNS WITH ADJUSTED
[Normal-tax net income
clasf^es and
Corporation income tax returns of parent companies and subsidiaries— Con. |
Normal-tax net income
classes of excess profits
tax returns «
Manufacturing
Public utilities
Num-
ber tab-
ulated
Normal-
tax net
income «
Normal-
tax
deficit «
Income
tax'
Num-
ber tf.b-
ulated
Normal-
tax net
income ^
Normal-
tax
deficit 6
Income
tax'
AOGRE
6 under 20
3
9
20
12
13
37
33
69
319
2,221
2,384
3,344
36, 069
481,381
15
74
532
571
801
8,655
115, 528
4
62
4
13
10
30
100 under 250
4
9
2
10
26
131
368
798
1,648
5,811
28
85
192
394
1,393
250 under 500
500 under 1 000
55
11
1
l.OCO under 5,000
S.OfO and over
2
Deficits
Total
127
525,787 1 108 1 126,175
55
8,818
6 1 2, 104 1
INVESTED
CAPITAL
5 under 20
20 under 50
3
7
13
2
3
8
11
68
220
1,580
628
1,352
11,937
65, 670
15
50
378
151
325
2,864
15, 760
4
62
4
13
50 under 100
10
8
100 under 250
1
3
2
2
25
250 under 500
42
798
3
5,811
10
192
(8)
1,393
1,000 under 5,000
2
Deficit '»
Total ---
47
81,455 19
19, 542
37
6,716
6 1 1, 608
INCOME METHOD—
Under 5
6 under 20
20 under 50
50 under 100
2
7
10
10
29
22
100
642
1,755
1,992
24, 132
415,711
24
154
420
477
5,791
99, 768
100 under 250
21
3
6
131
326
28
75
250 under 500
500 under 1 000
55
11
1
1,000 under 5,000..
8
1
1,645
393
(9)
Deficit '»..
Total
80
444, 332
89
106, 633
18
2,103
W
496
INCOME xMETHOD—
Under 5
50 under 100
2
4
8
10
12
12
100
375
1,111
1,992
13, 626
333, 226
24
90
265
477
3,270
79, 974
100 under 250
13
3
6
131
326
28
75
250 under 500
500 under 1 000
55
3
1,000 under 5,000
Deficit !».. -
Total
48
350, 429
72
84, 100
9
457
103
INCOME METHOD-
6 under 20
20 under 50
50 under 100
100 under 250
3
2
267
644
8
64
155
250 under 500 .
500 under 1 000
1,000 under 5,000..
6 000 and over
17
10
10, 506
82, 485
8
1
2,521
19, 794
8
1
1,645
393
W
Deficit i»
Total
32
93,903
18
22. 533
9
1. 645
(9^
393
For footnotes, see pp. 278-279.
STATISTICS OF INlCDiME FOR 1940, PART 2
267
returns of parent companies and subsidiaries, by normal-tax net income classes and
income; Part II, returns with no adjusted excess profits net income: Number of
profits net income oi deficit, excess profits credit, adjusted excess profits net income
divisions — Continued
EXCESS PROFITS NET INCOME— Continued
money figures in thousands of dollars]
Corporation income tax returns of parent companies and subsidiaries — Continued
Trade
Service
Number
tabulated
Normal-
tax net
income «
Normal-
tax
deficit 9
Income tax '
Number
tabulated
Normal-
tax net
income *
Normal-
tax
deficit 6
Income tax '
GATE
METHOD
AGGREGATE
GENERAL AVERAGE
INCREASED EARNINGS
2
11
7
2
8
8
8
11
7
26
37
212
424
494
1,124
2,768
3,801
49, 730
4
58
10
106
47
101
110
267
660
905
11,916
1
2
5
4
28
73
145
314
5
17
32
74
3
1
7
58
1
10
12
404
2
94
25
107
58, 564
251
14,014 1 23
977
29
224
2
11
7
2
4
4
6
9
4
3
9
135
187
224
1,135
2, 096
1,199
499
4
54
10
32
44
52
269
501
288
116
2
4
386
91
41
5,487
77
1,304
4
386
91
4
4
2
2
3
23
28
77
237
269
15
647
2,602
49, 231
15
57
65
2
155
617
11, 799
1
2
5
4
28
73
145
314
5
17
32
74
4
3
106
1
7
57
1
6
12
18
2
25
3
66
53, 078
174
12,710
19
591
29
134
4
1
2
1
2
16
25
77
65
269
15
643
. 1, 489
11,077
15
16
65
2
154
351
2,642
1
2
2
4
28
73
122
314
5
3
17
28
1
74
7
57
5
12
25
2
51
13, 635
64
3,245
14
549
29
127
3
172
4
41
3
23
4
1
1
7
3
106
4
1,112
38, 154
1
266
9,157
(»)
1
1
12
5
2
1
15
39,442
110
9,465
5
41
7
525003 — 44-
-18
268
STATISTICS OF INCOME FOR 1940, PART 2
Table 16. — Consolidated^^ excess profits tax returns, 1940, and related income tax
by method of credit computation — Part I, returns with adjusted excess profits net
returns, number of subsidiaries, normal-tax net income or deficit, income tax, excess
deficit, and excess profits tax; data from income tax returns by industrial div-
PART I. RETURNS WITH ADJUSTED
[Normal-tax net income classes and
Normal-tax net income
classes of excess profits
tax returns '
Corporation income tax returns of parent companies and subsidiaries— Continued
Finance, insurance, real estate, and
lessors of real property
Num-
ber tab-
ulated
Normal-
tax net
income *
Normal-
tax
deficit •
Income
tax '
Construction
Num-
ber tab-
ulated
NormQ,l-
tax net
income '
Normal-
tax
deficit 6
Income
tax 7
AQQRE
TTnder 5
3
1
2
9
5
5
6
28
26
4
1
1
3
12
2
114
2
27
2
32
288
554
27
2,928
43, 289
5
65
133
4
702
10,387
100 under ?50
1,000 under 5,000
248
1,055
Deficit ID
Total
59
47. 142
1.305
11.300
5 1 129 ' i 29 1
INVESTED
[CAPITAL
Under 5
3
26
4
1
1
3
12
2
114
2
(»)
27
50 under 100
100 under 250
3
2
4
5
14
25
116
24
2,503
23, 964
4
28
4
600
5,749
250 under 500
1,000 under 5,000 --.
248
118
Deficit i»
Total
31 1 26,659
366
6.389
5
129 L__. 1 29
INCOME METHOD—
Under 5
5 under 20
1
2
6
3
1
1
14
2
32
262
438
3
425
19, 325
5
61
105
102
4,637
100 under 250
500 under 1 000
1,000 under 5,000 .-.
938
Deficit 10
Total...
28
20,484
939
4.911
-- 1
INCOME METHOD—
Under 5
5 under 20
20 under 50
1
1
2
2
50 under 100
12
152
2
36
100 under 250
250 under 500
500 under 1,000
1
3
w
1,000 under 5,000
13
19, 272
938
4,625
Deficit'"
Total
18
19, 439
939
4,663
INCOME METHOD—
6 under 20
20 under 50
50 under 100
1
4
3
20
110
438
3
25
105
100 under 250
250 under 500
500 under 1,000
1,000 under 5,000..
1
1
425
53
102
13
Deficit 10
Total
10
1.045
247
' --I
For footnotes, see pp. 278-279.
STATISTICS OF INlOOME FOR 194 0, PART 2
269
returns of parent companies and sxibsidiaries, by normal-tax net income classes and
income; Part II, returns with no adjusted excess profits net income: Number of
profits net income or deficit, excess profits credit, adjusted excess profits net income or
i sions — Continued
EXCESS PROFITS NET INCOME— Continued
money fibres in thousands of dollars]
Corporation income tax returns of parent companies and subsidiaries— Continued
Agriculture
Nature of business not allocable
Number
tabulated
Normal-tax Normal-tax
net income ' deficit '
Income tax '
Number
tabulated
Normal-tax
net
income •
Normal-tax
deficit »
Income
tax'
GATE
1
1
2
2
198
47
2
(9)
1
5
15
19
321
40
75
3
1
(»)
487
(»)
21
519
40
122
25
6 1 487
1
METHOD
1
1
2
2
198
47
2
C)
1
3
8
19
321
40
75
3
1
(»
4
(»)
21
519
40
122 1 16
6
4
1
AGGREGATE
M .
2
7
484
9 1
484
GENERAL
AVERAGE
2
7
484
1 9
1 484 1
INCREASED EARNINGS
;
1
270
STATISTICS OF INCOME FOR 1940, PART 2
Table 16.- — Consolidated^* excess profits tax rettirns, 1940, and related income tax
by method of credit computation — Part I, returns with adjusted excess profits net
returns, number of subsidiaries, normal-tax net income or deficit, income tax, excess
or deficit, and excess profits tax; data from income tax returns by industrial
PART II. RETURNS WITH NO ADJUSTED
[Normal-tax net income classes and
Consolidated excess profits tax returns 1
Num-
Num-
ber of
Normal-tax net in-
ber of
sub'^id-
Ad-
justed
excess
profits
deficit 2
come flisses of
excess profits tax
returns «
consoli-
dated
excess
profits
tax
laries
reported
on
excess
profits
Normal-
tax net
income '
Nor-
mal-
tax
deficit 8
Income
tax'
Excess
profits
net in-
come 3
Excess
profits
deficit 3
Excess
profits
credit «
returns
tax re-
turns "
AQQRE
Under 5
Sunder 20
20 under 50
sounder 100
100 under 250
250 under 500
500 under 1,000-..
1,000 under 5,000.
6,000 and over
Deficit i»
Total .
12
20
52
80
52
109
52
151
94
305
60
283
73
441
105
1, 596
57
1,688
99
845
656
5, 518
25
618
1,775
3,740
1.5, 379
22, 341
51,879
260, 501
1,119,202
89,319
21
205
596
923
4, 330
5, 692
15, 086
70, 974
271,336
3,052
47
1,512
3,083
3, 351
23, 956
19, 344
44, 291
246, 885
879, 805
29, 953
1.475.458 89.319 372.216 1.2.52.226
177
125
46
120
1,024
126
599
36, 781
1,443
1,633
8,297
7,148
9,008
6,230
16,001
13.001
15.3,716
130, 695
46, 444
27, 587
141,967
99, 633
632, 853
385, 334
1, 524, 832
645,311
472. 906
480, 370
38.999 3,007,466 1,796,943
INVESTED CAPITAL
Under 5
Sunder 20
20 under 50
sounder 100
100 under 250
250 under 500
500 under 1,000...
1,000 under 5,000.
6,000 and over
Deficit 10
Total
11
19
42
66
39
83
40
130
67
238
38
213
54
383
81
1,355
50
1,392
94
815
516
4, 694
21
501
1,303
2,929
11,366
14, 424
38, 140
205, 826
1,043,514
86, 488
20
184
457
710
3,354
3.867
11,746
58, 070
253, 709
2,683
27
177
1,420
125
2, 759
27
2,823
101
21,004
1,024
12, 808
126
34, 388
699
205, 857
826, 520
28, 974
36, 120
1,427
7,997
8,281
14, 527
148, 261
32, 540
128,410
571,208
1,465,156
471,470
1,318,026 ' 86, 4^*8 334.799 1,136.580 .38,299 2,849,283 1,754,793
1,632
6,890
5,744
11,976
128,616
20,115
95, 952
305, 756
638, 886
479, 227
INCOME METHOD
Under 5
Sunder 20
20 under 50
sounder 100
100 under 2,50
250 under .500
500 under 1,000...
1,000 under 5,000.
6,000 and over
Deficit ">...
Total.
1
10
1
14
13
26
12
21
27
67
22
70
19
58
24
241
7
296
5
30
140
824
4
117
471
810
4,013
7,916
13, 739
54, 675
75, 687
157,433
2,831
2,831
1
21
139
214
976
1. 825
3,340
12, 904
17, 628
369
37, 418
19
92
324
528
2, 952
6,536
9,903
41,028
53,285
979
11.5,647
699
16
300
# 727
1,473
5,456
13, 897
13,557
61,645
69, 676
1,436
158, 183
2
25S
486
1,025
2,079
7,472
3, 681
19, 578
6,426
1.143
42, 150
INCOME METHOD—
Under 6
Sunder 20
20 under 50 -..
sounder 100
100 under 250
2,50 under 500
500 under 1,000
1,000 under 5,000....
6,000 and over
Deficit 10
Total.
i
X
5
9
8
19
7
15
17
46
12
43
7
17
14
188
2
233
3
27
76
598
294
464
2,341
4, 260
5,426
35, 450
18, 176
66. 474
2,753
2, 75-t
87
124
647
959
1, 325
8,146
4,454
359
19
49
204
274
1,737
2,770
3.895
26, 756
13, 560
16,010
50.240
16
186
677
872
2,885
9,194
5,889
35, 933
14,804
1,404
661
71,760
2
161
431
653
1,106
6,485
1,961
8,088
1,254
1,066
21,206
INCOME METHOD—
Under 5 ..-
5 under 20
20 under 50
sounder 100
100 under 250
2.50 under .500
500 under 1,000.-.
1,000 under 5,000..
6,000 and over
Deficit i«
Total.
6
5
5
7
5
6
10
21
10
27
12
41
10
53
5
63
2
3
64
2?6
68
177
346
1,672
3,656
8,313
19, 225
67, 512
qo o.";*
12
52
90
430
867
2,015
4,759
13, 174
10
91. 4n«
43
120
254
1,216
3,766
6,008
14, 272
39, 725
3
65. 407
116
161
601
2, 570
4,703
7,668
25,712
44,872
32
Sfi. 423
97
65
372
973
987
1,720
11,491
5,172
77
20. 944
For footnotes, see pp. 27o-279.
STATISTICS OF INICOME FOR 1940, PART 2
271
returns of parent companies and subsidiaries, by normal-tax net income classes and
income; Part II, returns with no adjusted excess profits net income: Number of
profits net income or deficit, excess profits credit, adjusted excess profits net income
divisions— Continued
EXCESS PROFITS NET INCOME
money figures in thousands of dollars]
Corporation income tax returns of parent companies and subsidiaries
Total
Mininp: and quarrying
1 ncome tax returns of
parent companies
and subsidiaries
Normal-
tax net
income '
Normal-
tax
deficit «
Income
tax'
Number
tabulated
Normal-
tax net
income '
Normal-
tax
deficit 6
Number
tabu-
lated "
Number
not
available
Income
tax'
GATE
21
105
140
176
11
27
21
27
128
1,175
2,807
4,528
126
595
986
771
23
226
596
1,018
1
5
13
7
185
374
1
42
295
85
319
80
18, 046
5,073
4,251
8
579
184
138
289
54
24, 162
1,158
5,707
8
215
147
50
458
56
63, 870
6, 339
15, 249
11
1,085
396
260
1,306
335
307, 731
34, 787
73, 560
47
4,319
1,587
1,032
1,581
164
1, 164, 514
42, 830
279, 095
55
39, 628
4,474
9,501
756
188
13,517
109,202
3,160
43
1,428
2,079
340
5,211
963
1, 600, 478
200, 866
382. SS5
191
47. 820
9,162
11,451
METHOD
20
87
104
148
10
21
18
22
119
1,023
2,140
3,594
126
572
765
671
21
202
457
804
1
4
12
7
75
257
1
16
295
57
250
55
14, 150
4,880
3,335
6
401
184
95
207
44
16,483
1,065
3,889
8
215
147
50
389
48
49,840
5,324
11,901
11
1,085
396
200
1, 159
277
253, 940
34, 480
60, 702
40
4,247
1,460
1,016
1,283
159
1, 088. 750
41,773
261,073
54
34, 242
4.474
8,209
731
178
11,936
105, 572
2,790
42
1,428
1.012
340
4,378
832
1,441.982
19.5.228
34.5.174
178
41,9.57
7, 968
10,045
—AGGREGATE
1
18
36
28
69
82
69
207
298
25
1
6
3
5
25
10
8
68
5
10
9
152
667
935
3,896
7,679
14, 025
53, 791
75,764
1,581
1
24
139
214
916
1,818
3,349
12, 858
18, 022
370
23
221
100
193
92
14
308
1,057
3,630
1
1
2
109
118
179
26
28
(•)
43
7
1
1
72
5,386
127
16
1,293
1,067
833
131
158, 497
5,638
37,711
13
5.863
1,194
1,406
GENERAL AVERAGE
1
9
25
18
45
52
23
163
233
22
1
5
2
4
18
3
1
39
2
8
9
78
411
539
2,323
4,421
5,485
35, 300
19, 108
1,540
1
12
87
124
543
1,046
1,309
8,426
4,449
360
8
118
97
35
89
13
300
482
3,538
1
2
118
179
28
(')
43
5
72
119
16
1
1,067
591
83
69, 212
4,679
16, 358
9
338
1,186
87
INCREASED EARNINGS
9
11
10
24
30
46
44
65
3
1
1
1
7
7
7
19
3
2
74
255
396
1,573
3,258
8,540
18, 491
66, 656
41
15
104
3
158
3
1
8
575
92
12
52
90
372
772
2,039
4,433
13, 573
10
1
109
26
2
1
8
6,386
1,293
242
48
89, 284
959
21, 353
4
5.495
8
1,319
272
STATISTICS OF INCOME FOR 194 0, PART 2
Table 16. — Consolidated^* excess profits tax returns, 1940, and related income tax
by method of credit computation — Part I, returns with adjusted excess profits net
returns, number of subsidiaries, normal-tax net income or deficit, income tax, excess
deficit, and excess profits tax; data from income tax returns by industrial
PART II. RETURNS WITH NO ADJUSTED
[Normal-tax net income classes and
Corporation income tax returns of parent companies and subsidiaries— Con.
Normal-tax net income
classes of excess profits
tax returns «
Manufacturing
Public utilities
Num-
ber tab-
ulated
Normal-
tax net
income '
Normal-
tax
deficit 8
Income
tax?
Num-
ber tab-
ulated
Normal-
tax net
income «
Normal-
tax
deficit •
Income
tax'
AQORE
Under 5-
6 under 20
20 under 50
sounder 100
100 under 250
250 under 500
600 under 1,000.-.
1,000 under 5,000.
6,000 and over
Deficit '».._
Total.
7
20
21
27
85
61
79
180
265
69
77
357
469
1,146
7,861
6,789
20, 697
115,183
427, 948
1,270
581, 797
70
437
148
130
241
347
540
3,052
23, 687
13,813
42, 467
14
1
77
13
96
30
269
24
1,872
44
1,615
44
4,956
108
27, 613
277
102, 630
343
298
266
139, 439
1,160
161
878
611
4,164
4,834
19, 097
108, 480
483,616
7,793
629, 636
10
25
602
22
3,045
374
1,919
8,227
3,263
44.012
61,399
31
198
138
991
1,143
4,566
25, 978
116,014
1,838
160, 897
INVESTED
CAPITAL
Under 5
7
17
15
23
68
36
61
125
236
68
77
335
379
956
6,370
3,453
14, 933
82, 350
375, 377
1,270
70
437
39
130
128
305
531
3,045
23,199
13, 794
14
73
76
225
1,515
821
3,576
19, 745
90,016
298
1
11
25
23
37
42
104
259
340
250
10
10
602
22
3,045
374
1,915
8,217
3,263
43, 769
Sunder 20.
138
811
561
3,636
4,455
18, 491
99, 883
476, 238
6,303
27
188
126
865
1,052
4,421
23,916
114, 247
1,486
20 under 50
sounder 100
100 under 250
250 under 500.
600 under 1,000 .
1,000 under 5,000..
6,000 and over
Deficit io._..
Total
655
486, 499
41,678
116,360
1,092
610,614
61, 129
146, 326
INCOME METHOD—
Under 5 . .
Sunder 20 .. .
3
6
4
17
26
18
65
29
1
22
90
190
1,491
3,336
5,764
32, 833
62, 571
3
20
44
357
794
1,380
7,867
12, 613
2
S
1
7
2
4
18
3
16
24
67
51
529
380
606
8,597
7,378
1,490
15
4
11
12
126
91
145
2,063
1,768
352
20 under 50 .
109
60 under 100
100 under 250
113
42
9
8
488
19
250 under 500
600 under 1,000
3
10
1,000 under 5,000
6,000 and over
Deficit 10.
242
Total
159
96, 298
788
23,078
58
19, 121
270
4,571
INCOME METHOD—
Under 6
Sunder 20 ...
1
3
2
8
17
9
62
4
1
4
37
115
837
2,407
2,868
27, 802
9,824
1
9
26
201
572
686
6,661
2,358
20 under 50
6
3
1
4
44
51
168
7
12
40
sounder 100
100 under 250
12
42
9
8
296
19
250 under 500
600 under 1,000.
2
3
121
207
3
10
29
60
1,000 under 5,000
Deficit 10..
15
1,490
202
352
Total...
97
43, 894
392
10, 513
28
2,081
215
490
INCOME METHOD—
S under 20
2
3
2
9
9
9
3
25
18
54
75
655
929
2,896
5,031
42, 747
3
11
18
156
222
694
1,207
10,255
2
2
24
23
16
4
4
20 under 50
104
SO under 100
100 under 250
101
3
2
2
15
3
1
361
380
485
8,390
7,378
86
91
116
2,013
1,768
250 under 500
600 under 1 000
1,000 under 5,000
192
Deficit '».
40
Total
62
52, 406
397
12, 665
30
17, 040
66
4,081
For footnotes, see pp. 278-279.
STATISTICS OF INlOOME FOR 1940, PART 2
273
returns of parent companies and subsidiaries, by normal-tax net income classes and
income; Part II, returns with no adjusted excess profits net income: Number of
profits net income or deficit, excess profits credit, adjusted excess profits net income or
divisions — Continued
EXCESS PROFITS NET INCOME— Continued
money figures in thousands of dollars]
Corporation income tax returns of parent companies and subsidiaries — Continued
Trade
Service
Number
tabulated
Normal-
tax net
income «
Normal-
tax
deficit 9
Income tax '
Number
tabulated
Normal-
tax net
income *
Normal-
tax
deficit «
Income tax'
GATE
METHOD
AGGREGATE
INCREASED EARNINGS
6
22
38
268
1
28
6
51
1
8
4
15
46
7
33
616
95
124
11
164
2
31
60
1,159
4*
252
22
578
112
132
64
. 2, 287
436
522
27
937
185
214
74
6,807
71
1,601
17
1,753
44
418
71
8,966
483
2,134
41
3,313
67
781
275
35, 282
772
8,413
221
8,872
509
2,047
180
30. 755
4,242
7,334
32
%5
823
228
56
425
6,708
94
45
341
4,014
76
831
86, 605
12, 881
20, 532
425
16, 968
5,776
3,931
5
14
30
209
1
28
5
42
1
7
4
15
31
5
28
514
95
105
4
43
2
7
46
1,046
44
228
9
280
22
64
51
1,857
400
422
11
486
149
110
65
66
5,370
6,625
71
483
1, 258
1,577
2
25
141
1,307
33
67
305
182
23,604
667
5,641
221
8,872
609
2,047
150
29, 680
4.224
7,093
25
892
499
2! I
56
425
6,708
94
43
329
3,958
74
653
69, 360
12, 721
16, 464
348
12, 380
5,226
2,862
1
8
6
4
13
9
15
93
30
9
59
102
113
430
1,437
2,341
11,678
1,075
1
9
19
24
100
343
558
2,772
241
1
7
13
16
15
16
15
121
298
452
1,612
2,006
2
24
90
36
44
1
68
36
98
385
1
105
18
476
7
2
73
12
324
56
16
2
178
17, 245
160
4,068
77
4,588
551
1,072
GENERAL
AVERAGE
1
3
3
2
8
3
6
77
2
9
27
72
17
116
463
779
7,078
7
1
4
14
3
26
111
185
1,670
1
1
4
11
13
13
3
15
82
239
421
1,250
1,518
2
'" 90'
18
65
15
92
44
298
1
105
363
4
2
11
12
2
56
2
105
8,567
121
2,015
51
3,547
190
831
5
2
2
5
6
9
16
28
33
30
96
314
975
1,562
4,600
1,068
6
5
21
74
232
373
1,103
240
3
2
3
2
13
39
59
31
362
488
6
13
21
36
6
87
18
1
114
3
62
324
15
73
8,679
39
2,053
26
1,041
361
241
274
STATISTICS OF INCOME FOR 1940, PART 2
Tablf. 16. — Consolidated^* excels profits tax returns, 19/fO, and related income tax
by method of credit computation — Part I, returns with adjusted excess profits net
returns, number of stibsidiaries, normal-tax net income or deficit, income tax, excess
or deficit, and excess profits tax; data from income tax returns by industrial
PAKT II. RETURNS WITH NO ADJUSTED
[Normal-tax net income classes and
Normal-tax net income
classes of excess profits
tax returns •
Corporation income tax returns of parent companies and subsidiaries — Continued
Finance, insurance, real estate, and
lessors of real property
Num-
ber
tab-
ulated
Normal-
tax net
income '
Normal-
tax
deficit »
Income
tax'
Construction
Num-
ber
tab-
ulated
Normal-
tax net
income '
Normal-
tax
deficit '
Income
tax'
AGGRE
Under 5
'4
34
37
36
58
58
105
264
582
234
13
284
399
649
1,870
2, 730
8,439
35, 587
170, 467
1,734
40
66
238
108
348
162
1,818
20, 354
4.728
34, 725
2
49
82
140
433
633
2.006
8,476
40, 720
389
5 under 20
4
2
40
96
19
7
23
20 under 50
50 under 100
100 under 250
1
3
8
6
4
5
134
804
2,272
6
41
1,088
4
32
193
545
250 under 500
500 under 1,000__
1.000 under 5,000
5.000 and over ..
11
470
2
112
Deficit i»
Total
1.412
222, 179
62, 585
52, 930
33
3,827
1,159
914
INVESTED
CAPITAL
Under 5 .
4
30
25
31
48
30
91
239
357
230
13
252
222
484
1,189
2,088
6,423
34, 977
161,190
1,696
40
58
126
97
348
157
1,818
20, 295
4,502
32, 479
2
44
43
103
274
492
1,526
8,336
38, 630
382
5under20
20 under 50
4
2
40
96
19
7
23
50 under 100_
100 under 250 ...
250 under 500
1
6
3
3
4
538
981
129
235
500 under 1,000
6
41
1,088
i
1,000 under 5,000-..
5,000 and over
8
429
1
102
Deficit 10
Total
1,085
208, 533
59, 920
49, 831
23
2.093 1 1,157
498
INCOME METHOD—
Under 5..
Sunder 20-
4
12
5
10
28
14
25
225
4
33
177
165
681
648
2,017
610
9,277
38
8
112
10
5
40
37
1.59
141
480
140
2,090
7
20 under 50 .
sounder 100_.
100 under 250...
1
2
2
3
1
1
134
266
1,291
32
64
310
250 under 500 ...
5
W
68
226
2, 245
2
500 under 1,000
1,000 under 5,000... ..
(•)
5.000 and over..
3
41
10
Deficit 10.-.
Total
327 1 13,646
2,665
3,099
10
1.735 1 3 1 416 1
INCOME METHOD—
UnderS
5 under 20
4
12
1
7
19
3
21
222
3
33
177
8
112
7
6
40
20 under 50
sounder 100,.
100 under 250
468
302
198
141
9,265
38
109
65
46
30
2,088
7
1
134
32
250 under 500
4
500 under 1,000 .
1,000 under 5,000
68
186
2.194
3
(»)
5,000 and over..
Deficit '0
Total
292 1 10.622
2,568
2,390
4 1 134 1 (9)
32
INCOME METHOD —
Under6
6 under 20-..
20 under 50-
sounder 100
4
3
9
11
4
3
1
166
213
346
1,818
469
12
3
37
50
76
434
110
2
100 under 250.
2.50 under .500
1
2
2
266
1,291
2
64
310
600 imder 1,000 .
1,000 under 6,000 .
6,000 and over . ..
40
62
1
1
3
41
10
Deficits
Total _..
36
3,024
97
709 1 6
1,601 2
384
For footnotes, see pp. 278-279.
STATISTICS OF INCOME FOR 1940, PART 2
275
returns of parent companies and stibsidiaries, by normal-lax net income classes and
income; Part II, returns with no adjusted excess profits net income: Number of
profits net incov'ie or deficit, excess profits credit, adjusted excess profits net income
divisions — Continued
EXCESS PROFITS NET INCOME— Continued
money figures in thousands of dollars]
Corporation income tax returns of parent companies and subsidiaries
—Continued
Agriculture
Nature of business not allocable
Number
tabulated
Normal-tax
net income *
Normal-tax
deficit «
Income tax^
Number
tabulated
Normal-tax
net
income '
Normal-tax
deficit '
Income
tax'
GATE
METHOD
2
2
1
2
26
23
34
96
109
34
1
4
1
12
2
2
6
1
1
10
159
224
39
33
2
37
54
22
601
11
109
245
317
906
53
13
(')
1
8
40
2
1
11
4
11,084
54
207
2,941
2,658
13
8
(•)
26
11,544
3, 221
2,765
329
102
2,215
23
12
10
159
224
11,084
54
11,544
207
2,941
3,221
2,658
13
2,765
2
2
1
2
23
23
34
90
108
34
(»)
53
319
22
694
11
109
245
317
906
2,208
AGGREGATE
3
7
6
1
1
(•)
1 1
«
10
7 1
GENERAL AVERAGE
2
7
2
1
5
7 1.. —
INCREASED EARNINGS
1
4
1
(«)
1
(•)
5
276
STATISTICS OF INCOME FOR 1940, PART 2
Table 17. — Consolidated excess profits tax returns, 1940, by adjusted excess profits net
income and deficit classes, and by method of credit computation — Part I, returns
with adjusted excess profits net income; Part II, returns with rio adjusted excess
profits net income: Number of returns, number of subsidiaries, normal-tax net
income or deficit, income tax, excess profits net income or deficit, excess profits
credit, adjusted excess profits net income or deficit, and excess profits tax
PART I. RETURNS WITH ADJUSTED EXCESS PROFITS NET INCOME
[Adjusted escess profits net income classes and money figures in tliousands of dollars]
Adjusted excess
profits net in-
come classes ^
Number
of con-
soli latcd
e.xcfss
profits
tax
returns
Number
of sub-
sidiaries
reported
on excess
profits
tax
returns
Normal-
tax net
income '
Nor-
mal-
tax
defi-
cits
Income
tax ^
Excess
profits
net
income 3
Excess
profits
credit s
Adjusted
excess
profits
net
income 2
Excess
profits
tax
AOQREGATE
Under 5
5 under 20...
20 under 50..
50 under 100.
100 under 250
250 under 500
500 and over.
Total..
107
39
53
22
47
17
42
200
5,201
4,506
6,6ro
8,424
6,777
28, 079
584,117
1,239
1,0 2
1,370
1, 992
1, 657
6,109
135, 878
3, 069
3,842
3,410
3,094
4,261
3, 591
6,151
5,123
5,011
4,038
21,812
18,668
441,696
325, 683
47
246
515
£39
P43
3,094
115, £28
420 642,794 .1149, 337 486,310 364,038
121,712
11
61
134
280
326
1,125
57, 182
59, 118
INVESTED CAPITAL METHOD
Under 5
5 under ^0 ..
20 under 50 . .
50 under 100.
100 under 250
250 under 500
500 and over.
Total..
53
22
17
9
14
1
37
111
1,228
2-0
1,£82
486
£47
236
2,482
585
7£8
192
12,439
2, £29
102, 267
24, 615
£83
1,548
726
2,016
560
9,845
83, 094
917
1,352
506
1,523
421
7,808
67, 485
122,142 29,334
,771
80, 012
24
137
189
438
134
2,007
15, 574
18, 503
5
34
51
129
45
777
7,465
8,506
INCOME METHOD— AOaREQATE
Under 5
11
9
8
7
5
4
10
17
36
13
33
16
5
89
3,973
2,524
4,744
5, £42
5,979
15,640
481,851
948
605
1,133
1,407
1, 466
3,180
111, 263
2. £86
1,862
3, 535
4,135
4,451
11,168
358, 602
2, £25
1,742
3,084
3, 599
3,617
10,861
258, 168
23
109
326
501
809
1,087
100, 354
6
5 under 20
20under 50
sounder 100
100 under 2.';0
250 under 500
500 and over
26
83
151
281
348
49, 717
Total
54
209
520, 652
120,003
387,539 284,026
103, 209
50, 612
INCOME METHOD— GENERAL AVERAGE
Under 5 . ...
8
5
3
4
3
2
6
8
25
4
19
11
2
76
801
1,972
1,341
2,370
3,331
3,407
369, 698
185
451
325
564
820
818
84, 750
584
1,471
1,009
1,741
2,479
2,070
273, 371
542
1,383
859
1,446
1, £65
1,503
194, 395
18
64
136
275
498
557
78, 946
4
5 under 20
20 under 50
sounder 100.
100 under 250
250 under 500
600 and over
16
38
82
174
209
39, 197
Total
31
145
382, 920
87, 914
282,725 202,093
80, 494
39, 720
INCOME METHOD-
-INCREASED
EARNINGS
Under 5 _
3
4
5
3
2
2
4
9
11
9
14
5
3
13
3,172
552
3,402
3,572
2,648
12, 233
112, 153
763
154
809
843
645
2, 362
26. 513
2,403
390
2,526
2, 394
1,972
9, 898
85, 231
2,383
360
2,226
2,153
1, 651
9,358
63, 803
5
45
190
226
311
529
21, 408
1
5 under 20
20 under 50
sounder 100
100 under 250
250 under 500
500 and over
10
45
69
107
139
10, 520
Total
23
64
137, 732
32, 089
101 814
81, 934
22,715
10, 892
For footnotes, see pp. 278-279.
STATISTICS OF INlOOiME' FOR 1940, PART 2
277
Table 17. — Consolidated excess profits tax returns, 1940, by adjusted excess profits net
income and deficit classes, and by method of credit computation — Part I, returns
with adjusted excess profits net income; Part II, returns with no adjxisted excess
profits net income: Number of retiirns, number of subsidiaries, normal-tax net
income or deficit, income tax, excess profits net income or deficit, excess profits
credit, adjusted excess profits net income or deficit, and excess profits tax — Continued
PART II. RETURNS WITH NO ADJUSTED EXCESS PROFITS NET INCOME
[Adjusted excess profits deficit classes and money figures in thousands of dollars]
Adjusted excess
profits deficit
classes '
Number
of con-
solidated
excess
profits
tax
returns
Number
ol sub-
sidiaries
reported
on excess
profits
tax
returns
Normal-
tax net
income ^
Nor-
mal-
tax
defi-
cit 6
Income
tax'
Excess
profits
net
income s
Excess
profits
deficit 3
Excess
profits
credit '
Adjusted
excess
profits
deficit* »
AGGREGATE
Under 5
23
76
56
80
8S
76
257
35
126
141
3i0
508
473
3,925
2,087
10, 998
9,643
40, 547
43, 667
80, 759
1, 287, 758
39
29"
178
523
6,825
81, 723
488
2,671
2,286
9,182
10, 626
19, 886
327, 077
1,666
8,628
7,311
29, 454
37, 213
63, 2S3
1, 104, 660
11
221
432
1.251
37, 084
1,626
9,143
9,017
34, 826
51,567
93, 132
2, 808, 155
75
Sunder 20
20 under 50
sounder 100
100 under 250
250 under 500
600 and over
888
1,832
5,948
14, 795
31, 469
1,741,965
Total
656
5,518
1, 475, 458
89, 319
372, 216
1, 252, 226
38, 999
3,007,466
1,796,943
INVESTED CAPITAL METHOD
Under 5
12
46
37
56
63
60
242
13
73
90
209
214
327
3,768
1,174
5,666
4,505
16, 262
17,974
51,563
1, 220, 882
29
95
523
5,188
80, 653
273
1,356
1,067
3,917
4,510
12, 285
311,390
1,003
4,668
3,668
12,414
17, 550
42,911
1,054,366
11
137
412
1,232
36, 507
985
5,038
4.649
16. 236
27, 534
67,211
2, 727, 630
42
Sunder 20
20 under 50
sounder 100
100 under 250
250 under 500
500 and over
593
1,178
4,194
10,711
25, 833
1, 712, 242
Total
516
4,694
1,318,026
86, 488
334, 799
1, 136, 580
38, 299
2, 849, 283
1, 754, 793
INCOME METHOD— AGGREGATE
Under 5
11
30
19
24
25
16
15
22
53
51
101
294
146
157
913
5,332
5,138
24, 284
25, 693
29, 196
66, 876
39
84'
"i,'637"
1,070
215
1,316
1.218
5.265
6,115
7,601
15, 687
663
3,960
3,643
17,040
19, 663
20, 382
50, 295
84
20
19
577
641
4,105
4,368
18. 590
24, 033
25, 921
80, 526
33
Sunder 20
20 under 50
sounder 100
100 under 250
250 under 500
500 and over.
295
624
1,754
4,084
5,637
29, 724
Total
140
824
157, 433
2,831
37, 418
115,647
699
158, 183
42, 150
INCOME METHOD— GENERAL AVERAGE
Under 5
6
16
13
12
12
8
9
17
28
43
33
256
120
101
469
2,874
3,799
10, 462
15, 245
8.547
25,079
46"
'"i,'637'
1,070
104
692
898
2,533
3,676
2, 363
5,744
356
2,160
2,711
7,361
11,360
7,187
19, 104
46
20
19
577
342
2,222
3,262
8, 2C6
13, 253
9,842
34, 633
16
Sunder 20
20 under 50
sounder 100
100 under 250
250 under 500
500 and over
142
420
950
1,972
2,713
14, 992
Total
76
598
66, 474
2,753
16,010
50,240
661
71, 760
21, 206
INCOME METHOD-
-INCREASED
EARNINGS
Under 5
5
14
6
12
13
8
6
5
25
8
68
38
26
56
444
2,458
1,339
13,823
10, 448
20, 649
41,797
39
38"
111
624
320
2,731
2.440
5,238
9,943
21, 408
307
1,800
932
9,680
8,303
13, 195
31, 191
38"
299
1,882
1,106
10. 384
10, 780
16, 079
45, 893
17
Sunder 20
20 under 50
SO under 100
100 under 250
250 under 500
500 and over
153
204
803
2,111
2,924
14, 732
Total
64
226
90, 958
77
65, 407
38
86, 423
20,944
For footnotes, see pp. 278-279.
278
STATISTICS OF INCOME FOR 194 0, PAET 2
Footnotes for basic tables 10-17, pages 230-277
(Facsimiles of Forms 1120 and 1121, to which references are made, appear on pages 334 and 346)
> Returns filed in a State may not be a complete
coverage of all corporations whose principal place of
business is located therein. A corporation may file
a tax return cither in the collection district in wliich
it has its principal place of business or in the collec-
tion district in which it has its principal office or
agency. Conversely, a tabulation for a given
State may include data from returns of corporations
having their principal place of business in another
State.
' Adjusted excess profits net income or deficit is
the excess profits net income less the sum of the
specific exemption and excess profits credit.
' The excess profits net income or deficit for a tax-
able year beginning after Dec. 31, 1939, is obtained
from the normal-tax net income (item 36, p. 1,
Form 1120) by making the adjustments shown in
table 15. (See also sees. 711-714 of the Code.)
* A specific exemption of $5,000 is allowed each
corporation, or affiliated group of corporations, filing
an excess profits tax return.
' The excess profits credit is a deduction from the
excess profits net income and is computed by one of
two methods provided by the Code. Under sec. 714
the credit is based on invested capital (schedule B,
Form 1121), and is 8 percent of invested capital for the
taxable year; under sec. 713 the credit is based on
income (scliedule A, Form 1121) and is 95 percent
of an average base period net income plus 8 percent
of net capital additions or minus 6 percent of net capi-
tal deductions for domestic corporations and 95
percent of an average base period net income for for-
eign corporations. The method based on income
permits the base period net income to be determined
on either a general average basis or on increased earn-
ings in the last half of the base period. The base
period, in general, begins after Dec. 31, 1935, and ends
with the close of the last taxable year beginning before
Jan. 1, 1940. (See. p. 22.)
• "Normal-tax net income" or "Normal-tax deficit"
(item 36, p. 1, Form 1120) is equal lo "Total income"
less the sum of "Total deductions," "Declared value
excess-profits tax," "Interest on obligations of the
United States," and "Dividends received credit,"
as reported on the income tax returns, p. 1, Form 1120.
In table 16, the normal-tax net income tabulated from
the income tax returns of parent companies and sub-
sidiaries differs from the amount tabulated from the
consolidated excess profits tax returns by the amount
of income or deficit on tlie income tax returns which
are not available.
' Includes income defense tax. In table 16 the
amount of income tax tabulated from the excess
profits tax returns is the amount after deduction of
credit for income and profits taxes paid to foreign
countries or possessions of the United States; the
amount tabulated from the income tax returns is the
amount before deduction of this credit. Where the
latter amount of income tax is less than the amount
reported on the excess jirofits tax returns it is due to
the omission of income tax reported on those income
tax returns which are not available.
' The amounts of excess profits deficit appearing
under the invested capital credit method are reported
on consolidated returns exclusively. All consoli-
dated returns are tabulated regardless of credit
method used or amount of excess i)rofits net income
or deficit reported. tieparaU returns, on which the
invested capital method of credit computation re-
sults in excess profits net income of $5,000 or less, are
excluded from these tabulations for the reason that,
under sec. 729(b) of the Code, such returns are not
required to be filed.
» Less than $500.
'"Includes returns with deductions equal to in-
come.
13 A corporation is classified industrially according
to the business reported on the return. When mul-
tiple businesses are reported on a return, the classi-
fication is determined by the activity which accounts
for the largest percentage of receipts. Therefore,
an industrial group may contain data for industrial
activities other than that on which the classification
is based.
i* Consists of corporations which derived 90 percent
or more of receipts from investments and which at
no time during the taxable year had investments in
corporations in which they owned 50 percent or more
of the voting stock.
15 Consists of corporations which derived 90 percent
or more of receipts from investments and which at
some time during the taxable year had investments
in corporations in which they owned 50 percent or
more of the voting stock.
" Consists of corporations which derived less than
90 percent but more than 50 percent of receipts from
investments.
" Assets and liabilities are tabulated as of Dec. 31,
1940, or close of fiscal year nearest thereto. Total
assets classes are based on the net amount of total
assets after reserves for depreciation, depletion,
amortization, and bad debts. Adjustments are
made in tabulating the data as follows: (1) Reserves,
when shown under liabilities, are used to reduce
corresponding asset accounts, and "Total assets" and
"Total liabilities" are decreased by the amount of
such reserves, and (2) a deficit in surplus, shown
under assets, is transferred to liabilities, and "Total
assets" and "Total liabilities" are decreased by the
amount of deficit.
18 Includes bank deposits.
i» Consists of (1) depreciable tangible assets such
as buildings, fl.xed mechanical equipment, manufac-
turing facilities, transportation facilities, and furni-
ture and fixtures, (2) depletable tangible assets-
natural resources, (3) intangible assets such as
patents, franchises, formulas, copyrights, leaseholds,
goodwill, and trade-marks, and (4) land.
2" Reserves reported by corporations under the
caption "Surplus reserves" (item 13, schedule L,
p. 4, Form 1120).
2' Consists of "Paid-in or capital surplus" and
"Earned surplus and undivided profits" (items 15
and 16, schedule L, p. 4, Form 1120).
22 Negative amounts of "Earned surplus and undi-
vided profits" (item 16, schedule L, p. 4, Form 1120).
23 Includes declared value excess-profits defense tax.
2* Adjusted excess profits deficit.
25 Net long-term capital gain or loss (item ll(b)i
p. 1, Form 1120) is the amount from the sale or ex-
change of capital assets held over 18 months. The
term "Capital assets" means property held by the
taxpayer (whether or not connected with the trade
or business), but excludes (1) stock in trade or other
property which would properly be included in in-
ventory 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)
property, used in trade or business, of a character
which is subject to the allowance for depreciation.
28 Dividends received (item 12, p. 1, Form 1120)
less the sum of foreign dividends (column 3, schedule
E, p. 3, Form 1120) and dividends received credit
(item 35, p. 1, Form 1120).
» Deficit.
12 Net income less deficit.
2' Consists of (a) income from claims, awards,
judgments, decrees, or interest on any of the fore-
going. (6) income from contracts the performance
of which required more than 12 month.s, (c) income
from exploration, discovery, prospecting, research,
(Footnotes continued on p. 279)
STATISTICS OF INlOOOVIE' FOR 194 0, PART 2
279
Footnotes for basic tables 10-17, pages 230-277 — Continued
a development of tangible property, patents, for-
mulae, or processes, extending over more than 12
months, (d) income includible in gross income for the
taxable year rather than a different taxable year by
reason of change in accounting period or method of
accounting, (p) income, in the case of lessors of real
property, included in gross income by reason of
termination of lease, and (/) income consisting of
dividends on stock of foreign corporations, except
foreign personal holding companies. (See instruction
VIII, Form 1121.)
*8 Dividends from foreign corporations (column 3,
schedule E, p. 3, Form 1120) excluding dividends on
slock of foreign personal holding companies.
2' Consists of an average of the excess profits net
income, as determined under section 713(e) of the
Code, for a period of about 4 years. In seneral, the
base period covers the taxable years beginninc after
Dec. 31, 1935. and endins with the clo.se of the taxable
year beginning before Jan. 1, 1940. (See p. 22.)
'0 Amount paid in for stock, or as paid-in surplus,
or as a contribution to capital.
3' The reduction is an amount which is the same
percentage of the average invested capital as the
percentage which the inadmissible assets are of the
total assets. Inadmissible assets consist of (a) stock
in corporations (except foreign personal holding com-
panies and stock not a capital asset) and (b) obliga-
tions of a State, Territory, or political subdivision
thereof, District of Columbia, instrumentalities of
the United States, or of the United States and its
possessions, any part of the interest from which is
excludible from gross income or allowable as a credit
against net income. (See p. 24.)
32 Under the method prescribed for the computa-
tion of the excess profits tax, an item affecting the
determination of the excess profits credit may be
treated in a manner inconsistent with the treatment
accorded such item in the computation of the income
tax liability for a prior taxable year. If correction
of the effect of the inconsistent treatment in the prior
taxable year would result in an increase or decrease in
the amount of income tax for the prior taxable year
and such correction is prevented by law, an adjust-
ment of corresponding amount is made in the amount
of excess profits tax as otherwise computed for the
current taxable year. (See instruction XII, Form
1121.)
2' Balance of income taxes paid to a foreign country
or possession of the United States, which is not '
claimed as credit against income tax.
8< Affiliated groups of corporations are privileged
to file a consolidated excess profits tax return in
lieu of separate returns. An affiliated group means
one or more chains of includible corporations con-
nected through stock ownership with a common
parent corporation which is an includible corpora-
tion if CI) at least 9.5 percent of each class of voting
stock of each corporation Cexcept the common parent
corporation) is owned directly by one or more of the
other includible corporations, and (2) the common
parent corporation owns directly at least 95 percent
of each class of votins stock of at least one of the other
includible corporations. Includible corporations
are all corporations except (a) corporations exempt
from excess proflts tax, (h) foreien corporations,
other than certain Canadian and Mexican corpora-
tions, ((■) corporations organized under the China
Trade Act, 1922. (rf) corporations entitled to benefits
of section 251, Internal Revenue Code, by reason of
receiving a large portion of their income from pos-
sessions of the United States, (e) personal service
corporations, and (f) mutual and life insurance
companies (but such companies are considered
includible corporations if two such companies alone
file a consolidated return and each is subject to tax
under the same section of chapter 1 of the Code).
35 Consists of the number of affiliated corporations
which toeether with the common parent corporation
file a consolidated excess profits tax return.
39 Consists of the number of available income tax
returns filed by the parent and each subsidiary
corporation. There may be excluded income tax
returns of subsidiaries which are included in a
consolidated excess proflts tax return for only a
portion of the taxable year, in which case their income
tax returns are filed for the full taxable year and
separate excess proflts tax returns arc filed for
that portion of the year in which they were not
subsidiaries.
3' While tables 13, 14, and 15 each contain the
excess proflts tax returns which were matched with
corresponding income tax returns, there are 3,697
less returns in tables 14 and 15 than in table 13, due
to the nonavailability of certain returns or of specific
items on the returns, essential to their use in tables
14 and 15.
«
HISTORICAL DATA
CORPORATION INCOME AND PROFITS TAX RETURNS
BASIC TABLES
18. General summary, 1909-1940.
19. Net income and deficit classes, 1937-1940.
20. Receipts and deductions, 1926-1940.
21. Assets and liabilities, 1926-1940.
22. Industrial groups, 1931-1940.
23. States and Territories, 1931-1940.
24. Consolidated returns, 1928-1940.
281
282
STATISTICS OF INCOME FOR 1940, PAET 2
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^ATISTICa OF IlNlOOME FOR 1940, PART 2
283
Table 19. — Corporation returns, 1937-19^0, * » by net income and deficit classes:
Number of returns, net income, and deficit
[Net income and deficit classes and money figures in thousands of dollars]
1937
1938
1939
1940
Net income classes s
Number
of
returns
Net
income ^
Number
of
returns
Net
income 3
Number
• of
returns
Net
income 3
Number
of
returns
Net
income »
Returns with net income '
Under 1 .--
71,111
23, 079
14, 340
9,707
7,407
20, 538
10, 000
6,161
■4, 180
9.879
6,377
4,878
1, 938
1,139
1,046
248
25, 430
34, 066
35, 762
34, 104
33, 570
148, 166
124, 070
108, 043
94, 649
350, 281
449, 228
756, 190
682, 812
796, 055
2, 135, 892
3, 826, 519
66, 024
21,016
12, 940
8,943
6,779
17, 702
8,573
5,210
3.941
7,477
4.740
3,477
1, 432
756
705
169
22, 594
30, 479
31, 870
31,062
30,410
126, 457
105, 252
90, 524
88, 488
264, 367
332, 157
538, 084
497, 886
629, 955
1, 445, 832
2, 360, 562
73, 604
24, 310
14, 983
10, 404
7,974
21, 701
10, 437
6,351
5,269
9,391
6,314
4,649
1,885
1, 046
943
218
25, 650
35. 177
36, 901
36, 105
35, 759
155, 145
128, 035
110,340
118,469
331,879
443, 564
717,816
661, 577
729, 305
1, 997, 062
3, 263, 929
77, 282
27, 056
16,615
11,955
9,803
24, 508
11,950
7,245
5. 703
11,058
7,355
5,539
2,220
1,237
1,166
285
27, 791
39, 206
40,944
41 521
2 under 3
3 under 4 .
4 under 5
44, 047
174,912
146, 761
125, 475
128 152
10 under 15
15 under 20
20 under 25
25 under 50
388, 485
515, 462
858, 466
782 570
£0 under 100
100 under 250 .,
250 under 500
600 under 1,000
871 395
1,000 under 5,000
5,000 and over
2, 424, 760
4, 693, 277
Total..
192, 028
9, 634, 837
169, 884
6, 525, 979
199, 479
8, 826, 713
220, 977
11, 203, 224
1937
1938
1939
1940
Deficit classes 3
Number
of
returns
Deficit 3
Number
of
returns
Deficit 3
Number
of
returns
Deficit 3
Number
of
returns
Deficit »
Returns with no net income 3
Under 1
162, 530
38, 953
20, 305
12,111
8, 326
19, 210
7,675
3,902
2,479
5, 084
2, 759
1,544
470
242
187
33
48, 842
55, 481
49, 504
41, 887
37, 223
134, 614
93, 358
67, 335
65, 241
176, 442
190, 181
236, 355
160, 713
169, 930
372, 665
391, 076
160, 549
41,008
22, 550
14, 071
9,877
23, 268
9,196
5.067
3,171
6.183
3,221
1,871
564
283
217
52
49, 950
59, 157
55, 374
48, 764
44, 207
163, 462
112,242
87. 589
70, 846
215, 180
223, 331
283, 893
197, 979
195, 121
450, 646
595, 357
154, 828
36, 396
18, 844
11,568
7,896
18, 157
7,038
3,794
2,294
4,745
2,423
1,386
382
187
167
33
46, 148
52, 269
46, 238
40, 106
35, 284
127, 588
85, 900
65, 507
51, 125
164, 899
166, 724
212, 231
130, 525
129, 086
346, 130
392, 388
146, 742
32, 993
17, 150
10, 475
7,039
16, 443
6,601
3,503
2, 153
4,448
2,287
1,354
454
201
179
43
43 090
1 under 2
47, 283
42, 074
2 under 3
3 under 4
4 under 5 . .
36, 298
31, 484
115 442
5 under 10
10 under 15
80,490
60,633
48 203
15 under 20
20 under 25
25 under 50
155, 092
157, 125
sounder 100_.
100 under 250
206, 130
250 under 500
154, 146
SOOimder 1,000
138,088
367, 625
600 693
1,000 under 5,000_
5,000 and over
Total
285,810
2, 280, 846
301, 148
2, 853, 098
270, 138
2, 092, 148
252, 065
2, 283, 795
For footnotes, see pp. 305-308.
525003—44-
-19
284
STATISTICS OP INCOMEi FOR 1940, PART 2
Table 20. — Corporation returns, 1926-1940: ^ Composite data for returns with
receipts, compiled deductions, compiled net profit or net
[Money figures in
Number of returns '".
Receipts, taxable:
Gross sales "
Gross profit (1926-31) or gross receipts
(1932-40) from operalions.'s
Interest, not on Government oblig;ations, . .
Rents '3 (1926-37); rents and royalties is
(1938-40).
Net sain, sales of stocks, bonds, and other
assets (1929-31); net capital gain '< (1932-
40).
Net fain, sales other than capital assets '=
(1938-40)
Dividends from:
Domestic corporations" (1936-40)
Forei)rn corporations
Other receipts -
Receip's, partially and wholly tax-exempt:
Dividends from domestic corporations '«
(1920-35).
Interest on Government obligations:
Subject to declared value excess-profits
tax " (1934-40).
Wholly tax-exempt ''
Total compiled receipts "
Deductions:
Cost of goods sold 20
Cost of operations 20 (1932-40)
Compensation of officers 21
Rent paid on business property
Repairs 22 (1939-40)
Bad debts
Interest paid
Taxes paid 23__
Contributions or gifts ^* (1936-40)
Depreciation.
Depletion
Net loss, sales of stocks, bonds, and other
assets (1930-31); net capital loss 25 (1932-
40).
Net loss, sales other than capital assets "
(1938-40).
Other deductions 2«
Total compiled deductions 27.
Compiled net profit or net loss...
Net income or deficit ' 28 _
Dividends paid:
Cash and assets other than own stock.
Corporation's own stock
106, 206
9,332
3,712
(29)
(29)
(29)
21,373
1,506
142, 629
82, 484
(31)
(31)
(31)
(3.)
3,989
1,878
3,270
571
(31)
40, 927
133, 119
9,510
7,505
5,945
758
1927
425, 675
106, 864
9,420
3,989
(29)
(29)
(2')
22, 468
1,658
501
144, 899
83,487
(31)
(31)
(31)
814
4,375
2,014
3,346
502
(31)
41, 692
136, 230
8, 669
6,510
8 6, 423
8 703
1928
443, 611
112,436
10, 334
4,476
(29)
(29)
1 23, 619
1,917
8 523
8 153, 305
87, 265
3,199
(31)
(31)
804
4,581
2,203
3,597
515
(31)
8 40, 473
8 142, 638
8 10, 667
8,227
' 7, 083
550
1929
456, 021
118,101
28, 598
6,036
2,391
1,315
(29)
2,587
2,593
537
161, 158
91, 076
3.337
(31)
(31)
942
4,925
2,222
3,871
659
(31)
42, 357
149, 289
11,870
8,740
8 8, 620
1,289
1930
463, 036
8 97, 941
25, 207
4,707
2,480
646
(29)
8 2, 450
2,571
8 526
8 136, 688
8 76, 190
3,139
(31)
(31)
980
4, 861
2,297
3,986
463
936
> 39, 088
8 131,940
8 4, 649
1,551
8 8, 184
414
For footnotes, see pp. 305-308.
STATISTICS OF INCOME FOR 1940, PART 2
285
net income and returns ivith no net income showing number of returns, compiled
loss, net income or deficit, and dividends paid by type of dividend
millions of dollars]
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
459, 704
451,884
446, 842
469, 804
477, 113
478, 857
477,838
471, 032
469, 617
473, 042
1
75, 494
21, 945
4,122
2,251
299
8 53, 294
8 19, 584
3,491
1,926
142
57, 777
18, 982
2, 786
1,650
262
74, 309
18, 552
2,696
1,585
243
85, 332
19, 790
2, 566
1,643
470
100, 586
22, 886
2,543
1,518
581
108, 383
24, 862
2,601
1,549
305
91, 195
20, 594
2,420
2,142
207
95
1,791
312
966
101,576
22, 296
2,444
2,319
212
115
1,906
250
998
114,642
24, 483
2,496
2,024
188
178
2,021
245
1,177
2
3
4
5
6
7
2,677
(29)
1,208
2,682
209
1,111
8
1,436
1,969
(29)
1,387
1,260
(2.)
1,159
1,026
(2»)
1,229
2,217
(30)
8 659
(29)
1,122
3,014
(30)
714
la
280
445
265
476
274
458
320
443
355
429
12
542
554
592
13
108. 057
81,638
84, 234
8 101,490
114,650
132, 723
142, 443
120. 454
132. 878
148, 237
14
58, 774
8 41,430
(31)
2,133
(31)
(31)
1,313
4,043
2,087
43, 626
9,420
1,995
1,422
(31)
1,249
3,511
2,124
57, 458
8,670
2,173
1,486
(31)
1.182
3,422
2,162
66, 279
9,190
2,345
1.542
(31)
965
3,261
2,628
78, 023
10, 859
2,713
1,530
(31)
901
3,081
2, 958
30
3,286
437
142
84,168
12, 231
2,809
1,565
(31)
756
3.003
3,666
33
3,342
624
165
70, 274
9,802
2,591
1,556
(31)
672
2,871
3,765
27
3,352
437
75
152
20, 748
77, 272
11,128
2,697
1,603
1,098
715
2,797
3,995
31
3,443
4.38
65
186
20, 233
86, 739
12, 297
2. 9.50
1,966
1,237
617
2,701
4,317
38
32 3, 528
475
703
336
20, 985
15
16
2,698
(31)
(31)
1,183
4,492
2,231
17
18
19
20
21
22
23
4,003
208
1,702
3,693
247
1,705
3,496
246
1,686
3,362
312
297
3,352
349
239
24
25
26
07
33, 484
8 28,816
16,390
17,996
19, 076
20, 991
22, 352
28
108, 834
85, 467
85, 164
98, 520
109, 227
124,952
134,613
116,323
125, 700
138,889
29
33 777
33 3, 288
6,151
164
33 3, 829
33 5, 644
3,886
143
33 930
33 2, 547
3,127
102
8 2, 970
94
8 4, 859
215
6,423
1,696
5,941
136
7,771
7,326
7,379
345
7,830
7,354
7,514
189
4,131
3,673
5,013
85
7,178
6,735
6,747
90
9,348
8,919
6,089
140
30
31
32
33
286
STATISTICS OF INCOME FOR 1940, PART 2
Table 21. — Corporation returns with balance sheets, 1926-1940: * Composite data for
assets, liabilities, compiled receipts, compiled deductions,
[Money figures in
1926 3<
1927 34
1928 3<
1929 8<
1930 3*
1
Number of returns with balance sheets "
Assets:
Cash 88 .. .. .. ..
359, 449
379, 156
384. 548
398, 815 403, 173
2
3
4
16, 802
23, 552
20, 939
8.694
(46)
97, 523
8 94, 609
16, 851
50,959
21,005
9,781
(46)
104, 945
84, 001
21,952
62, 804
20, 751
10,116
(46)
109, 931
81,663
22, 371
66,810
21,911
10, 338
<7 55. 844
116,446
« 42, 057
21,012
59, 675
18,771
10,228
83. 809
120, 994
19,511
Notes and accounts receivable Oess reserve,
except for 1926).
Inventories . ..-. .-
5
6
7
Investments, Government obligations "
Capital assets 8s (less reserves)
Other assets
Total assets"
9
8 262. 179
287, 542
.307, 218
335, 778
334,002
Liabilities:
Notes and accounts payable " (1926-36)
Bonded debt and mortgaKes *i (1926-36)
Accounts pavable (1937^0)
10
11
12
24, 042
8 31,801
24, 126
8 37, 740
27,437
42,943
29,453
46, 643
26, 870
50, 282
Bonds, notes, and mortgages payable
(1937-40);
(49)
(49)
8 87,076
17,146
67, 517
(48)
(49)
8 93,274
17, 800
74, 081
(49)
(49)
93,950
18, 475
77, 256
(49)
(49)
8 99, 314
19, 738
8 85, 520
(49)
(49)
8 95, 568
19, 117
87, 067
Other liabilities "
Capital stock, preferred- . --
17
Capital stock, common
IR
Surplus reserves " (1938-40)
Surplus and undivided profits ** <'
39.154
4,657
45,415
4,893
52, 069
4,913
60, 699
5,588
8 61, 832
6,734
9rt
Less deficit *5 .. ..
Total liabilities ''.
91
8 262, 179
287, 542
307, 218
335, 778
334,002
Receipts, taxable:
Gross receipts from operations 12. __
Interest, not on Government obligations
Bents '3 (1931-37); rents and royalties '8
(1938^0).
Net gain, sales of stocks, bonds, and other
assets (1931); net capital gain '^ (1932-40).
Net gain, sales other than capital assets '«
(1938-40).
Dividends from:
Domestic corporations " (1936-40)
og
29
Foreign corporations.
Other receipts _
31
32
33
Receipts, partially and wholly tax-exempt:
Dividends from domestic corporations '8
(1931-35).
Interest on Government obligations:
Subject to declared value excess-profits
tax " (1934-40).
Wholly tax-exempt '8.. ._ .
Total compiled receipts "
34
Deductions:
Cost of goods sold 20
35
36
Cost of operations 20 (1932-40)
37
Compensation of officers 21
38
39
Repairs 22 (1939-40).. ..
ifO
Bad debts -
41
Interest paid . ..
49
Taxes paid 2'
43
Contributions or gifts 2* (1936-40) ..
44
Depreciation .. ..
45
Depletion
16
Net loss, sales of stocks, bonds, and other
assets (1931); net capital loss 25 (1932-40).
Net loss, sales other than capital assets "
(1938-40).
Other deductions 20
47
4S
Total compiled deductions 2'.
40
Compiled net profit or net loss ..
60
51
For footnotes, see pp. 305-308.
STATISTICS OF INlCOMB FOR 1940, PART 2
287
returns wtih net income and returns with no net income, showing number of returns,
compiled net profit or net loss, and net income or deficit
millions of dollars]
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
381,088
392,021
388, 564
410, 626
415, 205
415, 654
416, 902
411, 941
412, 759
413,716
1
15,880
48, 667
15, 140
10, 667
8 75, 305
8 114,303
16, 534
296, 497
15.917
39,564
12,372
11,917
75, 630
108, 553
16, 129
15, 236
35, 835
13, 597
13, 571
70, 474
104. 958
14, 535
19, 961
40, 529
14,311
19, 084
90, 573
102, 751
14,097
23,664
38, 690
14, 788
21, 863
90, 163
100. 480
13, 501
26, 102
40, 219
16, 584
24,313
86, 208
97, 873
11,882
24, 346
40,329
18.515
23, 988
85.065
100, 320
10, 794
27, 973
37, 763
16, 582
25, 527
82, 701
99, 299
10, 176
34, 054
39, 451
17,718
27, 353
81,155
100, 226
6,846
41, 423
42, 864
19,463
29,570
80, 429
100, 214
6,514
2
3
4
5
6
7
8
280, 083
268, 206
301, 307
303, 150
303, 180
303, 357
300,022
306, 801
320, 478
9
23, 251
48, 101
20, 562
8 47, 222
19, 362
45, 883
27, 021
48, 604
25, 332
49, 822
25, 580
47,023
10
11
14, 748
10, 373
49. 326
87, 276
18, 364
77, 339
13, 747
8,104
60, 278
90,455
18, 108
74, 792
7,301
50, 367
13,131
14, 506
8,027
49, 388
98,016
817,213
73, 482
8 7,889
51,302
13, 022
14,696
7,987
49, 199
110,210
17, 138
72, 292
8,358
53, 275
12, 676
12
(48)
(49)
8 81. 782
8 19, 217
79, 794
(48)
(49)
8 78, 730
19, 076
78,413
(48)
(49)
75, 384
18, 394
74,088
(43)
(49)
84, 096
19, 976
84, 970
(48)
(49)
89, 066
19, 533
82, 733
(48)
(49)
97, 109
18, 591
78, 072
13
14
15
16
17
18
51, 976
7,624
296, 497
45, 664
9,584
44,792
9,696
48, 986
12, 347
48,828
12, 163
48,043
11,237
58, 524
12, 594
19
20
280, 083
268, 206
301, 307
303, 150
303, 180
303. 357
300, 022
306, 801
320, 478
21
73, 783
M 21, 206
4,024
2,110
284
8 52, 586
8 18, 640
3,418
1,813
136
56, 961
17, 991
2,713
1,556
253
72, 825
17,913
2,640
1,498
233
83, 879
19, 005
2,504
1,546
452
96, 130
21.245
2,478
1,410
553
106, 086
23, 918
2,557
1,456
271
89, 322
19, 888
2.384
2,037
201
89
1,701
305
946
100,040
21, 561
2,405
2,207
206
108
1,860
247
978
112,781
23, 754
2,461
1,939
183
166
1,970
244
1,155
22
23
24
25
i
27
2,573
(29)
1,168
2,601
204
1,084
28
(29)
1,393
1,905
(29)
1,356
1,207
(29)
1,130
962
(29)
1,207
2,129
(30)
8 650
(29)
1,096
2,917
(30)
699
29
30
81
273
440
259
471
269
452
315
437
350
423
3?
633
105, 238
545
582
4
33
A
34
79, 701
82, 148
8 99,095
112, 098
126, 269
138, 907
117, 596
130. 365
145. 427
57, 374
(50)
2, 574
(3i)
(31)
1,153
4,369
2,172
8 40, 842
(31)
2.064
(31)
(31)
1,285
3, 906
2,012
42, 981
8,988
1,928
1,376
(3.)
1,213
3,375
2,044
56,213
8,443
2,102
1,438
(31)
1,151
3,339
2,108
65, 062
8,864
2,267
1,489
(31)
928
3,160
2,561
74,364
10, 083
2,604
1,451
(31)
866
2,931
2,807
29
3,148
403
123
82,307
11,842
2,710
1,514
(31)
733
2,926
3,571
32
3,256
500
144
68, 742
9,529
2,506
1,509
(31)
650
2,803
3,680
27
3,285
426
70
123
20, 102
76, 007
10, 821
2, 621
1,.560
1,079
686
2,726
3,916
30
3,378
427
61
146
19, 672
85, 214
12, 026
2.866
1.912
1,217
599
2,&16
4,241
38
61 3, 467
465
653
219
20,393
35
36
37
38
39
40
41
42
43
3,933
2(il
1, 539
3,624
242
1,538
3,423
243
1,488
3,290
303
258
3,273
338
179
44
45
46
47
32, 351
8 27, 698
15, 727
17,412
18, 477
19,842
21, 594
48
105, 725
33 487
S3 2, 925
83,211
82, 787
96, 058
106, 599
118,651
131,130
113,452
123,129
135, 955
49
33 3,511
33 5, 262
33 639
33 2, 183
8 3, 037
258
5,500
1,883
7,618
7,178
7,777
7,306
4,144
3,692
7,236
6,799
9,472
9,048
50
51
288
STATISTICS OF INCOMEi FOR 1940, PART 2
Table 22, — Corporation returns, 1931-1940,^ in aggregate and hy industrial groups,^^
for returns with net income and returns with no net income: Number of returns,
gross income, and net inco7ne or deficit; also for returns with net income: Income
[ ta^E, excess profits taxes, and total tax
[Money figures in thousands of dollars]
Year
"Total
number
ol re-
turns 2
Num-
ber
Returns with net income '
Gross
income *<
Net in-
come '
Income
tax *
Excess
profits
taxes*
Total
tax
Returns with no net
income '
Num-
ber
Gross
income m
Deficit'
ALL INDUSTRIAL GROUPS
1931
516.404
175, 898
1932
508, 63ii
82, 646
1933
504. 080
109, 786
1934
528. 898
145.101
1935
533, 631
164, 231
1936
530, 779
203, 161
1937
529, 097
192, 028
1938
520, 501
169, 884
1939
515,960
199.479
1940
516, 783
220, 977
52.0.51,
31,707,
46, 752,
62, 920,
77,441,
104. 763,
108,989,
80, 068,
105, 457,
124, 977,
683. 368
1.53,113
985. 972
275, 197
164, 723
478, 241
634, 837
525, 979
826, 713
203, 224
398,
8 285,
416,
588,
710,
1, 169,
1, 232.
853,
1,216,
2, 144,
994
576
093
6,976
375
7,073
156
24, 969
765
21,613
837
43, 335
578
5,938
450
15. 806
292
404, 254
398,
235
423,
596,
735.
1,191.
1, 276,
859,
1,232.
2, 548,
994 2S3. 806
576 ,369, 238
068 337, 056
048 324, 703
125 312,882
378 275, 696
172 235,810
566 301, 148
256 270, 138
546 252,065
55,464,204 6,970.913
49, 375. 775 7. 796, 687
36. 890. 055 5. 533. 339
37,910.239 4,181,027
36,494.604 3.468,774
27,514,178 2,152,024
32, 977. 981 2, 280, 846
39, 927, 6 '.S 2, 853, 098
26, 977, 788 2, 092, 148
22, 830, 422 2, 283, 795
MINING AND QUARRYING
1931
1932
19.33
1934
1935
1936
1937
1938 ad 5'.
1939 ad 53,
1940 ad 53.
17, 580
3,832
17.218
2.868
17.068
2,982
18. 656
4.460
18.420
4,527
18, 174
5.146
18.024
5,083
17, 142
4,470
16, 571
4,687
15,886
5,076
732, 720
537, 578
555, 679
1,161,775
1,331,854
2. 069, 330
2, 579, 785
1. 546, 756
1.684,919
2, 387, 593
71, 154
62, 675
71.686
156, 063
162. 936
300. 048
427. 621
210, 351
265, 786
335, 223
7,211
7,445
9,921
21,456
22, 400
38, 108
56, 457
29, 846
39, 169
68, 202
7,211
8,291
7, 445
9,178
230
10, 201
8,866
428
21,884
9,083
515
22,915
9,188
504
38,612
8. 642
4,402
CO, 859
8.484
245
30, 091
8,699
382
39, 551
8,238
3,956
72,157
7,702
1,496,571
1,127,297
1. 402, 596
1,375.939
1, 292. 853
998. 165
1,000,672
1,142,252
1, 142. 752
826, 678
325, 963
287. 042
248, 127
165, 373
173, 879
124, 146
128.368
161.041
123. 663
116, 286
MANUFACTURING— TOTAL
1931
93. 109
30. 270
20,974,409 1.464,619
165,311
165.311 58.815 23.058,882
2, 287, 589
1932
91.849
14. 985
12. 696. 792 757, 591
99.949
99.949 72.931 19.279.691
2, 563, 855
1933
93, 831
26.354
22,289,285 1,460,632
203, 713 3, 649
207,362 62,295 12 8G1.490
1,256,586
1934
9 96, 649
34. 023
27,442,910' 1,906.194
262.466 3.477
2.i5,943?57,270S13.652, 6f.2
« 956, 558
1935
96, 213
37, 976
35.413,610 2.482.773
341,355 15.528
356.883 53,700
12.481. 183
666, 326
1936
96, 236
45. 926
48,373.998 4,072.531
596,368 11,294
607.662 46.101
8, 5iH0, 830
370, 993
1937
96.511
41,974
51,468,208 4,127,465
629. 8P5 9. 701
652, 271
50. 005
10.988.400
424. 344
1937 ad 53.
96, 727
42. 060
51.031,751 4.137.323
631,467, 22.376
053, 938
50.124
11.035.853
427. 390
1938
91. 838
34. 034
34,117.838 2,421.385
374,171 22,471
376,531
54. 033
17.010,574
831,871
1939
89. 347
43,002
49,983.326 3.948.328
624, 375' 2, 360
634, 077
43, 181
8. 310, 698
380, 572
1940.
88, 651
47, 168
60,650,227 5,631,949
1, 215. 160 337, 735
1,552,895
38,420
6,330,090
325,409
MANUFACTURING— FOOD AND KINDRED PRODUCTS"
1931
14, 632
6,466
1932
14.968
3,629
1933
12,8,59
4.247
1934
8 13, 363
5,374
1935
13,375
5,312
1936
13. 057
6, 233
1937
12, 976
5, 300
1938 ad 53.
12. 043
4,889
1939 ad 53.
11,260
5,615
1940
10, 645
6,315
5, 365, 954
4, 430, 704
5, 536, 520
6,973,816
7, 340, 434
8, 824, 076
7, 276, 741
6, 382, 979
9, 133, 178
9, 493, 022
326, 910
199, 387
264, 606
302, 328
317,671
417,565
286, 098
312, 177
427, 819
444, 317
36,823
25, 201
36, 906
41,768
43, 670
58, 766
40, 043
49, 814
68, 664
93, 794
36,823
7,524
25, 201
10, 653
631
37. 537
7,934
642
42,410
8 7, 151
1,584
45, 254
7,283
1,310
60, 076
6,028
753
40, 796
6,940
354
50. 168
6, 616
649
69, 313
5,218
4,731
98, 525
4,934
3, 988, 705
2, 858, 953
1,748.880
! 1,373,932
1, 988. 025
1,566,015
3, 602, 288
3, 604, 877
1,124,635
1,116,514
203, 478
207,211
86, 428
s 81, 499
55, 807
37, 743
63,804
80, 785
35, 079
36,623
For footnotes, see pp. 305-308.
STATISTICS OF liNlOOMB FOR 1940, PART 2
289
Table 22. — Corporation returns, 1931-1940,'^ in aggregate and hij industrial growps,^"^
for returns with vet income and returns with no net income: Number of returns,
gross income, and net income or deficit; also for returns with net income: Income
tax, excess profits taxes, and total tax — Continued
[Money figures in thousands of dollars]
Total
number
of re-
turns »
Returns with net income »
Returns with no net
income '
Year
Num-
ber
Gross
income '<
Net in-
come '
Income
tax 4
Excess
profits
taxes 5
Total
tax
Num-
ber
Gross
income "
Deficit*
MANUFACTURING— LIQUORS AND BEVERAGES (ALCOHOLIC AND
NONALCOHOLIC) 53
1933
2, 969
898
484, 487
73, 363
10,199
397
10, 596
1,648
107,420
14, 175
1934
3,283
1,368
851,516
97, 648
13,427
402
13, 829
1,540
207, 905
15,723
1935
3,232
1, 466
1, 107, 301
107, 824
14,826
905
15,731
1,481
216,399
16, 355
1936
3,333
1.767
1, 473. 579
176,013
28, 154
649
28, 803
1,294
198, 162
13,324
1937
3,376
1,633
1,529,312
162, 769
28, 126
955
29, 081
1,478
292. 424
16, 421
1938
3,237
1,506
1,325,192
127, 758
21,717
111
21,827
1,509
210,070
18, 262
1939
3,191
1,656
1, 443, 683
150. 967
25, 598
183
25, 781
1,321
252, 163
17,027
1940
3,142
1,641
1, 545, 588
151, 993
33, 188
2,116
35,304
1.320
237,871
20, 159
MANUFACTURING— TOBACCO PRODUCTS
1931
370
155
1932
382
114
19.33
405
122
1934
405
131
1935 -
387
139
1936.
379
153
1937
370
140
1938.
326
110
1939
307
116
1940
296
124
1,086,
978,
837,
1,023,
1,077,
1, 188,
1, 264,
1, 251,
1, 296,
1,394,
142, 494
138, 399
65, 224
96, 296
99, 419
127,968
126,648
124,310
123, 169
145, 279
066
17,066
211
061
19, 061
256
998
8
9,006
261
241
5
13, 246
245
670
44
13.714
228
363
69
18, 432
211
567
78
18, 645
213
590
(59)
19, 591
199
148
7
21,155
181
667
921
34, 591
162
97, 515
61, 188
105, 158
36, 383
33, 682
27, 440
36, 703
37,815
23, 150
25, 709
5,606
5,151
14, 893
2,086
1,221
1,198
2,040
1,584
1,187
5,230
MANUFACTURING— TEXTILE MILL PRODUCTS 5«
1931
1932
1933
1934
1935.
1936
1937
1938 ad 53.
1939 ad 53
1940 ad 53.
14, 655
4,875
14, 637
2,467
15,351
5,664
15, 775
5,682
15, 6.56
6,129
7,827
3,903
7,697
3,013
5,016
1,797
4,782
2,510
4,591
2,555
2, 132, 182
1,211,516
3, 183, 894
3,040,608
3,861,351
3, 596, 772
3,014,462
1,783.577
3,211,686
3, 513, 743
77, 830
41,052
203, 733
141,702
171,425
221, 904
166, 326
82, 113
197, 221
245, 798
7,351
7,351
9,503
5,047
5,047
11,872
28, 010
764
23, 774
9,310
19, 505
291
19,796
9,741
23, 570
1,034
24, 604
9,254
35, 173
863
36, 036
3,782
26, 186
967
27, 153
4,490
13, 239
201
13, 440
3,081
33, 000
1,242
34, 242
2,164
53,086
7,532
60, 618
1,937
3,168.902
2, 672, 436
1,463,230
2. 209, 651
2, 045. 223
914, 36
1, 517, 426
1, 430, 385
706, 450
719, 775
342, 537
332, 249
96. 838
124,914
100, 258
44,055
69,374
101,809
38, 257
36,88S
MANUFACTURING— CLOTHING AND APPAREL 56
1936
1937.
1938 ad 53
1939 ad 53
1940 ad 53
8,203
3,633
8,044
2,790
8,874
2,912
8,664
3,799
8,864
4,342
1,759,667
1, 439, 762
1, 299, 880
1, 793, 228
2, 040, 628
56, 344
32, 845
31, 558
54,611
62, 967
8,445
232
8,677
4,455
4,975
129
5,104
5.120
4,952
73
5,025
5,850
8,805
312
9,117
4,766
12,243
1,108
13, 352
4,412
523, 088
809, 937
879, 872
632, 336
579, 806
14,044
19, 036
31,458
17, 961
16,314
MANUFACTURING— LEATHER AND ITS MANUFACTURES
1931
1932
1933
1934
1935
1936
1937
1938
1939
19^0
2,294
754
2,331
468
2,407
973
2,422
976
2,415
1,090
2,401
1,200
2,386
1,023
2,274
860
2,157
1,080
2,145
1,139
545, 388
371, 438
727, 024
709, 035
935, 624
1, 043, 709
963, 149
755,011
992, 294
1, 039, 166
30, 091
18, 687
47, 586
36, 468
47, 766
50,647
34, 601
25, 847
46, 506
48, 074
3,340
3,340
1,487
2,404
2,404
1,816
6,582
167
6,749
1,365
5,018
66
5,084
1,368
6,568
198
6,766
1,258
7,657
134
7,791
1,144
5,157
100
5,257
1,311
4,087
66
4,153
1,364
7,605
130
7,734
1,050
9,110
897
10,007
979
564, 469
469, 593
261, 236
324,117
228, 436
239, 163
368, 576
371, 135
248, 373
251, 187
64, 737
61, 797
20, 761
17, 545
9,009
14, 272
13,564
20, 058
10,449
10, 330
For footnotes, see pp. 305-308.
290
STATISTICS OF INCOME FOR 1940, PART 2
Table 22. — Corporation returns, 1931-1940} in aggregate and by industrial groitps,^^
for returns with ?iet income and returns with no net inconiP.: Number of returns,
gross income, and net income or deficit; also for returns with net income: Income
tax, excess profits taxes, and total tax — Continued
[Money figures in thousands of dollars]
Total
number
of re-
turns'
Returns with net income
3
Returns with no net
income ^
Year
Num-
ber
Gross
income"
Net in-
come '
Income
tax*
Excess
profits
taxes 5
Total
tax
Num-
ber
Gross
income '*
Deficit 3
MANUFACTURING— RUBBER PRODUCTS
1931
552
174
1932
544
96
1933
572
215
1,934
650
267
1935
632
2S6
1936
618
330
1937
643
320
1937 ad ".
527
2S0
1938
557
283
1939
665
326
1940.
602
339
401, 314
14, 004
127, 581
2,779
300,313
13, 339
362, 756
14, 976
671,861
30, 119
910, 991
54, 771
1,012 043
47, 454
972, 651
43, 579
782, 159
26, 325
1,010,660
64, 766
1, 113, 375
72,712
1,371
1.371
361
301
301
426
1,867
52
1,919
330
2,094
20
2,114
340
4,141
323
4,464
312
8,520
119
8,639
259
6,241
131
6,372
294
5,614
111
5,724
221
4.331
49
4,380
257
10,457
113
10, 570
219
14, 783
1,259
16, 042
247
415,317
507, 935
418, 134
393, 498
116, 885
50, 872
94,911
91,144
75, 899
73,654
52, 134
38,154
41,517
10.000
10,566
6,989
3,183
3,712
3, 502
3,966
1,687
1,997
MANUFACTURING— FOREST PRODUCTS
1931
1932
1933
1934
1935
1936
1937
1938 ad 53
1939 ad M
1940 ad 53
6,954
1,525
6,707
541
6,879
1,638
6,855
1,812
6,843
2,384
6,722
3,145
6,730
3,102
7,863
2.681
7,586
3,443
7,333
4,009
332,942
14, 966
95, 829
5,271
407, 146
22, 745
490, 335
27, 210
734, 389
37, 968
1,291,734
86, 841
1, 457, 931
93, 569
997,118
50, 090
1, 554, 624
92. 524
2,060,302
148, 435
1.379
1.379
5,150
666
666
5,929
3,153
119
3,272
4,882
3,743
63
3,806
4,725
5,221
222
5,443
4,199
12,698
559
13, 257
3,360
13, 599
886
14, 485
3,373
7,708
87
7,795
4,903
14, 787
328
15,115
3,933
30,883
<,545
36,427
3,125
1, 014. 898
758, 131
586,815
605, 068
583, 999
456, 523
472, 165
753, 301
562. 302
380, 383
MANUFACTURING— PAPER, PULP, AND PRODUCTS
199, 133
212.389
95, 335
76, 708
53, 628
37, 950
25, 640
56, 379
35, 710
29,140
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
2,086
832
2,097
473
2,164
993
2,318
1,208
2,306
1,296
2,371
1,440
2, 327
1,383
2, 25(1
1,107
2,213
1,423
2,220
1,469
632,
291,
709,
966,
1,165,
1,437,
1, 646,
1,115,
1, 545,
1,811,
37,
16,
52,
80,
92,
123,
140,
68,
120,
190,
4,239
4,239
1,200
2,237
2,237
1,582
7,250
169
7,419
1,106
11,123
211
11,334
1,032
12, 086
266
12,952
938
19, 354
276
19, 630
848
22, 731
708
23, 439
867
10,917
49
10, 966
1,089
19, 562
315
19, 877
744
42, 546
9,337
51, 884
713
639, 142
717, 678
453, 368
347, 752
326, 145
291,362
241, 191
408. 743
224, 672
235, 496
S3, 776
81, 073
36,090
28, 418
31, 994
15,816
12.039
24,933
19, 828
8,872
MANUFACTURING— PRINTING, PUBLISHING, AND ALLIED INDUSTRIES
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
11,822
4,593
12, 100
2,155
12. 077
2,713
12, 622
4,490
12,912
4, 895
12, 735
5,469
12, 667
5,117
11,950
4,234
11,690
4,817
11,783
5,612
1, 285, 285
115,795
12, 895
12.895
6,810
888. 484
58, 804
7,795
7,795
9,510
977, 340
71, 079
9,853
124
9,977
8,886
1,285,357
117,465
16, 148
201
16, 349
7,618
1,468,211
140, 037
19, 255
463
19,718
7,495
1,792,311
188, 475
27, 370
452
27, 822
6,811
1, 908, 531
183,821
26, 872
672
27, 544
7,079
1,542,128
125,114
18,570
129
18. 700
7,314
1,778,016
157,999
23,814
227
24,041
6,511
1, 939, 992
178,515
36, 993
2,848
39, 840
5,819
1, 000, 179
900, 273
673, 352
571,460
559, 876
440, 889
529, 691
653, 068
490, 364
470, 740
77, 802
96, 170
57,917
64, 153
45. 978
28,475
36, 776
42,731
29, 454
30, 325
For footnotes, see pp. 305-308.,
STATISTICS OF INlOOME FOR 19 40, PART 2
291
Table 22. — Corporation returns, 1931-1940,^ in aggregate and by industrial groups,^^
for returns with net income and returns with no net income: Number of returns,
gross income, and net income or deficit; also for returns with net income: Income
tax, excess profits taxes, and total tax — Continued
[Money figures in thousands of dollars]
Total
num-
ber of
re-
turns 2
Returns with net income '
Returns with no net
income '
Year
Num-
ber
Gross
income "
Net in-
come 3
Income
tax*
Ex-
cess
profits
taxes '
Total
tax
Num-
ber
Gross
income "
Deficit «
MANUFACTURING— CHEMICALS AND ALLIED PRODUCTS''
19.M
lfli2
l!/33
1934
1935
1936
1937
1938 ad «3
1939 ad ss
1940 ad M
7,265
2,797
7, 443
1,741
7, 678
2,458
8,220
3,049
7,969
3,156
7,174
3, 303
7,183
3,107
6,966
2,732
6,911
3,301
7,046
3,437
3,371,
395
2
761.
691
4
094,
654
3
322, 986 i
4
545,
7321
3,649,2691
3
882,
702
3
198,8781
3
985
159
4
510,
195
251,
167,
272.
324,
366,
479,
457,
336,
541,
658,
29, 409
22,644
38,240
44,627
50, 340
64,079
63, 131
51, 323
82,784
535
543
929
1,063
1,013
211
1, .372
139,157 35,883
29, 409
4,047
22,644
5.315
38, 775
4.696
45, 170
4,559
51.269
4,350
65, 142
3,508
64, 144
3,676
51,535
3,890
84, 156
3,349
175,040
3,313
3, 952, 977
3, 696, 099
2, 191, 132
3, 325, 574
2, 882, 520
275, 689
337, 354
426, 909
257, 878
230, 337
318, 864
223, 266
189, 213
178, 543
114,331
18. 769
19,06
27, 602
17, 456
16,637
6
MANUFACTURING— PETROLEUM AND OTHER MINERAL OIL PRODUCTS*'
1936
852
357
3, 716, 885
224, 627
23, 618
53
23, 671
389
888, 562
21,110
1937
806
324
4,638,211
300.815
34, 1,56
795
34, 951
381
648, 653
21,257
1938
765
315
2,459,321
146, 406
15,003
29
1.5,031
398
2. 638, 970
88, 121
1939
733
3.50
4, 130, 839
196, 590
20, 342
192
20, 533
323
1,279,042
16, 828
1940
715
334
5, 045, 084
267, 700
44, 751
4,735
49, 486
321
639, 277
19,885
MANUFACTURING— STONE, CLAY, AND GLASS PRODUCTS
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
4,418
1,149
4,268
424
4,112
642
3,974
997
3,967
1.253
3,970
1,781
4,164
1,684
3,742
1,393
3,626
1,771
3,601
1,940
483, 373
184, 622
428, 580
603, 592
769, 225
1, 196, 817
1,317,034
937, 385
1, 320. 926
1, 577, 346
41, 683
13, 270
34, 762
61,751
88, 695
161,516
161. .524
88,915
157, 643
213, 456
4,614
1,760
4,826
8.491
12, 196
24, 000
24. 599
14, 110
25. 803
47, 294
4,614
3,076
1.760
3,685
86
4,912
3,186
59
8,550
2, 747
470
12, 666
2,524
507
24, 507
2,015
887
25, 486
2,263
117
14, 226
2,208
357
26, 160
1,752
10, 072
57, 366
1,550
558, 054
485, 794
290, 009
235, 957
248, 437
183, 925
218,915
284, 139
184, 471
136, 431
79, 174
110.098
55, 635
36, 527
31, 219
16, 607
17,416
23, 839
11,793
12, 244
MANUFACTURING— METAL AND ITS PRODUCTS '8
1931
19, 700
4,744
4, 652, 191
355, 221
40, 624
40, 624
14, 174
6, 861, 806
760, 951
1932
18, 877
1,917
1,031,353
71,098
9,558
9,558
16, 191
5, 475, 380
1, 054, 566
1933
19,080
4,291
4, 059, 694
287, 192
40, 565
377
40, 942
13, 849
4, 077, 533
494, 126
1934
20, 353
6,844
7,040,389
535, 147
73, 627
788
74, 415
12, 437
3,588,045
278, 421
1935
19, 856
8, 426
10, 652, 872
874. 503
120, 240
8,202
128, 442
10, 702
2, 902, 219
169, 108
1936
19, 772
10, 467
10, 501, 257
1, 113, 920
171, 654
3,777
175, 431
8,563
2,068,625
74, 915
1937
20, 076
10, 491
14,042.168
1,381.350
227, 951
12, 870
240, 821
8,775
1,301.235
70, 727
1937 ad 53.
20, 743
10, 738
14, 593, 008
1,416,585
233, 956
13, 109
247,065
9,134
1, 444, 831
80.327
1938 ad 53.
18,386
6,809
7. 097, 574
574, 409
92, 248
678
92, 926
10, 857
3, 697, 085
221, 231
1939 ad 53.
18, 261
9,766
12, 108, 886
1,097,876
180, 159
3,571
183, 730
7,885
1, 798, 855
94, 276
1940 ad 53.
18, 086
11, 435
17,397,773
2,065,689
460, 715
190, 147
650, 862
6,091
882, 625
54.646
MANUFACTURING— MOTOR VEHICLES, COMPLETE OR PARTS 58
1936
801
367
1937
869
381
1938 ad 53.
995
357
1939 ad 53.
877
443
1940.
851
498
4, 621, 105
4. 554, 892
2, 010, 413
3, 432, 565
4, 678, 158
433, 348
415,814
206, 083
384, 005
576, 796
65, 478
696
66, 174
390
65. 130
596
65, 726
426
30, 998
23
31,021
577
60. 417
289
60, 706
397
127, 709
51, 077
178, 785
310
163, 117
197, 903
1, 035, 641
229, 791
118. 190
11, 654
13, 047
60, 499
17, 786
9,411
For footnotes, see pp. 305-308.
292
STATISTICS OF INCOME FOR 1940, PART 2
Table 22. — Corporation returiis, 1931-1940,^ in aggregate and hy industrial groups,^^
for returns with net income and returns unth no net income: Number of returns,
gross income, and net income or deficit; also for returns with net income: Income
tax, excess profits taxes, and total tax — Continued
[Money figures in thousands of dollars]
Total
number
of re-
turns 2
Eeturns with net income ^
Returns with no net
income 3
Year
Num-
ber
Gross
income '*
Net in-
come'
Income
tax*
Excess
profits
taxes'
Total
tax
Num-
ber
Gross
income m
Deficit'
MANUFACTURING— MANUFACTURING NOT ELSEWHERE CLASSIFIED
1931
1932
1933
1934
1935
1936
1937
1937 ad M
1938 ad 53
1939 ad «
1940 ad M
8, 352
2,206
7,495
960
7,278
1,500
6,408
1,825
6,613
2.144
6,021
2,378
6,197
2,166
5,862
2,045
6, 588
2,049
6,524
2,586
6,721
2,979
685, 136
323, 322
541.968
772, 573
1, 083, 382
1, 370, 245
1,519,612
1, 171, 708
1, 178, 727
1, 245, 328
1, 489, 814
56, 661
24, 377
51,736
70, 192
108, 897
155.967
136,668
115, 166
95, 035
128, 902
162,038
6,201
6,201
5,272
3,273
3,273
5,696
7,262
220
7.482
4,842
9, 653
184
9,837
3,767
14, 973
888
15, 861
3,676
23,042
634
23,576
3,047
22, 435
835
23,270
3.319
18. 628
711
19, 340
3,152
15, 563
183
15, 747
3,921
21. 431
414
21, 845
3,368
35,242
9,524
44,766
3,187
796, 917
676, 232
480,173
433, 320
352, 338
293, 029
319,029
226, 654
422, 667
217,562
204, 614
143, 375
138, 367
85, 175
41. 456
30, 433
17,878
20, 430
14,086
28,611
15, 793
16, 810
TRANSPORTATION AND OTHER PUBLIC UTILITIES
1931
23, 715
10, 933
6, 800, 951
902, 635
105, 585
105,585' 10,622
6, 584, 845
605, 249
1932
24,038
6,700
4,851,474
708, 168
98, 118
98,118 14,981
6, 387, 532
839, 051
1933
24, 302
7,429
4, 782, 688
657. 272
92, 258
324
92,582 14,349
5, 826, 561
743, 116
1934
28, 537
9.808
5, 895, 192
919, 298
126, 600
329
126,929 15,571
5, 215, 038
642, 896
1935
28. 437
10, 600
6, 520. 071
927,144
127,580
1,125
128,705 14,833
5, 064, 703
572. 047
1936
27, 486
11,196
8, 756, 897
1, 376, 520
172, 671
757
173,428 13,657
4, 055, 288
353, 885
1937 ^
27, 360
10, 856
9, 034. 200
1, 503, 021
194, 430
3,749
198,179; 13,816
4.415.002
410.004
1938 ad 53
24. 522
9,554
7, 968. 259
1, 256, 328
175, 606
394
176, 000 1 12,861
4, 294, 000
539, 880
1939 ad M
24, 395
10, 857
9, 223, 865
1, 577, 495
224, 464
1,199
225,662 11,623
3,972,017
362, 263
1940 ad «3.
24, 252
11, 799
10, 545, 717
1, 650, 824
361, 066
14, 541
375,607 10,777
3, 290, 367
283, 362
TRADE
1931
136,520
46,049
16, 109, 402
460,035
45, 708
1 1
45,708 86.799 14,484,044
1,025,431
1932
135, 977
20, 951
9, 329, 422
234, 674
30, 644
30,644 111,363 13,804,005
1,039,924
1933
137.858
39, 275
14, 976, 095
435, 820
60, 438
1,751
62,189 93,621
9, 222, 849
476, 184
1934
146,056
52, 823
22, 949, 508
670, 336
92, 200
2,077
94,277 88.053
10,031,452
349, 162
1935
149,426
57, 813
27, 582, 955
767, 428
105, 495
3,311
108,806 87,068
9, 946, 860
301, 252
1936
149, 805
69, 263
34,810,717
1,136,419
168,678
4,868
173,546 76,257
8, 460, 652
213,049
1937
148,019
62, 432
35, 057, 451
1,064,765
161,718
6,668
168,386. 80,652
10, 379, 209
230, 798
1938 ad M.
140, 367
50, 189
26,812,698
732, 628
112,087
1.141
113,227
86, 198
11,769,685
318,675
1939 ad M_
137.448
62, 381
34, 242, 656
1,020,385
162, 137
2,619
164, 756
71,881
7, 980, 554
209, 654
1940 ad M.
137, 105
70, 361
39, 670, 278
1, 257, 497
260, 579
32, 729
293, 308
63, 668
6, 919, 912
178, 545
SERVICE— PROFESSIONAL
, AMUSEMENTS, HOTELS. ETC.
1931
42, 406
15,637
1,698,877
117, 925
11,081
11, 081 1 22,588
1,980,348
241, 288
1932
47, 568
7,140
910, 255
64, 392
8 8, 396
8 8,396 36,142
2,181,586
480, 481
1933
47, 843
7,566
868, 980
60, 982
8,478
239
8,717
35, 419
1,952,228
378, 023
1934
50, 989
11,194
1, 561. 845
107, 807
14, 863
348
15,211
34, 718
1,812.431
283, 406
1935
54, 560
13,358
1, 803, 935
127,448
17,514
729
18, 243
36, 289
1,903,785
268, 518
1936
64, 426
18,445
2, 545, 580
232, 164
31, 534
912
32,446
41,258
2,103,413
243, 235
1937
65. 272
19.191
2, 625. 377
225, 726
32,508
1,638
34, 146
41,017
2,211,927
210, 064
1938 ad «.
48, 156
12,711
2, 298. 463
169,118
24, 961
287
25. 247
31, 067
1, 722, 930
117,573
1939 ad ".
49, 034
14,907
2, 522, 806
190, 860
28, 685
357
29. 042
30, 068
1,667,302
108, 930
1940 ad «3
61, 285
17, 486
2, 967, 544
215, 9S0
38, 907
2,281
41, 188
29,709
1,502,012
104, 706
For footnotes, see pp. 305-308.
STATISTICS OF INCOME FOR 1940, PART 2
293
Table 22.— Corporation returns, 1981-1940.^ in aggregate and by industrial groups,^^
for returns with net income and retxirns with no net income: Number of returns,
gross income, and net income or deficit; also for returns with net income: Income
tax, excess profits taxes, and total tax — Continued
[Money figures in thousands of dollars]
Total
number
of re-
turns 2
Returns with net income »
Returns with no net
income '
Yeax
Num-
ber
Gross
income 5<
Net in-
come 5
Income
tax*
Excess
profits
taxes'
Total
tax
Num-
ber
Gross
income *<
Deficit'
FINANCE— BANKING, INSURANCE, REAL ESTATE, HOLDING COMPANIES, STOCK
AND BOND BROKERS, ETC.
1931
152,920
59,129
1932
143,805
26, 395
1933
142,942
22, 369
1934
147, 277
27, 257
1935
143,843
33, 231
1936
132,715
43, 866
1937
123,992
43, 581
1938 ad »3.
152,113
49, 976
1939 ad ".
152, 865
53, 823
1940 ad 53.
149, 199
56,847
4, 293, 852
2, 778, 019
2, 725, 266
3, 036, 267
3, 638, 747
6,371,607
6, 000, 402
5, 500, 223
5, 746, 983
6, 190, 076
570, 502
287, 992
260, 569
452,414
603, 274
2, 219, 938
2,143,795
1,625,847
1,697,124
1, 938, 757
55,
36,
35,
62,
82,
142,
137,
120,
118,
168,
166
55, 166
75,434
,'^76
36, 576
98, 725
848
504
36, 352
99,314
108
742
62, 850
98,839
928
2,886
85, 814
91,702
556
2,286
144,842
71,828
051
2,735
139. 786
73, 498
284
950
121,233
86, 351
752
884
119,636
84, 533
232
8,102
176, 334
80, 865
6,535,974
5, 378, 89r
4, 695, 482
4,868,813
4, 864, 478
2, 405, 346
2, 952, 308
2, 913, 860
2, 863, 219
3, 092, 064
256, 843
335, 500
273, 806
657, 190
381,593
771,494
802. 643
790,206
823, 317
144, 612
CONSTRUCTION
1931
1932
1933
1934
1935
1936
1937
1937 ad "
1938 ad "
1939 ad 53
1940 ad 53
19, 806
6,457
19, 046
2,115
18, 235
2,140
17, 751
3,353
17, 687
4,242
17,997
6,202
18, 333
6,103
18,117
6,017
18,377
5,290
17,964
5,836
17, 534
6,988
1,213.234
468, 670
374, 434
574, 874
789, 599
1, 309, 003
1,688,050
1,524,507
1,341,870
1,556,418
2, 000, 904
30.
23,
31,
49,
74,
84,
74,
73,
79,
112,
7,625
3,639
3,
4,358
6,772
11,112
13,215
11,644
11,577
12,293
21,216
7, 62.^;
11,675
3,639
15,204
173
3,441
14,112
190
4,548
12, 588
710
7,482
11,808
661
11,773
10, 443
1,402
14,617
10, 761
1,307
12,951
10,642
449
12,026
11,675
500
12, 793
10,861
4,271
25, 487
9,388
1,022,318
969, 246
704,115
681,905
703, 428
703, 504
773, 852
726, 398
740, 750
809, 823
658,026
111,048
141,060
91,445
66, 482
55, 737
37, 305
36, 890
33, 844
40, 820
41, 228
36.884
AGRICULTURE AND RELATED INDUSTRIES
1931
1932
1933
1934
1935
1936
1937 _
1938 ad 53
1939 ad 53.
1940 ad 53.
11,014
2,546
10. 977
1,153
10, 490
1,443
8 10, 525
1.995
10.084
2, 321
9,860
2,920
9,565
2,636
10, 702
2,862
10, 158
3,090
10,397
3,642
215,
133,
178,
296,
358,
623,
531,
366,
423.
489,
1,201
1,201
7,354
675
675
8,615
2,102
55
2,157
7,818
4,198
80
4,278
8 7, 330
6, 036
160
6,196
6,734
8,655
328
8,983
6, 02f
7,479
359
7,838
6,067
4,269
143
4,413
6,93f
6, 830
144
5,974
6, 36'
9,507
652
10,058
6,10
276, 868
235, 120
217,090
S 238, 513
230, 654
201, 757
251,123
243, 447
194,057
163, 000
98, 778
94, 962
60, 212
8 54, 903
40, 253
32, 707
33, 583
38, 336
30, 225
36, 032
NATURE OF BUSINESS NOT GIVEN
1931
19, 334
1,045
1932
18, 158
339
1933
11,511
228
1934
12, 458
188
1935
14. 961
163
1936
14, 080
197
1937
12. 021
172
1938
17, 284
798
1939
18, 178
896
1940
22,474
1,600
12, 494
2,719
1,899
2,071
1,771
2,630
3,669
115,981
72, 973
75, 981
1,796
1,041
479
908
560
648
661
5,202
5,530
8,897
105
105
2,228
135
135
2,099
67
2
69
1,262
125
2
127
1,251
77
6
83
1,560
84
2
86
1,482
85
6
91
1,510
778
19
797
3,328
746
18
764
3,388
1,423
89
1,612
5,433
24, 354
12,408
7, 643
3,546
3,720
5,222
5,488
90, 040
37, 365
48, 274
18, 724
14,813
5,838
5,058
9,168
5,209
4,152
14, 696
12,296
57, 959
For footnotes, see pp. 305-308.
294
STATISTICS OF IXCOME FOR 19-10, PART 2
Table 23. — Corporation returns, 1931-1940,^ in aggregate for the United States and
by States and Territories.^ for returns ivith net income and returns with no net
income: Number of returns, gross income, and net income or deficit; also for re-
turns with net income: Income tajc, e-xcess profits taxes, and total tax
[Money figures in thousands of dollars]
Year
Total
num-
ber
of re-
turns '
Returns with net income ■
Rotums with no net income *
Num-
ber
Gross in-
come **
Net in-
come '
Income !
tas* I
Excess
profits
taxes '
Total
tax
Num-
ber
Gross in-
come ^
Deficit*
UNITED STATES
1931.
1932.
1933.
1934.
1935-
1936.
1937.
193S.
1939.
1940.
516. 404
175. S9S
50S, 636
S2. 646
504. OSO
109. 7S6
528. S9S
145. 101
533.631
UU, 231
530. 779
203.161
529. 097
192. 02S
520. 501
169, SS4
515. 960
199. 479
516, 7S3
220.977
52. 051.
31, 707.
46. 752.
62. 920,
77, 441.
104. 763.
105. 9S9.
SO.O^.
105. 457.
124, 977,
6S3, 36S
153. 113
9.S5. 972
275. 197
164. 723
478. 241
634,837
525, 979
S26. 713
203,224
398.
s 2<5.
416.
58S.
710,
1, 169.
1, 232,
853,;
1, 216.
2, 144, :
994
398,994
2S3. 806
576
8 2S5. 576
369. 238
093
6.976
423.06.8
337.U5fi|
375
7,673
596. 04S
324. 703 1
1,56
24. 969
735. 125
312.S82|
765
21. 613
1. 191. 378
275. 696^
837
43.335
1. 276, 172
2S5.810i
578
5. 988
859. 566
301. 148;
450
15,806
1, 232, 256
270. 138,
292
404,254
2,548,546
252, 065|
55.464.204 6,
49,375, 775 7,
36,890.0551,5.
37.910.29914,
36. 494. 664 3.
27. 514. 178 2.
32. 977. 981 2.
39. 927, 538 2.
26. 977. 788 2,
22, 830, 422 2,
970, 913
796.687
533.339
1S1.027
468.774
152. 024
280.846
S,i3,098
092,148
283,795
ALAB.\JM.\
1931...
4.299
1,380
134. 244
6.049
412
412
2,370
244.801
29.845
1932...
4,065
607
50,683
2.200
247
247
2.953
232.078
39. 662
19;«...
3.827
916
175, 190
8,140
1,105
84
1,189
2,416
160.538
21,503
1934...
3,797
1.295
241. 760
10.940
1.504
64
1,568
2,098
181. 3.38
IS. 497
1935...
3.725
1.306
251. 185
11. 121
1.530
62
1.592
2,065
215. 737
15. 781
1936...
3.617
1.618
427,548
2.5.291
3,707
225
3.932
1.687
131.826
8,736
1937...
3, 572
1.542
463.431
29.532
4,462
291
4.753
1,764
133,143
7,557
19.38...
3,470
1,395
324, 951
17.129
2.581
27
2.608
1.822
180. 026
11. 153
1939...
3,432
1.612
431.586
25. 213
3.958
60
4.018
1.593
135,082
8.222
1940...
3.391
1,761
572. ft32
43,682
8.908
1,830
1C.73S
1,435
88,861
6,386
AL.^SKA
1931...
181
71
4.368
3-33
IS
IS
86
3.488
562
1932...
165
42
Z949
261
24
24
92
2,770
637
1933...
170
61;
4,214
337
46
6
52
87
2,762
374
1934...
203
621
4.458
556
76
6
82
115
3,103
372
1935...
217
80
7,914
836
115
11
126
113
3.325
390
1936...
209
92:
9.041
916
118
13
131
89
3,156
376
1937...
246
106,
10. 813
1.257
165
21
186
98
4,510
321
1938...
278
911
10.145
1.099
166
7
173
133
5, 70S
456
1939...
274
951
10.437
1.105
159
5
164
125
3,832
586
IWO...
282
1C9
10, 674
1,325
238
9
248
125
4,146
443
ARIZONA
1931...
1.8931
1932...
1,773
1933...
1.674
1934...
1.586
1935...
1.555
1936...
1.531
19.37...
1,497
1938...
1,481
1939...
1.422
1940...
1,386
506!
240 !
389
466
5541
563j
520
512
564;
48.
19,
29.
66.
85,
113,
135.
110,
109.
127,
834
672
778]
782,
620'
531,
OCiil
660
216
921
2,522i
868;
l.llCI
3. 279,
4.401
6.478
7,765
6,020|
6, 710
8,226'
194:.
106,.
153
451
6041
S24|
1,039
863
9Gl|
1,611)
I
194
8071
106
1,026;
155
934
472
809
642
774
881
676
1,120
680
875
728
1,006
715
1,689
625
56, 072|
5Z256i
42.635
37, 302
41. 239!
38, 7131
43.276
51, 069
49, 469
41, 170
14,970
11,863
11. 751
5,195
5,727
3.044
2.791
3,126
3.607
3,326
-ARKANSAS
1931...
2.471
899
69.487
3.946
303
303
1,415
144,318
15,926
1931'-..
2,306
499
40.052
1.901
231
231
1,679
116,265
14,579
1933...
2,325
740
S7.8eS
3.981
545
28
673
1,460
82.670
8.949
1934...
2,366
907
133.632
6.002
825
34
859
1,336
82,131
6,576
1935...
2.534
1.028
158. 696
7.101
976
47
1,023
1.324
89.846
5,684
1936...
Z530
1.291
238.373
13,313
1.718
112
1,830
l,a51
69.047
3,316
1937...
2,551
1.178
246.553
14.007
1.873
137
2,010
1,141
75,625
3,471
1938...
2,581
1.087
207,393
11.903
1,784
23
1,807
1.211
82.393
5.039
1939...
2,479
1.245
255,368
14.563
2.213
49
2.261
1,001
56,240
3,193
1940...
2,554
1.382
294.496
19,309
3.871
221
4,092
908
42,007
2,933
Tor footnotes, see pp. 305-^08.
STATISTICS OP I'NIOOMB FOR 1940, PART 2
295
Table 23. — Corporation returns, 1931-1940^ in aggregate for the United States and
by States and Territories, ''° for returns with net income and returns with no net
income: Number of returns, gross income, and net income or deficit; also for re-
turns with net income: Income tax, excess profits taxes, and total tax — Continued
[ Money figures in thousands of dollars]
Total
num-
ber
of re-
turns 2
Returns with net income '
Returns with no net income '
Year
Num-
ber
Gross in-
come 5*
Net in-
come 3
Income
tax*
Excess
profits
taxes '
Total
tax
Num-
ber
Gross in-
come **
Deficit
CALIFORNIA
23, 738
7, 465
24, 109
4,419
23, 700
5,264
25, 106
7,112
25, 246
8,623
24, 999
10, 258
25, 120
9,705
24, 416
8,589
24, 097
9,221
24, 261
10, 111
2, 441, 374
1, 595, 538
2, 052, 632
2, 790, 876
3, 584, 160
5, 007, 807
5.219,431
4, 472, 305
.5, 075, 513
5, 597, 594
190, 149
139, 578
156, 571
228. 691
265, 864
507, 369
527, 987
398, 170
434, 985
499, 053
20, 714
18, 703
21, 644
31,449
36. 557
60, 831
67, 383
54, 061
61, 084
96,611
335
382
1,253
1,284
3,655
362
830
10, 814
20, 714
18, 703
21, 979
31,831
37, 810
62, 115
71, 038
64, 422
61,913
107, 425
13, 569
16, 590
15, 352,
14, 6751
13,500
11,851
12,280
12, 790
11,911
11, 103
2, 390, 597
2,221,271
1, 709. 344
1, 714, 305
1, 600, 398
1, 106, 527
1, 295, 450
1,419,994
1, 322, 157
1, 251, 657
39.5, 716
385, 853
269, 010
227,880
170, 684
102, 776
98, 553
128, 790
97, 551
135, 229
COLORADO
7,205
2,359
6,952
980
6,705
1,098
6,824
1,559
6,660
1,854
6,463
2,300
6,071
2,030
5,609
1,737
5,355
1,862
5,126
1,873
284,298
191, 260
296. 951
385, 308
440, 918
611,121
572, 856
452, 441
527, 415
673, 308
18, 442
14, 283
25, 825
32, 985
38. 338
60, 733
56, 590
40, 120
46, 794
51, 056
1,786
1,786
3,355
1,775
1,775
4,564
3,557
75
3, 632
4,251
4, .536
103
4,639
3, 851
5,271
208
5,479
3.601
8,044
310
8,354
3,012
7,294
292
7,586
3,001
5,641
42
5,583
2,948
6,982
74
7,056
2,650
10,056
475
10, 531
2,556
366, 998
322, 205
233, 981
203, 087
204, 970
185, 305
231, 672
230, 510
178, 765
154, 780
40, 802
42,849
33, 471
24, 175
24,252
19, 263
22, 100
19, 080
16, 751
14,420
CONNECTICUT
1931 _..
8,074
3,155
851, 783
58, 810
6,398
6,398
4,425
902, 377
104, 327
1932..,
8,370
1,381
462, 884
35, 344
4,752
4,752
6,418
905, 173
124, 782
1933...
S. 521
1,861
663, 841
SO, 968
7,069
52
7,121
6,101
754, 143
70, 773
1934...
8,948
2,385
962, 925
73, 219
10, 073
42
10, 115
5,940
711,228
71, 179
1935...
9,051
2,708
1, 226, 404
90, 438
12, 434
190
12, 624
5,748
638, 072
56, 061
1936...
9,219
3,407
1, 626, 666
143, 740
19, 635
398
20,033
5,248
574, 765
47,405
1937...
9,398
3,388
1, 854, 232
151, 486
21, 540
735
22, 275
5,460
584, 708
66,361
1938...
9,292
2,727
1, 140, 490
100, 335
14, 326
71
14, 397
5,988
807, 677
80,829
1939...
9,286
3,556
1, 726, 156
149, 057
22, 401
265
22. 666
6,166
610, 868
47, 909
1940...
9,348
4,220
2, 229, 643
224, 109
46, 996
20,341
67, 337
4,566
453, 059
44,185
DELAWARE
1931...
1,966
674
679, 062
76, 198
8, 939
8,939
1,003
813, 073
93, 408
1932. __
2,054
445
685, 193
40, 697
6, 573
5,673
1,341
636, 895
100, 758
1933...
2,106
472
530, 692
62, 291
8,688
123
8,811
1,356
668,344
79, 425
1934. _ .
2, 572
706
760, 149
93, 329
12, 882
145
13, 027
1,509
570, 810
48, 572
1935...
2,888
883
872, 425
128, 568
17, 677
588
18, 266
1,628
857, 074
77, 547
1936.. _
3,224
1, 598
1, 463, 262
490, 945
36, 908
275
37, 183
1,196
114, 951
23,054
1937...
3, 177
1,605
1, 664, 258
631, 088
39,244
374
39, 618
1,174
134, 477
15, 611
1938...
3, 200
1,434
1,096,411
364, 622
28,443
129
28,672
1,380
373, 261
26, 492
1939...
3,109
1,553
1, 496, 931
428, 284
38,584
264
38, 848
1,184
113, 656
12,415
1940..
3,175
1,617
1, 731, 456
488, 952
69, 504
19, 638
89, 142
1,216
103, 676
39,280
DISTRICT OF COLUMBIA
1931...
2, 343
1,067
283, 554
22, 376
2,419
2,419
1,081
253, 735
25, 135
1932...
2. 378
586
174, 424
14, 949
2,064
2,064
1,590
257, 854
52, 598
1933 ..
2. 415
653
216, 810
13. 914
1,948
14
1,962
1,554
211, 183
29, 876
1934..
2,598
918
305, 696
22, 871
3,145
49
3,194
1,428
221, 222
22, 199
1935...
2, 780
1,158
375, 784
27, 023
3,713
120
3,833
1,399
230, 133
13, 705
1936...
2,818
1,333
451, 802
46,287
5,817
113
5,930
1,279
236, 683
7,872
1937...
2,847
1,219
453, 204
42, 195
5,313
101
5,414
1,403
247, 764
6,892
19.38...
2, 79S
1,152
434, 995
36, 032
4,700
36
4,736
1,416
230, 186
10, 226
19.39...
2, 710
1,310
625, 030
46, 468
6,008
36
6,044
1,180
94,256
6,700
1940...
2,679
1,442
609, 473
51, 6,59
9,244
458
9,702
1,056
198, 812
7.897
For footnotes, see pp. 305-308.
296
STATISTICS OF INCOMB FOR 19 40, PART 2
Table 23. — Corporation returns, 1931-1940,^ in aggregate for the United States and
by States and Territories,^" for returns with net income and returns with no net
income: Number of returns, gross income, and net income or deficit; also for re-
turns with net income: Income tax, excess profits taxes, and total tax — Continued
[Money figures in thousands of dollars]
Total
number
of re-
turns 2
Returns with net income '
Returns with no net income »
Year
Num-
ber
Gross
income **
Net in-
come '
Income
tax<
Excess
profits
taxes 5
Total
tax
Num-
ber
Gross
income "
Deficit'
FLORIDA
3931...
11,028
3,064
1932...
9,853
1,204
1933...
9, 263
1,541
3934...
9,609
2,332
1935...
9, 8fi3
2,651
393fi...
9,866
3,456
3937...
9. 750
3,203
1938...
9,485
3,024
1939...
9,450
3, 403
1940...
9,487
3,955
229, 590
125, 985
186,016
326, 861
399, 849
533, 051
535, 851
472, 687
602, 992
741, 952
909
909
5,073
784
784
6,611
1,161
48
1,209
5,892
2, 265
81
2,346
5,423
3,039
173
3,212
5.539
4,981
278
5, 259
4,923
4,904
347
5, 251
5,187
4, 51 1
107
4,619
5,274
a, 878
150
6,028
4.909
10, 136
949
11,085
4,581
263, 357
262, 469
207, 694
208, 254
227, 302
211,325
263,185
272, 831
201,367
187, 469
GEORGIA
1931...
6, 567
1,980
1932...
5,360
1,032
1933...
5,556
1,825
1934...
5,900
2,277
1935...
5,830
2,381
1936...
5,721
2,880
3937...
5,600
2,626
1938 ..
5,473
2,410
1939...
5,423
2.697
1940...
5,473
2,994
316, 569
178.537
400, 807
565, 990
504, 588
860, 409
888, 360
748, 363
887, 304
1, 076, 992
3,664
3,354
3,115
84
4,830
71
3. 669
133
8,490
247
8,609
385
8,197
48
10, 873
140
17, 821
1,698
1, 664
3,308
1,354
4,046
3,199
3,349
4,901
3, 1,'53
3,802
3,044
8,737
2, 535
8,994
2, 722
8,245
2,821
11,012
2, 495
19, 519
2,258
3.'i6.912
326. 905
202, 500
228, 405
299, 471
191,617
230, 260
217,266
179. 494
155, 698
HAWAII
1931...
669
29:
46. 360
4,552
447
447
346
52, 942
9,228
1932...
780
304
91,062
7,675
1, 031
1,031
446
105,213
17, 28(
1933...
768
32P
156.898
19,518
2,680
14
2,694
413
50,812
5,878
1934
791
371
176, 327
16, 586
2,281
9
2,290
392
40, 655
4,711
1935 ..
798
457
227,150
31,236
4,294
56
4,350
313
21,900
4.207
1936 ..
818
533
261.764
47, 421
5,535
56
5,591
253
20, 395
2,386
1937
808
533
271,649
41.319
4,959
140
5.099
250
29, 303
1,95(
1938
801
514
224, 246
23, 762
2,734
14
2,747
265
79, 244
6,654
1939 ..
809
503
261,257
28, 004
3,729
12
3,741
283
30. 390
2,027
1940- -
824
571
336, 213
35, 522
6,510
832
7,342
230
23, 864
1,541
IDAHO
1931
2, 509
685
56, 223
2,819
226
226
1,031
65,211
12, 716
1932 ..
2, 350
279
21,777
1,258
177
177
1,323
58, 919
13, 983
1933...
2,295
470
42, 957
2,046
280
9
289
1,078
47, 434
6,418
3934...
2,270
593
69, 703
3,690
502
19
521
906
41,224
4,715
1935 ..
2,269
653
84, 461
6,435
885
22
907
898
47, 137
3,403
3936 ..
2,150
780
122, 589
10, 373
1,323
74
1,397
747
35, 490
7,707
3937...
2,160
694
122, 328
12,202
1,599
181
1,780
791
32, 795
2,949
3938...
2,069
577
83. 230
7,212
1,025
13
1,038
804
41,435
3,135
3939...
3,991
631
103, 836
9,027
1,289
16
1,305
708
36, 284
2, 052
1940...
3,944
698
142, 475
13, 565
2,600
106
2,706
638
18, 970
1,902
ILLINOIS
1931...
32, 260
30,489
5,651,020
263, 614
28,520
28, 520
18, 920
6, 825, 675
642, 842
1932...
32,117
4,816
3, 565, 964
131,959
15,713
15,713
24, 144
5, 758, 058
820, 155
1933 ..
32, 266
7,259
5, 337, 9.30
220, 079
30, 722
579
31,301
21,731
3, 899, 593
548, 081
1934...
34, 845
9,974
7, 446, 960
368, 385
50, 791
799
51, 590
21,099
3, 608, 633
448, 458
1935
3,5, 331
31,506
9, 006, 547
461,663
63, 479
2,823
66. 302
20, 120
3, 546, 361
335, 000
1936 ..
35, 923
14, 708
11,910,172
793,017
113,741
2, 167
115,908
17, 592
2, 462. 778
202, 203
1937...
36, 281
13, 823
11,405,520
780, 947
117,478
3,936
121,414
18, 607
4. 029, 226
207, 519
1938 ..
35. 621
12, 162
8,781,601
488, 698
71,702
606
72, 308
19.803
4, 675, 540
247, 741
1939...
35, 409
14, 695
11,976.234
700, 077
105,965
1,482
107, 447
17,260
2, 359, 192
171,006
1940...
34, 905
16, 241
13, 699, 128
921, 383
187, 529
32, 927
220, 456
15, 579
1, 926, 709
239, 280
For footnotes, see pp. 305-308.
STATISTICS OF INlOOMB FOR 1940, PART 2
297
Table 23. — Corporation returns, 1931-1940,^ in aggregate for the United States and
by States and Territories,^'^ for returns with net income and returns with no net
income: Nu^nber of returns, gross income, and net income or deficit; also for re-
turns with net income: Income tax, excess profits taxes, and total tax — Continued
[Money figures in tliousands of dollars]
Total
num-
ber
of re-
turns 2
Returns with net income ^
Returns with no net income '
Year
Num-
ber
Gross in-
come 5*
Net in-
come 3
Income
tax<
Excess
profits
taxes »
Total
tax
Num-
ber
Gross in-
come "
Deficit »
INDIANA
11, P89
4,395
11,649
1,963
11, 773
2, 797
12, 275
3,646
12,515
4, 397
12.551
5,487
12,612
5,163
12, 781
4,466
11,668
5,354
12, 474
5,851
696, 537
2', 2, 504
571,914
Sn, 540
1,159,218
1, 670, 192
1, 654, 860
1, 129, 037
1, 666, 662
1, 930, 168
50, 3C2
23,414
36, 804
60, 116
82, 779
128, 287
121, 146
75, 679
117,924
158, 165
4,888
3,108
5,082
182
8,275
210
11,382
720
18,8 0
638
18,613
685
11,668
134
18,661
341
32,004
6,938
4,888
6,236
3,108
8,322
5,264
7,423
8,485
6, 965
12, 102
6,431
19, 528
5,442
19, 2 '8
5,745
11, 802
6.390
19, 002
4,809
38,942
4,902
730, 309
702, 416
480,611
507, 688
464, 908
334, 468
505, 593
641, 495
327, 864
354, 578
95, 807
120, :54
71,181
61. 681
42, 073
26, 926
30, 332
45. 022
35, 043
27, 020
IOWA
9,350
3,527
9,131
1,377
9,011
1, 987
8, 990
2,654
8,736
2, 944
8,227
3, 551
7, 910
3, 235
7,614
3,241
7.378
3,501
7,228
3,658
548, 375
286, 327
415, 557
605, 840
733, 915
959, 929
777. 572
799, 984
942, 886
1, 053, 243
25, 509
11,239
18, 543
27, 254
34, 631
50, 225
46, 426
40, 544
52,417
57, 593
2,361
1,503
2,584
3,768
4,760
6,852
6,663
6,182
8, 191
10, 735
50
73
212
169
324
109
139
620
2,361
4,119
1,503
5.867
2,634
5,060
3,841
4,409
4,972
4,054
7,021
3,215
6,987
3, 359
6,291
3,228
8,330
2,871
11, 355
2,667
408, 076
380, 172
253,415
232, 770
258, 798
199, 675
383, 807
277, 2,n
204, 580
181, 804
47, 427
56, 170
37. 714
26, 938
23, 890
18, 646
21, 401
21, 371
21, 938
22, 877
KANSAS
5. 210
2,111
4.997
1,064
4,833
1,175
4,955
1,674
4,841
1,832
4,637
2,312
4,561
2,057
4,450
1, 998
4,359
2,070
4,247
2,214
460, 740
288, 764
205. 823
493, 750
491, 601
678, 084
595, 947
508, 457
569, 946
602, 447
32, 439
13, 308
8,203
19, 9y0
20, 360
42, 674
28, 759
24, 547
27, 656
39, 291
3,435
1,819
1, 131
2,772
2,811
5,541
3, 996
3,292
3,969
7,800
33
49
89
114
168
36
49
487
3,435
1,819
1,164
2,821
2,900
5,655
4,164
3,328
4,018
8,287
2,714
3,453
3,131
2, 829
2,663
2,042
2,224
2,204
2.055
1,796
281, 443
239, 684
294, 673
218, 757
252, 944
216, 199
328, 728
264, 395
214, 718
216, 470
52,645
32, 539
21,944
20, 256
22, 370
12, 113
10, 462
10, 726
10, 997
9,703
KENTUCKY
5,470
2,158
5, 193
1,079
5, 103
1,439
5,2y9
1, 892
5,252
2,120
5,158
2,547
4,961
2,345
4,882
2,103
4,870
2,362
4,778
2,466
267, 715
221, 566
349,713
576, 013
736, 180
947. 637
907, 035
757, 379
904, 800
1, 005, Oil
1,843
1,843
2,765
1,873
1,873
3,586
.3, 316
110
3,426
3,141
6,047
100
6,147
2, 895
6,419
173
6, 592
2,661
10, 260
297
10, 557
2,215
8,409
401
8,810
2,282
6, 889
72
6,961
2,448
10, 223
136
10, 359
2,170
15, 482
1,353
16, 835
1,994
433, 143
327, 561
245, 303
267, 830
187, 697
137, 846
193, 395
212, 806
165, 292
173, on
40,242
39, 228
29, 766
24, 001
19, 178
13. 342
11, 196
15, 334
10, 511
9,661
LOUISIANA
6,597
2,415
6,675
1, 197
6,605
1,502
6, 995
2,012
6,850
2,325
6,541
2,805
6,382
2, 689
6,212
2,552
6,119
2,751
6, 092
2,766
419, 649
243, 716
384. 501
527, 452
626, 077
898. 472
859. 373
734, 945
748, 152
852, 278
23, 234
14, 929
21, 130
31, 487
35, 823
62, 750
67, 880
51, 762
52, 287
63, 400
2,150
1,765
2,880
83
4,357
68
4,923
313
8,047
300
9,197
456
6, 999
89
7,560
127
12, 294
1,288
2,150
1,765
2,963
4,425
5.236
8,347
9, 653
7,088
7,688
13, 582
3,440
4,681
4,315
4,144
3,784
3,113
3, 098
3,034
2,834
2,748
480, 865
399, 762
237, 503
262, 124
279, 803
182, 928
225, 25.,
239, 658
263, 414
202, 536
59, 975
54, 925
48, 511
30, 565
46, 257
21, 666
13, 689
24, 135
14, 495
12,927
For footnotes, see pp. 305-308.
298
STATISTICS OF INCOME FOR 1940, PART 2
Table 23. — Corporation rehtrns, 1931-1940,^ in aggregate for the United States and
by States and Territories,'^^ for returns with net income and returns with nonet
income: Number of retxirns, gross income, and net income or deficit; also for returns
with net income: Income tax, excess profits taxes, and total tax — Continued
[Money figures in thousands of dollars]
Total
num-
ber
of re-
turns'
Returns with net income '
Num-
ber
Gross in-
come ^*
Net in-
come 3
Income
tax«
Excess
profits
taxes '
Totp.l
tax
Returns with no net income ^
Num-
ber
Gross in-
come "
Deficit 3
MAINE
3,884
1, 535
3,771
713
3,771
854
3,897
1,087
3,912
1,111
3,810
1,358
3,787
1,312
3,697
1,106
3,645
1,335
3,568
1,426
210, 292
107, 009
153,431
191, 809
219, Ah2
297, 612
312, 183
222, 023
320, 055
399, 912
13, 355
7,924
10, 119
12, 638
13,410
22, 357
24, 495
18, 131
25. 826
30, 054
1,304
1,084
1,358
22
1,743
27
1,843
67
2.753
75
3. 166
70
2, 527
35
3,741
103
5, 857
471
304
084
380
770
1,806
2,614
2, 454
2,313
910
2,336
828
236
562
2,038
2,040
2,214
844
1, 936
328
1,806
270, 579
238, 515
189, 082
181, 155
178,297
180, 114
202, 944
194, 401
153, 793
135, 433
MARYLAND
5,841
2,255
6,156
1,300
6,313
1,653
6,740
2,187
6,776
2,324
6,326
2,653
6,212
2,519
6,102
2,340
6,080
2,700
6,095
2,957
1, 529, 221
1, 169, 378
1, 260, 465
687,119
793, 415
1, 327, 578
1, 134, 486
851, 509
1,118,453
1,221,715
76. 622
56,117
55, 447
55, 948
55, 806
124, 717
122, 519
93.811
117,498
126, 154
8,736
7,712
7,659
80
7,581
143
7,608
201
14, 274
250
15, 089
455
11,527
98
14, 175
195
22, 486
4,051
8,736
2,932
7,712
4,102
7, 739
3,836
7,724
3, 735
7,809
3, 663
14, 524
2.971
15, 544
2,975
11,625
3, 086
14, 370
2, 745
26, 537
2,544
719, 472
703, 194
577, 569
593, 365
600, 357
265, 758
532, 737
522, 391
420, 466
466, 167
MASSACHUSETTS
1931 -
19, 678
6,727
2, 581, 451
170, 983
18, 985
18, 985
11,948
2, 410, 170
337, 204
1932
20, 016
3,476
1, 616, 236
106, 685
14,217
14,217
15, 396
2, 231, 981
369, 374
1933 ._
19, 972
5,174
2, 492, 028
177,754
24, 779
451
25, 230
13, 720
1, 616, 687
226, 791
1934 .-
21, 206
6,188
2, 557, 615
177, .365
24. 388
216
24, 604
13, 622
1, 872, 967
172, 298
1935
21, 699
7,027
3, 298, 510
223, 173
30, 686
1,124
31,810
13, 321
1, 650, 133
164, 745
1936_-.
22, 047
8,756
4, 327, 695
350, 995
43, 101
837
43, 938
11.957
1, 356, 513
122, 652
1937 ..
22, 548
8,034
4,060,493
290, 559
37, 265
1, 250
38. 515
13, 191
1, 852, 242
127,758
1938 ..
22, 704
7,198
3, 245, 803
213, 237
27, 695
256
27, 951
14, 236
1, 862, 458
162. 437
1939..-
23, 116
9,185
4, 398, 385
311,012
43, 291
714
44, 005
12, 763
1, 328, 435
120, 218
1940...
23, 652
10,284
4, 933, 870
367, 955
71, 220
14, 321
85,540
12, 250
1, 268, 813
152, 720
MICHIGAN
1931 ..
15, 287
4,562
2, 776, 880
239, 140
27, 123
27, 123
9,124
2, 036, 296
299, 845
1932 .-
14,951
2,063
703, 521
54,022
7,219
7,219
11.247
2, 224, 772
372, 480
1933...
14, 798
3,141
2, .391, 165
176, 627
25, 110
184
25, 294
9,947
1, 306, 356
169, 299
1934...
15, 582
4,742
4, 918, 522
282, 582
38, 862
325
39, 187
9, 103
950, 968
126, 068
1935...
16, 166
5,946
7,115,810
456, 526
62, 772
6,143
68,915
8,370
719, 647
106, 842
1936...
16,202
7,347
8, 508, 399
720, 735
107, 357
1,801
109, 1.58
7,131
774, 621
67, 998
1937...
16, 424
6,860
8, 420, 984
680, 228
105, 248
1, 984
107, 232
7,717
875, 543
75, 939
1938...
15, 917
5,210
4, 705, 052
370, 627
56, 556
160
56, 716
8,901
1, 745, 221
132, 130
1939...
15, 883
6,752
6, 908, 658
609, 127
94, 979
601
95, 580
7,389
762, 237
72, 922
1940...
15, 667
7,728
9,017,900
871, 227
188, 896
61, 994
250, 890
6,390
625, 103
60, 488
MINNESOTA
1931...
11, 403
4,364
1, 063, 009
57,311
5.991
5,991
5,427
951, 175
105, 601
1932...
11, 196
2,030
652, 128
31,115
4,166
4,166
7,513
867, 046
143, 426
1933...
10, 792
2, 373
995, 647
44, 779
6,284
77
0,361
6, 855
651,229
103, 034
1934...
11, 298
3,185
1, 326, 095
59, 810
8,236
151
8,387
6,414
676, 997
91,804
1935- .
11,214
3,683
1, 589, 448
68, 070
9,358
310
9, 668
5,847
608, 656
64. 388
1936...
11, 133
4,520
2, 090, 451
123, 540
14, 824
417
15,241
4,937
500, 172
42, 158
1937.-.
10, 637
4,114
1, 820, 448
105, 687
14, 568
607
15, 175
4,960
754, 943
49, 100
1938-..
10, 379
3,674
1, 629, 951
79, 568
11,107
128
11,235
5,109
594, 360
54,512
1939...
10, 151
4,086
1, 864, 418
111,853
16, 3.36
167
16, 502
4, 584
514,862
42, 385
1940...
9,937
4,503
2, 090, 328
133, 041
25, 730
2,445
28,176
4,069
453, 644
36, 867
For footnotes, see p. 305-308.
STATISTTCa OF INiOOME' FO'R 194 0, PART 2
299
Table 23. — Corporation rehirns, 1931-1940} in aggregate for the United States and
by States and Territories,^" for returns with net income and returns with no net
income: Number of returns, gross income, and net income or deficit; also for returns
with net income: Income tax, excess profits taxes, and total tax — Continued
[Money figures in thousands of dollars]
Total
num-
ber
of re-
turns '
Returns with net Income '
Returns with no net income »
Year
Num-
ber
Gross in-
come "
Net in-
come 3
Income
tax*
Excess
profits
taxes 5
Total
tax
Num-
ber
Gross in-
come '*
Deficit »
MISSISSIPPI
2,585
782
2,446
367
2,337
644
2,326
835
2,374
910
2,372
1,196
2,429
1,125
2, 433
1,021
2, 509
1,212
2,518
1,215
83, 099
25, 779
71, 080
119, 709
132, 141
224, 101
212, 661
166, 799
214, 732
250, 863
485
128j
856
670 !
015
137
447
206
285
801
267
267
1,461
183
133
1,778
391
12
403
1,461
639
23
662
1,325
827
42
869
1,299
1,656
198
1,854
1,013
1,695
144
1,839
1,112
1, 347
27
1,374
1,221
1,699
44
1,743
1,082
2,556
183
2,739
1,105
111,822
106, 816
77, 530
81, 179
88, 206,
58, 018
70, 226
84, 564
68, 552
64,264
15, 105
16, 048
10, 731
8,811
7,802
4,918
5,343
5,437
4,596
4,496
MISSOURI
16, 767
5,723
16, 373
3,140
15, 594
4,014
15, 835
4,879
15, 906
5,305
15, 467
6,486
15, 157
5,884
14, 790
6,564
14,515
6,372
14, 300
6,645
1, 462, 835
986, 399
1, 478, 323
2, 018, 558
2, 084, 450
2, 884, 109
2, 878, 862
2, 577, 004
3, 040, 314
3, 315, 890
101,315
78, 524
100, 036
142, 891
134, 044
222, 864
217, 784
192, 215
240, 432
263, 294
10, 872
10, 872
9,107
10, 554
10, 554
11, 243
13, 796
186
13, 982
9,769
19, 661
256
19, 917
9,151
18, 431
402
18, 833
8,768
30, 908
811
31, 719
7,356
32, 336
1,270
33, 606
7,668
29, 021
222
29, 243
7,708
37, 655
404
38, 059
6,735
55, 292
4,824
60, 116
6,359
1, 573, 324
1, 365, 961
976, 015
939, 236
1, 134, 084
945, 625
1, 195, 824
1, 139, 320
791, 661
709, 596
185, 867
184, 323
151,477
132, 843
126, 280
70.446
94, 791
100, 015
69. 610
62, 768
MONTANA
3,201
1,099
3,044
529
2, 933
630
2,967
937
2,978
1,053
2,822
1,048
2,692
939
2,679
923
2, 552
1,022!
2,502
1,117
78,928
33, 989
50, 459
116, 143
159, 290
164, 962
150, 954
136. 800
167, 368
191, 123
3,286
1,048
2,036
5,520
8, 622
10, 609
8,745
9,077
11,661
14, 601
251
251
1,729
121
121
2,153
279
7
286
1,938
759
28
787
1,647
1, 186
54
1,240
1,524
1,485
61
1,546
1,428
1,211
43
1,254
1,423
1,320
24
1, 343
1,367
1,747
31
1,778
1,190
2,898
131
3,029
1,053
68, 003
71,612
59, 639
46, 340
50, 810
50, 960
69, 663
58, 167
42, 063
37, 096
17, 489
11, 790
7,595
8,047
5,632
4,454
4,899
4,696
3.114
3,103
NEBRASKA
1931...
4,860
2,071
303, 124
12, 648
1,087
1,087
2,355
204, 894
21, 106
1932...
4,694
958
133, 907
7,138
948
948
3,308
236, 421
27, 803
1933...
4,473
1,180
216, 265
9,813
1,360
18
1,378
2,844
168, 021
21, 783
1934_.-
4,611
1,379
342, 666
19, 905
2, 737
54
2,791
2,784
1.36, 803
17. 823
1935...
4,494
1,613
334, 669
15, 994
2,198
71
2,269
2,459
152, 093
12. 950
1936...
4,394
1,940
473, 178
32, 674
4,624
126
4,750
2,074
119,615
10, 756
1937. _-
4,511
1,626
432, 455
27, 368
3,919
106
4,025
2,319
163, 445
11,815
1938...
4,342
1,562
369, 558
26, 660
4,019
35
4, 054
2,298
163, 454
12,777
1939...
4,266
1,766
432, 223
29, 724
4,541
33
4,574
2,007
129, 584
15, 195
1940...
4,162
1,905
488, 728
36, 503
7,381
374
7,755
1,792
107, 736
14, 392
NEVADA
1931...
997
301
358, 248
6,840
754
754
410
19, 490
4,77
1932...
938
108
254, 427
6,462
896
896
542
26, 225
6,021
1933...
888
106
246,211
6,727
953
13
966
502
26, 832
15, 992
1934,..
956
195
133, 357
3,403
468
18
486
493
33, 599
4, 656
19.35...
968
227
176, 435
3,213
442
17
4.59
474
24, 710
2,039
1936...
929
299
222,917
11, 789
994
45
1,039
397
16, 426
1,953
1937...
940
275
184,033
8,574
767
18
785
415
95, 537
2,007
1938- -.
881
259
251, 1,50
8,672
882
0
887
394
13,528
2,187
1939...
904
280
265, 000
12, 644
1,289
12
1,300
406
11,127
1,686
1940...
909
302
271, 903
14, 543
2,387
177
2,565
399
14, 677
1,895
For footnotes, see pp. 305-308.
525003—44 20
300
STATISTICS OF INCOME FOR 19 40, PART 2
Table 23. — Corporation returns, 1931-1940,^ in aggregate for the United States and
fey States and Territories,^'' for returns with net income and returns with no net
income: Number of returns, gross income, and net income or deficit; also for returns
with net income: Income tax, excess profits taxes, and total tax — Continued
[Money figures in thousands of dollars]
Total
num-
ber
of re-
turns 2
Returns with net income '
Returns with no net income '
Year
Num-
ber
Gross in-
come M
Net in-
come'
Income
tax*
Excess
profits
taxes *
Total
tax
Num-
ber
Gross in-
come "
Deficit »
NEW HAMPSHIRE
1931...
1,345
587
73, 756
4,166
362
362
687
80, 675
8,733
1932...
1,333
329
47, 479
2,151
277
277
934
72, 788
10, 577
1933...
1,412
4U0
75, 778
5,005
689
13
702
943
67. 653
7.488
1934...
1,472
509
105, 102
7,760
1,066
8
1,074
8r.5
73,149
6,141
1935...
1,464
523
112,329
7,074
973
28
1,001
879
70, 422
5,246
1936...
1,447
624
159.062
10,710
1,489
49
1,538
777
60. 089
6.009
1937...
1,429
624
179, 042
13,407
1,813
97
1,910
759
57. 262
2,614
1938...
1,485
559
142, 432
9, 579
1,384
16
1,401
869
65. 345
4.380
1939...
1,484
647
180, 744
12,707
1,885
25
1,910
782
57,331
3,480
1940...
1,479
706
200.813
13, 646
2,776
358
3,135
722
53, 576
3,132
NEW JERSEY
22, 967
8.449
23.278
3,128
:3, 902
3,599
25, 383
4,747
26, 354
5,670
26. 647
7,138
27, 481
7,091
27. 587
6, 505
27. 820
7.925
28, 430
9,355
1, 745, 271
996, 615
1, 236. 745
1, 785, 940
2,011,271
2. 730, 652
2. 831. 569
2, 359, 129
3. 024, 892
3,617,332
157,
106,
125,
167,
180,
373,
354,
269,
342,
411,
16,813
16,813
12. 515
14,037
14, 037
17. 955
17.395
154
17, 548
17. 972
23. 036
135
23. 171
18. 104
24.868
374
25, 242
18. 286
41, 536
405
41.941
17. 356
37, 136
823
37, 959
18. 186
30, 069
209
30, 278
18.880
41,26]
675
41, 936
17.723
70, 192
13, 875
84, 067
17, 036
1, 794, 189
1,776,135
1,551.898
1, 393, 616
1, 504, 029
1,318,464
1, 425. 500
1.477,643
1,174,987
1,121,507
441, 477
3a9, 855
315,246
194.846
175, 382
125,019
127,458
135, 080
125, 570
183, 071
NEW MEXICO
1,172
375
1,197
188
1,132
241
1,181
347
1, 133
387
1,079
466
1,032
462
1,003
406
997
446
962
455
29, 711
12,157
24, 325
41, 407
46, 644
67, 376
73, 559
53, 003
64. 080
71,343
1,247
41-,i
1, 117
2, 059
2, 151
4,217
4.075
2,876
3,747
4,266
68
68
558
47
47
738
154
6
160
650
283
14
297
,'>96
296
17
313
532
506
36
542
450
533
43
576
429
373
11
384
463
524
9
533
422
733
40
773
401
29,180
32. 497
20.541
20. 127
19.112
14.212
18.6,37
24.013
18.818
16,657
4,088
4,535
3,429
2,569
1,840
1,472
1,314
2,084
1,663
1,133
NEW YORK
111), 851
39. 271
109, 931
15, 599
110,436
18, 922
118, 941
24, 318
120, 619
27, 180
120, 933
34, 546
121,825
33,341
121, 276
30,616
122,070
36, 994
123, 835
42,048
15,113,
9, 660,
13, 241,
16.088.
19, 634,
25, 140,
27,611,
21,052,
27, 096.
32, 767,
216,
700,
831,
191,
447,
690,
844,
978,
536,
217,
135,402
135, 402
62. 639
94, 739
94, 739
85, 234
116,743
1,578
118, .321
81,811
164. 073
1,720
165, 793
83, 089
199. 007
3,881
202. 888
83. 871
291, 595
2,910
294. 505
76. 875
324, 156
8, 886
.333,042
79. 794
234, 371
1,205
235, ,576
82, 467
320, 448
3.227
323. 675
77, 258
567,095
84, 931
652. 026
74, 367
194, 996
191,558
691.022
552, 650
925, 741
762, 262
363, 880
158, 512
362, 66J
580, 809
1,918,459
2, 185, 749
1, 672, 4u3
1, 236, 092
994, 641
591, 439
648. 626
770, 736
607, 750
636, 415
NORTH CAROLINA
1931...
6,219
1,819
673, 646
71,193
8,148
8,148
3,803
381.167
40, 107
1932_.
5,802
1,080
464, 287
62, 687
8,565
8,565
4,241
345. 791
51,134
19.33...
5. 835
2,049
690, 554
54, 459
7,482
154
7,636
3. 206
21.5. 406
22,367
1934...
5,900
2,576
849, 384
65, 566
9,015
110
9.125
2.920
272, 761
26, 202
1935...
6,019
2,780
941, 677
70, 243
9,657
159
9.816
2.874
306, 982
22,114
1936...
6,027
3,202
1, 295, 732
103,821
15,069
233
1.5, 302
2,515
173, 374
8,464
1937...
6,020
3,145
1,337,685
105, 565
1.5,493
445
15,938
2.578
214,.'->45
9,785
1P38...
6,128
2, 853
1,096,477
83, 732
13. 304
74
13, 377
2, 952
308, 484
15, 178
1939...
6,210
3,342
1,429,034
114,397
18,319
224
18, 543
2, .591
168, 678
8,827
1940...
6,241
3,626
1, 568, 339
131, 229
27, 799
2,425
30, 224
2.348
167,070
9,438
For footnotes, see pp. 305-308.
STATISTICS OF ESDCOMB FOIR 1940, PART 2
301
Table 23. — Corporation returns, 1931-1940,^ in aggregate for the United States and
by Slates and Territories, ^° for returns with net income and returns with no net
income: Number of returns, gross income, and net income or deficit; also for returns
with net income: Income tax, excess profits taxes, and total tax — Continued
[Money figures in thousands of dollars]
Total
num-
ber
of re-
turns*
Returns with net income '
Returns with no net income »
Year
Num-
ber
Gross in-
come "
Net in-
come 3
Income
tax*
Excess
profits
taxes '
Total
tax
Num-
ber
Gross in-
come M
Deficit »
NORTH DAKOTA
1931...
3, 548
826
44,313
1,651
94
94
1,735
63, 623
6,536
1932...
3,239
487
26, 754
827
102
102
1,910
52, 553
6,596
1933...
2, 138
649
47, 845
1,267
174
4
178
1,585
38, 306
4,419
1934...
2,885
785
66, 952
2,083
286
12
298
1,454
34, 305
4,335
1935...
2,752
726
67, 840
2,236
308
24
332
1,463
41, 558
3,047
1936...
2,603
743
70, 133
2,680
335
14
349
1,356
36, 035
2,659
1937...
2,439
630
73, 653
2,442
317
20
337
1,334
42, 908
2,250
1938...
2,370
674
61,830
2,116
283
4
287
1,200
39,110
1,1.48
1939...
2,235
827
76,956
2,614
347
7
354
1,018
32, 082
1,C83
1940...
2,193
932
86, 279
3,447
574
61
625
896
26,364
1,711
OHIO
1931.
1932.
1933.
1934.
1935-
1936.
1937.
1938.
1939.
1940.
25, 462
8,318
24, 919
3, 969
24,823
5, 859
26. 151
8,471
26, 664
9,963
26,640
12, 603
26, 483
11,790
25, 551
9,447
24,904
11,621
24,758
12, 939
2, 910, 398
1, 746, 586
2, 559, 005
3,812,172
4, 991, 567
7, 267, 936
7, 822, 207
4, 950, 475
7, 126, 184
8, 396, 616
170, 378
114,481
175,811
259, 674
324, 748
585, 888
601, 644
317, 357
555, 217
750, 664
18, 223
18, 223
15, 457
15, 124
15, 124
19. 399
24, 323
428
24, 751
17, 287
35, 804
525
36, 329
16,067
44,650
1,518
46, 168
14, 973
81,481
1,411
82, 892
12, 478
85, 208
3,444
88, 652
13, 132
47, 698
342
48, 040
14, 656
85, 885
1,395
87, 280
11,940
159, 548
39,411
198, 959
10, 489
3,071,048
2, 727, 030
2,200,416
2, 179, 222
1,842,111
1, 239, 192
1, 646, 586
2, 163, 600
1,258,897
1, 186, 165
391, 052
478, 5t7
348, 579
200, 337
151, 732
94, 231
93, 513
152, 682
93, 200
80, 636
OKLAHOMA
1931.
1932-
1933.
1934-
1935.
1936.
1937.
1938.
1939.
1940.
6,558
1,717
6,0t2
1,030
6,975
1,3£6
6,000
1,834
6,073
2,063
5,701
2,318
5,591
2,234
5,363
1,991
6,424
2,019
6,308
2,203
205, 067
166, 747
254, 399
474, 389
745, 883
1, 143, 638
1,215,198
747, 398
852, 127
940, 164
2,171
2,171
4,054
2,611
2,611
4,369
3,716
125
3,841
3,892
6,747
139
6,886
3,563
8,506
330
8,836
3,375
10, 855
158
11,013
2,875
13, 441
468
13, 939
2,824
9,219
42
9,261
2,876
9,233
73
9,306
2,830
15, 214
544
15, 758
2,614
591, 717
500, 309
492, 528
641, 305
500, 882
272, 346
318, 242
500, 539
427, 294
370, 742
119, 879
83, 668
62, 469
47, 637
39, 216
31, SOS
24, 922
31, 732
21, 966
24,221
OREGON
1931...
6,880
1,910
1932...
€,446
779
1933- -.
6,247
1,058
1934...
6,093
1,427
1935...
5,813
1,702
1986...
5,635
2,023
1937...
5, 366
1,848
1938...
6,112
1,532
1939...
4,878
1,773
1940...
4,726
1,964
220, 112
83, 397
177, 766
242, 517
327, 687
409, 177
435, 038
340,711
422, 188
527, 793
8,936
3,055
6,448
9,235
13, 830
24,911
22, 550
16, 899
21, 982
34, 982
768
768
3,467
371
371
4,336
757
17
774
3,861
1,269
24
1,293
3,481
1,901
95
1,996
3,208
3,520
154
3,674
2,813
3, 2t 0
200
3.490
2,779
2,470
27
2, 497
2,802
3,310
72
3,382
2,416
7,052
1,339
8,391
2,164
311,467
280, 190
205. 485
226, 652
212, 128
180, 964
222, 574
211,087
185, 956
141, 153
43, 979
51, 924
37, 095
23, 080
22, 138
13, 461
14, 569
16, 787
14, 586
12,384
PENNSYLVANIA
1931..
1932..
1933..
1934..
1935..
1936..
1937..
1938..
1939..
1940- .
26,448
8,452
26,800
4,546
26, 665
6,107
28, 646
8,104
28, 284
8,949
27, 829
10, 824
27, 087
10, 154
25, 843
7,849
25, 094
9,869
24, 522
10,853
3, 227, 380
2, 072, 71
3, 028, 214
4, 322, 177
4,971,903
7,605,936
9, 052, 583
5,146,512
8, 330, 291
10, 400, 635
249,
164,
225,
330,
349,
674,
715,
429,
692,
924.
2311
0501
937 1
524
627
798
560
682
260
601
27, 371
21, 983
31, 554
45, 409
48, 072
82, 484
93, 396
57, 077
94, 234
180, 664
666
481
1,159
1,349
3,894
350
1,602
41, 867 1
27, 371 1
21,983
32, 120
45, 890 1
49,231
83, 833
97, 290
57,427
95,836
222,531
15, 183
19, 143
17, 462
17, 255
16, 416
14, 230
14, 050
15,324
12, 809 i
11, 499
6, 010, 370
4, 092, 190
3, 259, 577
3, 570, 752
3, 519, 121
2, 415, 908
2, 203, 165
3, 720, 160
1,918,232
1, 460, 130
476, 662
667, 085
409, 019
319, 768
248, 056
158, 157
168, 972
226, 674
149,259
150, 812
For footnotes, see pp. 305-308.
302
STATIiSTICS OF INICOME FOIR 1940, PART 2
Table 23. — Corporation returns, 1931-1940} in aggregate for the United States and
by Stales and Territories,^'' for returns with net income and returns toith no net
income: Number of returns, gross income, and net income or deficit; also for returns
with net income: Income tax, excess profits taxes, and total tax — Continued
[Money figures in thousands of dollars]
Total
num-
ber
of re-
turns 2
Returns with net income '
Returns with no net income '
Year
Num-
ber
Gross in-
come M
Net in-
come 3
Income
tax 4
Excess
profits
taxes'
Total
tax
Num-
ber
Gross in-
come "
Deficit'
RHODE ISLAND
3,127
1,217
3,134
562
3.272
846
3,504
947
3,577
1,071
3,591
1,310
3,498
1,164
3,514
988
3,479
1,326
3,505
1,464
265. 321
127, 045
314, 510
293, 303
411, 535
556, 921
519, 630
347, 068
689, 752
702, 519
1,887
1,147
3,093
2,792
55
35
3.492
84
5,508
6,887
3,294
158
442
37
6,668
11,994
260
4,363
1,887
1, 655
1,147
2,327
3,148
2,143
2,827
2,249
3,576
2,197
5,666
1,994
6,329
2,063
3,331
2,229
6,928
1.876
16, 358
1,768
373, 103
347, 445
217, 066
31?, 195
270, «91
229, 036
273, 252
318, 293
202, 266
162, 624
SOUTH CAROLINA
3,610
980
3,404
511
3,245
1,078
3,322
1,334
3,447
1,394
3, 557
1,689
3,413
1, 553
3, 349
1,386
3,405
1,677
3,434
1,800
114,668
82, 521
224, 948
263,916
275, 669
414, 756
430, 311
299, 399
433, 562
629, 147
6,084
3.448
15, 727
14, 109
11,774
22, 920
26, 451
13, 584
23, 107
33, 524
639
433
2,130
70
1,940
26
1,619
41
3,543
166
4,597
369
2,101
31
3, 692
49
6,780
667
639
2,244
433
2,511
2,200
1,871
1,966
1,704
1,660
1,794
3, 709
1,568
4, 966
1,614
2.133
1,731
3,741
1,491
7,447
1,404
196, 689
153, 147
91,936
111.456
134, 764
86,290
119, 821
147, 691
95, 057
71,073
SOUTH DAKOTA
3,132
1,093
3,023
473
2,876
509
2,S11
692
2,699
755
2,515
810
2,348
653
2,208
712
2, 159
797
2,134
918
55, 099
26, 226
36, 871
56, 905
74, 962
87, 611
77, 087
71, 442
85, 182
100, 341
2,241
699
1,004
1,735
2,206
3,410
2,663
2,880
3,828
4,447
118
118
1,361
84
84
1,900
137
4
141
1, 734
239
10
249
1, 543
303
12
315
1,421
420
28
448
1,285
348
9
357
1,348
405
7
412
1,213
.'551
19
570
1,110
782
37
819
974
60, 017
58, 561
42, 343
40,813
38, 937
40, 234
48, 178
40,211
33, 898
26, 814
TENNESSEE
5,312
1,832
6.199
1,010
5, 215
1,510
5, 239
1,968
6,359
2, 128
5, 212
2,582
6,073
2,356
4,879
2,238
4,791
2,468
4,731
2,625
362, 762
221,451
414, 280
627, 991
618, 005
860, 558
828, 127
707, 079
846,511
970, 218
22, 969
12, 997
24, 473
28.511
33, 141
53, 267
49, 228
40, 372
55, 267
63, 850
2,274
l,7f0
3,371
3,920
4,557
7,868
7,447
6, 309
8,865
13, 320
2,274
3,007
1,700
3,678
96
3,467
.3, 179
92
4,012
2,858
175
4,732
2,814
338
8,206
2,274
381
7,828
2,386
79
6,389
2,347
230
9, 095
2,072
1,573
14, 893
1,874
389, 176
358, 843
223, 299
23.3, 119
227, 056
161,954
233, 258
231,716
178,912
144, 083
For footnotes, see pp. 305-308.
STATHSTICS OF mCOME FOR 1940, PART 2
303
Table 23. — Corporation returns, 1931-1940,^ in aggregate for the United States and
by States and Territories, '^^ for returns with net income and returns with no net
income: Number of returns, gross income, and net income or deficit; also for returns
with net income: Income tax, excess profits taxes, and total tax — Continued
[Money figures in thousands of dollars]
Total
num-
ber
of re-
turns'
Returns with net income *
Returns with no net income »
Year
Num-
ber
Gross in-
come "
Net in-
come s
Income
tax*
Excess
profits
taxes '
Total
tax
Num-
ber
Gross in-
come "
Deficit »
TEXAS
1931.
1932.
1933.
1934-
1935.
1936.
1937-
1938-
1939.
1940-
15, 225
5,216
15,164
2.982
15, 168
4,198
15, 582
5,343
15, 675
5,772
IS, 977
7,170
16, 074
7,251
15, 743
6,495
15, 723
6,933
15, 711
7,366
816,
730,
1, 057,
1, 389,
1, 920,
2, 822,
3, 242,
2,354,
2, 476,
3, 118,
45, 981
40,858
57, 596
92, 504
103, 850
213, 131
248,041
184, 322
181.416
213, 437
4,311
4,713
7,968
12, 721
14, 301
29, 262
34, 973
25, 922
26,294
42,839
4,311
8,582
4,713
10, 653
366
8,334
9,296
340
13, 061
8,649
549
14, 850
8,373
878
30, 140
7,340
2,146
37, 119
7,170
283
26, 206
7,692
309
26, 603
7,250
1,802
44, 641
6,887
1, 098,
812,
578,
868,
719,
536,
592,
1, 028,
961,
563,
152, 978
156, 413
106, 726
108, 099
75. 325
50, 721
54, 035
66, 008
53, 797
58, 335
UTAH
1931-
1932-
1933-
1934-
1935-
1936-
1937-
1938.
1939-
1940.
3,135
977
2,901
419
2,923
615
2,902
802
2,842
901
2,810
1.091
2,691
1,008
2,759
938
2,646
1, 015
2,555
1,108
100, 564
29, 847
98, 744
151, 093
173, 686
232, 821
233, 999
187, 045
251,077
264, 723
426
426
1,516
206
206
1,909
741
16
757
1,688
1,043
19
1,062
1.550
1,287
44
1.331
1,451
1,960
55
2,015
1,249
2,258
120
2,378
1,226
1,606
15
1,621
1,293
2,262
29
2,291
1,187
4,097
390
4,486
1,058
139, 229
140, 058
90,107
80, 449
79, 437
59, 133
77, 428
83, 910
57, 488
65, 802
18, 046
18, 527
14, 025
9,991
7,096
5,988
6,607
5.625
3,554
3,623
VERMONT
1931.
1932.
1933-
1934-
1935-
1936-
1937-
1938-
1939-
1940-
1,169
420
1,174
221
1.184
291
1,244
404
1,241
413
1,219
607
1,182
482
1,192
423
1,231
471
1,220
521
51, 468
25, 752
44, 715
65, 284
81, 531
111,188
115,149
83,211
107, 808
136, 201
1,933
1,210
2,273
4,005
4,787
6,601
7, 602
5,538
8,862
15,064
155
155
693
158
158
899
■308
5
313
826
551
6
557
767
658
19
677
757
964
43
1,007
652
1,233
61
1,294
642
7.30
21
751
700
1,271
28
1,299
700
3,109
2,061
5,170
632
72, 214
71,086
48, 924
49, 680
53. 377
49, 914
52, 372
64, 405
58,068
51, 526
7,792
10, 090
5,898
4.890
4,733
3,953
3,317
5,334
4, 2.53
3,552
VIRGINIA
1931...
7,071
2,730
1932...
6,915
1,490
1933...
6,815
1,930
1934...
6,893
2,542
1935...
6,876
2,742
1936...
6,846
3,282
1937...
6,832
3,229
1938...
6,894
3,031
1939...
6,946
3,541
1940...
7,085
3,963
631,485
378, 009
502, 610
641,816
697, 714
909, 028
988, 325
820, 207
1,074,907
1, 276, 922
76, 746
36, 692
43, 882
54,682
56, 778
94, 794
108, 187
77, 105
116, 481
145, 858
8.662
8,662
3,661
4,972
4,972
4, 765
6,060
113
6,173
4,211
7,519
99
7,618
3,794
7,807
156
7,963
3,639
14, 287
252
14, 539
3,100
15, 260
398
15, 658
3,184
11,513
106
11.619
3,415
17, 866
4,56
18, 321
3,019
31, 197
4,990
36, 187
2,718
375, 118
360, 176
266, 697
230, 031
247, 877
216, 083
235, 851
302, 389
210, 124
202, 589
50,870
62, 779
62, 341
36, 450
39, 703
25, 072
22, 214
29, 480
21, 478
25, 922
For footnotes, see pp. 305-308.
304
STATOSTICS OF INiCOME FOR 1940, PART 2
Table 23. — Corporation returns, 1931-1940^ in aggregate for the United States and
by States and Territories ,^° for returns with net income and returns with no net
income: Number of returns, gross income, and net income or deficit; also for returns
with net income: Income tax, excess profits taxes, and total tax — Continued
[Money figures in thousands of dollars]
Total
num-
ber
of re-
turns"
Returns with net income '
Returns with no net income '
Year
Num-
ber
Gross in-
come "
Net in-
come'
Income
tax*
Excess
profits
taxes «
Total
tax
Num-
ber
Gross in-
come M
Deficit 3
WASHINGTON
1931...
13,091
3,916
357, 660
17, 608
1,397
1,397
6,388
692.111
83. 323
1932...
12, 328
1,654
166, 579
7,744
954
954
8,150
499,153
85, 440
1933...
11,472
2,128
293,411
12, 805
1,768
65
1,823
7,206
401,664
50,907
1934...
11.457
2,903
510. 734
25, 764
3.537
100
3,637
6, 483
330,317
36, 830
1935...
11.556
3,141
639, 526
32, 449
4,462
196
4,658
6,196
313, 067
31, 598
1936...
11,227
3,894
883, 242
63, 898
7,718
253
7,971
5,3i9
279, 851
2.5,072
1937...
n,072
3.6i5
9i4, 624
65, 665
8.084
465
8.549
5,350
3l2,4i0
26,147
1938...
10, 636
3,088
650, 622
40, 552
5,239
66
5.305
6,551
368,077
30, 656
1939...
10, 455
3, 507
861,267
63, 825
8,860
181
9,041
4,983
285, 460
23, 565
1940...
10, 324
3,986
1, 067, 562
93, 976
17, 781
3,658
21, 439
4,402
209, 903
24, 671
WEST VIRGINIA
1931...
4,953
1,900
1932...
4,807
962
1933...
4, 554
1,290
1934...
4,662
1,726
1935...
4,543
1,870
1936...
4,490
2, 246
1937...
4,505
2,213
1938...
4.560
1,870
1939...
4. 663
2,128
1940...
4,748
2,395
228, 123
16, 445
1,686
1,686
2.608
119,373
7,915
1,039
1.039
3. 344
223, 741
17,919
2,465
32
2,497
2,831
430, 706
29, 008
3,987
52
4,039
2, 525
510.002
34, 388
4,728
135
4,863
2, 328
640, 222
53. 1-26
7,145
294
7,439
1,975
681,886
53. 056
7,787
488
8,275
2,034
434. 864
34, 166
5.295
33
5,329
2,385
574, 5o7
45, 628
6,743
143
6,885
2.190
638, 269
49, 241
9,754
577
10, 331
2,034
277, 974
258, 395
206, 260
187,118
162, 547
150, 628
16Sr,317
239,510
152, 169
141,834
38, 950
37, 669
26, 106
16, 991
12, 825
9,356
13, 590
14, 744
13,286
1(^601
WISCONSIN
1931...
16,311
5,199
859, 406
60, 205
6,100
6, lUO
9,067
904, 477
109, 487
1932...
16, 203
2,806
391,493
19, 848
» 2, 602
8 2, 602
11, i76
829, 237
149, 786
1933...
15, 852
3,422
718, 626
37, 548
6,201
165
6,356
10, 147
631, 140
88,324
1934 ..
15,910
4,559
1,025,696
51,209
7,042
154
7.196
9,177
614, G34
69, 613
1935...
15,916
6.087
1,273.028
62, 182
8, 552
294
8.846
8,600
616, 9o0
04, 133
1936...
15, 793
6,427
1,935.018
120, 224
18, 639
669
19, 308
7,177
453. 980
44.068
1937...
15, 595
6.267
2. 030, 890
130,714
21, 759
1,411
23, 170
7,282
645. 449
43, 766
1938...
16, 425
6,140
1,475,099
82, 092
12, 783
98
12, 881
8,279
722, 681
69, 634
1939...
14, 935
5,958
1, 854, 483
120, 094
19, 245
285
19. 530
7,237
451, 292
43, 001
1940...
14, 767
6,664
2, 175, 776
169, 364
35, 628
9,224
44, 851
6,696
408, 885
46, 270
WYOMING
1931...
1,416
680
1932...
1,495
246
1933...
1,322
291
1934...
1,313
391
1935...
1,297
443
1936...
1,247
653
1937...
1,190
506
1938...
1,187
508
1939...
1,150
552
1940...
1,152
691
27, 804
1,701
91
91
1
634
9,859
528
59
59
1,039
14, 800
590
79
1
80
879
29, 056
1,413
194
6
200
787
37, 844
1,922
264
13
277
715
48, 187
2,757
344
13
357
670
48, 456
3,358
415
39
454
660
41,423
3,205
467
5
472
643
47, 565
3,960
616
16
532
479
51,857
4,680
711
37
748
443
28, 814
35.317
25, 870
24. 769
23. 007
20,417
21, 060
21,441
16,908
16,918
4.874
6,350
4,715
6,105
1,794
1,829
1,257
1,912
1,332
902
For footnotes, see pp. 305-308.
STTATIESTICS OF INIC'OME FOR 1940, PART 2
305
Table 24. — Consolidated corporation income tax returns, 1928-1940 ' ^^ {excluding
excess profits tax returns filed under the Second Revenue Act of 1940 ^-) — For all
consolidated returns: Number of returns and number of subsidiaries; for consoli-
dated returns with net income and consolidated returns with no net income: Num-
ber of returns, total compiled receipts, net income or deficit; also for consolidated
returns with net income: Net loss for prior year and income tax.
[Money figures in thousands of dollars]
All consolidated
returns
Consolidated returns with net income
Consolidated returns with
no net income
Year
Num-
ber of
returns
Num-
ber of
subsidi-
aries
Num-
ber of
returns
Total
compiled
receipts "
Net in-
come
Net
loss for
prior
year
Income
tax
Num-
ber of
returns
Total
compiled
receipts 6'
Deficit
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
9,300
8,754
8,951
8,495
7,426
7,101
««445
63
98
93
102
108
112
(64)
30, 112
32, 209
31,307
29, 232
28. 589
2,522
464
722
693
690
715
709
5,870
5,408
4,067
2,698
1,272
1,880
147
9
35
30
22
31
44
62, 534, 503
62, 453, 733
46, 258, 564
24. 075. 862
11.048,877
16. 391, 348
2, 868. 520
353,848
1,586,1,59
1,325,010
975,011
1.479,811
2, 423, 165
5,060,380
5, 953, 845
3. 377. 845
1, 846. 305
502, 381
833, 394
69, 444
5,422
114,617
67.320
41,078
111,244
181, 237
101,242
213.892
51. 045
41.131
35, 003
"mm'
591,382
631,375
398, 284
216. 547
67. 335
65 120. 983
10,315
854
12.084
5,466
4,842
13, 353
32,965
3,430
3,346
4,884
5,797
6,154
5,221
298
54
63
63
80
77
68
7, 290. 894
10,002.595
17, 397. .584
26. 168. 255
21.086.459
15.298,496
2. 310. 148
2. 01 5. ,586
2, 065. 261
2,324,682
2, 287, 380
2,350,620
2,058,485
567, 006
737,3,58
1,519,519
2. 503. 046
2. 835. 184
1,962.969
296. 741
217, 281
159, 123
184, 030
288. 825
192. 767
138,960
Footnotes for historical tables 18-2^, pp. S82-S06.
' Changes in the Federal tax laws affecting the com-
parability of data from income tax returns of cor-
porations are summarized on pp. 316-331; textual dis-
cussion of comparability appears on p. 36-38.
' Includes returns of inactive corporations. For
1909-26 the number of returns of inactive corporations
is not available, being included in the number of
returns with no net income: for 1927-40 the number
of returns of inactive corporations may be obtained
by deducting the sum of the returns with net income
and the returns with no net income from the total
number ol returns.
' The classification of the returns into those with
net income and those with no net income, as well
as the amounts of net income and deficit, are based
on the net income reported for income tax purposes,
1909 through 1935, and on the net income reported for
declared value excess-profits tax purposes, 1936
through 1940, with the following exceptions: For 1909-
12 the classification corresponds to returns with and
without tax liability; for the first two months in 1913
the net income is that for excise tax purposes; for
1920-32 the net income is that for the current vear
(before deducting net loss for prior year): for 1930 the
classification is based on net income for income tax
purposes, while the amounts, like those for 1937
through 1940, are based on net income for declared
value excess-profits tax purposes, the amount for
1940 being adjusted to exclude the deduction due to
net operating loss for the preceding year. (The only
difference between the two amounts of net income
for 1936 is the declared value excess-profits tax of
$21,612,551. Prior to 1927, returns of inactive cor-
porations were included in returns with no net
income.)
_ * For 1909-15, the amounts are tax collections which
mclude interest and penalties resulting from addi-
tional as,sessments; for 191G-1940 are the amounts
of tax liability reported on the returns. For 1909-
12, the amount represents the special excise tax; for
1913, consists of $32,4,56.663 income tax and $10,671,077
excise tax; for 1914-35 and 1939, represents income tax;
tor 1940, consists of income and income defense tax.
For 1936, consists of (1) income tax reported on
returns with fiscal year ending in period July through
November 1936 (and on returns for a part year begin-
ning in 1935 and ending in 1936, the greater part of the
accounting period falling in 1936), and (2) normal
tax and surtax on undistributed profits reported
on returns for the calendar year 1936 and on returns
with fiscal year ending in period January through
June 1937 (and on returns for a part year beginning
and ending in 1936, and for a part year besiinning in
1936 and ending in 1937, the greater part of the
accounting period falling in 1936). For 1937, consists
of normal tax and surtax on undistributed profits.
For 193S, consists of (1) normal tax and surtax on
undistributed profits reported on returns for a fiscal
year ending in period July through November 1938
(and on returns for a part year beginning in 1937 and
ending in 1938, the greater part of the accounting
period falling in 1938), and (2) income tax reported on
returns for the calendar year 1938 and on returns with
fiscal year ending in period January through June
1939 (and on returns for a part year beginning and
ending in 1938, and for a part year beginning in 1938
and ending in 1939. the greater part of the accounting
period falling in 1938).
» For 1917-22, consists of war-profits and excess-
profits tax. For 1933-1939, consists of declared value
excess-profits tax. The declared value excess-profits
tax for 1933 became effective June 30, 1933. under the
tax provisions of the National Industrial Recovery
Act. For 1934 and 1935, the amount tabulated
includes a small amount of declared value excess-
profits tax which appears on returns with no net
income for income tax purposes because the credit for
interest received on certain obligations of the United
States and its instrumentalities, which is allowed
against net income in the computation of income tax,
is not allowed against net income in the computation
of declared value excess-profits tax. (See art. 1(d),
Treasury Decision 4469, "Regulations relating to the
excess-profits tax imposed by section 702 of the
Revenue Act of 1934.") In addition to the declared
value excess-profits tax, the amount tabulated for
1940 includes $373,510,919 of excess profits tax imposed
by section 710 of the Internal Revenue Code, which
section was added by the Second Revenue Act of
1940. effective for taxable years beginning after Dec.
31, 1939. For amount of this latter excess profits tax
for each State, see table on pp. 230-231.
' Excludes dividends paid by life insurance com*
panics for all years prior to 1928.
306
STATmSTICS OF INIC'OME FOR 1940, PART 2
1 For 1909-15, data are for the fiscal year ending
June 30 of the following year, as shown iii the annual
reports of Commissioner of Internal Revenue;
1915 contains data from approximately 32.000 returns
related to 1914. (See Annual Report, Commis-
sioner of Internal Revenue, 1916, p. 26.)
> Revised, as indicated below:
•" Excludes returns
except for 1926.
of inactive corporations,
Year
Statistics of Income
to
showing
revision
which
Item
revi-
sion is
appli-
Year
Page
Note
cable
1925....
Gross income
/1935_..
\Part2_
}
21
7
1926.-..
Assets and liabili-
ties.
1928...
38S
1927....
Dividends paid
192S...
329
Liabilities
1931...
1930...
32
238, 239
1928....
Gross income and
deductions.
Dividends paid
fl935.._
\ Part 2.
}
9
2
Tax-exempt interest
fl935 __
\Part2
}
24
14
1929-...
Assets and liabilities
1930 ..
28
Dividends paid
fl934...
\Part2-
}
9
2
1930....
Receipts and de-
ductions.
1931...
32
, 33
Total compiled re-
1933...
37
ceipts.
Interest on Federal,
1933...
37
etc., bonds
Surplus
1933
37
Miscellaneous lia-
1933...
37
bilities.
Dividends paid
fl935.._
1 Part 2.
}
9
2
1931....
Assets and liabili-
ties.
1933. _.
37
Investments other
1933...
37
than tax-exempt.
1932.-..
Net loss for prior
year.
1933...
37
Income tax
1933...
1933...
37
37
Total tax
Receipts and de-
1933...
37
ductions.
Liabilities.
1933...
37
1934....
Dividends paid
Interest on tax-
fl935_..
\ Part 2.
jl935.._
1 Part 2-
}
1
9
2
exempt obliga-
tions.
}
24
14
Gross income
fl939...
\Part2.
}
231
63
Number of returns.
/1939...
\Part2.
}
231
63
Deficit
fl939 ..
\Part2.
}
231
63
1939....
Capital stock, pre-
ferred.
Surplus reserves —
Il940_.-
[Part 2.
(See
J note
(a)
1 below.
(a) Capital stock, preferred, has been reduced by
$42,080,000, and surplus reserves increased by that
amount. This revision affects the industrial group
"Chemicals and allied products," returns with net
income, and total assets class $100,000,000 and over,
in Statistics of Income for 1939, Part 2, pp. 20 and
60, and basic tables 4, 5, and 6.
* Data for returns with net income for 1918 and
1920-24, and for returns with net income and with
no net income for 1925-30 appear in Statistics of
Income for 1930, pp. 49-51; for returns with net in-
come and with no net income for 1931-34 appear in
Statistics of Income for 1934, Part 2, pp. 36 and 37;
for returns with net income and with no net income
for 1935-36 appear in Statistics of Income for 1936,
Part 2, p. 48.
" For 1926-31, gross sales, less returns and allow-
ances, from trading and manufacturing; for 1932-40,
gross sales, less returns and allowances, where
inventories are an income-determining factor. For
"Cost of goods sold" see "Deductions."
12 Gross profit from operations other than trading
and manufacturing for 1926-31; gross receipts from
operations where inventories are not an income-
determining factor for 1932-40. For "Cost of opera-
tions" see "Deductions."
13 Gross amounts received. The amounts of depre-
ciation, repairs, interest, taxes, and other expenses
which are deductible from the gross amount received
for rents, and the amount of depletion which is
deductible from the gross amount of royalties re-
ceived, are included in the respective deduction
items. Prior to 1938, "Royalties" are included in
"Other receipts."
" For 1932 and 1933 "Net capital pain," as tabula-
ted, is a composite of net sain (excess of gains over
losses) resulting from (1) sales or exchanges of stocks
and bonds (a) held two years or less, hence not
classed as capital assets and (6) in the case of traders
in securities, held over two years but not considered
capita! assets and (2) net gain or loss resulting from
(.0) sales or exchanges of capital assets and (h) sales
or exchanees of real estate, regardless of time held.
For 1934-39 consists of net gain resulting from sales
or exchanges of stocks, bonds, and other assets,
regardless of time held. For 1940 consists of net
gain resulting from sales or exchanges of capital
assets — (1) held for 18 months or less and (2) held
for more than 18 months. For 1938-40 there is ex-
cluded net gain resulting from .sales or exchanges of
depreciable assets. (See note 15.)
" Consists of net gain or loss from sales of property
used in trade or business, of a character which is
subject to depreciation.
18 Excludes dividends from corporations organized
under the China Trade Act. 1922, and corporations
receiving a Inree nercentage of their gross income from
sources v.ithin a possession of the United States,
which dividends are included in "Other receipts."
Dividends from domestic corporations were not
required to be included in net income prior to 1936.
1' For 19.36, consists of interest on United States
savings bonds and Treasury bonds owned in princi-
pal amount over $5,000 and on oblieations of instru-
mentalities of the United States other than those
issued under the Federal Farm Loan .\ct, or such
act as amended. For 1937-40, consists of interest
on United States savings bonds and Treasury bonds
owned in principal amount over .$5,000.
IS For 1934 and 1935, includes interest subject to
declared value excess-profits tax. For 1936-40,
consists of interest on obligations of States, Terri-
tories, and political subdivisions thereof, the District
of Columbia, and United Ststes possessions; obliga-
tions is.sucd under the Federal Farm Loan Act, or
such act as amended; oblieations of the United States
issued on or before Sept. 1, 1917; Treasury notes.
Treasury bills. Treasury certificates of indebtedness;
United States savings bonds and Treasury bonds
owned in principal amount of $5,000 or less, and, for
1937-40, also includes interest on obligations of
instrumentalities of the United States, other than
those issued under the Federal Farm Loan Act, or
such act as amended.
19 Excludes nontaxable income other than interest
on tax-exempt Government obligations.
JO Includes taxes which are reported in "Cost."
2' Excludes compensation of officers of life insurance
companies which file Form 1120L. Data not avail-
able.
22 The cost of incidental repairs, including labor
and supplies, which do not add materially to the
value of the property or appreciably prolong its life.
STATIIST'ICS OF INCOME FOK 1940, PART 2
307
23 Excludes (1) Federal income tax and Federal
excess profits taxes, (2) estate, inheritance, legacy,
and succession taxes, (3) tliat portion of income and
profits taxes paid to foreign countries and United
States possessions which for 1926-31 is claimed as a
credit against income tax, or, for 1932-40, the entire
amount of such tax if any portion thereof is claimed
as a credit against income tax, (4) taxes assessed
against local benefits, (5) Federal taxes paid on tax-
free covenant bonds, and (6) taxes reported in "Cost
of goods" and "Cost of operations."
24 Limited to 5 percent of net income before deduc-
tion of contributions or gifts; not allowable prior to
1936.
55 For 1932 and 1933 "Net capital loss," as tabulated,
consists of the excess of net loss resulting from sales or
exchanges of (1) capital assets and (2) real estate,
regardless of time held, over net gain resulting from
sales or exchanges of stocks and bonds hold 2 years
or less, and therefore not classed as capital assets.
For 1934-39 consists of the deduction allowable for
"Net capital loss" (excess of losses over gains result-
ing from sales or exchanges of stocks, bonds, and other
assets, regardless of time held) which deduction can-
not exceed $2,000 or the amount of net capital loss,
whichever is less. For 1940 consists of the excess of
losses over gains resulting from sales or exchanges of
capital assets held over 18 months. For 1938-40 there
is excluded net loss from sales or exchanges of depre-
ciable assets.
2« Includes special deductions of life insurance
companies relating to reserve for dividends and
reserve funds required by law. For 1939-40, excludes
"Repairs." (See note 22.)
2' Includes special deductions of life insurance
companies relating to reserve for dividends and
reserve funds required by law, but excludes compen-
sation of officers of life insurance companies which
file Form 1120L.
25 Net income is less than compiled net profit, and
deficit is greater than compiled net loss, for 1926-35
by the sum of "Dividends from domestic corpora-
tions" and "Interest on Government obligations";
for 1936-40 by the amount of vrholly tax-exempt
interest on Government obligations.
2« Included in "Other receipts."
'"Included in "Interest on Government obligations
wholly tax-exempt."
31 Included in "Other deductions."
32 Includes deduction of $7,593,030 allowed for the
amortization of the cost of emergency facilities neces-
sary for national defense.
33 Compiled net loss or deficit.
3< Items of receipts and deductions, "Compiled net
profit or net loss," and "Net income or deficit" are
not available for corporation returns with balance
sheets for the years 1926-30.
35 Excludes returns with fragmentary balance
sheet data, and, except for 1926, also excludes returns
of inactive corporations.
36 Includes bank deposits.
3' Obligations of States, Territories, and political
subdivisions thereof, the District of Columbia, and
United States possessions; obligations of the United
States; and obligations of instrumentalities of the
United States.
3' Consists of gross depreciable and depletable
capital assets (less reserves for depreciation and
depletion) and land. For 1939-40. includes intan-
gibles which were included in "Other assets" for
prior years.
3' Assets and liabilities are as of December 31, or
close of fiscal year nearest thereto. Adjustments
are made in tabulating the data as follows: (1)
Reserves for depreciation, depletion, amortization,
and, except for 1926, reserve for bad debts, when
reported under liabilities are deducted from the
corresponding asset account, and "Total assets"
and "Total liabilities" are decreased by the amount
of such reserves, (2) a deficit reported under assets,
is transferred to liabilities, and "Total assets" and
"Total liabilities" are correspondingly decreased,
(3) a negative amount, reported under assets is
transferred to liabilities, and "Total assets" and
"Total liabilities" are correspondingly increased.
" For 1929-36, consists of "Accounts payable" and
"Notes payable (less than 1 year)."
<i For 1929-36, includes "Notes payable (1 year or
more)."
« For 1926-36, includes reserves not specifically
reported as "Surplus reserves" (except reserves for
depreciation, depletion, and bad debts). See
note 43.
43 Consists of reserves reported under the caption
"Surplus reserves." For 1926-37, "Surplus reserves"
are tabulated in "Surplus and undivided profits."
For 1926-36, the balance sheet on the return did not
provide a caption for reporting surplus reserves as
such. Whenever an item was reported specifically
as "Surplus reserves" it was tabulated in "Surplus
and undivided profits." However, reserves of this
character, whenever reported under other reserve
headings (except reserves for depreciation, deple-
tion, and bad debts), were tabulated in "Other
liabilities."
" For 1926-37, see note 43. For 1938-40, excludes
reserves reported under the caption "Surplus
reserves."
« For 1926-36, the net amount of "Surplus and un-
divided profits" or "Deficit" is tabulated from each
return. For 1937, "Surplus and undivided profits"
consists of the sum of the positive amounts reported
under "Paid in or capital surplus." "Earned surplus
and undivided profits," and "Surplus reserves";
"Deficit" consists of the sum of the negative amounts
reported under "Paid in or capital surplus" and
"Earned surplus and undivided profits." For 1938
and subsequent years, the method of tabulation is
the same as for 1937, except that "Surplus reserves,"
being tabulated separately, are excluded from
"Surplus and undivided profits."
4* Included in "Other assets."
■" "Other investments" of life insurance companies
included in "Other assets."
<8 Notes payable, with maturity less than ore year,
included in " "Notes and accounts payable" for
1926-36. (See note 40.)
4' Notes payable, with maturity of one year or
more, included in "Bonded debt and mortgages" for
1926-3(). (See note 41.)
'1 "Gross receipts from operations" and "Cost of
operations" are not available; the amount shown
is the gross profit from operations.
!' Includes deduction of $7,494,252 allowed for the
amortization of the cost of emergency facilities neces-
sary for national defense, reported on returns with
balance sheets.
'2 A corporation is classified industrially according
to the business reported on the return. When mul-
tiple businesses are reported on a return the classifi-
cation is determined by the activity which accounts
for the largest percentage of receipts. Therefore an
industrial group may contain data for industrial
activities other than that on which the classification
is based. The industrial classification for 1934 and
subsequent years is not strictly comparable with
that for prior years, by reason of the discontinuance,
under the ReVenue Act of 1934, of the privilege of
filing consolidated returns, except by railroad cor-
porations and their related holding or leasing com-
panies, which privilege was extended under sec. 152
of the Internal Revenue Code, to Pan-American
trade corporations for taxable years beginning after
Dec. 31, 1939. Prior to 1934, the industry in which
each consolidated return is classified represents the
predominant or basic activity of the combined
aflftliated conrerns, whereas, for 1934 and subsequent
years, the industry reported on the returns filed for
each concern, which was formerly in the affiliated
group, is classified separately.
308
STATIST'ICS OF INICOME FOR 1940, PART 2
M Table 22 is the only table in this report showing
1938-40 data by industrial groups similar to the major
industrial groups in Statistics of Income for 1931-37.
The application of the Standard Industrial Classi-
fication to returns for 1938-40 results in an increased
number of industrial groups with certain changes in
the contents of the groups. The 193S-40 data in
table 22 arc made comparable, insofar as possible,
with the data by major industrial groups as published
for 1931-37, by transferring certain industrial activ-
ities from the classification in which they are tabu-
lated in Statistics of Income, Part 2, for each of the
years 1938-40, to the classification in which they are
tabulated for 1937. Vice versa, a few adjustments
are made in the 1937 data for major industrial groups
by transferring certain industrial activities from the
classification in which they were tabulated for 1937
to the classification in which they would have been
tabulated had the industrial classification for 1938-40
been used. Both the original and the adjusted
amounts are shown for 1937 in basic table 22. For
comparison of industrial groups in which changes
occur between 1937 and 1938, see Statistics of Income
for 1938, Part 2, pages 241-248. For comparison of
Industrial groups in which changes occur between
1940 and 1939, see chart in this report on pp. 310-314.
Although the 1937-40 data shown in this table are the
best comparison that can be presented, it should be
noted that they are not entirely comparable because
certain industrial activities within minor industrial
groups are included in difl'erent maj ir industrial
groups for 1938-40 than for 1937, and, since data for
these activities are not tabulated separately, adjust-
ment cannot be made.
" "Gross income" as tabulated is obtained from
"Total income" as reported on the return by adding
"Cost of goods sold," "Cost of operations" (except
for 1931), and any negative items reported under
sources of income. (Correspondingly, these items
are added to deductions.)
" "Liquors and beverages" included in "Food
and kindred products" prior to 1933.
58 "Clothing and apparel" included in "Textiles
and their products" prior to 1936.
«" "Petroleum and other mineral oil products"
included in "Chemicals and allied products" prior
to 1936.
68 "Mrtor vehicles, complete or parts," includedln
, 'Metal and its products" prior to 1936.
« Less than $500
«" Returns filed in a State may not be a complete
coverage of all corporations whose principal place of
business is located therein. A corporation may file
an income tax return cither in the collection district
in which it has its principal place of business or in the
collection district in which it has its principal office
or agency. Conversely, a tabulation for a given
State may include data from returns of corporations
having their principal place of business in another
State.
6' Data for earlier years not available.
82 For data pertaining to consolidated excess profits
tax returns, see p. 30.
83 "Gross income" for 1931 through 1934.
M Not available.
85 Includes (declared value) excess profits tax (effec-
tive June 30, 1933, under provisions of National
Industrial Recovery Act) aggregating $254,401.
88 Of this number, 76 returns were for common
carriers by railroad, the other 369 being returns per-
mitted to be filed for fiscal years ending prior to
Dec. 31, 1934, by corporations other than common
carriers by railroad.
MAJOR AND MINOR INDUSTRIAL GROUPS
IN WHICH
CHANGES OCCUR BETWEEN 1940 AND 1939
309
310
STATIS'TICS OF INICOME FOR 194 0, PART 2
MAJOR INDUSTRIAL GROUPS IN WHICH CHANGES OCCUR BETWEEN
1940 AND 1939
The following chart shows, by comparison, the major industrial
groups in wliich changes occur between the two years. The changes
between comparable groups are indicated by explanations in paren-
theses. Some groups are combinations of two or more groups and
are indicated by brackets. Also included are those groups for which
the only change consists of rewording the title to express more clearly
the contents of the groups.
Major industrial groups
1939
Mining and quarrying.
Crude petroleum and natural gas production.
Manufacturing.
Food and kindred products (includes "Ice,
natural and manufactured").
Other manufacturing {excludes "Ice, natural
and manufactured").
Trade.
Wholesale.
Commission merchants.
Other wholesalers.
Retail.
General merchandise.
Food stores, including market milk dealers.
Apparel and accessories.
Automotive dealers.
Building materials, fuel and ice {includes
"Fuel and ice dealers").
Other retail trade {excludes "Fuel and ice
dealers").
Service.
Hotels and other lodging places.
Personal service.
Automotive repair services and garages.
Motion pictures.
Amusement, except motion pictures.
Miscellaneous repair services, hand trades.
Other service, including schools.
Finance, insurance, real estate, and lessors of real
property.'
Finance.
Long-term credit agencies, mortgage com-
panies, except banks.
Short-term credit agencies, except banks.'
Investment trusts and investment com-
panies.*
Other investment companies, including
holding companies. 5
Finance not allocable.'
Insurance carriers, agents, etc.
Insurance carriers.
Insurance atrents, brokers, etc.
Nature of business not allocable, except trade.*
Mining and quarrying.
Petroleum.
Manufacturing.
Food and kindred products (excludes "Ice,
natural and manufactured").
Other manufacturing (includes "Ice, natural
and manufactured").
Trade.
^ Wholesale.
Retail.
Department, general merchandise, dry
goods.
Limited-price variety stores.
Mail-order houses.
Food stores.
Apparel.
Dealers in automobiles, accessories, tires,
batteries.
Lumber and coal yards (excludes "Fuel
and ice dealers").
Other retail trade (includes "Fuel and ice
dealers").
Service.
^ Personal service.
Automobile repair services.
^ Amusement.
\ Other service, including schools.
Finance, insurance, real estate, and lessors of real
property. 2
Finance — not designated but avi ilable by sum-
marizing.
Mortgage and title companies.
Commercial credit and finance com-
panies.
Industrial and personal loan companies.
Investment trusts and investment com-
panies.*
Holding companies. 6
other corporations holding securities.'
I- Insurance carriers, agents, etc.
Finance, insurance, real estate, and
lessors of real property not allocable.'
Nature of business not allocable, except trade.'
' Excludes corporations that are combinations of panics" and which were tabulated in "Finance,
'Finance," "Insurance," "Real estate," and insurance, real estate, and lessors of real property
'Lessors of real property." not allocable."
JJIncludes corporations that are combinations of
"Finance," "Insurance," "Real estate," and "Les-
sors of real property."
' Includes returns which, for 1939. were not al-
locable to either "Commercial credit and finance
companies" or "Industrial and personal loan com-
* For 1940, consists of corporations which derived
90 percent or more of receipts from investments and
which ai no time during the taxable year had invest-
ments in corporations m which they owned 50 per-
cent or more of the voting stock; for 1939, consists of
investment trusts and investment companies which
(o) at no time during the taxable year owned 60 per-
STATISTICS OF INCOME FOR 1940, PART 2
311
cent or more of tho voting stock of another corpora-
tion or (6) at any time during the taxable year owned
50 percent or more of the voting stock of another
corporation but whose income from such stock was
less than 50 percent of the amount of dividends
received.
' Consists of (a) corporations which derived 90
percent or more of receipts from investments and
which at some time during the taxable year had
investments in corporations in which they owned
60 percent or more of the voting stock, and (6)
corporations which derived less than 90 percent but
more than 50 percent of receipts from investments.
« Consists of corporations which at any time
during the taxable year owned .W percent or more
of the voting stock of another corporation and whose
income from such stock was 50 percent or more of
the amount of dividends received.
' Consists of corporations (other than investment
trusts and investment companies) which (a) at no
time during the taxable year owned 50 percent or
more of the voting stock of another corporation or
(b) at any time during the taxable year owned
50 percent or more of the voting stock of another
corporation but whose income from such stock was
less than 50 percent of the amount of dividends
received.
8 "Finance not allocable" was included in
"Finance, insurance, real estate, and lessors of real
property not allocable" for 1939.
• Tabulated, for 1940, partly in "Short-term credit
agencies, except banks," partly in "Finance not
allocable," and partly in "Nature of business not
allocable, except trade."
312
STATISTICS OF INICOME FOK 19 40, PART 2
MINOR INDUSTRIAL GROUPS IN WHICH CHANGES OCCUR BETWEEN
1940 AND 1939
The following chart shows, by comparison, the minor industrial
groups in which changes occur between the two years. The changes
between comparable gi-oups are indicated by explanations in paren-
theses. Some groups are combinations of two or more groups and are
indicated by brackets. Also included are those groups for which the
only change consists of rewording the title to express more clearly the
contents of the groups.
Minor industrial groups
1940
1939
Mining and quarrying.
Grade petroleum and natural gas production.
Crude petroleum, natural gas, and natural
gasoline production.
Nonmetallic mining and quarrymg.
Other nonmetallic mining and quarrying.
Manufacturing.
Food and kindred products.
other food, including ice, and flavoring
sirups (includes "Ice, natural and
manufactured").
Beverages.
Malt liquors and malt.
Distilled, rectified, and blended liquors.
Leather and products.
Leather, tanned, curried, and finished.
Footwear, except rubber {includes "Bcot
and shoe cut stock and findings").
other leather products (excludes "Boot
and shoe cut stock and findings").
Rubber pioducts.
Other rubber products, including rubber-
ized fabrics and clothing.
Lumber and timber basic products.
Logging camps and sawmills.
Furniture and finished lumber products.
Other finished lumber products, includ-
ing cork products.
Paper and allied products.
Pulp goods and converted paper products.
Printing and publishing industries.
Books and music (includes "Music").
Commercial printing (includes "Litho-
graphing, gravure, rotogra\'ure, and
rotary photogravure").
Other printing and publishing (excludes
"Music" and "Lithographing, gravure,
rotogravure, and rotary photogravure").
Chemicals and allied products.
Other chemical products.
Iron, steel, and products.
Hand tools, cutlery, and hardware (in-
cludes "Cutlery").
Other iron, steel, and products (not classi-
fied below) (excludes "Cutlery").
Nonferrous metals and their products.
Jewelry (except costume), silverware,
plated ware (includes "Silverware and
plated ware").
Other manufactures of nonferrous metals
and their alloys (excludes "Silverware
and plated ware").
Electrical machinery and equipment.
Electrical equipment for public utility,
manufacturing, mining, transportation
(except automotive), and construction
use (includes "Wire and cable").
Communication equipment and phono-
graphs ^includes "Telephone and tele-
graph apijaratus, telautograph instru-
ments, and electric signaling appa-
ratus").
For footnotes, see p. 314;
Mining and quarrying.
Petroleum .
Oil, gas, and natural gasoline.
Nonmetallic mining and quarrymg.
Other mining and quarrying.
Manufacturing.
Food and kindred products.
Other, including flavoring sirups (ex-
cludes "Ice, natural and manufactured."
Beverages.
Breweries and malt products.
Distilleries, rectifiers, blenders.
Leather and products.
Leather, tanning, currying, and finishing.
Footwear, except rubber (excludes "Boot
and shoe cut stock and findings").
Other leather products (includes "Boot
and shoe cut stock and findings").
Rubber products.
Other rubber products, including rub-
berized fabrics and clothing.
Rubber products not allocable.
Lumber and timber basic products.
Logging and sawmills.
Lumber and timber basic products not
allocable.
Furniture and finished lumber products.
Other, including c^rk products.
Paper and allied products.
Pulp and paper converted products.
Printing and publishing industries.
Books (excludes "Music").
Commercial printing (excludes "Litho-
graphing, gravm-e, rotogravure, and
rotary photogravure").
Other printing and publishing (includes
"Music" and "Lithograijhing, gravure,
rotogravure, and rotary photograv-
ure").
Chemicals and allied products.
Other chemicals and allied products.
Iron, steel, and products.
Hand tools and general hardware (ex-
cludes "Cutlery").
Other iron, steel, and products (not classi-
fied below) (iiicludes "Cutlery").
Nonferrous metals and their products.
Jewelry, except costume jewelry (excludes
"Silverware and plated ware").
Other manufactures of nonferrous metals
and their alloys (includes "Silverware
and plated ware").
Electrical machinery and equipment.
Electrical equipment for public utility,
manufacturing, mining, transportation
(except automotive), and construction
use (excludes "Wire and cable").
Radio apparatus and phonographs (ex-
cludes "Telephone and telegraph ap-
paratus, telautograph instruments, and
electric signaling apparatus").
STATISTICS OF INCOME FOR 1940, PART 2
313
Manufacturing— Continued .
Elcctiical machinery and equipment— Con.
Klectrxal aijpliances.
Other clcctncal machinery and equip-
ment (excludes "Wire and cable" and
"Telephone and telegraph apparatus,
telautograph instruments, and electric
signaling apparatus").
Automobiles and equipment, except elec-
trical.
Automobile accessories, parts (except
electrical), and passenger trailers.
Other manufacturing (excludes "Ice, natural
and manufactured").
Public utilities.
Transportation.
Railroad, switching, terminal, and pas-
senger car service companies.
Railways, street, suburban, and inter-
urban, including bus lines operated in
conjunction therewith {eidudes "City
and suburban bus lines not operated by
railway companies").
Other highway passenger transportation
{includes "City and suburban bus lines
710^ operated by railway companies" and
"Terminals, toll bridges, toll roads,
highway bridges, sightseeing buses,
school buses, ambulance service, and
renting of automobiles").
Highway freight transportation, ware-
housing, and storage.
Pipe line transportation.
Services incidental to transportation (ex-
cludes "Terminals, toll bridges, toll
roads, highway bridges, sightseeing
buses, school buses, ambulance service,
and renting of automobiles").
Communication.
Telephone (wire and radio).
Telegraph (wire and radio) and cable.
Radio broadcasting and television.
Other public utilities.
Gas, distribution and manufacture.
Utilities not elsewhere classified.
Other utilities not allocable.
Trade.
Wholesale.
Commission merchants.
Other wholesalers.
Food, including market milk dealers.
Alcoholic beverages.
Apparel and dry goods.
Chemicals, paints, and drugs.
Hardware, electrical goods, plumbing
and heating equipment.
Lumber and millwork.
Wholesalers not elsewhere classified.
Wholesalers not allocable.
Retail.
General merchandise.
Department, dry goods, other general
merchandise (a minor group).
Food stores, including market milk dealers.
Apparel and accessories.
Automotive dealers.
Automobiles and trucks.
Accessories, parts, etc.
Building materials, fuel and ice (iricludes
"Fuel and ice dealers").
Other retail trade (excludes "Fuel and ice
dealers").
For footnotes, se« p. 314.
Manufacturing— Continued
Electrical machinery and equipment— Con.
Household electrical appl.ances.
Other electr ca! machinery (includes
"Wire and cable" and "Telephone and
telegraph apparatus, telautograph in-
struments, and electric signaling ap-
paratus").
Automobiles and equipment, except elec-
trical.
Trailers for passenger cars.
Automobile accessories and parts, other
than electrical.
Other manufacturing.
Ice, natural aud manufactured.
Manufacturing not elsewhere classified.
Public utilities.
Transportation.
Railroads, switching, terminal, sleeping
and dining car companies.
Railways, street, suburban, and inter-
urban; bus lines, city and suburban
(includes "City and suburban bus lines
not operated by railway companies").
Bus lines, interstate and interurban (ex-
cludes "City and suburban bus lines no<
operated by railway companies" and
"Terminals, toll bridges, toll roads,
highway bridges, sightseeing buses,
school buses, ambulance service, and
renting of automobiles").
f Trucking, interstate and interurban.
L Trucking, local; and warehousing.
Pipe lines.
Other transportation and allied services
(includes "Terminals, toll bridges, toll
roads, highway bridges, sightseeing
buses, school buses, ambulance service,
and renting of automobiles").
Communication.
Telephone and radio telephone.
Telegraph and radio telegraph.
Radio broadcasting and services.
Other public utilities.
Gas production and distribution, except
natural gas production.
Public utilities not elsewhere classified.
Other public utilities not allocable.
Trade.
) Wholesale.
Retail.
Department, general merchandise, dry
goods (a major group).
Food stores.
Apparel.
Dealers in automobiles, accessories, tires,
batteries.
Motor-vehicle dealers.
Accessories, tires, and batteries.
Dealers in automobiles, etc. not
allocable.
Lumber and coal yards (excludes "Fuel
and ice dealers").
Other retail trade (includes "Fuel and ice
dealers").
314
STATdSTICS OF EN'C'OME FOR 19 40, PART 2
Minor industrial groups — Continued
1940
1939
Service.
Personal service {excludes "Hotels and other
lodging places").
Laundries, cleaners, and dyers.
Hotels and other lodging places (a major
group).
Automotive repair services and garages.
Amusement, except motion pictures.
Miscellaneous repair services, hand trades.
Other service, including schools.
Finance, insurance, real estate, and lessors of real
property.
Finance.
Long-term credit agencies, mortgage com-
panies, except banks.
Short-term credit agencies, except banks.
Sales finance and industrial credit.
Other short-term credit agencies.
Personal credit.
Short-term credit agencies, except
banks, not allocable. i
Investment trusts and investment com-
panies. 2
Fixed or semifixed type.
Mineral, oil and gas royalty com-
panies.
Other investment companies, including
holding companies.
Holding companies.'
Operating-holding companies. <
Finance not allocable (included in "Fi-
nance, insurance, real estate, and lessors
of real property not allocable"for 1939).
Insurance carriers, agents, etc.
Insurance carriers.
Life insurance companies.
Mutual insurance, except life.
Other insurance carriers.
Insurance agents, brokers, etc.
Real estate, including lessors of buildings.
Owner operators and lessors of buildings.
Lessee operators of buildings.
Owners for improvement.
Trading for own account.
Real estate agents, brokers, etc.
Title abstract companies.
Nature of business not allocable, except trade
{includes corporations that are combinations of
"Finance," "Insurance," "Real estate," and
"Lessors of real property").
Service.
Personal service {includes "Hotels and other
lodging places").
Laundries, cleaning and dying.
Hotels and other lodging places (a minor
group).
Automobile repair services.
Amusement.
r Other amusement.
t Amusement not allocable.
[ Other service, including schools.
Finance, insurance, real estate, and lessors of real
property.
Mortgage and title companies.
Commercial credit and finance companies.
Industrial and personal loan companies.
Investment trusts and investment com-
panies.2
Fixed type.
Oil royalty companies.
Holding companies.'
Railroad securities.
Other public utility securities.
Industrial securities.
Bank securities.
Other specified securities.
Securities not specified.
Other corporations holding securities.*
Insurance carriers, agents, etc.
Life insurance companies.
Insurance companies, except life.
Agents, brokers, etc.
Real estate, including lessors of buildings.
Dealers and development companies,
lessors of buildings, lessee and owner
operators of buildings.
Agents, brokers, etc.
Finance, insurance, real estate, and lessors of
real property not allocable.*
Nature of business not allocable, except trade
(excludes corporations that are combinations
of "Finance," "Insurance," "Real estate,"
and "Lessors of real property").
1 Consists of returns which for 1939 were not allo-
cable to either "Commercial credit and finance com-
panies" or "Industrial and personal loan companies"
and which were tabulated in "Finance, insurance,
real estate, and lessors of real property not allocable."
2 For 1940, consists of corporations which derived
90 percent or more of receipts from investments and
which at no time during the taxable year had invest-
ments in corporations in which they owned f)0 per-
cent or more of the voting stock; for 1939, consists of
investment trusts and investment companies which
(a) at no time during the taxable year owned 50
percent or more of the voting stock of another cor-
poration or (6) at any time during the taxable year
owned 50 percent or more of the voting stock of
another corporation but whose income from such
stock was less than 50 percent of the amount of
dividends received.
3 For 1940, consists of corporations which derived
90 percent or more of receipts from investments and
which at some time during the taxable year had
investments in corporations in which they owned
50 percent or more of the voting stock; for 1939,
consists of corporations which at any time during
the taxable year owned 50 percent or more of the
voting stock of another corporation and whose
inconie from such stock was 50 percent or more of
tlie amount of dividends received.
* For 1940, consists of corporations which derived
less than 90 percent but more than 50 percent of
receipts from investments; for 1939, consists of
corporations (other than investment trusts and
investment companies) which (a) at no time during
the ta.xable year owned 50 percent or more of the
voting stock of another corporation or (6) at any
time during the taxable year owned 50 percent or
more of the voting stock of another corporation
but whose income from such stock was less than
50 percent of the amount of dividends received.
5 Tabulated, for 1940, partly in "Short-term credit
agencies, except banks, not allocable," partly in
"Finance not allocable," and partly in "Nature
of business not allocable, except trade."
SYNOPSIS OF
FEDERAL TAX LAWS
AFFECTING THE COMPARABILITY OF HISTORICAL
DATA IN STATISTICS OF INCOME
A. Corporation income and profits tax returns — credits, rates,
and otlier provisions of the Federal tax laws for the income
years 1909 through 1940.
B. Consolidated income and profits tax returns — provisions
for filing and tax rates under the Federal tax laws for the
income years 1917 through 1940.
315
525003—44 21
316 STATISTICS OF ESTCOME FOR 1940, PART 2
Table A. — Corporation income and profits tax credits, rates, and other
Income tax
Federal tax law
Income year
(Date of enactment)
credit ^
Taxable income < *
Rate
(percent)
Act of:
Aug. 5, 1909 (Spe-
cial excise tax).
Oct. 3, 1913 (In-
Jan. 1, 1909,
through Feb. 28,
1913.
Mar. 1, 1913.
through Dec. 31,
1915.
1916
$5,000
Net income in excess of specific credit.
All net income
1
1
2
come tax) .
Eevenue Act of:
1916(Sept. 8, 1916).
do
1916 as amended,
1917 -.
Dividends out of earnings Mar. 1,
1913, through Dec. 31, 1915.
Net income in excess of the sum
of (1) excess-profits tax for the cur-
rent year, and (2) dividends re-
ceived out of earnings Mar. 1, 1913,
through Dec. 31, 1915.
Net income in excess of the sum of (1)
excess-profits tax for the current
year, and (2) dividends received
out of earnings Mar. 1, 1913, through
Dec. 31, 1917.
1
2
4
and 1917 (Oct. 3,
1917).
1918
2,000
Net Income In excess oi ine sum oi (i)
the specific credit, (2) excess-profits
and war-profits taxes for current
year, and (3) interest received on
United States obligations issued
after Sept. 1, 1917.
12
1018 (Feb. 24, 1919)
1919, 1920
2,000
N.n income in excess of the sum of (1)
the specific credit, (2) excess-profits
tax for current year, (3) excess-
profits and war-profits taxes on in-
come from Government contracts,
(4) partially tax-exempt interest
received on United States obliga-
tions issued after Sept. 1, 1917, and
on War Finance Corporation bonds.
10
For footnotes, see pr; 322-320;
SITATISTICS OF INICOME FQiR 1940, PART 2 317
provisions ' of the Federal tax laws for the income years 1909 through 1940 *
Excess profits tax, and war-profits tax
Specific
exemption
Credit
Taxable income * '
Rate
(percent)
Tax credit for in-
come and profits
taxes paid to
foreign countries
or United States
possessions
$3,000'
(«)
(«)
C)
An amount equal to the same per-
centage of invested capital ' for
the taxable year as the average
annual pre-war income was of
pre-war invested capital (not
Jess than 7 percent nor more
than 9 percent); or if corpora-
tion was not in existence during
at least one whole year of the
pre-war period, 8 percent of in-
vested capital (or taxable year;
or if during pre-war period cor-
poration had either no net in-
come or a very small net income
or if invested capital cannot be
determined, same percent as
that of representative corpora-
tions. (See sec. 210, Revenue
Act of 1017.)
For corporation with no invested
capital or not more than a
nominal capital, none, other
than the exemption.
8 percent of the invested capital *
for the taxable year.s
Either an amount equal to the
average pre-war net income
plus 10 percent of the increase or
minus 10 |)ercent of the decrease
of invested capital 8 for the tax-
able year as compared with
average pre-war invested capi-
tal, or 10 percent of the invested
capital for the taxable year,
whichever is greater.'*
1 percent of the invested capital *
for the taxable year.'
Government contracts: Excess-
profits and war-profits credit
same as 1918.
(«) — -
(6)
(8)
Net income:
In excess of sum of
specific exemp-
tion and credit,
but not in excess
of 1,") percent of
invested capital.
In excess of 15 per-
cent but not in
excess of 20 per-
cent of invested
capital.
In excess of 20 per-
cent but not in
excess of 25 per-
cent of invested
capital.
In excess of 25 per-
cent but not in
excess of 33 per-
cent of invested
capital.
In excess of 33 per-
cent of invested
capital.
All net income in ex-
cess of $3,000.
Net income equal to
20 percent of invest-
ed capital less ex-
emption and credit.
Net income in excess
of 20 percent of in-
vested capital.
80 percent of net in-
come in excess of
sum of (1) war-prof-
its exemption and
credit and (2) excess-
profits tax.
Net income equal to
20 percent of invest-
ed capital less ex-
emption and credit.
Net income in excess
of '?0 percent of in-
vested capital.
Total amount of net
income derived from
Government con-
tracts made between
April 6, 1917, and
Nov. 11, 1918, if in
excess of $10,000.
(8).
(«).
C).
20 _
25
35.
45.
60.
30 "0.
100 10.
20 13.
40.
Excess-
profits
and war-
profits
tax rates
of Reve-
nue Act
ofl918.i<
For 1917 and prior
years, income
and profits taxes
paid to foreign
countries or
United States
possessions were
not allowed as
tax credit, but
were included in
general deduc-
tions from gross
income, except
that taxes paid
to foreign coun-
tries were not
allowed to foreign
corporations.
Amount paid or
accrued. 11
Do."
318 STATISTICS OF INICOME FOR 19 40, PART 2
Table A. — Corporation income and profits tax credits, rates, and other pro
Federal tax law
(Date o( enactment)
Income year
Income tax
Specific
credit '
Taxable income < '
Revenue Act of:
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)."
Revenue Act of:
1934 (May 10, 1934).
1935 (Aug. 30, 1935)
(as amended by
the Revenue Act
of 1936).
1936 (June 22, 1936)
1937 (Aug. 26,
1937)."
1938 (May 28, 1938)
1921.
1922, 1923.
1924
/1925
11926, 1927.
1928
n929
11930,1931.
1932, 1933.
1933
2,000
2,000
2,000
2,000
2,000
3.000
3,000
3,000
Same as 1919, 1920.
Net income in excess of specific credit.".
do. '"
do.
do.
do.
do.
do.
All net income ".
1934, 1935.. _
1936, 1937 «.
All net income ".
1936, 1937.
1938.
Normal tax next income: "
Less than or equaling $2,000
Exceeding $2,000 or equal-
ing 15,000
Exceeding $15,000 or equal-
ing 40,000
Exceeding 40,000
Undistributed net income (for sur-
tax): 2'
First 10 percent of adjusted net
income. 28
Next 10 percent of adjusted net
income.
Next 20 percent of adjusted net
uicome.
Next 20 percent of adjusted net
income.
Remainder of undistributed net
income.
.Adjusted net income, in total
amount: 3"
(1) $25,000 or less-
First $5,000...
Next $15,000
Next $5,000
(2) Slightly over $25,000 (alterna-
tive)—
First $25,000
Amount over $25,000.
(3) Over $25,000 (general rule)....
For footnotes, see pp. 322-326.
STATISTICS O'F INCOME FOR 1940, PART 2 319
visions ^ of the Federal tax laws for the income years 1909 through 191^0'^ — Continued
Excess profits tax, and war-profits tax
Specific
exemption
Credit
Taxable income * '
Kate
(percent)
Tax credit for in-
come and profits
taxes paid to
foreign countries
or United States
possessions
Excess-profits:
$3,000 '_.
Same as 1919, 1920.
Government contracts: Excess-
profits and war-profits credit
same as 1918.
Same as 1919, 1920.
Same as 1918
Same
as 1919,
1920.
Same
as 1918.
\2\<i percent of adjusted declared
value of capital stock.
.do.
10 percent of adjusted declared
value of capital stock.
Net income in excess
of credit.
-__.do.23..
Net income ^^ in excess
of 10 percent and not
in excess of 15 per-
cent of adjusted de-
clared value.
Net income in excess
of 15 percent of ad-
justed declared
value.
10 percent of adjusted declared
value of capital stock.
Net income " in excess
of 10 percent and not
in excess of 15 per-
cent of adjusted de-
clared value.
Net income in excess
of 15 percent of ad-
justed declared
value.
5.
5.
6.
12
Amount paid
accrued."
Do.i"
Do."> '
Do." '
Do." >
Do."'
Do." 1
Do." '
Do." 2
Do." 21
Do." "
Do.>» ••
320
STATTiSTICS OF INC'OME FOR 194 0, PART 2
Table A. — Corporation income and profits tax credits, rates, and other pro
Federal tax law
(Date of enactment)
Income year
Income tax
Specific
credit ^
Taxable income « '
Rate
(percent)
Internal Revenue
Code (Feb. 10,
1939). "
Internal "" Rev e n u e
Code as . amended
by: ■"-.<« .v^
Revenue Act of
1939 (June 29,
1939). 34
Revenue Act of
fe 1940 S8 (June 25,
1940). ,»
Second Revenue
Act < of 1940 36
(Oct. 8,|1940).
Excess profits tax
amendments,
1941 (Mar. 7,
1941, effective as
of Oct, 8, 1940).
1939.
il940.
Adjusted net income, in total
amount: 3"
(1) $25,000 or less-
First $5,000
Next $15,000
Next $5.000
(2) Sliphtly over $25,00i) (alterna-
tive)—
First $26.000
Amount over $25.000
(3) Over $25,000 (general rule)
Normal-tax net income, in total
amount: "
$25,000 or less-
First $5,000
Next $15,000
Next $5,000
Over $25,000, and notjover
$31,964.30—
First $25,000
Next $6,964.30
Over $31,964.30, and not over
$38,565.89—
First $5,000...
Next $15,000-
Next $5,000
Next $13,565.89
Over $38,565.89
(!»)
12i^
14
16
Same as
above
«"32
"19
"14.85
»»16.5
"18.7
Same as
above
38.3
15.4
16.9
18.9
36.9
24 of en-
t i r e
nor-
mal-
tax
net in-
come.
For footnotes, seejp. 322-326.
STATISTICS OF INCOME FOR 194 0, PART 2 321
visions * of the Federal tax laws for the income years 1909 through 1940^ — Continued
Excess profits tax, and war-profits tax
Tax credit for in-
come and profits
taxes paid to
foreicin countries
Specific
exemption
Credit
Taxable income * »
Rate
(percent)
or United States
possessions
10 percent of adjusted declared
Net Income ^ in ex-
6
Amount paid or
accrued." 21
value of capital stock.
cess of 10 percent
and not in excess of
15 percent of ad-
justed declared
value.
Net income in excess
12
of 15 percent of ad-
justed declared
value.
(Declared value) 10 percent of
Net income '^ in ex-
3*6.6
Do. " »
adjusted declared value of
cess of 10 percent
capital stock.
and not in excess of
15 percent of ad-
justed declared
value.
Net income in excess
of 15 percent of ad-
justed declared
value.
3M3.2-...
$5,000
(Under the Second Revenue'Act
of 1940.) 37
Average income base:)'-) percent
of average base period income ss
plus 8 percent of net capital
Excess profits net in-
come 3» in excess of
sum of specific ex-
emption and excess
profits credit:
additions or less 6 percent of
First $20,000
25
net capital reductions.
Next $30,000
30
Invested capital base: 8 percent of
Next $50,000
35
invested capital.ss
Next $150,000
Next $250,000
Over $500,000
40
45
50
322
STATISTICS OF TNICOME FOR 1940, PART 2
Footnotes for table A, synopsis of Federal tax laws
(References to notes are to the footnotes of this synopsis)
' In general, applicable tc all corporations whether three paragraphs) are deductible, 1909 through 1912,
filing separate or consolidated returns. Exceptions and 1918 through 1935. Such dividends arc not
are explained in notes as indicated. (See also note deductible, 1913 through 191", and only 85 percent
40 regarding personal holding companies; note 41, of such dividends are deductible, 1936 and sul.se-
corporations improperly accumulating surplus; and quent years. The dividend deduction for 1938
table B, consolidated returns.) and subsequent years cannot exceed 85 percent
of the adjusted net income.
' (a) Income tax returns are required to be filed by
Dividends received from domestic corporations
S ?o%^Tx*cSt%Et^1c?>^ Te^'TJpttiT^l deH;-in;riVge portiororthei^g;^;s inco^m7from
under" spS S^^i^n's'of The'Taw^^anrthole SeduS ^TanTsSbseSfen^v^'ars'^^^" "'
described in (c) and (rf) below. not deduct Die, wzi ana subsequent years.
(h) Returns were required to be filed on a calendar Dividends received from corporations organized
year basis 1909 through 1912; for subsequent years, under the China Trade Act, 1922, are not deductible,
corporations are jiermitted to file returns on a fiscal Dividends received from tax-exempt corporations
year basis, other than that ending Dec. 31, except that are not deductible, 1932 and subsequent years,
life insurance companies are required to file on a cal- Dividends received from foreis-n corporations are
endar year basis in accordance with State laws regu- not deductible except the dividends of those foreign
lating insurance companies, 1921 and subsequent corporations receiving a certain amount of incom.e
from sources within the United States, 1919 through
1933.
years
(c) Foreign corporations are required to file in-
come tax returns for all income from sources within
the United States, regardless of amount, and are en-
Mutual investment companies are not allowed to
deduct the credit for dividends received, but are
titled to the statutory deductions allowed against allowed to deduct the credit for dividends paid,
such income, eTcepI that for 1936 and subsequent igg,- 3^^ subsequent years. (See sec. 13(a) (2) (3),
years, foreign corporatwns not engaged m trade or Revenue Act of 1936; "and supplement Q, Internal
business in the United btatesand not having an ofl^ce Revenue Code.) For deduction of dividends paid
or place of business therein, hemg liab e to tax only ^^ preferred stock, bv certain incorporated banks
upon their fi.xed or deternimable annual or periodical ^nd insurance companies, to the United States or
mcome from sources within the United States, are („ anv instrumentalitv thereof which is exempt
not required to file returns unless the total tax has j^om Federal income taxation, 1934 and subsequent
not been paid at source. ^^ hen fihng returns, such ^ears, see sec. 121, Internal Revenue Code, which
foreign corporations are not allowed any deductions
(d) Domestic corporations deriving a large portion
of their gross income from sources within a possession
section was added to the Revenue Act of 1934 by
Public, No. 374, 74th Cong.
(b) Losses sustained by corporations during a
of the United States report onlv income from sources ,„^'''>,,tT,; ^i ^^ \f rlK^tl^T- ,T o ^I .
within the United States, or income from sources taxable >ear, not compensated for by insurance or
■within or without the United States received within
the United States, 1921 and subsequent years
sec. 2.')l, Internal Revenue Code.)
(See
otherwise, are entirely deductible, except as indi-
cated in the following paragraphs:
For 1932 and 1933. losses from sales or exchanges of
<e) Personal service corporations were treated as stocks or bonds (other than capital asxets—see fourth
partnerships, Jan. 1, 1918, through Dec. 31, 1921. paragraph below— and other than bonds issued by a
Prior and subsequent to said dates, such corporations government or political subdivision thereof) are
were subject to the same requirements for filing re- allowed only to the extent of the gams from such
turns as other corporations, except that for 1940 an sales or exchanges. This limitation does not apply
excess profits tax return. Form 1121, is not required to banks, trust companies, or dealers in securities.
if the personal service corporation elects to have its (The Revenue Act of 1932 allowed the excess of such
income taxed in the hands of its shareholders. losses to be carried forward and applied against
(/) Personal holding companies are required to file such gains of the next succeeding year, but this
returns for surtax, in "^addition to the corporation re- carry-over was nullified by sec. 218 (b), National
turns for income and declared value excess-profits Industrial Recovery Act.)
tax, 1934 and subsequent years. (See note 40.) For 1934 through 1939, the deduction for losses
(g) For 1940. every corporation is required to file from sales or exchanges of capital assets (see fourth
an excess profits tax return. Form 1121, if its excess paragraph below) is limited to the amount of the
profits net income (computed under the invested capital gains plus $2,000, or to the amount of the
capital method) is more than .$5,000. except (1) capital loss, whichever is less. This limitation does
corporations exempt from income tax, (2) personal not apply to losses sustained by certain banks and
holding companies. (3) mutual investment com- trust companies on the sale of certain bonds, etc.,
panies, (4) diversified investment companies but does obtain in regard to losses on stocks. (See
registered with the Securities and Exchange Com- sec. 117 (d). Internal Revenue Code.) For taxable
mission, (5) foreign corporations not engaged in trade years beginning on and after January 1, 1940, gains
or business within the United States and not having and losses from sales or exchanges of capital assets
an office or place of business therein, (6) domestic are classified as "short-term" or "long-term." A
corporations with net income derived largely from short-term capital gain or loss results from the sale
sources outside the United States (see sec. 727 (g) of or exchange of a capital asset held for 18 months or
Code), and (7) certain uir mail carriers (see Civil less; a long-term capital gain or loss, from the sale
Aeronautics Act of 1938, Title IV).
3 Specific credit not allowable to:
(o) Foreign corporations, except for 1909 through
1912;
or exchange of a cnpital asset held for more than 18
months. A net short-term capital gain and a net
long-term capital gain or loss are included in com-
puting net income for the current year; but a net
,., T-. *• *• -.u *■ • • short-term capital loss is not deductible in computing
(6) Domestic corporations with net income in ^ j^ f^r the current year. Such loss may be
excess of $25,000 1921 through 1931 (but if the net carried forward and trcited as a short-term capital
income 's slightly in excess of .$2,-,,000, the tax shall j^^^ ^^ ^-^^ succeeding taxable vear, in an amount
not exceed the tax_ which would be payable if the j ;„ , ^, j^e net income for the year in which
credit were allowed plus the amount of net income ^^ ]„^^ ^.^^ sustained.
m excess of $25,000) ; and t, ,.„_ , . . , ^ „ 1 „
(c) Domestic corporations deriving a large portion ^or 193, and subsequent years, losses from sales or
of their gross income from sources within a possession exchanges of property (except m case of distributions
of the United States, 1928 through 1931. >" ''^"''^^t'on) between two corporntions, where
^ more than 50 percent m value of the outstanding
* "Net income" means the excess of gross income stock of each is owned by or for the same individual,
over deductions as defined in the various revenue are disallowed if either one of such corporations is a
a?ts. Certain variations in the deductions allowed, personal holding companj' or a foreign personal
follow: holding company as defined in sees. 501 and 331,
(a) Dividends received from domestic corporations respectively. Internal Revenue Code. (See also
subject to tax (other than as noted in the next sec. 24(b), of the Code.)
STATI'S'T'ICS OF IINCOME FOR 19 40, PART 2
323
Footnotes for table A, synopsis of Federal tax laws — Continued
(References to notes are to the footnotes of this synopsis)
For 1938 and subsequent years, losses sustained
through stocks, bonds, and debentures beconiirp
worthless are considered as losses from sales or
excharees of capital assets, except as to certain banks
sustiinins; losses through worthless bonds. (See
sec. 23 (■""! find (k). T'-ternal Revenue Code.)
For 1932 and 1933, the item "Capital assets"
includes property held by the taxpayer for more than
S years (whether or not connected with trade or busi-
ness) but does not include stock in trade of the tax-
payer or other property of a kind which would be
included in inventory; or property held primarily
for sale in the course of business.
For 1934 and subsequent years, the item "Capital
assets" includes all property held by the taxpayer,
whether or not connected with trade or business,
renardless of period held, except stock in trade, property
which would be included in inventory, or property
held for sale in ordinary course of trade or business
and, for 1938 and subsequent years, except property
used in trade or business of a character which would
be subject to depreciation. This last exception
enables a corporation which sustains a loss on the
sale of depreciable assets to deduct such loss without
limitation.
(c) Net loss for prior year resiilting from the oper-
ation of any trade or business regularly carried on by
the taxpayer: In the case of a net loss for any taxable
year beginning after Oct. 31, 1918, and ending prior
to .Tan. 1. 19?0, the Revenue Act of 1918 provides for
the deduction of such loss from the net income of the
preceding year, a redetermination of taxes for the
preceding year being made. When the net loss ex-
ceeds the net income for the preceding year, the
amount of such excess is to be deducted from the net
incoire of the succeeding taxable year. There was
no "Net loss" relief provision for 1020. The Revenue
Acts of 1921 through 1928 provide that net loss in any
year beginning after Dec. 31, 1920, may be deducted
from the net income of the succeeding taxable year,
and if such net loss exceeds the net income for the
first succeeding year, the amount of such excess is to
be allowed in the second succeeding year.
A 1-year net loss carry-over for 1930 or 1931 was
provided by the Revenue Act of 1932, but this privi-
lege was entirely removed bv sec. 218 (a). National
Industrial Recovery Act. There is no provision in
the subsequent revenue acts for the deduction of the
prior year net loss until the Revenue Act of 19.39,
which, in amending the Code, provides that a net
operating loss sustained in a taxable year beginning
on or after Tan. 1, 1939, may be carried forward and
applied with certain exceptions and limitations,
against the normal tax net income of the first suc-
ceeding taxable year, the excess, if any, being de-
ductible from the normal tax net income of the
second succeeding taxable year. This provision is
not applicable to: Mutual investment companies,
corporations improperly accumulating surplus, or
personal holding companies. (See sec. 211, Revenue
Act of 1939.)
(rf) For 193fi and subsequent years, charitable con-
tributions are permitted as a deduction against the
gross income of corporations (jvchidivp insurance
companies other than life or mutual, but excluding
personal holding companies) if made during the tax-
able year to or for the use of a domestic organization,
trust, chest, fund, etc., organired and onerated ex-
clusively for religious, charitable, scientific, literary,
or educational purposes, and if not in excess of ."i per-
cent of the net income before deducting such contri-
butions. For 19.38 and thereafter, contributions are
deductible only if pnid during the taxable vear; for
1938 and 1939, only if paid to or for the use of domestic
corporations, etc.; and for 19'!0 and subsequent years,
only if paid to or for the use of cornorations, etc.,
created or organized in the United States or in any
possession thereof. For deduction of contributions
by personal holding companies, see page 33, and sec.
665(a)(2). Internal Revenue Code.
(e) Amortization of buildings, machinery, equip-
ment, or other facilities constructed or acquired on or
after Apr. 6, 1917, for the production of articles con-
tributing to the prosecution of the war, is included to
a reasonable amount in business deductions for any
taxable vear ending before March 3. 1924. (See sec.
234(a)(8), Revenue Act of 1921.) The Second Rev-
enue Act of 1940, in amending the Code, adds section
124, which provides for amortization of the cost of
emergency facilities completed or acquired after
June 10, 1940, and necessary for national defense, to
be written off, subject to certain qualifications and
limitations, over a 5-year period instead of through
the ordinary depreciation and obsolescence deduc-
tions based on estimated useful life.
(f) For insurance companies, see special provi-
sions in the various revenue acts.
5 In arriving at the net income subject to income
tax, 1917 through 1921, and 1936 and subsequent
years, there is allowed, as a credit, the amount of
(declared value) excess-profits tax (and, 1918 through
1921, the war-profits tax). This credit is not al-
lowed, 1933 through 1935. (See note 6.)
6 No provision for excess-profits tax, 1909 through
191fi and 1922 through 1932.
' While any corporation with net income of less
than $3,000 is exempt from tax, the specific exemption
of $3,000 is not allowable to foreign corporations with
net income of $3,000 or more, nor is such exemption
allowable, for 1921, to domestic corporations deriving
a large portion of their gross income from sources
within a possession of the United States.
8 "Invested capital" within the meaning of the
statute is the capital actually paid in to the corpora-
tion by the stockholders, plus the earned surplus
and/or undivided profits (exclusive of profits for the
current year) and exclusive of inadmissible assets as
defined in the revenue acts. (See sec. 207, Revenue
Act of 1917, and sees. 325 and 326, Revenue Act of
1918.) For 1917, foreign corporations reported that
proportion of invested capital which net income
from sources within the United States was of the en-
tire net income. For 1918 through 1921, it was not
necessary for foreign corporations" to report invested
capital, and for 1921, it was not necessary for corpo-
rations deriving a large portion of their gross income
from sources within a possession of the United States
to report invested capital. (See note 9.)
9 The war-profits and excess-profits taxes of foreign
corporations, 1918 through 1921, and of corporations
deriving a large portion of their gross income from
sources within a possession of the United States for
1921, are computed by comparison with representa-
tive corporations whose invested capital can be satis-
factorily determined and which are engaged in a like
or similar trade ir business and similarly circum-
stanced. (See note 8, and sec. 328, Revenue Acts of
1918 and 1921.)
11 Provided that the sum of the excess-profits tax
and the war-profits tax for 1018 shall not be more
than 30 percent of the net income in excess of $3,000
and not in excess of $20,000, plus 80 percent of the net
income in excess of $20,000. (See see. 302, Revenue
Act of 1918.)
u Foreign corporations were not allowed to deduct
income taxes paid to foreign countries either as a tax
credit or in general deductions, 1918 through 1920.
(See notes 15, 17, and 21.)
■2 If corporation was not in existence during the
whole of at least one calendar year during the pre-war
period, the credit (with certain exceptions) shall be
the sum of $3,000 and an amount equal to the same
percentage of invested capital (see note 8) for the
taxable year as the average percentage of net income
to invested capital, for the pre-war period of repre-
sentative corporations, but such amount shall not
be less than 10 percent of the invested capital of the
taxpayer for the taxable year. (See sec. 311, Revenue
Act of 1918.)
13 Provided that the tax for 1919 through 1921 shall
not be more than 20 percent of the net income in
excess of $3,000 and not in excess of $20,000, plus 40
percent of the net income in excess of $20,000. (See
sec. 302, Revenue Act of 1918.)
i< See. 301(c), Revenue Act of 1918, provides that
the tax shall be such a proportion of a tax computed
at the rates for 191S, using the excess-profits and the
war-profits credits applicable to that year, as the
portion of the net income attributable to Govern-
324
STATIiST'ICS OF ENCO'ME FOR 1940, PART 2
Footnotes for table A, synopsis of Federal tax laws — Continued
(References to notes are to footnotes of this synopsis)
ment contracts bears to the entire net income, plus
such a proportion of a tax computed at the rates for
the current year (1019, 1920, or 1921) as the amount of
the remaining net income bears to the entire net
income.
1' For 1921 and subsequent years, the credit cannot
exceed the proportion of the total tax afjainst 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 against tax is not
allowed to foreign corporations, to domestic corpo-
rations deriving a large portion of their cross income
from sources within a possession of the United States,
to China Trade Act corporations, or to personal hold-
ing companies, and for 1940 is not allowed to corpora-
tions improperly accumulating surplus, but to these
corporations such foreign taxes are allowed as a
deduction from income if imposed upon income from
sources within the United States. For 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 income.
18 For 1922 and subsequent years, corporations are
allowed, as a credit against net income for income tax
purposes (in addition to the specific credit allowed to
corporations with net income not in excess of .$25,00n),
the amount received as interest upon obligations of
the United States, which is required to be included
in gross income. (See sec. 236(a'), Revenue Act of
1921, and sec. 2fi (a). Internal Revenue Code.) Cor-
porations organized under the China Trade Act,
1922, are entitled to an additional credit by sec. 264
(a) of that act.
1' Tax credit not allowable to China Trade Act
corporations, but amount of foreign tax paid may be
Included in deductions against gross income, 1922
and subsequent years.
" Income of domestic insurance companies, exclu-
sive of mutual companies other than life, is taxable
at 12^ percent.
" The rate provided by the Revenue Act of 1928
was reduced to 11 percent by joint resolution of Con-
press No. 133, approved by the President Dec. 16,
1929.
'" The rate of income tax for consolidated returns,
1932 and 1933, is 141.2 percent, except for returns with
fiscal year ending in 1934, on which the tax attribut-
able to 1934 is at the rate of \4H percent. (See sec.
218(e), National Industrial Recovery Act.) The
rate of income tax for consolidated returns with tax-
able year beginning on or after .Ian. 1, 1934, is 15%
percent. (The National Industrial Recovery Act
provided a rate of 15^4 percent, but this was super-
seded bv the Revenue Act of 1934, which provided
15% percent.) For 1934 through 1939, only railroad
corporations and their related holding and leasing
companies were permitted to file consolidated re-
turns for income tax purposes. For 1936 and sub-
sequent years, the term "railroad" includes a street,
suburban, or interurban electric railway; for 1938
and subsequent years, it includes a street or subur-
ban trackless trolley system of transportation, or a
street or suburban bus system of transportation
operated as part of a street or suburban electric
railway or trackless trolley system. The privilege
of filing consolidated returns for income tax purposes,
was extended for 1940 and subsequent years to Pan-
American Trade corporations. (For the purpose of
the excess profits tax under the Second Revenue
Act of 1940 qualified corporations engaged in any
business may file a consolidated return.)
" For 1932 and subsequent years, (1) domestic
corporations (except (3) and (4) below) may elect to
credit the income and profits taxes paid to foreign
countries or United States possessions (with certain
limitations) against the income tax liability to the
United States, or to include the entire amount of
such taxes in deductions against gross income: (2)
foreign corporations and (3) domestic corporations
deriving a large portion of their gross income from
sources within a possession of the United States, are
not entitled to claim the tax credit, but may include
the amount of such foreign taxes, if imposed upon
income from sources within the United States, in
deductions against gross income; and (4) corporations
organized under the China Trade Act, 1922, are not
entitled to claim the tax credit, but may include all
foreign taxes in deductions from gross income. (See
sees. 131 and 23(c)(2), Internal Revenue Code.) For
1940, there is allowed as a credit against excess profits
tax the balance of the credit not claimed against
income tax; the tax credit is denied to corporations
improperly accumulating surplus, such corporations
being entitled to include foreign taxes in deductions
from gross income.
2!: In addition to the excess-profits tax shown in
this tabulation, other provisions of the National
Industrial Recovery Act affecting data in Statistics
of Income are set forth in notes 4 (6) and (c) and 20.
23 For 1934 and subsequent years, net income sub-
ject to excess-profits tax includes interest on Liberty
bonds, etc.. which is required to be included in
gross income. For 1936 and subsequent years, a
credit against the net income for excess-profits tax
computation is allowed, equal to the credit for divi-
dends received provided in sec. 26(b), Revenue Act
of 1936, and Internal Revenue Code.
2* The excess-profits tax under the provisions of the
Revenue Act of 1935 as amended by the Revenue
Act of 1936 is in effect for returns with fiscal years
ending through June 30, 1938.
26 "Normal tax net income" is net income for excess-
profits tax computation less (1) Federal excess-
profits tax, (2) credit for interest received on obliea
tions of the United States and its instrumentalities,
and (3) credit of 85 percent of the amount of divi-
dends received from domestic corporations subject to
tax. Mutual investment companies may claim a
credit for the amount of dividends paid in lieu of the
dividends received credit.
2» Certain corporations are taxable at the following
rates," regardless of the size of net income:
Class of corporation
Banks and trust com-
panies, a substantial
part of the business of
which is receiving de-
posits and making loans
and discounts
Corporations organized
under China Trade
Act, 1922
Corporations deriving a
large portion of their
gross income from
sources within a pos-
session of the United
States (sec. 251(c),
Revenue Act of 1936,
and Internal Revenue
Code) ,
Foreign corporations:
Resident -.
Nonresident '
Insurance companies
Mutual investment com-
panies
1936-37
rate
(per-
cent)
1938-39
rate
(per-
cent)
15
16H
15
16H
15
mA
22
•15
15
19
• IS
16M
(»)
16K
1940 3»
rate
(per-
cent)
(»)
(»)
(')
24
•16H
(»)
o For computation of tax on corporations complet-
ing contracts under the Merchant Marine Act, see
section 726 of the Code; on corporations engaged in
mining strategic metals, see section 731. Sections
726 and 731 were added to the Code by the Second
Revenue Act of 1940.
StTATIiSTICS OF ESnCOME FQiR 1940, PART 2
325
Footnotes for table A, synopsis of Federal tax laws — Continued
(References to notes are to footnotes of this synopsis)
' Same as ordinary corporations. (See p. 316.)
' Data for nonresident foreign corporations are not
included in this report. The rate of tax on dividends
received by such corporations is 10 percent for 1936-
1939, and 16.5 percent (including the defen.se tax) for
1940, except that, by reason of treaty provisions,
Canadian corporations pay only 5 percent on divi-
dends for 1936-I940,and Swedish corporations pay only
10 percent on dividends for 1940. The defense tax is
not applicable to these reduced rates.
2" To determine the "Undistributed net income"
subject to surtax, it is first necessary to determine the
"Adjusted net income" which is net income for
excess-profits tax computation less the sum of the
excess-profits tax, normal tax, interest received on
certain Government obligations subject to excess-
profits tax, and certain credits allowed to holding
company affiliates and to national mortgage associa-
tions. This "Adjusted net income" less the divi-
dends paid credit and the credit for contracts restrict-
ing the payments of dividends becomes the "Undis-
tributed net income." The undistributed profits
tax rates for corporations filing returns for fiscal years
beginning in 1937 and ending in 1938 are those pro-
vided by the Revenue Act of 1936. The following
corporations are not subject to the surtax on undis-
tributed profits: (1) Banks, (2) domestic corpora-
tions which for any portion of the taxable year are in
bankruptcy, (3) insurance companies, (4) foreign
corporations, (5) corporations deriving a large por-
tion of their gross income from sources within a
possession of the United States, (6) corporations
organized under the China Trade Act, 1922, (8)
joint-stock land banks.
w When the "Adjusted net income" is less than
$50,000, a specific credit is allowed. (See sec. 14(c),
Revenue Act of 1936.)
'» The Revenue Act of 1937 is not a complete taxing
statute in itself, but merely amends and adds to
certain provisions of the Revenue Act of 1936, espe-
cially those pertaining to surtax on personal holding
companies. (See note 40.)
>' "Adjusted net income" means net income (after
deducting the excess profits tax) minus the credit
for interest received on certain obligations of the
United States and Government corporations. This
"Adjusted net income" less the "Dividends received
credit" is the amount subject to income tax.
" Except that on dividends received the tax is 12
percent. (See sec. 13, Internal Revenue Code.)
'* The tentative tax, 19 percent of "Adjusted net
income" is reduced by 16 J.^ percent of the "Divi-
dends received credit" and 2H percent of the "Divi-
dends paid credit," except for certain corporations—
those in bankruptcy and receivership, joint-stock
land banks, and rental housing corporations— for
which the 19 percent tax is reduced by 2}i percent of
"Adjusted net income." (See note 30.) The
income tax rates for corporations filing returns for
fiscal years beginning in 1937 and ending in 1938 are
those provided by the Revenue Act of 1936.
'3 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
related exclusively to internal revenue, as of the
effective dates of the respective corresponding
provisions of the Code.
M The Revenue Act of 1939 is not a complete taxing
statute in itself, but consists of amendments of cer-
tain sections of the Internal Revenue Code, and of
the 1938 Act and prior laws. There Is no one effec-
tive 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 effective only for taxable years beginning
after Dec. 31, 1939. The rates of tax provided by the
Revenue Act of 1939 were never in effect, beingisuper-
seded by those of the Revenue Acts of 1940.
3» Includes defense tax rates, which, for income
defense tax on returns with taxable year beginning
after Dec. 31, 1939, is 10 percent of the rates provided
by the first Revenue Act of 1940; and for declared
value excess-profits defense tax on returns with tax-
able years ending after June 30, 1940, is 10 percent of
the declared value excess-profits tax rates for 1940.
3« The two Revenue Acts of 1940 are not complete
taxing statutes in themselves, but consist of amend-
ments to the Internal Revenue Code.
" The excess profits tax imposed by the Second
Revenue Act of 1940 is in addition to the declared
value excess-profits tax which has been in effect since
Jime 30, 1933.
" For description of invested capital and base
period income, see text, pp. 22-24; for invested capital
of foreign corporations and corporations receiving a
large percentage of their eross income from sources
within a possession of the United States, see sec. 724 of
the Code, added by the Second Revenue Act of 1940.
'» (a) Excess profits net income computed under
income credit method is normal tax net income (de-
scribed in note 25) plus net long-term capital loss and
minus the sum of:
(1) Income and income defense taxes,
(2) Net long-term capital gain.
(3) Net gain from sale or exchange of depreciable
property held more than 18 months.
(4) Income from retirement or discharge of bonds,
etc.
(5) Refunds and interest on Agricultural Adjust-
ment Act taxes.
(6) Recoveries of bad debts.
(7) Dividends received credit adjustment.
(8) Abnormal income attributable to other years.
(6) Excess profits net income computed under
invested capital credit method is the excess profits
net income as computed in (a) above plus (1) 50 per-
cent of interest on borrowed capital and (2) interest
on Government obligations; and less the dividends
received credit adjustment. (See Code, sec. 711,
added by the Second Revenue Act of 1940.)
*" (a) Rates of surtax on personal holding compahies
Federal
tax law
Revenue Act of:
1934
1936
1937-
1938.
Internal Reve-
nue Code.
Code as amend-
ed by Reve-
nue Act of
1940.'
In-
come
year
/1934
\1935
1936
[1937
n938
ll939
1940
Taxable income
IFirst $100,000
/Exceeding $100,000. .
First $2,000
Next $98.000...
Next $400,000.
Next $500,000
Exceeding $1,000,000
] First $2,000.
(■Exceeding $2,000
First $2,000.
Exceeding $2,000
Rate
(per-
'cent)
»71.5
»82.5
(6) These rates include the 10 percent defense tax
increase.
(c) For definition of a personal holding company
see p. 31 of this report and sec. 501, Internal Revenue
Code. A foreign personal holding company, with
taxable year ending after August 26, 1937 (the effec-
tive date of the Revenue Act of 1937), is not taxed
as such, but its undistributed net income is to be
included in the gross income of its United States
shareholders. (See sec. 337, Revenue Act of 1937
and Internal Revenue Code.) ■«• i
The taxable income of a personal holding company
:; "Undistributed adjusted net income" (or 1934
326
STATISTICS OF IINICOME FOR 19 40, PART 2
Footnotes for table A, synopsis of Federal tax laws — Continued
(References to notes are to the footnotes of this synopsis)
through 1937; "Undistributed Title lA net Income"
for 1938; and "Undistributed subchapter A net in-
come" for 1939 and 1940. For computation of undis-
tributed subchapter A net income for 1940, see p. 33;
also sections 504 and 505 of the Code.
<i A corporation which permitted an unreasonable
accumulation of profits, 1913 through 1920, was not
an evasion of surtax as a result of an unreasonable
accumulation of profits. This additional tax was
increased to 50 percent for the j'ears 1924 through
1933, and to the rates shown in the table below for 1934
through 1939, with the provision for 1926 through
1937 that the additional tax shall not apply if all the
shareholders of the corporation include in their gross
income their pro rata shares, whether distributed
subject to the ordinary corporation income tax, but or not, of the retained net income of the corporation
the individual stockholders were taxed upon their for such year, with the added provision for 1936
proportionate shares of its net income, whether dis- and 1937 tliat 90 percent or more of such retained net
tributed or not. For 1917, there was also a tax of income be included in the gross income of share-
10 percent upon that portion of the total net income
remaining undistributed six months after the close
of the taxable year, in excess of the income actually
employed in the business, or invested in obligations
of the United States issued after September 1, 1917.
For 1921 through 1923, an additional tax of 25 per-
cent was imposed upon the taxable net income of a
corporation where it was shown that there had been
holders other than corporations. For 1938 and 1939,
this provision for shareholder's payment of surtax
on pro rata shares is replaced by the "Consent
dividends credit." (See sec. 102, Revenue Act of
1936 and Internal Revenue Code.) The rates of tax
on corporations improperly accumulating surplus
(other than personal holding companies) for the years
subsequent to 1933 follow:
Rates of surtax on corporations improperly accumulating surplus
Federal tax law
Income
year
Taxable income
Rate
(percent)
Revenue Act of:
1934....
1934. 1935
1936, 1937
1938, 1939
1940
Adjusted net income:
Less than or equaling $100,000
Inexcessof .. _ 100,000
25
35
1936
Retained net income:
Less than or equaling $100,000
In excessof 100,000
" 15
"25
1938
Less than or equaling $100,000
Inexcessof .. 100,000
25
iDternal Revenue
35
Code.
Code as amended
by Revenue Act
of 1940.
Less than or equaling $100,000
Inexcessof. 100,000
f'27.5
'■38.5
» For corporations not subject to the surtax on un-
distributed profits, these rates are 25 and 35 percent.
(See sec. 102, Revenue Act of 1936.)
> These rates include the defense tax increase.
STAlUiSTieS OP INICOME FQiR 1940, PART 2
327
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STATISTICS OF IiNlCOME FQiR 19 40, PART 2
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STATHSTICS OF LNICOME FOR 1940, PART 2
329
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330
STATISTICS OF lOSKC'OME FOR 1940, PART 2
v^
ci! 5
^ I
rt
s
H
Same as other cor-
, porations. (See
table A, pp.
316-321.)
•a
.§
3
£
2g
■O o
"S o
1
a
o
O
Same as for 1929-31
Optional. If a consolidated
return was filed for 1940,
a consolidated return is
required in subsequent
years unless permission to
change is obtained from
the Commissioner.
a
.2
.2
o
3
.o
o
o
For common carriers same as 1938-39.
For Pan-American trade corpora-
tions: A domestic corporation en-
gaged in active conduct of trade or
business in the United States and
owning directly 100 percent of the
capital stock of one or more domestic
corporations each of which was en-
gaged solely in the active conduct of
trade or business in Central or South
America (hereafter referred to as a
Pan-American trade corporation).
Such corporations (including the
parent corporation) were deemed to
be an affiliated group provided that
(1) at least 80 percent of the gross
income for the taxable year of the
parent corporation was derived from
sources othpr than royalties, rents,
dividends, interest, annuities, and
gain from the sale or exchange of
stock or securities; and (2) at least
90 percent of the gross income for the
taxable year of each of the Pan-
American trade corporations was
derived from sources other than the
sources listed under (1); and (3) no
part of the gross income for the tax-
able year of any of the Pan-American
trade corporations was derived from
sources within the United States.
One or more chains of includible cor-
porations connected through stock
ownership with a common parent
corporation which was an includible
corporation, if (1) at least 9,5 percent
of each class of the stock of each of
the includible corporations (except
the common parent corporation)
was owned directlv by one or more
of the other includible corporations,
and (2) the common parent corpo-
ration owned directly at least 95 per-
Is
.■S 3
.il
11
O a
S.S
X! 3
- » a
iS « ^,
a> c ^
fto -^
Same as for 1938-39 except
that the privilege was ex-
tended to Pan-American
. trade corporations.
Any corporation except:
(1) Corporations exempt
from the excess profits
tax under Second Reve-
nue Act of 1940.
(2) Foreign corporations
other than certain Ca-
nadian and Mexican
corporations. 5
(3) Corporations orean-
izcd under the China
Trade Act, 1922.
Income tax
Excess profits tax
5^
||
■" a
■5*
o o
Internal Revenue
Code, and the Code
as amended by Reve-
nue Act of 1939 (June
29, 1939.)
Internal Revenue Code
as amended by Sec-
ond Revenue Act of
1940 (Oct. 8, 1940).
STATrSTTCS OF BNICOME FOR 1940, PART 2
331
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corpora-
nerships
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ctly, 100
poration
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ty, such
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dire
cor
the
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for
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ffiliate
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rporatio
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RETURN FORMS FOR 1940
FACSIMILES OF
Form 1 120: Corporation Income, declared value excess-profits, and
defense tax return.
Form 1 120L: Insurance company income and defense tax return.
Form 1121: Corporation excess profits tax return.
Form 1120H: Return of personal holding company.
333
334
STATISTICS OF IISPCOME FOR 1940, PART 2
Form 1120
Treasury Department
Internal Revenue Service
UNITED STATES ^ ^ /l
CORPORATION INCOME, DECLARED VALUE EXCESS-PROFITS, AND DEFENSE 1940
TAX RETURN
For Calendar Year 1940
or fiscal year beginiuiig ...
, 1949, and ended , 1941
..._
LV CORPORATION'S KAME AND ADDRESS
IK—-)
*'"'"' "^'
(P». A.1
(Caatr) (Sttft)
J group tcrial iromW (from tnrtnictioo 15) .
NORMAUTAX NET INCOME COMPUTATION
Item No. CROSS INCOME
J. Gross sales (where iuvcotoriea are Less: Heturt
an iDcome-detfrmiDiiig f&ctor) „., T ,, . _. ; aUowaoces
2. Less: Cost of goods sold. (From Schedule A)
3. Gross proGt from sales ,
4. Groes receipts (where inveutoriea are not an mcome-dcterminiDg factor)_
6. I-eas: Coet of operationa. (From Schedule B)
6. Gross profit where inventoriea are not an income-detemiioiDg factor.
7. Interest on loans, netcs, mortgages, bond^, bank deposits, etc. (See Instructioi
a Interest on obUgations of the United States. (From Schedule M, lino 15 (o) (4).)
9. Rents. (See Instruction 18) ._
10. RoyaJtiea, (See Instruction 19) .
U. (a) Net ehort-term capital gain. (From Schedule C) „
(6) Net long-term capital g^in (or losi). (From Schedule O
• (e) Net gain (or losi) from sale or encbange of properly Other than capital aaaets
12. Dividends. (From Schedule E) _
13. Other income. (S'ate nature) .
14. Total income in itema 3, and 6 to 13, Inclusive
DEDUCTIONS
15. Compensation ofoScera. (From Schedule F)
16. Salaries and wsgea (not deducted cbewhere) _. _._„>
17. Rent. (See Instruction 21)
IS. Repairs. (Sec Instructioo 22)._.
19. Bad debts. (From Schedule C) 1
20. Interest. (See Instruction 24) „_„_^
21. Taxes. (From Schedule H ) (Report declared value cxce«9>profita tax as item
22. Contributioi,3 or gifts paid. (From Schedule r)...—_^._
23. Lossc« by fire, storm, ehipnreck, or other casualty, or theft. (Submit schedule;
24. Depreciation. (From Schedule J)
25.*DepIeti«D of mJcef^ oil and gas uells, timber, etc. (Submit schedule; i
26. Net operating loss deduction. (Submit statement; see Instruction 30)
27. Amortiitttion. (Submit schedule; see loitruction 31)
28. Other deductions autboriied by law. (From Schedule K)
29. Total deductions in items 15 to 28, inclusive
30. Net income for decUred value esccss-profita tax computation (item 14
31. Less: Declared value excess-profits tax. (See Instruction 33)
i Instruction 27).
Less: Interest on obligations of the United States (item 8, above)
, Adjusted net Income
Less: Dividends received credit (85 percent of column 2, Schedule E, but pot i
Normal-tax net income
a of 85 percent of item 34, above).
TOTAL INCOME, DECLARED VALUE EXCESS-PROFITS. AND DEFENSE TAXES
defense t
e 35, page 2) _
income taxea paid to k foreign country or United Slates poesession allowed a
39. Balance of income and income defense taxes
40. Total declared value excc;>s-profit9 and declared value excess-profits defense taxes (Une 10, page 2).-
4J, Total Income, declored vnl'je exceaa- profits, and dofen.'* taxrs due
AFFIDAVIT. (S«« Instruction S)
We, the undersigned, president (or vice president, or other principal ofDcer) and treasurer (or assistant treasurer, or chief accounting officer) of the
corporation for which this return is made, being oeverally duly sworn, each for hlins^lf doposca and saya that thid leturn (including any occompanyinr
schedules and etatcmeniA) has been cxaoiincd by bun and is, to the best of bis knov.'led^^e and belief, a true, correct, and complete return, made in good faith.
for the taxable year stated, pureuaut to the Internal Rtrvcuue Code and the regulations issued thereuudcr.
Subscribed and e
) before mo this .
(StcDMun ol otOc*! •dmiabtariQc ei
[^3_
<PrMi<lMl or
ir pfiDdpAloOlov) (Suuu
AFFIDAVIT. (See Inttruction 5)
I/wo swear (or affirm) that I/wo prepared this return for the person named borc-in and that the return (including any accompanying schedules and
atatemeots) la a true, correct, and complete atatement of all the information respecting the tax liability of the person for whom thia return hoe been prepared
of which I/wo have any knowledge.
Sub8crit>ed and sworn to before me Ukis day of
E3.
•ndClXARLT.
STATISTICS O'F INCOME FOR 19 40, PART 2
335
DECLARED VALUE EXCESS-PROFITS Al^ DECLARED VALUE EXCESS-PROFITS DEFENSE TAX COMPUTATION. (Sme tnwtw^Me*^on^4i
1. Ket Inoome for declared value excesd-profiu tax computation (itec
3. Value of capital Btoctc as declared in your capital atock tax return
for the year coded June 30, 1940 (or for year ended June 30,
1&41, If your income Ux fiscal year began in 1940 and ended
r after July 31, 1941)„
S, 10 percent of line 2 „
4. Dividends received credit (85 percent of column 2, Schedule K.
but not in excess of 85 percent of item 34, page I)
t. Balance subject to declared value excess-profits tax (line 1 minus total of lines 3 and 4)..
6- Amount taxable nt 6 percent (5 percent of lino 2, but not more than line 5) ; and tax
7. Balance taxable at 12 percent (lino 5 minus line 6, column 1); and tax
& Total declared value excess-profits tax (total of line 6, column 3, and Use 7, column 3)„
9. Declared value excess-profits defense tax (10 percent of line 6) , , , ..
10, Total declared value excess-profilg and declared value excess-profits defense taxes
INCOME AND INCOME DEFENSE TAX COMPUTATION. (See In.tructJona 3S and 36)
{S«L
11. Normal-tax net income
12. Portion of line II (not i
13. Portion of line 11 (in ex.
14. Portion of line 11 (in ex
15. Total income Ux (total
•m 36, page 1)
xcess of S5,000) ; and t
3 cf S5,000 and not in •
s of $20,000); and tax
CCS3 of $20,000) ; and t
; 17 percent
i column 3 of lines 12, 13, and 14)„
lij. Income defense tax (10 percent of line 15)..
HUsjmumLESsr
17. Normal-t
IS. Portion of line 17 in
19. Portion of hnc 17 (u
20. Total income
21. Income defenGO tax;
; amount of $25,000; and tax ..
tccas of $25.000) ; and tax at 35 percent
[ (total tax in column 3 of Lncs IS and 19)_
(a) If line 17 is less than $31,964.30 ($377.50 plus 3.3 percent of line 19, column I)..
(b) If line 17 ia $31,904,30 or more f 1.9 percent of line 17)
. (SMlutlWtM)3S-<>»
22. Normal-tax net income (item 3B, page 1) ...
23. Income tax (22.1 percent of line22)
21. Income defense tax (1.9 percent of line 22) .
i(I) FonrioN Corporations Enoaoeo in BnsiNEsa Withu
25. Normal-tax net income (ilcm 36, page 1) — . . . „
26. Income tax (22.1 percent of line 25) „ .
27. Income defense tax (1.9 percent of line 25) ,
(IIj MoTco, Investment Companies. (See Instruction 3M4))
28. Adjusted net income (not includlog net operating loss deduction) (item 34, page I,
29. Less: Basic surtax credit. (Submit schedule) .. » ™
31. Income Ux (22.1 percent of line 30) , .
32- Income defense tax [1.9 percent of line 30)
States. (See Instruction 3G-(2))
33. Total income tax (line 15, 20, 23. 2G, or 31, above, whichever is applicable) _ _„
34. Total income defcDse tax (Ime IC, 21(a], 2Hb), 24. 27, or 32, above, whichever ia applicable)
35. ToUl income and income defense taxes ^
Schedula A.— COST OF GOODS SOLD. (Sm Instruction 16)
Schedule B.— COST OF OPERATIONS
Inventory at bcgiuajng of year
Material or mercoandiaQ \>ougbt for manufactui
Salaries and wngi^w , , , , _
Other coGts per books. (Attach itemized schedule)..
Lees: Inventory at end of year..
Coet of goods sold (enter as item 2, page 1}
Salaries and wages .,
Other costs (to be detailed) :
Schedule C— -CAPITAL GAINS AND LOSSES. (Seo InrtructJon 20)
. Dc90lpiIoD o/ Property
i. Coat or Other BHia
SHORT.T
ERM CAP
TAL CAI
NS AND
LOSSES— ASSETS HEl
j>roR M
yr ...^RE -mAN 1
B MONTH
■ -
S
«- -
— -
f
$
._._..
— •
'
Total n
et sliorC-term cap
lal gain (o
loss).
Enter aa
item 11 (a), page 1, amount of gain.
No net los3 allowable)..
$ _ -..
;-TEitM CAPITAL CAINS /
I MORE THAN IS MOWTH3
1 capital gain (or loss). (Enter a
Schctlule D.— CAINS AND LOSSES FROM SALES OR EXCHANGES OF PROPERTY OTHER THAN CAPITAL ASSETS. (See Inatruction 20)
I. DcscripUoo of Property
.....A^^
(CgAinct iiru»t
4. C«t w Otbtt Bub
e. Kipcose of Sale cwd
(ForaUti <l«uUi)
T- Ooln or Loas (mhrnui
apluscolunosmlniutta.
t.
—
s
--
$.
$_
.__.
S _
—
ToUl net gain (or loss). (Enter aa item 11 (<■), page 1) _ _
».
Suppienrtental information required for Schedules C and D
&tat« with respect to each item of property reported in Schedules C and D: (1) how property was acquired - — . — . -.
(2) whether at time of sole or exchange {a) purchaser owned directly or indirectly more than 50 percent in value of your outstanding slock. (6) where
purchaser was a corporation, more than 50 pcn.-ent in voluc of its capital atock end 50 percent in value of your capital stoek was owned directly or indirecUr
Ly or for the same individual or hia family, and (r) n here purchaser was a corporation, whether more than 50 percent in value of its capital stock was owne^
directly or indirectly by you If bo, sUte name and address of purchaser .. . , — . . — —
336
STATIISTTCS OiF ESTICOME FOR 1940, PART 2
Schedul* E.— INCOME FROM OlVIDtNDS
P.C.3
L Nuno and Addrcsi ^ PayUig CurporAlloa
TftlStl.- UDjW CUpUf 1,
Lit«n)«l H«T('aii« Coda
3. Furalgn CorpoTMlloos
4. OUt«f Cotpi»n>[l«o«
»--..-
TntRlfl
s ^- -..
$
$
■
s _
S<;h«<lule. F.— COMPENSATION OF OFFICERS
tomcWTiuo
^j's:,^-
rcroBQtuo ot Corpcr*tloo'a
«. Amooi.I«
4.Com™»
., Pn,«™i
$
Note.— Schedule F-1 (IN DUPLICATE) also must be Bled with thid return if compensation i
a of $75,000 WAS paid to any officer or employee.
Schsdul.
c-
BAD DEBTS. (So In
tructlon 23) (See
not*
1)
3. Not JjKoma B«portaJ
ISiksosAaauit
by Corponilioo J No Re-
U Cacontlog Cuna • K<«n>o-
I.T«.bloY«r
6. OroM Amouot AJdcd
C. Aawuol CbMzgoi
AE»lnst Ileserv«
$.._
--
S -•
--
1937
..._.
1939. (See note 2)
1940. (Scenol<!2)
■—
■-■
Chock whether deduction claimed repreaeota worthless debt« charged off □, or is on addition to a rcservo O-
2. Not iDcludiog eecuritiea which are capital assets asccrtaiocd to be worthless and charged olT within the taxable year. Such sccuritiefl charged off
vithin the year covered by this r
I ehould bo reported in Schedule C.
Schedule H.— TAXES. (See In
Schedule I.— CONTRIBUTIONS OR GIFTS PAID. (See In
Total. (Enter as Item 21, page !>.- S.
Total. (Enter aa item 22, page-l, aubjectto
5 percent liraitatiou). (Sec Inetrvjction 26). S.
Schedule
J.— DEPRECIATION.
(See IiulrucUon 28)
'■ 'Si^sssTdS'^ss^;'"'
Amulml
J.C<«lorOlte
(DonoUKlifcUod
ctablo propaty)
«. A«*t.i FnUy Do-
1. Dcprodatlon A1-
or OUim^SmIi^
Uloa
ill
uwr?^-
s ...._
— ■
S
—
t.
Total. (Enter «« it«m 24, page I)
s _..
Schedule K.— OTHER DEDUCTIONS. (See Inatruetlon 32)
3. Stalo collector's office where the corporatloi
year was filed ., ,
4. Tho corporation's books are In care of — ___
9 rotum for the preceding
Located b
5. Number of places of bu8ioe.S9 _
6. Was the corporation during the taxable year engaged in the production
of facilities for national defense through (government contracts or
subcontracts?
7. Is the corporation a personal holding company within the meaning of
section SOI of the Int«mtti Revenue Code? (If so, an addi-
tional return oo Form 1120 H must be filed )
8. Is this a consolidated return of railroad corporations or Pan-American
trade corporaliona? (If so. procure from the collector of
internal revenue for your district Form 851, Affiliations Schedule,
which shall be filled in. sworn to, and filed as a part of this return.)
9. If this is not a consolidated return of railroad corporations or Pan-
American trade corporations, (o) did you own at any time during the
taxable year 60 percent or more of the voting stock of another cor-
poration either domestic or foreign? : or (fr) did any corpora-
tkn, individual, partoerabip, tniat, or aasocwltao owo at any time
QUESTIONS
during the taxable year 60 percent or more of vour voting stock?
(If cither answer is "yes," attach separate schedule show-
ing: (I) Nome and address; (2) percentage of stock ownod; (3) date
stock waa acquired; and (4) the collector's otfice in which (ho income
tax return of such corpuration, individual, partnership, trust, or aaso-
ciation for the last taxable year was filed.)
10. la tliis return made on the basis of cash receipts and disbursementj?
If not, describe fuUy what other baals or method waa used
in computing net income .._ _
11. State whether tho i
year were valued at cost, or cost
If other basis ia used, describe
fully, sLato why used, and the date Inventory was last reconciled with
12. Did the corporation make a r
10Q9 for the calendar year 1
13. Did the corporation at any tin
mdirecUy any stock of i
"no") (Ifansw
loalruotion 12-(2;.}
nformation on Forma 1096 and
1910 (see Instruction &-0»? — -
me during the taxable year own directly or
foreign corporation? (Answer "yes or
r is "yes," attach statement as required by
STATISTICS OF INlCOME FOR 1940, PART 2
337
SclMduU L.— BALANCE SHEETS.
Se« Inatructlon 11)
r—*
BfglanliiE of Tuiablo Ytv
E»lolTU»>l.r.».
Amount
T«U1
AiDomc
ToU
t . , .
(
—
4. Inveslracnts (Government obligations):
(o) Slate, Territory, or political eubdivisioa thereof, or tho
.
$.
■■-
S _
e. Capital assets:
s
.._.
«
._
«.
«.
.._..
S.
--
*
---
f
l..._ ._ ..
.._..
7. Other aseeta (itemize)
J_
%
t
s.._
LIABIUTIES
»..
I —
10. Boode, Dotes, and mortgages payable:
(a) With original maturity of lesa than 1 year
11. Accrued expensca (it«miie) —
t. __.
.
._..
.._
—
$.
—
»_ _.
._...
14. Capital stock:
$
f
17. Total LiABiLmEs
$ -
t
Sch«)ule M.— RECONCILIATION OF NET INCOME AND ANALYSIS OF EARNED SURPLUS AND UNDIVIDED PROFITS
I, Total distributions to stockholders charged to
earned surplus during the taxable year;
$
13. Earned surplus and undivided profits at close
of preceding taxable year (Scnedule L).....-. .
-(fe) Stock of the corporotion.., ,_
15. Nontaxable and partially exempt income:
(o) Interest on;
(1) Obligations of a State, Territory, or
political subdivision thereof, or tho District of
2. Contributiona (excess over 5 percent limita-
tion) _.. .
(2) Obligations of the United States issued "on"
or before ScpU 1, 1917, Treasury notes. Treasury
bills, and Treasury ocrtificatea of indebtedness
4. Income taxes claimed as a credit in whole or lo
Fd^il'u^™ d'^'^^L"? rb'ds
(3) United States savings bonds and Treasury
bonds owned io the principal amount of %5.000
6. Exceea of shorl-torm capital losses over ahort-
(4) United SUtes savings bonds and Treasury
bonds owned In the principal amount of over
S5.000
7. Additions to surplus reserves (lict eeparately) :
(5) Obligations of instrumentalities of the
United RtatPH
8. Other unallowable dcduoUoDs:
(6) Other nontaxable mcome (itemize);
(')
in)
(M
16. Charges against aurplufl reserves (itemize):
0. Adjustments not recorded on books (itemize):
(o)
17. Adjustments not recorded on books (itemize):
10. Sundry debits to earned surplus (itemize):
(1) .
18. Sundry credits to earned surplus (itemize):
(a) - -
11. Kamcd surplus and undivided profits at close
12. Total oflinM 1 to 11 ,
s
.._..__
(6) __
19. Tolal of lines 13 lo 18
$
EXCESS PROFITS TAX (Second Revenue Act of 1940). (See Inctructioni
Is on excess profits tax return on Form 1121 being filed for the taxable period covered by this return? ..
A corporation joining in the making of a consolidated excess profits tax return should indicate below the r
the consolidated excess profits tax return for the entire aflUiatcd group, and the internal i
(^ If a personal service corptor&tion signihcs below its desire not to be subject to the excess profits tax, it shall be exempt from such tax and the provisions
of Supplement S, Chapter 1, shall apply to the Bhareholdera in such corporation who were such shareholders on the last day of the taxable year of the
corporation. (Attach Form n21PS.) , — — .
(d) If corporation claims exemption under nection 727 of the Internal Revenue Code, state basis of claim _
(e) 11 an cxcecs profits tax return is not being hied for the reason that it is clsimed that the excess profits net income computed under the Invested capital
method is 'not greater than S5,C00, the following Schedule N should be filled in. Tho completion of Schedule N does not c
Schedule N.— EXCESS PROFITS NET INCOME COMPUTATION
9 profits t
titute the filing of i
1. Normal-tax net income (item 36. page 1)
$
.
5. Dividends received credit adjustment (item
12. page 1, excluding dividends received
frvm foreign ptrsonal holding companies,
minus item 35, page I) .,
6. Income und income defense taxes (item 39,
«
3. Net long-tenu capital loss (item 11 (b), page I).
S
7. Net long-term capital gain (item 11 (fc), page 1).
8. Net pain from sale or exchange of depreciable
9. Income from retirement of bends, etc
10. Refunds and interest on Agricultural Adjust-
II P^w-nvnri^ of ha^ HaMb
1? Tofniof Iin«5toll...
S
13. Excess profits net income (for purpose cf determining necessity for filing return) Oine 4 minus line 12) _..
s
...- „
338
STATTSTI'CS OF ns^COME FO^R 194 0, PART 2
1940
INSTRUCTIONS FOR FORM 1120
UNITED STATES CORPORATION INCOME, DECLARED
VALUE EXCESS-PROFITS, AND DEFENSE TAX RETURN
<I(.Jrrom.! m lo ihc Inltrnil Rc„„„, Code, unl.j! tlhcr.ist noltj)
Taipayerj will find it helpful lo read the inilfudioas before commencing lo fill in Iheir returns
1940
GENERAL INSTRUCTIONS
I. CORPORATIONS WHICH MUST MAKE A RETURN
Xl'h'"*^''^ and even- resident foreign corporation not 6peci6cally
A combined r^.u.u.u. ,..v-.m,« una acciarca v^iu. .m i.s-f.r-.lirs Uix purposes
must be made on Form 1120. e\ccpt where a consul iJaietl income tax return
IS made by an affiliated group of railroad corporations or Pan-American
trade corporations. (See Instruction 10.)
Receivers frun^tces in dissolution, trustees in bankruptcy, and assiBnees,
operap-^- t-^r J.- -,.rry or business of corporations, must make returns
^ T"' - f ' ^ rporations. If a receiver has full custodv of and
**""■' , , ■ '^ °'' Pi'opt^rty of a corporation, he shall bo deemed
*" jj' ' I,' ' ■ i~'"C3s or property, whether he is engaged in carrving
on tiic , . : . ^ 1 r -.■ .;rh the corporation was orRaiiized or only in inarshal-
jng, t..iiiiig, aud dtsfiosmg of lU assets for i»urposcs of liquidation.
2. PERIOD TO BE CO\XRED BY RETURN
Returns shall be filed for the calendar vear 1910 or fiscal vear boeinnine
in 19-10 and ended in l&^l. A fiscal ycir must end on the last day of a
calendar month other than December.
The established accounting period must be adhered to for all years un!r<;3*
pofinis.'iion IS n.CL-ivud from the Commissioner to make a change. An appli-
cation for a change iti the accounting period should be made on Form 1128
and forwarded to the collector prior to the expiration of 30 days from the
close of the proposed period for which a return would be roqiiired to effect
the change.
If your boots of
accrued, even though it has
books, and expenses incurred
not kept on the accrual basis
a cash basis and report all in<
«s bank interest credited to yo„. „
and report expenses actually paid,
3, BASIS OF RETURN
kept on the accrual basis, report all income
t been actuiv'.ly received or entered on the
istc.id of e\pcnses paid. If your books are
<T il you kept no books, make your return vn
lie received or constructively received, such
nt and coupon bond interest matured,
Attention is called to the followinR limitations on deductions for «„,"■'■.
expen-ses and interest applicable to taxpayers on the accrual basis provided
in section 24 (c) :
(e) Unpaid KXFE
4. WHEN AND WHERE RClUtN MIST BE FILED
Returns must be filed on or before the 15th day of the ll.ird month followinR
the close of the taxable year with the collector for the district in which the
principal ofTicc or agency is
riot engaged in business within
r place of business therein at
,.., . , ^ . ■ .- — -— shall be filed on or before the
loth day of the sixth month following the- close of the taxable vear with the
Collector of Internal Revenue. Bait imnre, Md. Where a conaoli'datcd income
is filed by an affiliated group of railroad corporations or
corporation's principal place of busii
located. In the case of a foreign corporatior
tlic United Statea and not having an office «
any time within the taxable year the relurr
J r .. . .. nth following the- cii
Pan-Amencao trade corporations, the separate declared value ^*..
profits tax returns of the common parent corporation and each subsidi
corporation must be filed with the collector with whom the consohdatcd
come tax return is filed.
6. SIGNATURES AND VERIFICATION
The return shall be sworn to by the president, vice president
pnncipal officer, and by the treasurer, assistant treasurer, or chief ao
officer. Where the return is actuallv prepared by some person
employees of the corporation, such person
ting
r pers
r persons
other than ofTic
must execute the affidavit at the foot of page 1.
6. WHEN AND TO WHOM TAX MUST BE PAID
The tax must be paid in full when the return is filed, or in four etiual in-
stallmenla, as follows: On or before the 15th day of the third month- on or
before the 15th day of the sixth month; on or before the 15th dav 'of the
r before the 15th day of the twelfth month following
ninth
the close of the t;
If any installi
the whole amou
by the collector.
The tax may be paid by
not send cash b'
ble year.
It is not paid on or before the date fixed for ita r
of the tax unpaid shall be paid upon notice anci
nding or bringing with the return a ■
Sev.
) penallit
the order of "Collecto
, in person except at the collector's ofTjce.
PENALTIES
mpoeed for not filing a return, for filing a false o
failing to Glcoi
8-CI). INFORMATION AT THE SOURCE
Every corporalinn making payments of fl) interest, r^nfs, commi.'^sions
j^^l^l^ income of $800 or more during the calendar
partnership, or a fiduciary, or (2) salai
.idual.
a married
) on Forms
lo $100 or
a resident
other fixed
year 1940 to a
wages of $800
person ehal! mi
;096 and 1099 shall ako include dividend payments amou'ntVn'
more during the calendar year 19-JO to each shareholder who is b
(citizen or resident of the United States), a resident fiduciary,
partnership any member of which is a citizen or resident.
8-(2). INFORMATION REGARDING DISSOLUTION OR LIQUIDATION
Every corporation shall, within 30 days after the adoption by the cor-
poration of a resolution or plan for the dissolution of the corporation or for
-■■ part of its capital stock, render a correct
ioncr, vcriBed under oath, setting forth
(See section HS (d).)
tions m liquidation of the whole or any
,ko returns on Forms 1096 and 1099 L.
1096 for the calendar vear 1940. (See
the liquidation of the whole
return on Form 9G6, to the Comi.
s of such resolution or pli
required by instructions
ction 148(e).)
9. RETURNS OP CERTAIN CORPORATIONS
Domestic corporations within the possessions of the United Slates (except
nly gros
the Virgin Islands) may rejiort as gross im
unthin the United S'ales, provided (a) 80 percem
for the 3-ycar period immediately preceding the close of the
(or such part thereof as may be applicable) was derived from s
possession of tbe United States; and (b) 50 percent or more of the Rn>'
come for such period or such part thereof was derived from the active
|nduct of a trade or business w.thln a possession of the United Slates
Resident foreign corporations.— Foreign corporations which at any time
withm the taxable year arc engaged in trade or business within the United
hiatcs or have an oificc or place of business thtrein shall m.iko returns on
Form 1120 of iDc.iuc- received frnin .sources within the United States.
Nonresident fnrei.-n rorp.'tilinns.-i -, ;^ri corporations not engaged in
trade or buMH. ■ '- ..i,.l not having an office or place
oi pusiiK-i^s tti. r , , ' iic year shall not make returns
on Form 1120. . ■ , ,, . , r. ,■ , r r itions are subject lo tax upon
gross income froui ;...a.e... ..,^i„,. l.,c Li..ud States (determined under the
provisions of section 110) wlncU is Ii.;cd ur determinable, annual or i>eriodical
gams, profits, and income, and arc required to make returns on Form 1120NU
With respect to such income onlv in the event their tax liability lias not be*ii
fully satisfied at the source. (See sections 231-238.)
Insurance companies.— Life insurance companies, as defined bv section
201. shall file returns on Form 1 120 L, instead of Form 1120. Mutual insur-
ance companies (other than life insurance companies) shall make and file
returns in accordance with the provisions of svcliop 207. The net income
of an insurance company (other than a life or timlual insurance company
referred to above) shall be computed as provided in section 204.
Mutual investment companies.— A mutual investment company, as
defined by section 301. is not allowed the dividends received credit provided
'" ='^''"" 26 (b) or the net operating loss deduction provided infection 23 (s),
provided in section 27 (b) (1). A
company r
md fil,
allowed the ba=ic surtax crcdi
ng the status of a mutual
return an affidavit executed bv its officers \vl:
, showing the facts which it is claimed qualify
sign ;
treated as a mutual investment company,
10. CONSOLIDATED RETURNS OF CERTAIN CORPORATIONS
nd Reguli
the
:akce
d 152
Pan-American trade c
n in lieu of separate r
■n.solidated return, shall
attach thereto a schedule showing the names and addresses of all the
poraliuns included in the return. Each taxable year each subsidiary
prepare t>vo duplicate originals of Form 1122 consenting to Regul "
honzJng the making of the return on its behalf. One such form shall
be attached to the consolidated return as a part thereof, and the other shall
the consolidated return is filed, in the office
be filed, at or befoi
of the collector for the sub-iidiary's dist
he consolidated return. These
n. one column being provided
' '.'ation, showing in detail the
!'■ computation of net income;
fitments arc made; one column
,,., ._ . . -- .- iisiandone cilumn fora toUi!
of like Hems after givmg cIT. ct to the clnuihi.iion3 and adjustments. The
tenis included m the column for eliminations and adjitslmcnts should bu-
._ i{jp,j,jfj. contra items affected, and suitable explanation-*
iccf^sary. Similar schedules &hall also contain in columnar
liatioo of surplus for each corporation, together with a recon-
Supporting schedules shall be filud wji
schedules shall be prcpari I i i ' . .
for each corporation inc' : ' '
ciliation of the consolidated surplus..
Conaolidated balance sheets as of the beginning and close of the taxable
year of the group shall accompany the consolidated return prepared in a form
=""'' '— =-""or reconciliation of surplus.
ative to mak'ing declared value excess-profits t.-vv
See Instructic
n. SURTAX ON IMPROPERLY ACCUMULATED SURPLUS
There shall bo levied, cnltertcd, and p^.id for o.irh t.ixa^ilc v.:,-ir (in additio
cad of being divided i
' ' ' li r ' ' ' I sliircholdcn
1 '-■( permitting earnings or
r distribut4-d. a surtax equal
of $100,000, plus 35 percent of the undistributed s
12-Cl). PERSONAL HOLDING COMPANIES AND FOREIGN
PERSONAL HOLDING CO.MPANIES
SUBTAX ON PERSONAL HOLDING COMPANIES
Bwtlon 500 Impows a sun^t upon Ibe uadtslrlbuicd subctwrlcr .\ dci iciK
x«:»»» ™K.-«t.,oa jui Dcunw h personal Doidins compaa?" u any conMrattes II-
(ij Ono«, iscoMC REor,its«EVT -At least 80 per «oium e[ Its cr«« ln«,mo for tb« U«M
a 70 per cvnium oi tlio gross Inoomo is pcnooal boJdioe oOEii[«i)y
,lue of lis outstanding slock is owneU, <flrectly or ioOjrcctly, by or
:.>ns spcclflMll7 •xompt from this tai sr« as fellows; fi) Corpo-
r >octioa 101; (3) books nnd trust cocnpauMs as tk-Oood m sotilon
''juwy cotapanics; th} n fordcD ptrsonjl boldioc coropaDy, as
Fcurltles, piliu from tin salt
I ij ijL.1 [w/ublo la advaoro or compouodi'i] noij is oompuutd only oa unpuid
ipftny iMcome.— Tbe terra "r«r»nal boldloc compony income" Is deOoMl by
ilerest (otb" tbao Interest eoDslilutiog rent as dcfload in suboectloD Iti).
-~E\<xi-i 10 itio cacc ot resubr dealers Ip stock of
.— Ooins from (iiiures transacttoM In any commodity o
leSc^e t"a"
«e dcMnailtd (by naine or by desert ptioo)
STATIISTICS OF IINICOME FOR 19 40, PART 2
339
(e) RENT3.-»onH u
iJteO. I
FOREIGN PERSONAL HOLDING COMPANIES
nd rcliinis.-In hex, t,t a surtnt on the larame ot n fonien [vnonyl holdine onurvtor.
jio sharcliolrtcrs In sucli forcicn persoDal hol'lioe wmpany. A lorclgn pcrToual boldin?
not required to flio a personal boldiog wimimny return (Form liiotl) hul niricfrs.
D toralfia pcTMunl holOini; corspaoy, as deUool !□ section
""'"*""' ho amount fc^jmrod to bo lacludcd la your p
iDi: compnoy, sai [ortk in no sliacbod st^lamaot lo compleM d
13. BALANCE SHEETS
Tbo biilanoe jhoets, SchMuIo L. should ftcrco with Iho books of acc
ni\S PRF'^rRiHr
BY RETURN
IS. KIND OP BUSINESS
In ansu(!rlng the fnieslk
(■i\e the serial number of llie !
The business group in wl
"total receipts." '^'Total rccei
s," on page 1,
\ corresponds
nt business falls is that w
I of gross sales (w)icrc in'
brief outiitip of your pri,'dominaiit business
' predotniiiant busiito.-^.
most nearly desciibcs the activity aepotmtin
■dotcnnining fftctor); gro;
I to be included in groi^
vity, nnd also from the following list
■ft;.
IL Otbcr aoDSietallic mlaiog aod <
MUniFACTUIUNGt
I, Oth«r, ladudlDE Ic
, Otber, iDcludlog cerk proOu'
W St^•'!Z•t^pt<f.
Drugs, toilet p
product %,
67. Otbej' cbemici) products
Vtralanm ind cmI prorfoHi:
72, Pottery, pcrwiaiii. Bii'
73. Olttssnnd plsss (TwluttJ
78. Fubrlcnted strnctural z
U. Cutlery, tools (enccpt i
I. Clocks and wuU
re(»ial<le oil^. moom lub
cbfmldls, (xoept plv
EleclncalappKooces. ■
, ciulpiaeiit.
Jtctriul DUcKncrr:
SpocUl lailustry mtrh
aSBH"'H's;!'!i
y.' iDduding
L°sS"'m?s.,,.
ana rolft^
leSI"°r3^moebinorv an,
SPECIFIC INSTRUCTIONS
ADJUSTED NET INCOME COMPUTATION
■iiifacture, purcliaso and
ill the t Hide or busines.'i,'
inventories of merchandise on hand should be taken'at the beginning and
end oLthe taxable year, which may l>o valued at (a) cost, or (6) cost or
Tnartct, whichever is lower. The basis properly adopted ia controlling until
permission to change is obtained from the Commissioner. Application for
permission to change the basis of valuing inventories shall be made in writing
and filed with the Commissioner within 90 days after the beginning of the
taxable year in which it is desired to effect a change. Enter the letters "C,"
or "C or M," immediately before the amount column in Schedule A, if the
inventories are valued at either cost, or coat or market, whichever is lower,
and explain fully in answer to question 11 on page 3 the method used. In
case the inventories reported do not agree with the balance sheet, attach a
statement explaining the difference.
See section 22 (d) with reference to inventories under the elective method.
A corporation electing to have applied the method of taking inventory pro-
vided for in section 22 (d) should file an election on Form 970.
17-Cl). Interest. — Interest coupons falling due within the taxable year
will be considered as income for such year where the books aro kept on a
cash receipts and disbursements basis. If the books are kept on an accrual
basis, report the actual amount of interest accrued on the obligations owned
during the taxable year.
Where obligations are purchased between interest dales 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 inter-
est pajd nor be added to the cost of the obligations but should be treated aa
an offset ogainst the interest received or accrued at a later date.
17-(2). Interest on obligations of United States, etc.— Enter on lino 4,
Schedule L, the amounts of the various obligations owned, and enter on
line 15, Schedule M, all intercut received or accrued during the year on
jJiese obligations. ' t»-iMio
The total of the inttrcst reported on line 15 (a) (D. Schedule M, should
be entered aa item 8. page 1. Such interest is allowable aa a credit against
net iDcumc and should be entered as item 33, page 1.
18. Rents. — Enter as item 9, page 1, the gross amount received for tlie
rent of property. Any expenses, including repairs, interest, taxes, and dcprc-
ciatioQ. should be included in the proper items cf deductions on page 1.
19. Royalties. — Enter as item 10, page 1, the gross amount received
as royalties. If a deduction ia claimed for depletion, it should be reportcl
as item 25, page 1.
20. Gains and losses from sates or exchanges of capital assets and other
property. — Report sales or excliances of capital assets in Schedule C and
sak-s or exchanRcs of property other than capital assets in Schedule D.
Every sale or exchange of property, even though no gain or loss may be
indicated, must be reported in detail. Long-term capital losses are allowa-
ble, but short-term capital losses aro allowable only to the extent of the short-
term capital gains. However, for any taxable year beginning after Decem-
ber 31, 1939, a net short-term capital loss (in an amount not in excess of the
net income for such year) may be treated in the succeeding taxable year as a
short-term capital loss. The carry-over is thus applied in such succeeding
year to offset any short-term capital gains in such succeeding year not already
offset by short-tenn capital losses in such yearl The carry-over is i
DcQnItlon of capital umU.— Tbe t«rm "capital .issets" meaiu property beld by t
rictcd
a i:s subject to the aUowonce tor depieclatloo,
:«pllal iklnBaiid locooa.— Tbo phreso "sbort-t
' to tbe category of galas and las.jas brliing bom tbo ^
de^rjptloD ofeacb item o( property sold or excbaDee<
of laod. dnif^loD of Improi emesu. detatli cxplatL.
m" npptlM to tbe cat«gon
0 or oxcbaDge ol capital as
even Ibougb do cain or las
2 iJ6])Tecl3i>oo IcwuraiQ o i
340
STATISTICS OF INCOME FOR 1940, PART 2
li.opcriy nasacQUireii before M.irch I. I'JO, )[ tboproi
5 (m drnord below) 3
subject 10 Ibe alloKaDO) tor dei>r«uJUon provided la seciion a (I).
21. Rent. — Enter as ilpm 17, page 1, rent paid
property in which the corporation has no equity.
22. Repairs. — Enter as item 18, paKc 1, the co«t of incidental repaii
including labor, eupplies, and other items, which do not add to the vali
or appreciably prolong the hfe of the property. Exjienditures for new biiil
ings, machinery, equipment, or for permanent improvements or bettermcii
which increase the vahie of tlie properly are chargeable to cipital arcoui
Expenditures for restorinR or replacinc properly are not deductible, as su<
expendiliirea arc chargeable to ca|)ital accounts
depending on how depreciation is charged c
23. Bad debts. — Bad debts may be treated i
a deduction from income in respect of debts ascertaiiied to t>e worthless in
whole or in part, or (2) by a deduction from income of a reasonable u.:dition
to a reserve for bad debts. '
A taxpayer filing a first return of income may select either of the two
methods nientioned above subject to approval by the Conimijisioner upon
exftminalion of the return. If the method selected is approved, it must be
followed in returns for subsequent yearn, except as permission may be
crnnted by the Commi-^ioner to change to the other method. Application
for permission to change the method shall be made in writing at least 30
dav.s prior to the close of the taxable year for which it is desired
Tied for business
either of two ways — (1) by
the change,
Worthless debts arieing from unpaid wages, salari
items of taxable income, will not be allowed as a dedui
9 represent has been included in the return
-I unl<Us the '
for wliich the dcdui
for the year
b.!'! debt is sought to be made or for a previous
upon a debt previously cliarged off and allowed
deduction resulted in % tax benefit to the taxpayer.
Bonds, debentures, notes, or certificates, or other evidences of indcUled-
nes.5, issued by any corporation (including those issued by a government or
political subdivision thcreoQ with interest coupons or in registered form,
ascertained to be ■n-orthlcss and charged off within the taxable year, which .trc
capital assets, are not to be treated as bad debts, but the loss resulting thero
from shall, in the cise of a taxpayer other than a bank, as defined in section
104, be considered as a loss from the sale or exchange, on the Lost day of sucli
taxable year, of capital assets, and should bo reported in Schedule C. .No
deduction is allowable for partial worthlcj
item 20, pa^e
bu;
24. Interest. — Enter 1
ncss indebtedness. Do not
rred or continued I
Hude I
oblifi
I 20 i
paid or accrued on
crest on indebtedness
: (other than oblipa-
f of the United Stales issued after September 24, 1UJ7. anrl origi
subscribed for by the taxpayer) the interest upon which 13 wholly exempt
from taxation. See also Instruction 3 wilh reference to deductions for
accrued interest and expenses.
25. Taxes. — Enter aa item 21. page 1, taxes paid or accrued during
the taxable year and fill in Schedule H. Do not include in item 21 Federal
income, war-profits, and excess-profits taxes, nor estate, tnheriranec, lrgac\,
succession, and gift taxes; nor income taxes claimed as a credit in item n."l,
page I. taxes assessed against local benefits tending to increase the vnlm-
of the property assessed. Federal taxes paid on bonds containing a tax-frre
covenant, nor taxes not imposed upon the ta\p:vver, A deducrlon is allow-
able for the excess-profits tax imposed by section 100 of the Revenue Act r.f
1935, or bv section 602 of the Revenue Act of 193S, and the declared v;thie
excess-profiu tax, but such deduction should t>o entered as item 31, page
■uction 33. No deduction 1^ allowable for _.. -
and profits taxes if a credit is cbimed in ilcm 3^,
page 1.
,2€. Contrtbntlona or gifts paid. — Enter a-* item 22, page I, contribn-
tions or gifts actually paid within the taxable \oar to or for the use of a
corporation, tnist, or community chest, fund, or foundation, created
panized in the United States or in anv powtescion thereof or under t lie law of the
•-United States, or of any State or Territory, or of the DiNtriet. of Columbia,
or of any posaeasion of the United Slates. orEnin'^ed aitd operated exclusive!:
IS, charitable, scientific, li'
i-cntion of cruelly to children (l>iH
(t. chest, fund, or foundation, <>nl .
, , shareholder
of which is carrying on propaganda, <.r oltierwise atteiaphng, lo influcnc<
legislation. The amount rl-iuncd shall not exceed 5 percent of the corpora
tion's net Income as compiitcd without the ftcnefit of lhi« Hfeduction. Di
not deduct as a business expense charitable coniribiitions which eonie withii
the above description, btit which niight !» unallowable, in whole or in part
because of the limitation contained in section 23 (q). List organization'
and amounts contributed to each in Schedule I.
I br fire, storni, shipwreck, or other casoallr. or theft — Em
I 23, page 1, lo«W8 of property
from fire, storm, shipw"' "
should bo.txplamed in
the propefly, date acq
allowablo since acquisit
2R. 'D^preclMlon. — The amount deductible on account of depreciation in
Item 24, page 1, is an amount rrii^on.Tbly mrnsuring the portion of the fiivrsl-
menl In derfreCiable pro|M.'rt\ tise<l in tito Inule or business by rcosiin of
exhaustion, wear and tci^r. inchidiitc a reasonable allowance for olwoles-
cenccVhich ti properly chargeable for the year. If the pro|ierty was ac-
27. VosM
lined dur
y, or from thefl. Such losse-*
attached schedule setting forth a description o(
d, cost, Bulisequent impmvemenis, dcnrccintioii
insurance, salvage vahie, and dcduclibie logs'.
qnirc<l by purchase on or after March I. 1913. the amount of depreciation
should be determined upon the basis of the original cost (not replacemeni
cost) of the property, and the probable number of years remaining of nt
expected useful life. In ease the property was purchased prior to March 1.
1913. the amount of depreciation wdl be determined in the same manner,
except that it will be computed on its original cost, less depreciation sustainecl
prior to March I, 1913, or its fair market value as of that date, whichever '
is greater, if the property wa'j acquired in any other manner than by pur-
chase, sc-c section 114. The capital sura to be recovered should be chameil
ofT ratably over the useful life of the property. Whatever plan or methwi
of apportionment is adopted must be reasonable and must have due regard
lo opi-rtiting conditions during the ta.xable year and should be dcscribM in
ihc return. Stocks, bonds, and like securities are not subject to depreciation
within the meaning of the law.
If a deduction is claimed on account of depreciation, fill in Schedule J-
In ca.se obsolescence is included, state separately amount claimed and basis
upon which it is computed. Cost or value of land must not be included in
this schedule, and where land and buildings were purchased for a lump sum'
the cost of the building subject to depreciation must be established. The
adjusted property accounts and the accumulated depreciation shown in the
schedule should t)e reconciled wilh those accounts as refiectod on the books
of the taxpayer. (See sections 23 (1) and 114.y
29. Depletion of mines, oil and gas wells, timber, etc. — If a deduction Is
claimed on account of depletion, procure from the collector Form D (min-
erals), Form E (coal). Form F (miscellaneous nonmetals). Form O (oil and
gas), or Form T (timber), fill in and file with return. If complete valuation
data have been filed with questionnaire in previous years, then file with your
return information necessary to bring your depletion schedule up to date,
felting forth in full statement of all transactions bearing on deductions from
or additions to value of physical assets during the taxable year with explana-
tion of how depiction deduction for the taxable vear has bceo determined.
(See sections 23 (m) and 114.)
30. Net operating loss dedactlon. — The net operating loss deduction ts
the net operating loss carrynaver reduced by certain adjustments to prevent
the deduction of losses absorbed by income not taxed. In general, the net
operating lo^l carry-over is the sum of the net operating looses, if any, for
tirie two preceding taxable years. If there is net income (computed as
provided in section 122) in the first preceding taxable year, the net operating
loss for the second preceding taxable year is reduced to the extent such losa
has been absorbed by such net income.
The net operating loss deduction is first available in a taxable year begin-
ning after DcccmlKr 31, 1939. Since the first taxable year from which n
net operating loss may be carried over is one beginning after December 31,
1933, ordinarily the carrv-over to a taxable year beginning after December 31 .
1939. and before January I, 1941, will be only a 1-year carry-over. The
only exception is in the case of the intervention of more than one complete
taxable period between Deceml>er 31, 1938, and the beginning of such taxable
year, tor the purpose of ascertaining the first, second, or third preceding
taxable year, a fractional part of a year which is a taxable year under section
48 (a) is a preceding taxable year. 1
Every corporation claiining/i net operating loss deduction for a!ny taxable
year sh.ill file with its return for such year a concise statement setting fqrlh
the amount of the net operating loss deduction claim<^d and all material
and pertinent facts relative thereto, including a detailed schedule showing
the computation of the net operating loss deduction.
StepH in eomputalipn of vel operating loss dtdudion. — There are three
steps in the i»scertainmcnt of the net operating loss deduction. The first is
the determination of the net operating loss, if any. for the two preceding
taxable years. The second is the computation of the net operating loss
carry-over. The third is the conversion of the net operating loss carry-
over into the net operating losa deduction.
(I) Net operating loss. — A net operating lo«s is sustained by a corporation
in any taxable year if and to the extent that, for such year, there is an excess
of deductions allowed by chapter I over gross income, bcth computed with
the following exceptions and limitations:
(1) The deduction for depletion Gh.ill not exceed the amount which would
be allowable if computed without rcforence to discovery value or to percent-
age depletion under section 114 (b) (2), (3), or (4);
(2) There shall be included in computing gross income the amount of
interest receive*! which is wholly exempt from the taxes imposed by chapter
1, decreased by the amount of intcr<»it p.iid or necriied which is not allowed
as a deduction by section 23 (b). rchUing to interest on indebtedness incurred
or continued to purchase or carry certain tax-exempt obligations;
(3) No net operating loss deduction shall Ix- allowed; and
( I) The amount deductible on account cf lone-temi capital lasses ?;hall
not exceed the amount includible on account of the long-term capital gains,
and the amount deductible on account of short-term capital los-ses shall not
exceed the amount includible on account of the short-term capital gains.
The application of this provision may bv- illii.straled by the following
Example: For the year 1939 the X Corporation, which makes its income
tax return? on the calendar year basis, has gross income as dclintd in .^eetion
22 of StOO.OOO and deductions allowed by section 23 of SGOO.OOO, exclusive of
any net operating loss deduction. Included in grof^s income are long-term
capital gams of S.W.OOO and short-term capital gain* of S2.'>.000. Ini?luded
among the deductions arc long-term capital loiises. of STiO.OOO and short-tenn
capital losses of $2.1.000. The X Corporation also deducted S75.000 for
depletion on a percentage basis. If depletion had been computed without
reference to percentage depletion, the amount of such deduction would have
been S.'i.OOO. For 1939 the -X Corporation also had $35,000 of whoIW tax-
exempt interest, and paid $15,000 in interest on indebtedness incurred to
carry the obligations from which such tax-exempt interest was derived.
On the basis of these facts the X Corporation has n net operating loss for
the year 19.19 of $100,000, computed as follows:
(1) Deductions for 1939 $600,000
I.ess:
(2) Exc.>*s of percentage depiction o%'er cost (S75.000
minus 5.1,000) S70. 000
(3) Excetw of long-term capital losses over gains
($60,000 minus $50,000) 10.000
(4) Sum of items (2) and (3) 80.000
Ci) Deductions adjusted as required bv section 122 (d) (item (1)
minus Item (4)) $.')20. 000
(G) flroAS income for 1930 $400. 000
(7) Plu4 tax-exempt interest minus interest paid
(■S35,000 minus $15,000) 20. 000
(ft) Cross income adjusted ai required by section 122 (d)
(item (II) plus item (7)) _ 420.000
(9) Net operating loaa for 1939<ltcm (5) mimis-itcm (S)) $100.,000
(II) Net operating loss carrj-oTcr. — The net operating kw carry-over
wilh respect to the first taxat>le year l>cginning after Deccnilier 31, 1039, of a
corjKjration which has but one complete taxable period t>etwccii December
31, 193S, and a taxable year t>eginninK after Deceml>cr 31. 1939. Is the net
operating lass computed .is prrscril>ed in paragraph (1) of this instruction for
the preceding taxable year. For example, a eori>oration making its relums
on tiie calendar year basis for 1939 and 1940, whirh had a net operating lii*«s
for 1939 of $100,000, has a net o|K?rating loss carry-over to 1940 of $100,000.
(III) Conversion of net operatlnK loss carry-orer Into nel operating losfl
dednctlon. — The net operating losa deduction for any taxable year is tho
nut opcrnting loss carry-over to such year, computed as prescril»ed in (para-
graph (II) of this instruction, reduced by the excess «if the net income for such
taxable year (computed In accordance with tho same exceptions end limita-
tiotiH ax ore applicable in the computation of a net operating loss) over tho
STATHSTICS OF ESnCOME FOR 194 0, PART 2
341
normal-tax net income cnmpuled
limitations applicable in the coraputi
iio net operating loss deduction shall be takci
The apphcalion o/ this provision may be illustrated by the following c
pie:
Its
iceptic
The X Corporation has
net income for 194t). c
S-150.000. and
et operating loss eorr>'-over to 1940 of
iputed with the adjustments referred
mal-tax net income, computed without
pt thai no net operating loss deduct
shall l>e allowed, is $445,000. The net operating loss' deduction available
the X Corporation for the year 1940 is $50,000, computed as follows:
N>t operating loss carry-over to 1940 555,000
lew: Excess of net income for 1940 with adjustments, over normal-
tax net income for 1940 \vjthout adjustments eseept (hat no net
oporatin| loss deduction shall be allowed (5450,000
5445,000).
5.000
Net operating lose deductioQ for 1940 $50, 000
Net operating loss dednctton in ease of insurance companies. — The benefit
©f the deduction for net operating losses provided by section 23 (s), computed
under section 122, shall be allowed to life insurance companies, insurance
companies other than life or mutual, and mutual companies other than life,
subject to certain exceptions and limitations set forth ic eecUon 19.208-1,
Regulatj
Denial of dedoctfons to section 102 rorporatli
basis for corporations subject to the provisions
102 net iocome" shall be computed without the
Denial of dedactions to mutual
nient company is not allowed, undo
dcductioQ provided In section 23 (s),
31. Amortication. — A corporation is entitled, at its election, to a dedu<v
tion with respect to the amortization of the adjusted basis of an emerpency
facility. A statement of the pertinent facts should be filed with the tax-
payer 8 election to lake amortisation deduction* with reiipect to such facility.
(See Treasury Decision 5016.)
isoertaiolng the tax
ns oi section 102. the "section
c net opcraLlng loss deduction,
companies. — A mutual invest-
362 (a), the net operating losa
Any deduction claimed should be CKplained i
Do not deduct los^^cs incurred in transactions whicl
with your trade or business nor entered into for pro
No deduction is allowable for the amount of ai
allocable to a class of exempt income, other than i
e neither connectod
such taxable incom(
income and exempt income,
the light of all the facts and
ipt income shall bo allocated thereto, and items
any ctasd of taxable income »hall be allocated lo
!■ an item is indirectly attributable both to taxable
liable proportion thereof, dcteri
in each case, shall be allocated t
be reasonable. A taxpayer n
holding any property c
ipt, shall submit wit
,8 a part thereof an itemijed statement, in detail,
each class of exempt income, and (2) the amount of expense items
> each such class (the amount allocated by apportionment bclnK
contained and for the requir
therein that payment must be made
paid within the taxable year.
TAX COMPUTATION INSTRUCTIONS
ithin the t
Loss resulting from the worthlesaness during the taxable year of stock, or
of rights to subscribe for or to receive stock, which are capital assets, should
be included among other deducliona in item 28, page I, but should be
the sale or exchange, on the last day of
i sod should be reported in Schedule C.
33. Declared Talae excess-proflts tax. — A deduction is allowable for
excess-profits and declared value excess-profits taxes (see Instruction 25).
Corporations rendering returns on the accrual basis should enter as a deduc-
tion OS item 31, page 1. the amount of tax shown in line 10, page 2. Cor-
porations rendering returns on a cash basia should enter as a deduction as
31, page I, only the amount of declared value excess-profits tax actually
34. DECLARED VALUE EXCESS. PROFITS TAX
The declared value exoess-proeta tax is imposed upon a certain portia
of the net income of every corperation for each income-tax taxable yej
ending after the close of the first year in respect of which the corporation
subject to tbe capital-stock Lax imposed by section 1200. The declan:
value excess-profits tax is imposed in an amount equal to the sum of (
6 percent of such portion of the corporation's net income
taxable year as is id excess of 10 percent and not in exc«!ss
adjusted declared value of its capital stock, as determined
as of the close of the last preceding
date of organization if tbe corporation bad nt
year), plus (2) 12 percent of such portion of it
taxable year as is in excess of 15 percent of
No variation is permitted between tbe adjusted declared value set forth
the capital-stock tax return and the adjusted declared value set forth in the
declared value excess-profits tax return, except that in the case of a declared
value excess-profits tax return for an incomo-tax taxable ytar which is a
period of less than 12 months, the adjusted decl.ired value set forth in the
capital-stock tax return shall be reduced to an amount a bich bears the same
ratio thereto as tbe number of months in the period bears to 12 months.
The first return of a corporation covering the part of the year in which it was
incorporated, or the final return of a corporation covering the part of the
year in which it was dissolved, is a return for 12 moTiths and not (or a period
of less than 12 months. For declared value excess-profits tax purposes the
net income shall be tbe same as the net income for income tax purposes,
computed without the deduction of the declared value excess-profits
1202,
i of the
taxable
t income for the inoome-tax
h adjusted declared vali
imposed by e
; for i
1 600.
equal to the
s-profite tax except tbe credit against net
credit for dividends received provided in section 25 (b). Foreign
and profits ta^xes may not be credited against the declared value excess-
Every corporation which is liable for the making of a declared value
excess-profits tax return, whether or not such corporation is a member of an
affiliated group of corporations, must make its return and compute its net
Income separately, without regard to the provisions of section 141. Where
an afliliated group of railroad corporations or Pan-American trade corpora-
tions makpa a consolidated income tax return, the common parent corporation
and each subsidiary which is liable for the making of a declared value excess-
profits tax return must make a separate declared value exce&s-profits tax
35. INCOME TAX ON CORPORATIONS IN GENERAL
C-orporalions with normal.tax net incomes of more than $25,000. — The
orporations in general is imposed by section 13 (b)
Se. INCOME TAX ON SPEQAL CLASSES OF CORPORATIONS
36-(l). Corporations with normal*tax net incomes of not more than
$25,000. — Section 14 (b) imposes an income tax upon corporations whlcli
do not ha VI
rithii
tions), (d) (I
Corporations expres
section 14. The tai
tion of which see In
14 (b), specified in li
rmal-tax net incomes of more than" S25,O0d. and which do
I one of the classes specified in section 14 (c) (foreign corpora-
companies), or (e) (mutual investment oorapatii
erapt from taxation are n
imposed upon the norma!-ta
jction 35-(2), at graduated r
) 12. 13, and 14, page 2.
.ided I
>r defini-
36-(2). Foreign corporations. — Section U (c) provides for a tax on foreign
corporations engaged in trade or business within the United States or having
an office or place of busii.css therein, equal (o 22.1 percent of the normal-
Ux net income, for definition of which see Instnictioti 35-(2). regardless
of the amount. In the case of foreign corporations not engaged in trade or
business within the United States and not having an office or place of business
therein, the tax is as provided in section 231 (a).
Foreign corporations are not allowed the credit for income, war-profils,
and excess-profits taxes paid or accrued to any foreign country or to any
possession of the United States allowed by section 131.
3fi.(3), Ii
"life i
1 insi
companies.—
ipany" as used
Life /.
Con
■The term
hapter I and defined in section 201 (a)
the business of issuing life insurance
bined life, health, and
applie
' corporatic
1 except (1) thosf
..vu, ,*r i.orpnrations with normai-tax net inc<:
(3) foreign corporations; (4) in:
;xempt from
s of not more than 525,000;
„ . ; companies subject to tax imposed by
fection 201 (bl ; (5) and mutual investment companies subject to tax imposed
bv section 362 (b). The tax imposed by section 13 is cor^puted under sec-
tion 13 (b) (1) (the general rule) or section 13 (b) (2) (tbe alternative tax),
whichever computation produces the les.ter tax.
35>(1). General mle. — The tax imposed by section 13 (bl is computed on
the normal-tax net income at a rate of 22.1 percent.
35-(2). Normal-tax net Income.— The term "normal-fax net Income"
? the adjusted i '
(3)
26 (ai. relating to i
e term "adjusted net income" n
!l. minus the credit provided in se
I obligations of the United States
domestic corporation which is subject to taxation under chapter !. but not in
excess of 85 percent of the adjusted net income. The credit allowed by sec-
tion 26 fb) may not be allowed in respect of di\idend3 received from a cor-
poration organized under the China Trade Act, 1922, or from a corporation
which under section 251 is taxable only on its gross income from sources
%*-ithin the United States by reason of it's receivinii a large percentage of its
proGB income from sources within a possession of the United States,
3&-(5). Alternative tax (corporations with normal-tax net Incomes of
more than $25,000 and less than $38.565.69).— Section 13 (b) (2) provides,
in the case of corporations having normal-tax net incomes of eliehtlv more
than $25,000, for an alternative tax of $3,775, plus 35 percent of the amount
of normal-tax net income in excess of 525,000. The alternative Ux is applica-
ble in the case of corporations having normal-tax net incomes of more than
S25.000 and less thaa 538,565.89.
(including
iccident insurance), the reserve funds of which held for the fulfillment of
uch CTjntracta comprise more than 50 percent of its total reser\*e funds.
The ta.x imposed under section 201 (b) shall be at the rates prescribed In
ectioQ 13, if the company has a normal-tax net income of more than 525,000,
_ .. .1 _ . . ^ prescribed in s " ' " '
(b), if it has a normal _
than S25,000. Such tax Is in lieu of the tax imposed by 6ection<
13 and 14. See Instruction 9 relative to returns of life insurance companies.
Insorance companies other than life or matual. — The tax imposed bv
of life i
lotual.— T
204 (a) (1) shall be at the rates prescribed in section 13. specified i..
18 and 19 or line 23, page 2, if the company has a normal-tax net income
han_ $25,000, or at the rates prescribed in section 14 (b), specified
For definition of normal-tax net ino
putation of the normal-tax net income of a foreign
than a life or mutual insurance company), see section 204 (a) (2i.
Matual insurance companies other than life. — The tax imposed bv
*'-- 207 (a) (1) shall be at the rates prescribed in section 13, specified iii
d 19
525,000, OI
and 14. page 2, If the
Such tax is in lieu of the t
of normal-lax net income,
tion 207 (a) (IJ shall appl,
23, page 2, if the normal-tax i
prescribed in section 14 (b), specified in lines 12, 13,
ormal-tax net income is not more than 523.000.
nposed by sections 13 and 14. For definition
Instruction 35-(2). The tax imposed bv sec-
- -,-,■• - foreign corporal iojis carrying on an insiirance
the United States as well as domestic corporations.
companies not carrvingon an insurance business within
■ ■ ■ n 201 Cb), 204 (a), or 207
36-(4). Mufaal Inveslmenl companies. — If a corporati
section 3797 fa) (3), shows to the satisfacf ' " "
entitled to the status of a mutual investme
361, it is tavable upon its Supplement Q net
"Supplement Q net income," as defined
Justed net income computed
... defined in
Commissioner that it is
company, as defined in fection
3me at the rate of 22.1 percent,
action 362 (a), means the ad-
operating loss deduction pro-
iccordance n-ith secti(
corporation in item 38, page 1,
paid or accrued
S7. CREDIT FOR TAXES
31 (a), a credit is claimed by a domestic
account of income, war-profits, and excess-
foreign country or a possession of the
profits I
United States.' Form HIS should be submitted with the return, togethei
the receipt for each such tax payment. In case credit is sought for taxes
accrued but nut paid, the form must have attached to it a certified copy of
the return on which each such accrued tax was ba.<?ed, and the Commissioner
may require a bond on Fonn 1119 as a condition precedent to the allowance
Of a credit for such accrued taxes. Foreign corporations, domestic corpora-
tions emitted to ihe benefits of section 251, and corporations organited under
the China Trade Act, 1022, are not allowed ihis credit.
342
STATISTICS OF INCOME FOR 19 40, PART 2
FORM 1120L
Trejmiiy Dtpartmenl
IbH/iuI Rtvniie Suvke
UNITED STATES
INSURANCE COMPANY INCOME AND DEFENSE TAX RETURN 1940
{Aud.10.-. SiMip)
FOR COMPANIES ISSUING UFE AND ANNUITY CONTRACTS,
INCLUDING COMBINED LIFE, HEALTH, AND
ACCIDENT INSURANCE
FOR CALENDAR YEAR 1940
DoN(.(Writrin71i««Sp4cti
nit
Code ,
Soul
Number , .„
\
1^ ThU Rehire Wfih iIm CoOedot of btmiJ Rmaie for Too Distrid oa or B»6m Mtfdi IS, ^^
<CuL«.Suq,)
PRINT PLMNLY COMPANY'S NAME AND ADDRESS
(PU«c>
(SiiMwdDnfacr)
kt-wd GROSS INCOME
.u,,v.^..,^^
3. OthXB DtFABTUKNTa
.TO,^
1. Interest on:
(a) Obligations of a State, Territory, or political eubdivlsioo
thereof, or the District of Columbia, or United States
s , ,.
(5) ObUgations issued under Federal Farm Loan Act, or under
such Act as amended -
(e) ObUgations of the United States issued oo or before Septcm-
■-
.._..
(d) Treasury Notes, Trcasu
of Indebtedness
(e) United SUtes Savings E
the principal amount
(/) United States Savings E
the principal amount
(ff> Obligations of instrurae
than ObUgations to h(
(h) Loans, notes, mortgages
2. Dividends on stock of:
(a) Domestic corporations
ry Bills, and Treasury Certificates
onds and Treasur>' Bonds owned in
onds and Treasury Bonds owned in
of over $5,000
ntalities of the United States (other
ubject to ta.xation under chapter 1 of
(6) Forei cor rations
(c) Other corporationa
3. Rents. (Attach schedule)....
4. Total Income ix Item
DEDU
5. Interefit wholly exempt from
6. percent of the mean of th
7. Two percent of the reaer\'e he
._..
—
—
.._..
B 1 TO 3 (extend total to column 3)...
CTIONS
e rcaer\e funds (line 6. Schedule A)._
S-
s..
S
J-
T
Real tate jroensea
11. Depreciation. (Attach Bched
jle) - —
13. Net'operating loss deduction. (Attach statement; see Instruc-
tion 13) , -. - -.
14. Total Deductions in Items 5 to 13 (extend total to column 3)...
s.
s.
!5. Net income (item 4 minus itcc
'
)
18. Less: Dividends received credit (S5 percent of it^m 2(a), but not in excess of 85 percent of item
17)
s._
20. Foreign company normal-tax net income ( percent of item 19). (See Schedule A, line 8)
-_._
bz
a corporeuou or^uiUed u
; China Trade Act, 1922. and oorporeitons eutHfed to the beaefltaof «
COMPUTATION OF TAX
1/ ihe IntarDftl Berenue Code, irtilda dlvldndi
CORPORATIONS WfTH NORMAUTAX NET INCOMES OF NOT MORE TWJi 05,000. (Sm lutfractiw a-(e])
Colum.!
™„'
A^^oST.?'?..
21. Normal-tax net income (item 19 or 20, whichever is applicable)
s
13.6%
15%
17%
s.
22. Portion of item 21 (not in e-xeess of S5,000); and tax at 13.5 percent.
$.. ..
23. Portion of item 21 (in excess of S5,000 and not in excess of $20,000); and tax at 15
24. Portion of it^ni 21 (in exrefls of ?20,000); and tAX at 17 perwnt , _..
■
25. Total income tax in it<-mn 22, 23, and 24 ,,
s
26. Income defense ta:^ (10 percent of item 25) .. „.
$
CORPORATIONS WITH NORMAL-TAX NCT INCOMES OF MORE THAN iXSjm AND LESS THAN t3gJStU». (Sm b-
s
35%
3
778
$
25
000
00
s
31. Income defense tax:
J..
(6) If item 27 is $31,964.30 or more (1.9 percent of item 27)
s
CORPORATIOKS WTTH NORMAL-TAX NET INCOMES OF SJS^US OR MORE. (Sm bubwtMn « (c»
s
22.1%
s
34. Income defense tax (1.9 percent of item 32)
$
j!
38. Less: Credit for income taxes paid to a foreign country or United Btates posseealoo allowed a domealic ooiporatlon.
39. Balance of income and income defense taxca duo _
$
.
r hm BcoapiMl m m— tln« tb* rw|ulr«a>Miti o# thm Intam«l R«*«aiM C«d«^ %hm dttU c«U*d for iMrabi n
rt forth FULLY «^ CLKABLY.
STATISTICS OF INCOME FOR 1940, PART 2
343
Schniul. A.— RESERVE FUNDS
1. BtGiKKiMO or Taxable Yeab
X. Emi> or TuABUt Yua
■
3 TnTAifl n»t|w.-ft 1 »vp 5
$
S
4. Total of columna I and 3, ts shown in line 3 above $,.
5. Mean of the reserve fuDda for the taxable year (ooo-half of lino 4) „ $,,
6. percent of the mean of the reserve funds, as shown in lino 5. (See Instruction 6) „ g..
7. Total reserve funds of foreign companies at end of taxable year upon buslnesa within the United States. (Atuch sU(«ment) $..
a Percentage which line 7 is of line 3, column 2 (compute a fraction of I percent to three decimal Ggurea)._
Schedul
0 B.— INVESTED ASSETS BOOK VALUES
LIFE DEPARTMENT
OTBER DEPARTMENTS
I.DMINKlNOOI-T^B«Y£aR
1 Em 0. Taia.l. Y>i«
3. BloWNiN-o or Taxabu Vbab
4. ENP or TjLUBU YXAB
$
C
--
6. «?( k r !
"
7. WhoUv and partially tax-exempt
obligations:
(a) ObllEailonso(«8tate.Tonit«ry.or political
O) ObJlBflilona Issued undor ^^^ Farm
(0 Obllratloo3 of Ibo United SUtUa usuod oa
id) Troair7 Notes, Treosury Bills, cuid TreM-
(e) Umwd States Bonnes Bonds ood freMurr'
Bonds owEcd In the prlocipal amouDt of
—
—
-—
— -
0) Uoltod States Savjiifs Bonds and TYmsiut
Bonds owned to tW principal amount of
(g) ObltcQtIons o( losiniiaeotalltles td tbo
UollMl StatM iotbtr than obll^aUans to
8. Bank deposits bearing interest
9. Other intercat-bcaring assets (attach
10. ToTAi.8 or LiNia 1 to 9
$
$
— ..
$
s
11. Total of columns 1 to 4, inclusive, as shown in line 10 above™.
12. Mean of the invented assets for the taxable year (one-half of line 11)-
13. One-fourth of 1 percent of the mean of the Invcstod aaacts
EXCESS PROFITS TAX (Second Rovenu© Act of 1940). (Se« InstrucUoru for Form 1121)
(o) Is an excess pro6ts tax return "on Form 1121 being filed for the taxable period covered by this return?..
(6) A corporatic
1 joining in the making of a consolidated
fileci the consolidated excess profits tax return for the
(c) If an excess profits tax return is not being filed for the
J ^ .. that it is claimed that the excess profits net Income conoputcd under the invested capi>
tal method is not greater than $5,000, the following Schedule C should be filled io. The completion of Schedule Cf does not constitute the filing
Schedule C— EXCESS PROFITS NET INCOME COMPUTATION
1. Normal-tax net income
(item 19 or 20, first
poge) $
2. SOpercent of interest on
--
4. Divideads received credit adjustment (item 2, first page, exclud-
ing dividends received from persooat holding companiee, minus
5. Income and income defense taxes (item 39, tirst page) _
3. Total of lines 1 and 2 S_
6. Total of lines 4 and 5 .. „
*
7. Excess profits net income (for purpose ofrdetermining necessity for filing return) O'le 3 minus line 6}
S
1 under the e
i for the preceding
1. Date of Incorporation
2. State or country
3. Did the company file
taxable year? — - —
4. State the amount of deferred dividend funds at the end of the taxable
year, exclusive of any amount held for payments during the following tax-
6.ble year: S
5. Did (a> you own at any time during the taxable year 50 percent or
more of the voting stock of another corporation, either domestic or foreign?
; or (fc) did any corporation, individual, partnership, trust, or
association on-n at any time during the taxable year 50 percent or more
of your voting stock? ..,,'. If either answer is "yee," attach sop-
arate schedule showing: (I) Name and address; (2) percentage of stock
QUESTIONS
ed: (3) date stock was acquired; and (4) the collector's office In which
income tax return of such corporation, individual, partnership, trust, or
(or the List tAxablc year was filed.
6. Did the company make a return of information on Forms 1096 and
1099 for the calendar year 1940 (see General Instruction H)?
{AnSir«"Tfts"or"O0'0
7. Did the company at any time during the taxable year own directly
or indirectly any stock of a foreign corporation? „ (If
answer ia "yea," ottach statemeot required by Oeoeral Instruction J.)
8. Did the company pay to any officer or employee of the company,
salary, commission, bonus, or other compensation for personal BCrvico
rendered, in an agsregatc amount in excess of $75,000? (If answer
is "yes." attach Schedule F-I-) (See General Instruction 1-3.)
AFFIDAVIT. (See Iiutnictfon E)
, and complete return, made in good
Subscribed and a
AFFIDAVIT. (Se« inatruction E)
I/we swear (or affirm) that I/wc prepared this return for the person namcd'herein and that the return (including any accompanying achedulea and
etatements) is a true, correct, and complete statement of all the information respecting the tax liability of the person for whom this return has been
prepared of which I/we have any knowledge.
Subscribed and s
(Slfoatun of offlcar »
D preparing tba nliuaj
mployw. tfaaj)
344
STATIlSTICS O'F IWCOME FOiR 1940, PART 2
INSTRUCTIONS FOR FORM n20L
UNITED STATES INSURANCE COMPANY INCOME AND DEFENSE TAX RETURN
(References are to the Internal Revenue Code, unleas otherwise noted)
1940
Taxpaye
rill find it helpful^o read the General Instructions A to L before commencing to fill in their returns
GENERAL INSTRUCTIONS
A. COMPANIES REQUIRED TO PILE A RETORN
Every domestic life insurance company and everj' foreign life i
company carrying on an insurance busincKS within the United States <
holding reserve funds upon busine;
issuing life insurance and annuity
bined life, health, and accident insurance), the reserve funds of which held
for the fulfillment of such contracts comprise more than 50 percent of its
total reserve funds, shall file a return on this form. (See sectiona 201 to
203.)
Receivers, trustees in dissolution, trustees in bankruptcy, and assignees,
operating the property or business of corporations, must make returns of
income for such corporations. If a receiver has full custody of and control
over the business or property of e corporation, he shall be deemed to be
operating eu((i business or propwrty, whether he ia engaged iu carrying on
thfr businees for which the corporation was organized or only in marsbalmg,
seiing, and disposing of its assets for purposes of liquidatioa.
B. PERIOD COVERED
The return shall bo for the calendar year ended December 31, 1940, and
the net income computed on the calendar year basis ia accordance with
the State laws regulating '
C. BASIS OF RETURN
A return on thia form shall be rendered on a cash receipts and disburse-
icenta baeis in conformity with the annual statement made to the State
losurance Department, instead of the accrual basis.
D. TIME AND PLACE FOR FILING
The return must be sent to the collector of internal
diatHct in which the company's principal place of business
office or agency is located, so as to reach the collector's oSco
March 15, 1&41.
E. APHDAVITS
The return Bhall be sworn to by the president, vice president^ or other
principal officer, and by the treasurer, assistant treasurer, or chief account-
ingofficer.
where the return is actually prepared by some person or persons other
than officers or employees of the company, such person or persons must
execute the affidavit at the foot of the second page.
F. PAYMENT OF TAX
The tax should be paid by sending with the return a check or money
order drawn to the order of "Collector of Internal Revenue." Do not
send cash by mail, nor pay it in person except at the collector's office.' ^
The tax must be paid in full when the return is filed, or in four equal
installments, as follows: The first InFtallment shall bo paid on or before
March 15, 1&41* the second installment on or before June 15, 1941; the
third installment on or before September 15, 1941; and the fourth install-
naent on or before December 15, 1941.
^ If any installment is not paid on or before the date fixed for its payment
-Five percent to 25
G. PENALTIES
For raDore to make and file a return on
percent of the amount of the tax, unless such failure is due to reasonable
cause, and, in addition, where failure is willful, a fine of not more than
810,000, or imprisonment for not more than 1 year, or both, together with
the cost? of prosecution.
For willfully attempting to evade or defeat payment of the tax. — Not
more than $10,000, or imprisonment for cot more than 6 years, or both,
together with the costs of prosecution.
For deficiency doe to nesligence or fraud. — Five percent of the amount
of the deficiency if due to negligence or intentional disregard of rules and
regulations without intent to d^raud, or ^0 percent of the amount of the
deficieacy if- due to fraud.
(a)
H. INFORMATION AT SOURCE
? company shall make a return on Forma 1096 and 1099
" i paid, credited, or distributed during the calendar
J salaries or other compensation for personal services, totaling
i>86<) or more in the case of a citizen or resident who is not married <
whose marital status ia unknown, or $2,000 or more in the case of a married
citizen or resident, or (fc) as interest, rent, premiums, annuities, or other
fixed or determinable income totaling S-800 or more to 'a fiduciary, a
dom^tic or resident partnership, or a citizen or resident. The return on
Forms 1096 and 1099 shall also include dividend payment* amounting to
$100 or more during the calendar year to each shareholder who ia an
individual (citizen or resident of the United States), a resident fiduciary,
or a resident partnership any member of which is a citizen or resident.
The forms will be furnished by any collector of internal revenue upon
request. Such returns of information covering the calendar year 1940
must be fon^arded to the C-ommissioner of Internal Revenue, Returns
Distribution Section, Washington, D. C, in time to be received not later
than February 15, 1941.
within 30 days after the adoption by the corporation of a resolution <
plan for the dissolution of the corporation or for the liquidation of the
whole or any part of its capital stock, render a correct return on Form 9C6
to the Commissioner, veribed under oath, setting forth the terms of,.such
resolution or plan. (See section 148(d).) '
.1-2. Distributions In liquidation. — Every corporation shall, when
required by the Commissioner, render a correct return, duly verified under
oath, of its distributions in liquidation, stating the name and address of
each shareholder, the number and cla^s of shares owned by him, and the
amount paid to him or, if the di,«tribution is in property other than money,
the fair market value (as of the date the distribution is made) of the
property distnbutcd to him. (See section 148(e).)
1-3. Compensation of officers and employees. — If the company paid to
any officer or employee during the taxable year compensation for personal
services in excels of 375,000, Schedule F-1 (copies of which may be
obtained from the collector of internal revenue) must be filed, IN DU-
PLICATE, with and as part of the return.
J. STOCK OWNERSHIP IN FOREIGN CORPORATIONS
If the company owned any stock of a foreign corporation (including less
than 5 percent of the stock of a foreign personal holding company), it
should attach to its return a statement setting forth the name and address
of each such company and the total number of shares of each class of out-
standing stock owned by it during the taxable year. This statement
should be furnished in addition to the schedule required by Specific Instruc-
tion 2. If the company owned stock at any time during the taxable year
in a foreign personal holding company, as defined in section 331, it must
Include in its return as a dividend the amount required to be included in
its gross income by section 337. If the company owned 6 percent or more
in value of the outstanding stock of such foreign personal holding com-
pany, it should set forth in an attached Btatement in complete detail the
iaformatioa required by section 337 (d).
K. ANNUAL STATEMENT
A copy of the annual statement for life insurance companies adopted by
the National Convention of Insurance Commissioners for the year 1940,
as filed with the Insurance Department of the State. Territory, or District
of Columbia, which shows the reaervc-s used in computing the net income
reported on the return, together with copies of Schedule A (real estate)
and Schedule D (bonds and stocks), must accompany the return. Similar
copies for the preceding year must also be furnished, if not filed with the
return for the previous year.
L. LIST OF ATTACHED SCHEDULES
Attach a list of the schedules accompanying the return, giving for each
a brief title and the schedule number. Place name and address of com>
p&ny on each schedule.
SPECIFIC INSTRUCTIONS
Tbe following iDstmcttonB are Dumbered to correspond with Item nambers on the first page of the return
1. INTEREST
Enter aa Item 1 interest received from all sources during the taxable
year. Interest on bonds is considered income when due and payable.
2. DIVIDENDS
Enter as item 2(a) the amount received as dividends from a domestic
corporation which is subject to taxation under chapter 1 other than a cor-
poration entitled to the benefits of section 251 and other than a. corporation
organized under the China Trade Act. 1922. Enter as item 2(h) dividends
from foreign corporations. Enter as item 2(c) dividends from all other
corporations. Submit schedule, itemizing all dividends received during
the year, stating the names and addresses of the corporations declaring
the dividends and amounts received from each.
3. BENTS
Enter aa item 3 rents received from tenants.
6. INTEREST WHOLLY EXEMPT PROM TAX
Enter aa item 5 the amount of interest which is wholly exempt from
taxation undsr the provisions of section 22(b) (4).
See Specific Instruction 16 with respect to partially tax-exempt interest
which is allowed as a credit against net income.
6. PERCENTAGE OF THE MEAN OF THE RESERVE FUNDS
Enter as item 6 the amount reported on line 6, Schedule A. There may
be deducted from groae Income an amount equal to 4 percent of the mean
of the reserve funds required by law and held at the begiom'ng and end of
the taxable year, except that in the cvse of any such reserve fund which
is computed at a lower interest .issumption rate, the rate of 3% percent
shall be substituted for 4 percent. Life insurance companies issuing
policies covering life, health, and accident insurance combined in one
policy issued on the weekly premium payment plan, continuing for life
and not subject to cancelation, shall be allowed, in addition to the above.
a deduction of 3^i percent of the mean of such reserve f-inds (not required
by law) held at the beginning and end of the taxable year, as the Com-
missioner finds to be nycessarv for the protection of the holders of such
policies only. (See section 203(a) (2).) ,
. TWO PERCENT OF THE RESERVE HELD FOB DEFERRED
DIVIDENDS
Enter as item 7 an amount cqunl to 2 percent of the reserve held at the
I dividends payable during the
8. INVESTMENT EXPENSES
Enter as item S expenses paid which are properly chargeable to invest-
ment expenses, the total amount of which, if there be any allocation of
general expenses to investment expenses, should not exceed one-fourth of
STATISTICS O'F ENIC'OME FQiR 19 40, PART 2
345
1 percent of the mean o( the invested assets reported on line II, Schedule B.
Submit a schedule showing the nature and amount of the items included
herein the minor items being grouped in one amount. (See scctioo ^1)6
{a) (4).)
9. TAXES
Enter as item 9 taxes paid cxolusivcly upon real' estate owned bv the
company and taxes assessed against individual ehareholdere and paid by
the company without reimbursement as provided in section 20o(b) (5).
Do not include taxes assessed against local benefits of a kind tending to
increase the value of the property assessed as for paving, sewers, etc. ror
limitation on deduction, see section 203(b).
Enter i
Net operating loss carry-over. — S:
a net operating loss may be carried o'
1938, ordinarily the carry-ovi
10. REAL ESTATE EXPENSES
: item 10 all ordinary and necessary building expenses, such as
ncc, heat, light, labor, etc., and the cost of incidental repairs
which neither materially add to the value of the property nor appreciably
prolong its life, but keep it in an ordinarily efficient operating condition.
Do not include any amount paid out for new buildings or for permanent
improvements or betterments made to increase the value of any property
or any amount expended on foreclosed property before such property is
11. DEPRECUTION
The amount deductible on account of depreciation In item 11 is an
amount reasonably measuring the portion of the investment in depreciable
property by reason of exhaustion, wear and tear, or obsolescence, which is
properly chargeable against the operations of the year. In any event the
deduction is limited to the depreciation on the property that is used, and
to the extent used, for the purpose of producing the mcome specified in
section 202(a). If the property was acquired by purchase on or alt*r
March 1 1913, the amount of depreciation should be determined upon the
basis of the original coet (not replacement cost) of the property, and the
probable number of years remaining of its expected useful life. Id case
the property was purchased prior to March 1, 1913, the amount of depre-
ciation will be detonnioed in the same manner, except that it will be com-
puted on ite original cost, less depreciation sUBtained pnor to March 1,
1913 or ita fair market value as of that date, whichever is greater. If the
property was acquired in any other manner than by purch^, see section
114 The capital sum to be recovered should be charged off ratably over
the useful life of the property. Whatever plan or method of apportion-
ment is adopted must be reasonable, must have due regard to operating
conditions during the taxable year, and should be described in the return.
If a deduction Is claimed on account of depreciation, a schedule should
be filed with the return showing: (1) Kind of property; (2) date acquired;
(3) cost or other basis; (4) assets fully depreciated in use at end of taxable
year; (5) depreciation allowed (or allowable) in prior years; (6) remaining
cost or other basis to be recovered; (7) estimated life used in accumulating
depreciation; (S) estimated remaining hfo from beginning of year; and (9)
depreciation allowable for the taxable year. In case obsolescence is m-
cluded, state scparatelv amount claimed and basis upon which it is com-
puted. Cost or value "of land must not be included in the schedule, and
where land and buildings were purchased for a lump sum the cost of the
building subject to depreciation must be established.
The adjusted property accounts and the accumulated depreciation ehowo
Id the schedule should be reconciled with those accounts as reflected on
the books of the taxpayer.
Stocks, bonds, and like securities are not subject to depreciation within
the meaning of the Uw. (See sections 230), 114. and 203(a) (6).)
For limitation on deduction, see section 203Cb).
12. INTEREST ON INDEBTEDNESS
Enter as item 12 the amount of interest paid during the taxable year
on the company's indebtedness, except on indebtedness incurred or con-
tinued 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 taxa-
tion. Interest paid on dividends held on deposit and surrendered during
the taxable year should be included in this item. Do not include any
interest paid od deferred dividends on which a deduction was allowed under
If a life insurance company pays interest c
policies left with it pursuant to the provisio
not involving life contingencies, or similar
shall be allowed as a deduction from gross ii
tion ehall not be allowed in respect of '
1 the proceeds of life
IS of supplementary contracts
■ontracta, the interest so paid
come, except that such deduc-
t accrued in any prior taxable
Imposed by section 201, "gross income" shall mean gross income as deSned
in section 202(a) and the allowable deductions shall be those allowed by
section 203, with the following exceptions and limitations:
(1) The deduction for tax-free interest provided by section 203(a) shall
not be allowed In excess of the amount of interest paid which is not allowed
as a deduction by section 23(b), relating to interest on indebtedness in-
curred or continued to purchase or carry certain tax-exempt obligations;
(2) No net operating loss deduction shall be allowed; and
(3) The deduction under section 203(a) (3) on account of the sums held
as a reserve for dividends shall not bo ailowed-
the first taxable year from which
s one beginning after December 31,
taxable year beginning after December
si, 1939, and before January 1, 1941, will be only a 1-ycar carry-over.
Net operating loss deduction. — The net operating loss deduction for a
taxable year is the net operating loss carry-over to such year, computed as
prescribed in section 19.122-4, Regulations 103, reduced by the excess of
the net income for such taxable year (computed in accordance with the
same Umitations and exceptions as are appUcable in the computation of a
net operating loss) over the normal-tax net income computed without
regard to the exceptions and limitations specified in sections 19.122-2 and
19.203-1, Regulations 103, except that no net operating loss deduction shall
be allowed.
Every taxpayer claiming a net operating loss deduction for any taxable
year shall fiJe with its return for such year a concise statement setting forth
the amount of the net operating loss deduction claimed and all material and
pertinent facts relative thereto, including a detailed schedule showing tho
computation of the net operating loss deduction.
14. TOTAL DEDDCTIONS
(a) Enter as Item 14, the total of items 5 to 13, inclusive.
(6) Rental value of real estate. — The deduction included in items 9 to
year to the extent that the company has had tiie benefit of a deduction of
4 percent or 3% percent, as the case may be, of the mean of the company's
liability on such contracts, by the inclusion of such liability in ita reserve
13. NET OPERATING LOSS DEDUCTION
Net operating loss. — A net operating loss is sustained by a corporation
if and to the extent that, for the preceding taxable year, there is an excess
of deductions allowed by chapter 1 over gross income, both computed with
the following exceptions and limitations:
(1) TTie deduction for depiction shall not exceed the amount which
would be allowable if computed without reference to dis'covery value or to
percentage depletion under section 114(b) (2), (3), or (4);
(2) There shall be included in computing gross income the amount of
interest received which is wholly exempt from taxes imposed by chapter I.
decreased by the amount which is not allowed as a deduction by section
23(b), relating to interest on indebtedness incurred or continued to purchaee
or carry certain tax-exempt obligations;
(3) No net operating loss deduction shall be allowed; and
(4) The amount deductible on account of long-term capital losses shall
not exceed tho amount includible on account of the long-term capital gaine,
and the amount deductible on account of short-term capital losses shall
not exceed the amount includible on account of the short-term capital gains.
Net operstins loss dedoction In the case of life Insurance companies. —
In computing a net operating lose of an insunmce company subject to tax
3 owned and occupied i
'hole or in part by the
which bears the same ratio to such
deduction (computed without regard to subsection (b) of section 203) as
the rental value of the space not so occupied bears to the rental value oi
the entire property. (Submit detailed schedule.)
(c) Items not dednctible. — No deduction is allowable for the amount
of any item or part thereof allocable to a class of exempt income, other
than interest. Items directly attributable to such exempt income shall be
allocated thereto, and items directly attributable to any class of taxable
income shall be allocated to such taxable income. If an item is indirectly
attributable to both taxable income and exempt income, a reasonable pro-
portion thereof, determined in the light of all the facts and circumstances
in each case, shail be allocated to each. Apportionments must in all cases
be reasonable. A taxpayer receiving any exempt income, other than in-
terest, or holding any property or engaging in any activity the Income
from which is exempt shall submit with its return as a part thereof an
itemized statement, in detail, showing (1) the amount of each class of ex-
empt income, and (2) the amount of items allocated to each such class (the
amount allocated by apportionment being shown separately).
16 and 18. CREDITS AGAINST NET INCOME
Enter as item 16 the amount of interest included in gross Income which
Is partially exempt from taxation under the provis'
B of section 22(b) (4).
Enter as
domestic cc
dividends t
Act, 1922,
t received as dividends from a
I uuder chapter I, except
Mved from corporations organized under the China Trade
T from corporationa entitled to the benefits of section 251.
claimed as a credit (item 18) shall be limited to an amount
of 85 percent of the adjusted net income. (See section 26 (b).)
21 to 34. TAX COMPUTATION
-All life insurance companies (including foreign life Insur-
_ ■ ^_ business within the United States
holding reserve funds upon business transacted within the United Stales)
are subject to the tax imposed by section 201(b) (1).
(t) The tax shall, under section 201(b). be at the rate prescribed in
section 13, if the company has a normal-tax net income of more than $25,000,
or at the rate prescribed in section 14(b), if it has a normal-tax net income
of not more than $25,000.
(c) General rule. — Section 13(b) (1) provides imder what is termed the
"general rule" for a tax equal to 22.1 percent of the normal-tax net income.
(d) AhernatiTe tax. — Section 13(b) (2) provides in the case of corpora-
tions having normal-tax net incomes of slightly more than $25,000, for an
alternative tax of $3,775, plus 35 percent of the amount of normal-tax net
income in excess of $25,000. The alternative tax is apphoable in case of
corporations having normal-tax net incomes of more than $25,000 and less
than $38,565.89-
(e) Spedal corporations. — Section 14(b) Imposes a tax at graduated
(epeciSed in items 22. 23. ^ "' '"• ' -,...-^^ .._-„,. —
which do not hav
nal-tax
J normal-ti
net Incorr
nd 24, first page of
than 525,000.
1 corporations
(f) N«
the adjusted [
section 26(b).
The normal-Ux net income of a foreign life Insurance company carrying
on an insurance business within the United States or holding reserve funds
upon business transacted within the United States consists of that propor-
tion of its net income from all sources, within and without the United
Sutes. computed under the provisions of sections 202 5md 203, minus the
credits provided in section 26(a) and (b) which the reserve funds required
by law and held bv it at the end of the taxable year upon business transacted
in the United States bear to the reserve funds held by it at the end of the
taxable year upon ail business transacted.
38. CREDIT FOR TAXES
If credit is claimed in item 38 for income, war-profits, and excess-profits
taxes paid to a foreign country or poeseseion of the United States, Form
1118. together with the receipt for each such tax payment, must be sub-
mitted with the return. A foreign company is not entitled to claim thia
346
STATIlSTI'CS O'F ENtC'OME FOiR 1940, PART 2
Form ii2i-<»..^ M.^ i«i) UNITED STATES
JSrrSr, CORPORATION EXCESS PROFITS TAX RETURN
1940
For Calendar Year 1940
Of fiscal year beginmng , 1940, and eniled ^ , 1941
BmhwM fTovf frUI manbo entoeJ «a »f I, Ftr
(a) Date of incorporotion
(c) CoUwtor'e offic* id which you
(if) la thU a consolidated rtturnT
filed a» a part o( ' '
(e) la computing the e
ercment obltgatli
(/) Do you elect in thi
Cod© (i
(g) Are you
(6) State or^country ,
1 for the ta^iablc year i
9 filed -
It s
i from the collector Form 851E, AEBIistions Schedule, which Bhatl be filled In, Bivom I
exccM profits net income interest received c
> provided in i
r promotion of good i
1 733 of the Intenui Revenue
I profits credit under the inveated capita) method, do you elect t
ipccified in section 22 (b) (4) of the Internal Revenue Coder„
Lurn to capitalize expenditures for advt
. VI-a)?_
_ corporation of a qualified component corporation as defined in section 740 of the Internal Revenue Code? .
, and if you were actually in existcDce before January 1, 1940, do you elect to compute the average base period net income under the method
prescribed (n scctioD 742 in lieu of the method prescribed In section 713T
(h) Are you a traiisfcror or transferee upon an exchange (as defined by section 750 of the iDtem&l Revenue Code) which occurred lo a taxable year begin-
nlng after December 31, 19397
SPECIFIC DISCLAIMER
UnU»a you tpecifiecUy dudaim in (/) or (£) helov eithtr tht credit compvted under the incomt TMthod or tfis credit computed under the infoted capital
method, it is'tnandalory that both Schtdulu I and 11 and both Schedules A and B be completed before this form irtiZ be considered as a return. (7^ foregoing is
applicable only to a eorporalion in existence prior to January 1, 1940. If you are a foreign corporation. «e« oIm Irulruclion V.) For efect 'of diaclaimer, ic«
Inttmdiont V and V-a.
(1) Do you disclaim the use of the credit computed uudcr section 713 — the income mcthodT
(2) Do you disclaim the use of the credit computed under section 714 — the invested capital method? .
IF YOU HAVE NOT DISCLAIMED ONE METHOD. SCHEDULES 1, 11. A, AND B MUST BE COMPLETED.
" EXCESS PROFITS NET INCOME COMPUTATION. (See Instruction III)
Item No. SCHEDULE I. EXCESS PROFITS CREDIT BASED ON INCOME
1. Normal-tAx net income (Item 36, page I, Form 1120) — „ _ _
2. Add; Net long-term capiul LOSS (item II (b), page 1, Form 1120) „ .. - „ _ —
3. TotAl of iteraa 1 and 2 — , _
4. Lem: Income and income defense taxes (item 39, page 1, Form H20) „ _
5. Net long-term capital GAIN (Item 11 (bj, page I, Form 1120)
6. Net GAIN from sale or exchange of depreciable property hild more than IS months
7. Income from retiremeot or discharge of bonds, ete . _
8. Refunda and interest on Agricultural Adjustment Act taxes _ _
9. Recoveries of bad debt*,.,.— — _ _ _ -
la Dividends rec-ived credit adjustment (total of columns 3 ajid 4 Schedule E, Form 1120,
minus item 35. page I, Form 1120) _ _— —
11. Abnormal income attributable to other years. (Attach statement, sec InstructiOD VIII)_
12. Total of items 4 to !!.._ -
13. Excess pro&ts net income computed under income credit method (item 3 minus Item 12) . —
SCHEDULE n. EXCESS PROFITS CREDIT BASED ON INVESTED CAPITAL
15. Add: 50 percent of inten
16. Interest on govemi
17. Total of Itcma 14 t
18- Less: Dividends rect
structive) oi
lent obligationa. (Seo Question (c) above for election) „
16. _ ! „ _
ved credit adiustment (total of column 3, Schedule E, Form 1120, excluding dividends (actual c
stock of foreign personal-holding companies) .
19, Excess profits net Income computed under invested capital credit method (it
EXCESS PROFITS TAX COMPUTATION
, Excess profits net income (i
Less: Specific exemption .
Biccu profits credit. (From Scbcduli
item 19, whichever is applicable)..
23. Adjusted
24. Portion of i
25. Portion of i
26. Portion of i
t results in tho lesser t
methods has been disclaimed above
corx>oratioQ Is required to use the tr
;xpr-ss profits net Income (item 20 m
item 23 (not in excess of S20,000) ;
1 23 (in c
IS of $20,000 end not
a of 550,000 and not
s of $100,000 and no
s of $250,000 and no
a of S500,(KH)) : and (
. Excess profit* tax (total tax i
section 710 (a)(2) is appl '
so computed as item 30)
. Amount, If ony, due to application of section 734. (Attach schedule;
. Total o^icew pro6ts tax (Tine 30 plus lino 31)
Less: Credit for income ta\c« pr.id to a foreign country <
, not used in computing it«m 38, page I, Form 1120
. Balance of caress profita tai due
le sum of Items 21 and 2C)
X at 25 percent ^ _....
xcess of $50,000): and tax at 30 percent..
;cess of SIOO.OOO); ord tax at 35 percent.,
excess of $250,000); and tax at 40 percent.
Kce&s of $500,000) ; and tax at 45 percent,
t 50 percent _
(In .
> of certain cxcliangcs 1
uctlonXII)— _..
United States posscssloa allowed a domestic corporetio
We. the undersigned, president (or vice president, or other principal ofTiccr) and treasurer (oi
poiatlon for which tbib return ia made, t>clng severally duly sworn, each for himself depo; ^
unting oHiccr) of the
, accompanying schcd-
le, correct, and complete return, made in good faith, for
ES3-
I/we sw(;ar (or affirm) that I/we prepared this re
tementa) is a true, correct, and complete statcmeol
I been prepared of which I/wo have any knowledge.
Subscribed and swdhi to before me thia . day of
NOTL— b «fa Oal Aa r
r the person named herein and tliat the r
the information respecting the excess profi
• Mj W Kc^lW a ncli^ «i m^iwti «f ibt Irtnd Kmm Cadi, fti iria fdW (m knh Ml W ul f«lh FUUT mi CUASLf .
STATISTICS OiF INlCOME FOK 19 40, PART 2
347
Scbednle A.— EXCESS PRORTS CREDIT— BASED ON INCOME
(See Instrartioii VI)
T.XABL. VE.HS '^.SS^Z'JJiS^'iS^^i^i^^^T^Ijr'' '""""" '• ""
....':Z'"^°"....
a. Ytwi KKDia
...ll""'.!"!^^...
4. Yeab EnKD
1. NoniiiJ-tax (or sproial-clasa) net incooHi .
s
-■■■
$.
.._..
$- - ..
3. Diff«Trnco between lines 1 and 2(<i) (if a net capital gain), or
total of lines 1 and 2(6) (« a net capital loss) .. —
4 Add- Securities which am ftapital assets deducted in computing
line 3 as bad debts or as stock determined to be worth-
less (for taxable yeara beginning prior to January 1,
f
S
$._
-, .^
R N tl tp ^tal ■
7. Net eain from sale or exchange of property other than
capital assets (for taxable years beginning prior to
'
s
$
s
S.-- ,
fl, hew. "Net long-term capiUl loss
10 Net loss from sale or eKchani^e of property other than
capital assets (for taxable years beginning pr.or
s
— -
$
s
$
J;
s ..
12. Normal-tax ,(or apeciftl-class) net income (after applying section
7n(b)(2)) (line 8 minuj. line 11)-
:::::
$ ,...
::;::
14. Deductions on account of retirement or diacbarge of
' H ■ 1 losses
19. Repoymeirt of processing tax to vendees
17. (a) Abnor^^ial iudgment liabiUties. etc. (at tach statement) —
<fc) Abnontu-J expenditures for inUngible drilling and devel-
-
■■-
t n yZ. \ 1 H H (■ ( M h HtAt t^
18. Capitalisatian of expenditures for advertising or pro-
^
''
s
J
21. 1«88: Income taxes
s _ _ _
s
s
I .. .
25. Net gain from sale or exchange of depreciable proiv
26. Total or lines 21 to 25
S-
$
$
s
27. Ex.e«s profit'" n?l income (tine 20 minus line 2C)
i.
s
5 _,.
s
38. Net agfrregat* of cohimna 1 , 2. 3, and 4 (see Instruction VI for c<
Xnputation of deScit i
a excess profits net income and substitution
$
29. A.erage base period net income — Gcnoral averaRe (line 28 divided by number of rao
ithj in base period, multiplied by 12)_
:
(rai la lines 30 to 36 for ccmpuUtlon of average base period net Income where there were Increased earnings in last half of base period)
30. Nes aggregate of columns 3 and 4 (See Instruction VI, para, (c) and (0 regarding deficit in excess profits net income; and par.
s
31. Net aggregate of cohimng I and 2 (See Instruction, line 30)
*::::::"::"
33. One-ball of line 32 _ - -
t
35. Line $4 divided by number of months in second half of base period, multipLed by 12
36. Average base period net income — Increased earnings in last half of base period (line 35
any taxable year in the ba5e period, whichever Is IcBSrr)
s
or the highest excess profits net income for
39. 8 percent ctf line 38, if a net capital addition (or 6 percent of 1
40. Exoe<« pro&ts credit— based on income (line 37 plus line 3&, if
leduetion) _ _
ne 33, if a net capital reduction)
a net capital ad
) (or line 37 minus line 39, if a net capital
s 1
Scbednle B.— EXCESS PROFITS CREDIT— BASED ON INVESTED CAPITAL. (See Instruction VII)
Equity Inpeated Capital at the Beginning of the Taxable Year
. UODey paid in for stock, or as paid-in surplus, or as a contribution to capital „
. Property paid in for stock, or as paid-in surplus, or as a contribution (o capital—
. Distributions of earnings and profits in stock of the corporation.—
. Accumulated earnings and profits
. Increase on account of gain on tas-free Uquidation
. Total of Unee 1 to 5 _ . . „
Lcfis: Distributions made prior to the taxable year not out of E
Earnings and profita of another corporation if incl'jded in lino 4
Reduction on account of loss on tax-free liquidation (not in exc
. Total of lines 7 to 9. _
. Equity invested capital at beginning of taxable year (line 6 minus line 10)
ulated earnings and profita
Aperape Addition to Equity Invested Capital During tha Taxabia Year
. Money paid in for stock, or as paid-in surplus, or as a contribution to capital .'
. Property paid in for stock, or as paid-in surplus, or as a contribution to capitaL ■
Distributiooa of earnings and profits (ether than earnings and profits of the taxable year) in stock of the cor-
poration (see L
. Ificrease on account of gain c
. Total additions in lines 12 to
. Total of lines 11 and I6.„
t-frec liquidation,.
22:
Average Reductitn in Equity Inceated Capital During the Taxable Year
Distributions not out of earnings and promts of the taxable year. _
Stock distributions from accumulated earnings and profits at t>eginniDg of year (see line 14, above)
Reduction on account of loss on tax-free Uqtiidation (see Une 9 for hmitation) „
Total reductions in lines 18 to 20 _ _
Average equity invested capital (line 17 minus line 21)
23. Average borrowed capital (attach schedule) ,
24. Average borrowed invested capital (60 percent of line 23)
25. Average invested capital (hce 22 plus Uoe 24)
26. Total inadmissible assets. „ .
27. Total admissible and inadmissible assets „ .
23. Percentage which hoe 26 is of line 27._ „ _
29. Reduction on account of inadmissible assets ( percent of line 25)
30. Invested capital (line 25 minus line 29)_ .^ - -
31. Exceas profita credit — based on invested capital (8 pcrceot of line 30)
525003—44-
348
STATIiSTICS OF I'NCOME FQiR 1940, PART 2
INSTRUCTIONS FOR FORM 1121 (Revised March, 1941) ■■— '
STATES CORPORATION EXCESS PROFITS TAX RETURN 1940
> the Internal Re<
9 olherwiee noted)
Chapter 1.
(b) Foreign porsooal-boldiQg compODios, Ba dt-fined ia secUoc 331.
(c) Mutual invcatment companlea, ae defined in GcdioQ 361.
(d) Investment companlcti which under the lovestmeul Company Act
of 1940 tiro regiGt«red &s diversified companies before July I, 1941.
(e) PerBonal-boIding compimies, a3 defined fa section 601.
(0 Foreign corporaliona cot engaged in trade or business within the United
6tat«a and not having an office or place of business therein.
(g) Domestic corporaliona satisfying the couditions ot se^tloD 727 (g)
i Act of 1938, iniJie gross income of which for any taxable year
g after December 31, 1939, there is includible compensation received
from the Uuited S'atcs for the transportation of mail by aircraft if, after
' compensation, its adjusted excess
excluding from its
. . _ -An aSiliated group of
eorporations shall, Bubject to the provisions of section 730, have the privilege
at making a consolidated return for the ta.xable vear in lieu of separate
returns. The making of a conAolid;ited return shall be upon the poudition
th^ all the corporations which have been members of the afGUat«d group
ftt uiy time during the ta\:iblc year for whiuh the return is made consent to ail
the roE^ulations prescribed prior to the last day prescribed by law for the
filing of such return; and the making of a consolidated return shall be coa-
aidered as such consent. In tho cose of a corporation which is a member
of the affiliated group for a fractional part of the year the consolidated
return shall include the income of euch corporation for ouch part of the
year as it is a member of the al&liuled group.
(a) Compufotton and Poymrnl of Tax. — In any case in which a consolidated
return in made the tax shall be determined, computed, assessed, collected,
and adjusted in accordance with the re(;ulationa prescribed prior to the
last day prescribed by law for the filing of such return. Only one specific
sxemption of $5,000 provided in section 710 (b) (1) shall be aUowed for the
lible corporations connected through stock ownership
with a common peient corporation which is an includible corporation if —
(A) At least 95 percent of each class of the stock of each of the includible
corporations (except the common parent corporation) ia owned directly by
one or more of the ether includible corporations; and
(B) The common parent corporation owns directly at least 95 percent of
each class of the stock of at lea&t one of the other includible corporations.
The term "stock" docs not include nonvoting stock which ia limited and
preferred aa to dividends.
(o) Definition of'lncludibU Corporation." — The term "includible corpora-
tion menus any corporation except —
(A) Corporations exempt from the ezcesa profits tax.
(B) Foreign corporations.
(O Corporations organized under the China Trade Act, 1922.
(D) Corporations entitled to tho benefits of eeetioo 251, by i
receiving a large iierceolago of t
i from possessions of the United
States.
(E) Personal service corporatlona.
(F) Insurance companiea subject to taxation under section 201 or 207.
(d) IntludibU Iniurnnce Companies. — Two or more domestic
affiliation with each other.
(e) Subsidiary Formed to Comply with Foreign Low.— In the cose of
domestic corporation owning or controlling, directly or indirectly, 100 pcrcei
ive of directors qualifying shares} of a corporatio
SZ
the domestic corporation, be treated t
profits tax phrpo^es.
(m PERSONAL SERVICE C0EP0BATI0N8.— A personal eervlce corpora-
tion b defined in sci-tion 725 as a corporation w' ' ' ' '
primarily to the activities of shareholders who
active conduct of the aOairs of the corporatio
times diiri:ig the taxable year of at least 70 percent in value of each class of
stock of the corporation, and in which capital ia not a material income-
producing factor; but docs not include any foreign corporation, nor any
corporation 50 perccut or more of whose gross income consists of gains,
Profits, or income derived from trading as a principal. An individual shall
e considered as owoing, at any time, the stock owned at such time by his
spouse or minor child or by any guardian or trustee representing thsm.
If a personal service corporation signifies, in its Federal income tax return
for any taxable year, its desire not to be subject to the excess profits tax for
, - - , .-s denned 1,. _
13 (a) <2}, for such year except that the following adjuilmtnts shall be mad<
(1) Excess Profits Credit Compnlcd Under Income Crcdll.— If the exce
profits credit is computed under section 713, tho adjustments shall be i
capital {
the sale ...
Is of a character wliich is subject to the allowance for depreciation provided
In section 23 (1) over the losses from tho sale or exchange of such property;
(c) Income From Rctiremtnt or Diacharge of Bonds, and So Forth.— There
shall be CKcluded, in the case of any taxpayer, income derived from the
retirement or discharge by tho taxpayer of any bond, debenture, note, or
certificate or othCr evidence of indebtedness, if the obligation of tho taxpayer
has been outstanding for more than eighteen months, inrlmbnp. in case the
issuance was at « premium, the amount includible in income for such year
solely because of such retirement or discharge;
_ (d) Refunds and Interest on Agricultural Adjustment Act 7'ar«.— There
such refund;
(e) Recoverita of Bad Debts —There shall be excluded income attributable
to the recovery of a bnd debt if a deduction with reference to such debt was
allowable from gross income for any tunable year beginning prior to January
1; 1940;
(f) Dividend! Received. — The credit for dividends received shall apply,
without limitation, to dividends on stock of domestic corporations.
(2) Excess Fronts Credit Computed Under Invested Capital Credit.— If
the exccts profits rjedit is computed under section 7M, adjustments shall
) made as outlined In subparagraphs III (1) (a) to (c) above,
of foreign perianal -holding
_._, _ paraKrapn snail not ar>ui - ■ ■ ■
I not a capital asset.
(b) Intcretl. — The deduction for interest shall be reduced by an amount
equal to 60 percent of so much of such interest as represent* interest on
the indebtedness included in tho daily amounts of borrowed capital (deter*
mmed under section 719 (a)) ; and
(c) Intiresl on Certain Gatemment Obligaliom.— The normal-tax net
income shall be increased by an amount equal to the amount of the interest
on obligations held during the taxable year which are described in section
22 (b) (4) any part of the interest from which is exdudible from g
t against I
, if the taxpayer has £
under section 720 (d).
(3) Taxable Vear Less Than Twelve Months. — If t
period of less than twelve months the excess profits i
t thereof by the number
the close of the ta.\able >
placed on an annual basis by multiplying
inber of days in the taxable
e close of the taxable y
3 January I, 1910, shall be tho special-clofs net income, as
defined in si;ction 14 (a) of the applicable revenue law. In either case the
following adjustments shall be made:
(1) Income Taxes. — The deduction for taxes shall be increased by an
amount equal to the tax (not including the tax under section 102) for such
taxable year under Title I or Chapter I, as the caae may be, of the revenue
law appiicabie to such year;
(2) Long-term Gains and Losses. — There shall bo excluded long-term
capital gains and losses. There shall be excluded the excess of gains from
the sale or cxchance of property hold for more than eiehteen inontlis which
is of a character wluch is subject to the oilowauce for depreciation provided
in section 23 (1) over the losses from the sale or exchange of such property;^
(3) Income from Retirement or Discharge of Bonds, and So Forth.— Then
shall be excluded, in thg case of any taxpayer, income derived from
the rotireincut or discharge by the taxpayer of any bond, debenture, note, or'
certtficote or other evidence o( indebtedness, if the obligation of the taxpayer
Forth.— It during the t
i year the taxpayer i
' discharges any
wed:
incurred in connection with such retirement or discharge;
(b) The deduction for losses allowable by reason of such retirement or
discbarge; and
(c) In case the issuance was at a discount, the amount deductible for such
year solely because of such retirement or discharge;
(5) Casualty, Demolition, and Similar Losses. — Deductions under section
23 (0 for losses arising from f
iipwTCck,
■ualty,
s of useful
r otherwise, shall e
>c allowed; "
(G) Repayment of Processing Tax to Vendees. — The deduction under'
oction 23 (a), for any taxable year, for expenses shall be decreased by an
amended, as the e
r tho Agricultural Adjui
3 deductible in the
0 includible in the corpoi
lot paid, bears to the aggre*
such Act collected from il
gro^ income io tho base period and which v
gate of the amounts so deductible in the base porioa;
(7) Dimdenda Received. — The credit for dividends received shall apply,
without limitation, to dividends on stock of domestic corporations;
(S) Payment^ of Judgments, and So Forth. — Deductions attributable to
any claim, award, judgment, or decree against the taxpayer, or interest on
any of the foregoing, if abnormal for tl* taxpayer, shall not be allowed, and
if normal for tho taxpayer, but in excXs of 125 per centum of the averse
amount of such deductions in the four previous taxable years, shall be dis-
allowed In an amount equal to such excess;
(9) Intangible Drilling and Development Coats. — Deductions attributabls
to intangible driUing and development costs paid or incurred in or for the
drilling of wells or tne preparation of wells for the production of oil or gas,
and for development costs in the cose of mines, if abnormal for the taxpayer,
shall not be allowed, and if normal for the taxpayer, but in excess of 125 per
centum of the average amount of «uch deductions io the four previous taxablo
years, shall bo disallowed in an amount equal to such excess; and
(10) Abnormal Deductions. — Under regulations prescribed by the Commls-
Gtoncr, with the approval of the Secretary, for the dcterioinatiou, for tho
purposes of this subparagraph, of the classification of deductions —
(i) Deductions of any class shall not be allowed if deductions of such
claas were abnormal for the taxpayer, and
(ii) If the class of deductions n*as normal for the taxpayer, but the
deductions of such class were iu excess of 125 per ecnttim of the average
amount of deductions of such class for the four previous taxable years,
they shall be disallowed iu an amount equal to such excess.
(11) Rules for Application of Subparaymphs {i'), (9;, and {tO).~FoT tho
purposes of subparagraphs (8), (9), and (10) —
(i) If tho taxpayer was not In existence for four previous taxable years,
then such average amount l^iie^■lru'd in Mieh subparagraphs Khali be deter-
mined for the prcvi ■ . .
I, beginning with the last, iis are ucccssary to reduce tho aggregate
(ii) Deductions sluill not bo disallowed under mich subparagraphs
by tho taxpayi
(iii) Th^ «r,
such sub|i!u.'i'
thoamouni '
exceed thr m
(A taxpayer r):ii
paragraph 8, 9,
r condition of the business engaged in
(ions of any clant to bo disallowed under
iii( to any taxable yeor slull not exceed
Uuns of such class for such taxable year
. ; i^for the toxoble year for which the tax
l: >'L>uiputcd.
■tineiit for an abnormal deduction under
11 tile with its rxcesa profits tnx return a
IH-riod (II
. . the anion
! four previous ta.xnble i
STATISTICS OF nSPCOME FOR 1940, PART 2
349
p*c«a
Capilai Oair,
t and LotstM. — Tbe oormal-
.11 be computed aa if sect
that the i
of section
ffQppl
applicable to the lax&blo y
uf which ia being computc-d, with the except
capital losa carry-over |
0 aod the special-class | . .
oQ 23 (k) (2), I of the taxable years
Bhort-t
Dcccmbor 31, 1934. Such exception eholl i
) reorganisations, aee »
apply
' taxable
beginning before Jiuiiiary 1, 1'.
For additional adjustmcnta
742 (e).
(V) EXCESS PEOFITS CEEDIT—AUOWAMCB.— Section 712 provides as
follows:
(a) Dbmestlc Corporations. — In the case of a domestic corporation which
taxabio year shall be an am;
whichever amount results i
taxable year for which the
, 19-
^omputed l
I pro&ts credit for fl
under Ihia t
713 0
1 714.
allowance of
corporations, see section
(b) Foreign Carporati
of certain reorgaoizatioi
business tbci
OD aay date
, — In the caae of a foreif
__ within the United States or havu
the &ist taxable year of which under
&40, which ■ ■ -■
orporation engag
in office or place
subchapter beg:
orty-eight mont
of the taxable years
the doy forty-eight t
ithin the
United Stat<a or"had an office or place "of business therein, the excess profit;
credit for any taxable year shall be on amount computed under
or section 714, whichever a
chapter for the taxable ye;
being computed. In the c
profits credit for any taia
714.
(c) Effect of Disclaimer of Credit. — If the taxpayer Ftatea
for the taxable year
; of th.
ie of tbe credit
3 714, the credit so disclaimed ahall not, for tbe purposes of tbe
revenue laws, be applicable to the computation of the tax under tms suo-
chapter for such taxable year.
(V-a) EXCESS PBOnTS CREDIT OP ACQUIHINO C0EPORATION3.—
e of & taxpayer which is an acquiring c
) profits credit
tion 713 or sec
iubcbapter f
.__, ; results in the lesser tax
' the taxable year for which the tax under this sub-
chapter is being computed.
{b) Effect of Disclaimer of CrediL— If the taxpayer states In its return
for the taxable year under this subchapter that it disclaims the use of tbe
credit computed under section 713 or the use of the credit computed under
section 714, the credit so disclaimed shall not, for the purposes of the internal
revenue laws, be applicable to the computation of tbe tax under this sub-
chapter for such taxable year.
(7-b) COUPDTATION OP CBESITS 05 KETDENS.— SecUoo 729 (b) (1)
provides —
(b) BelarnB.—
(1) Conputatum of Exceit ProfiU Credits. — In the case of a taxpayer which
(1) By computing the aggregate of the excess profits r
" ■ xable years of ihe taxpayer in the base period, n
of such taxable ycar» there wa.s a deficit in cxcesa profits n
by the sum of such deficits, excluding the greatc
(2) By dividing the amount ascertained under |>aragrai>h (1) by the total
number of months in all such taxable ycara; and
(3) By multiplying the amount oscerUined under paragraph (2) by twelve.
(0 AvcraM BuM Period Net Int^mt—lncreusfd Earningi in Lail Half of
Base Prriod. — The average base period net inconie determined under this
subsection shall bo determined as follows:
(1) By computing, for cacb of the taxi
base period, tnc cxce<s profits t
! years of the taxpayer Ic
for f
CSS profits
allocated t
year, which bears the
Tiputing for each half of the base period the aggregate of the
ict income for each of the taxable years in such haff, reduced,
lore of such years there was a deficit in excess profits net in-
lum of such deficits. For the purposes of such computation,
year in partly within f-ach holt of the base period f
ho first half an amount of the osceas profits
profits net income, as the case may be, for such taxable
s the same ratio thereto as the number of months falling
within such half bears to the entire number of months in such taxable year;
and tbe remainder ^hall be allocated to the second half;
(3) If the amount ascertained under paragraph (2) for the second half is
greater than the amount ascertained for the first half, by dividing the differ-
ence by two;
(4) By adding the amount ascertained under paragraph (3) to the amount
ascertained under paragraph (2) for the second tiaif of the base period;
(5) By dividing the amount found under paragraph (4) by 1
(6) Thoo
leriod net i)
) in tbe second half of the I
unt ascertained u
except that the averagi
determined under this subsection shall in no case bi
greater than the highest excess profita net income for any Uxable year ii
.. . . . ^ .. , ., I ■■-'--1 if any taxable year t
tbe base period. For the purpose of such I _ _ . , .
of less than twelve months, the excess profits net income for such taxable
year shall be placed on an annual bosia by multiplying by twelve and divid-
ing by the number of months included in such taxable year.
(7) For the purposes of this subsection, the excels profits net income for
any taxable year ending after May 31, 1040, shall not be greater than aa
amount computed as follows:
(A) By reducing the excess profits net income by an arnount which bears
the 5
i the I
) 712 0
computed undei
1 713 (
B Eubchapter,
computed under section 713 a
1 741 is entitled to have t
1 714,
9 profits credit
Q under this subchapter for any t
e with tbe credit c
information based on such credit may be omitted from
(VI) EXCESS PBOntS CREDIT— BASED OS INCOME.— Section 713
provides as follows:
(a) Anoanl of Excess Profits Credit— The excess profits credit for any
taxable year, computed under this sed'
(1) DomxalxcCorporalwna. — In tbe C
percent of the average base period r
under this subparagraph shall r
net income for such last prccedi
(C) If the number of
r of mouths after May 31. 1940, bes
such taxable year; and
; ascertained under subparai^raph (A) i
19^ .
added
of the excess profits
taxable year.
pfecedins taxable year is less than
such number of montha after May 31, 1940, by a-Tding to the
tained under subparagraph (B) an amount which bears the same r
the excess profits net income for the second preceding taxable year
excess of such number of months after May 31, 1040, over the nun
months in such preceding taxable year bears to tbo number of moi
such second preceding taxable year.
(g) Adjustments in Excess Profits Credit o
I Account of Capital Changes—
lefined i
1 (g).
(2) Foreign Corporations
of the average base period
(b) Average Bas« Period Net Income.— Section 713 (b) provides as
follows:
(b) Boat Period.—
(1) Definiiion. — As used In this sectioo the term "base period" —
(A) If tbo corporation was in existence during the whole of the forty-eight
chapter, means the period commencing with the beginning of its first taxable
year beginning after December 31, 1935, and ending with the close of its last
taxable year begimiing before January 1, 1940; and
(B) In the case of a corporation which was in existence during only part
of Its first taxable year under this subchapter.
(2) Division inlo Hatve$. — For the purposes of subeectiona (d) and (0 '
base period of the taxpayer shall be divided into halvea, tbe first half to
composed of ooe-balf tbe entire number of months ia tbe base period e
to begin with the beginning of the base period.
(c) Deficit in Eicest Profiia Net Income. — For the purposes of this s
the t
"deficit i
' with respect to any taxable
determining whether there was sue
thereof, the adjustments provided
(d) Average Bate Period Set Int
(1) Definiiion.— Fot tbe
s and in determioing the amc
a 711 (b) (1) ahaU be made.
shall be 1
J the average base period
_, ___ ._.„._ __ _ be the amoun' ' " "
1 (e), subject to the exceptioi „„ ^
3 for the last half of its base period, reduced by tbo aggregate of the
deficits in excess profits net income for such half, is greater than such aggre-
"■'''" " iverage base period i ' "
nined under sub(
t determined under s
(2) For the purposes of subsections (e) and (0, if the taxpayer was in
ring only part of the 48 montha preceding tbe beginning of its
nths (beginning with the beginning
of its base period) during which it wik9 not in existence, shall be an amount
equal to 8 per centum of the excess of —
(i) the daily invested capital for the first day of the taxpayer's first
taxable year beginnirg after December 31, 1939. over
(ii) an amount equal to the same percentage of euch daily invested
capital as ia applicable under section 720 in reduction of the average
invested capital of tbe preceding taxable year;
(B) for the taxable year of less than twelve months consisting of that part
of tbe remainder of iu base period during which it wi
r a fuU year under
n such taxable year
i'divided by the number of days in the twelve months ei
nth the close of such taxable year.
(3) Id no case shall the average base period net income be less than zero.
(4) For the computation of average base period net income in tbe case
if certain reorganizations, see section 742.
(e) Average Bate Period Net Income — Cen«ro/ Arerage.—The average base
teriod net income determined under this subsection snail be determmed as
for the taxable year shall be the oxce
divided by the number of days in the taxable year, of the aggregate of t
daily capital addition for each day of the taxable year over the aggreg*
of the daily capital reduction for each day of tbe taxable year.
(2) The net capital reduction for the taxable year shall be the i
■■■■■■ '^ ■ ' days in the t" -^ ' "- ""''''
r each day (
the aggregate of tbo amounts of money and property paid in for stock, or
as paid-in surplus, or as a contribution to capital, after the beginning of^the
taxable year under eubchapter E and prior 1
In determining the s
t of any property paid i
determin
:ion by t
^ reduced by tbe (
The
obUgalic
1 which i
1 of tbe
capital.
_ _ _. ascertained under this paragraph shall I
if any, of the excluded capital for eucn day over tl
first day of the taxpayer's first ta:
excluded capital for any day shall t
foUowing:
(A) The aggregate of tbe adjusted basis (for determining loss upon sale
or exchange) as of the beginning of such ds" -' -'^'^'— ^— ■ '"-'-^ ^^ '^-
taxpayer at the beginning of such day, w!
22 [b) (4) (A). (B), or (C) any part of the in
from gross income or allowable as a credit agi
(B) The aggregate of the adjusted basi
excludible
,^ ^ determining loss upon sale
exchange) as of the beginning of such day, of stocli of domestic corpora-
tions held by the taxpayer at tbe beginDiag of such day. The daily capital
addition shall in no ceae be less than zero. (For daily capital additions
and reductions in case of certain reorganizations, see section 743).
(4) The daily capital reduction for any day of the Uxabje year shall t
3 after t
tbe aggregate of the i
comings and profits, after the beginning of '
(Vl-a) CAPITAUZATIOH OF ADVEETISINQ. ETC., EXPENDITTOE3.—
Section 733 provides —
(a) Election to Charge to Capital Account.~For the purpose of computing
the excess profits credit, a taxpayer r
date prescrit>ed by law for filing i'
this subchapter,
tcJtable y
advertising
prescribed by
the r
theC(
capital
taxable y
;apiUU account so
ipplicable base period on
amotion of good will, as,
nmissioner with the appro'
leh of tlu
.unt Of €
r^iulations
the same for all
: be for Ih'^ total amount of sunh expendilurea
capital investments. In computing the excess
account of such expenditures shall be charged
which may be so regarded a
profits credit, no amount o
to capital account:
(1) For taxable years in the base period unless the clectio
subsection (a) is exercised, or
(2) For any taxable year prior to the beginning of the bos
(b) Effect of Election.- If tbo taxpayer exercises the dec
under sut)sectioa (a) —
(1) The net income for each taxable year in the base p
; computed
be the net
and such deductions shall not be considered
and profits. This paragraph shall be
1 such dedi
part of the law applicable to each taxable y
(2) The treatment of such expenditures
the base period shall, for the purposes of
■}y applied i
ear m tbe base peri<
as deductio
734 (b) (2), be considered
tbe Law applicable to such year,
cled in the excess profits tax return in answer to Question <J) to
penditures for advertising or promotion of good will, attach a
lowing by taxable years tbe nature and tbe amount of the items
treated as capital expenditures.)
(Vl-b) AVERAGE BASE PERIOD NET INCOME OF ACQUIRIKO COR-
PORATIONS.— Section 742 provides i
In the cese of a taxpayer which u
profits credit of which i;
le taxpayer made
i, and if the taxpay
; taxable year, be computed
follows, in lieu o
350
STATHSTiICS OF rN€'OME FOR 1940, PART 2
(TO) EXCESS PBOnXS CREDIT— BASED ON INVESTED CAPITAU-
Seetion 7i4 provides that the excesa profits credit, for any taxable yuar. com
puted under euch section, hhall bo an amount eqtial to 6 percent o( ttie lax
payer's invested capiUI for tbo taxable year, determined under aeclion 715
(I) DeflniUon of Invested CapiUl.— Section 715 provides—
For the purposta of subchapter E the invested capital for any Uxabl.
»iblu
1 ujider section 720 (relating
'if the Commissioner finds that in any caae the det
iveat«d capital, on a basis other than a daily baais. will prodi
d capital differinij by □
e than $1,000 from
r regulations prescribed by him
G approval of the Secretary, provide for euch determination on euch
other basis. {For computation of invested capiUI io case of foreign corpora-
tions and corporations entKled to the benefits of ecction 251, eee section 7*4.)
(2) Average Invested Capital.— Section ?I6 provides—
The average invested capit^Tfor any ta.xable year sliall be the aggregate of
the daily invested capital for each day of such taxable year, divided by the
number of days in such taxable year.
(3) Dally Invested Capital.— Section 717 provlde&—
The daily invested capital for anv day of the taxable ycv shall be the sum
of the equity invested capital for such day plus the borrowed invested capital
for such day determined under section 719.
(4) Equity Invested Capital.— Section 718 provides—
(a) Definition. — The equity invested capital for any day of any taxable
year shall be determined as of the beginning of euch day and shall be the sum
of the following amounts, reduced as provided in paragraph (bj-
(1) Money paid in. — Money previously paid in for stock, or as paid-in
(regardless of the t
ofs
1 taxable year. If s
J - — . ' t>e dcter-
'if the property werestill held at the beginning
1 unadjusted basis is a eubetituted basis it shall
be adjusted, with respect to the period before the property
the mauner provided in section 113(b) (2);
(3) Diitributions tn slocJt.— Distributions in stook—
(A) Made prior to such taxable year to the extent to which they are con-
sidered distributions of earnings and profits; and
(B) Previously made during such taxable year to the extent t« which they
are considered distributions of earnings and profita other than earnings and
profits of such taxable year;
(4) Earningi and profit at beginning oj year.— The accumulated earnings
and profits as of the beginning of Buch taxable year; sjid
(5) Increase on account of gain on tax-fret liquidation. — In the case of the
previous receipt of property (other than property described In the last
sentence of section 113(a) (15)) by the ta^ipayer io complete liquidation of
ajiolhcr corporation under section 112(b) (ti), or the corresponding provision
of a prior revenue law, an amount, with respect to each such liquidation,
e<iual to the amount bv which the aggregate of the amount of the money so
received and of the adjusted basis, at the limo of receipt, of all property
(other than money) so received, exceeds the sum of:
(A) The aggregate of the adjusted basis of each share of stflck with respect
to which such properly was received; such adjusted baais of each share to
be determined immediately prior to the receipt of any property io euch
liquidation with respect to such shnro, and
(B) The aggregate of the liabilities of such other corporation assumed by
1 of the following
(IJ Distribution! in previous ycori-- Distributions made prior to such
taxable year which were not out of accumulated earnings and profits;
(2) Dt«(riI»iJion# dunnp ()w v^ar.— Dbtribuliona previously made during
such taxable year " ' '' *""■
(3) Earnings and profits of another corporation. — The t
ings and profits of such t
of another corporal
Tilngs and profiU
included In
action described in section
>oding provision of a prior
revenue law, or by reason of the transfer by such other corporation to the
taxpayer of property the basis of which In the bands of the taxpayer L^
" ' Ined with reference t<~ '' — ""
property (otl . . . .
Il3(a) (15)) tjy the taxpayer in complete liquidation of
another corporation under section 1 12(b) (6), or the corresponding provision
of a prior revenue law, an amount, with respect to each euch bquidation.
equal to the amount by which the sum of —
(A) The aggregate of the adjusted t>asis of each share of stock with respect
to which such property was received; euch adjusted basis of each share to be
determined immediately prior to the receipt of any property in such liquida-
tion with respect to such share, and
(B) The aggregate of the liabilities of such other corporation oBsumed by
thetAxpay. * '■ - ■- ■- ...„....-►. „...^.-,., „. .i,» ,.„k.,;.:-.=
1 the stock with respect I
(not assumed by the taxpayer) to which i
ject, and of any other consideration (olti
which such property
ed) given by the taxpayer for such property
adjusted basis, at the time of receipt, of all properly (other than money) (
received. The amount of the reduction under this paragraph shall ni
exceed the accumiUaled earnings and profits as of the beginning of Much tax-
able year.
(c) Rules for Apvlir(Uion of Paragraphs (a) and (b).— For the purposes of
paragraphs (a) and (b) —
(1) Dixtributiona Io shareholderi.— Thi! term "dlslribullon" means a dis-
tribution by a corporation to its ehareholdere. and the term "distribution
in stock" means a distribiilion by a corporation in its stock or rights
to acquire its stock. To the extent that a distribution in stock la not
considered a distribution of earnings and profits II shall not be considered a
distribut-ion, A distribution in stock shall not be regarded as money or
property paid in tor slock, or as paid-in surplua, or aa a contribution to
(3) Compvlation of earnings ami profilt of taxahU year.—Yor the purposes
of paragraphs (a) (3) (B) and (b) (2) in determining whether a distribution
Is out of the earnings and profits of any taxable year, such earnings and profits
shall be computed as of the close of such taxable year without diminution
by reason of any distribution made during such taxable year or by
the tax under subchapter E for such yt-i
made without regard to the amount of efl
distribution was made.
(4) Slock in case of merger or contoUdati<m.—\t a corporation owns el
another corporation, and —
(A) Such corporations are merged or consolidated in a statutory i
) parties
taction which results in thi
such stock shall not be considered ra
aid-in surplus of, or as a contribution t^
g from the transaction referred to It
capital of, the corporation
eubparagraph (A) or (B).
fd> For special rules afTecting computation of property paid in for stock
In connection with certain exchanges and liquidations, see section 751(a).
(e> For determination of equity Invested capital In special ca-ps, eeo
■ection 723.
r shall be determined i
1940) w.ih a foreign government to furnish arlicles, i
such foreign government, if such coctract provides for advance payment and
for repayment by the vendor of any part of such advance paymeiit upon
cancellation of the contract by such foreign government, the amount which
would be required to be eo repaid if cancellation occurred at the beginomg
of such day. but no amount shall be considered as borrowed capital under
this paragraph which has been includible in gross income.
(b) Borrowed Invested Capital. — The borrowed invested capital for any
(6) Admlaalble
(a) Defin
(I) The
nd InadmUsiblo Aaseta. — Section 720 provides —
-For the purposes of subchapter E —
-(A) Stock in corporatioDB
i foretgc personal- holding company, a
9fle(;and(B)exceptBspro ' ^■
ion 22lb) (4) any part of t
t stock which
i sbalTl
invested capital
9 of the total of admissible and
s other than inadmissible
ta^e which the total of the inadmiseible
oiog the adjusted basis thereof
The adjusted basis
salo or exchange as determined
X the taxable year
o an inadmissible
3 of inadmissible assets to
the total of admissible and inadmissible assets, be added to the total of
admissible assets and subtracted from the total of inadmissible assets.
(d) Treatment of Government Obligations as Admissible Assets.— If the
profits credit for any taxable year is computed under s
taxpayer may io i
income for such i
1 22(b) (4)
m for euch >
3 held dun
: of the
r which are described
oormal-t
of the interest from which is excludibte from
a credit against net income. In such cace.
the term "admissible assets" includes euon obligations, and the term "Inad-
missible assets" does not include such obligations.
(THI) ABNOBUAUTIES XS tNCOUB IN TAXABLE PEKIOD,— Section
721 provides —
(a) Definitions. — For the purposes of this section—
(1) Abnormal income. — The term "abnormal income" means income of any
class Includible Id the gross income of the taxpayer for any taxable year under
this subchapter if it ia abnormal for the taxpayer to derive income of such
class, or, if tnc taxpayer normally derives income of such class but the amount
of such income of such class includible io the gross income of the taxable year
Is in excess of 125 per centum of the average amount of the gross income of
the same class for tlie four previous taxable years, or, if the taxpayer was not
2 for four previous taxable years, the taxable years during which
owing subparagraphs shall
Judgment, or decree, or
6 pcrform-
(2) Separate classes of income —E&ch of
0 held to describe a separate class of Inci
(A) Income arising out of a claim.
L of tangible property, patei
. of the foregoing, extendini
ne includible in gross incom
e case'of a lessor of real prop
ble year by reason of the t«
ting of dividends oi
I, discovery, prospecting. rej<earch, i
: for the taxable
J taxpayer's accoui
e Included in gross Io<
for the la
(F) Io.
foreign personal holding companies.
All the income which is classifiable in more than one of such subparagraphs
shall be classified under the one which the taxpayer Irrevocably elects,
ibed in subparag"'^- "^
gulations prescribed by I
> (3om-
I the
Al ]25per centi:
irmal income o
I in determining
in part derived
;h such ab-
the amount
of Ouch average amount
Amount atlributahle to other years. — The amount of the net abnormal
3 that is attributable to any previous or future tarable year or year*
le determined under regulations pre-scribed by the
distribution i
>utablo to the first
c.irs (or if such vea
income is Includibli
taxable y<
gross i
I such transfer t
euch latter taxable
future taxable yeara not included in the
gross income of n previous taxable year.
(c) Compulation of (ax for current taxable year. — The tax under this sub-
chapter for the taxable year, in which the whole of such abnormal income
would without regard to this section be includible, shall not exceed the sum of:
(I) The tax under this subchapter for such taxable year computed without
I gross Income of the portion of the net abnormal li
h is attributable to any other taxable year, and
I The aggregate of the increase in the tax undt
? resulted for each previous taxablo year
' " butable. comoutca
0 for such prci
tibchapter which
h any portion of
puled as If an amount equal
(d) Computal
abnormal incor
purposes of this
without the inclusi
t for future
abnormal Income which.
(2) the decrease !D th
1 year [n which the whole of such abi
profits net incomo of the portion of a
such year, and
inder thb Eubchaptor for the previous
STATISTICS OF BNlCOME FOR 1940.. PART 2
351
ttuB section be iadudiblc, wbicb r
whole or a part of the abDorui&l
urevious taxable year; but the ami
agsregjite of tbi
^suited by j
income fro . „
)UDt of such decrease shall i
the t
resulted Tor the taxable years lot
yeor aod such future taxable year because of the iucIubiou in tiie grotta lucome
of thu portions of such uet abnormal income atti ihutuble to Bucb interveuiug
A taxpayer claiming the benefits of tin n!. -.i i r. •. ■. i.^ja of section 721
shall file with its excess profits tax r, • ... 'mavhir (b) the
amount and iiuture of thcjtcm of inci .M.onu&l; (b) the
method used in allocating such abnurii. Ml . . n ,,1 i .. nmoMnt aUocatcd
to each year; (c) a schedule showing by \i..ii^ ;i „ ^i. l ; '.. if uny, of lucome
of the same clais derived during the fcur tavut.li- vcar;* nnaiedialely preced-
ing the taxable year, and (d) all other fads upon which Ihc taxpayer relies.
(IX) ADJOSTMEHT OF ABNORMAL BASE PERIOD NET INCOME.—
Section 722 provTdesH-
(a) Genera/ ftu(c.~In the case c( a Uxpayer wh<Ke first taxable year un-
der this subchapter begins in 1910, if the Uxpayer establishes—
(1) that the ch.iractur of the business engaged in by the Uxpayer as of
January 1, 1940. is different from the character of the business eigaged m
during one or more of the taxable years in iU base period (as defined in
section 713 (b) (1)); or
(2) that in one or more of the taxable years in such base period normal
production, output, or operati
, ,. ..finished
mormal in the case of such taxpayer; and
(3) the amount that would have been its average base period
(A) if the character of the business as of January 1, 1940, had
I the
i during each of the taxable years of such ba&e i>criod; and
(B) if none of the abnormal events referred to in paragraph (2) bad
occurred; and
(C) if in each of such taxable years none of the items of gross income had
been abnormally large, and none of the items of deductions bad been ab-
normally small; and
(4) that the amount established under paragraph (3) is g^reater than the
average base period net income computed
742, as the ciue
f be, I
1 the (
: period i
; of the taspaye
shall be considered
for the purposes of this subchapti
(b) R'jlts for Application of SubseiUion (a).— For the purposes of Bub-
(1) High prices of materials, labor, capital, or any other agent of pro-
duction, low selling price of the product of the Uxpayer, or low physical
volume of sales owing to low demand for such product or for the output of
cd different froi
■ of I
1, 1940, shall be - -
«iigag(.-d iu during one or more of the taxable yeara in its base period only if-
(A) there is a ditfercnce in the products or services furnihhed; or
(B) there is a difference in the capacity for production or operation; or
(C) there is a difference in the ratio of nonborrowed capital to total
eapiul; or
(D) the Uxpayer was in existence during only part of its base period; or
tE) the taxpayer acquired, before January 1, 1910, all or part of the
assets of a competitor, with the result that the competition of such competiti. "
was eliminated or diminished.
(3) The average base period net income determined under !
Lit for sue:
iiid deficit in excess profits i
sumptions made in subsection (a) (3).
(4) If subsection (a) (I), or both subsecUons (a) (1) and (a) (2) (
plicable to any taxpayer, i'
(b) For corporations completing contracts under Merchant Marina Aet.
93G, SCO sectiuD 726.
Cc) For corporations engiiigcd in mining of strategic metals, see acctloo 731.
{Xni ADJUSTMENT IN CASE OF POSITION INCONSISTENT WITH
_'^-_' ^ ,,-.» -■'- 734 provide*—
kOs uny person subject to a tax
ineans an income tax imposed
1 and TiLlu lA of t
[:.'\enue Acusof 193
■I Title Hof theRcv)
, amended i
orliU^ II
(3) Pnor taxable ytar.—K taxable year beginiihig after Decuraber 31,
1939. shall not bo couiidercd a prior Uxable year.
Cb) CxTcumatancet of Aiijuaiincni. —
(1) If—
(A) in determining at any time the Ux of a taxpayer under this su^
chapter an item affecting the determination of the excess profitscredU.
.^ .. Ux liability (
for a prior Uxable year or years, and
(B) the treatment of such item in the prior taxable yci
treated
the determination of the
previously deUimuied for
under this subchapter
years consl:
litly with the determination under this subchapter would effect
or decrease in the amount of the income taxca
such Uxable year or years, and
(C) on the date of such determination of the
correction of the effect of the inconsistent
the prior taxable years is prevenUd (except for the provisious of section
3801) by the operation of any law or rule of law (other than seclioo d7t)i,
relating to compromises),
then the correction shall be madeby an adjustment \.
Uxable year such '
- fidcpled la the deter-
-:h respect to whom
years) which pus
.uiiaisn'iiL " nil ilic trcatiiiijul accordcd such iteiu
... the prior taxable year or yeara which was not correct under the law
applicable to such year.
(c) Method and Effect of Adjustment.— {I) The adjustment auUiorized by
subsection (b), in the amount asccruined as provided in subsection (d), <r
a net increase shall be added to, and if a net decrease shall b« jiubtracte.1
from, the tax otherwise computed under this subchapter for tho Uxablo
year with respect to which such inconsistent position is adopted.
(2) If more than one adjll^tIn^.■ut under this section is mado because moro
thau n-if itH . (. i '. ' I -i i - adopted with respect to ono taxable year
adjust
>verage base period i
(1) the tax under this subchapter for the t
reference to this section, exceeds 6 per ceotu:
net income for such year; and
(2) tho application of this section would result in a diminution of tho t
otherwise payable under this subchapter for the taxable year by more th
10 per centum thereof.
(d) Extent of Reduction in Tax Under thii Seetion.—I'he application
this section shall not reduce the Ux jiayablc under this subchapter for t
taxable year below 6 per centum of the taxpayer's normal-tax net iocoi
for such vcar. The Ux under this subchap'.er computed with the appli<
tion of subsection (a) shall be mcnascit b> ao cmoupt equal to 10 per ccntu
of the tax coniputed without reffT.>nio to this section.
■(e) Apv'"-"'i^>" <■"■ KA-^f I :..'<■ Thi.i Section. — The taxpayer ehall co:
pute It-- ! 1 . ' ' 1 :, IS subchapter without the applic
filing i..f I r . iliiTefor in aecordari'
to be 1 r . . .- v/ith the approval of the SecreUry,
excejil I'll.' > I ' l!ie case of any Uxpayer with respect
(21 mails a notice of cJcQciency (A) without having previously issued a
prehminary notice thereof or (B) within ninety days after the data of such
preliminary notice, such taxpayer may claim the benefits of •""' "-" ■-
) the Board
rul^ of the Board.
If the applicaiion is nc
amended petition in accordance with the
montha after the date prescribed
reduce the tox ollitrwise determined under this subchapter by an amount
in excess of the aniount of Ihc deficiency finally determined under this sul>-
chapter without the upplicHtion of this section. If the average base period
net income lins been dflLrmincd under subsection (a) for any taxable year,
the Commissioner niav. hv rtculations approved by the Secretary, prescribe
the extent to which the limitations prescribed by thia subsection may be
waived for the purpose of determining the tax under this subchapter (or a
subsequent taxable year.
(X) EQUITY INVESTED CAPITAL IN SPECIAL CASES.— Section 723
provides —
Where the Commissioner detci
of the beginning of the taxpayer's first taxable year under
cannot be determined in accordance with si
capiUl Hs of the beginning of such year shall
ty inve-sted capital ae
ity invested
i ol
l>eing reduced
of (a) the money plus (b) the aggregate of the adjusted basis of the
of the Uxpavcr held by the Uxpayer at such time, suci ' *'
by the indebtedness outstanding at such time. The ar
asseU, and indebtedness nl such time shall be delerr
with rules and regulations iin-^cnlied by ll
prov.ll of the Secretary. In sm. .__.. -, --^ — —
day after the beginning of the laxpayer's first Usable year under sulichaptcr
E shall b? determined, in accordance with rules and regulations prescrilH*d
by the Commissioner with the approval of the Secretary, using as the basic
figure the equity invested capiUl as so determined.
(XD SPECIAL CLASSES OF CORPOHA'nONS:
(a) For fcicign corporations ond corporationa entitled to benefits of
section 251— invested capital.
amount of tho i
taxable yean? for
bhowKy U'^ '
1 the
I aggregate net incr.
' Adju5ltnfnl.~lu computing tho omount
tion there shall first bo ascertained thu
viously determined for eoch of the prior
is prevented. The amount of each such
constituted a drfieiency or an overi>ayment. bs the ca.-,c ntay be. for such
pridi- taxable year. There shall be a.scertained the ditferencc l<cLwccn the
aggregate of such increases, plus t"- ■ ' "■'-■' ''■ '" --■' ' '''"
aggregate of such dccrcasi;*, plus tni
under thia section with respect to the inconsistent treatment of euch item.
am) LIMITATIONS ON AMOUNT OF FOREIGN TAX CREDIT.— Tho
amount of the credit to be taken in item 33. page 1 of the return, shall bo
lunt of the credit
t exceed t
I of I
payci
mtryshalli
c against which such credit is takci
of the c
• from sources within such coi
3nie for the faine taiuble year;
not exceed the
1 the I
profits net
which the Uxpayer'a excess profits n<-|
■es witbout Itie United States bears to its entire exce-'^*
profits net income for the same taxable year. (See section 729 (o) and (d) i
(XIV) WHEN AND WilERE RETURN SU'ST BE nLED,— Hd
filed on or b^f. i. :. ; ■■ . i ■■, ■■" Or- il...-! ...■■'■;
taxable yonr ■> .' ' :■■ ■ i t f .i r ■:. ■•■
principal I'l:ti ■■ ; ; : :,■ i- 1 . ■!
. -? of t
consolidated excess profits Ux return is filed by an arBUaled group of corp
tions such consolidated return must be filed with the collector with wl
the income lax return of the common parent corporation is filod.
(XV) CONSOLIDATED RETURNS.— The eommoa parent corpora!
when filing a consolidated return, shall atUch thereto a schedule sho*
the names ond addresses of all the corporations included in the ret
Each Uxable year each subsidiary
Form 1122E consenting to the reg
and authorizing the m.iking of the
be atUched to the consolidatcil i . ^, . ,
shall bo filed, at or before the time the consolidated return is filed, in t
office of the collector for the suUsuliury's district.
(XVI) WHEN AND TO WHOM TAX MUST BE PAID.- The tni must bo
I four C(|ual iimtallmcnts on the
ivellth in '
nsUllme
ively. following tho
IHCOMB TAX RETURNS— RESTRICTION OS DEDUCTION FOR EXPENDITURES FOR ADVERTISING AND GOOD WILL.—Section 10 (b) of tbe Ac
"Exc^ pTofits Ta:. Amendments of 1941" amends section 23 la) of the Internal Revenue Code by adding at the end thereof a ue* paragropli
applicable to taxable years beginning after December 31, 1939, rcadinn as follows:
(3) Eipmdttures for Adwrtiiing and Good Will —11 a corporation has, for the purpose of c
the benefit.-! of the election provided in section 733, no deduction shall be allowable u
h6 benefit.-! of the election provided in section 733, no deduction shall beallowat
r the promotion of good will which, under the rules and regulations prescribed
3 733 (a), may be regarded as c
352
STATISTICa OF INICOME FOR IS 40, PART 2
UNITED STATES
RETURN OF PERSONAL HOLDING COMPANY
(UNDEP SUBCHAPTER A, CHAPTER 2, INTERNAL REVEr.'UE CODE)
1940
<AiKia«.Su«ip)
For Calendar Year 1940
or fiscal year be^ning^ .., 1940, and ended
.., 1941
Fil«
Code
Serial
^
Dintriet ..
(
Cash
i
PRINT PLAINLY CORPORATION'S NAME AND ADDRESS
Culiiti'i Sunp)
Checic K
Puat PAynienl
(N««.)
1. O.
(Stnat mad numUr)
(Po«t office) (County) " (St«(«)
'i™iS-r'N» SUBCHAPTER A NET INCOME COMPUTATION (See Indnidiai H)
1. Net income (as defin«i in chapter 1 of iht Internal Revenue Code). (s« l,«m.<u«, i) _._
$
2. Add : Net long-term capital toss used in computing item 1 . {From Fmio 1 120. iicm i |(U. pmc i> (if • m kMenani upiul iiin. fill « km W))
3. Total ol items I and 2
4. Less: (ay Net short-term ca
(i) Net long-term ca
5. Difference between items 3 and
6. Add: Contributions or gifu dec
7. Excess of expenses and <
505(b). (f™,5.Wo1,«)
%
$
pital gain used in computing item 1. (From Fom \m. >te>t> ii<i) t»,t i) (if
4
$
$
eprcciation over income from propert/ not allowable under section
8. Net operating loss deducted in computing item I . (From Fow. ll». ii«m 26. page i)
9. ToUl of items 5 to 8, inclusive,
to. Capital gain (or loss). (11 . »« 1»
11. Total o( items 9 and 10 (if a cap
12. Less: Contributions or gift
13. Federal income, war-
14. Income and profits ta
in computing item
15. Amounts paid in liqu
malce contributions
16. Subchapter A net income (item
UNDISTRIBl
17. Subchapter A net income (item
18. Less: Dividends paid crcdi
19. Amounts used or irre
prior to January 1
$ .-
.. dc not ci.Ur »v» s2.ttU) (S« ittm. 2 tnd 4. ibovrju
Ul gain), or difference between items 9 and 10 (if a capital net loss)
$
paid (F, m SJ.ed 1, B « 1 in^u 121, li.i..l )
$
arolits. and excess-profits taxes. (FrwnSd«juitC) _
es paid to a foreign country or United States possession (not deducted
1) ..
dation of liability of the corporation based on liability of a decedent to
1 1 minus toUl of items 12 to 15, inclusive)
$
TED SUBCHAPTER A NET INCOME COMPUTATION (See hslnictioii 0
16, above)
. (F,<«5<l«dJ,D) _
vocably set aside to pay or retire indebtedness of any kind incurred
1934. (r„mSj.d.i,E)
$
income fhefore armlvino section 504fcn (item 17 minus items 18 and 19)
__2I. Less: Dividends paid after close of taxable year, excluding deficiency dividends as defuied in
section 506(c). «.u<l,
22. Undistributed subchapter A net
23. Surtax on portion of item 22. n
24. Surtax on amount of item 22, ir
income
$
COMPUTATION OF TAX
3t in excess of $2,000, at 65%_ _ _
$
^
excess of $2,000, at 75%
$
26. Surtax defense tax (10% of item 25)
27. Total surtax and surtax defense taxes due _._.. ;.'.
$-
Furnish below the names and addresses of the individuals who owned, directly or indirectly, at any time during the last half of the taxable year, r
than SO percent in value of tlic outstanding capital stock of the corporation:
n™.
AJdrcu
Highest percenUse of ihucs owned during
latt halloi uuble year
PtdmeJ
CoiTL-non
(1)
(3>
(5)
AFFIDAVIT (See Instruction E)
We, the undersigned, president (or vice president, or other principal officer) and treasurer (or assistant treasurer, or chief accounting officer) of the •
corporation for which this return is made, being severally duly sworn, each for fiimself deposes and says that this return (including any accompanying
schedules and statements) has been examined by him and is, to the best of his knowledge and belief, a true, correct, and complete return, made in good
faith, for the taxable year stated, pursuant to the Internal Revenue C^e and the regulations issued thereunder.
Subscribed and sworn to before me this
. day of .
, 194...
(Sl.
1.1W
I/we swe
statements) i
wa* prepared by some person or persons other than oflicera or employees of the corporation, the following affidavit must b« executed)
AFFIDAVIT (See Instruction E)
r (or affirm) that 1/wc prepared this return for the person named herein and that the return (including any accompanying schedules and
I true, correct, and complete statement of all the information respecting the tax liability imposed by section 500 of the Internal Revenue
Code of the person for whom this return has been prepared of which I/we have any knowledge.
Subscribed and sworn to before me this
. day of
NOTt— li aa* te Ail rsta w k tam^ u mtSat tb iipiiiiHi rf fa bmrf tmmt Ckit,^ itUtAHmhsAtmHUMtm^ FUUT id CUAKLT. !».,»„
STATISTICS OF IINC'OME FO'R 1940, PART 2
353
SchMluU A.-EXCESS OF E
JCraNSESANDDEP
RECIATIO
1 oven INCOME FROM PROPERTY
<aT ALXOWABLX UNDER SECTION S
as. <Sm In*tnu
!>.»
). KhkI ol Propcny
Aoiuiltd '■ ^"^
■"^^ 1 .
1 S. Rtp»in. Wu
Dcpnciilion Es|*ius (u
sri'>"?.S"-|'-i3SS'„''
Ubi.} 1 Column. 4
E.p.™» 1 , ,^
^>ii.l.^ !!<«<«
e.Elou(Coli>ri>6
•~ni>C«h«n»7>
(.)
<b)
. $...
.... i
1
1 '
' 1*
1 1
1 1
'$...
H''IC
t 1. .
(r)
1 "■
(d)
'
....!....
1 1
ToUtl excesa of expenses
nd depreciation o
vcr rent c
irothei
compensation (Ente
LI
Item 7 first page)
$
Explaration cf expenses entered in column 5
State the names and addresses of persons from whom rentor other compensatic
s received for the use of or the right to lue. each property .
SchcduUD^-CONTRIBUTlONS OR GIFTS PAID. (Sm Ifutructloii 12)
Nunc and Addieu of Organization
Amount Name and Addras of Organiution _ Amount
$ 1 : ,
i ' ■
'i 1
1 i[ 1
Total. (Enter as item 12. first page, subject to 15
percent limitation) _ _ 1 $
C— FEDERAL 1NC(
ME. «
AR-PROFITS. A
ND EXCESS-PROFITS TA.XES
(S«a Inttru
rtlo- -.3)
Nature of Tu
Tinblc Year
Amount
Nature of Tu
Taxable Ytar
1
Amount
1$ 1
' $
.
1 1 .
1 ■ ■'
1
Total. (Enter as item 13, first page)
.!$-
Note I.-Do not indcdc sun
Note l-The dwlwed v;ilu<
um, but ihould be taken u a (
u imposed by sections 102 and 500 of the Internal Revenue Code, or by the corresponding sectjoru of a prior incoi
icess-prdiu tax imposed by section 600 of the Internal Revenue Code sliould not be included here and taken &
:uction in computing the amount entered as item I, &rst page of this return.
n item 13, fint page of this
1 . Taxable dividends paid, excluding (o) dividends claimed in the pr'^ceding year under section 504(c), and (A) deficiency dividends
as defined in section 506(c) „ _ _ _
2. Consent dividends credit. (Submit schedule) „
3. Taxable distributions (total of lines I and 2) ; „ ■ $_
4. Net operating loss of preceding Uxablc year (not in excess of the adjusted net income). (Submit schedule) $.,
5. Bank affiliate credit : „... ■
6. Total of lines 4 and 5. or adjusted net income, whichever is less _
7. Dividend carry-over from first and second preceding taxable years. (Submit schedule of computation)...
8. Dividends paid credit (totAl of lines 3. 6. and 7). (Enter as item 18. first page)
INCURRED PRIOR TO
1. Description of indebtedness
2. Date incurred or assumed
3. Date due _
4. Original amount of indebtedness
5. Amount used or set aside prior to January I, 1934, to pay or retire such indebt-
edn«
6. Ejccess of indebtedness on Januju^ I, 1934, over total amount used (
aside prior to that date to pay or retire such indebtedness.
Tm Amounts used or set aside to retire such indebtedness during the follow
ing calendar years, or during fiscal years beginning in such calenda
11934.
1935-
1936.
1937.
1938.
1939.
8. Amount used or irrevocably set aside during the taxable year covered by this
return to pay or retire such indebtedness „
9. Total of lines 7 and 8 „
10. Balance of indebtedness (line 6 minus line 9)
11. Indicate separately:
(a) Amount actually used during the taxable year covered by this return
to pay or retire the indebtedness _
(i) Amount irrevocably set aside during the taxable year covered by this
return to pay or retire the indebtedness, but not actually used dur-
ing the taxable year for such purpose _ -
12. Portions of amounts entered on line 8 above, claimed as deductions for the
taxable year covered by this return. (Elntcr total as item 19. first page)
Indicate by check mark whether the deduction claimed in item 19. first page of this return, represents;
A n Amount actually used during the taxable year to pay or retire the Indebtedness:
B D Amount irrevocably set aside during the taxable year to pay or retire the indebtedness; or
C □ Combination of both A and B.
There must be furnished all of the facts and circumstances upon which the taxpayer relies to establish the reasonableness of the amount claimed
deduction. Describe fully the plan for payment or retirement of the obligations, indicating date and method of adoption, and, where the plan is cov
by a mandatory sinking fund agreement or similar arrangement, submit a copy cf the indenture or agreement by which the fund was established and und<
which it is maintained - - - -
■ed
If the amount claimed as a deduction in item 19. first page of this return, represents i
scplain fully the circumstances and method by which it was irrevocably set aside
1 amount irrevocably set aside to pay or retire the indebtedness.
354
S!TATISTTCS OF luS^COME FOR 1940, PART 2
INSTRUCTIONS FOR FORM UZm
1940 UNITED STATES RETURN OF PERSONAL HOLDING COMPANY
(UNDER SUBCHAPTER A, CHAPTER 2, INTERiNAL REVENUE CODE)
(References arc to the tljo Internal Revenue Ci>Jo, unlesi otherwUe noted)
Taxpayers will find it helpful to read General Instructions (A) to (J) before commencing to fill i
read the Specific Insti-uctlons in connection with filling in the items to which they refer.
1940
I their returns end to
GENERAL INSTRUCTIONS
(A) CorpArahonq whicli moBt make return
porat on w t h n =i t t e cla'^ificat oc
pany as d hich reads as foUoni
ho ^IPcoja "' ^^ Eubchaplcr dnd chapter 1, tbo tonn "pereronl
t^ rinn ^ "^ P" Mntnni of pro^ Inmme for tho taxable ymr ij
e taz&blo ytar mon tban
iaduectly, b; or lor not laon
It locludo s corporstloa exK&rt
"*•"'-' a -t/ldiia:pojcdbjLbi3sutK5splei."
A fore ^ corporal on y, ether res dent or nonres dent which is classified
as a personal ho d ne company nder sect oa Ml not including a foreign
per onal holdjn company as dclined in -ect on Sol) is subject to tho tai
mpo ed b> e I on jOO v.ilh rc.pcct to lU inoomo from sources within tho
Lniied hlates even though such income is not fixed or delcrminable annual
or periodical income specified in section 231(a). (Seo section 119.) The
term personal holding company" as used in subchapter A does not include a
foreign corporation if (1) its gloss income from sources within the Inited
Eta es for the period specified in section U9(a)(2)(B) is less than 5u percent
ot Its total poss income from aU sources and (2) all of its stock outstanding
dunng the last half of the taxable year is owned by nonresident alien indi-
viduals, whether directly or indirecUy through other foreign corporations.
. Persormt lioUing company ineome —The terra "personal holding company
income isdcfined by section 502 as the portion of the gross income which
(a> D vid a Is Ipten
n IfltcrwtcolLHmtliiErt
> ular dealera In stock a.
SEar-c" CovniiCTs.— (1) Amoanta recelred nader a
faro SB personal swslces f oaie person her lb a 11
t Qaier vblcb the
Stock 0
mcT^Jtp
crence to
Block OW
"(a) Cm
persoaat bol
wsf
Ml(a)(2) ICC
-(rtSfoe*
W^L
»S» r
I 503 contaj
acd direct y or Indi cct y by
. ieht is obutaed dlrecU; mi
-a - f thp ?rr3 toconie. PortbupuT'
I d^es Dot locJudo luzioiuitj
r r aa nndereil b75ilareboldcra.con■
i the foUowiEg provision with ref-
rhethor s wnMratfcn 1
•vaenhip
I direct 7 or Indlrertly by
orpcraltoH,
► --"n -itTti M owTitaB tho stock
tcD ( bettior by tiio wbuls
b ob&ll bo considered u
acqiiJrt such an opUoa, aod
J Uitoctioa(01(a}(3},u,butoa]7
rvk« contrects), or r>f swUoa 6«(0
t'SZ
t Becmpsa —Outstanding swrur tloa eODTcrt b.e l « s ogfc (wbetbar c
jisaof thoslih-lcowriersblprequlrccwct proT-idoa 1q ;«^ihn MKn^fll, bnt
' . <■ I'f r'foperty by rhnrrtioldera), but en!y (f
it.c ainounu Uureln nienwl to lucJudiblg
. M > i<^.i[ niicrarFrltb1os«rur<tlfkSitiii£tb«lDcludKl iX
' -"■ !« Sl1ncl»dod'i>''i* ''"* ^"'"''If '^ '*^""^ convff
..I t. .1 Lug a prior coarorsloit daUi m also loduded."
1.I 1 > rclurn.— R.-lnrn«^hnt| be filed for the calendar
■ 1941. A fiscal year
'\,l\!
must end on the last day of a calm I . ;
The established occounliiiR p,f It . I
permission is received from tli.- t lu i:
npplicatton for a change in the at.i.ii;.i.iii.i; i
1128 and for^'ardcd to the eollcclor jjrinr t*.
the cIo8e of the proposed period lor which
effect the cluuigc.
1 Decembc-.
o for all ycar»«Cilcs3
change
«. 30 days .^^
would be required
(C) Basis of return.— If your books of account are kept on the accrual
basiS rtpott all incoine accrued, even though it has not been actually re-
ceived or tntcred on the books, and expenses incurred instead of expenses
paid. If >our books are not kept on the accrual basis, or if you kept no
books, make your return on a rash basis and report all income received or
conslructivrly received, such as bunk interest credited to your account and
coupon bond latereot matured, and report expenses actually paid. • •
(D) When and where return must be filed.— Returns must be 'iled on or
before the iSth day of the third month following the close of the Uxabic
year with the collector for the district in which (he corpcration's pnncipd
place of biiMiicss or principal olTice or agcncv is located. In the case of a
foreign corfv^ration engaged in business within the United Stales but not
place of busme&i therein the return shall be filed on or
tth foUoftiiig the close of the taxable
having £
before the 15th day of the t
year with the Collector of Internal Hev
le, Italtii
. Md.
i9 and verification.— The return shall he sworn to by the
president, or other principal officer, and by the treasurer
■er, or chief accounting officer. Where the return is actually
prepared by some person or persons other than oflScers or emploveea of the
corporation, such person or persons must execute the affidavit at 'the foot of
first page.
(F) WTien and to whom tax must be paid.— The tax must be paid in full
when the return is filed, or in four equal installmenta. as foUowa: On or
before the 15lh day of the third month; on or before the 15th day of th«
6ixth month; on or before the 15th day of the ninth month; and on or before
the 15th day of the twelfth mouth foUowing the close of the ta.\able year.
If any installment is not paid on or before the dale 6xed for its pa\-ment,
the whole amount of the tax unpaid shall be paid upon notice and demand
by the collector.
The tax mry be paid by sending or brioeing with the return a check or
mooey order drawn to the ordor of "CoUector of Internal Revenue " Do
not send cash by mail, or pay it in person except at the collector's ofEce.
(G) Penalties.— ror failure to male and fik return on t-'me -Five percent
*- 2a percent of the amount of the tax, unless such failure is due to reasonable
willful, a fine of i
n. where failure i
SIO.OOO or imprisonment for not
the costs of prosecution.
For wiUfulhj altemptintj to evade
than SIO.OOO or imprisonment for
with the costs of prosecution.
dcjxcicncy due lo ncgUgmce c
: than 1 year, or both, together ^'.-ith
the deficiency if dm
regulations without intent
deficiency if due to fraud.
defraud,
i. — Five percent of the amount of
ntentional disregard of rulea and
■ 50 percent of the amount of the
(H) Dcfi: . .,
term "Subchapter A Net Ii
net income, with the following adju;
of Subchapter A Net Income.- Section 505 deGnc
"' for the purposes of subchapter A (
uoDablC nilb rcrcrence to the siio ODd U.
nhta Tew tUMi before tt» isih day of (ht tl
«tor t
"(B) Tbo ooiueat dlTldcDds crvJit fo
lo yoer coci[>u[«d witbotit r
r rraotkliOG <
the (
-„e of K.. ,
s defined i
iDiiet tliii subcbdptcr for tb(
o i«iable yeu."
of certain Insurance companies for personal
' "gross income." a.* u,*ed in subchapter .\.
■ othci
1 life (
KToea incomp, as defined in Ptetion 20-l(b)(n. incrfaapd by the i
losses mcurrcd, as defined in section 20'Ub)(6), on.l tin- amount of exrvn
incurred, as defined in section 204(b)(7}. and docn-aHcl by the amount .
ducliblc iiudcr section 20-I(c)(7) (relating to tax-free intcrcat). (.*«ec wxli
STATIS'TaCS OF INCOME FO'R 1940, PART 2
355
SPECIFIC INSTRUCTIONS
The following tnstrncUons gre npmbered (o correspond vllh Item nnmbers on the flrat psffe of the retarn
income for the taTabte year
of chapter 1. Id the caso of
it;nced iit trade or business la
■ li busioess therein, this item
11 1120.
it ion (not engaged in trade or
501 but not as o forciKn i
amount to be entered in item
section 119 rather than undei
reflect, in addition to income from all other
place of I
any under ^t-ction 331, tlic
In the C^sc of a iiuanHdrni luiviyii i".
business uithin the Uiuu.l btjti:- ai.d u
therein) which qualifies as a pciNij
■ ■ ' I h.^ldi
5 llic net income must be computed under
lion 231(a). Ni-t income so computed will
Icct, in addition to income from all other sources within the United States,
.^ iiis from sales ov exchanges made within the United States of capital assets
including stocks, securities, and commodities. Although such gams are not
subject to normal tax under section 231(a), chapter 1, they are subject to
the surtax imposed by section 500, subchapter A.
2 and 4. Net short<lerm capital gain and net lon^-term capital gain (or
loss).— Section 50.>{dl provides that the net income ^liall be computed with-
out regard to section 117(d) and (e), and losses froi.i sales or exchanges of
capital assets shall l>e allowed only to iho extent of .'=-2.000 phis Itie g^'i^
from such sales or exchanges. Accordingl/, if .i ik I lonp-torni capilal gnin
(or loss) was used in computing item 1, such net lurii;-tcria capital gain {ur
loss) should be entered as item 4(6) or iltm 2. re pcctivcty. Any net short-
term canital gain used in computing item 1 should be entered as item 4(u).
(See Specific Instruction 10.)
G. Contributions or jrifis deducted under section 23(q).— Section 23(q)
prondcs for the deduction of contributions or gifts paid \\ithin the taxablo
year to the extent of 5 percent of the net income computed without the bone-
fit of such deduction while section 505 provides that in computing sub-
chapter A net income there shall be allowed in lieu of the deduction allowed
by section 23fq) contributions or gifts of specified types paid within the
taxable year to an amount which does not exceed 15 percent of the net
income computed without the benefit of such deduction and the deduction
allowed under section 23(q>, and without the deduction of the amount
disjiliowed under section 505(b). Provision for deduction of the larger
allowance is made in item 12 and in order to show the amount of income
upon which the increased limitation is based the amount allowed under
section 23(q) and deducted ia computing net income under chapter 1 (item I)
should be entered as item 6. (See Specific Instruction 12.)
7. Excess of expenses and depreciation over income from property not
onowable nnder section S05<b.)— Section 505(b) provides as follows:
"(3> Either that inero was reisooablo eii«clfltioD t^Dt ibo operation o( iho wopocty would result
lu & prudt, or Ibst (lie property was necessary lo Uie ojnduct at Ibo buslaess.
If the corporation derived root or other compensation for the use or right
to use property which was less than the sum of the expenses incurred in
connection therewith and deductible under section 23(a) and the deprecia-
tion allowable under section 23U). Schedule A should be filled in and the
} of the expenses and depreciation over the rent or other compeosa-
, , .-r -o establish
to the satisfaction of the Commissi
The burden of proof will rest upon the taxpayer to sustain the deduction
of the aggregate of the expenses allowed under section 23(a) and deprecia-
tion allowed under section 23(1) in excess of the rent or other compensation
derived from the property. A corporation claiming such excess deductions
shall, in lieu of filling in Schedule A, attach to the return a stat'-^ment setting
forth its claim for allowance of the deductions together with a complete
Btatemcnt of facts, circumstances, and arguments on which it relies in
support of the deductions. Such statement shall include:
(o) A description of the property;
(b) The cost or other basis to the corporation and tho nature and value
of the consideration paid for the property;
(c) The name and address of the person from whom acquired and the
date thereof;
(o) The name and address of the person to whom leased or rented, or
the person permitted to use the property, and the number of shares of
etock, if apy, held by such person and the members of his family;
(e) The nature (cash, securities, services, etc.) and gross amount of the
rent or other compensation received or accnied for the use of, or the right
to use, the property during the taxable year and for each of the fivo pre-
ceding years and the amount of the expenses incurred with respect to, and
the depreciation sustained on, the property for such years;
(/) Evidence that the rent or other compensation was the highest obtain-
able and if none was received or accrued, a statement of the reasons therefor;
(a) A copy of the contract, lease, cr rental agreement;
yi) The purpose for which the property was used;
(i) The business carried on by the corporation with respect to which
the properly was held and the gross income, expenses, and net income
derived from the conduct of such business for the taxablo year and for each
1 which existed for expectation that the
of the five preceding yi .__ _ ,
(j) A statement of any . ._ _ .,
operation of the property would be profitable, or a statement of the ,
for tho use of the property in the business of the corporation and the reasons
why the property was acquired;
(*:) Any other information on which the corporation relies.
10. Capital gain (or loss).— Enter as item 10 the total amount of copital
gain (or loss, subject to the 52,000 limitation). (See Specific Instructions
2 and 4.)
12. Contribotlons or gifts deductible under section S05(a)(2).— .\s noted
under Specific Instruction 6 above, the amount deducted under section 23fq)
in computing net income under chapter 1 is to he restored to income under
item 6. Furnish in Schedule B details of the contributions or gifts paid
^thin the taxable year to or for the use of donees described in section 23(ql,
and enter the total amount thereof as item 12 except where such total
exceeds 15 percent of item II minus item 8, in which case the amount to be
entered as item 12 is 15 percent of item 11 minus itom 8.
If s deduction is claimed in item 16, no deduction is allowable in item 12.
(See section 505(b)(3).)
13. Federal income, war-profils. and excess.proflls taxes.— Section 505(a)
(I) provides that there shall be allowed as additional deductions:
"(\) Fwleral Income war-proOU, and oioers- pro fits t8T«s paid or accrned durioi; (he tsi^ble year
*?«***"' '>o',a"''«fd <i.« a deduction uDiJer section 23. but not including tins tas lmr>ax<l by sec-
Fumish details of such items in Schedule C and eot«r the total amount in
14. Income and proBls taxc^ '^f n fvclrn rr,uniry or United Slates posses.
6ion.— The foreign tax crrd't n, ;,. , i . < ,,„^iic corporations by section
131 witbrespect to thefn\ •■ r I is not allowed as a credit
with respect to the surtax I!.. ' MiO. However, the deduction
under section 23(c)(2) of iii< , ■ ,. . r ! t-, ;ind excess-profits taxes im-
posed by the autiioiity of any lorritn conrifry or possession of tho United
Slates IS permitted for the purpose of computing the undistributed sub-
chapter A net income subject to the surtax imnosed by section 600 even
tlioiigh the taxpayer claims a credit for such taxes against the taxes imposed
been claimed as :i
in computing n^l
I 1120, but if s
OS deductions under section 23Cc)(2)
c under chapter 1, no entry should be
:ie in item 14.
Foreign corporations should treat such taxes as deductions to lie allocated
in accordance with section 110 in the computation of net income from sources
vyithin the United States and in such case* taxes of this nature will be re-
etated in item 1 instead of being stated separately as
1 14.
bility of a dcredont
(Paragraph (2) relates to the limited deduction for contributions or gifts
paid. See Specific Instruction 12,)
Any deduction claimed under this provision of Uw must be fully explained
in a statement attached to tbc return.
IS. Dividends paid credit.— Enter as item IS the amount of the dividends
paid credit as computed in Schedule D. (See also Ceneral Instruction I.)
No duplication of credit allowances with respect to any "deficiency divi-
19. Amount used or irrevocably set aside to pay or retire indebtedness
f any kind incurred prior lo January I, 1934.— Enter as item 10 the total
mount reflected in hnc 12, Schedule E.^ Section 504(b) provides that in
there .shall be de-
of any kind incurred prior to January 1, 1934, if such amounts are reasonable
i\ith reference to the
IrulcbUdiiLCs. — The term "indebtedness'
ntingent, to pay, on dem.^nd
and terms of such indebtedness.
n obligation, absolute
given time, in cash <
other medium, a fixed amount. The term "indebtedness" does not includo
the obligation of a corporation on its capital stock.
The indebtedness must have been incurred (or, if incurred by assumption,
assumed) by the taxpayer prior to January 1, 1934. An indebtedness evi-
denced by bonds, notes, or other obligations issued by a corporation is
ordinarily incurred aa of the date such obligations are issued, ami the amount
of such indebtedness is the amount represented by the face value of the
obligations. In the case of renewal or other changes in the form of an
indebtedness, so long as the relationship of debtor and creditor continues
between the taxpayer and his creditor, the giving of a new proicise to pay
by the taxpayer will not have the effect of changing the date the indebtedness
was incurred.
Amovnh used or irrevocahhj set aside. — The deduction is allowable, in any
taxable year, only for amounts used or irrevocably set aside in that year.
The use or irrevocable setting aside must be to effect the extinguishment or
discharge of indebtedness. Since, therefore, in the case of renewal and other
changes in the form of an indebtedness, the relationship of debtor and
creditor continues between the taxpayer and his creditor, the merv giving
of a new promise to pay by the taxiaayer will not result in an allowablo
deduction. If amounts are set aside in one year, no deduction is allowablo
for such amounts for a later year in which actually paid. As long as all
other conditions are satisfied, the aggregate amount allowable as a deduc-
tion for any taxable year includes all amounts (from whatever source) used
and, as well, all amounts (from whatever source) irrevocably set aside,
irrespective of whether in cash or other medium. Double deductions ar«
not permitted.
Reasonableness of Oie amounts vilh reference to the size and terms of the
indebtedness. — The reason ablenc-s of the amounts u.-^ed or irrevocably set
aside roust be determined by reference to the size and terms of the particular
indebtedness. Hence, all the facts and circi — ' '" ....
nature, scope, conditions, amount, maturitj
ticular indebtedness must be shown in each (
Ordinarily an amount used to pay or retire an indebledness, in whole or
in part, at or prior tp the maturity and in accordance with the terms thereof
will be considered reasonable, and may be allowable as a deduction for the
year in which so used, if no adjuslnicnt is required by reason of an amount
set nside in a prior year for payment or retirement of the same indebtedness.
All amounts irrevocably set aside for the payment or retirement of an
indebtedness in accordance with and pursuant to the terms of the obliga-
tion, for example, the annual contribution to trustees required by a man-
datory sinking fund agreement, will be considered as complying with tho
statutory requirement of reasonableness. To be considered reasonable, it is
not necessary that the plan of retirement provide for a retroactive setting
I claimed. Therefore, the taxpayer must furnish the information
21. Dividends paid after close of faxablo year, excluding deficiency divi-
dends as defined in section S06(c). — Enter as item 21 the amount of divi-
dends paid after the close of the taxable year and before the fifteenth day of
the third month thereafter, if el"- — ■^ — ' '- — '-■^*'-» - ->
but only to tho extent and sub
section. (See General Instructic
No duplication of credit allowoaces mth respect to any "deficiency divi-
dends" is permitted. If a corporation claims and receives the benefit of the
provisions of section 506 based upon a distribution of "d<^ficioncy dividends,"
that distribution is not inadc the basis of the 2;4-month carry-back credit
provided for in section 604(c). o. •. «m».»wTf«i.Ti«(ofricc lo— isjib
INDEX
(# indicates serial number in basic tables 2 and 13. Italic page numbers indicate
data pertaining to excess profits tax returns, Form 1121)
A
Page
Abnormal income attributable to other years 262, 278 (note 27)
Abrasives and asbestos products, manufacturing (#89) 47, 2^2
Accounts and notes payable 136-221, 227 (note 46), 286-287
Accounts payable 10, 15, 96-135, 250-261, 286-287
Accounts receivable, notes and (less reserve) 10,
15, 96-221, 227 (note 44), 250-261, 286-287
Active and inactive corporations, classification and summary 4
Adjusted excess profits net income or deficit 29,
SO, 230-264, 270, 276-277, 278 (note 2)
Classes 232-233,276-277
Advertising (#180) bl, 247
Affiliated corporations. {See Consolidated returns.)
Agents, brokers, etc. {See Insurance; Real estate; Security and commod-
ity-exchange.)
Agricultural machinery, manufacturing (#114) 48,243
Agricultural, forest, etc., properties, lessors (#217) 53,249
Agriculture and services (#226) 53, 67, 81, 95, 128, 216, 249
Agriculture, forestry, and fishery, . 6, 27, 53, 67, 81, 95, 128, 216, 249, 269, 275, 293
Air transportation and allied services (#135) 49, 245
Aircraft and parts, manufacturing (#122) 49, 244
Alcoholic beverages:
Retail (Package liquor stores) (#162) 50, 60, 74, 88, 112, 178, 246
Wholesale (#151) 50,^4-5^
Amended returns not included 2
Amortization:
Deduction 8, 14, 54-135, 226 (note 28), 307 (notes 32, 51)
Reserves 226 (note 39)
Amusement, except motion pictures (#187) . _ 51, 63, 77, 91, 120, 196, 247, 310, 314
Anthracite mining (#7) 44, 54, 68, 82, 96, 138, 238
Apparel and accessories, retail (#164) 50, 61, 75, 89, 112, 180, 246, 310, 313
Apparel and clothing, manufacturing, 1936-1940 289, 308 (note 56)
Apparel and dry goods, wholesale (#152) 50, 245
Apparel and products made from fabrics, manufacturing 45,
56,70,84, 100, i48,239
Asbestos products, abrasives, manufacturing (#89) 47, 242
Assets. {See Assets and liabilities; Capital; Gross.)
Also: Inadmissible 24, 263, 279 (note 31)
Intangible 226 (note 38)
Assets and liabilities (returns with balance sheets) :
Consolidated returns 15
Historical summary, 1926-1940 286-287
Industrial groups, major 96-129, 136-221
Not tabulated under specific captions 227 (notes 61, 62)
Total assets classes 11,29, 130-221,250-261
Total 10, 11, 15,96-221, 226 {note 39), 250-261, 286-287
Audit revisions not tabulated 2
Automobile accessories, parts (except electrical), and passenger trailers,
manufacturing (#119) 49, 243
Automobiles and equipment (except electrical), manufacturing 49,
58, 72, 86, 106, 162, 243, 313
356
INDEX 357
Page
Automobiles and trucks, retail (#167) 50, S46
Automobiles, trucks, bodies, and industrial trailers, manufacturing (#118) 49, £43
Automotive dealers, retail 50, 61, 75, 89, 114, 182, ^46, 310, 313
Accessories, parts, etc. (#168) 5li, 246
Automobiles and trucks (#167) 50, 246
Automotive electrical equipment, manufacturing (#104) 48, 243
Automotive repair services and garages (#183) 51,
63, 77, 91, 118, 194, 247, 310, 314
B
Back taxes : 19
Bad debts 8, 14,54-135,284-287
Recoveries 262
Reserves 226 (note 39), 227 (note 44)
Bakery products, manufacturing (#15) 44, 238
Balance sheets, returns with {see also Assets and liabilities) 8-10,
97-135, 250-261
Banks and trust companies (#190) 51, 64, 78. 92. 122, 202, 247
Base period net income . 22-23, 262-263, 279 (note 29)
Basic tables (distinguishing classifications), list of:
Excess profits tax returns, tables 10-17 229
Historical, 1909-1940, tables 18-24 281
Income tax returns, tables 1-9 41
Batteries (automobile), retail. (Included in "Automotive dealers — Acces-
sories Darts etc.")
Beverages, manufacturing 45, 55, 69, 83, 100, 146, 239, 289, 308 (note 55), 312
Liquors, blended, distilled, rectified (#26) 45, 239
Malt liquors and malt (#25) 45, 239
Nonalcoholic (#28) 45, 239
Wine (#27) 45,^5.9
Beverages, alcoholic:
Retail (Package liquor stores) (#162) 50, 60, 74, 88, 112, 178, 246
Wholesale (#151) bQ, 24-5
Bicycles, motorcj'cles, manufacturing (#124) 49, 244
Bituminous coal, lignite, peat etc., mining (#8) 44, 54, 68, 82, 96, 140, 238
Blast furnaces and rolling mills (#91) 47, 242
Boat and ship building (#123) 49, 244
Bodies and industrial trailers, automobiles, trucks, m.anufacturing (#118) _ 49, 243
Bonded debt and mortgages, 1926-1936 286-287, 307 (note 41)
Bonds, income from retirement of 262
Bonds and mortgages payable 136-221,227 (note 47)
Bonds, notes, mortgages, payable 10,
15, 96-135, 250-261, 286-287, 307 (notes 48, 49)
Books and music, printing and publishing (#66) 46, 241
Broadcasting (radio) and television (#142) 49, 246
Brokers, agents, etc. {See Insurance; Real estate; Security and commodity-
exchange.)
Buildingmaterials.fuel. ice, retail (#171) 51,61,75,89, 116, 186, ;845, 310
Bus lines — street, suburban, and interurban — operated in connection with
railways (#131) 49, 244
Business service 51, 63, 77,91, 118, 1^2,247
Canning fruits, vegetables, and sea foods (#17) 44, 238
Gross, except land 10. 96-129, 226 (note 38)
Less reserves 15, 130-221, 226 (note SS), 250-261, 286-287, 307 (note 38)
Reserves . 10, 96-129
Capital gain and loss adjustments, personal holding eompanv returns 32
Capital gain, net 8, 14, 54-135, 226 (note 16), 284-287, 306 (note 14)
Capital gain, net long-term 262, 278 (note 25)
Capital loss, net long-term 8,
14, 54-135, 226 (note 16), 262, 284-287, 307 (note 25)
Capital loss, net short-term 226 (note 16)
358 INDEX
Capital stock: Page
Common and preferred, separately ]0,
15, 96-135, 227 (note 63), 250-261, 286-287
Total 136-221
Carpets and other floor coverings, manufacturing (#37) 45, 239
Cash 10, 15, 96-221, 260-261, 286-287, 226 (note 36), 278 (note 18)
Cement, manufacturing (#87) i 47, 241
Cereal preparations, manufacturing (#20) 45, 239
Certificates, guaranteed face-amount, and installment investment plans
(#198) 51,^47
Chemicals and allied products, manufacturing 46,
57, 71, 85, 104, 156, 241, 291, 308 (note 57), 312
Chemicals, industrial, manufacturing (#77) 47, 241
Chemicals, paints, and drugs, wholesale (#153) 50, 245
China Trade Act corporations 322 (note 4a),
324 (notes 16, 17, 21, 26), 325 (note 27)
Classifications, text tables, and description of basic tables 3-17
Active and inactive corporations 4
Balance sheets, returns with, and returns with no balance sheets 8-10
Consolidated returns 12-15
Fiscal year returns 15-16
Industrial divisions and groups 5-8
Net income, returns with, and returns with no net income 4
Net income and deficit classes 12
Part year returns 16-17
States and Territories 4-5
Total assets classes 10-12
Type of tax liability 12
Clay products, structural, manufacturing (#84) 47, 241
Clay, stone, and glass products, manufacturing. _ 47, 57, 71, 85, 104, 158, 241, 291
Cleaners and dyers, laundries (#176) 51, 246
Clocks and watches, manufacturing (#99) 47, 242
Clothing, manufacturing. (See Men's; Rubberized; Women's.)
Clothing and apparel, manufacturing, 1936-1940 289, 308 (note 56)
Coal mining— Anthracite (#7), Bituminous (#S)_- 44, 54, 68, 82, 96, 138-140, 238
Coal products, petroleum products, manufacturing 47, 57, 71, 85, 104, 156, 241
Coal yards. (Included in "Building materials, fuel, and ice," retail.)
Code, Internal Revenue:
Changes in law affecting income tax returns 2-3, 320, 325 (notes 33, 36)
Principal excess profits tax provisions 21-25
Collections, comparison with tax liability 19
Colors, paints, varnishes, manufacturing (#70) 46, 241
Commercial printing (#67) 46, 241
Commission merchants (#149) 50, 59, 73, 87, 1 10, 172, 245, 310, 313
Commodity-exchange brokers and dealers, security and (#203) 52,
65, 79, 93, 124, 206, 248
Common stock 10, 15, 96-135, 227 (note 63), 250-261, 286-287
Communication 49,59, 73,87, 108, 168,^45,313
Communication equipment and phonographs, manufacturing (#105) 48, 243
Comparability of historical data 36-38
Comparison with 1939, summary 2
Compensation of officers 8, 14, 54-135, 226 (note 30), 284-287
Compiled deductions. {See Compiled receipts and compiled deductions.)
Compiled net profit or net loss 9, 11, 14,54-221,284-287
Compiled net profit less total tax 9, 14, 54-135
Compiled receipts and compiled deductions:
Balance sheets, returns with 8, 96-135, 286-287
Historical summary, 1926-1940 284-287
Industrial groups 54-129
Total assets classes 1 30-1 35
Total compiled deductions 8, 14, 54-135, 226 (notes 30, 31), 284-287
Total compiled receipts 6, 8, 11,
14, 42-221, 225 (note 4), 226 (note 22), 284-287, 305
Concrete and gypsum products, wallboard, manufacturing (#88) 47, 241
Confectionery, manufacturing (#16) 44, 238
INDEX 359
Consolidated returns: Page
Adjusted excess profits net income classes 276-277
Assets and liabilities 15
Affiliated group defined 13, 25, 327-331
Compiled receipts and deductions 14
H istorical data 305
Normal tax net income classes of excess profits tax returns and
method of credit computation; related income tax returns of parent
companies and subsidiaries, by major industrial groups 264-275
Requirements for filing _' 12-13, 26, 279 (note 34), 327-331
Summary data 13-15, 26, 305
Tax rates 324 (note 20), 327-331
Construction 6, 27, 53, 67, 81, 95, 126, 214, 249, 268, 274, 293
Construction equipment, electrical, manufacturing. (Included in "Elec-
trical equipment" (#103) pp. 48, 243.)
Construction and mining machinery (except electrical), manufacturing
(#113) 48,243
Containers (wooden) . manufacturing (#57) 46, 240
Contractors— general (#223) , special trade (#224) 53, 249
Contributions or gifts 8, 14, 54r-135, 226 (note 27), 284-287
Copper mining (#2) 44, 238
Cork products, manufacturing. (Included in "Other finished lumber prod-
ucts" (#59), pp. 4Q,240.)
Cost of goods sold 8, 14, 54-135, 226 (note 23), 284-287, 306 (note 20)
Cost of operations 8, 14, 54-135, 226 (note 24), 284-287, 306 (note 20)
Cotton manufactures (#31) 45, 239
Credit adjustment for dividends received 262, 278 (note 26), 279 (note 28)
Credit against net income for income tax purposes, 1922-1940 324 (note 16)
Credit agencies:
Long-term, and mortgage companies, except banks (#191) 51,
65, 79, 93, 122, 202, 247, 310, 314
Short-term, except banks 51,
65, 79, 93, 122, 204, 247, 310 (note 3), 314 (note 1)
Industrial, and sales finance (#192) b\, 247
Personal (#193) 51,^47
Credit for dividends received, deducted in arriving at net income 324 (note 25)
Credit, excess profits. {See Excess profits credit.)
Credit for taxes paid to foreign countries or possessions of the United
States 18, 263, 279 (note 33), 316-321, 323 (note 11), 324 (notes 15, 17, 21)
Credit, specific 318
Crude petroleum and natural gas production, _ 44, 55, 69, 83, 98, 140, 238, 310, 312
Crude petroleum, natural gas, and natural gasoline production (#9) 44, 238
Cutlery, hardware, and hand tools, manufacturing (#94) 47, 242
Cut-stone products, manufacturing (#83) 47, 241
D
Dairy products, manufacturing (#21) 45,239
Automotive, retail 50, 61, 75, 89, 114, 182, 246, 3\0, 313
Automotive accessories, parts, etc., retail (#168) 50, 246
Automobiles and trucks, retail (#167) 50, 246
Security and commodity-exchange brokers (^#203) 52,
65, 79, 93, 124, 206, 248
Debt, bonded, and mortgages, 1926-1936 286-287, 307 (note 41)
Debts, bad 8, 14, 54-135, 284-287
Recoveries 262
Reserve 226 (note 39), 227 (note 44)
Declared value excess-profits tax:
Amount tabulated 20 (note 3), 305 (note 5)
Comparison with 1 939 2
Consolidated returns 14
Defense tax 325 (note 35)
Fiscal vear returns 16
Historical summaries, 1933-1939 288-304
Industrial divisions and groups 54-129
360 miDEx
Declared value excess-profits tax — Continued. Page
Interest on Government obligations subject to _ 8,
14, 54-135, 223-224, 226 (note 20), 284-287, 306 (note 17)
Net income classes 222-223
Part year returns 17
Rates, historical 318-32 1
Returns with balance sheets and returns with no balance sheets 9
Returns with declared value excess-profits tax but no income tax 227
(note 54)
Synopsis of Federal tax laws 317-321, 323 (notes 6, 7)
Total assets classes 130-135, 260-261
Deductions due to net operating loss of preceding taxable year 9,
14, 54-135, 226 (note 29), 305
Deductions :
Allowable 322 (note 4)
Compiled. {See Compiled receipts and compiled deductions.)
Not tabulated under specific captions 8,
14, 54-135, 227 (note 60), 284-287, 307 (note 26)
Personal holdijig company returns 32-33
Special, allowed life insurance carriers 226 (note 31)
Defense tax 225 (notes 5,6)
Deficit, excess profits net income or 29,
230-277, 278 (notes 3, 8), 321, 326 (note 39)
Deficit (no net income). {See Net income or deficit.)
Deficit, normal-tax 232-233, 260-277, 278 (note 6)
Deficit classes, net income and 9, 12, 16, 222-225, 283
Deficit in surplus and undivided profits 10, 15,
21 (note 36), 96-135, 227 (note 42), 250-261, 286-287, 307 (note 45)
Department, dry goods, and other general merchandise stores (#158) 50, 246
Depletion, depreciation (separately) _. 8, 14, 54-135, 284-287, 307 (notes 32, 51)
Reserves 226 (note 39)
Distributions 263
Dividends paid 305 (note 6)
Cash and assets other than corporation's own stock 9,
14, 43-135, 224-225, 227 (note 51), 282, 284-285
Corporation's own stock 9, 14, 54-135, 224-225, 282, 284-285
Dividends received:
Credit deducted in arriving at net income 324 (note 25)
Credit ad j ustment 262, 278 {note 26), 279 (note 28)
From domestic and foreign corporations (separately) 8,
14, 54-135, 223-224, 226 (notes 18, 19), 284-287, 306 (note 16)
Drinkingplaces, eating and (#166) 50,61,75,89, 114, 182,246
Drug stores, retail (#163) 50, 60, 74, 88, 112, 178, 246
Drugs, chemicals, paints, wholesale (# 1 53) 50, 246
Drugs, toilet preparations, etc., manufacturing (#72) 46, 241
Dry goods and apparel, wholesale (# 1 52) 50, 246
Dry goods, department, and other general merchandise stores, retail (#158)_ 50, 245
Dyeing and finishing:
Textiles, except woolen and worsted (#38) 45, 239
Woolen and worsted manufactures (#32) 45, 239
Dyers, laundries, cleaners (#176) 51, 246
E
Eating and drinkingplaces (#166) 50, 61, 75,89, 114, 182,246
Earnings and profits 263
Electric light and power (#144) 49, 245
Electrical appliances, manufacturing (#106) 48,243
Electrical equipment, manufacturing:
Automotive (#104) 48, 243
Communication, and phonographs (#105) 48,243
For public utility, manufacturing, mining, transportation (except
automotive), and construction use (#103) 48, 243
Electrical goods, plumbing and heating equipment, hardware, wholesale
(#154) 50,245
Electrical machinery and equipment, manufacturing 48,
57, 71, 85, 106, 160, 243, 312
INDEX 361
Page
Engines and turbines, manufacturing (#112) 48, 243
Excess profits credit (Form 1121) 28, 29, 230-277, 278 (note 5), 321
Based on income, general average 22-23, 232-237, 254-257, 262-277
Based on income, increased earnings 23, 232-237, 258-261, 262-277
Based on invested capital 23-24, 232-237, 250-253, 262-277
Computation 22-24, 262-263
Excess-profits credit, historical 317-321
Excess profits net income or deficit 29,
230-277, 278 (notes 3, 8), 321, 325 (note 39)
Computation. 22, 262
Excess profits tax reported on Form 1121 20 (note 4)
Adjusted excess-profits net income and deficit classes 232-233, 276-277
Balance sheets, returns with 9, 96-135, 250-261
Base 24-25
Computation 24-25, 263
Consolidated returns 14
Due to section 734 263, 279 (note 32)
Industrial divisions 6
Industrial divisions and major groups 54-129
Industrial divisions and minor groups 238-249
Method of credit computation 29
Normal tax net income classes 235-237, 264, 270
Percentage distribution 26-27
Rates- _1 24,25,321
States and Territories 230-231
Summary 1, 2
Total assets classes 28,29, 130-135,250-261
Excess-profits tax reported on Form 1120. (See Declared value excess-
profits tax.)
Excess-profits tax returns:
Comparison of taxable and nontaxable returns 30
Consolidated returns 25, 30
Distribution of taxable returns and tax 26-27
Form 1121 filed in addition to Form 1120 20 (note 4)
General relief provisions 25
Returns included 26
Tabulations:
List 229
Review of 26-30
Excess profits taxes, total only:
Historical, including War-profits tax 1917-1940 282
States and Territories 42-43, 294-304
Industrial groups 44-53, 288-293
Exemption, specific 25,
230-231, 238-249, 262-263, 278 (note 4), 316-318, 321, 323 (note 7)
Express companies, railway (#130) 49, 244
F
Fabrics, apparel and products made from, manufacturing 45,
56, 70, 84, 100, 148, 239
Fabrics, rubberized, manufacturing. (Included in "Other rubber prod-
ucts" (#52), pp. 4.b,240.)
Federal tax laws, synopsis of 315-331
Fertilizers, manufacturing (#74) 47, 241
Field service operations, petroleum and natural gas (#10) 44, 238
Filing returns, requirements, historical 322 (note 2)
Filling stations (#169) 51, 61, 75, 89, 114, 184, 246
Finance 51, 64, 78, 92, 122, 200, 247, 311 (note 8)
Finance, insurance, real estate, and lessors of real property 6,
27, 51, 64, 78, 92, 120, 200, 247, 268, 274, 293, 310 (notes 1, 2), 314
Finance companies. (See Credit agencies.)
Finishing. (See Dyeing and finishing; Textiles; Leather; Woolen and
worsted.)
Fiscal year returns 15-16, 306 (note 7)
Fishery (#228)-. 53,67,81,95, 128,218,^^5
362 INlDEX
I'age
Fishery, agriculture, forestry 6, ;87, 53, 67, 81, 95, 128, 216, 249, 269, 275, 293
Fixtures, partitions, manufacturing (#56) 46, 240
Flavoring sirups, manufacturing. (Included in "Other food, etc." (#23),
pp. 45, 239.)
Floor coverings, carpets, manufacturing (#37) 45, 239
Food and kindred products, manufacturing 44
55, 69, 83, 98, 144, 238, 288, 308 (note 55), 310, 312
Food stores, including market milk dealers:
Retail (#161) 50, 60, 74, 88, 112, 176, 246, 310, 313
Wholesale (#150) 50, ^^5
Footnotes:
Basic tables 1-9, Form 1120 for 1940 225-227
Basic tables 10-17, Form 1121 for 1940 278-279
Basic tables 18-24, Historical, 1909-1940 . 305-308
Text tables, Form 1120 for 1940 20-21
Footwear, manufacturing:
Except rubber (#48) 45, 240
Rubber. (Included in "Other rubber products" (#52), pp. 45, 240.)
Foreign corporations:
Dividends received from 8, 14, 54-135, 223-224, 226 (note 19), 284-287
Nonresident, data not included 2,324 (note 26c)
Requirements for filing returns 322 (note 2c)
Tax 317, 323 (note 11), 324 (note 26)
Foreign taxes — income and profits taxes paid to foreign countries or pos-
sessions of the Unites States 18,
263, 279 (note 33), 316-321, 323 (note 11), 324 (notes 15, 17, 21)
Forest products (Lumber), manufacturing, historical summary, 1931-1940. 290
Forestrv (#227) 53, 67, 81, 95, 128, 218, 249
Forestry, agriculture, fishery 6, 27, 53, 67, 81, 95, 128, 216, 249, 269, 276, 293
Forms:
Excluded from tabulations 2
Facsimiles of corporation returns:
Excess profits tax return. Form 1121 346
Income, declared value excess-profits and defense tax return,
Form 1120 334
Insurance company income tax return. Form 1120L 342
Personal holding company return. Form 1120H 352
Freight transportation, highwav; warehousing, storage (#134) 49, 244
Fuel, ice, building materials, retail (#171) 51, 61, 75, 89, 116, 186, 246, 310
Fur garments and accessories, manufacturing (#43) 45, 239
Furniture (wood and metal) , manufacturing (#55) 46, 240
Furniture and finished lumber products, manufacturing 46,
56, 70, 84, 102, 152, 240, 312
Furniture and house furnishings, retail (#165) 50, 61, 75, 89, 114, 180, 246
G
Gain :
Net capital 8; 14, 54-135, 226 (note 16), 284-287, 306 (note 14)
Long-term 262, 278 (note 25)
Tax-free liquidations 263
Gain or loss, net:
Sale of property other than capital assets 8,
14, 54-135, 226 (note 17), 284-287
Sale of stocks, bonds, and other assets, 1931 286-287
Garages, automotive repair services (#183)_. 51, 63, 77, 91, 118, 194, 247, 310, 314
Gas, manufacture and distribution (#145) 49, 245
Gas, natural, and crude petroleum production 44,
55, 69, 83, 98, 140, 238, 310, 312
Gas, natural, and petroleum, field service operations (#10) 44, 238
Gas, and gasoline, natural, and crude petroleum production (#9) 44, 238
Gas, oil, and mineral rovalty companies (#199) 51,^4^
General contractors (#223) 53, 249
General industry machinery, manufacturing (#110) 4S, 243
General merchandise, retail 50, 60, 74, 88, 112, 176, 245, 310, 313
General relief provisions 25
Geographic distribution of returns, comparability 4-5,37
INDEX 363
Page
Gifts, contributions 8, 14, 54-135, 226 (note 27), 284-287
Glass and glass products, manufacturing (#86) 47, ^41
Glycerin, soap, manufacturing (#71) 46, 241
Gold and silver, mining (#4) 44, 2S8
Government obligations:
Interest 8, 14, 54-135,
223-224, 226 (notes 20, 21), S62, 284-287, 306 (notes 17, 18), 324 (note 16)
Investments 10, 15,96-135,226 (note 37), ^50-^6/, 286-287
Grain mill products, except cereal preparations, manufacturing (#19) 45, 239
Gravel, stone, sand, quarrying (#11) 44, 238
Gross capital assets (except land) 10, 96-129, 226 (note 38)
Gross income, historical _ 282,288-304,308 (note 54)
Gross profit from operations, 1926-1931 284-287,306 (note 12)
Gross receipts from operations 8, 14, 54-135, 226 (note 14), 284-287
Gross sales 8, 14, 54-135, 226 (note 13), 284-287
Gross sales and gross receipts from operations 136-221
Gypsum products, wallboard, concrete, manufacturing (#88) 47, 241
H
Hand tools, cutlery, and hardvi^are, manufacturing (#94) 47, 242
Hardware, retail (#170) 51, 61, 75, 89, 114, 184, 246
Hardware, electrical goods, plumbing and heating equipment, wholesale
(#154) 50,245
Hardware, hand tools, cutlery, manufacturing (#94) 47, 242
Hats (except cloth and millinery), manufacturing (#36) 45, 239
Heating apparatus (except electrical) and plumbers' supplies, manufactur-
ing (#95) ^7,242
Heating and plumbing equipment, hardware and electrical goods, wholesale
(#154) 50,245
Highway freight transportation, warehousing, and storage (#134) 49, 244
Historical data:
Assets and liabilities, 1926-1940 286-287
Comparability 36-38
Consolidated returns, 1928-1940 305
Gross income 282,288-304,308 (note 54)
Industrial groups, 1931-1940 288-293
Laws, Federal tax, svnopsis, 1909-1940 315-331
Net income and deficit classes, 1937-1940 283
Receipts and deductions, 1926-1940 284-287
Source Book of Statistics of Income, description 38-39
States and Territories, 1931-1940 294-304
Summary, 1909-1940 282
Tabulations:
Description 35—36
List 281
Holding companies (#201) 52, 225 (note 9), 248
Hotels and other lodging places (#175) 51, 62, 76, 90, 118, 190, 248, 310, 314
House furnishings, furniture, retail (#165) 50, 61, 75, 89, 114, 180, 246
Household and service-industry machines, manufacturing (#116) 48, 243
I
Ice, manufacturing. (Included in "Other food," etc. (#23), pp. 45, 239.)
Ice, building materials, fuel, retail (#171) 51, 61, 75, 89, 116, 186, 246, 310
Improper accumulation of surplus, 1913-1940 325 (note 41)
Inactive corporations 2, 4, 6, 282, 305 (note 2)
Inadmissible assets 24, 263,279 (note 31)
Income. {See Adjusted excess profits; Gross; Net; Normal-tax; Total;
Total compiled receipts.)
Also: Excess profits credit based on 22-23, 232-237, 254-277
Taxable 316-321
Income and profits taxes paid to foreign countries or possessions of the
United States 18,
263, 279 (note 33), 316-321, 323 (note 11), 324 (notes 15, 17, 21)
525003 — 44 24
364 INDEX
Income tax: Page
Amount tabulated 20 (note 2), 278 (note 7), 305 (note 4)
Balance sheets, returns with 9, 96-135
Comparison with 1939 2
Consolidated income tax returns 14, 305, 327
Excess profits tax returns 28, 232-237, 250-277
Fiscal vear returns 16
Historical 282, 288-305
Industrial divisions and groups 6, 44-129, 264-275, 288-293
Net income classes 222-223
Part year returns 17
Rates 3, 316-321
Returns with income tax liability only 227 (note 53)
States and Territories 43, 294-304
Synopsis of Federal tax laws 315-331
Total assets classes 130-135
Inconsistent treatment of items 25, 279 {note 32)
Industrial divisions and groups:
Assets and liabilities 96-129
Classification 5, 37
Comparability 37-38, 307 (note 52), 308 (note 53), 310-314
Compiled receipts and com^piled deductions 54- 1 29
Divisions only 6, 264-275
Excess profits tax returns 238-249
Groups in which changes occur between 1940 and 1939 (chart) :
Major 310-311
Minor 312-314
Historical data, 1931-1940 288-293
Major groups 54-129, 136-221
Minor groups 44-53, 238-249
Total assets classes 136-221
Industrial credit agencies and sales finance (#192) 51, 247
Inner tubes and tires, manufacturing (#51) 45, 240
Installment investment plans and guaranteed face-amount certificates
(#198) b\,247
Instrumentalities of the United States, obligations of 250-261
Insurance agents, brokers, etc. (#209) 52, 66, 80, 94, 126, 212, 248, 310, 314
Insurance carriers 52, 66, 80, 94, 126, 210, 248, 310, 314
Life (#206) 52,
226 (note 31), 227 (note 58), 248, 307 (note 47), 322 (note 2b)
Mutual, except life (#207) 52,248
Other than life and mutual (#208) 52, 248
Special deduction allowed life companies 226 (note 31)
Tax rates 324 (notes 18, 26)
Insurance carriers, agents, etc 52, 66, 80, 94, 126, 210, 248, 310, 314
Intangible assets 226 (note 38)
Interest paid 8, 14, 54-135, 284-287
Interest received:
A. A. A. taxes 262
Government obligations 8,
14, 54-135, 223-224, 226 (notes 20, 21), 262, 284 287, 306 (notes
17, 18), 324 (note 16)
Not on Government obligations 8, 14,54-135,284-287
Internal Revenue Code:
Changes in law affecting income tax returns 2-3, 320, 325 (notes 33, 36)
Principal excess profits tax provisions 21-25
Inventories 10, 15, 96-221, 250-261, 286-287
Invested capital 323 (note 8), 325 (note 38)
Borrowed, equity '- 263
Excess profits credit based on 23-24, 29, 232-237, 250-253, 262-277
Investment plans (installment) and guaranteed face-amount certificates
(#198) b\,247
Investment trusts and investment companies 51,
65, 79, 93, 122, 204, 225 (note 8), 247, 314 (note 2)
Fixed or semifixed type (#197); management type (#196) 51, 247
INDEX 365
Investments: Page
Government obligations 10, 15, 96-135, 226 (note 37), 250-261, 286-287
Not Government obligations 10
15, 96-135, 250-261, 286-287, 307 (notes 46, 47)
Total, by major industrial groups 136-221
Iron mining (#1) 44^ 238
Iron, steel, and products, manufacturing 47, 57, 71, 85, 104, 158, 242, 291, 312
Jewelry (except costume), silverware, plated ware, manufacturing (#100). 47, 242
Jewelrv, costume, manufacturing. (Included in "Other manufacturing"
(#127), pp. 49, 244.)
K
Knit goods, manufacturing (#35) 45, 239
Land (capital assets) 10, 96-129
Laundries, cleaners and dvers (#176) 51,^4^
Laws, Federal tax, synopsis, 1909-1940 315-331
Lead and zinc, mining (#3) 44, 238
Leather and products, manufacturing 45, 56, 70, 84, 100, 150, 240, 289, 312
Leather, tanned, curried, and finished, manufacturing (#47) 45, 240
Lessee operators of buildings (#211) 52, 249
Lessors of buildings, and owner operators (#210) 52, 249
Lessors of real property, except buildings 53, 67, 81, 95, 126, 214, 249
Liabilities. {See Assets and liabilities.)
Life insurance companies (#206) 52,
226 (note 31), 227 (note 58), 248, 307 (note 47), 322 (note 2b)
Lignite, bituminous coal, peat, etc., mining (#8) 44, 54, 68, 82, 96, 140, 238
Limited-price variety stores, retail (#159) 50, 245
Liquidations, tax-free 263
Liquor stores (package), retail (#162) 50, 60, 74, 88, 112, 178, 246
Liquors and beverages, manufacturing, 1933-1940 289
Liquors, distilled, rectified, and blended, manufacturing (#26) 45, 239
Liquors, malt, manufacturing (#25) 45, 239
Loan companies. {See Credit agencies.)
Lodging places, hotels (#175) 51, 62, 76, 90, 118, 190, 246, 310, 314
Logging camps and sawmills (#53) 46, 240
Long-term credit agencies, mortgage companies, except banks (#191) 51,
65, 79, 93, 122, 202, 247, 310, 314
Loss, net:
Capital, long-term 8,
14, 5^135, 226 (note 16), 262, 284-287, 307 (note 25)
Capital, short-term 226 (note 16)
Prior year 9, 14, 54-135, 226 (note 29) , 305, 323 (note 4c)
Tax-free liquidations 263
Sales other than capital assets 8, 14, 54^135, 226 (note 17), 284-287
Losses included in "Total compiled deductions" 227 (note 60)
Lubricants, manufacturing. Included in "Other chemical products" (#78),
pp. 47, 241.
Lumber and mill work, wholesale (#155) 50, 245
Lumber products, finished, and furniture, manufacturing 46.
56, 70, 84, 102, 152, 240, 312
Lumber and timber basic products, manufacturing 46,
56, 70, 84, 102, 152, 240, 290, 312
M
Machine tools, metal-working machinery, manufacturing (#111) 48, 243
Machinery, agricultural, manufacturing (#114) 48, 243
Machinery and equipment, electrical, manufacturing 48,^
57, 71, 85, 106, 160, 243, 312
Machinerv, except transportation equipment and electrical, manufac-
turing.! 48, 58, 72, 86, 106, 162, 243
366 INDEX
Machines, manufacturing: Page
Engines and turbines (#112) 48, 243
Household and service-industry (#116) 48, 243
Office and store (#115) 48, 243
Mail-order houses, retail (#160) 50, 245
Major industrial groups 54-129, 136-221
Changes between 1940 and 1939 (chart) 310-311
Malt liquors and malt, manufacturing (#25) 45, 239
Manufacturing 6, ;?7, 44, 55, 69, 83, 98, 144, 238, 266, 272, 288
Matches, manufacturing (#58) 46, 240
Meat products, manufacturing (#18) AA, 238
Men's clothing, manufacturing (#41) Ab, 239
Metal manufacturing:
Furniture — wood and metal (#55) 46, 240
Nonferrous, basic products (#98) 47, 242
Structural steel, fabricated; ornamental metal work (#92) 47, 242
Metal work, ornamental; structural steel, fabricated, manufacturing
(#92) A7,242
Metal mining 44,54, 68,82, 96, \^S, 238
Metal-working machinery, including machine tools (#111) 48, 243
Metals, nonferrous and their products, manufacturing 47,
57, 71, 85, 104, 160, 242, 312
Milk dealers (market) and food stores:
Retail (#161) 50, 60, 74, 88, 112, 176, 246, 310, 313
Wholesale (#150) 50, 245
Mill work and lumber, wholesale (#155) 50, 245
Millinery, manufacturing (#44) 45, 239
Mineral, oil, and gas royalty companies (#199) 51, 248
Mining and quarrying 6, 27, 44, 54, 68, 82, 96, 136, 238, 265, 271, 288, 310, 312
Mining machinery (electrical), manufacturing. (Included in "Electrical
equipment" (#103), pp. 48, 243.)
Mining machinery (except electrical), manufacturing. (Included in "Con-
struction and mining machinery" (#113), pp. 48, 243.)
Mining properties — oil, etc., lessors (#218) 53, 249
Minor industrial groups 44-53, 238-249
Changes between 1940 and 1939 (chart) 312-314
Mortgage companies, long-term credit agencies, except banks (#191) 51,
65, 79, 93, 122, 202, 247, 310, 314
Mortgages, bonded debt, 1926-1936 286-287, 307 (note 41)
Mortgages, bonds, payable 136-221, 227 (note 47)
Mortgages, bonds, notes, payable 10,
15, 96-135, 250-261, 286-287, 307 (notes 48, 49)
Motion pictures 51, 63, 77, 91, 120, 196, 247, 310
Production (#185), Theaters (#186) 51, 247
Motorcycles and bicycles, manufacturing (#124) 49, 244
Motor vehicles, complete or parts, manufacturing, 1936-1940 291,
308 (note 58)
Music, books, printing and publishing (#66) 46, 241
Mutual insurance companies, except life (#207) 52,^45
Mutual investment companies 322 (notes 2g, 4a), 324 (notes 25, 26)
N
National Industrial Recovery Act 318, 324 (note 22)
Natural gas and crude petroleum production- 44, 55, 69, 83, 98, 140, 238, 310, 312
Natural gas and petroleum, field service operations (#10) 44, 238
Natural gasoline, natural gas, and crude petroleum production (#9) 44, 238
Net capital gain 8, 14, 54-135, 226 (note 16), 284-287, 306 (note 14)
Long-term 262,278 (note 25)
Net capital loss:
Long-term 8,
14, 54-135, 226 (note 16), 262, 278 (note 25), 284-287, 307 (note 26)
Short-term 226 (note 16)
Net gain from sale or exchange of depreciable property held more than 18
months 26S
INDEX 367
Net gain or loss: Page
Sale of property other than capital assets 8,
14, 54-135, 226 (note 17), 284-287, 306 (note 15)
Sale of stocks, bonds, and other assets, 1931 286-287
Net income or deficit:
Balance sheets, returns with 9
Base period S62, 279 (note 29)
Classes 9, 12, 16, 222-225, 283
Classification and definitions 4, 20 (note 1), 305 (note 3)
Comparison with 1939 2
Comparison with compiled net profits, 1926-1940 307 (note 28)
Consolidated income tax returns 14, 305
Excess profits net income or deficit 22,
29, 230-277, 278 (notes 3, 8), 321, 326 (note 39)
Fiscal year returns 16
Industrial groups 6, 44-129, 137-221, 288-293
Normal-tax net income or deficit 3,
28, 30, 232-237, 260-277, 278 (note 6), 318, 324 (note 25)
Part year returns 17
Returns with net income and returns with no net income — all tabula-
tions except pages 8-9, 284-287.)
States and Territories 43, 294-304
Subchapter A net income, personal holding company returns 30-34
Summary, 1909-1940 282-305
Total assets classes 11, 130-221
Tvpe of tax liability , 222-223
Undistributed net income, 1936-1937 318, 325 (note 27)
Net income subject to income tax, historical 323 (note 5)
Net long-term capital loss 8,14,
54-135, 226 (note 16), 262, 278 (note 25), 284-287, 307 (note 25)
Net loss, sales other than capital assets 8,
14, 54-135, 226 (note 17), 284-287, 306 (note 15)
Net operating loss (prior year) deduction 9,
14, 54-135, 226 (note 29), 305, 323 (note 4c)
Net profit or loss, compiled 9, 11, 14, 54-221, 284-287
Net short-term capital loss 226 (note 16)
Newspapers, printing and publishing (#64) 46, 2^1
Nonalcoholic beverages, manufacturing (#28) 45, 239
Nonferrous metal basic products, manufacturing (#98) 47, 242
Nonf errous metals and their products, manufacturing 47,
57, 71, 85, 104, 160, 242, 312
Nonmetallic mining and quarrying 44, 55, 69, 83, 98, 142, 238, 312
Nonresident foreign corporation returns not included 2, 324 (note 26c)
Normal-tax deficit 232-233, 260-277, 278 (note 6)
Normal-tax net income 3,
28, 30, 232-237, 250-277, 278 (note 6), 318, 324 (note 25)
Basis for excess profits net income 22
Classes 30, 234-237, 264-276
Total income and excess profits taxes in relation to 27-28
Notes and accounts receivable (less reserve) 10,
15, 96-221, 227 (note 44), 260-261, 286-287
Notes, bonds, mortgages, payable 10,
15, 96-135, 250-261, 286-287, 307 (notes 48, 49)
Notes, accounts, payable 136-221, 227 (note 46), 286-287
Number of returns. {See specific type of return or classification.)
Also: Summary and comparison with 1939 2
O
Obligations. {See Government; Instrumentalities of the United States;
States and Territories; United States.)
Office and store machines, manufacturing (#115) 48, 243
Oil and mining properties, lessors (#218) 53, 249
Oil (petroleum) refining (#80) ^1,241
Oil, gas, and mineral royalty companies (#199) 51, 248
Oils (animal and vegetable) except lubricants and cooking oils, manufac-
turing (#75) 47, 241
368 INDEX
Page
Oils (cooking), manufacturing. (Included in "Other food, etc." (#23),
pp. 45, 239.)
Operating-holding companies (#202) 52, 225 (note 10), 2^8, 314 (note 4)
Operating loss (prior year) deduction, net 9
; 14, 54-135, 226 (note 29), ~mb, 323 (note 4c)
Package liquor stores, retail (# 1 62) 50, 60, 74, 88, 1 1 2, 1 78, 2J^6
Paints, chemicals, and drugs, wholesale (# 1 53) 50, 245
Paints, varnishes, and colors, manufacturing (#70) 46, 2^1
Pan-American trade corporations, consolidated returns 13-14
Paper and allied products, manufacturing 46, 57, 71, 85, 102, 154, 241, 290, 312
Parent companies and subsidiaries 264-275
Part year returns 16-17
Partially tax-exempt interest on Government obligations (interest subject
to excess-profits tax) 8, 14, 54-135,
223-224, 226 (note 20), 284-287, 306 (note 17), 324 (note 16)
Partitions and fixtures, manufacturing (#56) 46, 240
Parts, aircraft, and manufacturing (#122) 49,244
Parts (automobile), accessories (except electrical), and passenger trailers,
manufacturing (#119) 49, 243
Peat, bituminous coal, lignite, mining (#8) 44, 64, 68, 82, 96, 140, 238
Percentage distributions:
Balance sheets, number of, to total returns 9
Excess profits tax returns 26-29
Income tax returns. 2, 6, 9
Personal holding company returns 31
Periodicals, printing and publishing (#65) 46, 241
Personal credit comi)anies (#193) 51, 247
Personal holding company returns:
Comparison with 1939 31
General explanations 31-33
Requirements for filing 31, 322 (note 2f)
Summary 30
Surtax rates 31, 325 (note 40)
Tabulations 33-34
Personal service 51, 63, 77, 91, 118, 192, 246, 310
Personal service corporations 322 (note 2e)
Petroleum, crude, and natural gas production 44
55, 69, 83, 98, 140, 238, 310, 312
Petroleum, crude, natural gas and natural gasoline production (#9) 44, 238
Petroleum, and coal products, manufacturing 47, 57, 71, 85, 104, 156, 241
Petroleum and natural gas, field service operations (#10) 44, 238
Petroleum and other mineral oil products, manufacturing, 1936-1940 291,
308 (note 57)
Petroleum refining (#80) 47, 241
Phonographs, communication equipment, manufacturing (#105) 4:8,243
Photographic studios (#177) 51, 246
Pipe line transportation (#136) 49, 245
Planing mills (#54) 46, 240
Plastic materials, manufacturing (#76) 47, 24-1
Plumbers' supplies, heating apparatus (except electrical), manufacturing
(#95) : 47,242
Plumbing and heating equipment, hardware, and electrical goods, whole-
sale (#154) 50,^4^
Porcelain products, pottery, manufacturing (#85) 47,241
Possessions of the United States:
Income from 226 (note 18), 322 (notes 2d, 3c, 4a),
323 (notes 7, 8, 9), 324 (notes 15, 21, 26), 325 (note 27)
Taxes paid to 18
263, 279 (note 33), 316-321, 323 (note 11), 324 (notes 15, 17, 21)
Pottery and porcelain products, manufacturing (#85) 47, 241
INDEX 369
Page
Preferred stock 10, 15, 96-135, 250-261, 286-287
Printing, commercial (#67) 46, 2/+1
Printing and publishing industries 46, 57, 71, 85, 102, 154, 2^1, 290, 312
Prior year loss deduction 9, 14, 54-135, 226 (note 29), 305, 323 (note 4c)
Prior j^ears, data for. {See Historical.)
Profit or loss, compiled net 9, 11, 14, 54-221, 284-287
Profits, surplus and undivided 10,
15, 96-135, 227 (notes 41, 49), 250-261, 286-287, 307 (notes 44, 45)
Profits and earnings accumulated 263
Public utilities 6, ^7, 49, 59, 73, 87, 108, 166, 2U, 266, 272, 292
Public utility equipment, electrical, manufacturing. (Included in "Elec-
trical equipment" (#103), pp. 48, 243.)
Public utility properties, lessors (#220) 53, 2^9
Publishing and printing industries 46, 57, 71, 85, 102, 154, 2^1, 290, 312
Pullman cars. (Included in "Railroad, switching, etc., companies.")
Pulp goods and converted paper products, manufacturing (#62) 46, 2^1
Pulp, paper, and paperboard, manufacturing (#61) 46, 241
Q
Quarrying, mining 6, 27, 44, 54, 68, 82, 96, 136, 238, 265, 271, 288, 310, 312
R
Radio apparatus and phonographs, manufacturing. (Included in "Commu-
nication equipment.")
Radio broadcasting and television (#142) 49, 245
Railroad corporations, consolidated income tax returns 12-15
Railroad properties, lessors (#219) 53, 249
Railroad, switching, terminal, and passenger car service companies (#129). -49, 244
Railroad and railway equipment, manufacturing (#121) 49, 244
Railway express companies (#130) 49, 244
Railways, street, Isuburban, and interurban, including bus lines operated
in conjunction therewith (#131) 49, 244
Rates of tax 3,
24, 316-321, 324 (notes 18, 19, 20, 26), 325 (notes 32, 35, 40, 41)
Rayon (raw material) and allied products, manufacturing (#73) 47, 241
Ra.yon and other synthetic textile-mill manufactures (#34) 45, 239
Real estate, including lessors of buildings 52, 67, 81, 95, 126, 212, 249, 314
Agents, brokers (#214) b2, 249
Lessee operators of buildings (#211) 52, 249
Lessors of buildings and owner operators (#210) 52, 249
Lessors of real property, except buildings 53, 67, 81, 95, 126, 214, 249
Agricultural, forest, etc. (#217) b^, 249
Mining, oil, etc. (#218) 53, 249
Public utility (#220) 53, ^4^
Railroad (#219) bZ, 249
Owners for improvement (#212) 52, 249
Title abstract companies (#215) 52, 249
Trading for own account (#213) 52, 249
Receipts :
Compiled. {See. Compiled receipts and compiled deductions.)
Gross from operations 8, 14, 54-135, 226 (note 14), 284-287
Not tabulated under specific captions__ 8, 14, 54-135, 227 (note 59), 284-287
Partially and wholly tax-exempt 8, 14, 54-135, 223-224,
226 (notes 20, 21), 284-287, 306 (notes 17, 18), 324 (note 16)
Selected 136-221
Taxable. {See Compiled receipts and compiled deductions.)
Refining petroleum (#80) '^7,241
Refunds and interest on A. A. A. taxes 262
Rent paid on business property 8, 14, 54-135, 284-287
Rents received, 1926-1937_ 284-287, 308 (note 13)
Rents and royalties received 8, 14, 54-135, 284-287, 306 (note 13)
Repair services:
Automotive, and garages (#183) 51, 63, 77, 91, 118, 194, 247, 310, 314
Miscellaneous, and hand trades (#184).. 51, 63, 77, 91, 118, 194, 247, 310, 314
370 INDEX
Page
Repairs (deduction) 8, 14, 54-135, 226 (note 25), 284-287
Reserves for amortization, bad debts, depletion, depreciation 226 (note 39)
Reserves, surplus 10, 15, 96-135, 250-261, 286-287, 307 (note 43)
Restaurants (eating and drinking places) (#166) 50, 61, 75, 89, 114, 182, 2Jf6
Retail trade 50,60,74,88, 110, 174,^45,310,313
Returns included 2
Returns with net income and returns with no net income — all tabulations
except pages 8-9, 284-287.
Classification 4
Revised figures, 1925-1939 306 (note 8)
Rolling mills, blast furnaces (#91) 47, 2^2
Royalties, rents, received 8, 14, 54-135, 284-287, 306 (note 13)
Royalty companies — mineral, oil, gas (#199) 51,248
Rubber footwear, manufacturing. (Included in "Other rubber products"
(#52),pp. 45, 240.)
Rubber products, manufacturing 45, 56, 70, 84, 102, 150, 240, 290, 312
Rubberized fabrics and clothing, manufacturing. (Included in "Other
rubber products" (#52), pp. 45, 240.)
S
Sale of property other than capital assets, net gain or loss 8,
14, 54-135, 226 (note 17), 284-287
Sale of stocks, bonds, and other assets, 1931 286-287
Sales finance and industrial credit agencies (#192) 51,247
Sales, gross 8, 14,54-135,226 (note 13), 284-287
Sand, stone, and gravel, quarrying (#11) 44,238
Sawmills, logging camps (#53)1 46, 240
Schools. (Included in "Other service" (#188), pp. 51, 247, etc.)
Securities, wholly and partially tax-exempt 10,
15, 96-135, 226 (note 37), 250-261, 286-287
Security and commodity-exchange brokers and dealers (#203) 52,
65, 79, 93, 124, 206, 248
Service 6, 27, 51, 62, 76, 90, 116, 190, 246, 267, 273, 292, 314
Service-industry and household machines, manufacturing (#116) 48, 243
Services incidental to transportation (#138) 49, 245
Ship and boat building (#123) 49, 244
Short-term credit agencies, except banks 51,
65, 79, 93, 122, 204, 247, 310 (note 3), 314 (note 1)
Silk, manufactures (#33) 45, 239
Silver and gold, mining (#4) 44, 238
Silverware, plated ware, jewelry (except costume), manufacturing (#100)-- 47, 242
Sirups (flavoring), manufacturing. (Included in "Other food", etc. (#23),
pp. 45, 239.)
Soap and glycerin, manufacturing (#71) 46, 241
Source Book of Statistics of Income, description 38-39
Special industry machinery, manufacturing (#109) 48, 243
Special trade contractors (#224) 53, 249
Specific exemption 25,
230-231, 238-249, 262-263, 278 (note 4), 316-318, 321, 323 (note 7)
Standard Industrial Classification, application 37
States and Territories 42-43, 230-231
Geographic distribution of returns, comparability 4-5, 37
Historical data, 1931-1940 294-304
Obligations of 250-261
Steel, iron, and products, manufacturing 47, 57, 71, 85, 104, 158, 242, 291, 312
Steel, structural, fabricated; ornamental metal work, manufacturing
(#92) 47,242
Stock, common and preferred, separately 10,
15, 96-135, 227 (note 63), 250-261, 286-287
Stock dividends paid 9, 14, 54-135, 224-225, 282, 284-285
Stone, clay, and glass products, manufacturing. _ 47, 57, 71, 85, 104, 158, 241, 291
Stone, sand and gravel, quarrying (#11) 44, 238
Storage, highway freight transportation, warehousing (#134) 49, 244
Subsidiaries 264-277,279 (notes 35,36), 305
INDEX 371
Page
Sugar manufacturing (#22) 45, SS9
Surplus, improper accumulation, 1913-1940. 325 (note 41)
Surplus reserves 10, 15, 96-135, 250-261, 286-287, 307 (note 43)
Surplus and undivided profits 10,
15, 96-135, 227 (notes 41, 49), 260-261, 286-287, 307 (notes 44, 45)
Deficit 10, 15, 9fr-135, 227 (note 42), 260-261, 286-287
Less deficit 137-221
Synopsis of Federal tax laws, 190&-1940 315-331
Synthetic textile-mill manufactures and rayon (#34) 45, 239
T
Tabulations:
Excess profits tax returns, 1940 26-30, 230-277
Income and declared value excess-profits tax returns, 1940 2,
6, 8-11, 14-17, 4P-225
Income and profits tax returns, 1909-1940 282-305
Personal holding company returns, 1940 31, 33-34
Tax. {See Declared value ; Defense ; Excess profits ; Foreign ; Income ; Total ;
War profits; etc.)
Also: Comparison with 1939 2
Tax credit for taxes paid to foreign countries or possessions of the United
States- IB, 263,279 (note 33), 316-321, 323 (note 11), 324 (notes 15, 17, 21)
Tax forms. {See Forms.)
Tax laws, Federal, synopsis, 1909-1940 315-331
Tax liability:
Comparison with collections 19
Type of 12, 222-223
Tax paid at source, not tabulated 19
Tax rates 3, 24, 316-321, 324 (notes 18, 19, 20, 26), 325 (notes 32, 35, 40, 41)
Taxes:
Back 19
Paid (other than income and excess-profits taxes) 8,
14, 54-135, 226 (note 26), 284-287
Paid to foreign countries or possessions of the United States 18,
263, 279 (note 33), 316-321, 323 (note 11), 324 (notes 15, 17, 21)
Uncollectible 19
Under Internal Revenue Code 3, 21-26, 320, 325 (notes 33, 36)
Tax-exempt interest. {See Partially; Wholly.)
Taxicab companies (#132) 49, 24^
Telegraph (wire and radio) and cable (#141) 4%, 2 45
Telephone— wire and radio (#140) . 49, 245
Television, radio broadcasting (#142) 4Q, 245
Tentative returns, excluded 2
Tentative tax, 1938 325 (note 32)
Terminal, railroad, switching, and passenger car service companies (#129) _ 49, 244
Territories. {See States and Territories.)
Text tables 2,6,8-11, 14-17,^5-50,30-34
Textile-mill manufactures (synthetic) , rayon (#34) 45, 239
Textile-mill products, manufacturing 45,
55, 69, S3, 100, 148, 239, 289, 308 (note 56)
Textiles, dveing and finishing, except woolen and worsted (#38) 45, 239
Theaters, rnotion picture (#186) 51,^47
Timber and lumber basic products, manufacturing 46,
56, 70, 84, 102, 152, 240, 290, 312
Tin cans and other tinware, manufacturing (#93) 47, 242
Tires, retail. (Included in "Automotive dealers: Accessories.")
Tires and inner tubes, manufacturing (#51) 45, 240
Title abstract companies (#215) 52, 249
Tobacco manufactures (#30) 45, 55, 69, 83, 100, 146, 239, 289
Toilet preparations, drugs, manufacturing (#72) 46, 241
Tools, manufacturing:
Hand tools, cutlery, and hardware (#94) _ 47, 242
Machine tools. (Included in "Metal-working machinery.")
372 un)Ex
Page
Total. {See Specific item or classification, except the three following:)
Total assets classes 11, 29, 130-221, 250-261
Total income 308 (note 54)
Total tax 2, 6, 9, 14, 18, 28, 54-221, 227 (note 66), 250-261, 282, 288-304
Trade 6, 27, 50, 59, 73, 87, 110, 170, 245, 267, 273, 292, 313
Retail 50, 60, 74, 88, 110, 174, 245, 310, 313
Wholesale 50, 59, 73, 87, 110, 172, 245, 310, 313
Trailers (industrial), automobiles, trucks, bodies, manufacturing (#118) _ 49, 243
Trailers (passenger), manufacturing. (Included in "Automobile acces-
sories" etc.)
Transportation 49, 59, 73, 87, 108, 168, 244, 292, 313
Transportation equipment, electrical (except automotive), manufacturing.
(Included in "Electrical equipment" (#103), pp. 48, 243.)
Transportation equipment (except electrical and automobiles), manufac-
turing 49, 58, 72, 86, 106, 164, 244
Transportation, services incidental to (#138) 'i^, 245
Trucking. (Included in "Highway freight transportation.")
Trucks, bodies, industrial trailers, automobiles, manufacturing (#118) 49, 243
Trucks, automobiles, retail (#167) 50, 246
Trust companies, banks (#190) 51, 64, 78, 92, 122, 202, 247
Trusts (investment) and investment companies 51,
65, 79, 93, 122, 204, 225 (note 8), 247, 314 (note 2)
Tubes (inner) and tires, manufacturing (#51) 45,^40
Turbines, engines, manufacturing (#112) 48,^43
Type of tax liability 12, 222-223, 227 (notes 53, 54)
U
Uncollectible taxes 19
Undivided profits, surplus 10,
15, 96-135, 227 (notes 41, 49), 250-261, 286-287, 307 (notes 44, 45)
Undistributed net income, 1936-1937 318, 325 (note 27)
United States obligations 250-261
Utilities, public 6, 27, 49, 59, 73, 87, 108, 166, 244, ^66, 272, 292
Variety stores (limited price) , retail (# 1 59) , 50, 245
Varnishes, colors, and paints, manufacturing (#70) 46, 241
W
Wallboard, concrete and gj'psum products, manufacturing (#88) 47, 241
Warehousing and storage. (Included in "Highway freight transporta-
tion.")
War-profits and excess-profits taxes, 1917-1940. __ 282, 288-304, 305 (note 6), 317
Watches, clocks, manufacturing (#99) 47, 242
Water, public utilitv (#146) 49, 245
Water transportation (#137) 49, 245
Wholesale trade 50,59, 73, 87, 110, 172,^4^,310,313
Wholly tax exempt interest 8,
14, 54-135, 223-224, 226 (note 21), 284-287, 306 (note 18)
Wine manufacturing (#27) 45, 239
Women's clothing, manufacturing (#42) 45, 239
Wooden containers, manufacturing (#57) 46, 240
Woolen and worsted manufactures, including dyeing and finishing (#32) 45, 239
Y
Years, returns segregated by. (See Historical.)
Z
Zinc and lead, mining (#3) 44, 238
o
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