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Statistics
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for 1951
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U. S. TREASURY DEPARTMENT
Internal Revenue Service
Part 1
Individual and
Taxable Fiduciary
Income Tax Returns
and
Gift Tax Returns
n^f
Statistics
of Income
for 1951
Prepared under the direction of the
Commissioner of Internal Revenue
by the Statistics Division
U. S. TREASURY DEPARTMENT
Internal Revenue Service
Part 1
Individual and
Taxable Fiduciary
Income Tax Returns
and
Gift Tax Returns
IRS PUBLICATION NO. 79
UNITED STATES GOVERNMENT PRINTING OFFICE, WASHINGTON : 1955
For sale by the Superintendent of Documents, U. S. Qovernment Printing Office, Washington 25, D. C. - Price $1.26 (paper cover)
Boston Fuji-- --. ;-i>'
Cuperintendent of Documents
APR 7 - 1955
LETTER OF TRANSMITTAL
Treasury Department,
Office of Commissioner of Internal Revenue,
Washington^ D. C, February 15, 1955.
Sir : I have the honor to transmit herewith a report, "Statistics of Income
for 1951, Part 1," prepared in accordance with the provisions of section 63 of
the Internal Revenue Code of 19.39 which requires annual preparation and
publication of statistics reasonably available with respect to the operation of
Federal income tax laws. This report presents by various classifications,
statistical data relative to income, deductions, exemptions, tax liability, tax
withheld on wages, tax paid on declaration, tax overpayment, and other per-
tinent facts reported on individual income tax returns, taxable fiduciary income
tax returns, and gift tax returns, filed for the year 19.51. In addition, there are
presentations of significant historical data and a synopsis of recent tax rates,
credits, and other provisions of Federal tax laws.
Respectfully,
T. Coleman Andrews,
Commissioner of Internal Revenue.
Honorable G. M. Humphrey,
Secretary of the Treasury.
Ill
CONTENTS
Introduction
INDIVIDUAL INCOME TAX RETURNS
Page
1
5
Summary data eg
Individual returns included „ _
Changes in the Internal Revenue Code of 1939 1^^
Basic items o q
Classification of individual returns ^^
Tabulated data ,(^
Simple and aggregated distributions J"
Sources comprising adjusted gross mcome '" ^2
Total deductions 12-13
Patterns of income 13-14
Types of tax liability , .
Taxpayment status 14—1 5
Taxpayments and tax overpayment 15-16
Marital status of taxpayer jg
Exemptions lfi_17
Net gain or loss from sales or exchanges of capital assets i" J'
Data for States and Territories 18-19
Sole proprietorships iq_91
Description of the sample and limitations of data i^^i.
TABLES FOR INDIVIDUAL RETURNS, 1951
1. Number of returns, adjusted gross income, and tax, with percentage distribu-
tions — bv adjusted gross income classes :- — "."•-;";■--
la Number of returns, adjusted gross income, and tax, with percentage distribu-
tions— aggregated from highest adjusted gross mcome class - - - - - - - ^o
lb Number of returns, adjusted gross income, and tax, with percentage distribu-
tions — aggregated from lowest adjusted gross income class ^'
2 Sources comprising adjusted gross income, total deductions, exemption, tax
items, and frequencies— bv adjusted gross income classes _ .. - Z»-dd
3. Frequency distribution of returns for selected patterns of income— by adjusted
gross income classes -7 — 7 — -. ^'^^^
4. Frequency distributions of returns for selected patterns of mcome— by size ot
specific source -,- — -.- - - - j ^*>~''
5. Frequency distribution of returns for selected patterns of mcome— by adjusted
gross income classes and by size of a specific source o\)-i)i
6 Adjusted gross income, exemption, taxes, average tax, and effective mcome tax
rate — by adjusted gross income classes and by types of tax - ^^ ^'
7 Number of returns, amounts of overpayment, refund, credit, and tax due at time
of filing— by adjusted gross income classes and by taxpayment status &»-bU
8 Adjusted gross income, exemption, and tax— by adjusted gross income classes
and bv marital status and sex of taxpayer vrr"Y
9 Total number of exemptions and number of exemptions for age and blindness—
bv adjusted gross income classes and by marital status of taxpayer; also
frequency distribution of returns by number of exemptions other than age or
blindness .- ;, °* "'^
10. Number of returns and surtax net income— by adjusted gross mcome classes and
by surtax net income brackets 7-- 'O-'O
11 Net gain or loss from sales of capital assets, net short- and long-term capital
gain or loss, and capital loss carryover— by adjusted gross income classes and
by returns with net loss or with net gain from sales of capital asset^s 7b-/a
12. Salaries, dividends, interest, adjusted gross income, and taxes— by States and
Territories - -.-
13. Number of returns, adjusted gross income, and income tax— by adjusted gross
income classes and by States and Territories . _ 81 0/
14. Number of businesses, total receipts, and net profit— by selected industrial
15 Number of businesses', total receipts, net profit, and net loss— by size of total
receipts; businesses with net profit by selected industrial groups and businesses
with net loss in aggregate :-'"{'"■ i"l
16. Frequency distribution of number of businesses with net profit — by size ot net
profit and by selected industrial groups ^^
HISTORICAL TABLES, 1944-51
17. Number of returns by major characteristics, adjusted gross income and deficit,
and tax .- —
18. Number of returns with income tax liability, adjusted gross income, income tax,
average tax, and effective tax rate — by adjusted gross income classes qq
19. Sources of income by type inn_ini
20. Selected sources of income by adjusted gross income classes 1X9
21. Deductions from adjusted gross income by type '^"^
22. Number of returns with adjusted gross income, adjusted gross income, *"" „
income tax — by States and Territories 10d-lU5
VI
CONTENTS
TAXABLE FIDUCIARY INCOME TAX RETURN
Page
Summary data HI
Fiduciary returns included HI
Income tax provisions with respect to fiduciary income 111-112
Basic items 112
Classification of fiduciary returns 112
Tabulated data 112-113
Sources comprising total income 113-114
Deductions 114
Types of tax 1 14-1 15
TABLES FOR TAXABLE FIDUCIARY RETURNS, 1951
1. Number of returns, total income, and tax, with percentage distributions — by
total income classes 118
la. Number of returns, total income, and tax, with percentage distributions —
aggregated from highest total income class 119
lb. Number of returns, total income, and tax, with percentage distributions —
aggregated from lowest income class 120
2. Sources comprising total income, deductions, net income, exemption, tax, and
frequencies — by total income classes 121-123
3. Income or lo.ss from each source comprising total income, deductions, net in-
come, exemption, and tax — by net income classes 124—125
4. Frequency distribution of returns — by total income classes and by net income
classes 126-128
5. Total income, net income, exemption, tax, average tax, and eflfective tax rate —
by total income classes and by types of tax 129-130
6. Net gain or loss from sales of capital assets, net short- and long-term capital
gain and loss, and capital loss carryover — by total income classes and by
returns with net loss or with net gain from sales of capital assets 131-133
7. Total income, amount distributable to beneficiaries, net income, exemption,
and tax — by total income classes and by returns for trusts and for estates 134
HISTORICAL TABLES, 1944-51
8. Number of returns, total income, tax, and effective tax rate — by total income
classes 138
9. Sources of income and deductions by type 139
GIFT TAX RETURNS
Summary data 143
Gift tax returns included 143
Gift tax provisions for 1951 143-144
Basic items 144-145
Classification of gift tax returns 145
Tabulated data 145
TABLES FOR GIFT TAX RETURNS
1. Gifts by types of property, total gifts before and after exclusions, exclusions.
deductions, net gifts, and tax — taxable returns by net gift classes and non-
taxable returns in aggregate 148-149
2. Total gifts before and after exclusions, exclusions, deductions, net gifts and tax —
by taxable and nontaxable returns and by total gift plus gift tax classes___ 150-151
3. Number of returns of identical donors, total gifts after exclusions, deductions,
net gifts, and tax — by taxable status 152
4. Frequency distribution" of taxable returns of identical donors who report taxable
gifts for prior vears — by net gift classes and by net gift for prior years classes^ _ 152
5. Number of returns, total'gifts by type, net gifts, and gift tax, for 1944-51 154
SYNOPSIS OF FEDERAL TAX LAWS, 1944-51
Individual and fiduciary income tax:
A. Requirements for filing returns and exemptions 156
B. Normal tax and surtax rates 156
C. Provisions pertaining to capital gains and losses ■- 157
Self-employment tax:
D. Requirements for filing returns and tax rate 158
Gift tax:
E. Requirements for filing returns, exclusions, and specific exemption 158
F. Tax and tax rates 158
FACSIMILES OF TAX RETURNS, 1951
Form 1040, Individual Income Tax Return ^^^^In
Form 1040A, Employee's Optional Income Tax Return ^^59
Form 1041, Fiduciary Income Tax Return 181-188
Index 189-192
INTRODUCTION
This report, contains statisticiil data for tlie income year 1951, prepared
from individual income tax returns, Forms 1040 and 1040A, from taxable
fiduciary income tax returns, Form 1041, and from gift tax returns, Form 709.
It presents data on income, deductions, exemptions, gifts, and other valuable
information imported on these returns, by various classifications of taxpayers,
by types of income or kinds of gifts, and other relevant classifications.
Tlie fii-st section of this report pertains to the individual income tax
returns. Forms 1040 and 104()A. Althougii tlie two forms are ditferent, it is
possible to correlate the data reported on tlie employee's optional returns.
Form 1040A, with that rejiorted on tlie regular income tax return, Form 1040,
whether long- or sliort-forni. In tabulating data, no distinction is made and
data from both forms are combined. In addition to the current year tabulations,
there are included several tables of historical data.
The second section of this report presents data reported on the taxable
fiduciary income tax returns, Form 1041. Data inherent to fiduciary returns
differ somewhat from that on individual returns, but, so far as possible, data
for taxable fiduciary returns are classified and presented in the same manner
as the data for individual returns, so that these data may be associated. The
tabulations of current year data are followed by two tables showing historical
data.
The third section of this report contains information reported on gift tax
returns, Form 709, filed by individuals wlio transferred property by gift during
1951. A brief historical summary is included at the end of this section.
The fourth section gives a synopsis of recent Federal tax laws relating to
income tax and gift tax, showing the important provisions affecting the com-
parability of historical data.
Facsimiles of the 1951 individual income tax returns, Forms 1040 and
1040A, and tlie fiduciary income tax returns. Form 1041, are inserted at the
close of the report.
A preliminary report, containing significant tables prepared from indi-
vidual returns and taxable fiduciary returns, w as published in June 1954.
Individual
Income Tax
Returns
INDIVIDUAL INCOME TAX RETURNS FOR 1951
SUMMARY DATA
The total number of individual returns filed for the
year ISHl is 55,447,009, the greatest number filed for
any year. There is an increase of 2,386,911, or 4.5 per-
cent, over the number of returns for 1950. The returns
include 14,'2()(t,472 employee's optional returns, Form
1040A; 2:5,149,99(5 short-form returns. Form 1040; and
18,036,541 long- form returns. Form 1040.
The adjusted gross income reported amounts to
$203,097,033,000, the largest amount yet reported. The
increase is $23,222,555,000, or 12.9 percent, over the in-
come reported last year. The adjusted gross deficit of
$760,548,000, rejiorted on 404,412 returns, has increased
by $34,346,000, or 4.7 percent, over the deficit for the
previous year.
There are 42,648,610 taxable returns for 1951 ; this is
4,461,928, or 11.7 percent, more taxable returns than
were filed last year. Self-employment tax, paid for the
first time on 1951 returns, is reported on 4,073,811 of
these returns, 1,054,388 of which have no income tax
liability. Nontaxable returns number 12,798,399 which
is a decrease of 2,075,017 as compared with last year.
Total tax liability is $24,439,073,000. The newly im-
posed self -employment tax of $211,293,000 is included
in the total tax liability for 1951. The income tax lia-
bility of $24,227,780,000 is the largest income tax ever
reported. This is $5,852,858,000, or 31.9 percent, more
income tax than the previous all-time high for 1950.
The optional tax table was used to determine the in-
come tax liability on the 37,410,468 returns. Form 1040A
and short-form 1040; however, on 11,429,525 of these
returns, the adjusted gross income and allowable
COMPARATIVE DATA FOR INDIVIDUAL RETURNS, 1951 AND 1950
Items
1951
1950
Increase or de-
crease {-)
Number or
amount
Percent
All returns:
Number.
55,447,009
203,097,033
760, 548
42,648,610
42, 636, 797
185,171,964
11,813
23,912
24, 227, 780
211,293
12,798,399
12,405,800
17,925,069
392, 599
736, 636
53,060,098
179,874,478
726, 202
38,186,082
38,186,682
158,546,122
2,386,911
23, 222, 555
34, 346
4,401,928
4,450,115
26, 626, 842
4.5
.\djusted gross income
(thousand dollars) _ _
Adjusted gross deficit
(thousand dollars) _ _
Taxable returns:
12.9
4.7
11.7
With adjusted gross income:
11.7
Adjusted gross income
(thousand dollars)..
With no adjusted gross Income:
16.8
.\djusted gross deficit
Tax liability;
Income tax . . (thousand dollars) . .
Self-employment tax
18,374,922
5,852,858
31.9
Nontaxable returns:
14,873,416
14,468,882
21,329,356
404,534
726, 202
-2,075,017
-2,063,082
-3, 404, 287
-11,936
10, 434
-14.0
With adjusted gross income;
Number.
-14.3
Adjusted gross income
(thousand dollars) . .
With no adjusted gross income:
-16.0
-3.0
-Adjusted gross tieficil
(thousand dollars) . .
1.4
exemptions are such that the tax table specifies the in-
come to be nontaxable. Thus the income tax liability
was determined from the tax table on 67.5 percent of all
returns filed but this is the smallest percentage of re-
turns to show use of the optional tax since its intro-
duction in 1944 for adjusted gross income under $5,000.
The standard deduction was elected by the taxpayer
on 43,865,313 returns which is 79.1 percent of all re-
turns. Among these returns there are 6,454,845 returns
with adjusted gross income of $5,000 or more.
INDIVIDUAL RETURNS INCLUDED
Data for individual returns are compiled from Forms
1040 and 1040 A, filed by citizens and resident aliens.
These returns include returns for the calendar year
1951, a fiscal year ending within the period July 1951
through June 1952, and a part year with the gi-eater
poi-tion of the period in 1951. The vast majority of
returns are for the calendar year 1951. Tentative re-
turns are not used and amended returns are used only
if the original returns are excluded.
A return is required of every individual, adult or
child, who had $600 or more of gross income for the
taxable year, except that every self-employed individual
must file Form 1040 if he has at least $400 of net earn-
ings from self -employment for 1951. Also, many re-
turns not otherwise required are filed solely to claim
refund of tax overpaid through tax withheld on wages
or payments on declaration of estimated tax.
Form 1040A is the employee's optional return which
may be filed by persons whose total income is less than
$5,000 consisting of wages reported on the Withholding
Statement, Form W-2, and not more than a total of
$100 of other wages, dividends, and interest. The tax
liability on Form 1040A is determined by the collector
of internal revenue on the basis of the income reported,
in accordance with the tax table provided under supple-
ment T of the Internal Revenue Code of 1939. The tax
in this table make.s allowance for the standard deduc-
tion in lieu of nonbusiness deductions and for tax
credits and also allows for exemptions. The standard
deduction is ai)proximately 10 percent of the income.
The optional return cannot be used by a husband or
wife whose spouse itemizes deductions; neither can it
be used to report divided community income of husband
and wife. Aijoint return of husband and wife may be
filed on Form 1040A if their combined income meets the
requirements for use of this form. On a joint return,
the tax liability, determined from the tax table by the
collector, is the lower of two amounts: an aggregate of
the two taxes on the separate incomes of husband and
wife or a tax on tlieir combined income, the latter being
the liability under the split-income method.
5
INDIVIDUAL INCOME TAX RETURNS FOR 1951
Form 1040, the regular income tax return, which may
be eitlier a long-form return or a short-form return, is
used by persons who, by reason of the size or source of
their income, are not permitted to use Form 1040A, and
by persons who, although eligible to use Form 1040A,
find it to their advantage to use Form 1040. Persons
with adjusted gross income of less than $5,000, regard-
less of the source, may elect to file the short-form return
on which nonbusiness deductions and tax credits are
not reported, the tax being determined on the basis of
adjusted gross income, by the taxpayer, from the op-
tional tax table. If the taxpayer whose adjusted gross
income is less than $5,000 wishes to claim nonbusiness
deductions in excess of the standard deduction allowed
through use of the tax table, he must file the long-form
return and compute the tax liability on the basis of the
net income less the allowable exemptions. Pei-sons with
adjusted gross income of $5,000 or more are required to
file the long-form return and compute the tax liability.
In computing the net income to be taxed, the taxpayer
may use, in lieu of nonbusiness deductions, the optional
standard deduction which is the smaller of $1,000 or an
amount equal to 10 percent of the adjusted gross income,
except that in the case of a separate return of a married
person, the standard deduction is $500.
The tabulation below sets forth the number of returns
filed on the various return forms falling in the taxable
and nontaxable categories and indicates the returns
with standard deduction and those with itemized de-
ductions. Form 1040A and short-fonn 1040 automati-
cally have the standard deduction.
INDIVIDUAL RETURNS FOR 1951, BY TAXABLE AND NON-
TAXABLE RETURNS AND BY FORM OF RETURN
Form of return
Total
Taxable
Nontaxable
Form 1040A
U, 260, 472
23,149,996
6, 454, 845
7, 718, 429
3, 863, 267
10, 014, 260
15, 966, 683
6,454,845
6,349,555
3, 863, 267
4, 246, 212
7,183,313
Form 1040:
Short-form
Long-form:
With standard deduction— adjusted gross
income $5,000 or more
With itemized deductions:
Adjusted gross income under $5,000
Adjusted gross income $5,000 or more
1,368,874
Total returns .
55, 447, 009
42,648,610
12, 798, 399
Nontaxable returns with adjusted gross income and
returns with adjusted gross deficit are included in sta-
tistics since they are filed to comply with the require-
ments that a return be filed by eveiy person whose gross
income (not adjusted gross income) is $600 or more,
or whose net earnings from self-employment are $400
or more, regardless of allowable deductions and ex-
emjitions. Moreover, returns not otherwise required
are filed to claim refund of tax overpaid through cur-
rent payments, this being the most convenient method
of claiming the refund.
All data are taken from the returns as filed by the
taxpayer, previous to the official audit, and do not in-
clude any changes resulting from under-reporting of
income, disallowance of exemptions or deductions, ad-
ditional assessments, or reduction of tax liability.
Facsimiles of individual income tax returns. Forms
1040 and 1040A, are shown on pages 163-180.
CHANGES IN THE INTERNAL REVENUE CODE OF 1939
Important changes in the Internal Revenue Code of
1939 result from amendments contained in the Revenue
Act of 1951 and the Social Security Act Amendments
of 1950. These amendments affect the comparability
of income and tax data for 1951 with those tabulated
for 1950. The increase in surtax rates under the 1951
act became effective as of November 1, 1951; the full
effect of the increase, however, will not be realized until
1952. The more significant amendments are:
(a) Althougli the normal tax rate of 3 percent re-
mains unchanged, the surtax rates are increased, ef-
fective November 1, 1951, to 19.2 percent of the first
$2,000 of surtax net income progi-essing to 89 percent
of such income in excess of $200,000, with the combined
normal tax and surtax limited to 88 percent of net
income. For 1951 calendar year income, a surtax
schedule is provided which incorporates the increased
surtax rates for the last 2 months of the year. These
rates begin at 17.4 percent of the first $2,000 of surtax
net income and range to 88 percent of the excess over
$200,000, with a maximum combined normal tax and
surtax of 87.2 percent of net income.
( h ) Revised tables for the optional tax are provided
for the calendar year 1951 and for taxable years be-
ginning on or after November 1, 1951, which reflect the
increased surtax rates.
(r) On returns for fiscal years beginning before
November 1, 1951, the tax liability is the sum of (1) that
portion of a tentative tax, computed at rates in effect
before November 1, 1951, which the number of months
in such fiscal year before that date bears to the total
months in the fiscal year, and (2) that portion of a
tentative tax, computed at rates applicable to years
beginning on November 1, 1951, which the number of
months in such fiscal year after October 31, 1951, bears
to the total number of months in the fiscal year.
(d) The amount of tax witldield from wages paid
after October 31, 1951, is increased to 20 percent of the
excess of wage payments over the withholding exemp-
tion; and new withholding tables state the increased
amount to be withheld. Withholding in addition to
that otherwise required is permissible under agreement
between employer and employee.
(e) For taxable years beginning after December 31,
1950, if either the taxpayer or his spouse has attained
the age of 65 before the close of the year, the entire
medical expense paid for both, plus the amount by
wlijch such expenses for the care of dependents ex-
ceeds 5 percent of adjusted gross income, may be claimed
if within the maximum allowable deduction.
(/) The amount of gross income which an individual
may receive and still qualify as a dependent of a tax-
payer is increased from $500 to $600, for taxable years
beginning on or after January 1, 1951.
INDIVIDUAL INCOME TAX RETURNS FOR 1951
(ff) Every individual havinji net eariiin<is from self-
employment of $400 or more for taxable years bef;in-
ning on or after January 1, 1951, must file an income
tax return, even thoufjli he may not otherwise have
sufficient income to require the tWm^ of a return.
(h) For taxable years befiinnin<i on or after Jan-
uary 1, 1951, there is levied a tax upon the statutory
amount of net earninjjs from self-employment derived
from the net jjrofit or loss from trade or business car-
ried on by an individual plus his distributive share of
ordinary net income or loss from ])artnerships. The
self-employment tax rate for 1951 is 2^4 percent.
(i) In case of taxable years beginning on or after
October 20, 1951, short- and long-term capital gains
and losses are fully taken into account. If the net
short-term capital gain exceeds the net long-term capi-
tal loss, 100 percent of such excess is to be included in
gross income; if the net long-term capital gain exceeds
the net short-term capital loss, 50 percent of such ex-
cess is to be included in gross income. If all capital
losses exceed all capital gains, the excess is allowed as
a deduction in an amount not to exceed $1,000. The
alternative tax rate on the excess of net long-term capi-
tal gain over the net short-term capital loss is 26 per-
cent for taxable years beginning after October 31, 1951.
The results of these amendments are not apparent in
this report, since they apply only to a negligible num-
ber of fiscal year returns.
(j) A separate surtax rate schedule is provided for
taxable years beginning after October 31, 1951, for any
individual who qualifies as head of household. The
graduated surtax rates in this schedule provide heads
of households with approximately one-half the benefits
provided for married couples under the split-income
provision. The effects of this provision, affecting a
negligible number of fiscal year returns, are not evi-
dent in this report. The provision will be fully ef-
fective on 1952 returns.
BASIC ITEMS
Adjusted gross income is defined as gross income
minus allowable trade and business deductions, expenses
of travel and lodging in connection with employment,
reimbursed expenses in connection with employment,
deductions attributable to rents and royalties, deduc-
tions for depreciation and depletion allowable to life
tenants or to income beneficiaries of property held in
trust, and allowable losses from sales or exchanges of
property.
Adjusted gross income provides a means whereby dif-
ferent kinds of gross income are placed substantially on
a par with each other; and in cases where the adjusted
gross income is less than $5,000, the income tax liability
may be determined on the basis of adjusted gross in-
come, directly from the optional tax table, at the elec-
tion of the taxpayer. Before the concept of adjusted
gross income was introduced, tax rates could not be
applied to tlic income of jjersons engaged in business or
profession until the net income had been determined,
that is, after there had been deducted not only the cost
of doing business but also othei- nonbusiness deductions
and credits which the law allows.
The adjusted gross income and its components are
tabulated and all taxable income from whatever source
is included. However, the income or loss from any
.source for which deductions are specifically allowed
in coin])uting adjusted gross income is the net amount
from that source; and the net loss comprises a part of
the adjusted gross income (or deficit) as well as the net
l)rofit.
Adjusted gross deficit occurs when the deductions al-
lowable for the computation of adjusted gross income,
mentioned alwve, equal or exceed the gross income.
Net income is the income tax net income reported
on long-form returns. Form 1040, which have adjusted
gross income in excess of the itemized deductions. Net
income does not apply to returns. Form 1040A, nor to
short-form returns. Form 1040. Although long-form
returns. Form 1040, on which taxpayers elected to use
the optional standard deduction, do show a net income,
the amount thereof is not tabulated in this report.
Net deficit, reported on returns, Form 1040, classified
as returns with itemized deductions, includes the ad-
justed gross deficit on short-form returns and the net
deficit on long-form returns resulting from the com-
bination of adjusted gross deficit and itemized deduc-
tions or from the excess of itemized deductions over
adjusted gross income.
Amount of exemption is that allowed as a credit
against income for the purpose of computing normal
tax and surtax. A per capita exemption of $600 is
allowed for the taxpayer, his spouse, and each closely
related dependent (specified by law) who received
more than one-half of his supjjort from the taxpayer
and who had less than $600 of gross income for tlie
year, together with the additional exemptions of $600
for blindness and $600 for age 65 or over of the tax-
payer and/or his spouse. Both the number and amount
of exemptions tabulated include the exemptions auto-
matically allowed through use of the optional tax table
on returns. Form 1040A and short-fonn 1040, as well
as the exemptions claimed by taxpayers who compute
their tax liability on long-term returns. See page 16
for list of closely related dependents.
Slight duplication of exemptions exists on account
of those dependents who have earned less than $600
of wages subject to withholding of income tax and who
file a return as the most convenient method of claiming
refund of tax ; such wages are not taxable to the de-
pendent, nor do they constitute a part of the income
of the taxpayer claiming the dependent. Neverthe-
less, the exemj)tion on the return of such a dependent
is tabulated as well as exemption for the dependent
taken by the taxpayer who rightfullj' claims the ex-
emption.
INDIVIDUAL INCOME TAX RETURNS FOR 1951
Total ta.r liability for 1951 includes the income tax
liability and the newly imposed self-employment tax.
Income tax liability tabulated is after the deduction
for the two tax credits relating to income tax paid at
source on interest from tax-free covenant bonds and
to income tax paid to a foreign country or possession
of the United States, allowed only to taxpayers who
itemized deductions. The amount of these tax credits
is not available. Self-employment tax i . paid on net
earnings from self-employment for the taxable year
and no tax credit is allowed.
Income tax liaJ)ility is after the deduction for tax
credits described above; it consists of the normal tax,
surtax, and alternative taxes paid in lieu thereof, that
is, the optional tax provided under supplement T of
the 1939 Code and the alternative tax provided under
section 117(c) (2) for income which includes net gain
from sales of capital assets held more than 6 months.
The income tax components are described on pages
13-14.
Self-employment tax is imposed on self -employment
income, under subchapter E, chapter 1, of the 1939
Code (added by Social Security Act Amendments of
1950). Self-employment tax is based upon net earn-
ings from self-employment at the rate of 2y^ percent.
Further discussion of this tax occurs on pages 13-14.
Taxpayments are made currently throughout the
income year by means of tax withheld on wages and
payments on the Declaration of Estimated Tax, Form
1040-ES. If these taxpayments are insufficient to
cover the total tax liability for 1951, the balance of
tax due is paid when the return is filed, except that for
returns, Form 1040A, the balance is paid upon assess-
ment by the collector. If the current taxpayments
exceed the total tax liability for 1951, the ovei-payment
is refundable to the taxpayer unless he signifies on a
return, Form 1040, that he wishes the ovei'i^ayment to
be credited on his 1952 estimated tax on Form 1040-ES.
Eacli of these tax elements is explained on pages llr-15.
CLASSIFICATION OF INDIVIDUAL RETURNS
Individual returns are classified by adjusted gross
income classes, by taxable and nontaxable returns, by
selected patterns of income, by size of specific source, by
taxpayment status, by marital status of the taxpayer,
by number of exemptions other than age or blindness,
and by States and Territories. Taxable returns are
classified by types of tax liability. Returns with item-
ized deductions are identified in certain tabulations and
also classified by size of surtax net income. The busi-
ness activity of taxpayers who report income from the
operation thereof as a sole proprietor is classified by
industrial groups.
Adjusted gross incom-e classes. — Adjusted gross in-
come, being common to all types of individual returns,
supplies the base for adjusted gi'oss income classes.
Returns showing adjusted gross deficit, regardless of
the amount, are designated "No adjusted gross income"
and appear as a separate class. This class and the
adjusted gross income class, "Under $600," occur among
taxable returns for 1951, because a self-employment
tax is payable on self-employment earnings irrespective
of the income subject to income tax.
Taxable and nontaxable retu7'ns. — This classification
is based on the existence or nonexistence of a tax liabil-
ity after the allowable tax credits. The tax liability
for 1951, unlike that for former years, includes the
newly imposed self-employment tax. Returns with
self-employment tax are classified as taxable returns
even though there is neither normal tax and surtax nor
alternative tax. Tax credits are allowed only to tax-
payers who itemized deductions and only against the
income tax liability; no tax credit is allowed against
the self-employment tax. Tax credits relate to income
tax paid at source on interest from tax-free covenant
bonds and to income tax paid to a foreign country or
possession of the United States. In certain instances
the foreign tax credit may eliminate the income tax
but not the self -employment tax.
Returns with itemized dedii^tionft. — Returns classi-
fied as returns with itemized deductions are long- form
returns. Form 1040, with nonbusiness deductions item-
ized in detail ; long-form returns. Form 1040, with no
deductions (standard or itemized) ; and all returns
with adjusted gross deficit, whether or not deductions
are itemized, so that all returns with adjusted gross
deficit will be tabulated with this category of returns.
Patterns of incoms. — Returns are classified into se-
lected patterns of income embracing salaries and wages,
dividends, interest, other income, and other loss — singly
and in combination. These income items are defined
on pages 12-13.
Size of specific source. — Returns are classified ac-
cording to the size of a specific source for distribution
by patterns of income. Five sources — salaries and
wages, dividends, interest, other income, and other
loss — are so classified. The class intervals are narrow
in the lower levels to provide adequate classification
of small income items. Also see patterns of income,
pages 12-13.
Types of tax liability. — Taxable returns are classified
on the basis of three types of tax liability: combined
normal tax and surtax, alternative tax on income con-
taining capital gain, and self-employment tax only.
The first two types of tax may be in conjunction with
the self-employment tax. By so classifying the tax, the
two categories — returns with normal tax and surtax,
and returns with alternative tax — are maintained on
the same basis as that of previous years. Returns with
normal tax and surtax include the optional returns.
Form' 1040A, and short-form returns. Form 1040, on
both of which the optional tax is paid in lieu of the
regular normal tax and surtax. Returns with alterna-
tive tax are long-form returns wherein the income in-
cludes a net long-term capital gain or an excess of net
long-term capital gain over net short-tenn capital loss
and the alternative tax is less than the regular normal
INDIVIDUAL INCOME TAX RETURNS FOR 1951
tax and surtax on income which inchides all net <;;ain
from sales of capital assets. Returns with only self-
employment tax are returns, Form lO-lO, on which there
is no income tax liability. Further discussion of types
of tax will be found on pajres 13-14.
T(hrpai/i)i('i>t xtatu-s. — Returns are sefjrepated into
three jiroups for this classification : returns with neither
tax ovei'payment nor tax due at time of filinfr, returns
with tax overpayment, and returns with tax due at time
of tilinjr. pyxplanation of these i^roups appears on
pafie 14.
Mar/tdl status. — The classification of returns for
marital status of taxpayer is based on the marital status
of the taxjiayer at the close of the income year or on
the date of the death of a spouse. The three classifica-
tions are : joint returns of husbands and wives, sepa-
rate returns of husbands and wives, and i-eturns of
single persons. The last two groups are also classified
as returns of men and returns of women. Additional
description is given on pages 15-16.
A'vmber of e.rempfions other than age or blindness. —
For a frequency distribution of returns by number of
exemptions, oidy the per capita exemption of the tax-
payer, his spouse on a joint return, and each dependent
is utilized. This provides the same basis for this dis-
ti'ibution as that used in former years. There is a class
for each of 1 through 5 and for 6 or more exemptions,
for all returns and for joint returns; and a class for
each of 1 through 3 and for 4 or more exemptions, for
separate returns of husbands and wives and for returns
of single persons.
Size of surtax net income. — Returns with itemized
deductions are classified on the basis of surtax net in-
come into classes corresponding to surtax net income
brackets. Because of the split-income provision, joint
returns are classified, independently, into surtax brack-
ets double the extent of those for other returns.
States and Territories. — This classification consists
of the 48 States, Hawaii, and the District of Columbia.
The segregation of returns on the basis of States and
Territories is determined by the location of the collec-
tion district in which the return is filed, except that for
the District of Columbia, the segregation is determined
from the address of the taxpayer. Collection districts,
or groups of such districts, are coextensive with the
States and Territories, except that the District of
Columbia comprises a part of the district of Maryland
and the Territory of Alaska is a part of the district of
Washington. The sampling technique employed for
obtaining statistical data does not permit separate tabu-
lation of returns from Alaska.
/iidu-strial groups. — The business activity of taxpay-
ers reporting income from a solely owned business or
profession is classified by industrial ginnips in accord-
ance with the nature of business as described by the
taxpayer in the business schedule. AVhen two or more
kinds of businesses are conducted, each kind of busine.ss
is classified separately on the basis of its description.
Other information on industrial groups will be found
under sole ])r()])rietorshi])s, pages 18-19.
TABULATED DATA
Data tat)ulated from individual returns for 1951 are
estimated from samples of optional returns, F"orm
1040A; short-form returns. Form 1040; and long- form
retiirns. Form 1040, witii adjusted gross income under
$50,000. The number of returns with adjusted gross
income under $50,000 is obtained from records of the
Internal Revenue Service, but the distribution of re-
turns by income da.sses and the related data, together
with their distribution by classes, are estimated based
on samples selected fi-om the dift'erent strata in each
category. Tlie method of selecting the sampjes, the
procedure for extending the data obtained from the
samples to the stratum po])ulations, and the resultant
sampling vai-iability are fully explained in the descrip-
tion of the sample and limitations of data on pages
19-21. Data for returns with adjusted gross income of
$50,000 or more are tabulated from each return.
All data are taken from the returns as filed by the
taxpayer and do not reflect any changes executed as a
consequence of official audit by the Internal Revenue
Service.
In tabulating data by adjusted gross income classes,
the nontaxable returns in adjusted gross income class
"$4,500 or more" ai-e considered a class unit; and, in
tables wliere tlie taxable and nontaxable returns are
combined, the nontaxable returns in this class remain
in this unit, even though they exceed the desigiiated
class limit.
In the case of fiscal year returns on which the tax is
prorated on account of the change in tax rates effective
November 1, 1951, (he prorated tax is tabulated. Other
data for these returns are not prorated; they are taken
from the data reported for computation of the 1951
portion of the tax. For instance, if the taxpayer
claimed head of household status in computing his pro-
rated tax for the portion of his income year after
November 1, 1951, the classification for marital status
is based entirely on the marital status for the e^irlier
part of his income year.
Statistical data for individual returns for 1951 are
presented in 16 tables. Data in tables 1 through 11 are
tabulated on a national basis; data in tables \'2 and 13
are distributed on a State basis; data for sole proprie-
torships in tables 14 through 16 are tabulated on a
national basis. Taxable and nontaxable returns are
combined in some of these tables, in others, they are
shown separately.
Tables 1, la, and lb show number of returns, adjusted
gross income, total tax liability, and their correspond-
ing percentage distributions. New stubs in table la,
aggregated from the highest income class, and in table
lb, aggregated from the lowest income class, provide
for clarity and ease of use.
Table 2 presents the sources comprising adjusted gross
income and the various tax items, as well as the fre-
10
INDIVIDUAL INCOME TAX RETURNS FOR 1951
quency of these items ; formerly, frequencies were tabu-
lated in a separate table.
Frequency tabulations of returns by patterns of in-
come are contained in tables 3, 4, and 5. No similar
tabulations have been made since 1945.
The table for types of tax, table 6, has an additional
type of tax on account of the self-employment tax.
Table 7, wherein data are shown by taxpayment status,
contains fewer items than similar tables for former
years.
Tables 8 and 9 by marital status of taxpayer retain
their former character, except that, in the latter table,
returns with self-employment tax only have been added.
Table 10 showing the amount of surtax net income
by surtax income brackets introduces a new table this
year.
Tabulation of capital gains and losses, includin":
short- and long-term gain and loss, carryover, and
other details, is in table 11.
Data in tables 12 and 13 are distributed by States
and Territories. Only returns with adjusted gross
income are included, and taxable and nontaxable re-
turns are combined. The adjusted gross income classes
in table 13, established especially for this table, are in
some instances broader than those used in the national
distributions.
Sole proprietorship data are presented in three
tables. Table 14 shows limited data by selected in-
dustrial groups; table 15 presents the data by size of
total receipts; and table 16 gives a frequency of busi-
nesses with net profit by size of the profit.
In addition to the tabulations for 1951 data, 6 his-
torical tables, 17 through 22, contain significant data
for the period 1944-51.
Throughout the tables, values in thousand dollars
and percentages are rounded and, therefore, may not
add to the totals.
SIMPLE AND AGGREGATED DISTRIBUTIONS
The tabulations for cumulated distributions of data
have been set in separate tables this year, each having
an appropriate stub that will facilitate the use of these
data.
The number of returns, amount of adjusted gross
income, and total tax liability for returns with adjusted
gross income are tabulated by adjusted gross income
classes in table 1, to show the simple distribution by
class with the corresponding percentage distribution.
The taxable and nontaxable returns are combined in
this distribution. Returns with no adjusted gross in-
come, taxable and nontaxable combined, are shown
apart from returns with adjusted gross income.
In table la, each of the above items is aggregated
from the highest adjusted gross income class to show
the cumulation at eveiy income class level together with
its percentage of total. Taxable and nontaxable re-
turns are combined and returns with no adjusted gross
income are excluded.
In table lb, each of these items is aggregated from
the lowest adjusted gross income class to show the
cumulation at every income class level together with
the percentage of total. Only returns with adjusted
gross income are included and taxable and nontaxable
returns are combined.
SOURCES COMPRISING ADJUSTED GROSS INCOME
The amounts of income, profit, or loss, tabulated as
sources of income and loss comprising adjusted gross
income, are the net amounts to be included in adjusted
gross income, that is, gross receipts from business less
trade and business expenses, salaries and wages less
travel and lodging expenses in connection with em-
ployment, gross rents and royalties less expenses at-
tributable thereto, net gain from sales of capital assets
and other property, allowable losses from sales of capi-
tal assets and other property, net operating loss de-
duction, and net profit or loss from partnerships. If
the respective deductions are such that the result is a
net loss from the source to which they relate, the net loss
nevertheless comprises a part of the adjusted gross in-
come (or deficit). Therefore, the net loss from rents
and royalties, fi-om business, from partnership, from
sales of capital assets and other property, and the net
operating loss deduction are tabulated as component
parts of adjusted gross income as well as the net profits.
The income and loss items comprising adjusted gross
income are described below. In table 2, the amount of
each is shown, together with the frequency of returns
on which each is reported.
Salaries a7\d wages include salaries, wages, tips,
bonuses, commissions, and other kinds of compensation
used by the employer to pay the employee for personal
services; but excludes wages not exceeding $100 per
return, upon which no tax was withheld, reported as
other income on the optional return. Form 1040A.
Salaries and wages include compensation of Federal,
State, and local government employees, as well as pen-
sions and retirement pay if subject to withholding tax
and reported in the salary schedule. Compensation
of persons who received back pay or pay for personal
service covering a period of 36 months or more and paid
tax under section 107, included in salaries and wages,
is only that portion allocated to the income year 1951.
Travel and lodging expenses incurred by an employee
while away from home on his employer's business are
deducted from gross salary reported on Form 1040.
For any month during any part of which members of
the armed forces of the ITnited States served in a com-
bat zone, enlisted personnel exclude from salaries all
compensation and commissioned officers exclude not
more than $200 of compensation. Pensions of veterans,
disability pay, monthly allowances for support of vet-
erans and their dependents, mustering-out pay, princi-
pal of terminal leave bonds, and benefits under Serv-
icemen's Readjustment Act are exempt from tax and,
therefore, are not reported.
INDIVIDUAL INCOME TAX RETURNS FOR 1951
11
Dividciuf.s incliide foieifiii iuid doiuestic dividends,
but exrJiulr tliose received through piirtnersiiips and
fiduciaries and, in adjusted jjross income classes undei-
$5,000, dividends not e.\ceedin<j;$100 per return reported
as other income on the optional return. Form 1040A.
Interest includes interest on notes, mortgages, hank
deposits, c'oi'jxiriition honds, savings accounts, and lax-
able and partially tax-exempt interest on (iovcrnnient
obligations, as well as partially tax-exempt Government
interest received through j)artnerships and fiduciaries,
but, in adjusted gross income classes under $5,000 cr-
cludes interest not exceeding $100 per return reported
as other income on the optional return. Form 1040A.
Annuitiefi and penxiom include only the portion of
amounts received during the year, which are required
to be reported in gross income. An amount equal to
3 percent of the total cost of the annuity is reported
as income annually, until the aggregate of amounts
received and excluded from gross income in this year
and prior years equals the cost. Thereafter, the entire
amount received is taxable and must be included in gross
income for the year in which it is received. Pensions
are generally regarded as deferred compensation for
services rendered and the entire amount received is suh-
ject to income tax unless expressly exempt by law.
Annuities, pensions, and retirement pay are sometimes
reported in the schedule for salaries and wages, par-
ticularly if they are subject to withholding of income
tax.
Rentfi and royalties net pro-fit is the profit reported on
returns that show a combined net profit in the schedule
for these two sources of income. The net amount re-
sulting from the operation of either source is not avail-
able. A net loss from one source offsets net profit of
the other. Rents include the fair market value of crops
received as rent from farm property. Royalties iu-
clude revenue received from copyrights, patents, trade-
marks, fornuilas, mineral rights, and the like. Deduc-
tions against the gross income received from these
sources are allowed for repairs, interest, taxes, deprecia-
tion, depletion, amortization, and other ex])enses per-
taining to the respective incomes.
Rents and royalties net loss is that reported on returns
showing a net loss from these sources. Rents aiul roy-
alties are reported in the same schedule, and tlie net
amount from either is not available. A net profit from
either source offsets net loss of the other. Rents include
the fair market value of crops received as rent from
farm property ; and royalties include income from copy-
rights, patents, trade-nuirks, formulas, mineral rights,
and the like. Deductions are allowed against gross
receipts for repairs, interest, taxes, depreciation, deple-
tion, amortization, and other expenses attributable to
the rent and royalty income.
Business net profit is reported by individuals, includ-
ing farmers, who are sole proprietors of a business or
profession. Business profit is the net result of all busi-
ness activities carried on by the sole proprietor, the
328641 O— 55 2
combined result of which is a net profit. A net loss
from one business activity offsets the net profit of
another.
Expen>ses deductible from total receipts from business
activities include cost of goods sold, salaries and wages
paid to emidoyees, interest on business debts, taxes on
business and business property, losses arising from busi-
ness operat ions, bad debts arising from sales or .service,
depreciation, obsolescence and depletion, rent, repairs,
cost of sui)plies, advertising, selling ex])enses, premiums
for business insurance, and other expenses of running
the business. Compensation to the sole proprietor is
not allowable. For 1951, the net operating loss deduc-
tion is not a business deduction ; it is now a component
part of adjusted gross income or deficit.
Bimness net loss is the net result of all business or
professional activities, including farming, carried on by
the taxpayer, the combined result of which is a net loss.
A net profit from one business activity offsets the net
loss of another. Allowable expenses against gross re-
ceipts from business are mentioned in the preceding
paragraph.
Partnership net profit is reported by taxpayers who
are members of a partnership, syndicate, joint venture,
or the like. Each member must report as income his
proportionate share of the distributable net profit or
loss. Partnership profit reported by the taxpayer is a
combination of all such shares if he is a member of more
than one partnership. However, the taxpayer is re-
quired to exclude from the partnership profit the
amount of partially tax-exempt Government interest
and the net gain or loss from sales of capital assets,
these items being reported in the respective sources.
Partnership net loss is reported by persons who are
members of a partnership, syndicate, joint venture, or
the like; and each member must report his share of the
distributable profit or loss. Partnerehip loss reported
is tlie combined result of all such shares distributable
to the taxpayer, the aggregate of which is a net loss.
However, the taxpayer is required to exclude partially
tax-exempt Government interest and the net gain or
loss from sales of capital assets from the partnership
loss and to report them in the specific sources.
Net operating loss deduction is reported on the 1951
return as a component of adjusted gross income; for-
merly this deduction was reported as a business deduc-
tion in the business schedule. The amount of net
operating loss deduction for the current year is only
that portion of the net operating loss, sustained after
December 31, 1947, which is not absorbed by the required
carrybacks and the carryovers into subsequent years
prior to 1951. Net operating losses apply only to busi-
ness, professional, or partnership losses that are net
economic losses to the taxpayer.
Net gain from sales or exchanges of capital assets is
the excess of capital gains (short- and long-term, the
latter reduced 50 percent) over the sum of capital losses
(short- and long-term, the latter reduced 50 percent)
12
INDIVIDUAL INCOME TAX RETURNS FOR 1951
and the net capital loss carryover from the years 1946-
50. Further discussion of gain from sales of capital
assets will be found on pages 16-17.
Net loss from, sales or exchanges of capital assets is
the statutory capital loss allowed for the computation
of adjusted gross income. Net loss from sales of capital
assets is the excess of the sum of capital losses (short-
and long-term, the latter reduced 50 percent) and the
net capital loss carryover from years 1946-50 over the
capital gains (short- and long-term, the latter reduced
50 percent) ; however, deduction for the loss is limited
to the amount of the loss, or to net income (adjusted
gi'oss income, if tax is determined from the tax table)
computed without regard to gains and losses from sales
of capital assets, or to $1,000, whichever is smallest.
The returns are not edited to ascertain whether or not
the deduction conforms to the specified limitation and
there may be instances, particularly among returns with
no adjusted gross income, where the amount deducted
exceeds the limitation. For other pertinent facts on
capital losses, see pages 16-17.
Net gain from- sales of property other thmi capital,
assets is the net gain resulting from sales or exchanges
of depreciable property and real property used in trade
or business, certain copyrights and artistic composi-
tions, and obligations of the United States or any of its
possessions, a State or Territory or any political sub-
division thereof, or the District of Columbia, issued on a
discount basis and payable without interest at a fixed
maturity date not exceeding 1 year from date of issue.
Net loss from, sales of property other than capital
assets is the net loss realized from sales of property
listed in the preceding paragraph. A net loss from
this type of property is deductible in full.
Income from estates and trusts is the taxpayer's share
(whether actually received or not) of distributable in-
come of an estate or trust under which the taxpayer is
a beneficiary. Such income, however, excludes par-
tially tax-exempt Government interest which is re-
ported in interest income.
Miscellaneous income includes alimony received,
prizes, rewards, sweepstakes winnings, gambling profits,
recovery of bad debts deducted in a prior year, insur-
ance received as reimbursement for medical expenses
previously deducted, and all other taxable income not
separately tabulated. Also, in adjusted gross income
classes under $5,000, there are included $27,094,000 of
wages not subject to withholding tax, dividends, and
interest, not exceeding a total of $100 per return, re-
ported as other income on 581,354 optional returns,
Form 1040A.
TOTAL DEDUCTIONS
Itemized deductions are not available for 1951 ; how-
ever, the total amount of nonbusiness deductions, taken
against adjusted gross income by taxpayers, is shown in
Part II of table 2. Total deductions include contribu-
tions, taxes, interest paid on indebtedness, losses from
fire, storm, or other casualty, or from theft, deduction
for medical and dental expenses, and other authorized
deductions against adjusted gross income. The op-
tional standard deduction is not included.
PATTERNS OF INCOME
Tables 3, 4, and 5 are prepared to show frequency
distributions of individual returns by selected patterns
of income. The selected patterns embrace 5 sources or
items which, in total, constitute the adjusted gross in-
come or deficit. These sources are salaries and wages,
dividends, interest, other income, and other loss, result-
ing in 23 patterns when tabulated singly and in various
combinations. The first three items, salaries and wages,
dividends, and interest are the same as those used else-
where in this report ; the remaining two items, other
income and other loss, as such, do not appear in this
report. These items are, in fact, the residue of ad-
justed gross income or deficit other than salaries and
wages, dividends, and interest.
Other income comprises, for returns Fonn 1040A,
wages not subject to withholding, dividends, and inter-
est, reported in one sum but not exceeding in total $100
per return; and for returns Form 1040, other income
is the amount of income resulting from the combination
of profit or loss from rents and royalties, from business,
from sales of property, and from partnerehips, together
with the net operating loss deduction and income from
annuitie.s, estates and trusts, and miscellaneous sources.
Other loss, occurring only on returns Form 1040, is the
amount of loss resulting from the combination of the
profit- or loss-sources and income items just listed for
the definition of other income.
The 23 patterns of income are arranged, in table 3, to
show tlie number of returns with 1, 2, 3, and 4 sources,
by adjusted gross income classes.
Table 4 shows the number of returns in the various
patterns of income by size of a specific source. Re-
turns in the 12 patterns containing salaries and wages
are distributed by size of the salaries and wages; re-
turns in the 12 patterns containing dividends, the 12
patterns which have interest, the 8 patterns with other
income, and the 8 patterns with other loss are dis-
tributed by size of dividends, interest, other income, and
other loss, respectively. Frequencies in this table are
not footnoted for sampling variability, the reason for
which is explained in the description of the sample
and limitation of data, page 21.
Table 5 contains frequency distributions of returns
in those patterns of income which have salaries and
wages as one of several elements composing the pat-
tern. These frequencies are tabulated by adjusted
gross income classes cross classified by size of a specific
source. All returns in 6 patterns containing the 2
elements, salaries and wages and dividends, are cross
classified by size of dividends; all returns in 6 patterns
containing the 2 elements, salaries and wages and in-
INDIVIDUAL INCOME TAX RETURNS FOR 1951
13
terest, iire cross classified by size of interest; and all
returns in 4 patterns containing the 2 elements, salaries
and wages and other income, are cross classified by
size of otlier income.
The size classes for t'le specific sources — salaries and
wages, dividends, and interest — are based on the re-
spective amounts of income as used throughout this
report and described under sources comprising ad-
justed gross income, pages 10-11. Size clas.ses for other
income and for other loss are based on the concept
defined above. The class intervals are narrow in the
lower levels to provide adequate classification ; salaries
and wages classes begin at $100, whereas, the dividends,
interest, other income, and other loss classes begin at
$10.
TYl'ES OF TAX LIABILITY
The total tax liability for 1951 includes the income
tax and the self-employment tax. Income tax liability
is composed of normal tax and surtax, optional tax
provided under supplement T of the 1939 Code, and
alternative tax on income which includes gain from
sales of capital assets held more than 6 months, pro-
vided under section 117(c)(2). Self-employment tax
is imposed on net earnings from self-employment re-
gardless of the amount of income subject to income
tax ; and .since it is independently levied, it may occur
singly or concurrently with the income tax. These
taxes are described below.
Total tax liability is tabulated by adju.sted gross in-
come classes in table 1 ; in table la, total tax is aggre-
gated from the highest adjusted gross income class;
and in table lb, it is aggregated from the lowest ad-
justed gross income class. Total tax liability is again
shown in table 8 by adjusted gross income classes and
by marital status of taxpayer.
The separate amounts of income tax and of self-
employment tax are shown in table 2, by adjusted gross
income classes ; also the separate amounts are tabulated
by types of tax in table 6 and by States and Territories
in table 12. In table 6, three types of tax are recog-
nized— the combined normal tax and surtax with or
without self -employment tax, the alternative tax with
or without self-employment tax, and the self-employ-
ment tax occurring without the income tax. This classi-
fication maintains the categories — returns with nonnal
tax and surtax, and returns with alternative tax — as
they were constituted in former years.
The income tax liability is presented in table 13 by
States and Territories and by adjusted gross income
classes, the intervals of which are established especially
for this table.
Income tax liability includes the normal tax and sur-
tax, the optional tax, and the alternative tax and is
after the tax credits for income tax paid at source on
interest from tax-free covenant bonds and for income
tax paid to a foreign country or possession of the
United States, which credits are allowed only to tax-
payers who itemize deductions. The amount of tax
credits is not available.
Normal tax and mixtax are separate entities; how-
ever, instructions accompanying the return for com-
putation of tax furnish a tax rate schedule wherein
the normal tax rate of 3 percent and the surtax rates
are integrated for a joint computation of the two taxes,
and the combined tax is reiwrted. If the net income
includes partially tax-exempt interest and dividends,
the combined tax is reduced by an amount equal to 3
percent of such partially tax-exempt income. Although
the partially tax-exempt income is a credit against net
income for normal tax only, this procedure eliminates
from the combined tax the 3 percent normal tax thereon.
In the case of a joint return of husband and wife, the
combined normal tax and surtax is twice tlie combined
normal tax and surtax that would be determined if the
net income and applicable credits against net income
were reduced by one-half.
Optional tax is in fact the combined normal tax and
surtax and is classified and tabulated as such without
distinction. The optional tax is providetl in the form
of a tax table stating the income tax liability for the
various adjusted gross income brackets and numbers
of exemptions, and may be used at the election of the
taxpayer whose adjusted gross income from whatever
source is less than $5,000. The optional tax automati-
cally allows for the standard deduction which is 10
percent of tlie amount of the midpoint of the adjusted
gross income bracket, and for the allowable exemp-
tions, after which the optional tax is computed (to the
nearest dollar) in the same manner and at the sjime
rates as those used in computing the tax in detail.
Alternative tax on income containing a net long-
term capital gain or an excess of net long-term capital
gain over net short-term capital loss is imposed if, and
only if, the alternative tax is less than the regular
normal tax and surtax computed on net income which
includes all gain from sales of capital assets. Alter-
native tax is the sum of a partial tax (computed at the
regular rates on net income reduced for this purpose by
the amount of such long-term capital gain) and 50
percent of the excess long-term capital gain. Alter-
native ta.x occurs only among long-form returns. Form
1040, and is not effective on separate returns with surtax
net income under $16,000. nor on joint returns with sur-
tax net income under $32,000 because of the split-income
provision.
f^elf -employment tax is levied on the statutory net
earnings from self-employment at the rate of 2^4 per-
cent. Net earnings from self-employment are a com-
bination of the gross income derived by an individual
from his trade or busine.ss, reduced by business deduc-
tions, plus his distributive share of ordinary net in-
come or loss from partnershii)s of which he is a mem-
ber. However, certain kiiuls of business and profession
are excluded from the statutory definition of self-em-
l)loyment earnings; also, certain types of income and
14
INDIVIDUAL INCOME TAX RETURNS FOR 1951
deductions are excluded, such as rents (other than those
received by a real estate dealer), dividends, interest,
property gains and losses, and the net operating loss
deduction. The self -employment tax is not applicable
if the total net earnings from self-employment are
under $400; likewise, there is no self-emploj'ment tax
if $3,600 of wages subject to withholding for old-age
and sui*vivors insurance have been received by tlie
taxpayer. The self-employment tax rate of 2^4 percent
is applicable to that portion of net earnings from self-
employment which is equal to the difference between
$3,600 and the amount of wages under $3,600 subject
to withholding for old-age and survivors insurance, ex-
cept that the taxable portion cannot exceed the net
earnings from self-employment. This tax is payable
whether or not there is an income tax liability.
TAXPAYMENT STATUS
In table 7, individual returns are classified by tax-
payment status for 1951, namely, returns with neither
tax overpayment nor tax due at time of filing, returns
with tax overpayment, and returns with tax due at time
of filing. The first two groups are nonassessable; the
third is assessable. These three classifications are de-
scribed below. Returns, Form 1040A, are classified
after the tax liability has been determined by the col-
lector but, in the description below, the tax is consid-
ered as reported by the taxpayer.
Although the three types of taxpayment appear to
be the same as tliose used in former years, the classifi-
cation of 1951 returns is affected by the introduction of
self-employment tax as part of the total tax liability
and by the fact that social security tax withheld in
excess of the maximum tax of $54 is reported in the
amount of income tax withheld. Self-employment tax
does not require current payment as does the income
tax. However, taxpayments made by way of tax with-
held from wages (including the over withholding of
social security tax) and taxpayments made by means of
a declaration (including credit for overpayment of tax
for prior year) are applied against the total tax liability
which includes the self-employment tax, to determine
the balance of tax due at time of filing. The presence
of these two new features on the 1951 return results
in a considerable degree of variation in the taxpayment
status as compared with tliat of former yeare.
Returns with neither tax overpayment nor tax due at
time of fling are returns on which the taxpayer reports
that the sum of tax withheld from wages (including
any over withholding of social security tax) and of
payments on 1951 declaration of estimated tax (includ-
ing credit for overpayment of tax for prior year)
equals his total tax liability (including the self-employ-
ment tax) for 1951. The number of these returns,
sometimes called breakevens, is tabulated by adjusted
gross income classes in table 7, but segregation of re-
turns by types of taxpayment is not available.
Returns loith tax overpayment are those on which the
taxpayer reports that the sum of tax withheld from
wages (including any over withholding of social se-
curity tax) and of payments on 1951 declaration of esti-
mated tax (including credit for overpayment of tax for
prior year) exceeds the total tax liability (including
self -employment tax) for 1951. In table 7, returns
with tax overpayment are tabulated by adjusted gross
income classes and by types of taxpayment : tax with-
held and payments on 1951 declaration, singly and in
combination. Under each type of taxpayment, the
number of returns and amount of overpayment are sub-
divided to show returns with refund and returns with
credit on 1952 estimated tax.
Returns with tax due at time of filing are those on
which the taxpayer reports that the sum of tax with-
held from wages (including any over withholding of
social security tax) and of payments on 1951 declara-
tion of estimated tax (including credit for overpay-
ment of tax for prior year) is insufficient to cover the
total tax liability (including self-employment tax) for
1951. These returns with tax due at time of filing are
distributed in table 7, by adjusted gross income classes,
according to types of taxpayment: tax withheld and
payments on 1951 declaration, singly and in combina-
tion, and neither tax withheld nor payment on 1951
declaration. The number of returns and amount of tax
due at time of filing are shown for each type of tax-
payment.
TAXPAYMENTS AND TAX OVERPAYMENT
The tax liability for the majority of individuals is
paid, in whole or in part, on a current basis through the
tax withheld on wages and the pajonents made on dec-
laration of estimated tax by pereons who are not sub-
ject to the withholding on wages or whose tax withheld
is not sufficient to cover the income tax liability. Both
the tax withheld and the payments on declaration are
reported as payments toward the discharge of the total
tax liability on the income tax return, filed after the
close of the income year. If these payments do not
cover the total tax liability, the balance due is paid
when the return is filed, except that, in the ca.se of the
employee's optional return (Form 1040A), the tax is
determined by the collector and paid upon notice of
assessment. If the tax withheld and the payments on
declaration exceed the total tax liability, the overpay-
ment of tax is refundable to the taxpayer unless he
signifies on a return. Form 1040, that he wishes the
overpayment to be credited on his 1952 estimated tax.
Tax withheld from wages as current collection of in-
come tax is determined by the employer either by use of
wage bracket withholding tables provided in section
1622 of the 1939 Code or by application of the percent-
age rate, prescribed therein, to the amount of wages in
excess of the withholding exemption. The tax to be
withheld, as shown in the withholding tables, is based
on various wage levels after an allowance for with-
INDIVIDUAL INCOME TAX RETURNS FOR 1951
15
holdin<i; exeni])tion. AVa^es paid on or after Novem-
ber 1, 19.51, are subject to tlie increased withholding of
tax under the new rates and tables of the 1951 act which
amends tlie 1939 Code. Tax withheld on wages is
treated as a payment on total tax liability. This year
for tlie first time, the amount of tax withheld, as re-
ported by the taxpayer on his income tax return, also
includes the over withholding of social security tax
(old-age and survivors insurance), that is, the excess
over the maximum tax of $54. The amount of excess
social security withholding is not available; it is re-
ported with and treated in the same nnmner as the in-
come tax withheld from wages. The amount of tax
withheld and the number of returns on which with-
holding is reported are presented in table 2. The num-
ber of returns includes returns showing either an in-
come tax withheld or an excess withholding of social
security tax and returns showing both.
Payments on 1951 declaration of estimated tax, re-
ported by the taxpayer on return Form 1040, as a pay-
ment on the 1951 total tax liability, are a combination of
amounts paid on the 1951 Declaration of Estimated
Tax, Form 1040-ES, and any credit applied against
the 1951 estimated tax on account of an overpayment of
tax for the prior year. Payments on 1951 declaration
of estimated tax (including credit for overpayment of
tax for prior year) and the number of returns on which
this item occurs are tabulated in table 2. The number
of returns does not signify the number of taxable dec-
larations filed, but is rather a frequency of the income
tax returns which show payments on 1951 declaration
as a payment on the 1951 total tax liability; such fre-
quency is without regard to whether the payments are
only a credit claimed on account of the overpayment of
1950 tax, only cash payments on 1951 declaration, or a
combination of cash payments on 1951 declaration and
the credit for overpayment of 1950 tax. A declaration
of estimated tax does not necessarily result in actual
cash payment because the estimated tax may be nil or,
in the case of an estimated tax, the sum of the tax to
be withheld (also estimated) and the credit for the 1950
overpayment may leave no balance to be paid on the
declaration.
Tax due at time of fling is the excess of the 1951 total
tax liability (including the self-employment tax) over
the sum of the tax withheld (including any over with-
holding of social security tax) and payments on 1951
declaration of estimated tax (including credit for over-
payment of tax for prior year) . The amount of tax due
is paid with the filing of the income tax return after
the close of the income year, except that, in the case
of the optional return, the balance due is paid upon
assessment notice from the collector. The amount of
tax due at time of filing and the frequency of this item
are shown in table 2, by adjusted gross income classes:
and these data are also shown by types of taxpayment
in table 7.
Ox^erpayment of tax occurs when the sum of the tax
withheld (including any over withholding of social
security tax) and payments on 1951 declaration of esti-
mated tax (including credit for overpayment of tax
for prior year) exceeds the 1951 total tax liability (in-
cluding self-employment tax). The tax overpayment
is refundable or, at the request of the taxpayer using
Form 1040, is credited again.st his 1952 estimated tax.
The amount of tax overpayment and the mimber of
returns with overpayment are tabulated in table 2.
In table 7, the amount of tax overpayment is segregated
to show the amount of refund and the amount of credit
on 1952 estimated tax as well as the innnher of returns
on which each occurs, and the segregated data are shown
by types of taxpayment.
MARITAL STATUS OF TAXPAYER
The classification of individual returns by marital
status is determined from the marital status of each tax-
payer on the last day of the income year, or on the
date of the death of a spouse. On this basis, three
classifications are used : joint returns of husbands and
wives, separate returns of husbands and wives, and re-
turns of single persons.
Data are tabulated by marital status of the taxpayer
in tables 8, 9, and 10. Table 8 contains the number of
returns and amounts of adjusted gross income, exemp-
tion, and total tax liability; these data are separately
tabulated for returns of men and returns of women,
except for the joint returns. Table 9 shows the num-
ber of exemptions claimed as well as a distribution of
returns by per capita exemptions. Table 10, limited
to returns with itemized deductions, shows the number
of returns and amount of surtax net income by size of
surtax net income. In this table, returns of single
persons and separate returns of husbands and wives are
combined inasmuch as such individuals have the same
surtax rates, while joint returns of husbands and wives
are tabulated apart on account of the split-income pro-
vision. The surtax net income classes correspond to
the surtax brackets, the surtax net income classes for
joint returns being twice as broad as those for single
persons and inarried persons filing separately.
Joint returns of hiishand.'i and nnveft are those on
which a married couple report their combined income or
returns of married persons whose spouse has no income
but who, nevertheless, are entitled to claim the exemp-
tion for their spouse. This group includes joint re-
turns filed on Form 1040A even though the collector
determined the minimum tax on the basis of separate
incomes of husband and wife.
Separate returns of husbands and wives are returns
of married persons who file a return independently from
their spouse, each reporting his or her respective income
and claiming his own exemption. Since the introduc-
tion of the split-income provision, the popularity of
dividing community income between spou.ses has dimin-
ished. The relatively few returns filed on a commu-
16
INDIVIDUAL INCOME TAX RETURNS FOR 1951
nity basis are now tabulated with separate returns of
husbands and wives. Separate returns of husbands and
wives do not include joint returns, Form 1040A, on
which the collector determined the minimum tax on the
basis of separate incomes of husband and wife. Un-
equal numbers of returns for men and for women result
from insufficient information to identify the marital
status and sex of taxpayers and from the use of sam-
ples as a basis for compiling statistical data.
Returns of single persons are returns of unmarried
individuals, including individuals divorced or legally
separated on or before the close of the year.
EXEMPTIONS
Exemptions are allowed as a credit against income
for the purpose of computing both normal tax and sur-
tax. A per capita exemption of $600 is allowed for the
taxpayer, his spouse, and each closely related dependent
(specified below) who received more than one-half of
his support from the taxpayer and who had less than
$600 of gross income for the year, together with the
additional exemptions of $600 for blindness and $600
for age 65 or over of the taxpayer and/or his spouse.
Exemption for dependents is allowable for the fol-
lowing close relatives: son or daughter (including le-
gally adopted children) or descendent of either, step-
child; brother, sister, stepbrother, stepsister, half
brother, half sister; parent, grandparent, or other di-
rect ancestor; stepfather or stepmother; father-in-law,
mother-in-law, brother-in-law, sister-in-law, son-in-
law, or daughter-in-law; and uncle, aunt, nephew, or
niece if related by blood ; provided that the dependent
is a citizen or resident of the United States, or a resi-
dent of Canada or Mexico. Dependents meeting the
above requirements need not be under 18 years of age.
The amount of exemption claimed is tabulated in
table 2 by adjusted gross income classes, in table 6 by
types of tax, and in table 8 by marital status of taxpayer.
Table 9 shows the total number of exemptions claimed,
a frequency of returns showing additional exemptions
for age and blindness together with the number of addi-
tional exemptions taken, and the number of exemptions
other than age or blindness; also, there is a frequency
distribution of returns by number of exemptions other
than age and blindness.
Both the number and the amount of exemptions tab-
ulated include the exemptions automatically allowed
through use of the optional tax table, on returns Form
1040A and short-form 1040, as well as exemptions on
returns of taxpayers who compute their tax liability.
Slight duplication of exemptions exists because of de-
pendents who earned less than $600 of wages subject to
withholding of income tax and who filed a return as the
most convenient way of claiming the tax refund ; such
wages are not taxable to the dependent, nor do they con-
stitute a part of the income of the taxpayer claiming
the dependent. Exemptions from both returns are
tabulated.
NET GAIN OR LOSS PROM SALES OR EXCHANGES OF
CAPITAL ASSETS
Net gain or loss from sales of capital assets is derived
from sales or exchanges of property defined in section
117 of the 1939 Code as capital assets. The term, cap-
ital asset, means property held by the taxpayer
(whether or not connected with his trade or business),
but does not include ( 1 ) stock in trade or other prop-
erty which would properly be included in inventory if
on hand at the close of the income year, or property
held primarily for sale to customers in the ordinary
course of trade or business, (2) property used in trade
or business of a character which is subject to the allow-
ance for depreciation, or real property used in trade or
business, (3) an obligation of the United States or any
possession thereof, or of a State or Territory or political
subdivision thereof, or the District of Colmnbia, issued
on a discount basis and payable without interest at a
fixed maturity date not exceeding 1 year from date of
issue, or (4) a copyright, a literary, musical, or artistic
composition, or similar property created by the tax-
payer.
If bonds in registered or coupon form and coi^jorate
stocks become worthless during the year and are capital
assets, the loss therefrom is considered a loss from the
sale of capital assets ; also, nonbusiness bad debts which
become totally wortlUess within the year are consid-
ered a loss from sale of capital assets held not more
than 6 months; and certain distributions under em-
ployees' trust plans, as specified under section 165 of
the 1939 Code, to the extent that the distributions ex-
ceed the amomit contributed by the employee, are con-
sidered a gain from sale of capital assets held more than
6 months.
For the purpose of computing net gain or loss from
sales or exchanges of capital assets, distinction is made
between short- and long-term capital gain and loss and
different rules are applied for the treatment of each.
The distinction between short- and long-term gain and
loss is based on the length of time that the asset is held
before the sale or exchange. Short-term applies to the
gain or loss resulting from the sale or exchange of a
capital asset held for not more than 6 months, and 100
percent of the recognized gain or loss thereon is taken
into account in computing net short-term capital gain
or loss. Long-term applies to the gain or loss resulting
from the sale or exchange of a capital asset held for
more than 6 months, and 50 percent of the recognized
gain or loss is taken into account in computing net
long-term capital gain or loss. The net short- and long-
term capital gain or loss include the net short- and
long-term capital gain and loss received through part-
nerships.
Under certain circumstances, gain or loss from the sale
of property which is not a capital asset may be treated
as gain or loss from the sale of capital assets. Such
gain or loss includes that from the sale of land and
depreciable property used in business and from the cut-
INDIVIDUAL INCOME TAX RETURNS FOR 1951
17
tinjj of timber or tlie disposal of timber or coal under
contract, if held more than (i months, and from the sale
of certain livestock held 12 months or more and from
unharvested crops sold with land wliich has been held
more than (i months. If the recojrnized gains upon sales
or exchanges of such jiroperty plus the recognized gains
from compulsory conversion (through seizure, condem-
nation, destruction, fire, or theft) of property used in
business and of capital assets held more than (i months
exceed the recognized losses from such sales, exchanges,
and conversions, then such gains and losses are con-
sidered as gains and losses from sales of capital assets
held more than (i months. However, if such gains do
not exceed such losses, then such gains and losses are
not considered as gains and losses from sales of capital
assets; but each gain is fully reported and each loss, if
allowable at all, is deductible in full.
The capital loss carryover provision allows the
amount of "net capital loss" of any income year to be
carried forward as a short-term capital loss in each of
the 5 succeeding years to the extent that it exceeds any
"net capital gains" of subsequent years intervening
between the year in which the net capital loss is sus-
tained and the year to which it is carried. If there are
net capital losses carried over from more than 1 year,
they are allowed in the order in which they arose. The
net capital loss for any year, to be used as a capital loss
carryover, is the excess of ( 1 ) current year losses from
sales of capital assets over (2) the sum of current year
gains from sales of capital assets and the smaller of (a)
$1,000 or (b) net income (adjusted gross income, if tax
is determined from tax table) computed without regard
to gains or losses from sales of capital assets. For the
purpose of computing the net capital loss carryover,
net capital gain for any year is the excess of (1) current
year gains from sales of capital assets plus the smaller
of (a) $1,000 or (b) net income (adjusted gross income,
if tax is determined from tax table) computed without
regard to capital gains or losses over (2) current year
losses from sales of capital assets.
Capital loss carryover reported on the 1951 returns
is a combination of the 1950 net capital loss and the
remaining capital loss carryovers from 194fi-49 not
eliminated by net capital gains of the succeeding years
1947-50. On returns showing a net gain from sales of
capital assets in gross income, the carryover is entirely
offset by current year capital gains. On returns show-
ing deduction for net loss from sales of capital as-sets,
the carryover is, in some cases, partially offset and, in
others, wholly offset by current year capital gains
and/or the allowable deduction not exceeding $1,000;
but in cases where the current year capital loss exceeds
the $1,000 deduction, no part of the carryover is offset.
Net gain from sales of capital assets reported for the
computation of adjusted gi'oss income for 1951 is a
combination of the net short-term capital gain or loss
and 50 percent of the recognized net long-term capital
gain or loss together with the capital loss carryovers
from 194(5-50, inclusive.
Net loss from sales of capital assets reported as a
deduction from gross income is the statutory amount
deductible. The statutory deduction for a net loss from
sales of capital assets is limited to the amount of such
loss, or to the net income (adjusted gross income, if tax
is determined from tax table) computed without regard
to capital gains or losses, or to $1,000, whichever is
smallest. Net loss from sales of capital assets before
application of the limitation is a combination of net
short-term capital gain or loss and 50 percent of the
recognized net long-term capital gain or loss together
with the capital loss carryovers from 194(5-50, inclusive.
The amount of net gain from sales of capital assets
and the statutory deduction for net loss from such sales
are tabulated in table 2, among the sources comprising
adjusted gross income, along with their frequency of
occurrence.
Other significant data, reported in schedule D(l),
concerning sales of capital assets are to be found in table
11, wherein the returns with statutory deduction for
a net loss from sales of capital assets are tabulated
separately from returns with net gain from such sales.
Here are shown the net short-term capital gain, net
short-term capital loss, net long-term capital gain, net
long-term capital loss, and the capital loss carryover
from 1946-50. Inasmuch as the carryover is reported
independently from the short-term gain or loss in sched-
ule D, the net short-term gain and net short-term loss
are the results of 1951 sales. The net long-term gain
and net long-term loss are the amounts to be taken into
account, that is, reduced 50 percent. Also, for returns
with net loss from sales of capital assets, there is shown
the net loss from sales of capital assets before the statu-
tory limitation.
Returns with net gain from sales of capital assets are
subdivided to show returns with alternative tax apart
from returns with normal tax and surtax. Returns
with self-employment tax only are not shown sepa-
rately but are included in the total for returns with net
gain from sales of capital assets. For returns with
alternative tax, the approximate amount of the excess
of net long-term capital gain over net short-term capi-
tal loss, which is taxed at the 50 percent alternative
rate, is computed from data in the table by combining
the net long-term capital gain and the net short-term
capital loss. However, because the carr3'over is not
merged with short-term gain or loss, this arbitrary
method results in a slight overstatement of the amount
subject to the alternative rate on returns where a caiTy-
over was combined with a short-term loss to determine
the excess of long-term gain, or where a carryover ex-
ceeded the short-term gain resulting in a short-term
loss which was used to determine the excess, or where
there was no short-term gain or loss but a carryover
was used to determine the excess.
18
INDIVIDUAL INCOME TAX RETURNS FOR 1951
DATA FOR STATES AND TERRITORIES
Although selected data for individual returns are
tabulated by States and Territories, the distribution
does not represent a precise geographic distribution of
the income reported. There is no way to determine
from the income tax return the amount of income orig-
inating in a particular State or Territory. An individ-
ual may file his retui-n in the collection district in which
he resides or in the district in which his principal place
of business is located, but the income reported may
originate outside the State or Territory in which the
district is located. The segregation of returns by States
and Territories is based entirely on the location of the
collection district in which the return is filed and does
not necessarily indicate the area from which the income
was procured.
The number of returns, amount of salaries and wages,
dividends, interest, adjusted gross income, income tax
liability, and self-employment tax are tabulated in table
12, in aggregate for each State and Territory. The
number of returns, adjusted gross income, and income
tax liability for each State and Territory are shown in
table 13, by adjusted gross income classes, the intervals
of which are established especially for this table. Tax-
able and nontaxable returns are combined for these two
tabulations but the returns with no adjusted gross in-
come are not included. Data for returns with a Dis-
trict of Columbia address are tabulated separately
although filed in Maryland. Data for returns from
Alaska are included in the data for Washington. See
the discussion on pages 19-21, for description of samples
and method used in compiling statistical data and for
an explanation of the variation between data in these
two tables and that in the national distributions.
.SOLE PROPRIETORSHIPS
Data concerning the 1951 business and professional
income of taxpayers each of whom owns his business are
tabulated in tables 14, 15, and 16. Sole proprietorship
data are tabulated from schedule C accompanying
Form 1040, from Form 1040F, and from any other
business schedule submitted by the taxpayer to support
the business profit or loss reported in his income. Busi-
ness data for returns with adjusted gross income under
$50,000 are estimated from data contained in the busi-
ness schedules attached to returns in the samples se-
lected from the various strata. The samples are ex-
plained in the description of the sample on pages 19-21.
This commentary on the sample and limitation of data
give important information respecting sole proprietor-
ship data and should be read in connection with the
use of these tables.
Table 14 shows by selected industrial groups the total
number of businesses and the total receipts for all
businesses and, also, the number, receipts, and net profit
for businesses showing a net profit. Table 15 presents
the same three items by size of total receipts and, for
businesses with net profit, these data are by selected
industrial groups but the businesses with net loss are
in aggregate. In table 16, there is a frequency dis-
tribution of the number of businesses with net profit
by the size of net profit.
Industrial groups. — The classification of business ac-
tivity by industrial groups is based on the nature of
business as stated by the sole proprietor in his business
schedules. AVhere the taxpayer owns two or more
businesses of the same kind and reports them on sepa-
rate schedules, these like businesses are combined and
considered one business for classification and tabula-
tion. If the taxpayer is engaged in more than one kind
of business, each kind of business is classified inde-
pendently for its respective industrial activity. There
are nine basic industrial groups — agriculture, mining,
construction, manufacturing, public utilities, trade,
finance, service, and business not allocable. Each basic
group has subgroups, but only selected subgroups are
presented in the tables.
Total receipts. — These receipts comprise all income
from profession or business activity of the owner and
include miscellaneous business income as well as gross
receipts from sales and services. Details as to the sources
of business receipts are not required in the business
schedule. If the sole proprietor fails to submit a busi-
ness schedule, or the schedule is lacking for any reason,
the amount of total receipts is not available ; thus total
receipts are understated by an indeterminable amount.
There are 47,165 businesses with net loss for which total
receipts are not available. The number of businesses
with net profit for which total receipts are lacking is not
known, inasmuch as the amount of net profit is substi-
tuted for total receipts for purposes of these tabula-
tions. The size of total receipts is based on the amount
of receipts tabulated for each kind of business reported.
Current year net profit or loss. — The net profit or
net loss is the net result of all transactions from each
kind of business owned. If different kinds of businesses
are reported by the taxpayer, the net profit or the net
loss from each kind of business is tabulated separately.
If two or more businesses of the same kind are owned,
they are combined as one business and only the net
result, either net profit or net lo-ss, is tabulated. The
size of net profit is based on the net profit tabulated for
each kind of business owned by the sole proprietor.
The number of businesses reported by individuals
who are sole proprietors, the total receipts from these
business activities, and the net profit or loss derived
therefrom are :
Items
Total
Businesses
with net
profit
Businesses
with net
loss
Number of businesses
7,339,8n
6. 2Ifi, 107
1, 123, 704
{Thouaand dollars)
131,894.551
18, 377, 038
1.825,493
119,897,053
18, 377, 038
11,967,498
1, 825, 493
INDIVIDUAL INCOME TAX RETURNS FOR 1951
19
As shown above, data are tabulated for 7,339,811
businesses which are owned by individuals as sole pro-
prietors. Each kind of business which the taxpayer
owns is counted and classified indejiendently. If more
than one business of the same kind is owned, data are
combined and the activity counted and classified as one
business. In case of a business profit or loss divided
between spouses on a community income basis, e;uh kind
of business activity is considered as a whole, without
regard to the community division, and is counted and
classified as one business.
The total number of businesses owned dilfei's from
the frequency distribution of returns showinfj a busi-
ness protit or a business loss in table 2. In this table,
there is a total of 7,175,342 returns on which a net profit
or a net loss from business occui-s. For this frequency
distribution of returns, the net profit or net loss re-
ported by the taxpayer who owns more than one kind
of business is the net result of his multiple business ac-
tiv-ities and is a frequency of one; but, in the case of a
net profit or net loss from business divided between
spouses on a community income basis, each spouse re-
ports on his respective return his share of the net residt
from all business activities and, consequently, the fre-
quency is two.
Since the number of businesses owned by sole pro-
prietor is greater than the frequency of returns show-
ing business profit or loss, this indicates that there are a
greater number of taxpayers with multiple businesses
than there are of taxpayers who divide business income
on a community income basis. No data are available
regarding the nimiber of instances in wliich multiple
businesses occur nor the number of community property
returns on which the business is divided between
spouses.
DESCRIPTION OF THE SAMPLE AND LIMITATIONS
OF DATA
Tlie statistical pi'ogram for individual income tax
returns filed for the tax year 1951 called for the usual
extensive tabulation of data on a nationwide basis and
for limited data on a statewide basis. In addition it
called for a series of distributions relating to sole pro-
prietorship data reported in Schedule C (or Fonn
1040F) of the Form 1040 return. A probability sam-
ple of individual income tax returns was employed
which provided reliable estimates of data without ex-
periencing the cost and delay of tabulating all returns.
A stratified sample was prescribed based on the
method of segregating returns used by the internal rev-
enue collectors' offices in their administrative process-
ing of returns. This segregation was by type of return
and by size of adjusted gi-oss income reported, whicli
provided an effective basis for sample stratification.
Once the strata were established, the same sample rates
for each stratum were used to select returns in each col-
lectois" office. The method of sample selection approx-
imated the requirements for randomness.
tStratifcatiov of the popuhition. — The population of
filed income tax returns in each of the 64 collection of-
fices was divided into 16 strata listed below. These di-
visions represent i)hysical segregations of the returns
and were established primarily for collection opera-
tions. However, it was an effective type of stratifica-
tion to use as a basis for sampling because the strata
correlate highly with income and tax characteristics.
Form IO4OA—
(1) Taxable assessable
(2) Overpayment
(3) Taxable even
(4) Nontaxable no prepayment
Collector returna^ Form lOJfi — adjusted gross income
under $8,000 and total receipts from business, if any,
under $50,000.
(5) Taxable assessable
(6) Overpayment
(7) Even
Agent returns, Form 10^0 — adjusted gross income
$8,000 under $25,000.
(8) Taxable assessable
(9) Overpayment
(10) Even
Agent returns, Form lOJfl — adjusted gross income
$25,000 under $50,000.
(11) Taxable assessable
(12) Overpayment
(13) Even
Agent returns, Form 10^0 — adjusted gross income
$50,000 or more.
(14) Taxable assessable
(15) Overpayment
(16) Even
Sam-pie selection. — Before sample selection, returns
in each sampling stratum were blocked in units of 100
returns and assigned consecutive serial numbers from
00 to 99 within each unit. All returns with adjusted
gross income under $25,000 were sampled in the field
on the basis of the serial numbers assigned ; all returns
with adjusted gross income $25,000 or more were sent
in to Washington for sampling.
Form 1040A returns were sampled at the rate of 0.3
percent, by withdrawing the firet return from 3 speci-
fied blocks of every successive 10. Collector returns.
Form 1040, were sampled in the field at the rate of 0.9
percent; the first 3 returns from 3 specified blocks of
every successive 10 were selected in the sample. This
0.9 percent sample was reduced to a 0.3 percent sample
in Wasliington by eliminating, for piii-poses of the na-
tional and State distributions, the secoiul and third re-
turns obtained from each sample block. The latter re-
turns, however, were utilized for purposes of the sole
proprietorship distributions.
A 10-percent sample of Form 1040 returns with ad-
justed gross income under $25,000, was selected in the
field by withdrawing the fii'st 10 ret\iins from each
block. "
20
INDIVIDUAL INCOME TAX RETURNS FOR 1951
All blocks of agent returns, Form 1040, with adjusted
gross income $25,000 or more were received in Washing-
ton. Twenty-five serial numbers, appropriately spaced,
were designated and all returns bearing such serial
numbers and having adjusted gross income $25,000 to
$50,000 were withdrawn from each block for the sample.
A count of the remaining 75 percent of returns excluded
from the sample with adjusted gross income $25,000 to
$50,000 was made to provide an independent popula-
tion for weighting purposes.
A 100-percent sami)le of returns witli adjusted gross
income $50,000 or more, was accomplished by selecting
all such returns in above-mentioned blocks of agent
returns. Form 1040.
Population sizes and weighting procedures. — The
primary sources of population data for 1951 were state-
ments submitted by the 64 collectors' offices showing
the numbers of Form 1040A, collector returns. Form
1040, and agent returns, Form 1040, filed. Since all
agent returns. Form 1040, with adjusted gross income
$25,000 and over were received and counted in Wash-
ington, these were subtracted from the number of agent
returns submitted by each collector to derive the popula-
tions with respect to Form 1040 returns with adjusted
gross income under $25,000.
Separate systems of weighting were used for the na-
tional tabulations and for the State tabulations. The
weights for the national tabulations were based on na-
tionwide stratum populations obtained by summing the
stratum populations reported by the 64 collection dis-
tricts. The separate collection office stratum popula-
tions provided the basis for independent collection office
weights for the State tabulations.
Although the sampling pattern for 1951 called for
many distinct strata for sample selection and popula-
tion determination purposes, it was possible to achieve
a substantial degree of simplification in the tabulating
and weighting operations by combining multiple strata,
into the following five groups: (1) Form 1040A, (2)
collector returns, Foi-m 1040, (.3) agent returns. Form
1040, with adjusted gross income under $25,000 (4)
agent returns. Form 1040, with adjusted gross income
from $25,000 to $50,000; and (5) agent returns, Form
1040, with adjusted gross income $50,000 or more.
Table A presents, for each of the five estimating
strata, the number of returns in the population, the
number of returns in the sample, the prescribed sam-
pling rate, and the actual sampling rate.
Table A.— INDIVIDUAL RETURNS FOR 1951: NUMBER OF RETURNS
FILED AND NUMBER OF RETURNS IN SAMPLE BY ESTIMATING
STRATA
Estimating strata
Number of
returns
filed
Number
of re-
turns in
sample
Sampling per-
cent
Actual
Pre-
scribed
Form 1040A
14, 285, 576
38,19.3,321
2. 638, 430
242,260
87,422
42,683
112, 597
261,234
60,565
87,422
0.299
.295
9.901
25.000
100.000
0?
Collector returns, Form 1040 .- .
3
Agent returns. Form 1040, with adjusted
gross income under $25,000
10 0
Agent returns. Form 1040, with adjusted
gross income $25,000 to $50,000 .
25 0
Agent returns. Form 1040, with adjusted
gross income $50,000 or more
100 0
Grand total, all returns
55,447,009
564,501
Sampling varidbility. — Because the data in this vol-
ume are tabulated from a sample of returns filed, they
are subject to sampling variability. The actual and rel-
ative amounts of sampling variability applicable to
specific frequencies for each of three levels of adjusted
gross income are shown in table B. No sampling vari-
abilities are shown for money amounts. Each of the
various income areas constituting an independent esti-
mating stratum has its own variability pattern; accord-
ingly, the relative errors are presented separately for
three distinct income areas. Returns in the adjusted
gross income area under $8,000 are a composite group of
collector returns contributing more than 99 percent of
the total population and agent returns contributing less
than 1 percent. Relative errors for this group are based
on the collector returns component since the effect on
relative error of agent returns with adjusted gross in-
come under $8,000 is almost negligible.
Table B.— SAMPLING VARIABILITY AT SELECTED FREQUENCY LEVELS
If the
number
of returns
in a cell
of a table
is —
Returns with adjusted gross
income under $8,000
Returns with adjusted gross
income from $8,000 to $25,000
Returns with adjusted gross
income from $25,000 to $50,000
Then the number
for that cell of the
population lies in
the range —
And the rela-
tive sampling
error ex-
pressed as
a percentage
IS-
Then the num-
ber for that
cell of the
population lies
In the range—
And the rela-
tive sampling
error ex-
pressed as
a percentage
is—
Then the num-
ber for that
cell of the
population lies
in the range—
And the rela-
tive sampling
error e.\-
pressed as
a percentage
is—
100
C')
(')
(')
73
52
36
22
16
13
12
7
5
4
4
2
40- 160
365- 635
800- 1,200
2, 225- 2, 775
4,600- 5,400
9, 40O- 10, 600
24,000- 26,000
48, 500- 51, 500
73, 500- 76. 500
98. 000-102, 000
247, 500-252, 500
495,000-505,000
60
27
20
11
8
6
4
3
2
2
1
1
65- 135
420- 580
880- 1,120
2,325- 2,675
4, 750- 5, 250
9,600- 10,400
24, 500- 25, 500
49,000- 51,000
74, 250- 75. 750
99, OOO-lOl, 000
35
500
16
1,000
12
2,500
5,000
10,000
25,000
50,000
75,000
100,000
250,000
675- 4, 325
2, 400- 7, 600
6, 400- 13, 600
19, 500- 30, 500
42. 000- 58, 000
65, 250- 84, 750
88,000- 112,000
232.500- 267,500
475, 000- 525, 000
720, 000- 780, 000
960,000-1,040,000
1, 960, 000-2, 040, 000
7
5
4
2
2
1
1
600,000
750.000
1.000,000
2,000,000
1 Relative error more than 100 percent.
INDIVIDUAL INCOME TAX RETURNS FOR 1951
21
In computing the limits of variation and relative
samplinfj error of a fjiven frequency, a range was used
such that the chances are sliglitly over 19 out of 20 that
the frequency as estimated from the sample talnilation
differs from the actual frexpiency, which wovdd have
resulted from tabulation of the entire po]>ulation, by
less than the percentage shown in the table. Specific
cell frequencies shown for any adjusted gross income
class are subject to maximum variation of less than 100
percent. Frequencies subject to maxinuun variation of
more than 100 percent and associated data are not sep-
arately shown since they are considered too unreliable
for general use ; they are however included in the totals.
ISecause collector returns account for the great ma-
jority of taxable returns with adjusted gross income
under $5,000, and of nontaxable returns, the variabil-
ities indicated for the "Under $8,000" range are gen-
erally ajiplicable to the summary data for taxable re-
turns with adjusted gross income under $5,000 ar.d to
the summary data for nontaxable returns.
Summary data for taxable returns with adjusted
gro.ss income of $5,000 and over, as well as totals of all
taxable returns and grand totals of all returns, are com-
posites of the various estimating strata, and sampling
variabilities at specific levels are not constant, but de-
pend on the interrelationship of the contributing strata.
The variability patterns indicated above are not appli-
cable to summary data derived from multiple strata.
The extent of sampling variability of data presented
in table 4 has not been determined. Since no sampling
controls were instituted with respect to sources of in-
come, and since total income from any source could
extend over an indefinite range, tliere may be consid-
erable sampling error in the data shown in this table.
Specific consideration has not been given to asso-
ciated money amounts; however, the homogeneity
within the strata employed for sampling purposes, and
the large number of returns included in the samples,
together with the progressively increased sampling
rates in the higlier income areas, generally serve to
limit sampling variability with respect to amounts of
adjusted gross income and all characteristics related
to it.
An exception occui-s in the case of returns with no
adjusted gi-oss income. These returns with adjusted
gross deficit were not stratified independently, but were
classified and .sampled with the much larger groups of
returns with adjusted gross income. (\)nsequently, the
sami)le obtained of this extremely heterogeneous group
of returns with adjusted gross deficit was generally
inadequate. For this reason data associated with such
returns may be subject to mai-ked sampling variability.
In tables 15 and 16, which i)resent distributions of
businesses by size of total receipts and by size of net
I)rofit respectively, the data are shown for selected in-
dustrial groups and size classes without regard to the
extent of .sampling variability. Accordingly, data for
cells with relatively few businesses may be subject to
large sampling variability and should be used with
caution.
Data by States were tabulated from returns with ad-
justed gross income only, since returns with adjusted
gross deficit were too few and the sampling variability
too great to permit presentation on a State basis.
Otherwise the same sample served as a basis for both
the national and the State distributions, and the na-
tional stratum population to which sample data were
extended equals the total of the State populations.
However, slight discrepancies exist between items ag-
gregated in the State tables and corresponding items as-
sociated with returns with adjusted gross income in the
national tables. These discrepancies are the result of
(a) the dual system of weighting, involving one series
of weights uniforndy applicable to all collection districts
for the national distributions and an independent series
of weights for each collection district for the State dis-
tributions, and (b) the use of rounded weighting
factors.
Data for industrial subgroups are not shown in table
14 if the number of businesses falling in a subgi-oup is
subje<_'t to a sampling variability of more than 30 per-
cent. However, all data for the subgroups are included
in the totals for the respective industrial group.
The sampling variabilities associated with amounts
of total receipts from business and amounts of net
profit or loss were not detei'niined. Because no sam-
pling controls were established with respect to these
items, and total receipts up to $50,000 could have been
reported on collector returns, and total receipts reported
on agent returns may extend over an indefinite range,
these items may be subject to considerable sampling
error.
TABLES FOR INDIVIDUAL RETURNS, 1951
Page
Number of returns, adjusted gross income, and tax, with percentage
distributions:
1 . By adjusted gross income classes 25
la. Aggregated from highest adjusted gross income class 26
lb. Aggregated from lowest adjusted gross income class 27
Sources of income, total deductions, taxes, and frequencies — by ad-
justed gross income classes:
2. Income or loss from each source, total deductions, exemption,
taxes, taxpayments, and overpayment 28-33
Frequency distributions — by patterns of income:
3. Selected patterns by adjusted gross income classes 34-35
4. Selected patterns by size of specific source 36-38
5. Selected patterns by adjusted gross income classes and by
size of a specific source 39-54
Tax analysis — by adjusted gross income classes:
6. Normal tax and surtax, alternative tax, and self-employment
tax 55-57
7. Returns with tax overpayment or with tax due, by types of
taxpayment 58-60
Marital status — by adjusted gross income classes:
8. Number of returns, adjusted gross income, exemption, and
tax 61-63
9. Frequency distribution of returns — by types of tax and by
number of exemptions other than age or blindness 64-69
10. Returns with itemized deductions and with surtax net in-
come— by surtax net income brackets 70-75
Capital gains and losses — by adjusted gross income classes:
1 1 . Short- and long-term capital gain and loss, capital loss carry-
over, and capital gain or loss reported 76-79
States and Territories:
1 2. Selected sources of income and taxes 80
13. Number of returns, adjusted gross income, and income tax —
by adjusted gross income classes 81—87
Sole proprietorships — by selected industrial groups:
14. Number of businesses, total receipts, and net profit 88
15. Number of businesses, total receipts, and net profit or loss —
by size of total receipts; businesses with net profit by
selected industrial groups and businesses with net loss in
aggregate 89-91
16. Frequency distribution of number of businesses with net
profit — by size of net profit 92
23
INDIVIDUAL INCOME TAX RETURNS FOR IMl
25
Table 1. -INDIVIDUAL RETURNS FOR 1951, BY ADJUSTID GROSS INCOME CUSSES: NUMBER OF RETURNS, ADJUSTED GROSS INCOME, AND TAX LIABILITY, »ITH PERCENTAGE DISTRIBUTIONS
[Taxable and nontaxable ]
Adjusted gross income claaaea'
Percent
of total
Adjusted gross Income*
( Thoaaanti
dotlarui
Percent
of total
Tax liability'
dollar*)
Percent
of total
Returns with adjusted gross income:
Under 1600
600 under 750
750 under 1 ,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 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
10,000 under 11,000
11,000 under 12,000
12,000 under 13,000
13,000 under 14,000
14,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5,000,000
5,000,000 or more
Total
Returns with no adjusted gross income"
Grand total
3,832 226
1,172,730
2,236,642
2,527,928
2,339,102
2,411,885
2,548,023
2,557,985
2.537,125
2,640,844
2,601,962
5,254,640
4,743,321
4,031,056
3,239,016
4,117,062
2,265,919
1,212,879
691,349
416,614
278,048
195 ,461
149,769
115,990
92,642
295,950
154,776
93,697
100,175
49,670
27,351
16,722
10,657
7,416
5,310
12.047
4,008
1,734
960
830
382
389
134
55,042,597
404,412
7.0
2.1
4.1
4.6
4.2
4.6
4.7
4.8
4.7
9.5
3.6
7.3
5.9
7.5
4.1
2.2
1.3
(')
(')
(')
(')
(')
(')
(')
(')
(')
(')
(')
(')
(')
(')
(')
(')
1,301,339
790,857
1,962,041
2,833,632
3,208,161
3,914,274
4,778,709
5,434,694
5,141,979
6,931,834
7,432,627
17,075,692
17,754,633
17,100,476
15,429,651
22,442 072
14,619,909
9,026,856
5,340,077
3,938,409
2,910,508
2,242,015
1,867,314
1,563,131
1,341,860
5,078,669
3,447,350
2,556,417
3,442,697
2,208,6X
1,492,534
1,081,194
796,223
623,067
502,940
1,441,201
637,244
386,299
260,726
283,738
169,911
234,010
115,684
92,565
77,761
68,979
38,927
22,036
44,322
(')
(')
0.6
.4
1.0
1.4
1.6
1.9
2.4
2.7
3.0
3.4
3.7
8.4
7.6
11.0
7.2
4.4
2.9
1.9
1.4
1.1
.9
2.5
1.7
1.3
1.7
1.1
.7
.5
.4
.3
.2
.7
.3
.2
.1
.1
100.0
203,097,033
'760,543
100.0
(')
941
3 942
50,003
110,520
139,795
202,055
272,947
330,722
408,734
470,873
547,487
1,310,178
1,457,905
1,511,U6
1,435,820
2,373,334
1,745,199
1,161,307
804,431
568,641
440,032
352,373
307,923
268,407
239,292
934,760
762,668
629,951
966,140
7U ,414
536,448
420,194
327,672
270,563
224,690
687,958
356,202
208,144
144,302
160,848
99,065
141,470
69,988
57,800
43,733
46, 174
25,237
14,550
26,160
24,438,743
330
(')
(')
0.2
.5
.6
1.1
1.4
1.7
1.9
2.2
5.4
6.0
6.2
5.9
9.7
7.1
4.8
3.3
2.3
1.3
1.4
1-.3
1.1
1.0
4.0
3.1
2.6
4.0
2.9
2.2
1.7
1.3
1.1
.9
2.3
1.5
.9
100.0
55,447,009
C)
'202,336,485
(')
24,439,073
(')
For footnotes, see pp. 92-9<i; for ertent to which data are estimated, see pp. 19-21.
26
INDIVIDUAL INCOME TAX RETURNS FOR 1951
T«hl, 1« -INDIVIDOAL BETDRNS FOR 1951, flCGHEGATED FHOM HIGHEST ADJUSTED GROSS INCOME CLASS: NUMBER OF RETURNS, ADJUSTED GROSS INCOME, AND TAX LIABILITY, WITH
PERCENTAGE DISTRIBUTIONS
(Taxable and nontaxable]
Adjusted gross IncOTie^
(DollBrs)
Returns with adjusted gross income;
15,000,000 or more
4,000,000 or more
3,000,000 or more
2,000,000 or more
1,500,000 or more
1,000,000 or more
750,000 or more
500,000 or more
400,000 or more
300,000 or more
250 ,000 or more
200,000 or more
150,000 or more
100,000 or more
90,000 or more
80,000 or more
70,000 or more
60,000 or more
50,000 or more
40,000 or more
30,000 or more
25 ,000 or more
20,000 or more
15,000 or more
14,000 or more
13,000 or more
12 ,000 or more
11,000 or more
10,000 or more
9,000 or more
8,000 or more
7,000 or more
6,000 or more
5,000 or more
4,500 or more
4,000 or more
3,500 or more
3,000 or more
2,750 or more
2,500 or more
2 ,250 or more
2,000 or more
1 ,750 or more
1,500 or more
1,250 or more
1,000 or more
750 or more
600 or more
All returns
5
10
21
49
94
171
305
694
1,076
1,906
2,866
4,600
8,608
20,655
25,965
33,381
44,038
60,760
88,111
137,781
237,956
331,653
486,429
782,379
875,021
991,011
1,140,780
1,336,241
1,614,289
2,030,903
2,722,252
3,935,131
6,201,050
10,318,112
13,557,128
17,588,134
22,331,505
27,586,145
30,188,107
32,828,951
35,416,076
37,974,061
40,522,084
42,933,969
45,273,071
47,800,999
50,037,641
51,210,371
55,042,597
Percent
of total
(')
(',
(')
(')
(')
(')
(')
(')
(')
(')
(')
(')
(')
(')
(')
0.1
.1
.1
1.4
1.6
1.8
2.1
2.4
2.9
3.7
4.9
7.1
11.3
18.7
24.5
32.0
40.6
50.1
54.8
59.6
64.3
69.0
73.6
78.0
82.3
86.8
90.9
93.0
100.0
Adjusted gross Income^
(Thousand
dollars)
44 322
66,408
105,335
174,314
252,075
344,640
460,324
694,334
864,245
1,147,983
1,408,709
1,795,008
2,482,252
3,923,453
4,426,393
5,054,460
5,850,688
6,931,882
8,424,416
10,633,050
14,075,747
16,632,164
20,080,014
25,158,683
26,500,543
28,063,674
29,930,988
32,173,003
35,083,511
39,021,920
44,861,997
53,888,853
68,508,762
90,950,834
106,380,485
123,480,961
141,235,644
158,311,336
165,793,963
172,725,797
178,367,776
184,302,470
189,081,179
192,995,453
196,203,614
199,042,296
201,004,337
201,795,194
203,097,033
Percent
of total
0.1
.1
.1
.7
.9
1.2
1.9
2.2
2.5
2.9
3.4
4.1
5.2
6.9
8.2
9.9
12.4
U.O
13.8
14.7
15.8
17.3
19.2
22.1
26.5
33.7
44.8
52.4
60.8
69.5
77.9
81.6
35.0
90.7
93.1
95.0
96.6
93.0
99.0
99.4
100.0
Tax liability^
( Thousand
dollars)
26 160
40 710
65,947
112,121
155,854
213,654
283,642
425,112
524,177
685,025
829,827
1,037,971
1,394,173
2,082,131
2,306,821
2,577,389
2,905,061
3,325,255
3,861,703
4,576,117
5,542,257
6,172,203
6,934,876
7,919,636
8,158,928
8,427,335
8,735,258
9,087,631
9,527,713
10,096,354
10,900,835
12,062,142
13,807,341
16,185,675
17,621,495
19,132,641
20,590,546
21,900,724
22,448,211
22,919,084
23,327,818
23,658,540
23,931,487
24,133,542
24,273,337
24,383,857
24,433,860
24,437,802
24,433,743
Percent
of total
0.1
.2
.3
.5
1.2
7
1.7
8
2.1
9
2.3
10
3.4
11
4.2
12
5.7
13
8.5
14
9.4
15
10.5
16
11.9
17
13.6
18
15.8
19
13.7
20
22.7
21
25.3
22
28.4
23
32.4
24
33.4
25
34.5
26
35.7
27
37.2
28
39.0
29
41.3
30
44.6
31
49.4
32
56.5
33
66.2
34
72.1
35
78.3
36
84.3
37
89.6
33
91.9
39
93.3
40
95.5
41
96.8
42
97.9
43
93.8
44
99.3
45
99.8
46
99.9
47
99.9
48
100.0
49
For footnotes, see pp. 92-94; for extent to which data are estimated, see pp. 19-21.
INDIVIDUAL INCOME TAX RETURNS FOR 1951
27
Table Ib.-INDIVIDUAL RETUHNS FOR 1951, AOOREGATED FROM LOIKEST ADJUSTED GROSS INCOME CLASS:
PERCEtfTACE DISTRIBUTIONS
[Taxable and nontaxable!
NUMBER OF RETURNS, ADJUSTED GROSS INCOME, AND TAX LIABILITY, *ITH
Adjusted gross Income^
(DolUrai
Returns with adjusted gross Income:
Under »600
Under 750
Under 1,000
Under 1,250
Under 1 ,500
Under 1 ,750
Under 2,000
Under 2,250
Under 2,500
Under 2,750
Under 3,000
Under 3,500
Under 4,000
Under 4,500
Under 5,000
Under 6,000
Under 7,000
Under 8,000
Under 9,000
Under 10,000
Under 11,000
Under 12,000
Under 13,000
Under 14,000
Under 15,000
Under 20,000
Under 25,000
Under 30,000
Under 40,000
Under 50,000.
Under 60,000
Under 70,000
Under 80,000
Under 90,000
Under 100,000
Under 150,000
Under 200,000
Under 250,000
Under 300,000
Under 400,000
Under 500,000
Under 750,000
Under 1,000,000
Under 1,500,000
Under 2,000,000
Under 3,000,000
Under 4,000,000
Under 5,000,000
All returns
3,832,226
5,004,956
7,241,596
9,769,526
12,108,628
14,520,513
17,068,536
19,626,521
22,213,646
24,854,490
27,456,452
32,711,092
37,454,413
41,485,469
44,724,485
48,841,547
51,107,466
52,320,345
53,011,694
53,428,308
53,706,356
53,901,817
54,051,586
54,167,576
54,260,218
54,556,168
54,710,944
54,304,641
54,904,816
54,954,486
54,981,837
54,998,559
55,009,216
55,016,632
55,021,942
55,033,989
55,037,997
55,039,731
55,040,691
55,041,521
55,041,903
55,042,292
55,042,426
55,042,503
55,042,548
55,042,576
55,042 587
55,042,592
55,042,597
Percent
of total
7.0
9.1
13.2
17.7
22.0
26.4
31.0
35.7
40.4
45.2
49.9
59.4
68.0
75.4
81.3
88.7
92.9
95.1
96.3
97.1
97.6
97.9
98.2
98.4
98.6
99.1
99.4
99.6
99.7
99.8
99.9
99.9
99.9
99.9
99.9
99.9
99.9
99.9
99.9
99.9
99.9
99.9
99.9
99.9
99.9
99.9
99.9
99.9
100.0
Adjusted gross Income^
lioltMfM)
121
1,301,839
2,092,696
4,054,737
6,893,419
10,101,580
14,015,854
18,794,563
24,229,257
30,371,236
37,303,070
44,785,697
61,861,389
79,616,072
96,716,548
112,146,199
134,588,271
149,208,180
158,235,036
164,075,113
168,013,522
170,924,030
173,166,045
175,033,359
176,596,490
177,938,350
183,017,019
186,464,869
189,021,286
192,463,983
194,672,617
196,165,151
197,246,345
198,042,573
198,670,640
199,173,580
200,614,781
201,302,025
201,688,324
201,949,050
202,232,788
202,402,699
202,636,709
202,752,393
202,844,958
202,922,719
202,991,698
203,030,625
203,052,711
203,097,033
Percent
of total
0.6
1.0
2.0
3.4
5.0
6.9
.9.3
11.9
15.0
18.4
22.1
30.5
39.2
47.6
55.2
66.3
73.5
77.9
80.8
32.7
84.2
85.3
86.2
87.0
87.6
90.1
91.3
93.1
94.8
95.9
96.6
97.1
97.5
97.8
98.1
98.8
99.1
99.3
99.4
99.6
99.7
99.8
99.8
99.9
99.9
99.9
99.9
99.9
100.0
Tax liability'
( TTiouaand
ttotUraJ
m
941
4,883
54,886
165,406
305,201
507,256
780,203
1,110,925
1,519,659
1,990,532
2,538,019
3,848,197
5,306,102
6,817,248
8,253,068
10,631,402
12,376,601
13,537,908
14,342,389
14,911,030
15,351,112
15,703,485
16,011,408
16,279,815
16,519,107
17,503,867
18,266,535
18,896,486
19,862,626
20,577,040
21,113,488
21,533,632
21,861,354
22,131,922
22,356,612
23,044,570
23,400,772
23,608,916
23,753,718
23,914,566
24,013,631
24,155,101
24,225,089
24,282,889
24,326,622
24,372,796
24,398,033
24,412,583
24,438,743
Percent
of total
(')
(«)
0.2
.7
1.2
2.1
3.2
4.5
6.2
8.1
10.4
15.7
21.7
27.9
33.8
43.5
50.6
55.4
58.7
61.0
62.8
64.3
65.5
66.6
67.6
71.6
74.7
77.3
81.3
84.2
36.4
83.1
89.5
90.6
91.5
94.3
95.8
96.6
97.2
97.9
98.3
98.8
99.1
99.4
99.5
99.7
99.3
99.9
100.0
9
10
11
12
13
L4
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
For footnotes, see pp. 92-94; for extent to which data are estimated, see pp. 19-21.
328641 0—55-
28
INDIVIDUAL INCOME TAX RETURNS FOR 1951
Table 2.-INDIVIDUM. RETURNS FOR 1951, BY TAXABLE AND NONTAXABLE RETURNS AND BY ADJUSTED GROSS INCOME CLASSES: NUMBER OF RETURNS, FREQUENCIES AND AMOUNTS OF INCOME (E LOSS
COMPRISING ADJUSTED GROSS INCOME, AMOUNTS OF ADJUSTED GROSS INCOME, EXEMPTION, AND INCOME TAX LIABILITY, AND FREQUENCIES AND AMOUNTS OF TAX PAYMENTS AND OVERPAYMENT; ALSO
SELECTED ITEMS AND FREQUENCIES FOR RETURNS WITH ITEMIZED DEDUCTIONS
PART I. - ALL RETURNS
Adjusted gross Income classes^
(Dotlari)
Total
number of
returns
Salaries and wages
Number of
returns
(Thotiaend
dollars}
Number
of
returns^'
( Thtmtand
dollars)
Number
of
returns ^^
Amount ^^
C Thousand
dollars)
Annuities and
pensions
( Thousand
dollars)
Rents and royalties
Net profit
Amount^'
{ Thousand
dollars)
Amount ^^
( Thousand
dollars)
(13)
Taxable returns:
No adjusted gross income'.
Under $600
600 under 750
750 under 1,000
1,000 under 1,250
1,S50 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 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
10,000 under 11,000
11,000 under 12,000
12,000 under 13,000
U,000 under 14,000
14,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000...
1,000,000 under 1,500,000.
1,500,000 under 2,000.000.
2,000,000 under 3,000,000.
3,000,000 under 4,000,000.
4,000,000 under 5,000,000.
5,000,000 or more
Total taxable returns. . .
Nontaxable returns:*"
No adjusted gross income' . . .
Under $600
60O under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 under 3,000
3,000 under 3,500
3,500 under 4,000
4,000 under 4,500
4,500 or more
Total nontaxable returns
Grand total
Taxable returns with adjusted
gross Income under $5,000 and
nontaxable returns.
Taxable returns with adjusted
gross Income of $5,000 or
""re.
11,813
72,169
409,470
1,342,347
1,456,189
1,522,669
1,649,116
1,665,604
1,976,775
1,996,170
2,052,248
2,239,880
4,593,425
4,370,310
3,883,585
3,088,728
4,117,062
2,265,919
1,212,879
691,349
416,614
278,048
195,461
149,769
115,990
92,642
295,950
154,776
93,697
100,175
49,670
27,351
16,722
10,657
7,416
5,310
12,047
4,008
1,734
960
830
382
389
134
77
45
2S
4,370
12,024
337,824
1,177,574
1,289,474
1,305,735
1,424,039
1,446,856
1,739,506
1,778,817
1,832,940
2,025,172
4,224,416
4,073,759
3,651,852
2,897,744
3,840,229
2,074,401
1,065,838
584,509
331,179
208,946
139,069
102,972
76,492
59,285
185,295
95,361
56,492
60,091
30,627
17,281
10,579
6,805
4,803
3,378
8,362
2,776
1,209
665
611
274
275
85
51
34
16
3,493
7,658
232,276
1,010,936
1,407,712
1,738,723
2,229,633
2,619,185
3,568,245
4,066,690
4,654,653
5,631,861
13,297,971
14,827,010
15,021,322
13,300,945
20,199,057
12,737,542
7,453,384
4,491,567
2,740,379
1,858,767
1,304,827
1,021,414
795,780
645,990
2,308,530
1,456,628
986,689
1,255,307
764,992
504,892
347,112
241,407
185,824
142,320
372,495
139, 8X
66,081
37,078
40,924
16,509
17,628
6,446
1,006
1,842
853
217
18
141
C")
(")
7,831
21,610
31,139
39,695
68,266
69,926
69,967
76,382
91,083
93,976
210,427
208,408
223,937
202,006
400,393
306,595
236,022
175,346
138,201
105,387
84,225
68,393
56,802
47,150
163,452
95,389
62,137
70,246
37,416
21,672
13,617
6,867
6,255
4,522
10,552
3,613
1,580
671
771
352
369
128
74
42
28
11
38,190,110
145,761,793
392,599
3,760,057
763,260
894,295
1,071,739
816,433
762,769
882,419
581,210
590,955
588, 596
362,062
661,215
373,011
147,471
150,288
70,350
1,336,294
596,381
622,060
766,760
604,723
600,326
712,176
483,223
501,582
511,753
321,241
607,590
340,204
136,537
133,369
141,505
1,139,292
388,638
522,384
835,112
783,669
931,651
1,282,112
984,256
1,139,067
1,290,750
896,927
1,904,955
1,240,759
569,926
668,901
25,578
58,684
35,708
71,087
64,303
55,341
36,714
33,385
26,566
22,787
19,448
13,274
15,018
8,581
4,471
7,920
12,798,399
14,719,904
500,865
55,447,009
48,538,699
160,481,697
4,038,391
45,128,897
10,318,112
39,570,691
98,338,217
62,143,480
1,917,901
2, 120,490
(")
(")
2,566
6,370
10,171
16,680
31,869
29,655
36,562
30,019
42,892
38,001
102,234
79,869
97,359
108,982
215,187
174,321
163,945
150,497
149,235
127,259
115,663
109,687
105,787
92,725
404,406
326,531
276,146
425,450
309,763
246,660
194,785
154,628
132,874
112,132
359,342
199,297
122,844
85,282
96,522
60,246
87,112
43,469
41,358
25,065
27,564
9,563
13,148
32,964
1,923
1,417
15,993
37,213
44,106
70,665
100,154
99,502
106,011
119,116
119,012
144,415
278,499
296,185
294,439
277,945
490,231
344,358
242,021
169,949
127,132
93,523
71,334
59,870
48,662
40,031
139,916
61,155
53,064
60,172
31,887
18,627
11,713
7,673
5,455
3,916
9,306
3,255
1,422
813
713
331
349
122
68
42
27
10
5
5
673
41
2,109
5,884
8,667
14,326
21,527
24,375
27,079
27,181
30,820
28,244
57,702
59,693
57,642
60,453
96,498
79,396
76,827
56,678
49,325
41,393
33,873
34,012
29,150
26,610
102,492
71,156
56,769
77,429
51,760
36,028
25,427
18,280
1A,557
11,247
31,971
14,334
7,828
4,696
5,382
2,804
3,592
1,532
1,152
585
966
114
226
2,311
(")
1,357
4,759
5,800
10,197
20,373
16,008
23,455
19,404
17,353
15,992
29,946
27,505
29,561
16,387
30,052
24,001
12,713
9,834
7,246
5,122
4,151
2,987
2,889
2,253
7,968
4,346
2,811
3,579
2,114
1,220
833
635
412
327
907
348
166
104
88
32
42
13
(")
608
2,581
3,685
8,434
19,175
17,357
19,425
13,703
16,639
8,753
27,698
25,650
25,372
10,994
21,161
17,927
9,860
8,853
6,517
4,957
4,586
4,027
3,583
2,410
9,979
6,554
4,618
6,500
3,629
2,944
1,570
1,668
1,136
946
3,074
1,559
684
635
461
154
304
150
92
1,978
3,215
13,688
39,949
41,870
64,511
78,427
87,285
99,035
99, 523
107,531
123,681
246,076
265,032
264,326
223,264
339,925
224,686
136,933
67,909
61,002
45,444
35,397
28,525
23,118
18,884
65,405
36,956
24,192
27,358
U,829
8,216
5,182
3,372
2,390
1,681
4,003
1,464
607
337
306
143
139
49
26
21
10
9
1
3
1,447
1,109
4,157
15,189
19,042
28,759
42,653
47,275
46,234
56,488
64,926
70,877
126,697
134,413
126,458
120, 518
237,516
164,130
138,539
97,572
86,151
69,134
62,710
53,372
48,147
42,303
164,292
113,690
69,713
124,871
77,009
52,323
37,594
26,396
22,280
16,971
49,728
24,002
13,880
9,433
8,807
6,008
7,583
3,224
1,116
233
643
3,765
54
24
C")
2,444
2,065
7,963
6,915
12,671
20,477
20,326
20,797
29,106
28,740
36,077
91,442
86,303
92,669
74,775
115,844
55,961
37,308
21,748
14,605
10,156
7,418
6,201
4,577
3,957
13,266
7,930
5,028
5,630
2,686
1,675
1,199
744
573
436
994
404
20O
125
113
65
62
31
11
(")
1,274
1,036
1,477
1,675
3,900
5,254
7,800
6,424
6,852
6,763
9,042
21,611
21,254
21,644
18,258
29,546
19,318
11,604
8,521
7,045
4,943
3,732
3,637
2,722
2,779
9,774
7,316
7,357
10,024
5,537
4,024
4,220
2,658
1,814
1,620
4,356
2,815
1,517
1,370
1,218
1,037
854
614
121
22
150
1
455
4,123,959
1,492,842
369,329
2,959,915
2,763,457
24,610
11,102
8,256
22,775
21,952
22,777
13,051
13,436
14,954
13,501
14,866
6,695
6,675
6,616
6,949
16,074
34,766
95,731
56,779
102,335
90,767
77,760
50,654
46,574
32,657
25,820
25,183
16,012
18,079
12,940
3,771
10,267
17,527
17,922
11,824
25,714
25,899
22,415
15,601
15,047
10,816
9,633
6,407
5,879
9,669
4,546
1,584
8,890
1,843
23,424
16,970
38,680
37,652
29,850
2i,o;i
16,302
12,222
9,508
7,486
4,411
5,438
2,045
(^M
1,790
493
7,015
7,167
21,182
28,392
24,518
21,618
14,888
14,637
8,438
8,744
4,535
3,641
2,264
(")
1,218
35,226
132,614
71,375
113,229
118,337
86,960
58,466
62,566
35,111
34,412
38,814
19,726
32,006
16,712
9,220
10,919
51,968
47,056
35,946
67,396
80,164
60,946
44,166
50,380
31,696
29,364
25,123
17,906
18,443
7,095
6,559
15,674
22,193
16,022
4,460
10,555
7,144
6,500
5,098
9,538
5,118
7,134
4,071
4,424
9,198
6,115
2,035
2,983
36,730
5,882
1,116
4,829
4,767
1,947
2,490
3,506
1,491
1,547
1,135
1,697
2,074
1,603
365
11,000
228,291
700,097
209,373
229,001
168,940
675,705
569,906
82,179
4,624,056
1,702,215
598,330
499,809
3,835,620
381,156
5,193,739
2,706,694
2,117,362
635,809
471,119
127,211
369,024
U0,785
2,637,096
1,198,524
1,657,215
319,162
218,235
162,921
For footnotes, see pp. 92-94; for extent to which data are estimated, see pp. 19-21.
INDIVIDUAL INCOME TAX RETURNS FOR 1951
29
TBbl« 2. -INDIVIDUAL RETURNS FOR 1951, BY TAXABLE AND NONTAXABU RETURNS AND BY ADJUSTED GROSS INCOffi CLASSES: NUMBER OF RETURNS, FREQUENCIES AND AMJUNTS OF INCOME OR LOSS
COMPRISING ADJUSTED GROSS INCCME, AMOUNTS OF ADJUSTED GROSS INCOME, EXEMPTION, AND INCOME TAX LIABILITY, AND FRBJUENCIES AND AMOUNTS OF TAX PMMENTS AND OVERPAYMENT; ALSO
SELECTED ITEMS AND FREQUENCIES FOR RETURNS »IIH ITOnZED DEDUCTIONS - Continued
PART I. - ALL RETURNS - Continued
Adjusted gross Income classes^
(DotUra)
Business or profession
Net profit
Number
of
returns
Amount*'
f TheuaMnd
dolUra)
(IS)
Number
of
returns
Amount*"
(Thoutand
dollart)
(171
Partnership
Net profit
Number
of
returns
( Thovtmntt
dollar 9)
[Ift)
Number
of
re turns
ABOunt'"
( Thoummnd
dolUra)
(ZU
Net operating
loss deduction
Number
of
returns
Amount^*
(Thouaand
doltara)
(23)
Sales or exchanges
of capital asseta
Net gain
Number
of
returns
Amount**
( Thouaaad
dotlara)
(26)
Taxable returns:
No adjusted gross income . .
Under KiOO
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 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
10,000 under 11,000
11,000 under 12,000
12,000 under 13,000
13,000 under 14,000
U,000 under 15,000
15,000 under 20,000
20j0(X) i-rnder 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250, 0(X) under 300,000
300,000 under 400,000
400,000 under 500.000
500,000 under 750,000
750,000 under 1,000.000
1,000,000 under 1,500,000.
1,500,000 under 2,000,000.
2,000,000 under 3,000,000.
3,000,000 under 4,000,000.
4,000,000 under 5,000,000.
5.000.000 or nore
Total taxable returns. . .
Nontaxable returns;*'^
No adjusted gross income' ....
Under »600
eOO under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 under 3,000
3,000 under 3,500
3,500 under 4,000
4,000 under 4,500
4,500 or more
Total nontaxable returns
Grand total
Taxable returns with adjusted
gross income under S5,CX)0 and
nontaxable returns.
Taxable returns with adjusted
gross income of $5,000 or
more.
6,372
50,918
54,978
127,649
137,655
199,687
195,833
184,340
234,104
230,723
225,339
233,108
433,103
362,588
305,505
248,072
329,952
225,640
139,208
105,687
79,726
61,897
49,049
39,387
31,877
26,568
87,477
44,632
26,874
27,203
12,292
6,246
3,557
2,168
1,416
996
1,909
579
239
106
34
61
46
12
9
5
5
2
9,458
27,533
35,926
101,087
135,395
228,461
253,904
283,302
392,728
420,751
443,368
493,991
985,309
880,752
813,186
713,363
1,099,465
940,972
666,701
607,334
531,234
466,804
410,644
360,323
318,841
288,548
1,111,531
722,619
530,230
657,817
372,701
223,744
144,688
100,030
72, 101
52,005
120,883
45,980
20,620
12,504
7,061
8,913
7,796
2,353
1,680
2,109
1,447
357
3,637
1,478
2,384
5,558
4,894
9,988
14,768
16,797
26,083
23, 692
31,397
31,825
61,404
62, 165
50,515
38,913
50,983
28,501
19,262
10,629
8,244
5,852
4,103
3,485
2,995
2,384
8,373
4,867
3,403
4,436
2,545
1,572
1,075
758
608
446
1,233
528
261
150
156
78
81
36
17
11,871
1,331
2,008
3,168
2,698
10,520
9,956
12,848
20, 516
22,137
22,558
27,655
45,677
38,995
30,790
22,979
47,553
32,437
22,270
14,830
15,574
13,284
8,244
8,089
7,019
7,368
30,425
20,221
19,068
27,676
18,675
13,181
9,372
3,032
7,328
6,382
17,079
12,537
7,039
4,265
4,707
3,120
2,863
2,732
809
1,129
326
424
1,960
7,264
12,004
31,431
27,080
34,877
37,626
49,306
48,775
44,764
58,706
60,069
113,308
109,346
90,804
79,126
123,140
92,723
73,510
55,057
44,003
36,052
23,913
24,957
20,736
18,314
62,343
37,242
25,662
29,827
15,807
3,685
5,625
3,628
2,486
1,793
4,086
1,370
532
272
238
101
92
28
4,652
3,970
7,559
23,673
26,059
40,604
49,984
75,162
82,393
86,157
116,426
126,578
263,976
300,061
260,090
249,289
429,122
360,903
369,647
310,345
266,342
252,392
225,493
207,367
139,334
176,131
705,792
537,934
443,065
643,706
431,395
278,575
211,446
155,787
119,153
95,414
263, Ul
120,321
54,375
30,015
30,333
15,238
17,429
4,911
4,752
3,455
2,238
1,526
1,337
1,367
2,074
2,475
3,731
4,520
4,131
4,162
6,926
10,092
13,583
10,863
7,021
12,655
12,789
6,662
5,030
3,732
2,849
2,654
1,976
1,789
1,253
4,711
3,160
2,060
2,471
1,439
924
611
442
323
260
657
295
166
101
92
45
58
26
12
5
5
2
2
2
(")
1,270
349
761
C")
693
3,146
1,934
1,558
1,615
3,022
3,457
6,584
9,443
6,150
7,503
9,471
9,982
6,519
5,088
4,016
3,342
3,746
3,477
3,050
3,129
11,916
7,226
5,868
9,937
7,581
4,924
4,121
2,388
2,430
2,422
6,471
3,586
4,267
1,648
6,508
1,343
1,573
1,216
715
948
1,370
196
288
82
(")
(")
(")
(")
(")
(")
C")
(*')
(")
CM
1,502
2,136
2,516
2,156
2,136
1,449
474
455
353
313
293
264
152
580
364
154
180
44
27
20
11
11
15, 158
C")
")
(")
(")
(")
(•")
(")
(")
(")
1,672
1,076
1,946
(")
3,462
3,055
1,822
637
887
501
310
477
646
219
1,224
1,337
551
716
398
206
174
60
122
(")
1,948
(")
3,751
12,007
17,865
25,365
34,224
33,829
42,886
51,385
50,868
62,888
112,826
97,394
105,232
100,884
164,323
126,038
95,892
73,655
61,076
46,371
38,794
33,337
27,396
23,342
84,149
52,009
35,070
41,729
23,339
13,922
9,194
6,098
4,431
3,274
7,785
2,353
1,293
722
653
307
321
113
56
1,625
1,246
4,429
5,865
11,480
17, 198
15,646
20,596
29,222
24,615
41,193
78,020
52,402
65, 533
65,977
130,292
126,491
102,268
88,270
79,164
64,476
58,042
53,322
48,532
44,330
177,354
136,261
109,252
160,934
119,260
89,886
74,099
58,504
50,258
46,343
153,938
96,578
70,563
49,585
71,912
44,119
63,563
35,459
22,401
41,310
13,084
13,496
116
10,111
1,528,717
8,676,755
10,260
251,961
83,648
148,214
199,593
152,537
134,539
157,696
89,096
99,161
81,884
44,877
65,446
40,168
13,967
19,699
21,620
82,749
47,999
110,726
192, 146
172,069
180,803
245,086
146,366
183,569
165,794
96,589
156,279
115,546
41,777
74,874
250,077
63,447
13,350
23,531
24,499
22,361
16,934
17, 124
11,046
10,039
14,453
5,527
9,324
5,939
3,463
3,510
744,795
63,495
14,399
19,932
23,861
20,556
19,924
17,546
11,338
9,362
15,131
8,226
10,026
9,898
6,766
20,891
5,443
31,030
11,912
12,940
15,356
13,619
14,636
12,910
11,554
7,832
7,527
3,093
6,505
6,465
1,366
1,640
14,213
12,736
7,821
9,258
17,651
12,553
18,667
16,421
17,974
13,811
13,368
5,332
13,727
10,494
5,642
4,072
39,354
6,197
1,408
2,434
2,069
2,434
2,763
2,414
1,715
1,746
1,717
(")
3,402
1,376
1,716
(")
225,336
4,217
1,013
1,170
3,053
2,651
1,756
6,395
1,205
2,083
2,531
(")
5,034
615
3,413
4,238
(")
(")
(")
CM
(")
53,510
(")
(")
(")
(")
CM
CM
CM
43,013
37,160
16,093
35,873
35,844
39,221
33,054
32,696
24,544
23,345
22,195
11,973
17,740
15,397
4,450
6,673
95,152
21,577
5,555
16,009
20,420
20,903
J9,777
22,304
17,195
13,759
17,883
10,461
20,764
17,275
3,241
21,191
495, 124
1,016,696
163,823
194,290
72,454
267,884
7,402
399,771
343,466
18,162,541
1,696,588
1,692,545
219,839
459,082
30,570
105,179
2,132,037
3,282,421
4,322,720
1,304,909
9,910,035
167,091
970,274
722,271
1,910,923
6,960,122
150,531
69,308
317,738
141,344
21,118
1,153,872
978,165
778,743
2,503,673
For footnotes, see pp. 92-94; for extent to which data are estljnated, see pp. 19-21.
30
INDIVIDUAL INCOME TAX RETURNS FOR 1951
Table 2.-IKDIYIDUAL RETUHMS FXDE 1951, BY TAXABLE AND NONTAXABLE RETURNS AND BY ADJUSTED GROSS INCOME CLASSES: NUMBER OF RETURNS, FREQUENCIES AND AMDUNTS OF INCOME OR LOSS
COMPRISING ADJUSTED GROSS INCOME, AMOUNTS OF ADJUSTED GROSS INCOME, EXEMPTION, AND INCOME TAX LIABILITY, AND FREQUENCIES AND AMOUNTS OF TAX PAYMENTS AND OVERPAYMENT; ALSO
SELECTED ITEMS AND FREQUENCIES FOR RETURNS «ITH ITIMZED DEDUCTIONS - Continued
PART I. - ALL RETURNS - Continued
Adjusted gross income classes^
(Dollara)
Sales or exchanges of
capital assete-Con.
Number
of
returns
Amount ^^
(Thcxisand
dollars)
(27)
Sales or exchanges of property
other than capital assets
Net gain
Number
of
returns
Amount^*
(Thousand
dollars)
(E9I
Amount ^^
(Thousand
dollars)
(SI)
Income from estates
and trusts
Number
of
returns
Amount 2*
( Thousand
dollars)
(33)
Miscellaneous income
Number
of
returns^'
Amount ^^
( Thousand
dollars)
(35)
Adjusted CTO;
income
( Thousand
dollars)
(36)
Exemption
( Thousand
dollars)
(37)
Taxable returns:
No adjusted gross income'.
Under $600
6(30 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 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
10,000 under 11,000
11,000 under 12,000
12,000 under 13,000
13,000 under 14,000
14,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000....
1,000,000 under 1,500,000.,
1,500,000 under 2,000,000.
2,000,000 under 3,000,000.
3,000,000 under 4,000,000.
4,000,000 under 5,000,000.
5,000,CX)0 or more
Total taxable returns. .
Nontaxable returns: ^°
No adjusted gross income . . .
Under $600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,0(X)
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 under 3,000
3,000 under 3,500
3,500 under 4,000
4,000 'Jnder 4,500
4,500 or more
Total nontaxable returns
Grand total
Taxable returns with adjusted
gross income under $5,000 and
nontaxable returns.
Taxable returns with adjusted
gross income of $5,000 or
more.
2,239
2,455
4,850
4,849
4,971
10,266
9,679
9,872
12,883
12,114
12,821
31,921
29,584
32,521
26,277
54,494
29,156
29,036
19,975
15,865
13,330
11,082
8,991
7,700
7,429
25,140
15,542
10,413
12,207
6,545
3,873
2,465
1,597
1,142
786
1,850
595
239
130
111
49
52
15
437,888
21,911
16,363
4,769
5,827
5,837
5,797
3,093
5,796
4,460
5,468
3,063
2,039
3,741
2,374
1,377
2,610
94,525
279,847
2,052
1,624
1,667
1,520
2,539
4,438
5,205
5,200
5,036
5,852
5,246
14,929
12,144
12,166
11,062
24,874
14,420
14,522
9,038
7,524
6,279
5,486
4,735
3,927
3,791
13,526
8,988
6,074
7,519
4,131
2,494
1,650
1,074
785
547
1,299
453
185
100
89
38
41
12
15
(")
(") "
(")
(41)
1,366
('')
3,077
1,417
3,432
2,106
3,138
9,230
5,957
5,578
4,255
6,480
5,806
4,935
2,626
1,884
1,447
1,040
853
666
586
2,161
1,078
736
902
399
2M
150
90
56
41
160
57
26
19
3,568
2,434
(")
1,396
2,785
1,050
3,123
(41)
804
604
2,254
4,236
3,143
2,825
1,943
3,394
3,930
3,268
2,916
2,400
5,126
4,977
5,911
2,570
2,467
1,502
1,437
1,557
837
1,015
3,642
2,566
1,583
2,595
1,472
821
654
321
188
155
803
412
192
67
353
80
626
396
16
(")
4,222
4,703
11,209
10,489
9,654
9,612
14,037
9,698
9,685
3,738
2,854
2,162
1,691
1,540
1,357
1,156
4,379
2,684
1,568
1,732
1,059
601
372
228
179
138
294
115
45
42
32
15
18
10
4
5
2
1
13,298
2,938
902
2,879
1,011
(4i)
3,243
3,748
1,828
2,276
6,029
7,168
5,002
4,513
4,336
7,735
5,024
7,275
2,583
2,247
1,498
1,470
1,418
1,198
1,373
4,832
2,623
2,586
3,564
1,774
1,331
782
632
665
304
1,339
666
332
244
151
30
46
245
590
15
(")
1
(")
572
1,696
3,402
3,791
4,737
7,342
7,472
3,201
10,268
6,818
8,863
20,842
17,419
13,879
16,856
32,626
32,236
23,952
14,322
12,565
10,246
8,947
7,451
6,640
5,632
22, 196
13,683
9,960
12,304
7,519
4,771
3,177
2,279
1,716
1,311
3,293
1,298
635
407
347
161
173
73
49
20
17
5
3
(41)
726
1,571
2,967
2,862
8,273
7,357
8,895
11,522
8,330
10,369
25,055
16,175
21,600
25,717
41,199
41,628
52,225
35,519
35,333
34,158
31,256
28,556
23,752
26,918
115,343
90,210
80,595
121,484
99,289
72,914
57,172
47,952
39,393
34,353
110,066
62,436
40,671
38,068
33,371
21,214
33,039
22,387
21,212
4,979
23,910
10,338
3,784
(")
6,155
16,254
47,447
46,697
61,355
60,337
64,861
75,037
77,020
73,737
39,603
201,136
133,456
187,336
164,257
167, 128
84,633
62,027
41,016
23,730
19,757
15,364
12,291
11,352
8,265
29,655
17,642
10,323
12,733
6,693
3,874
2,479
1,598
1,198
897
1,135
466
244
125
116
46
54
29
(41)
2,902
5,949
16,921
19,739
26,515
27,414
33,883
32,749
32,607
32,918
38,870
74,066
65,854
60,735
49,370
90,086
55,849
51,535
31,089
27,051
19,008
16,449
15,209
12,847
13,539
46,507
31,393
17,254
25,930
15,455
9,696
6,969
4,594
3,452
2,353
6,349
2,046
1,911
989
784
189
715
152
23
232
43
116
'23,912
34,453
288,941
1,178,459
1,630,022
2,099,150
2,675,612
3,121,908
4,197,887
4,737,340
5,396,388
6,440,129
14,944,822
16,357,238
16,475,064
14,643,712
22,442,072
14,619,909
9,026,356
5,340,077
3,938,409
2,910,508
2,242,015
1,867,314
1,563,131
1,341,860
5,078,669
3,447,850
2,556,417
3,442,697
2,208,634
1,492,534
1,081,194
796,228
628,067
502,940
1,441,201
687,244
336,299
260,726
283,733
169,911
234,010
115,684
92,565
77,761
68,979
38,927
22,086
44,322
15,133
36,553
279,322
892,590
995,330
1,267,047
1,453,726
1,504,449
2,163,308
2,254,712
2,518,246
3,058,882
6,846,592
7,323,697
7,129,534
5,870,211
3,003,751
4,353,190
2,323,368
1,321,071
799,620
534,952
382,818
294,462
229,020
181,950
590,720
312,916
190,340
204,011
100,179
54,987
33,172
20,919
14,376
10,304
22,943
7,436
3,143
1,718
1,479
670
677
227
122
66
34
20
5
234,787
73,784
115,494
1,696,663
1,905,566
1,030,533
'185,148,052
14,321
7,615
2,112
3,002
2,889
3,091
1,131
2,134
2,128
2,706
2,454
1,099
2,039
1,332
494
1,791
2,359
3,761
2,045
2,414
3,053
2,384
3,053
(")
2,724
(41)
1,366
(")
5,113
2,145
575
932
2,751
854
(")
(")
2,341
('')
2,882
422
(41)
(")
(")
17,342
4,334
1,357
4,070
2,744
1,357
1,716
1,696
2,055
1,355
1,709
(")
(41)
(")
64,969
4,823
1,209
2,016
3,531
788
1,336
2,087
1,057
516
2,177
('')
(")
(")
(")
2,809
4,081
5,108
5,777
7,815
3,402
6,814
3,073
3,731
2,723
1,357
2,035
2,725
C")
(")
(")
22,341
1,478
2,171
2,733
5,454
2,714
5,158
2,949
3,131
1,615
520
1,035
2,360
(")
(")
(")
9,122
75,345
25,764
47,824
45,130
35,270
33,889
38,631
21,738
24,430
22,346
17,265
24,072
13,226
5,128
9,145
8,481
11,153
6,452
15,428
17,217
14,624
13,754
23,634
12,001
8,433
10,973
10,340
11,533
5,2C9
2,102
5,572
*736,535
1,257,381
501,916
783,582
1,208,650
1,109,011
1,238,662
1,656,301
1,236,807
1,404,639
1,535,446
1,042,493
2,130,370
1,397,445
625,412
785,939
587,368
2,994,285
833,113
1,400,314
1,730,557
1,541,962
1,621,959
1,952,084
1,523,724
1,571,092
1,629,273
1,148,890
2,181,726
1,390,052
519,777
553,144
50,363
26,981
21,259
54,442
64,757
448,326
173,015
'17,138,433
23,384,322
88,903
204,323
2,353,892
1,208,549
'202,336,485
87,043,883
32,458
44,560
44,343
149,178
240,514
1,545,229
1,813,485
540,407
693,680
509,859
'111,385,551
67,0U,153
19,999,729
For footnotes, see pp. 92-94; for extent to which data are estimated, see pp. 19-21,
INDIVIDUAL INCOME TAX RETURNS FOR 1951
31
Table 2 -INDIVIDUAL RETURNS KB 1951, BY TAXABLE AND NONTAXABLE RETUHNS AND BY ADJUSTED GROSS INCOME CLASSES: NUMBER OF RETURNS, FHEaUENCIES AND AWJUNTS OF INCCWE OR
COMPRISING ADJUSTED GROSS INCOME, AMOUNTS OF ADJUSTED GROSS INCOME, EXBJPTION, AND INCOME TAX LIASaiTY, AMD FREQUENCIES AND AMOUNTS OF TAX PAYMENTS AND OVERPAYMENT;
SELECTED ITEMS AND FREQUENCIES FOR RETURNS WITH ITEMIZED DEDUCTIONS - Continued
PART 1. - ALL RETURNS - Continued
LOSS
ALSO
AJJusleil groaa Income classes
(Doltara)
Taxable returns:
No adjusted gross income'...
Under 1600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 uiBler 2,250
2,250 under 2,500
2,500 under 2,750
2,750 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
10,000 under 11,000
11,000 under 12,000
12,000 under 13,000
13,000 under 14,000
14,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000...
1,500,000 under 2,000,000...
2,000,000 under 3,000,000...
3,000,000 under 4,000,000...
4,000,000 under 5,000,000...
5,000,000 or more
Total taxable returns.
Nontaxable returns:
No adjusted gross income .
Under $600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500.,
1,500 under 1,750..
1,750 under 2,000.
2,000 under 2,250.
2,250 under 2,500.
2,500 under 2,750.
2,750 under 3,000.
3,000 under 3,500.
3,500 under 4,000.
4,000 under 4,500.
4,500 or more
Income tax liability
Number
of
returns
Total nontaxable returns
Grand total
Taxable returns with adjusted
gross Income under $5,000 and
nontaxable returns.
Taxable returns with adjusted
gross Income of $5,000 or
more.
355,551
1,254,541
1,332,705
1,421,883
1,559,748
1,555,833
1,903,594
1,911,190
1,972,700
2,205,541
4,520,697
4,337,833
3,870,242
3,078,893
4,114,230
2,265,358
1,211,780
691,217
416,553
278,028
195,441
149,729
115,980
92,641
295,919
154,766
93,693
100,171
49,666
27,348
16,720
10,657
7,413
5,309
12,045
4,008
1,733
960
830
382
389
134
41,594,222
Amount ^°
(Thauamntl
dotUra)
(3B)
2,935
47,607
106,620
134,700
196,304
265,436
322,353
399,622
460,609
537,712
1,289,105
1,439,157
1,496,044
1,423,594
2,360,910
1,733,048
1,152,177
797,819
563,602
436,120
X9, 131
305,358
266,298
237,503
978,921
759,746
628,012
964,059
713,357
535,876
419,840
327,449
270,415
224,580
687,725
356,130
208,114
144,788
160,839
99,060
141,465
69,987
57,799
43,733
46,174
25,237
14,550
26,160
24,227,780
41,594,222
31,280,951
Seir-employment tax
Number
of
returns^
11,813
72,169
65,606
132,970
167,717
186,856
186,067
205,897
212,126
209,565
216,018
195,398
377,857
310,533
250,475
191,394
263,334
174,628
123,693
89,201
65,920
51,101
41,323
32,366
26,607
22,472
72,441
35,947
23,593
25,089
12,519
6,767
4,172
2,637
1,807
1,31-
2,72,
880
344
175
131
65
60.
Amount-'^
(Thoutiind
dollnrti
(4U
24,227,780
8,121,798
16,105,982
4,073,811
2,992,461
1,081,350
330
941
1,007
2,396
3,900
5,095
5,751
7,511
8,369
9,112
10,264
9,775
21,073
18,748
15,102
12,226
17,424
12,151
9,130
6,662
5,039
3,962
3,242
2,565
2,109
1,789
5,839
2,922
1,939
2,081
1,057
572
354
223
153
110
233
72
30
Tax withheld
Number
of
returns
211,293
131,600
2,578
3,134
300,887
1,090,434
1,201,317
1,197,106
1,324,181
1,358,779
1,637,146
1,701,084
1,762,267
1,960,650
4,121,798
4,005,785
3,601,103
2,861,107
3,796,157
2,039,635
1,051,085
569,898
320,717
200, 597
132,085
98,032
72,367
55,560
172,573
89,004
51,605
54,615
27,800
15,669
9,534
6,119
4,288
3,004
7,061
2,265
959
532
496
231
216
69
23
23
13
4
2
2
36,911,616
69,114
3,133,869
477,150
430,717
522,475
410,470
404,075
514,216
325,081
361,719
377,637
239,588
4«2,232
281,084
116,602
118,402
( Thouttind
dotlmrai
302
342
19,515
87,108
124,584
157,255
208,246
265,098
335,727
404,221
461,750
539,877
1,282,057
1,420,054
1,466,857
1,369,880
2,229,707
1,542,071
956,747
593,967
376,810
259,876
183,418
147,505
115,885
95,514
351,4X
235,476
162,538
212,831
133,917
90,458
63,634
44,521
34,053
25,780
66,480
24,904
11,779
6,948
7,305
2,787
3,196
1,156
132
296
118
32
1
1
Payments on 1951
declaration
Number
of
returns^'
8,264,431
8,782,260
16,446
99,549
25,495
21,210
33,777
26,825
26,952
39,545
23,106
25,880
29,369
15,913
40,226
24,171
11,833
22,850
463,167
8,626,040
7,986,277
2,621
8,357
11,601
38,073
46,997
76,027
87,244
112,111
119,556
116,731
133,179
U3,850
305,610
269,350
262,734
251,550
425,677
330,722
237,405
195,875
155,678
128,015
103,353
87,526
72,136
61,694
215,105
124,460
80,090
89,762
45,996
25,757
15,958
10,240
7,155
5,153
11,796
3,937
1,708
954
823
378
385
134
4,445,632
51,155
24,614
6,687
12,599
9,547
8,403
8,672
11,376
7,984
5,168
7,912
5,492
6,647
6,915
2,455
6,930
(Thou9»fui
dotUfMi
»61
1,101
1,232
1,238
3,016
4,276
8,546
10, U2
15,325
19,577
20,567
25,484
28,266
66, U6
62,648
73,235
71,393
145,444
U3,017
129,640
122,549
116,175
111,763
106,716
101,677
99,237
93,648
430,969
378,357
336,770
557,147
436,591
341,536
276,798
222,757
186,722
159,637
510,765
277,357
165,020
120,526
133,698
82,371
123,732
63,991
51,800
31,651
42,495
24,339
13,823
24,819
Tax due at time
of filing
Overpayment (refund, or
credit on 1952 tax)
Number
of
returns
8,102
62,437
106,520
332,617
562,433
544,636
616,615
626, 128
713,392
748,067
781,914
864,872
2,003,736
1,964,011
1,702,086
1,354,455
1,607,048
1,166,274
7U,318
463,887
286,740
197,856
1A2,170
111,384
86,067
70,664
225,681
117,119
72,302
77,519
38,982
21,445
13,070
8,301
5,685
4,010
9,126
2,992
1,269
669
593
283
252
6,576,171 18,639,375
184,556
4,630,186
2,192,147
33,371
4,123
1,041
3,038
1,232
1,404
1,242
3,170
1,653
647
1,256
645
4,965
1,947
1,513
3,510
64,759
6,640,930
6,163,757
( Thouaand
doIUra)
(47)
205
758
1,327
6,486
17,076
20,404
32,049
37,552
42,790
49,646
53,392
59,400
132,987
U6,306
136,647
133,049
212,437
179,856
1A2,299
121,424
103,084
89,113
79,018
«,438
66,333
61,470
249,491
185,258
157,547
234,359
168,672
120,856
91,652
69,394
57,265
45,439
128,640
62,749
36,547
21,691
23,786
15,457
17,804
6,628
6,558
12,234
3,827
1,262
724
1,339
18,639,375
5,647,132
2,848,651
3,690
9,395
299,917
957,402
810,956
922,124
944,936
936,226
1,140,261
1,115,345
1,134,163
1,232,201
2,410, lee
2,277,386
2,078,073
1,660,306
2,282,754
1,088,398
496,434
225,740
126,002
79,195
52,488
37,843
29,477
21,475
69,034
36,756
21,018
22,283
10,508
5,841
3,592
2,324
1,708
1,275
2,892
1,002
461
286
234
99
136
(ThoutMnd
dollmra)
t»a)
1,277
1,391
18,139
48,607
35,418
46,410
48,382
45,028
67,371
65,700
69,752
60,077
171,012
171,303
167, 593
136,501
209,254
119,745
67,381
38,459
27,428
20,670
16,779
15,695
13,048
11,340
47,134
36,422
26,904
24,766
16,402
11,892
9,002
7,471
6,366
17,947
8,808
5,200
4,364
3,941
1,552
3,261
1,765
669
447
266
394
1,988,970
112,438
3,154,920
482,410
441,489
530,605
417,086
410,312
521,481
331,678
365,151
383,150
243,035
487,776
285,914
118,359
122,315
8,408,119
4,619,336
49,817
103,672
26,537
24,247
35,007
28,230
28,192
42,717
24,759
26,526
30,6>16
16,559
45,192
26,118
13,347
26,363
547,929
2,536,899
1,723,890
For footnotes, see pp. 92-94; for extent to which data are estljnated, see pp. 19-21.
32
INDIVIDUAL INCOME TAX RETURNS FOR 1951
Table 2 -INDIVIDUAL RETURNS K)R 1951 BY TAXABLE AND NONTAXABLE RETURNS AND BY ADJUSTED CROSS INCCME CLASSES: NUMBER OF RETURNS, FREftUENCIES AND AU3UNIS OF INCOME OR LOSS
COMPRISING ADJUSTED GROSS INCOME, AMOUNTS OF ADJUSTED GROSS INCOME, EXEMPTION, AND INCOME TAX LIABILITY, AND FREQUENCIES AND AMOUNTS OF TAX PAYMENTS AND OVIRPAYMENT; ALSO
SELECTED ITEMS AND FREQUENCIES FOR RETURNS WITH ITEMIZED DEDUCTIONS - Continued
PART II. - RETURNS WITH ITEMIZED DEDUCTIONS"
Adjusted gross income classes
(DolJarsJ
Number of
returns
with
i temized
deductions^
(II
Amount of
adjusted
gross
income^
(Thmiaand
dollars)
Total deductions
Number
of
returns
Ajnount ^^
(Thousand
dollars)
Number
of
returns^'
(Thousand
dollars)
Net deficit
returns-'^
Amount^'
(Thousand
dollars)
Amount
of
exemption^
( Thousand
dollars)
Income tax liability
Number
of
returns
Amount^"
(Thousand
dollars)
I")
Taxa'jle returns:
No adjusted gross income'
Under $600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 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 3,000
8,000 under 9,000
9,000 under 10,000
10,000 under 11,000
11,000 under 12,000
12.000 under 13,000
13,000 under 14,000
14,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60.000 under 70,000
70,000 under 80,000
30,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 4,000.000
4,000,000 under 5,000,000
5,000,000 or more
Total taxable returns
Nontaxable return;;: *'^
No adjusted gross income'
Under $600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 under 3,000
3,000 under 3,500
3,500 under 4,000
4,000 under 4,500
4,500 or more
Total nontaxable returns....
Grand total
Taxable returns with adjusted gross
income under $5,000 and nontaxable
returns.
Taxable returns with adjusted gross
income of $5,000 or more.
11,813
4,131
9,578
72,142
127,656
144, 590
228,855
241,896
291,843
333,133
365,170
413,281
998,983
1,096,168
1,087,161
923,100
1,448,399
772,110
420,486
223,926
134,139
95,oai
76, 661
63,201
52,394
44,373
164,095
101,246
67,017
77,969
41,566
24,033
15,107
9,726
6,904
5,002
11,501
3,896
1,693
939
816
377
383
133
77
45
28
11
5
5
'23,912
1,845
6,854
63,682
143,416
198,640
372,802
453,795
620,544
791,345
959,977
1,188,006
3,253,132
4,107,657
4,619,254
4,375,689
7,894,904
4,980,375
3,131,195
1,891,422
1,268,507
995,289
880,131
788,362
706,139
642,819
2,828,985
2,261,496
1,830,053
2,686,546
1,850,636
1,311,971
977,059
726,791
584,704
473, 7&;
1,376,515
668,198
377,191
255,078
278,999
167,716
230,467
114,913
92,565
77,761
68,979
38,927
22,086
44,322
4,151
9,559
71,434
126,268
144,201
226,776
241,190
291,432
332,353
364,399
411,843
997,468
1,095,049
1,085,622
922,637
1,446,976
772,010
420,104
223,710
134,027
94,918
76,611
63,130
52,279
44,301
163,870
101,148
66,964
77,899
41,533
24,019
15,100
9,718
6,899
5,001
11,498
3,896
1,692
939
816
377
383
133
(")
3,954
1,847
14,379
35,339
50,120
83,721
102,158
141,982
172,944
206,165
236,769
665,518
302,122
377,139
821,445
1,457,177
905,448
591,027
358,048
243,428
189,021
165,128
133,338
120,556
106,101
429,265
299,262
223,305
312,717
207,468
144,664
106,220
80,967
65,996
53,492
166,369
85,967
53,394
38,046
39,665
24,551
33,622
17,449
15,250
9,121
9,398
4,155
5,250
9,484
2,774
9,230
71,794
127,616
144,547
228,518
241,877
290,796
332,769
365,139
413,281
998,625
1,096,147
1,087,150
923,038
1,448,388
772,081
420,474
223,395
134,099
94,993
76,652
63, 180
52,394
44,373
164,083
101,246
67,013
77,966
41,561
24,030
15,105
9,726
6,902
5,001
11,501
3,896
1,692
939
816
377
383
133
967
5,156
49,333
107,595
148,574
289,420
351,675
480,426
618,645
753,899
951,240
2,588,260
3,305,551
3,742,120
3,554,245
6,437,740
4,075,008
2,540,243
1,533,441
1,025,155
306,270
715,008
650,120
585,580
536,717
2,399,892
1,962,234
1,601,281
2,374,036
1,643,182
1,1-67,315
870,897
645,822
518,881
420,323
1,210,145
582,229
323,841
217,034
239,334
143,163
196,844
97,465
77,315
68,642
59,081
X,772
16,836
34,339
10,973
1,407
(")
(")
C")
(")
(")
CM
(")
CM
(") '
(")
CM
(*') .
CM
CM
CM
CM
CM
(*M
(*M
CM
CM
CM
CM
24,199
3,076
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM "
CM
CM
CM
(*M
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
15,133
5,287
6,430
46,526
83,978
109,019
201,376
221,393
298,837
382,326
455,330
563,072
1,522,054
1,899,918
2,063,134
1,831,081
2,943,753
1,551,022
856,983
455,146
271,444
191,746
156,667
129,737
107,396
89,612
337,453
207,929
137,929
160,570
84,124
48,524
30,088
19,151
13,406
9,706
21,899
7,287
3,058
1,684
1,459
661
662
225
122
66
34
20
5
5,088
64,854
118,574
129,486
210,116
230,578
273,249
318,573
348,657
399,947
977,071
1,087,086
1,079,710
920,791
1,447,495
771,991
419,406
223,794
134,079
94,984
76,642
63,161
52,383
44,372
164,064
101,237
67,013
77,966
41,561
24,030
15,105
9,726
6,901
5,001
11,499
3,396
1,692
939
316
377
383
133
77
45
28
11
5
5
34
1,408
6,172
9,647
19,456
28, OU
38,400
49,474
62,160
78,754
219,316
287,074
343,096
352,343
713,674
517,820
348,899
226,297
160,126
132,463
122,259
115,862
108,816
104,285
507,997
474,776
431,587
729,154
583,904
462,903
374,131
295,079
249,254
209,303
652,503
345,184
202,637
141,327
158,292
97,833
139,698
69,573
57,799
43,733
46,174
25,237
14,550
26,160
'63,657,591
10,931,738
10,196,421
31,954
17,554,475
10,335,637
392,599
26,120
29,959
30,224
54,163
90,011
78,568
56,778
85,714
63,966
63,235
71,349
101,016
73,491
41,494
60,187
'736,636
9,621
20,866
69,326
60,650
124,438
126,854
107,178
181,870
152,563
166,167
205,222
327,659
272,131
174,886
340,409
14,802
22,965
29,942
79,527
52,435
89,672
77,202
56,092
85,703
63,628
63,225
71,349
100,313
73,491
41,494
60,170
26,169
7,733
7,942
30,413
31,930
48,144
52,479
44,790
59,648
59,923
59,159
65,266
109,712
96,479
63,184
188,120
19,189
28,890
76,442
49,373
86,260
75,146
55,062
34,337
61,572
61,867
69,633
100,657
72,793
40,476
55,374
4,848
13,403
40,288
33,710
73,426
77,257
63,252
123,049
94,942
108,540
141,168
219,083
178,421
113,565
177,938
319,295
6,931
CM
3,732
4,790
3,751
3,422
1,716
1,377
2,394
1,368
1,716
CM
CM
(*M
4,3U
762,799
2,958
CM
1,375
4,990
2,132
2,884
866
828
2,307
1,534
1,212
(*M
(")
CM
25,655
587,368
33,563
24,030
72,279
59,576
117,485
109,243
90,418
152,621
119,660
132,645
163,275
252,049
200,791
132,164
199,665
1,368,874
'1,603,204
982,015
951,096
937,571
1,467,890
357,999
815,777
2,446,832
11,581,696
'65,260,795
11,166,709
11,133,992
7,713,429
3,363,267
'22,735,930
42,524,865
5,167,435
6,715,349
7,270,922
18,414,996
35,810,685
1,185
7,844,576
6,163,730
3,860,817
8,389,789
For footnotes, see pp. 92-94; for extent to which data are estimated, see pp. 19-21,
INDIVIDUAL INCOME TAX RETURNS FOR 1951
33
T.hl- 2 -INDIVIDUAL MTURNS FOR 1951, BY TA)CABU AND NONTAXABLE RETURNS AND BY ADJUSTED GROSS INCOME CLASSES: NUffiER OF RETURNS, PHHiUENCnS AND AMOUNTS OF INCOME OR LOSS
IBBIe J. inmviuuM, ni W)UNTS OF AHJUSTED GROSE INCOME, EXEMPTION, AND INCOME TAX LIABILITY, AND FREQUENCIES AND AMOUNTS OF TAX PAYMENTS AND OVERPAYMENT; ALSO
Continued
COMPRISING ADJUSTED GROSS INCOME,
SELECTED ITEliE AND FREQUENCIES FOR RETURNS WITH ITEMIZED DEDUCTIONS
PART II. - RETURNS WITH ITEMIZED DEDUCTIOKS" - Continued
Adjusted gross Income classes
(DolUra)
Tajtable returns:
No adjusted gross Income'
Under $600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500..
1,500 under 1,750..
1,750 under 2,000..
2,000 under 2,250..
2,250 under 2,50u..
2,500 under 2,750..
2,750 under 3,000.,
3,000 under 3,500.,
3,500 under i,000. ,
i,000 under 4,500.,
4,500 under 5,000.,
5,000 under 6,000.
6,000 'jnder 7,000.,
7,000 under 8,000.
8,000 under 9,000. ,
9,000 under 10,000...
10,000 under 11,000..
11,000 under 12,000..
12,000 under 13,000..
13,000 under 14,000..
14,000 under 15,000..
15,000 under 20,000..
20,000 under 25,000..
25,000 under 30,000.,
30,000 imder 40,000..
40,000 under 50,000.
50,000 under 60,000.
60,000 under 70,000.
70,000 under 80,000.
80,000 under 90,000.
90,000 under 100,000..
100,000 under 150,000.
150,000 under 200,000.
200,000 under 250,000.
250,000 under 300,000.
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000.,
1,500,000 under 2,000,000.,
2,000,000 under 3,000,000..
3,000,000 under 4,000,000.,
4,000,000 under 5,000,000.
5,000,000 or more
Total taxable returns.
Nontaxable returns: °
No adjusted gross income'. .
Under »600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500..
1,500 under 1,750..
1,750 under 2,000..
2,000 under 2,250.,
2,250 under 2,500.,
2,500 under 2,750.,
2,750 under 3,000.,
3,000 under 3,500..
3,500 under 4,000.
4,000 under 4,500.
4,500 or more
Self-employment tax
Total nontaxable returns....
Grand total
Taxable returns with adjusted gross
income under $5,000 and nontaxable
returns.
Taxable returns irlth adjusted gross
Income of 15,000 or more.
Number
of
returns'^
[121
11, 8U
4,181
4,830
13,425
20,677
28,480
40,074
33,669
46,859
48,599
50,039
51,217
106,988
93,619
76,126
59,983
91,156
49,430
34,985
20,892
14,474
11,527
10,540
8,625
8,047
7,152
27,380
17,176
12,616
15,697
8,752
5,159
3,387
2,204
1,555
1,165
2,473
835
325
169
126
64
60
15
14
7
5
1
Amount"
( Thauaand
dotUrt)
[131
1,046,602
356,023
330
80
70
242
463
769
1,239
1,207
1,707
2,071
2,361
2,539
5,844
5,285
4,659
3,614
6,036
3,365
2,448
1,509
1,080
873
800
659
622
557
2,186
1,385
1,042
1,292
741
436
287
187
132
98
213
68
28
14
9
5
5
1
Tax niUiheld
Number
or
returns
58,559
32,480
26,079
2,714
36,993
80,473
94,041
151,469
173,219
219,722
261,854
294,110
336,996
863,824
993,092
999,337
855,260
1,327,569
700,088
371,057
188,969
106,786
73,000
55,699
45,596
35,959
29,454
106, 592
63,114
40,213
45,641
24,570
14,375
8,906
5,731
4,116
2,889
6,853
2,226
944
520
488
228
212
69
23
23
13
4
2
2
Amount'*
(Thovnand
dollara)
(161
8,627,613
69,114
5,841
12,920
35,338
19,704
35,647
35,698
29,234
52,998
39,090
42,463
51,963
74,691
59,433
32,943
46,687
643,764
9,271,377
6,009,446
150
2,857
8,257
12,139
23,318
33,108
46,346
59,392
73,560
89,487
254,385
329,828
390,433
387,222
746,528
510,075
327,858
193,140
123,846
95,015
78,460
70,096
58,906
52,412
227,091
170,635
129,492
181,101
120,658
83,808
60,120
42,284
32,830
24,958
65,073
24,735
11,638
6,858
7,268
2,772
3,191
1,156
132
296
118
32
1
1
Payments on 1951
declaration
Number
of
returns"
5,163,368
16,446
1,175
1,349
2,702
2,310
3,691
4,341
4,370
6,727
5,669
5,228
6,592
11,598
9,910
6,017
16,231
2,621
(")
(•')
6,536
12,763
15,906
21,460
28,832
33,862
33,016
34,114
42,761
93,271
86,158
87,447
81,591
152,152
102,873
73,237
57,182
43,435
37,310
34,955
33,390
30,326
27,379
114,423
81,173
57,667
70,538
38,875
22,809
14,492
9,392
6,699
4,879
11,281
3,835
1,668
933
809
374
381
133
76
Amount'*
( Thousand
dot tar a)
(171
1,101
104,356
5,267,724
3,452,584
51,165
1.502
(")
4,161
2,460
3,781
4,860
3,433
4,181
3,093
3,762
4,790
4,193
5,538
2,116
5,225
(
(")
404
1,232
1,782
2,436
3,248
5,637
5,168
5,716
6,843
21,064
22,270
21,502
21,213
54,196
47,762
41,566
36,593
34,690
33,357
37,235
38,413
41,032
41,219
226,010
241,581
238,014
433,605
367,450
300,542
249,726
203,167
174,206
151,173
488,383
270,136
161,369
118,475
132,083
81,901
122,874
63,568
51,800
31,651
42,495
24,339
13,823
24,819
Tax due at time
of filing
Number
of
returns
li»l
33,371
778
1,259
322
945
747
430
706
497
535
619
4,459
1,859
1,500
3,443
8,102
3,124
6,485
34,729
51,133
53,411
92,020
77,073
87,869
97,777
101,996
114,112
234,088
233,223
235,584
215,058
342,258
217,594
140,037
90,428
61,717
47, 124
41,723
37,164
31,975
28,925
112,221
72,246
49,045
58,135
31,803
18,508
11,644
7,471
5,233
3,738
8,635
2,897
1,234
654
581
279
246
87
59
38
24
( Thouaand
dottara)
(1«1
3,069,633
51,503
686,763
171,528
3,069,633
205
36
81
813
2,178
2,322
5,228
5,427
6,095
7,445
9,031
11,108
23,874
24,972
24,544
25,965
51,096
40,865
27,976
23,912
20,757
18,198
19,040
18,655
18,384
19,066
92,879
92,661
87,823
149,615
119,665
94,247
75,754
58,4eA
49,302
39,887
116,904
58,841
34,858
20,330
22,881
14,704
16,900
6,537
6,558
12,234
3,827
1,262
724
1,339
Overpayment (refund, or
credit on 1952 tax)
{")
3,093
37,414
76,185
90,493
136,159
164,824
202,279
234,344
262,835
297,462
762,513
858,527
849,192
707,352
1,103,726
553,729
280,424
133,026
72,152
47,709
34,721
25,696
20,267
15,356
51,381
28,750
17,758
19,596
9,635
5,469
3,410
2,224
1,649
1,240
2,839
985
457
281
232
98
136
46
17
( Ttiouaand
dottara)
Ull
7,120,645
1,645,784
1,423,849
1,436,145
112,438
6,975
13,299
39,130
21,825
38,750
39,160
31,289
56,469
40,816
45,187
55, »«
77,835
63,234
34,361
50,261
726,077
7,846,722
5,413,497
1,277
192
2,424
5,032
5,827
10,287
12,562
17,971
20,460
23,786
26,144
74,163
84,711
88,724
77,943
132,110
77,517
46,055
25,837
18,086
13,236
11,676
10,643
8,884
7,854
35,796
28,815
22,700
33,873
23,128
15,358
11,184
8,650
6,952
6,116
17,644
8,460
5,198
4,322
3,931
1,541
3,251
1,785
689
447
266
394
49,817
1,951
1,382
3,963
2,630
4,636
5,087
4,802
7,433
6,166
5,762
7,213
16,068
11,769
7,518
19,678
155,875
592,408
For footnotes, see pp. 92-94; for extent to which data are estimated, see pp. 19-21.
34
INDIVIDUAL INCOME TAX RETURNS FOR 1951
Table 3. -INDIVIDUAL RZTURNS FOR 1951, BY TAXABLE AND NONTAXABLE RETURNS, BY ADJUSTED GROSS INCOME CLASSES, AND BY SELECTED PATTERNS OF INCOME: FREQUENCY DISTTilBUTION OF RETURNS
Adjusted gross income classes ^
(Dollars)
Total
number of
returns
Number of returns with one source
Salaries and
wages only
Dividends
only
Interest
only
Other
income
only*'
Other
loss
only"
Nujnber of returns with two sources
Salaries
and wages
and
dividends
Salaries
and wages
and
interest
(81
Salaries
and wages
and other
income'
Salaries
and wages
and other
loss*'
(IQl
Dividends
and
interest
Dividends
and other
income'^
Taxable returns:
No adjusted gross income'
Under 8600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 under 3,000
3,000 under 3,500
3,500 under 4,000
i,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
10,000 under 11,000
11,000 under 12,000
12,000 under 13,000
13,000 under U,000
14,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5,000,000
5,000,000 or more
Total taxable returns
Nontaxable returns:*'^
No adjusted gross income'
Under J600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 under 3,000
3,000 under 3,500
3,500 under 4,000
4,000 under 4,500
4 , 500 or more
Ttital nontaxable returns....
Grand total
Taxable returns with adjusted gross
income under S5,000 and nontaxable
returns.
Taxable returns with adjusted gross
income of $5,000 or mare.
11,813
72,169
409,470
1,342,347
1,456,189
1,522,669
1,649,116
1,665,604
1,976,775
1,996,170
2,052,248
2,239,880
4,593,425
4,370,310
3,883,585
3,088,728
4,117,062
2,265,919
1,212,879
691,349
416,614
278,048
195,461
U9,769
115,990
92,642
295,950
154,776
93,697
100,175
49,670
27,351
16,722
10,657
7,416
5,310
12,047
4,008
1,734
960
830
382
389
134
77
45
28
11
7,332
303,568
1,084,507
1,186,590
1,139,899
1,215,157
1,222,587
1,453,687
1,464,647
1,496,008
1,632,032
3,345,975
3,168,786
2,742,114
2,104,545
2,658,009
1,326,542
595,879
276,627
124,988
65,381
36,220
23,185
13,906
9,513
23,650
7,510
3,173
2,245
680
260
117
35
25
12
24
3
1
2,385
3,057
1,357
1,696
('*)
CM
CM
CM
1,357
C')
CM
253
222
202
141
40
40
81
172
72
54
55
CM
CM
CM
CM
1,357
1,357
CM
CM
CM
CM
CM
CM
CM '
CM
CM
CM
57,670
60,381
141,392
136,786
170,608
159,727
161,156
186,356
165,508
165,121
159,583
267,207
214,233
163,916
136,813
174,745
119,239
85,284
57,705
42,716
33,952
26,969
21,795
17,107
14,295
43,482
21,361
11,372
U,649
4,634
2,128
1,183
677
438
320
534
137
54
21
2,035
2,035
4,409
7,802
8,834
11,204
10,885
16,653
19,684
20,378
47,879
57,361
66,526
55,802
101,874
77,831
58,231
39,296
25,302
18,766
12,549
9,239
6,888
5,473
16,114
7,782
3,899
3,489
1,556
770
396
219
138
80
167
29
12
3,731
10,536
11,547
16,971
20,353
24,423
28,831
33,931
29,192
41,743
85,511
96,756
97,424
92,366
174,136
105,606
64,890
34,987
19,905
12,892
7,811
5,083
3,759
3,021
B,310
3,474
1,563
1,284
442
173
70
42
15
2,446
21,368
61,729
66,115
107,669
117,058
125,232
163,640
171,676
183,999
204,734
477,503
463,719
455,074
386,701
453,557
256,989
141,098
87,875
51,512
32,876
21,135
15,136
11,951
8,614
24,690
10,444
5,601
5,206
2,237
983
514
309
190
134
275
63
22
20
2,906
1,736
2,035
7,174
5,807
14,647
24,155
25,566
36,088
37,804
44,507
50,349
121,056
114,207
110,476
83,323
129,506
60,672
32,050
15,411
8,590
5,117
3,182
2,151
1,418
1,335
3,351
1,325
669
548
192
81
45
34
19
11
13
5
2
CM
1,388
2,714
3,412
5,102
2,724
3,053
C^)
2,374
1,357
3,063
C^)
1,357
3,052
1,716
C')
1,357
646
510
384
323
233
260
202
465
287
129
142
84
38
22
12
10
8
20
42,648,610
28,735,920
6,639
721,600
1,040,822
947,554
392,599
3,760,057
763,260
894,295
1,071,739
816,433
762,769
882,419
581,210
590,955
588,596
362,082
661,215
373,011
147,471
150,288
3,164,367
526,389
499,327
626,118
472,934
487,173
581,081
392,892
407,453
415,288
261,151
503,709
280,755
110,018
98,806
2,384
2,374
4,410
1,357
2,373
CM '
CM
CM
CM
6,116
4,070
4,410
3,735
1,357
1,357
1,696
CM
334,101
112,859
181,145
219,959
147,201
121,649
135,206
76,176
73,391
61,198
32,305
42,667
28,326
9,526
12,502
214,419
7,124
3,053
5,099
7,461
4,071
4,749
3,731
3,391
3,731
3,053
2,714
CM
2,374
1,698
CM
12,890
6,106
7,802
9,507
6,445
6,784
4,749
5,427
2,035
4,410
2,713
3,053
3,052
1,696
2,419
93,634
41,333
68,186
82,775
75,277
70,220
83,802
53,615
61,065
60,691
37,648
72,898
36,642
15,285
20,309
59,177
39,817
10,257
16,423
22,160
19,846
14,378
19,056
12,951
11,983
15,349
8,850
17,015
8,850
5,437
4,218
4,772
3,392
11,204
5,767
4,748
2,035
C^)
1,357
CM
CM
CM
12,798,399
23,080
1,588,211
54,334
79,088
873,380
285,767
35,994
55,447,009
37,563,381
29,719
4,626,489
775,934
1,119,910
5,013,468
45,128,897
32,395,395
5,167,986
31,263
29,538
385,821
390,113
672,403
447,507
3,882,043
2,395
4,495
8,951
6,600
11,745
11,487
8,484
9,831
9,892
10,699
21,199
18,243
10,730
9,240
23,505
U,787
13,706
10,948
10,047
8,621
6,841
5,719
4,949
4,377
14,479
8,679
5,590
6,009
2,831
1,483
893
544
341
254
486
172
57
16
25
13
10
3
1
1
1
14,657
3,490
13,249
15,684
9,847
8,159
6,833
3,761
3,412
3,404
1,367
3,074
C'5
CM
CM
94,159
Ftor footnotes, see pp. 92-94; for extent to which data are estimated, see pp. 19-21.
INDIVIDUAL INCOME TAX RETURNS FOR 1951
35
Table 3.-INDIVIDUAL RETURNS FOR 1951, BY TAXABLE AND NONTAXABLE RETURNS, BY ADJUSTED GROSS INCOME CLASSES, AND BY SELECTED PATTERNS OF INCOME: FREQUENCY DISTRIBUTION
OF RETURNS - ContlJiued
Adjusted gross Income classes^
(Dollara)
Number of returns with
two sources - Continued
Dividends
and other
l09S**
U3)
Interest
BJtd other
Income'^
Interest
and other
loss**
(16)
Number of returns with three sources
Salaries
and wages
dividends,
and
interest
(18)
Salaries
and wages,
dividends,
and other
Income*^
117)
Salaries
and wages
dividends,
and other
1088**
Salaries
and wages.
Interest,
and other
Income*'
Salaries
and wages,
interest,
and other
loss**
Dividends,
interest,
and other
Income*'
Dividends,
interest,
and other
loss**
Number of returns
with four sources
Salaries
and wages,
dividends,
interest,
and other
income*'
(23)
Salaries
and wages,
dividends,
interest,
and other
loss**
[2*)
Taxable returns:
No adjusted gross income'
Under $600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 under 3,000
3,000 under 3,500
3,500 under i,000
';,000 under i,500
'i,500 under 5,000
5,000 under 6,000
6,000 under 7,000
7,000 under 8,000
6,000 under 9,000
9,000 under 10,000
10,000 under 11,000
11,000 under 12,000
12,000 under 13,000
13,000 under U,000
U,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 60,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 600,000
600,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 6,000,000
6,000,000 under 5,000,000
5,000,000 or more
Total taxable returns
Nontaxable retuma:*°
No adjusted gross Income'
Under $600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 uneer 2,500
2,500 under 2,750
2,750 under 3,000
3,000 under 3,500
3,500 under 6,000
6,000 under 6,500
6,500 or more
Total nontaxable returns....
Grand total
Taxable returns with adjusted gross
income under $5,000 and nontaxable
returns.
Taxable returns with adjusted gross
income of $5,000 or nore.
CM
(")
CM
CM
CM
CM
CM
CM
CM
CM '
CM
192
253
152
81
CM
81
CM
162
51
70
20
17
8
10
7
5,486
7,5i6
3,792
CM
CM
CM
CM
CM
CM
CM
CM
CM
21,305
1,387
6,825
9,613
10,701
21,597
28,055
22,416
21,491
24,143
21,924
24,409
39,745
36,375
24,389
22,322
34,478
28,832
18,811
15,402
12,320
9,686
7,993
6,895
5,855
4,836
15,700
8,243
5,200
5,036
2,165
1,088
689
402
282
182
312
104
35
27
CM
CM
CM
CM
CM
CM
(*M
CM
CM
(*M
(")
CM
(*M
CM
3,731
3,063
3,402
7,462
8,490
11,204
9,539
13,918
14,598
29,881
34,321
30,660
35,799
72,094
53,629
40,478
28,709
21,286
14,778
11,004
8,575
6,315
4,624
15,570
8,196
4,724
4,846
2,159
1,112
576
349
214
127
306
46
20
CM
CM
2,405
1,706
6,146
5,817
7,164
7,533
10,262
13,948
25,936
28,706
31,440
25,839
69,530
54,453
33,832
27,490
21,741
16,150
13,931
10,568
9,203
7,451
25,005
13,476
8,576
9,043
4,771
2,494
1,543
984
662
481
1,081
311
139
67
58
25
22
5
5
2
1
CM
CM
CM
r'M
(*M
2,405
2,035
2,764
2,385
2,744
2,046
7,144
7,843
7,503
7,842
14,748
10,338
10,409
5,603
4,111
3,308
3,078
2,036
1,585
1,442
4,929
2,921
1,629
1,715
838
501
300
169
li5
87
153
35
21
13
3,053
3,731
5,129
9,548
13,619
8,192
14,307
18,008
16,672
27,597
37,161
55,265
51,615
50,775
75,885
51,213
31,874
24,164
15,655
11,194
6,902
6,363
4,483
3,363
11,685
6,079
3,498
3,517
1,734
864
447
265
180
110
294
71
34
CM
cm'
1,367
1,357
1,357
1,367
4,749
1,706
3,731
3,732
5,118
8,840
12,222
U,301
9,877
16,353
10,221
6,970
3,761
2,707
1,533
1,004
758
677
495
1,610
947
472
438
166
97
40
26
12
CM
CM
4,803
4,509
10,287
14,678
18,590
W,788
14,818
17,940
16,625
34,672
24,957
27,937
17,502
38,264
25,530
26,804
20,585
16,599
15,579
13,713
11,667
10,810
9,223
35,096
20,121
14,365
16,638
9,047
5,162
3,258
2,146
1,489
1,123
2,242
771
355
219
159
76
90
39
21
(*M
CM
CM
(*M
CM
CM '
1,357
CM
2,096
CM
1,698
1,377
2,768
1,392
C')
1,038
748
496
311
408
364
293
1,079
597
413
507
234
142
80
58
40
30
83
40
17
9
(*M
CM
2,374
2,385
6,116
7,174
8,192
11,882
9,508
11,571
30,036
29,455
37,893
38,359
61,924
57,997
42,183
34,790
30,148
23,154
19,400
17,282
14,062
11,912
44,125
28,761
19,774
24,206
14,008
8,767
5,815
3,388
2,836
2,026
5,356
1,973
873
483
451
207
228
73
40
28
16
6
3
5
526,038
23,606
672,767
36,800
21,760
34,680
34,999
27,157
16,991
15,622
6,495
5,786
7,463
3,756
3,104
2,395
CM
CM
17,084
5,498
C^)
CM
CM
CM
CM
(*M "
CM
3,053
2,035
4,749
2,714
4,749
CM
1,367
1,696
1,357
CM
CM
CM
CM
CM
CM
CM
3,053
3,053
4,749
4,071
4,440
4,071
3,741
2,385
1,696
2,405
1,706
1,868
3,824
1,726
CM
CM
1,367
1,357
1,706
1,357
1,357
C^)
CM
CM
CM
CM
CM
CM
4,748
3,741
8,480
7,473
8,819
6,465
6,116
4,410
5,437
4,410
1,357
2,035
3,053
C')
2,498
(*M
2,065
eh
1,367
(*M
1,706
C')
CM
CM
CM
1,706
1,357
CM
CM
7,123
10,197
20,742
21,740
16,971
11,214
8,830
3,330
5,756
3,422
2,734
3,412
(*')
CM
CM
10,335
6,520
CM
CM
CM
(*M
CM
(")
CM
CM
CM
CM
CM
CM
3,052
3,053
5,098
2,714
4,410
3,392
4,081
2,385
2,714
3,402
1,696
2,035
1,357
C')
CM
218,885
25,008
26,498
41,318
69,381
19,989
123,272
40,578
718,888
26,922
532,665
133,266
643,986
713,345
534,277
184,611
63, U9
299,760
384,053
259,933
48,328
346,097
303,213
35,563
235,540
CM
CM
CM
2,714
C')
7,494
5,118
6,826
6,516
12,613
8,910
7,944
5,796
5,234
3,797
2,853
2,596
2,245
2,042
6,256
4,446
2,914
3,554
1,844
1,179
716
485
377
291
650
223
79
43
48
22
12
6
1
2
2
3,873
1,757
C')
1,387
c-h
CM
CM "
CM
CM
CM
CM
CM
CM
CM
CM
50,760
For footnotes, see pp. 92-94; for extent to irtilch data are estimated, see pp. 19-21.
36
INDIVIDUAL INCOME TAX RETURNS FOR 1951
-INDIVIDUAL RETUHNS FOR 1951, BY SIZE OF SPECIFIC SOURCE OF INCCME AND BY SELECTED PATTERNS OF INCOME:
[Taxable and nontaxable ]
FREQUENCY DISTRIBUTIONS OF RETURNS
Size of salaries and wages
(Dollars)
Total
number of
returns
with
salaries
and wages
111
Number of returns wi th-
Salaries
and wages
only
(2)
Salaries
and wages
and
dividends
(31
Salaries
and wages
and
interest
W
Salaries
and wages
and other
income*^
IS)
Salaries
and wages
and other
loss*'
(al
Salaries
and wages,
dividends,
and
interest
Salaries
and wages ,
dividends,
and other
income*^
Salaries
and wages,
dividends,
and other
loss"
Salaries
and wages,
interest,
and other
income'^
jio)
Salaries
and wages,
interest,
and other
loss"
(Ul
Salaries
and wages,
dividends,
interest,
and other
income*^
(121
Salaries
and wages ,
dividends ,
interest,
and other
loss"
1131
Under tlOO
100 under 200
2CX] under 300
300 under ';00
AOO under 500
500 under 600
600 under 8(X1
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 5,500
5,500 under 6,000
6,000 under 7,000
7,(X10 under 8,000
8,000 under 9,000
9,000 under 10,000
10,000 under 15,000
15,CKX1 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 100,000
100,000 under 500,000...
500,000 under 1,000,000.
1,000,000 or more
Total
512,855
650, 779
705,740
742,311
825,989
716,481
1,440,105
1,553,372
4,125,432
4,198,732
4,460,006
4,630,190
4,759,918
4,396,331
3,697,799
2,899,760
2,168,828
1,542,921
1,968,974
978,517
518,343
273,558
456,972
132,071
62,299
34,610
33,479
14,090
15,581
2,151
330,427
468,990
547,328
585,414
673,233
571,641
1,139,004
1,272,062
3,424, 8»4
3,505,987
3,718,340
3,805,158
3,846,983
3,451,576
2,850,779
2,166,731
1,579,339
1,108,552
1,331,331
596,907
277,619
125,048
148,294
23,649
7,519
3,183
2,253
673
448
29
1,367
3,752
1,732
2,060
3,053
3,742
9,047
6,815
26,843
31,632
37,098
42,602
55,748
67,842
64,753
51,752
57,209
41,887
76,400
53,723
36,337
23,178
47, 772
14,884
6,406
3,167
2,902
1,081
1,048
102
3,403
4,410
2,374
4,070
3,063
4,749
13,968
16,631
49,535
58,344
68,201
79,076
91,996
102, 543
96,457
96,158
98,137
64,931
103,847
61,157
32,002
18,821
31,460
7,979
3,160
1,495
1,244
388
281
30
114, ,.50
126,256
113,117
113,261
106,656
98,574
202,304
186,132
436,592
398,564
429,600
431,471
457,231
423,310
372,344
293,179
186,522
134,986
179,988
80,545
47,540
23,602
39,456
9,691
3,992
1,360
1,452
579
397
37
3,883
5,277
6,237
7,244
6,546
4,611
13,203
15,178
47,483
66,057
85,054
104,664
130,209
146,340
125,905
121,415
83,494
66,778
86,412
44,421
23,574
11,023
19,135
4,317
2,072
948
762
274
275
35
2,858
2,075
2,450
1,018
2,409
3,077
7,848
7,863
15,371
21,832
26,660
31,755
31,168
35,536
34,340
33,093
44,973
29,297
45,973
38,241
25,462
18,557
38,882
13,811
7,005
3,793
3,816
1,506
1,332
159
12,642
10,102
5,707
7,112
7,756
8,061
12,750
14,652
23,751
30,908
23,292
29,471
33,605
36,462
30,612
32,426
30,820
27,456
38,470
24,698
19,652
13,936
34,415
14,462
7,075
4,208
4,130
1,888
1,954
224
39
339
380
1,039
392
21
719
359
5,243
6,637
4,633
6,557
6,641
8,947
8,698
10,023
7,340
5,471
11,355
9,743
9,533
4,837
11,432
4,884
2,898
1,599
1,702
741
920
144
18,104
14,464
12,431
11,359
13,105
9,034
19,257
14,897
50,277
33,767
45,020
47,551
42,844
64,326
47,022
40,999
30,001
22,671
34,334
21,546
12,154
7,641
15,213
5,095
2,425
1,381
1,092
518
421
37
1,697
360
1,377
719
30
709
2,754
5,472
5,128
6,325
9,579
12,571
11,614
13,938
9,922
13,679
7,503
10,242
6,479
5,602
2,527
5,043
1,790
937
607
508
139
219
41
22,998
13,992
11,778
8,585
9,333
11,230
19,814
14,904
36,258
29,872
30,575
35,961
44,105
40,5(34
44,314
37,241
30,997
26,413
42,245
33,585
23,913
20,102
52,729
25,205
14,417
9,781
10,539
4,789
6,176
933
1,187
762
829
430
413
1,053
1,482
1,125
3,718
5,004
4,703
6,345
6,817
6,831
8,137
6,821
6,317
6,976
3,372
7,472
5,450
4,236
13,141
6,304
4,393
2,588
3,029
1,464
2,110
380
48,538,699
37,563,331
1,119,910
5,013,488
532,665
542,697
643,986
138,750
127,946
Size of dividends
(DolUra)
Total
number of
returns
with
dividends
("1
Number of returns with-
Dlvidends
only
Salaries
and wages
and
dividends
(181
Dividends
and
interest
(17)
Dividends
and other
income*^
(161
Dividends
and other
loss**
(191
Salaries
and wages,
dividends,
and
interest
(201
Salaries
and wages,
dividends,
and other
income*^
(211
Salaries
and wages,
dividends,
and other
loss'*
(221
Dividends,
interest,
and other
income*^
(231
Dividends,
interest,
and other
loss**
(24)
Salaries
and wages,
dividends,
interest,
and other
income*^
(2S)
Salaries
and wages,
dividends,
interest,
and other
loss**
(261
Under tlO
10 under 50
50 under 100
1(M under 200
200 under 300
300 under 400
400 under 500
500 under 600
600 under 800
SOO 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 5,500
5,500 under 6,0(X1
6,000 under 7,000
7,000 under 8,(XX}
3,000 under 9,000
9,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 100,000
100,000 under 500,000...
500,000 under 1,000,000.
1,000,CXX) or more
Total
210,291
660,651
481,280
580,094
332,100
226,726
164,377
135,427
196,616
144,735
235,092
141,603
91 , 307
66,443
52,450
35,263
34,403
24,674
25,259
13,510
26,026
22,052
16,701
13,306
40,673
19,870
11,125
7,315
8,279
4,432
7,351
3,253
186
711
10
678
678
5,099
3,742
7,133
4,414
2,374
3,392
673
678
1,018
339
1,013
339
689
10
263
222
485
172
71
46
54
24
60,369
187.254
119,361
145,283
73,763
38,613
27,967
19,783
25,219
15,656
26,644
9,073
6,864
4,156
3,135
2,034
1,528
1,021
1,334
1,054
1,180
963
683
467
1,184
556
290
163
170
58
77
22
678
2,393
718
3,084
4,760
3,731
2,374
3,741
8,141
8,191
13,569
5,113
2,754
2,405
2,076
1,058
2,419
1,063
710
1,726
460
1,046
476
414
1,085
343
216
121
122
74
78
34
20,229
51,918
42,747
55,019
36,605
22,337
17,107
20,691
20,749
16,747
21,075
16,627
8,879
5,678
5,443
2,943
2,006
1,354
3,423
1,613
1,948
2,357
997
865
2,331
396
577
256
284
151
194
54
24
1,150
1,513
1,577
1,483
1,777
411
1,023
428
44
3,495
2,127
703
1,046
339
353
638
359
683
30
349
430
232
495
202
91
82
38,060
115,451
80,772
89,432
51,333
33,280
18,666
14,450
19,782
15,013
17,373
5,303
10, 510
4,277
3,398
1,537
2,020
1,786
1,314
721
1,451
986
786
553
1,788
793
436
245
274
148
173
47
30,586
104,246
68,324
79,201
45,963
27,835
24,395
21,677
27,117
16,580
27,244
17,307
11,250
7,421
4,306
4,423
2,382
2,344
2,696
1,500
2,428
1,666
1,280
1,173
3,341
1,340
344
511
519
255
404
131
3
6,345
24,769
18,149
23,286
10,172
9,425
7,587
4,026
5,725
3,429
5,432
2,908
1,531
1,315
1,797
672
547
541
362
311
584
456
414
339
1,260
460
230
164
140
85
14,425
64,799
59,359
67,111
46,105
41,909
29,357
19,913
35,136
30,712
53,155
42,634
23,517
15,534
15,420
9,354
10,631
6,708
6,536
4,408
7,839
6,648
5,026
4,065
11,789
5,762
3,144
2,125
2,349
1,192
1,''S9
400
2,894
4,870
4,537
1,429
1,459
721
1,468
2,431
1,108
3,518
1,111
2,145
1,765
2,037
743
2,120
2,110
730
1,482
930
793
703
624
2,071
847
544
447
460
257
337
130
33,407
88,674
74,735
94,898
49,605
39,046
23,972
23,134
40,186
23,940
48,460
29,061
18,094
15,722
11,040
9,744
6,816
5,799
5,087
4,224
7,417
5,781
4,796
3,612
11,969
7,397
3,964
2,S65
3,223
1,822
3,279
1,629
97
5,768
16,392
10,672
16,666
10,533
6,814
6,142
4,838
6,553
4,568
7,994
5,430
2,636
3,732
2,231
1,719
1,728
1,245
811
1,132
1,070
992
842
740
2,380
1,102
668
490
619
336
686
389
23
4,038,391
34,702
75,173
21,305
542,697
47,437
For footnotes, see pp. 92-94; for extent to which data are estimated, see pp. 19-21.
INDIVIDUAL INCOME TAX RETURNS FOR 1951
37
-INDIVIDUAL RETURNS FOR 1951, BY SIZE OF SPECIFIC SOURCE OF INCOME AND BY SELECTED PATTERNS OF INCOME:
[Taxable and nontaxable]
FREQUENCY DISTRIBUTIONS OF RETURNS - Continued
Size of interest
fDo/(«ra>
Total
number of
retuma
irtth
Interest
<£?)
Number of returna vlttv-
Interest
only
Salaries
and wages
and
interest
(29)
Dividends
and
Interest
1301
Interest
and other
income*'
(311
Interest
and other
lose"
(311
Solarles
and wages ,
dividends,
and
interest
(a»l
Salaries
and wages,
interest,
and other
income*'
(3«)
Salaries
and wages ,
Interest,
and other
lose*'
(361
Dividends,
Interest,
and other
Income*'
(3«1
Dividends,
interest,
and other
loss'*
(371
Salaries
and wages,
dividends,
interest,
and other
Income"
(3*1
Salaries
and wages,
dividends,
interest,
and other
loos"
(3»1
Under tlO
10 under 50
50 under 100
100 under 200
200 under 300
300 under AOO
iOO under 500
500 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 5,500
5,500 under 6,000
6,000 under 7,000
7,000 under 8,000
8,000 under 9,000
9,000 under 10,000
10,0(Xl under 15,000
15,000 under 20,0(X)
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 100, 0(X)
100,000 under 500,000...
500,000 under 1,000,000.
1,(X10,000 or more
404,972
1,101,261
714,389
874,084
464,318
279,283
181,936
126,965
191,832
124,358
148,451
77,049
40,937
25,928
14,925
10,804
8,334
6,887
4,214
3,084
5,048
3,889
2,531
1,766
3,897
1,403
598
308
298
128
144
1
340
339
2,035
1,018
349
678
1,357
6,446
3,052
6,788
5,767
343
349
339
339
156,629
371,276
184,659
211,542
82,229
41,511
18,243
13,818
20,412
5,572
6,418
3,030
2,893
684
228
161
92
98
51
68
74
24
59
24
63
27
11
10
2
1,747
5,298
8,012
12,488
7,399
7,336
4,256
5,590
6,707
3,963
7,274
2,357
912
826
105
59
61
19
55
32
92
383
44
53
82
10
11
29,603
120,218
103,433
153,849
90,764
48,083
36,809
20,758
37,223
28,214
25,166
8,585
5,812
3,719
1,268
1,682
1,115
339
333
267
498
306
195
224
266
83
36
10
19
5
5
1
380
3,224
2,855
2,252
3,628
1,468
3,164
1,442
2,227
1,461
1,078
1,089
718
730
360
10
379
339
11
60,771
155,132
91,948
93,487
49,406
21,685
15,756
9,833
10,688
9,293
6,337
3,689
1,774
573
534
335
560
151
128
81
125
79
123
46
86
35
7
1
1
1
59,504
159,082
113,367
128,966
61,165
41,800
19,364
13,093
15,928
9,681
9,937
4,871
1,937
1,429
1,130
539
313
627
247
163
132
169
115
73
202
86
21
18
13
13,368
34,716
27,411
23,725
11,873
10,097
3,158
2,289
3,494
2,898
1,353
2,677
552
454
134
77
59
65
61
42
18,996
85,425
68,899
102,067
72,888
49,943
36,675
28,303
42,443
32,987
43,043
23,271
12,357
8,751
5,263
4,008
2,264
2,764
1,524
1,069
1,656
1,394
865
476
1,151
383
193
89
72
40
1,825
2,798
1,997
3,586
3,742
4,469
4,161
2,782
5,256
2,487
5,234
2,059
2,163
1,402
1,006
534
287
176
97
101
520
192
135
36
191
115
24
18
19
49,933
139,002
96,420
118,408
67,583
44,689
34,459
25,066
35,395
21,162
29,255
16,018
9,588
6,081
4,014
2,912
2,574
1,655
1,444
1,091
1,511
1,104
754
675
1,454
505
221
120
133
49
57
12
1
12,216
24,750
15,049
21,679
12,623
7,853
5,213
2,634
5,613
3,588
6,568
3,636
1,888
930
883
487
291
315
263
170
319
196
129
122
279
126
42
40
21
10
11
2
Total.
4,824,056
718,888
26,922
643,986
138,750
649,310
127,946 35
Size of other income*
(DolUr*)
Total
number of
returns
with other
income
(40)
Number of returns wltb-
Other
income
only"
(«ll
Salaries
and wages
and other
income*'
(42)
Dividends
and other
income*'
Interest
and other
(44)
Salaries
and wages,
dividends,
and other
income*'
^146)
Salaries
and wages,
interest,
and other
income*'
Dividends,
interest,
and other
Income*'
(471
Salaries
and wages,
dividends.
Interest,
and other
income"
(481
Under $10
10 under 50
50 under 100
100 under 200
200 under 300
300 under 400
400 under 500
5(30 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 4,5(X)
4,500 under 5,000
5,000 under 5,5(X)
5,500 under 6,000
6,000 under 7,000
7,000 under 8,000
8,000 under 9,000
9,000 under 10,0(X)
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 100,000...,
100,000 under 500,000..,
500,000 under 1,000,000,
1,000,000 or more
Total
170,636
755, (X5
682,279
863,882
684,593
563,161
473,554
464,622
780,335
684,696
1,461,003
1,113,347
864,375
i96,439
519,880
401,627
293,658
240,947
189,637
143,416
229,575
170,077
121,196
103,047
284, U7
124,686
67,545
41,917
44,595
21,259
27,704
7,647
274
2,425
10,328
13,455
46,927
46,699
73, 537
87,723
116,517
234,806
261,657
673,882
577,743
501,434
418,211
309,183
243,239
170,039
144,332
101,393
76,761
118,922
85,631
57,775
42,689
1U,159
42,541
21,362
11,309
11,647
4,641
4,751
762
9
135,025
582,441
521,041
583,735
427,311
338,231
252,357
213,290
324,761
250,475
443,320
271,330
176,085
125,452
86,485
64,128
43,737
30,270
24,618
16,553
24,422
15,817
12,788
9,154
22,158
8,125
3,609
2,289
2,225
923
1,088
243
2
369
2,820
3,519
9,345
5,986
7,677
12,793
10,070
17,897
17,397
38,427
31,421
26,323
22,271
16,209
15,989
14,524
6,537
10,312
7,402
15,311
11,207
9,236
7,950
26,672
13,415
7,580
4,692
5,008
2,445
3,170
620
U
698
5,118
3,741
10,749
16,124
13,971
14,327
22,470
39,619
37,203
87,437
73,788
55,126
46,799
45,913
29,667
24,246
20,710
22,331
U,639
23,035
19,047
14,209
11,323
32,730
U,633
7,616
4,951
4,644
2,034
2,496
487
7
8,300
46,573
32,324
61,992
44,453
32,794
27,572
24,155
37,253
26,291
37,796
34,283
21,013
16,688
9,861
6,971
9,746
6,947
4,052
6,485
7,878
5,547
4,595
3,637
10,680
5,015
2,892
1,916
1,902
1,092
1,461
515
17
1
10,748
49,774
45,965
73,113
68,919
42,690
32,982
29,118
43,256
32,311
54,923
44,101
22,011
16,086
10,984
9,997
7,088
5,327
4,489
3,367
6,353
4,485
3,883
3,153
8,708
4,073
1,890
1,259
1,316
604
750
255
8
2,261
12,999
10,214
15,768
24,807
16,460
13,536
19,308
37, 519
24,337
68,408
41,681
33,592
33,317
27,129
18,627
13,657
15,493
U,039
U,731
21,039
18,635
10,549
18,275
45,429
24,828
14,321
10,163
11,621
6,058
8,272
2,150
79
7
10,810
44,992
52,020
62,253
50,294
37,801
32,264
29,694
45,224
35,025
56,810
39,000
28,791
19,615
U,116
13,009
10,6a
11,331
8,403
6,478
12,614
9,708
8,161
6,865
23, 6U
12,056
8,275
5,338
6,232
3,462
5,716
2,615
Ul
13,292,809
4,626,489
5,01J,488
384,606
718,888
643,986
For footnotes, see pp. 92-94; for extent to which data are estljnated, see pp. 19-21.
38
INDIVIDUAL INCOME TAX RETURNS FOR 1951
Table 4 .-INDIVIDUM, RETUimS FOH 1951, Bit SIZE OF SPECIFIC SOURCE OF INCaiE AND BY SELECTED PATTEHMS OF INCCME: FRBOUENGY DISTRIBUTIONS OF RETURNS •
[Taxable and nontaxable]
Size of other loss**
(DoJJars)
Total
number of
returns
with other
loss
{«»)
Number of returns with-
Other loss
onl/"
m)
Salaries
and wages
and other
loss**
(51)
Dividends
and other
loss*'
(S£)
Interest
and other
loss**
163)
Salaries
and wages,
dividends ,
and other
loss**
(M)
Salaries
and wages,
interest,
and other
loss**
(56)
Dividends,
interest,
and other
loss**
Salaries
and wages,
dividends,
interest,
and other
loss**
(57)
Under $10
10 under 50
50 under 100
100 under 200
200 under 300
300 under 400
-iOO under 500
500 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
i.OOO under 4,500
4,500 under 5,000
5,000 under 5,500
5,500 under 6,000
6,000 under 7, OCX)
7,000 under 8,000
8,000 under 9,000
9,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 100,000
100,000 under 500,000...
500,000 under 1,000,000.
1,000,000 or niore
Total
40,323
101,322
268,878
286,757
200,487
153,889
118,419
96,594
136,724
100,361
186,566
77,880
36,527
27,381
25,373
18,437
9,969
6,725
7,141
4,941
9,567
6,889
3,804
2,329
11,155
3,633
2,125
1,726
1,088
1,138
1,374
322
2
4,269
10,697
10,748
16,747
11,501
15,658
9,113
14,712
16,183
15,911
25,546
19,352
11,060
6,058
7,502
3,304
2,655
2,312
2,403
1,690
3,810
1,415
1,147
1,116
2,312
976
721
507
480
757
189
38
22, 736
45, 611
208, 238
197, 522
138, 137
99,953
84,638
63, 399
88,307
55,971
110,378
42,126
16,348
14, 515
12, 352
9,353
4,926
2,067
3,389
1,562
2,466
2,015
925
556
3,512
1,007
554
130
140
58
415
25
381
1,721
1,402
2,166
811
1,771
1,438
408
806
1,899
4,215
498
1,080
132
431
435
53
52
24
11
405
31
35
56
794
58
22
13
60
18
49
25
10
1,706
1,378
3,452
2,728
2,085
679
353
2,513
2,096
1,482
2,136
810
470
720
1,442
381
380
81
369
70
380
409
10
440
101
30
91
44
40
31
5
3,530
12,703
13,986
17,943
12,731
9,556
5,289
6,472
9,261
7,026
15,266
5,247
1,902
1,687
2,426
1,683
591
611
462
512
734
1,218
555
177
1,145
156
74
62
99
53
69
40
4,803
13,234
17,474
24,771
19,095
11,264
6,735
3,845
8,472
7,483
11,820
2,013
2,059
1,962
166
491
158
150
81
447
822
93
72
63
501
129
397
44
41
16
542
4,825
2,121
3,934
5,576
5,196
1,087
2,690
3,798
2,370
4,727
3,412
1,208
1,137
135
448
409
118
86
35
122
801
395
64
1,007
466
58
407
46
67
89
61
4,052
10,825
13,531
20,222
9,908
8,406
9,440
4,715
7,384
7,605
13,132
3,096
2,060
1,420
1,641
1,281
796
1,035
615
315
1,138
936
266
287
1,444
740
269
467
178
129
508
103
2
220,889 1,233,331
For footnotes, see pp. 92-94j for extent to which data are estimated, see pp. 19-21.
INDIVIDUAL INCOME TAX RETURNS FOR 1951
39
-INDIVIDUAL RETURNS FOR 1951 WITH SALARIES AND WAGES AND WITH INCCME FRCM OTHER SOURCES, BI TAXABLE AND NONTAXABLE RETURNS, BY ADJUSTED GROSS INCOME CLASSES, BY SELECTED
PATTERNS OF INCCME, AND BY SIZE OF A SPECIFIC SOURCE OF INCOE: FREQUENCY DISTRIBUTION OF RETURNS
Adjusted groas Income classes^
Number of returns with salaries and wages and dividends - by size of dividends
Size of dividends
Under tlO
$10 under
150
150 under
tlOO
$100 under
$200
$200 under
$300
$300 under
$>100
$400 under
$500
$500 or
more
Taxable returns;
No adjusted gross Income'
Under $600
600 under 750
750 under 1,000
1 ,000 under 1 ,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 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
10,000 under 11,000
11,000 under 12,000
12,000 under 13,000
13,000 under 14,000
14 ,000 under 15,000
15 ,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
60,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5,000,000
5,000,000 or more
Total taxable returns
Nontaxable returns :'°
No adjusted gross income'
Under $600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2 ,000
2 ,000 under 2 ,250
2,250 under 2,500
2, 500 under 2 ,750
2,750 under 3,000
3,000 under 3,500
3,500 under 4,000
4,000 under 4,500
4,500 or more
Total nontaxable returns
Grand total
Taxable returns with adjusted gross Income under $5,000 and
nontaxable returns.
Taxable returns with adjusted gross Income of $5,000 or
more.
2,035
2,035
4,409
7,802
8,834
11,204
10,885
16,653
19,684
20,378
47,879
57,361
66,526
55,802
101,874
77,831
58,231
39,296
25,302
18,766
12,549
9,239
6,888
5,473
16,114
7,782
3,899
3,489
1,556
770
396
219
138
80
167
29
12
7,124
3,053
5,099
7,461
4,071
4,749
3,731
3,391
3,731
3,053
2,714
CM
2,374
1,698
C")
54,334
775,934
385,821
390,113
1,357
C"!
(")
■")
1,696
2,724
2,714
5,767
5,428
7,133
9,837
8,829
2,714
2,515
1,105
586
404
273
151
131
303
131
48
48
(")
2,036
2,714
(")
5,433
4,420
6,796
16,991
15,953
15,963
11,244
27,486
23,436
13,270
9,729
4,446
2,990
1,800
1,252
838
576
1,375
444
236
112
46
(")
CM
CM
2,714
1,367
1,696
1,357
2,718
6,455
8,819
11,872
8,531
20,702
12,561
12,920
5,832
3,767
2,802
1,535
909
606
444
1,128
446
152
CM
1,357
CM
1,696
2,035
2,374
3,063
3,053
6,784
3,392
12,212
11,204
12,212
9,508
18,337
10,865
11,923
6,575
5,061
3,098
2,121
1,408
1,060
1,657
697
260
184
62
35
12
4
1
2
2
CM
CM
1,696
("i
1,696
3,053
1,696
2,035
3,731
4,081
5,767
5,787
7,822
6,794
4,769
3,707
2,327
1,596
1,313
980
667
347
1,333
596
164
188
46
19
8
4
2
1
1
CM
CM
1,706
3,392
3,731
3,053
4,749
4,410
1,700
2,181
1,448
1,121
708
646
475
394
1,040
388
124
152
24
19
7
1
2
CM
CM
CM
CM
1,357
CM
CM
CM
CM
2,035
3,402
2,744
4,081
C"i
2,055
1,697
1,343
808
640
424
293
354
903
384
140
116
48
14
56,964
173,342
134,079
65,618
CM
CM
CM
CM
CM
CM
CM
CM
3,054
1,697
CM
1,356
CM
CM
CM
CM
CM
CM
CM
CM
1,696
CM
1,696
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
2,374
C'i
CM
CM
CM
(*M
(")
CM
(*M
CM
CM
1,696
C'i
CM
CM
CM
CM
CM
CM
CM
(*M
(")
CM
CM
CM
CM
(*M
CM
CM
8,150
3,391
1,356
73,768
38,613
27,967
33,287
27,082
99,199
88,055
55,363
63,998
81,111
64,172
41,084
32,684
19,023
19,590
13,955
14,012
CM
1,357
CM
2,385
1,357
CM
2,714
1,357
3,731
6,110
8,151
7,802
8,860
10,237
8,880
7,060
5,805
5,765
4,028
3,347
2,798
2,419
8,375
4,696
2,775
2,601
1,250
658
342
204
131
75
160
29
12
U7,863
CM
CM
(")
CM
CM
CM
CM
CM
CM
CM
123,319
42,799
80,520
For footnotes, see pp. 92-94; for extent to which data are estimated, see pp. 19-21,
40
INDIVIDUAL INCOME TAX RETURNS FOR 1951
Table 5. -INDIVIDUAL RETURNS FOR 1951 WITH SALARIES AND WAGES AND WITH INCOME FRCM OTHER SOURCES, BY TAXABLE AND NONTAXABLE RETURNS, BY ADJUSTED CHOSS INCCME CLASSES, BY SELECTED
PATTERNS OF INCCIJE, AND BY SIZE OF A SPECIFIC SOURCE OF INCOffi: FREQUENCY DISTRIBUTION OF RETURNS-Con.
Number of returns with salaries and wages, dividends, and interest - by size Ol dividends
Adjusted gross ijicome classes^
(DoJtara)
Size of dividends
$10 under
$50
$50 under
$100
$100 under
$200
$200 under
$300
$300 under
$^00
$400 under
$500
$500 or
iDore
Taxable returns:
No adjusted gross Income',
Under $600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500.
1,500 under 1,750.
1,750 under 2,000.
2,000 under 2,250.
2,250 under 2,500.
2,500 under 2,750.
2,750 under 3,000.
3,000 under 3,500.
3,500 under .i,000.
i,000 under ^,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..
10,000 under 11,000.
11,000 under 12,000.
12,000 under 13,000.
13,000 under U,000.
U,000 under 15,000.
15,000 under 20,000.
20,000 under 25,000.
25,000 under 30,000.
30,000 under 40,000.
40,000 under 50,000.
50,000 under 60,000.
60,000 under 70,000.
70,000 under 80,000.
80,000 under 90,000.
90,000 under 100,000..
100,000 under 150,000.
150,000 under 200,000.
200,000 under 250,000.
250,000 under 300,000.
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000...
1,000,000 under 1,500,000.
1,500,000 under 2,000,000.
2,000,000 under 3,000,000.
3,000,000 under 4,000,000.
4,000,000 under 5,000,000.
5,000,000 or more
Total taxable returns.
Nontaxable returns :*°
No adjusted gross income' . .
Under $600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500.
1,500 under 1,750.
1,750 under 2,000.
2,000 under 2,250.
2,250 under 2,500.
2,500 under 2,750.
2,750 under 3,000.
3,000 under 3,500.
3,500 under 4,000.
4,000 under 4,500.
4,500 or more
Total nontaxable returns.
Grand total.
Taxable returns with adjusted gross income under $5,000 and
nontaxable returns.
Taxable returns with adjusted gross income of $5,000 or
more.
(")
3,731
3,063
3,402
7,462
8,490
11,204
9,539
13,918
14,598
29,881
X,321
30,660
35,799
72,094
53,629
40,478
28,709
21,286
14,778
11,004
8,575
6,315
4,624
15,570
8,196
4,724
4,846
2,159
1,112
576
349
214
127
306
46
20
9
9
2
2
506,167
3,053
2,035
4,749
2,714
4,749
1,367
1,696
1,357
(")
(41)
(")
(")
(")
(")
532,665
232,905
299,760
1,357
(">
(")
(")
(")
(")
(")
1,367
1,357
2,374
3,731
(")
9,498
4,070
3,063
1,717
990
505
343
216
112
101
253
31
48
32
(")
(")
CM
(")
1,357
1,696
3,731
3,393
4,751
4,410
9,159
7,503
8,500
20,393
12,900
9,169
6,063
3,980
2,246
1,436
919
545
333
1,135
534
184
169
48
19
7
4
3
(")
CM
3,731
2,385
3,053
2,374
5,437
5,766
4,081
5,129
15,963
7,812
5,767
3,586
2,838
1,939
1,202
859
875
303
1,044
422
220
120
66
(")
1,696
2,374
3,053
(")
3,731
1,357
7,802
7,852
4,430
6,804
7,822
9,158
7,483
4,767
3,171
2,392
1,636
1,060
798
667
1,814
697
317
254
74
(")
(")
1,357
1,357
(")
(")
2,035
1,696
4,071
4,410
3,073
2,415
5,777
4,410
4,091
2,559
2,161
1,428
852
1,097
515
384
1,141
485
238
214
65
21
C")
CM
CM
CM
CM
1,357
1,706
CM
2,395
5,098
3,073
3,392
2,035
1,959
1,232
964
772
576
398
273
1,071
485
196
108
36
32
9
3
CM
CM
CM
CM
CM
CM
CM
CM
CM
3,741
1,357
("5
1,283
1,111
707
485
438
343
232
808
311
164
148
36
22
6
36,361
83,986
31,585
17,649
CM
CM
CM
C')
CM
(*M
CM
1,696
CM
1,357
("i
CM
CM
CM
CM
CM
CM
CM
(*M
CM
CM
CM
(*M
CM
CM
1,696
CM
CM
CM
CM
CM
(")
(*M
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
(*M
CM
7,804
5,446
1,695
CM
115,451
80,772
89,432
51,333
33,280
17,006
21,054
55,359
60,092
37,721
43,051
47,268
42,164
25,860
25,473
16,660
16,620
6,782
11,884
CM
CM
1,696
1,367
("i
CM
CM
1,357
4,420
2,724
4,430
5,787
5,827
10,530
8,192
6,775
5,803
4,597
4,278
3,410
2,729
2,331
8,304
5,161
3,357
3,801
1,818
971
525
314
190
119
283
44
20
9
9
2
2
103,278
C')
CM
(*M
CM
CM
CM
(")
CM
2,393
26,249
79,422
For footnotes, see pp. 92-94; for extent to which data are estimated, see pp. 19-21.
INDIVIDUAL INCOME TAX RETURNS FOR 1951
41
-INDIVIDUAL RETURNS FOR 1951 WITH SALARIES AND WAGES AND WITH INCOME FRCM OTHER SOURCES, BY TAXABLE AND NONTAXABLE RETURNS, BY ADJUSTED CROSS INOOIE CLASSES,
PATTERNS OF INOOIE, AND BY SIZE OF A SPECIFIC SOURCE OF INCOJE: FREQUENCY DISTRIBUTION OF RETURNS-Con.
Adjusted gross income classes*
(DclUrt)
Number of returns with salaries and wages, dividends, and other Income*' - by size of dividends
Size of dividends
Under $10
$10 under
150
$50 under
tlOO
1100 under
»200
$200 under
tXX)
$300 under
$<i00
$400 under
$500
$500 or
more
Taxable returns;
No adjusted gross InooDe'
Under $600
600 under 750
750 under 1 ,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 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
10,000 under 11,000
11,000 under 12,000
12,000 under 13,000
13,000 under 14,000
14,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000 .■
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5,000,000
5,000,000 or more
Total taxable returns
Nontaxable returns :*°
No adjusted gross income'
Under $500
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 unJer 2,500
2,500 under 2,750
2,750 under 3,000
3,000 uixier 3,500
3,500 under 4,000
4,000 under 4 ,500
4 , 500 or more
Total nontaxable returns
Grand total
Taxable returns with adjusted gross Income under $5,000 and
nontaxable returns.
Taxable returns with adjusted gross income of $5,000 or
more.
(")
(")
2,405
1,706
6,146
5,817
7,154
7,533
10,262
13,948
25,936
28,706
31,440
25,839
69,530
54,453
33,832
27,490
21,741
16,150
U,931
10,568
9,203
7,451
25,005
13,476
8,576
9,043
4,771
2,494
1,543
984
662
481
1,081
311
139
67
58
25
22
5
5
2
1
501,379
2,724
3,053
3,053
4,749
4,071
4,440
4,071
3,741
2,385
1,696
2,405
1,706
1,368
41,318
209,597
333,100
(")
(")
(*')
(")
1,367
(")
1,367
2,415
2,405
(")
5,787
2,764
C")
1,162
1,056
394
693
263
202
101
317
152
69
65
60
18
8
(")
(")
{")
1,367
(")
1,716
2,049
2,7U
7,893
7,822
4,450
6,849
19,866
9,958
5,549
4,888
3,060
2,061
1,814
1,034
976
657
1,727
867
382
272
136
47
33
(")
(")
(")
1,706
1,367
(")
2,035
4,420
4,789
4,410
4,799
9,938
8,551
4,141
3,626
2,454
1,832
1,226
970
758
576
1,640
605
366
286
134
57
17
20
13
8
16
4
2
1
1
1
(")
(")
i")
(")
(")
(")
(")
2,055
1,367
2,395
3,406
4,820
6,855
4,501
10,580
7,523
7,214
4,216
3,692
2,363
1,869
1,357
1,044
919
2,281
980
582
494
248
103
38
34
23
C")
(")
i")
1,368
2,724
2,055
2,734
3,063
2,096
5,118
4,810
2,435
2,895
2,192
1,378
1,065
1,024
616
438
1,U2
877
422
349
180
68
44
12
11
15
19
5
2
(")
C")
{")
(")
(")
(")
(")
(")
1,367
(")
3,403
5,112
2,120
1,525
1,283
1,040
801
715
616
469
1,666
589
384
304
144
62
44
14
10
3
U
4
3
2
(")
f")
(")
(")
(*')
(")
(")
2,045
1,367
1,716
2,3U
1,716
2,754
1,313
1,061
808
646
525
435
404
1,129
448
354
284
100
47
36
16
63,534
75,104
41,855
(■")
(")
(")
(")
CM
C")
1,357
1,697
1,357
1,357
(")
1,697
2,035
(")
(")
(")
C")
(")
(")
C")
(")
(")
(")
(")
(")
(")
(")
(")
(")
C")
(")
(")
(")
CM
CM
CM
CM
(*M
(*M
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
12,586
4,790
4,097
4,103
1,695
(")
68,324
79,201
45,963
27,335
24,395
17,128
13,458
50,859
53,387
31,081
37,243
33,597
45,604
20,543
25,420
7,502
20,333
9,915
U,980
1,356
1,366
1,357
CM
2,395
2,713
4,749
3,063
7,523
5,159
12,024
14,019
9,280
7,865
6,943
6,274
5,317
4,680
4,506
3,887
14,803
8,958
6,017
6,939
3,769
2,092
1,323
870
577
423
973
279
128
62
54
21
20
153,374
CM
CM
CM
CM
2,035
("i
1,357
CM
CM
(")
CM
(")
3,273
161,647
33,972
122,675
For footnotes, see pp. 92-94; for extent to which data are estimated, see pp. 19-21.
42
INDIVIDUAL INCOME TAX RETURNS FOR 1951
-INDIVIDUAL RETURNS FOR 1951 WITH. SALARIES AND WACES AND WITH INCOME FRCM OTHER SOURCES, Blf TAXABLE AND NONTAXABLE RETURNS, BY ADJUSTED GROSS INCCME CLASSES,
PATTERNS OF INCCME, AND BY SIZE OF A SPECIFIC SOURCE OF INCOME: FREQUENCY DISTRIBUTION OF RETURKS-Con.
Adjusted gross income classes^
(DoIIara)
Number of returns with salaries and wages, dividends, and other loss*'
by size of dividends
Size of dividends
Under JIO
$10 under
t50
$50 under
$100
$100 under
$200
$200 under
$300
$300 under
$400
$400 under
$500
$500 or
more
Taxable returns :
No adjusted gross income'
Under $600
500 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1, 500 under 1 , 750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 under 3,000
3,000 under 3,500
3,500 under 4,000
<,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
10,000 under 11,000
11 , 000 under 12 ,000
12,000 under 13,000
13,000 under 14 ,000
14,000 under 15 ,000
15,000 under 20,000
20 ,000 under 25 ,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
60,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5,000,000
5,000,000 or more
Total taxable returns
Nontaxable returns; *°
No adjusted gross income'
Under $600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1 , 750 under 2 ,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 under 3,000
3,000 under 3,500
3,500 under 4,000
4,000 under 4,500
4,500 or more
Total nontaxable returns
Grand total
Taxable returns with adjusted gross income under $5,000 and
nontaxable returns.
Taxable returns with adjusted gross Income of $5,000 or
more.
CM
C")
CM
2,405
2,035
2,764
2,385
2,7U
2,046
7,144
7,843
7,503
7,842
U,748
10,338
10,409
5,603
4,111
3,308
3,078
2,036
1,585
1,442
4,929
2,921
1,629
1,715
838
501
300
169
135
87
153
35
21
13
3,824
1,726
(")
(")
1,367
1,357
1,706
1,357
1,357
(*M
CM
CM
CM
CM
CM
CM
16,302
133,266
63,149
70,117
CM
(*M
CM
CM
CM
(*M
(*M
CM
CM
CM
CM
CM
C")
(41)
CM
CM
1,357
2,375
1,716
1,357
CM
2,385
2,374
1,747
CM
CM
CM
CM
CM
141
91
121
576
323
323
166
101
91
253
111
CM
CM
CM
CM
2,385
1,357
1,696
2,734
1,696
1,377
556
374
242
253
242
156
lU
242
131
62
68
(*M
CM
CM
CM
CM
CM
1,706
1,696
CM
2,374
1,357
2,734
2,734
2,055
933
667
515
374
287
232
192
434
226
100
70
I'M
CM
CM
CM
CM
CM
2,045
CM
1,367
616
364
293
202
131
125
81
347
246
72
44
56
14
6
1
2
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
(*M
CM
CM
CM
CM
CM
CM
CM
CM
C*M
CM
232
263
263
111
61
101
253
111
52
40
131
192
U5
81
91
81
505
180
48
36
CM
CM
5,239
15,076
21,520
10,134
CM
CM
CM
CM
CM
CM
CM
(")
CM
CM
CM
CM
CM
CM
CM
CM
CM
1,367
CM
(*M
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
(")
CM
CM
6,345
4,181
2,164
9,879
8,270
11,683
11,603
3,460
6,712
5,175
4,250
4,465
3,122
CM
CM
CM
CM
1,716
CM
CM
2,055
3,134
CM
2,486
1,842
1,626
1,389
1,397
988
789
765
2,855
1,911
1,232
1,404
706
443
270
159
126
84
142
34
20
13
7
3
CM
(*M
CM
CM
(*M
CM
CM
CM
(*M
CM
CM
8,916
24,617
For footnotes, see pp. 92-94; for extent to which data are estimated, see pp. 19-21.
INDIVIDUAL INCOME TAX RETURNS FOR 1951
43
Tublo S. -INDIVIDUAL RETURNS FOR 1951 WITH SALARIES AND WAGES AND WITH INCOME FRdl OTHER SOURCES, BY TAXABLE AND NONTAXABLE RETURNS, BY ADJUSTED GROSS INCOME CLASSES, BY SELECTED
PATTERNS OF INCOME, AND BY SIZE OF A SPECIFIC SOURCE OF DiCOffi: FREQUENCY DISTRIBUTION OF RETURNS-Con.
Adjusted groaa Income classes^
(DolUri)
Number of returns with salaries and wages, dlvldenda. Interest, and other Incoae*^ - \>y size or dividends
Size of dividends
Under tlO
$10 under
«50
$50 under
tlOC
1100 under
»200
$200 under
$300
$300 under
$.;oo
$400 under
$500
$500 or
more
Taxable returns:
No adjusted gross Income'
Under $600
600 under 750
750 under 1,000
1 ,000 under 1 ,250
1,250 under 1,500
1, 500 under 1 ,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 under 3,000
3,000 under 3,500
3,500 under i,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
10,000 under 11,000
11,000 under 12,000
12,000 under 13,000
13,000 under 14 ,000
14,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5,000,000
5,000,000 or more
Total taxable returns
Nontaxable returns :*°
No adjusted gross Income'
Under $600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1 ,500 under 1 ,750
1,750 under 2,000
2 ,000 under 2 ,250
2,250 under 2,500
2, 500 under 2 ,750
2,750 under 3,000
3,000 under 3,500
3,500 under 4 ,000
4 ,000 under 4, 500
4 , 500 or more
Total nontaxable returns
Grand total
Taxable returns with adjusted gross Income under $5,000 and
nontaxable returns.
Taxable returns with adjusted gross Income of $5,000 or
more.
(")
(")
2,374
2,385
6,116
7,174
8,192
11,882
9,508
11,571
30,036
29,455
37,893
38,359
61,924
57,997
42,183
34,790
30,148
23,154
19,400
17,282
14,062
11,912
U,125
28,761
19,774
24,206
14,008
8,767
5,815
3,888
2,836
2,026
5,356
1,978
873
483
451
207
228
73
40
28
16
6
3
5
672,767
3,052
3,053
5,098
2,714
4,410
3,392
4,081
2,385
2,714
3,402
1,696
2,035
1,357
40,578
713,345
236,540
476,805
(")
(")
(")
3,073
1,706
3,053
2,395
5,428
4,450
C")
1,131
707
596
253
257
172
222
901
202
124
72
48
33
13
13
10
CM
(")
(")
(")
1,357
("i
3,402
1,696
2,385
4,810
7,215
8,840
6,875
9,583
7,883
5,522
4,238
3,434
1,893
1,626
1,131
859
626
1,933
1,204
554
515
277
104
73
42
23
12
29
11
1
2
(*')
(")
1,696
2,714
(*')
5,458
3,752
5,438
6,445
9,219
7,883
4,830
3,852
2,657
1,889
1,713
1,202
869
600
1,857
913
562
500
201
137
65
36
19
14
38
10
1
CM
CM
2,035
2,035
1,716
1,696
CM
2,374
5,787
4,789
6,869
5,149
10,247
9,589
8,551
4,307
4,139
2,344
2,030
1,505
1,278
964
2,887
1,733
889
810
433
192
99
55
61
32
55
24
5
5
2
1
CM
(*M
(")
CM
CM
1,367
2,065
2,086
2,758
3,792
4,840
4,450
3,473
2,636
2,509
1,620
1,546
1,034
923
728
2,596
1,250
623
749
335
U7
86
49
41
20
56
10
4
2
CM
CM
CM
1,357
CM
CM
(")
1,377
("i
2,724
2,090
3,463
2,415
3,432
2,142
1,838
1,232
1,135
981
717
677
2,001
1,181
572
560
241
133
124
32
25
12
44
4
6
4
(*M
CM
2,374
1,706
1,356
2,055
2,404
2,055
1,620
1,484
1,151
1,024
1,215
545
458
1,595
1,112
564
506
291
U7
63
33
20
19
35
13
4
3
2
1
28,637
80,869
CM
CM
CM
CM
(")
CM
CM
CM
CM
(")
CM
1,357
CM
(*M
CM
CM
CM
CM
CM
CM
CM
1,367
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
(")
CM
1,357
1,357
CM
CM
CM
(*M
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
(")
3,739
1,366
26,972
18,071
15,336
47,099
41,575
35,712
39,073
42,657
52,241
19,875
29,730
16,070
22,976
10,563
13,409
CM
CM
(")
2,055
1,356
3,392
2,378
5,092
8,869
6,505
10,257
17,089
18,923
13,631
U,864
13,380
12,429
10,073
9,957
8,699
7,637
30,355
21,166
15,886
20,494
12,182
7,884
5,292
3,628
2,637
1,916
5,090
1,905
849
464
444
202
219
73
40
27
16
6
3
5
(*M
C")
CM
(")
CM
CM
CM
CM
(")
(*M
CM
5,202
46,493
257,465
For footnotes, see pp. 92-94; for extent to which data are estimated, see pp. 19-21.
328641 O— 55 4
44
INDIVIDUAL INCOME TAX RETURNS FOR 1951
Table 5. -INDIVIDUAL RETUIINS FOR 1951 WITH SALARIES AND WAGES AND WITH INCCME FECM OTHER SOURCES, BY TAXABLE AND NONTAXABLE RETURNS, BY ADJUSTED GROSS INCCME CLASSES, BY SELECTED
PATTERNS OF INCdJE, AND BY SIZE OF A SPECIFIC SOURCE OF INCCME: FREQUENCY DISTRIBUTION OF RETURNS-Con.
Adjusted gross Income classes^
(Doltsra)
Number of returns with salaries and wages, dividends, interest, and other loss
■ by size of dividends
Size of dividends
$10 under
$50
$50 under
$100
$100 under
$200
$200 under
$300
(SI)
$300 under
»i00
$i00 under
$500
$500 or
more
Taxable returns;
No adjusted gross income'
Under $600
600 under 750
750 under 1 ,000
1,000 under 1,250
1,250 under 1,500
1 , 500 under 1 ,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2 , 500 Uhder 2 ,750
2,750 under 3,000
3,000 under 3 , 500
3,500 under i,000
i,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
10,000 under 11,000
11, COO under 12,000
12,000 under 13,000
13,000 under 14,000
1A,000 under 15,000
15,000 under 20,000
20,000 under 25 ,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5,000,000
5,000,000 or more
Total taxable returns
Nontaxable returns;**^
No adjusted gross income'
Under $500
600 under 750
750 under 1,000
1,000 under 1,250
1 ,250 under 1 ,500
1 ,500 under 1 ,750
1 ,750 under 2 ,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 under 3,000
3,000 under 3 , 500
3,500 under 4 ,000
4,000 under 4 ,500
4 , 500 or more
Total nontaxable returns
Grand total
Taxable returns with adjusted grosa income under $5,000 and
nontaxable returns.
Taxable returns with adjusted gross Income of $5,000 or
more.
(")
CM
1,367
1,387
(")
(")
2,714
(")
7,494
5,118
6,326
6,516
12,613
8,910
7,944
5,TO6
5,234
3,797
2,353
2,596
2,245
2,042
6,256
4,446
2,914
3,554
1,844
1,179
716
485
377
291
650
223
79
48
48
22
12
6
1
2
2
3,873
1,757
("i
1,387
(")
(")
C")
(")
(")
C")
(")
">
■")
(")
(■")
50,760
77,186
C")
C")
(")
(")
(")
(")
(41)
(")
CM
CM
CM
CM
CM
152
61
91
41
CM
CM
CM
CM
CM
CM
1,696
2,056
CM
1,357
1,357
CM
CM
626
596
343
192
172
71
101
284
115
54
52
CM
CM
(")
CM
CM
CM
CM
2,045
CM
CM
640
465
323
131
125
51
132
243
111
68
CM
CM
1,696
CM
1,357
CM
1,357
CM
3,731
(*M
CM
748
566
354
233
263
247
81
570
248
129
86
33
20
10
10
2
CM
CM
CM
CM
M
M
M
1,357
CM
(*M
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
435
323
293
U2
75
71
394
156
116
76
28
16
333
242
191
171
141
156
292
132
126
64
171
202
101
151
262
151
56
104
28
18
14,530
(*M
CM
(")
CM
(")
CM
CM
CM
CM
CM
(")
CM
CM
CM
CM
CM
(")
CM
(*M
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
(")
{")
CM
2,4^8
(*M
CM
16,392
10,672
10,538
6,8U
6,U2
3,743
2,025
10,650
5,742
5,166
5,506
8,293
8,373
5,525
5,013
2,766
4,048
2,753
3,379
CM
CM
CM
CM
CM
CM
(")
2,395
CM
2,4L4
3,420
4,131
3,803
2,509
2,516
1,949
1,621
1,531
1,560
1,4U
4,160
3,513
2,353
3,072
1,623
1,083
679
450
363
280
635
219
78
48
47
22
12
6
1
2
2
(*M
CM
CM
CM
CM
CM
CM
CM
(")
(")
(")
CM
54,954
U,854
43,100
For footnotea, see pp. 92-94; far extent to irblch data are estimated, see pp. 19-21.
INDIVIDUAL INCOME TAX RETURNS FOR 1951
45
Table S. -INDIVIDUAL RETURNS FOR 1951 WITH SALARIES AND WAGES AND WITH INCOffi FRai OTHER SOURCES, B1 TAXABLE AND NONTAXABLE RETURNS, BY ADJUSTED GRCSS INCCUE CLASSES,
PATTERNS OF INCOffi, AND BY SIZE OF A SPECIFIC SOURCE OF INCCUE: FREdUENCY DISTRIBUTION OF RETURNS-Con.
Adjusted gross Income classes^
(DollMrm)
Number of returns with salaries and wages and lnt«reflt . by size of Interest
Size of Interest
Under 110
$10 under
150
$50 under
$100
$100 under
$200
$200 under
$300
$300 under
$.^00
$^00 under
$500
$500 or
more
Taxable returns:
No adjusted gross Income^
Under $600
600 under 750
750 under 1,000
1 ,000 under 1,250
1 ,250 under 1,500
1, 500 under 1, 750
1 ,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 under 3,000
3,000 under 3,500
3,500 under i,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
10,000 under 11,000
11,000 under 12,000
12,000 under 13,000
13,000 under 14,000
U ,000 under 15,000
15,000 under 20,000
20,000 under 25 ,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
60,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5,000,000
5,000,000 or more
Total taxable returns
Nontaxable returns ;*°
No adjusted gross Income'
Under $600 ,
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 uiKler 2,500
2 ,500 under 2 ,750
2,750 under 3,000
3,000 under 3,500
3,500 under 4,000
4,000 under 4 ,500
4 , 500 or more
Total nontaxable returns
Grand total
Taxable returns with adjusted gross income under $5,000 and
nontaxable returns.
Taxable returns with adjusted gross income of $5,000 or
more.
3,731
10,536
11,547
16,971
20,353
24,423
28,831
33,931
29,192
41,743
85,511
96,756
97,424
92,366
174,136
105,606
M,890
34,987
19,905
12,892
7,811
5,083
3,759
3,021
8,310
3,474
1,563
1,284
442
173
70
42
15
11
29
3
1,040,822
12,890
6,106
7,802
9,507
6,445
6,784
4,749
5,427
2,035
4,410
2,713
3,053
3,052
1,696
2,419
79,088
672,403
447,507
2,036
1,697
(")
3,053
1,696
6,106
5,089
2,035
5,777
12,551
14,247
14,925
U,298
23,416
18,657
10,186
4,440
2,252
1,283
717
495
343
131
479
101
43
40
1,357
4,410
3,741
5,428
6,785
7,123
8,479
11,194
10,187
14,926
32,564
33,613
29,881
29,850
67,513
33,973
18,689
10,654
5,832
3,727
1,899
1,383
909
707
1,402
594
204
108
36
9
6
1,357
1,696
4,071
2,375
5,427
2,714
3,731
4,749
6,794
13,908
15,953
14,956
14,945
32,934
17,988
10,525
5,943
3,680
2,121
1,364
707
469
394
1,111
479
192
100
1,716
3,392
4,749
3,392
6,784
4,749
7,123
5,427
8,141
12,561
19,345
22,049
17,978
25,471
20,044
14 ,267
6,262
3,646
2,485
1,458
953
671
545
1,525
539
300
234
76
(*')
(■")
2,374
(")
3,053
2,385
2,035
2,374
9,169
5,437
6,116
6,465
12,212
6,445
4,759
3,151
1,596
1,081
616
434
4L4
374
1,238
364
138
108
ZL
3
C")
(")
1,357
2,035
(")
1,357
2,714
4,071
4,070
3,392
5,458
3,741
2,045
1,570
889
630
263
404
226
192
525
181
116
118
28
6
3
3
2
(")
(")
C")
1,357
(")
1,356
("!
2,035
1,357
1,366
1,696
348
556
454
242
Ul
192
152
354
202
116
64
C")
148,145
74,768
16,548
3,054
(")
(")
1,357
(")
CM
CM
CM
CM
4,071
1,696
2,374
2,713
CM
2,036
1,696
3,053
CM
2,036
CM
(*M
CM
CM
(*M
CM
1,696
CM
2,035
1,696
("!
CM
1,357
(*M
CM
CM
CM
CM
1,357
3,392
CM
1,357
1,706
CM
1,696
CM
CM
CM
CM
CM
CM
CM
CM
(*M
CM
CM
CM
(*M
CM
CM
(*M
CM
CM
CM
CM
CM
(")
CM
CM
CM
CM
C")
CM
CM
8,484
24,085
13,907
14,949
7,461
2,712
1,695
156,629
371,276
184,659
211,542
82,229
41,511
18,243
94,030
62,599
223,623
147,653
106,593
78,066
U3,033
78,509
49,243
32,986
25,109
16,402
U,194
7,049
CM
CM
CM
CM
3,053
2,045
(")
2,374
3,741
3,392
4,081
5,766
3,062
3,741
2,119
1,454
1,111
1,252
596
535
526
1,676
1,0U
454
512
230
99
41
23
48,026
C*M
(")
CM
CM
(*M
CM
CM
CM
CM
CM
CM
5,795
53,821
29,578
24,243
For footnortes, see pp. 92-94; for extent to which data are estimated, see pp. 19-21.
46
INDIVIDUAL INCOME TAX RETURNS FOR 1951
Table S. -INDIVIDUAL HETURNS FOR 1951 WITH SALARIES AND WAGES AND WITH INCOME FRCM OTHER SOURCES, BY TAXABLE AND NONTAXABLE RETURNS, BY ADJUSTED GROSS INCOME CLASSES, BY SELECTED
PATTERNS OF INCCME, AND BY SIZE OF A SPECIFIC SOURCE OF INCCWE; FREQUENCY DISTRIBUTION OF RETURNS~Con.
Adjusted gross income classes*
(Dollart)
Number of returns with salaries and wages, dividends, and interest - by size of interest
Size of interest
Under $10
$10 under
$50
$50 under
$100
$100 under
$200
$200 under
$300
$300 under
$400
$400 under
$500
$500 or
more
Taxable returns:
No adjusted gross income'
Under $600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2, 500 under 2 ,750
2,750 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 3,000
8,000 under 9,000
9,000 under 10,000
10,000 under 11,000
11,000 under 12,000
12,000 under 13,000
13,000 under 14,000
U,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000 ,
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5,000,000
5,000,000 or more
Total taxable returns
Nontaxable returns :^^
No adjusted gross income'
Under $600 ,
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1 ,750 under 2,000
2 ,000 under 2 ,250
2,250 under 2,500
2 ,500 under 2 ,750
2 ,750 under 3 ,000
3,000 under 3 , 500
3,500 under 4 ,000
4 ,000 under 4,500
4,500 or more
Total nontaxable returns
Grand total
Taxable returns with adjusted gross income under $5,000 and
nontaxable returns.
Taxable returns with adjusted gross income of $5,000 or
more.
(")
3,731
3,063
3,402
7,462
8,490
11,204
9,539
13,918
14,598
29,881
34,321
30,660
35,799
72,094
53,629
40,478
28,709
21,286
14,778
11,004
8,575
6,315
4,624
15,570
8,196
4,724
4,846
2,159
1,112
576
349
2U
127
306
46
20
9
9
2
2
3,053
2,035
4,749
2,714
4,749
1,367
1,696
1,357
(")
(*M
(")
(")
(")
CM
26,498
232,905
299,760
(*M
CM
1,695
CM
CM
CM
2,375
1,357
2,714
4,081
3,403
2,375
10,186
9,498
6,465
3,833
2,662
1,646
1,112
788
343
293
1,000
425
240
112
36
24
18
4
6
1
7
(*M
1,357
3,392
3,731
3,752
2,714
5,769
9,847
9,498
9,229
10,576
24,833
17,649
11,553
7,769
5,626
3,882
2,264
2,081
1,551
889
3,000
1,443
688
594
192
94
37
26
CM
(*M
CM
1,357
2,035
3,393
2,724
3,053
4,749
5,437
6,116
6,815
13,579
8,155
7,134
4,620
3,525
2,428
1,747
1,044
1,0U
822
2,243
947
590
522
206
90
55
22
12
11
24
2
2
1,357
1,696
CM
3,392
CM
2,036
3,053
5,767
8,490
4,769
6,485
13,918
6,106
5,448
5,696
3,614
2,580
1,872
1,323
1,071
758
2,755
1,206
695
668
294
116
64
38
22
19
23
3
2
CM
CM
1,696
CM
CM
2,374
CM
2,035
4,101
2,714
5,088
2,724
5,088
3,731
2,479
1,858
1,315
939
798
610
525
1,636
697
516
562
216
101
45
17
21
10
25
3
CM
(*M
CM
CM
(*M
CM
(*M
2,055
CM
2,395
2,374
CM
1,252
1,115
802
788
586
455
404
1,054
515
352
389
148
64
34
22
12
9
12
1
2
1
CM
CM
CM
CM
1,367
CM
CM
2,374
CM
1,696
CM
818
767
515
414
333
262
101
731
519
252
244
104
63
28
16
U
2
15
2
59,413
146,313
20,668
15,417
CM
CM
(41)
CM
CM
2,714
1,357
1,357
CM
CM
CM
CM
CM
1,357
CM
CM
CM
CM
CM
CM
1,357
CM
CM
CM
CM
(*M
(*M
CM
CM
CM
CM
CM
CM
CM
CM
CM
C")
CM
1,358
(")
CM
60,771
22,072
38,699
70,720
84,412
43,155
48,793
45 , 196
48,291
25,487
23,919
7,871
U,814
6,792
8,964
CM
CM
2,384
1,357
2,035
1,387
3,432
3,063
4,081
2,242
1,919
1,610
1,868
1,622
1,010
832
3,151
2,444
1,391
1,755
963
560
295
204
119
64
182
33
12
6
7
2
42,754
CM
CM
CM
CM
(*M
CM
11,612
32,868
For footnotes, see pp. 92-94; for extent to which data are estimated, see pp. 19-21,
INDIVIDUAL INCOME TAX RETURNS FOR 1951
47
Tablo 5. -INDIVIDUAL RITUHNS FOR 1951 WITH SAUtRIES AND WAGES AND WITH INCdlE FROI OTHER SOURCES, BY TAXABLE AND NONTAXABLE RETURNS, BY ADJUSTED GROSS INCOIE CLASSES, BY SELECTED
PAITQUIS OF INCCUE, AND BY SIZE OF A SPECIFIC SOURCE OF INCOIE: JBEftUENCY DISTRIBUTION OF RETURNS-Con.
Adjusted gross income classes^
(DolUtM)
Number of retuma with aalariea and wagea, Intereat, and other Income^' - by alze of Interest
Size of Intercat
Under tlO
tlO under
150
150 under
tlOO
$100 under
S200
$200 under
$300
$300 under
$100
$400 under
$500
$500 or
more
Taxable returns :
No adjusted gross Income'
Under $600
600 under 750
750 under 1 ,000
1,000 under 1,250
1 ,250 under 1, 500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 under 3,000
3,000 under 3,500
3,500 under i,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
10,000 under 11,000
11,000 under 12,000
12,000 under 13,000
13,000 under 14 ,000
U,000 under 15,000
15 ,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000 ,
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5,000,000
5,000,000 or more
Total taxable returns
Nontaxable returns :*°
No adjusted gross income'
Under $500
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2 ,250
2,250 uaier 2,500
2 , 500 under 2,750
2,750 under 3,000
3,000 under 3,500
3,500 under 4,000
4,000 under 4,500
4,500 or more
Total nontaxable returns
Grand total
Taxable returns with adjusted gross income under $5,000 and
nontaxable returns.
Taxable returns with adjusted gross Income of $5,000 or
more.
3,053
3,731
5,129
9,548
13,619
8,192
14,307
18,008
16,672
27,597
37,161
55,265
51,615
50,775
75,885
51,213
31,874
24,164
15,655
11,194
6,902
6,363
4,483
3,363
11,685
6,079
3,498
3,517
1,734
864
447
265
180
110
294
574,605
4,748
3,741
8,480
7,473
8,819
6,465
6,116
4,410
5,437
4,410
1,357
2,035
3,053
2,498
69,381
643,986
384,053
259,933
1,357
("!
(")
2,395
(")
3,063
2,744
4,759
5,139
6,116
3,772
8,222
3,762
2,744
1,899
1,J?3
955
465
434
156
162
485
150
64
65
36
20
5
(")
(")
1,367
2,734
2,714
2,046
3,053
5,767
3,402
10,875
9,229
17,381
14,029
12,602
21,633
14,050
4,890
5,622
3,282
2,139
1,010
1,111
808
556
1,555
634
360
294
120
61
36
19
12
2,374
2,744
1,357
2,744
4,091
2,714
3,752
6,789
9,877
10,617
7,493
12,333
8,920
6,516
3,674
2,672
1,768
893
737
600
586
1,424
505
340
258
116
58
28
22
9
1,357
1,377
2,724
4,759
1,706
3,402
1,706
2,055
6,465
8,161
9,908
9,857
11,903
12,753
7,614
7,624
4,322
2,606
2,008
1,343
1,050
727
454
1,984
1,157
468
4A6
152
74
50
32
(")
(")
(")
(")
(")
1,726
1,357
2,374
2,724
4,101
4,111
4,121
6,475
8,212
3,497
4,151
2,232
1,475
1,267
717
667
515
353
1,141
520
350
252
163
64
35
U
U
10
15
4
2
1
1
(")
(")
2,035
(")
2,395
2,066
2,714
2,744
3,741
3,443
4,779
2,385
1,616
1,061
661
525
455
202
202
1,107
418
210
242
132
72
24
18
10
13
13
5
3
1
(")
(")
(")
(")
3,731
2,045
1,367
1,706
1,736
C")
1,010
636
393
465
485
192
y.1
535
253
172
184
68
48
10
12
10
4
5
3
2
98,421
m,316
36,693
18,327
1,357
CM
C")
(")
(")
2,374
1,696
1,696
1,357
2,374
(")
1,367
(")
(")
(")
(")
(")
(")
C")
1,696
1,696
2,714
(")
C")
1,697
1,696
(")
1,357
CM
1,696
2,035
2,374
2,035
2,035
CM
1,357
CM
CM
1,357
CM
CM
CM
CM
1,696
CM
CM
CM
CM
1,357
CM
CM
CM
CM
CM
1,357
CM
CM
CM
CM
14,946
CM
U3,367
38,548
20,956
100,845
58,237
71,883
41,484
84,048
44,918
35,489
25,676
24,203
17,597
10,225
9,139
CM
(*M
CM
CM
CM
(")
CM
CM
CM
1,367
2,404
2,086
3,422
7,583
6,855
2,496
3,789
2,600
2,003
1,484
1,424
1,283
909
3,454
2,442
1,534
1,776
942
467
259
149
106
61
200
45
23
12
56,302
CM
CM
CM
CM
CM
(")
CM
CM
CM
4,436
60,738
18,812
41,926
For footnotea, see pp. 92-94; for extent to which data are estimated, see pp. 19-21.
48
INDIVIDUAL INCOME TAX RETURNS FOR 1951
TaHe 5. -INDIVIDUAL RETURNS FOR 1951 WITH SALARIES AND WAGES AND WITH INCOJE FROI OTHER SOURCES, BY TAXABLE AM) NONTAXABLE RETURNS, BY ADJUSTED GROSS INCCBJE CLASSES, BY SELECTED
PATTERNS OF INCCME, AND BY SIZE OF A SPECIFIC SOURCE OF DICCME: FREQUENCY DISTRIBUTION OF RETURNS-Con.
Adjusted gross income classes^
(Dotlart)
Number of returns with salaries and wages. Interest, and other loss**
by size of interest
Size of Interest
Under $10
(83)
$10 under
$50
$50 under
$100
$100 under
$200
$200 under
$300
$300 under
$400
$400 'jider
$500
$500 or
more
Taxable returns:
No adjusted gross income'
Under $600
600 under 750
750 under 1 ,000
1 ,000 under 1,250
1,250 under 1,500
1,500 wnder 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2 , 500 under 2 ,750
2,750 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
10,000 under 11,000
11,000 under 12,000
12,000 under 13,000
13,000 under 14,000
U,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5,000,000
5,000,000 or more
Total taxable returns
Nontaxable returns:*"^
No adjusted gross income'
Under $500 ,
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 under 3,000
3,000 under 3,500
3,500 under 4,000
4,000 under 4,500
4 , 500 or more
Total nontaxable returns
Grand total
Taxable returns with adjusted gross income under $5,000 and
nontaxable returns.
Taxable returns with adjusted gross Income of $5,000 or
more.
(41)
C")
1,367
1,357
1,357
1,367
4,749
1,706
3,731
3,732
5,118
8,8i0
12,222
14,301
9,877
16,353
10,221
6,970
3,761
2,707
1,533
1,004
758
677
495
1,610
947
472
438
166
97
40
26
12
118,761
3,476
3,402
CM
2,066
CM
1,367
(41)
1,706
("i
(")
(")
CM
1,706
1,357
CM
CM
19,989
90,422
48,328
CM
CM
CM
CM
CM
(*M
2,375
1,377
3,741
1,696
(*M
344
263
176
40
(")
CM
CM
CM
CM
(")
CM
CM
1,357
(*M
CM
CM
CM
1,696
4,410
5,089
1,716
2,714
3,063
2,086
1,030
586
378
206
131
91
51
236
111
72
50
16
9
2
CM
1,357
CM
(*M
1,696
2,714
2,035
2,374
2,374
2,385
2,035
1,706
485
434
172
172
111
51
101
141
111
52
32
21
7
2
2
2
(*M
CM
CM
CM
CM
(*M
CM
2,385
1,696
1,371
1,696
3,752
1,696
("i
626
444
172
162
81
81
71
293
111
46
68
29
9
3
3
1
(")
CM
(")
CM
CM
CM
2,035
1,726
273
172
91
101
81
C")
206
81
CM
(*M
(41)
CM
1,357
CM
1,357
1,357
(*M
(")
206
162
8]
101
51
CM
51
71
55
28
20
CM
13,302
23,288
CM
CM
13,368
6,542
6,826
CM
CM
CM
1,357
CM
CM
CM
(")
CM
(")
CM
CM
34,716
23,873
10,843
CM
CM
CM
(41)
CM
CM
CM
CM
4,123
27,411
19,386
8,025
10,426
8,043
CM
CM
CM
CM
(41)
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
(")
CM
CM
15,024
8,701
1,447
11,873
8,599
3,274
2,054
10,097
6,822
3,275
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
1,765
1,393
CM
CM
CM
1,357
C'i
CM
(*M
CM
CM
(41)
CM
CM
CM
CM
CM
484
292
171
212
272
161
521
414
192
208
72
49
24
10
- 41
1 42
(*M
CM
CM
(*M
(")
CM
(*M
(")
2,953
U,402
8,411
5,991
For footnotes, see pp. 92-94; for extent to which data are estimated, see pp. 19-21.
INDIVIDUAL INCOME TAX RETURNS FOR 1951
49
Table 5. -INDIVIDUAL RETUKNS FOR 1951 WITH SALARIES AND WAGES AND WITH INCCHE FHCU CITHER SOURCES, BY TAXABLE AND NONTAXABU RETURNS, BV ADJUSTED CROSS INCCME CLASSES,
PATTERNS OF INCCME, AND BY SIZE OF A SPECIFIC SOURCE OF INCCUE: FREUITENCY DISTRIBUTION OF RETURNS-Con.
Adjusted gross incoire classes^
(DotUrm)
Number or returns with salaries and wages, dividends. Interest, and other Income*^ - by size of Interest
Size of Interest
Under tlO
$10 under
150
#50 under
tlOO
$100 under
$200
$200 under
$300
$300 under
$400
$400 under
$500
$500 or
more
Taxable returns:
No adjusted gross Income'
Under $600
600 under 750
750 under 1,000
1 ,000 under 1,250
1,250 under 1,500
1, 500 under 1 ,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 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
10,000 under 11,000
11,000 under 12,000
12,000 under 13,000
13,000 under 14 ,000
14,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5,000,000
5,000,000 or more
Total taxable returns
Nontaxable returns;**^
No adjusted gross Income'
Under $600 ,
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2 , 500 under 2 ,750
2 ,750 under 3 ,000
3,000 under 3,500
3,500 under 4 ,000
4,000 under 4,500
4,500 or more
Total nontaxable returns
Grand total
Taxable returns with adjusted gross income under $5,000 and
nontaxable returns.
Taxable returns with adjusted gross Incase of $5,000 or
more.
C")
2,374
2,385
6,116
7,174
8,192
11,882
9,508
11,571
30,036
29,455
37,893
38,359
61,924
57,997
42,183
34,790
30,148
23,154
19,400
17,282
14,062
11,912
44,125
2P.761
19,774
24,206
U,008
8,767
5,815
3,888
2,836
2,026
5,356
1,978
873
433
451
207
228
73
40
28
16
6
3
5
3,052
3,053
5,098
2,714
4,410
3,392
4,081
2,385
2,714
3,402
1,696
2,035
1,357
C")
(")
40,578
236,540
476,805
(")
C")
1,357
(")
1,387
("i
5,088
1,716
7,184
3,483
5,149
2,868
2,000
1,489
1,242
1,292
687
660
1,897
1,087
879
620
222
134
84
47
39
23
59
32
7
(")
(")
1,357
1,706
2,045
3,741
2,035
2,734
8,490
6,506
7,856
8,581
17,780
14,738
6,607
7,037
6,322
4,171
3,468
2,710
2,129
1,495
5,591
3,179
1,712
1,873
942
540
293
203
139
105
208
82
20
10
7
10
6
1
1
46,523
127,800
(")
(")
(")
(")
(")
(")
(")
(")
CM
(")
C")
2,035
("i
1,696
1,357
(.'■')
(*')
(")
(")
(")
(")
11,202
139,002
18,736
31,197
57,620
81,332
')
M
')
')
1,696
2,035
3,057
3,073
6,855
o,845
5,139
3,541
7,893
7,903
4,828
4,048
3,024
2,495
1,990
1,619
1,210
4,283
2,721
1,493
1,663
730
437
265
ISO
92
86
229
51
13
13
13
5
1,377
1,716
2,374
1,706
2,045
3,181
6,485
7,123
9,219
11,632
9,270
7,228
5,737
5,135
4,058
3,311
2,604
2,367
1,679
6,353
3,639
2,227
2,532
1,510
725
464
276
213
112
316
95
41
18
18
5
10
3
1
(")
1,357
(*')
1,367
(")
C")
(")
2,738
3,422
3,077
3,433
4,095
6,176
4,161
3,666
3,202
2,737
2,105
1,765
1,233
1,333
4,124
2,521
1,679
1,917
936
613
398
219
156
100
243
78
30
U
17
3
10
1
(")
1,357
(")
2,724
1,377
1,717
3,443
3,073
3,103
2,425
2,126
2,U1
1,505
1,509
968
1,125
838
3,373
1,836
1,212
1,630
388
473
322
155
129
83
225
72
24
19
9
10
6
3
1
CM
CM
CM
CM
(*M
1,357
2,754
CM
2,744
1,726
3,402
1,859
1,324
1,172
1,030
919
788
677
2,5»4
1,636
1,045
1,271
673
412
259
155
120
85
191
74
23
10
112,246
CM
1,357
C'i
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
(*M
CM
(*M
CM
CM
CM
CM
CM
CM
CM
CM
CM
(*M
CM
(")
CM
CM
(*M
CM
CM
CM
CM
CM
(*M
CM
(")
CM
CM
(")
7,129
6,162
2,041
96,420
34,459
40,579
55,841
46,727
71,631
23,899
43,684
15,400
29,239
10,252
24,207
CM
CM
CM
1,357
CM
1,696
2,415
2,425
3,433
6,150
6,875
11,608
5,308
6,619
5,926
4,943
4,240
5,034
4,064
4,020
15,915
12,142
9,527
12,700
8,057
5,428
3,730
2,653
1,948
1,432
3,885
1,494
705
395
373
164
186
63
36
21
U
6
3
5
CM
CM
(")
1,357
CM
CM
3,806
162,351
23,327
139,524
For footnotes, see pp. 92-94; for extent to which data are estimated, see pp. 19-21.
50
INDIVIDUAL INCOME TAX RETURNS FOR 1951
Table 5. -INDIVIDUAL RETURNS FOR 1951 WITH SALARIES AND WAGES AND WITH INCOME FRCM OTHER SOURCES, BY TAXABLE AND NONTAXABLE RETURNS, BY ADJUSTED GROSS INCOME CLASSES, BY SELECTED
PATTERNS OF INCCME, AND BY SIZE OF A SPECIFIC SOURCE OF INCCME: FREQUENCY DISTRIBUTION OF RETURNS-Con.
Adjusted gross income classes*
(Dollaru)
Number of returns with salaries and wages, dividends. Interest, and other loss** - by size of tnterest
Size of Interest
Under $10
$10 under
$50
$50 under
$100
$100 under
$200
$200 under
$300
$300 under
tiOO
$400 under
$500
$500 or
more
Taxable returns;
No adjusted gross Income^
Under $600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1, 500 under 1 , 750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2 ,750 under 3 ,000
3,000 under 3,500
3,500 under i ,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
10,000 under 11,000
11 , OOO under 12 ,000
12,000 under 13,000
13,000 under 14,000
14,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000 ,
1,500,000 under 2,000,000 .■
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5,000,000
5,000,000 or more
Total taxable returns
Nontaxable returns :'°
No adjusted gross income'
Under $600
600 under 750
750 under 1 , 000
1,000 under 1,250
1,250 under 1,500
1,500 under 1 ,750
1 ,750 under 2 ,000
2,000 under 2 ,250
2,250 under 2,500
2 ,500 under 2 , 750
2,750 under 3,000
3,000 under 3,500
3,500 under 4,000
4,000 under 4,500
4,500 or more
Total nontaxable returns
Grand total
Taxable returns with adjusted gross Income under $5,000 and
nontaxable returns.
Taxable returns with adjusted gross income of $5,000 or
more.
C")
1,367
1,387
(")
2,714
CM
7,494
5,118
6,826
6,516
12,613
8,910
7,944
5,796
5,234
3,797
2,853
2,596
2,245
2,042
6,256
4,446
2,914
3,554
1,844
1,179
716
485
377
291
650
223
79
48
48
22
12
6
1
2
2
113,453
3,873
1,757
(")
1,387
(")
(")
(")
(")
(")
U,493
127,946
50,760
77,186
C")
CM
(")
1,696
(")
2,728
("i
CM
566
374
232
232
192
121
152
333
91
92
125
40
16
CM
CM
C")
(*M
CM
(*M
2,374
1,357
2,385
1,706
2,724
1,706
1,377
1,131
990
677
505
438
293
313
798
495
278
294
CM
CM
CM
C*M
(")
(*M
1,367
(")
2,045
CM
CM
701
697
475
292
273
273
253
586
333
214
272
112
82
47
27
16
11
31
9
3
CM
CM
CM
CM
1,716
1,696
1,696
1,696
1,700
1,377
1,706
1,040
919
630
459
333
303
242
1,079
705
316
348
180
115
67
50
36
16
47
12
5
3
3
1
CM
CM
CM
CM
(*M
CM
(*M
(*M
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
(*M
CM
CM
CM
CM
CM
CM
CM
455
394
293
303
291
246
548
398
306
242
140
30
44
24
34
20
30
8
5
3
1
2
1
1
363
256
212
Ul
131
141
358
293
192
264
76
71
41
23
12
9
30
12
4
266
182
192
142
101
115
347
203
148
210
69
47
30
32
13
11
22
7
1
1
3
1
10,798
22,976
9,864
7,151
5,182
CM
CM
CM
(")
CM
M
CM
CM
CM
CM
CM
(*M
CM
(")
CM
CM
CM
CM
CM
(*M
CM
CM
CM
CM
CM
C")
(*M
CM
CM
C*M
CM
(*M
CM
(")
CM
CM
CM
CM
CM
CM
1,418
2,143
(")
C*M
12,216
15,049
21,679
12,623
5,213
5,518
6,698
12,340
12,410
6,559
8,490
9,987
U,692
5,154
7,469
3,436
4,417
(*M
4,153
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
2,415
1,736
1,126
1,165
951
668
774
732
580
2,207
1,928
1,368
1,799
1,075
680
444
295
234
202
447
167
57
40
39
16
U
4
1
1
2
CM
CM
CM
CM
CM
CM
(*M
(")
(")
3,237
28,563
6,706
21,857
For footnotes, see pp. 92-94; for extent to which data are estimated, see pp. 19-21.
INDIVIDUAL INCOME TAX RETURNS FOR 1951
51
Tabid 5. -INDIVIDUAL RETURNS FOR 1951 WITH SALilBIES AND WAOES AND «riTH INCCIJE FROJ OTHER SOURCES, BY TAXABLE AND NONTAXABLE RETURNS, BY ADJUSTED GROSS INCOIE CLASSES, BY SELECTED
PATTERNS OF INCCUE, AND BY SIZE OF A SPECIFIC SOURCE OF INCOIE: FREQUENCY DISTRIBUTION OF RETURNS-Con.
Adjusted gross income classes^
(Dollmra)
NuiDber of returns with salarlea and wages and other income*^ - by size of other ineone
Size of other income**
110 under
150
$50 under
$100
$100 under
$200
$200 under
$300
$300 under
$^00
$400 under
$500
$500 or
more
Taxable returns:
No adjusted gross income'
Under $600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 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
6,000 under 9,000
9,000 under 10,000
10,000 under 11,000
11,000 under 12,000
12,000 under 13,000
13,000 under 14,000
U ,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
60,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5,000,000
5,000,000 or more
Total taxable returns
Nontaxable returns :*°
No adjusted gross Income'
Under $500 ,
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1 ,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2 ,250 under 2 ,500
2,500 under 2,750
2,750 under 3,000
3,000 under 3,500
3,500 under 4,000
4,000 under 4,500
4 , 500 or more
Total nontaxable returns
Grand total
Taxable returns with adjusted gross income under $5,000 and
nontaxable returns.
Taxable returns with adjusted gross Income of $5,000 or
mor«.
2,446
21,368
61,729
66,115
107,669
117,058
125,232
163,640
171,676
183,999
204,734
477,503
463,719
455,074
386, 701
453,557
256,989
141,098
87,875
51,512
32,876
21,135
15,136
11,951
8,614
24,690
10,444
5,601
5,206
2,237
983
514
309
190
134
275
63
22
20
4,1A0,108
93,634
41,333
68,186
82,775
75,277
70,220
83,802
53,615
61,065
60,691
37,648
72,898
36,542
15,285
20,309
873,380
5,0U,488
3,882,043
1,U1,445
2,687
2,352
4,035
4,704
3,710
5,062
6,395
5,721
7,056
14,837
14,116
14,517
12,112
10,854
6,455
1,696
1,774
586
414
263
121
121
CM
3,700
8,105
7,078
10,434
10,773
13,134
17,512
22,917
22,195
25,242
67,662
72,743
67,489
66,008
44,143
21,041
8,521
6,429
2,980
1,606
909
444
333
202
499
152
84
36
CM
3,365
9,747
9,417
8,771
10,475
10,118
15,491
19,568
18,897
21,584
55,990
57,088
61,045
43,912
42,431
24,464
11,553
5,202
2,499
1,404
802
313
384
212
485
' 246
72
72
CM
2,031
5,758
7,106
12,543
11,206
15,592
16,271
15,579
17,636
22,419
53,585
62,786
57,691
49,185
59,770
28,873
13,948
8,145
4,304
2,505
1,162
566
495
263
939
392
88
76
26
6
2
CM
2,714
6,116
2,724
8,819
12,581
8,511
10,197
10, 566
13,928
15,612
39,708
42,133
34,949
31,292
45,165
22,089
10,207
6,034
2,697
1,794
838
414
434
192
661
222
96
76
CM
CM
2,733
3,402
8,490
5,787
4,749
11,204
6,465
8,840
15,315
24,514
26,842
35,349
27,825
29,232
18,667
11,234
3,939
2,145
1,262
666
404
364
162
545
242
100
36
20
5
3
2
1
435,629
251,921
4,035
CM
CM
C")
1,692
1,352
1,348
1,357
CM
CM
CM
CM
(*M
CM
17,198
5,043
6,764
6,066
4,731
4,735
5,400
3,039
6,409
4,387
4,401
6,092
2,374
2,035
CM
20,871
4,396
5,400
6,100
5,409
5,387
6,766
2,032
5,419
4,374
4,392
9,797
2,700
CM
1,691
17,933
8,458
9,834
10,498
8,463
7,115
7,454
6,781
5,089
9,484
6,427
6,775
4,405
CM
3,049
16,966
6,794
8,511
9,508
4,071
5,448
7,463
4,410
6,804
7,463
1,706
8,141
5,084
1,696
2,035
12,222
4,420
10,196
8,181
8,480
6,794
8,510
5,098
6,116
4,071
CM
5,427
3,063
1,357
1,357
14,875
79,701
85,412
112,783
96,100
86,310
U5,025
427, 3U
338,231
112,518
22,507
495,043
87,398
430,880
90,161
462,171
121,564
336,299
91,012
269,202
69,029
CM
2,055
5,437
6,116
7,154
5,787
7,476
10,545
7,842
8,500
6,824
18,711
17,006
17,360
20,732
25,192
12,920
5,U9
3,410
1,576
737
529
354
162
242
525
156
CM
6,136
21, U6
27,920
47,423
55,745
61,942
77,358
82,344
88,282
90,682
202,496
171,005
166,674
135,635
196,770
122,480
78,790
52,892
34,725
23,154
15,966
12,520
9,658
7,270
20,955
9,000
5,141
4,846
2,123
943
496
303
187
129
269
61
22
20
193, 6X
3,392
4,749
4,748
9,498
7,144
4,420
5,088
2,374
1,696
3,053
2,7U
5,767
2,714
)
)
41
CM
6,794
21,715
32,584
35,287
34,969
41,773
28,524
29,192
27,520
15,973
30,220
15,963
7,483
10,462
58,723
339,476
201,317
51,040
1,574,613
598,734
For footnotes, see pp. 92-94; for extent to which data are estimated, see pp. 19-21.
52
INDIVIDUAL INCOME TAX RETURNS FOR 1951
Table S.-INDIVIDUAL RETURNS FOR 1951 WITH SALARIES AND WAGES AND WITH INCCME FRO* OTHER SOURCES, BY TAXABLE AND NONTAXABLE RETURNS, BY ADJUSTED GROSS INCCWE CLASSES, BY SELECTED
PATTERNS OF INCCWE, AND BY SIZE OF A SPECIFIC SOURCE OF INCCME: FREQUENCY DISTRIBUTION OF RETURNS-Con.
Adjusted gross income classes^
(Donarm)
Number of returns with salaries and wages, dividends, and other income*^ - by size of other income
Size of other Income*^
Under $10
(119)
$10 under
»50
$50 under
tlOO
$100 under
$200
$200 under
$;oo
$300 under
$400
$iOO under
$500
$500 or
more
Taxable returns :
No adjusted gross income'
Under $600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1, 500 under 1, 750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 under 3,000
3,000 under 3,500
3,500 under i,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
10,000 under 11,000
11,000 under 12,000
12,000 under 13,000
13,000 under 14,000
14,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under TO,0OO
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000 ^
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5,000,000
5,000,000 or more
Total taxable returns
Nontaxable returns:*"
No adjusted gross income'
Under $500
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2 , 500 under 2 ,750
2,750 under 3,000
3,000 under 3,500
3,500 under 4 ,000
4,000 under 4,500
4 , 500 or more
Total nontaxable returns
Grand total
Taxable returns with adjusted gross Income under $5,000 and
nontaxable returns.
Taxable returns wltb adjusted gross income of $5,000 or
more.
(")
2,405
1,706
6,146
5,817
7,164
7,533
10,262
13,948
25,936
28,706
31,440
25,839
69,530
54,453
33,832
27,490
21,741
16,150
13,931
10,568
9,203
7,451
25,005
13,476
8,576
9,043
4,771
2,494
1,543
984
662
481
1,081
311
139
67
58
25
22
5
5
2
1
2,724
3,053
3,053
4,749
4,071
4,440
4,071
3,741
2,385
1,696
2,405
1,706
("i
1,868
41,318
542,697
209,597
333,100
(")
(")
1,367
("i
1,697
1,696
C")
(")
415
273
152
Ul
121
CM
40
152
71
32
37
(*1)
(")
(")
(")
C")
1,357
2,036
4,071
2,714
2,714
5,088
5,787
6,455
2,724
2,050
1,232
1,044
687
455
364
253
1,117
362
256
182
S8
37
U
13
11
CM
CM
(")
CM
1,357
CM
CM
2,374
("i
1,696
1,706
1,696
4,420
3,063
CM
1,701
1,091
647
586
358
662
313
848
374
210
188
116
37
20
8
3
3
4
CM
CM
CM
1,367
CM
2,049
CM
3,422
6,784
3,392
3,741
8,840
7,144
5,437
2,677
1,778
1,458
1,061
778
586
459
1,672
579
392
300
104
71
36
20
11
CM
CM
1,357
2,035
3,053
1,696
5,767
2,055
6,465
5,098
2,714
2,U1
1,404
1,030
697
484
539
398
1,034
614
276
236
120
47
23
16
7
CM
CM
CM
(4H
CM
CM
1,696
1,397
2,374
2,035
4,420
3,063
2,754
1,864
1,196
818
606
404
368
273
1,309
353
234
260
92
43
26
12
CM
('■M
CM
CM
CM
CM
CM
CM
1,357
1,706
2,714
3,731
2,035
1,377
1,242
1,258
808
'At
444
313
182
657
404
180
220
80
34
21
U
10
7
13
1
44,534
40,353
28,356
24,507
CM
CM
CM
CM
(41)
CM
CM
CM
CM
CM
CM
CM
(*M
CM
CM
CM
CM
CM
CM
CM
CM
(*M
CM
CM
CM
CM
CM
CM
CM
CM
CM
(")
CM
CM
C")
C")
CM
(*M
CM
CM
CM
CM
CM
CM
5,427
3,065
32,324
61,992
27,572
3,765
4,535
23,433
23,140
16,982
15,342
28,556
33,436
21,091
23,362
14,673
18,121
13,928
13,644
CM
CM
CM
3,422
3,762
2,405
3,123
3,464
6,146
11,&48
11,695
13,770
6,813
X,171
26,577
17,798
15,400
13,509
10,193
9,547
7,524
6,341
5,533
18,216
10,719
6,996
7,620
4,163
2,216
1,401
901
612
453
1,011
299
135
67
58
25
22
269,165
CM
2,035
2,035
2,714
3,063
1,696
2,714
CM
CM
CM
1,706
CM
CM
19,524
87,169
201,520
For footnotes, see i
92-94; for extent to which data are estimated, see pp. 19-21,
INDIVIDUAL INCOME TAX RETURNS FOR 1951
53
-INDIVIDUAL RETURNS FOR 1951 WITH SAUtRIES AND WAGES AND WITH INCOME FRCU OTHER SOURCES, BI TAXABU AND NONTAXABLE RETURNS, BY ADJUSTED GROSS INCOC CLASSES, BY SELECTED
PATTERNS OF INC(WE, AND BY SIZE OF A SPECIFIC SOURCE OF INCCME: FREQUENCY DISTRIBUTION OF RETURNS-Con.
Adjusted gross Income classes^
(DoIlMfM)
Number of returns with salaries and wages. Interest, and other Income*^ - by size of other Income
Size of other Income*'
Under tlO
(ua)
tlO under
»50
$50 under
tlOO
$100 under
$200
$200 under
$300
$303 under
$i00
$400 under
$;oo
$;oo or
more
Taxable returns;
No adjusted gross Income'
Under $600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1 , 500 under 1 ,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2 ,750 under 3 ,000
3,000 under 3,500
3,500 under i,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
10,000 under 11 ,000
11,000 under 12,000
12 ,000 under 13, 000
13,000 under 14 ,000
U ,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25 ,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
60,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5,000,000
5,000,000 or more
Total taxable returns
Nontaxable returns :'°
No adjusted gross Income'
Under $600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1 , 500 under 1 ,750
1,750 unler 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 under 5,000
3,000 uixler 3,500
3,500 under 4,000
4,000 under 4 ,500
4,500 or more
Total nontaxable returns
Grand total
Taxable returns with adjusted gross Income under $5,000 and
nontaxable returns.
Taxable returns with adjusted gross Income of $5,000 or
more.
3,053
3,731
5,129
9,548
13,619
8,192
14,307
18,008
15,672
27, 597
37,161
55,265
51,615
50,775
75,885
51,213
31,874
24,164
15,655
11,194
6,902
6,363
4,483
3,363
11,685
6,079
3,498
3,517
1,734
864
447
265
180
110
294
71
34
19
19
10
574,605
4,748
3,741
8,480
7,473
8,819
6,465
6,116
4,410
5,437
4,410
1,357
2,035
3,053
("i
2,498
69,381
384,053
259,933
(")
(")
(")
1,695
(")
(")
(")
(")
1,695
313
(")
CM
(")
(")
2,046
(")
(")
(")
2,036
2,714
4,081
4,759
5,757
4,081
8,141
3,742
2,385
1,424
577
723
202
182
131
(")
327
152
(*M
(")
(")
(")
(")
(")
(")
2,7U
3,731
4,071
3,741
4,749
6,835
4,789
2,066
1,252
687
283
323
202
192
81
232
85
32
36
C")
(")
(")
1,357
2,035
(")
C")
2,035
4,071
4,081
4,759
7,483
6,804
7,463
10,875
4,749
1,802
1,252
828
323
273
132
131
404
182
(")
(")
2,374
4,071
2,035
2,035
1,595
3,053
3,731
8,151
5,757
3,741
8,490
4,759
4,410
1,606
802
505
273
242
162
121
303
141
52
40
36
6
3
(")
(")
(")
(")
(")
C")
(")
1,356
1,706
4,749
4,081
3,392
4,081
4,759
2,035
1,890
727
333
246
162
212
51
192
51
44
28
20
2
(■")
64,972
35,218
25,851
(")
1,357
(")
(")
(")
(")
(")
(")
1,596
(")
C")
(")
CM
CM
CM
CM
(*M
CM
1,695
CM
2,714
(")
1,357
CM
CM
CM
CM
CM
CM
CM
(*M
CM
CM
1,357
C"i
CM
CM
CM
CM
CM
CM
1,356
1,357
CM
(*M
CM
CM
CM
CM
CM
5,429
8,490
7,472
7,121
49,774
45.965
7,125
3,523
31,591
18,183
28,845
17,120
50,943
22,170
46,860
22,059
27,843
U,847
22,414
10,558
(*M
1,595
2,076
4,450
4,111
4,799
8,880
9,867
6,495
U,330
14,743
21,952
22,402
23,946
32, '%
25,591
15,888
U,978
10,525
8,087
5,222
5,100
3,503
2,858
9,995
5,353
3,178
3,304
1,622
330
434
256
177
107
289
70
33
19
19
10
7
1
1
290,798
CM
1,696
3,402
4,071
3,752
3,402
1,695
3,053
1,357
(")
1,357
2,035
(")
CM
28,997
319,795
158,432
151,353
For footnotes, see pp. 92-94; for extent to which data are estimated, see pp. 19-21.
54
INDIVIDUAL INCOME TAX RETURNS FOR 1951
Table 5. -INDIVIDUAL RETURNS FOR 1951 WITH SALARIES AND WAGES AND WITH INCCME FRCM OTHER SOURCES, BY TAXABLE AND NONTAXABLE RETURNS, BY ADJUSTED GROSS INCCME CLASSES, BY SELECTED
PATTERNS OF INCCME, AND BY SIZE OF A SPECIFIC SOURCE OF INCCME: FREQUENCY DISTRIBUTION OF RETURWS-Con.
Adjusted gross income classes^
(DotUrB)
Number of returns with salaries and wages, dividends. Interest, and other income*-' - by size of other Income
Size of other Income*^
Under $10
$10 under
$50
$50 under
»100
$100 under
1200
1200 under
$300
$300 under
$400
$iOO under
$500
$500 or
more
Taxable returns:
No adjusted gross income'
Under $600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1 , 500 under 1, 750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 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
10,000 under 11,000
11, 000 under 12 ,000
12,000 under 13,000
13,000 under 14,000
14,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5,000,000
5,000,000 or more
Total taxable returns
Nontaxable returns:*'*
No adjusted gross income'
Under $600
600 under 750
750 under 1 , 000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1 , 750 under 2 ,000
2,000 under 2,250
2 ,250 under 2, 500
2,500 under 2,750
2,750 under 3,000
3,000 under 3 , 500
3,500 under 4,000
4,000 under 4,500
4,500 or more
Total nontaxable returns
Grand total
Taxable returns with adjusted gross income under $5,000 and
nontaxable returns.
Taxable returns with adjusted gross income of $5,000 or
more.
(")
C")
2,374
2,385
6,116
7,174
8,192
11,882
9,508
11,571
30,036
29,455
37,893
38,359
61,924
57,997
42,183
34,790
30,148
23,154
19,400
17,282
14,062
11,912
44,125
28,761
19,774
24,206
14,008
8,767
5,815
3,888
2,836
2,026
5,356
1,978
873
483
451
207
228
73
40
672,767
3,052
3,053
5,098
2,714
4,410
3,392
4,081
2,385
2,714
3,402
1,696
2,035
1,357
(")
{")
40,578
713,345
236,540
476,805
(")
(")
2,036
(41)
1,357
C")
1,706
(")
(")
606
465
203
202
202
111
61
333
101
81
109
57
37
16
10
7
(41)
1,361
3,063
3,741
2,035
3,752
5,108
3,422
3,392
2,424
1,727
1,232
859
802
610
358
1,353
810
420
432
264
104
63
33
27
17
30
(")
(")
(")
1,357
(")
(")
3,741
3,412
3,392
3,772
6,106
7,493
1,367
2,266
1,919
1,151
863
772
606
434
1,222
883
470
443
166
111
95
27
23
20
26
6
5
3
CM
(41)
(")
(")
(41)
1,696
2,374
2,714
3,752
6,455
3,124
6,136
5,108
4,779
3,353
2,783
1,798
1,515
1,394
843
747
2,172
1,188
674
704
294
192
108
74
39
27
52
(")
(")
(41)
C")
(41)
(")
(")
1,696
1,716
1,696
5,088
5,098
6,479
7,174
1,716
2,172
1,812
1,226
919
697
661
392
1,849
852
550
693
252
146
86
52
39
20
50
8
(41)
C")
(")
(")
2,045
3,063
2,734
3,073
3,756
2,724
2,395
2,056
1,434
1,172
848
696
560
313
1,574
646
448
520
224
140
93
54
30
20
37
(")
(")
1,367
(")
(")
(")
2,035
(41)
2,395
2,378
4,101
2,045
1,357
1,570
1,293
838
717
448
343
384
1,065
782
464
394
164
121
68
31
23
14
38
3
3
3
(■")
(")
(")
C")
C")
(")
(")
(*M
C")
(")
C")
(41)
C")
CM
(")
(41)
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
(")
CM
CM
CM
CM
CM
CM
CM
CM
2,727
2,712
3,729
62,253
50,294
37,601
32,264
5,110
5,700
21,440
23,552
25,534
26,486
28,256
33,997
22,440
27,854
18,046
19,755
15,994
16,270
CM
CM
2,714
2,734
4,081
6,455
4,420
5,451
12,686
12,434
14,437
16,134
28,532
29,681
26,149
20,343
18,715
15,534
13,477
12,271
10,328
9,223
34,557
23,499
16,667
20,656
12,587
7,916
5,286
3,607
2,648
1,903
5,119
1,933
»47
473
441
205
226
72
38
28
16
6
3
5
405,765
CM
1,356
CM
1,696
2,035
1,696
1,367
1,357
2,385
1,357
(*M
CM
CM
(*M
17,146
422,911
99,720
323,191
For footnotes, see pp. 92-94; for extent to which data are estljnated, see pp. 19-21.
INDIVIDUAL INCOME TAX RETURNS FOR 1951
55
Table 6.-INDIVU)UAL RETURNS FCR 1951,
BY TAXABLE AND NONTAXABLE RETURNS, BY ADJUSTED GROSS INCCME CLASSES, AND BY TYPES CF TAX: NUMBER OF RETURNS, ADJUSTED CROSS INCCME,
BCEUPTION, TAX LIABILITY, AVERAGE INCOME TAX, AND EFFECTIVE INCCWE TAX RATE
Adjusted gross income classes*^
Number of
returns
Adjusted
gross
income*
(Thouamnd
dollar a)
AiDount of
exemption^'
( ThtAimitnd
doUara)
Income tax
liabllliyJO
( Thoutmnd
dollarM)
112
SeU-
craployment
tox^i
f 77iooa«nd
dolUrt)
Average
Ijicone
tax"
Effective
income tax
rate, based
OD adjusted
grosa income
(P«r.
"O
All returns*'
Taxable returns:
No adjusted gross income'
Under $600
600 under 750
750 under 1 ,000
1 ,000 under 1, 250
1,250 under 1,500
1 , 500 under 1 , 750
1,750 under 2,000 ,
2,000 under 2,250
2,250 under 2, 500
2,500 under 2,750
2,750 under 3,000
3,000 under 3,500
3,500 under 4,000
i,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
10,000 under 11,000
11,000 under 12,000
12,000 under 13,000
13,000 under 14,000
14,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5,000,000
5,000,000 or more
Total taxable returns
Nontaxable returns :*°
No adjusted gross income'
Under »600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1, 500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 under 3,000
3,000 under 3, 500
3, 500 under 4,000
4,000 I'nder 4,500
4,500 or more
Total nontaxable returns
Grand total
Taxable returns with adjusted gross Income under $5,000 and nontaxable
returns.
Taxable returns with adjusted gross Income of $5,000 or more
11,813
72,169
409,470
1,X2,347
1,456,189
1,522,669
1,649,116
1,665,604
1,976,775
1,996,170
2,052,248
2,239,880
4,593,425
4,370,310
3,883,585
3,088,728
4,117,062
2,265,919
1,212,879
691,349
416,614
278,048
195,461
149,769
115,990
92,542
295,950
154,776
93,697
100,175
49,670
27,351
16,722
10,657
7,416
5,310
12,047
4,008
1,734
960
830
382
389
134
77
45
28
11
5
5
42,648,610
392,999
3,760,057
763,260
894,295
1,071,739
816,433
762,769
882,419
581,210
590,955
588,596
362,082
661,215
373,011
147,471
150,288
12,793,399
55,447,009
45,128,897
10,318,112
'23,912
34,458
288,941
1,178,459
1,630,022
2,099,150
2,675,612
3,121,908
4,197,887
4,737,340
5,396,388
6,440,129
14,944,822
16,357,238
16,475,064
14,643,712
22,442,072
14,619,909
9,026,856
5,840,077
3,938,409
2,910,508
2,242,015
1,867,314
1,563,131
1,341,860
5,078,669
3,447,850
2,556,417
3,442,697
2,208,634
1,492,534
1,081,194
796,228
628,067
502,940
1,441,201
687,244
386,299
260,726
283,738
169,911
234,010
115,634
92,565
77,761
68,979
38,927
22,086
44,322
'185,148,052
'736,636
1,267,331
501,916
783,532
1,208,660
1,109,011
1,238,652
1,555,801
1,236,807
1,404,639
1,535,446
1,042,498
2,130,370
1,397,445
625,412
735,939
'17,188,433
'202,336,485
'111,385,651
90,950,834
15,133
86,553
279,322
892,590
995,330
1,267,047
1,453,726
1,504,449
2,163,303
2,254,712
2,513,246
3,058,882
6,846,592
7,323,697
7,129,534
5,870,211
8,003,751
4,353,190
2,328,368
1,321,071
799,620
534,952
332,818
294,462
229,020
181,950
590,720
312,916
190,340
204,011
100,179
54,987
33,172
20,919
14,375
10,304
22,948
7,486
3,143
1,718
1,479
570
577
227
122
66
587,368
2,994,236
333,113
1,400,314
1,730,557
1,541,952
1,621,959
1,952,084
1,528,724
1,571,092
1,529,273
1,148,890
2,181,725
1,390,052
519,777
653,144
23,384,322
87,043,883
57,044,153
19,999,729
2,935
47,607
106,620
134,700
196,304
265,436
322,353
399,622
460,609
537,712
1,289,105
1,439,157
1,496,044
1,423,594
2,360,910
1,733,048
1,152,177
797,819
563,602
435,120
349,131
305,353
256,298
237,503
978,921
759,746
628,012
964,059
713,357
535,876
419,340
327,449
270,415
224,580
637,725
356,130
203,114
144,788
160,839
99,060
141,465
69,987
57,799
43,733
46,174
25,237
14,550
26,160
24,227,780
8,121,798
15,105,982
330
941
1,007
2,396
3,900
5,095
5,751
7,511
8,369
9,112
10,264
9,775
21,073
18,748
15,102
12,226
17,424
12,151
9,130
5,562
5,039
3,962
3,242
2,565
2,109
1,789
5,839
2,922
1,939
2,031
1,057
572
354
223
153
110
233
72
30
211,293
131,600
79,693
119
159
163
200
224
240
231
329
385
461
573
765
950
1,154
1,353
1,569
1,786
2,039
2,296
2,564
3,308
4,909
6,703
9,624
14,362
19,593
25,107
30,726
36,454
42,294
57,087
38,855
120,020
150,821
193,782
259,319
363,663
522,291
750,636
971,844
1,649,071
2,294,273
2,910,000
5,232,000
553
180
1,561
1.0
4.0
5.5
6.4
7.3
3.5
7.7
8.4
3.5
8.3
8.6
8.8
9.1
9.7
10.5
11.9
12.8
13.7
14.3
15.0
15.6
16.4
17.0
17.7
19.3
22.0
24.6
28.0
32.3
35.9
38.8
41.1
43.1
44.7
47.7
51.8
53.9
55.5
56.7
58.3
60.5
50.5
52.4
56.2
65.9
54.8
65.9
59.0
13.1
12.0
7.3
17.7
For footnotes, see pp. 92-94; for extent to which data are estimated, see pp. 19-21.
56
INDIVIDUAL INCOME TAX RETURNS FOR 1951
Table 6. -INDIVIDUAL RETURNS FCR 1951, BY TAXABLE AND NONTAXABLE RETURNS, BY ADJUSTED GROSS INCOME CLASSES, AND BY TYPES OF TAX: NUMBER OF RETURNS, ADJUSTED CffiOSS INCCWE,
EXEMPTION, TAX LIABILITY, AVERAGE INCCME TAX, AND EFFECTIVE INCCME TAX RATE - Continued
Adjusted gross income classes^
(Dollara)
Number of
returns
Adjusted
gross
(Thousand
dollara)
Amount of
exen?)tion^'
(Thousand
dollars)
Income tax
1 lability^ °
(Thousand
dollars)
SeLf-
employment
tax^^
(Thousand
dollars)
Average
income
tax*'
Effective
income tax
rate, based
on adjusted
gross income
(Percent)
Returns with normal tax and surtax with or without self -employment tax^'
$600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 under 3,000
3,000 under 3,500
3,500 under i.OOO
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
10,000 under 11,000
11,000 under 12,000
12,000 under 13,000
13,000 under 14,000
14,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5,000,000
5,000,000 or n»re
Total returns with normal tax and surtax.
Under $15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5,000,000
5,000,000 or more
Total returns with alternative tax
355,551
1,254,541
1,332,705
1,421,883
1,559,748
1,555,833
1,903,594
1,911,190
1,972,700
2,205,541
4,520,697
4,337,833
3,870,242
3,078,893
4,114,230
2,265,358
1,211,780
691,217
416, 553
278,028
195,441
149,729
115,980
92,641
295,757
153,199
90,473
92,939
35,487
16,512
9,087
5,309
3,436
2,348
4,650
1,269
476
250
182
82
75
25
24
7
13
41,523,567
253,215
1,101,390
1,490,123
1,962,638
2,530,749
2,915,418
4,042,420
4,535,724
5,188,512
6,341,494
14,711,015
16,235,219
16,419,184
14,597,645
22,426,928
14,616,355
9,018,629
5,838,952
3,937,834
2,910,299
2,241,776
1,866,809
1,562,998
1,341,845
5,075,121
3,411,955
2,467,957
3,183,360
1,571,471
899,061
586,717
396,608
290,642
222,415
553,709
217,301
105,590
68,029
61,827
36,617
45,668
21,493
29,376
12.245
30,539
13,462
17,783
13,247
177,419,364
213,331
752,725
799,623
1,080,614
1,275,437
1,269,003
1,986,566
2,034,839
2,310,500
2,960,499
6,621,144
7,207,330
7,079,351
5,825,454
7,989,363
4,350,137
2,323,959
1,320,730
799,481
534,904
382,751
294,407
229,002
181,949
590,453
311,308
187,008
193,893
73,750
33,989
18,309
10,663
6,654
4,668
9,068
2,486
891
448
341
140
125
32
61,268,400
2,935
47,607
106,620
134,700
196,304
265,436
322,353
, 399,622
460,609
537,712
1,289,105
1,439,157
1,496,044
1,423,594
2,360,910
1,733,048
1,152,177
797,819
563,602
436,120
349,131
305,358
266,298
237,503
978,014
743,490
593,280
875,422
499,439
321,940
229,716
165,444
127,967
102,024
275,610
119,203
62,508
41,948
38,917
24,110
31,173
15,483
20,380
9,105
22,281
10,448
11,851
8,455
21,661,972
188
337
1,012
2,354
3,017
3,475
5,429
5,456
6,529
8,176
16,923
16,643
14,273
11,584
17,233
12,107
9,042
6,653
5,034
3,960
3,241
2,562
2,108
1,789
5,833
2,898
1,908
1,960
773
363
200
120
78
173,963
38
80
95
126
171
169
209
233
244
285
332
387
462
574
765
951
1,154
1,353
1,569
1,786
2,039
2,296
2,564
3,307
4,886
6,613
9,414
14,074
19,497
25,230
31,163
37,243
43,451
59,271
93,935
131,319
167,792
213,830
294,024
415,640
619,320
849,167
1,300,714
1,713,923
2,612,000
2,962,750
8,455,000
Returns with alternative tax with or without self -employment tax*'
162
1,567
3,220
7,182
14,179
10,836
7,633
5,348
3,977
2,961
7,395
2,739
1,257
710
&48
300
314
109
53
38
15
7
1
4
70,655
3,034
35,683
88,344
259,210
636,975
593,301
494,346
399,620
337,173
280,429
887,256
469,943
280,489
192,697
221,911
133,294
188,342
94,191
63,189
65,516
38,440
25,465
4,303
31,075
5,324,226
145
1,571
3,325
10,113
26,422
20,990
14,859
10,256
7,718
5,635
13,874
5,000
2,251
1,270
1,138
529
553
195
85
59
19
12
1
126,027
907
11,256
29,732
88,637
213,913
213,936
190,124
162,005
142,448
122,556
412,115
236,927
145,606
102,840
121,922
74,950
110,292
54,504
37,419
34,628
23,893
14,739
2,699
17,705
2,565,8
22
31
121
284
209
154
103
56
134
46
22
11
1,288
5,599
7,183
9,234
12,342
15,087
19,743
24,908
30,293
35,818
41,390
55,729
86,501
115,836
144,845
188,151
249,833
351,248
500,037
706,019
911,263
1,592,867
2,112,714
2,699,000
4,426,250
36,315
For footnotes, see pp. 92-94; for extent to which data are estimated, see pp. 19-21.
INDIVIDUAL INCOME TAX RETURNS FOR 1951
57
Tablo 6.-INDI\aDUAL RITimNS FCH 1951,
BY TAXABLE AND NONTAXABLE RETUHNS, BY ADJtETH) OROSS INCCME CLASSES, AND BY TYPES OF TAX: NUffiER OF RETURNS, ADJUSTED OROSS INCOIE,
EXEMPTION, TAX LIABIUTY, AVERAGE INCCUE TAX, AND EFFECTIVE INCCME TAX RATE - Continued
Adjusted gross income classed^
(Dollar.)
Number of
returns
Adjusted
gross
Income^
(ThotiM.itd
doltara)
Amount of
exemption^'
( Thouimntl
dollMfw)
Selr-
employment
( ThouMtttd
dottmr.)
Returns with only self-employinent ttx*'
No adjusted gross Income'
Under t600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 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
10,000 or more
Total returns with only self -employment tax.
11,813
72,169
53,919
87,806
123,484
100,786
89,368
109,771
73,181
84,980
79,548
34,339
72,728
32,477
13,343
9,835
2,832
("i
C")
132
61
156
'23,912
34,458
35,726
77,069
139,899
136,512
144,863
206,490
155,467
201,616
207,876
98,635
233,807
122,019
55,880
46,067
15,144
(")
C")
1,125
575
3,365
'1,904,462
15,133
86,553
65,992
139,865
196,207
186,433
178,289
235,446
176,742
219,873
207,746
98,383
225,448
116,366
50,182
43,757
14,388
(")
(")
341
139
390
330
941
819
1,559
2,888
2,741
2,734
4,036
2,940
3,656
3,735
1,599
4,150
2,100
824
642
(")
191
36,042
For footnotes, see pp. 92-94; for extent to which data are estljaflted, see pp. 19-21,
58
INDIVIDUAL INCOME TAX RETURNS FOR 1951
Table 7.-:nDIVIDUAI. RETURNS FOR 1951, BY TAXABLE AND NONTAXABLE RETURNS, BY ADJUSTED GROSS INCOME aiSSES, BY RETURNS WITH TAX OVERPABIENT OR RETURNS »ITH TAX DUE, AND BY TYPES
OF TAXPAYMENT: FREQUENCY DISTRIBUTION OF RETURNS AND AMOUNTS OF REFUND, TAX CREDIT, AND TAX DUE AT TIME OF FILING
Adjusted gross income classes^
(DoJJ.r.)
Total
number of
returns
Number of
returns with
neither
overpayment
nor tax due
at time of
flUng'°
Returns with tax overpayment'
Number of
returns
Amount of
overpayment
( Thmiaand
dollars)
( Thousand
dollars)
Credit on 1952 tax
( Thousand
dollars)
Returns by types of taxpayment
Only tax withheld
Number of
returns
(Thousand
dollars)
(HI
Taxable returns ;
No adjusted gross income'
Under $600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 linder 2,500
2,500 under 2,750
2,750 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
10,000 under 11,000
11,000 under 12,000
12,000 under 13,000
13,000 under 14,000
14,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5,000,000
5,000,000 or more
Total taxable returns
Nontaxable returns:**^
No adjusted gross income'
Under $600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 under 3,000
3,000 under 3,500
3,500 under 4,000
4,000 under 4,500
4 , 50O or more
Total nontaxable returns
Grand total
Taxable returns with adjusted gross
income under $5,000 and nontaxable
returns.
Taxable returns with adjusted gross
income of $5,000 or more.
11,813
72,169
409,470
1,342,347
1,456,189
1,522,669
1,649,116
1,665,604
1,976,775
1,996,170
2,052,248
2,239,880
4,593,425
4,370,310
3,883,585
3,088,723
4,117,062
2,265,919
1,212,879
691,349
416,614
276,048
195,461
149,769
115,990
92,642
295,950
154,776
93,697
100,175
49,670
27,351
16,722
10,657
7,416
5,310
12,047
4,008
1,734
960
830
382
369
134
77
45
28
11
5
5
392,599
3,760,057
763,260
894,295
1,071,739
816,433
762,769
882,419
581,210
590,955
588,596
362,082
661,215
373,011
147,471
150,288
M
(
(41)
3,033
52,328
82,800
55,707
87,565
103,248
123,122
132,738
136,171
142,807
r/9,520
128,913
103,426
73,967
27,260
11,247
3,127
1,722
1,872
997
803
542
446
303
1,235
899
377
373
180
65
60
32
23
25
29
14
3,690
9,395
299,917
957,402
810,956
922,124
944,936
936,228
1,140,261
1,115,345
1,134,163
1,232,201
2,410,169
2,277,386
2,078,073
1,660,306
2,282,754
1,088,398
496,434
225,740
126,002
79,195
52,488
37,843
29,477
21,475
69,034
36,758
21,018
22,283
10,508
5,841
3,592
2,324
1,708
1,275
2,892
1,002
461
286
234
99
136
1,277
1,391
18,139
48,607
35,418
46,410
48,382
45,028
67,371
65,700
69,752
30,077
171,012
171,303
167,593
138,501
209,254
119,745
67,381
38,459
27,428
20,670
16,779
15,695
13,048
11,340
47,134
36,422
26,904
38,197
24,766
16,402
11,892
9,002
7,471
6,366
17,947
8,808
5,200
4,364
3,941
1,552
3,261
1,735
689
447
266
394
3,103
6,029
295,974
943,597
795,264
396,114
921,768
912,024
1,106,722
1,090,357
1,101,422
1,192,391
2,343,448
2,217,595
2,020,552
1,615,209
2,2IX,922
1,022,152
456,327
191,613
93,696
57,603
34,408
23,526
15,287
10,558
30,165
13,670
5,632
5,045
2,125
1,000
600
310
266
171
310
131
50
45
27
12
19
6
1
1,018
929
17,616
47,387
34,115
44,468
46,052
43,139
64,263
62,972
66,045
76,029
162,972
163,100
160,289
132,112
197,144
105,916
56,544
30,703
19,844
13,774
9,861
9,279
6,851
5,801
22,116
17,514
8,662
11,559
7,642
3,748
2,409
1,738
1,193
1,019
2,198
1,388
464
697
398
141
351
505
23
(41)
3,366
3,943
13,805
15,692
26,010
23,163
24,2(X
33,539
24,988
32,741
39,810
66,721
59,791
57,521
45,097
77,332
66,246
40,107
33,927
27,306
21,592
18,080
14,315
13,190
10,917
38,869
23,088
15,336
17,233
8,363
4,841
2,992
2,0U
1,442
1,104
2,582
871
411
241
207
87
117
40
16
5
3
460
524
1,223
1,299
1,942
2,329
1,390
3,105
2,726
3,709
4,047
8,048
3,200
7,303
6,395
12,112
13,826
10,840
7,757
7,537
6,894
6,919
6,413
6,196
5,538
25,018
18,906
18,237
26,633
17,128
12,654
9,482
7,263
6,275
5,344
15,748
7,422
4,715
3,666
3,543
1,410
2,911
1,230
666
441
247
393
(")
2,055
290,022
936,415
789,582
360,912
904,476
391,163
1,095,225
1,073,742
1,087,726
1,178,564
2,297,314
2,185,491
1,982,095
1,582,325
2,143,666
975,746
431,629
173,854
87,392
48,295
27,613
16,776
11,283
6,735
17,232
5,554
2,023
1,175
338
124
95
2,055
239,633
935,048
785,163
876,143
901,692
837,377
1,036,725
1,068,932
1,081,571
1,169,011
2,283,665
2,171,353
1,969,483
1,574,932
2,130,736
965,169
425,801
170,854
64,770
46,746
26,447
16,180
10,277
6,301
16,247
5,069
1,779
939
256
65
76
35
13
1,457,347
1,988,970
21,637,502
1,662,040
21,123,334
230,161
605,137
230,850
452,806
541,134
399,347
352,457
360,933
249,532
225,604
205,446
119,047
173,439
87,037
29,112
27,973
112,438
3,154,920
432,410
441,439
530,605
417,086
410,312
521,481
331,678
365,151
383,150
243,035
487,776
285,914
118,359
122,315
49,817
103,672
26,537
24,247
35,007
28,230
23,192
42,717
24,759
26,526
30,646
16,559
45,192
26,118
13,347
26,363
87,778
3,146,050
476,133
437,293
525,634
413,884
406,152
518,717
326,837
360, 373
330,736
240,985
483,661
283,829
117,641
120,939
33,247
102,326
25,337
23,533
34,422
27,786
27,220
41,046
23,741
25,864
30,427
16,433
44,833
25,639
13,131
25,410
24,660
8,870
6,227
4,191
4,971
3,202
4,160
2,764
4,841
4,778
2,414
2,050
4,115
2,085
CM
11,566
1,348
699
660
586
443
973
1,671
1,017
666
217
124
358
479
(")
61,233
3,130,306
475,723
428,890
521,058
408,683
401,640
510,105
323,694
359,983
375,238
237,543
479,129
273,999
115,904
115,385
59 ,062
3,127,543
472,321
426,506
518,344
407,985
399,934
509,088
322,337
357,599
374,399
236,865
477,433
278,999
115,904
115,317
301
17,051
46,748
33,103
42,335
43,815
39,909
59,841
58,415
61,423
71,663
153,523
154,357
152,909
125,743
178,775
91,374
49,536
24,003
14,576
9,195
6,097
4,664
3,120
2,111
6,875
3,256
1,878
1,114
505
191
186
89
47
3
31
18
1,459,474
13,164
99,035
25,154
20,703
33,430
26,597
26,336
39,019
22,752
25,356
28,752
15,556
39,426
23,375
11,574
20,423
8,408,119
8,326,697
81,422
8,223,563
471,157
30,960,007
2,536,899
29,964,199
2,187,990
995,808
348,697
29,192,367
1,930,631
5,795,983
51,644
26,340,671
4,619,335
25,788,266
4,175,933
1,648,455
552,405
25,402,285
3,949,512
1,532,411
3,907,793
For footnotes, see pp. 92-94; for extent to which data are estijMted, see pp. 19-21.
INDIVIDUAL INCOME TAX RETURNS FOR 1951
59
T.bl, 7 -INCIVIDUM, RmiRNS FOR 1951, BY TAXABLE AND NOOTAXABLE RETURNS, BY ADJUSTED GROSS INCOffi CLASSES, BY RETURNS WITH TAX OVERPAYMENT OR RETURNS WITO TAX DUE, AND BY TYPES
T.bl, 7.-INDIVIDUAL X^'^^^^,^^. j^^uenCY DISTRIBUTION OF RErURNS AND AKOUKTS OK REFUND, TAX CREDn, AND TAX DUE AT TIME OF FltlNO - Continued
—
Adjusted gross Income classes^
(Dollara)
Returnfl with tax overpayment '° -
Continued
Returns by types of taxpayment -
Continued
Only ta:t withheld -
Continued
Tax withheld and
payments on
1951 declaration
Only payments on 1951 declaration
Credit on
1952 tax
Number of
returns
IW)
Refund
Credit on
1952 tax
Number of
returns
lUI
Refund [
Credit on
1952 tax
Number
(121
Amount
dollars)
1131
Number
116)
Amount
(Thouund
dollarm)
ll«l
Number
117)
Amount
(Thouasnd
dollmrm)
lie)
Number
(i»)
Amount
(TTtouaand
dolUrBj
(21)
Number
(2J)
Amount
(thoummnd
dollmrm)
(23)
1
2
Taxable returns;
No adjusted gross Income'
CM
(")
1,367
4,419
4,769
2,784
3,791
8,500
4,810
6,155
9,553
13,649
13,633
12,612
7,893
12,930
10,577
5,828
3,000
2,622
1,549
1,166
596
1,006
434
985
485
244
236
80
39
19
6
6
3
5
2
1
(")
(")
17
265
201
325
165
353
187
430
354
741
1,028
895
310
850
869
636
264
377
256
226
104
129
127
397
211
187
181
129
■ 86
70
26
13
12
41
9
2
(")
(")
(")
2,085
3,132
4,141
8,252
13,423
9,840
14,290
20,549
17,275
47,421
45,562
54,435
46,444
91,362
71,756
41,273
34,546
24,752
19,798
14,205
12,901
10,180
8,159
29,691
18,221
10,979
11,832
5,744
3,291
1,990
1,314
955
714
1,694
518
247
148
126
47
67
17
6
3
1
3
CM
CM
CM
1,736
1,406
3,772
4,830
10,670
4,611
9,710
10,641
10,399
31,182
27,475
37,479
32,213
56,260
40,005
21,829
16,308
10,747
8,251
5,531
5,360
4,138
2,776
9,188
6,060
2,614
2,502
1,157
567
321
153
153
107
191
65
28
30
15
7
15
1
2
CM
CM
CM
198
239
513
526
1,223
635
1,183
1,443
2,260
4,222
4,013
5,140
4,215
9,002
7,122
3,975
4,081
2,883
2,519
2,146
2,586
1,958
1,970
7,614
8,127
4,031
5,204
3,152
1,948
1,237
770
626
615
1,417
631
286
521
152
58
224
23
7
CM
CM
(")
1,726
CM
3,422
2,753
5,229
4,580
9,908
6,876
16,239
18,087
16,956
14,231
35,102
31,751
19,444
18,238
14,005
11,547
8,674
7,541
6,042
5,383
20,503
12,161
8,365
9,330
4,587
2,724
1,669
1,161
S02
607
1,503
453
219
118
111
40
52
17
5
1
1
3
CM
CM
CM
134
CM
284
139
554
412
896
772
2,148
1,822
1,614
1,339
3,974
4,332
3,527
2,832
2,573
2,679
2,357
2,490
2,129
2, Oil
10,312
7,651
8,760
12,947
8,534
6,428
4,755
3,697
3,520
2,679
8,539
3,367
2,569
1,733
1,957
547
1,493
525
201
6
48
277
1,841
7,300
9,536
18,902
18,242
37,071
32,208
31,637
35,196
27,313
25,888
36,362
65,434
46,333
41,543
31,037
47,726
40,896
23,532
17,340
13,658
11,102
10,670
8,166
6,014
6,581
22,111
12,983
8,016
9,276
4,426
2,426
1,507
969
734
556
1,189
479
213
137
107
52
69
29
U
4
3
2
1,304
3,964
5,932
6,813
8,695
16,199
15,246
13,977
15,386
11,715
9,210
12,981
28,601
16,262
13,590
8,064
17,926
16,978
8,697
4,651
3,179
2,606
2,430
1,988
1,672
1,481
4,730
2,541
1,289
1,604
710
348
203
122
100
62
115
63
21
15
11
5
4
6
1
1
618
626
538
441
773
1,620
1,711
2,007
3,767
3,374
3,179
2,101
5,222
4,730
2,240
2,149
9,367
6,920
3,033
2,614
2,385
2,060
1,618
2,029
1,773
1,720
7,627
6,131
2,753
5,241
3,985
1,609
986
879
525
401
750
739
187
176
186
83
127
505
18
2
CM
3,336
3,604
12,089
9,547
20,872
16,962
17,660
19,810
15,598
16,678
23,381
36,833
28,071
27,953
22,973
29,800
23,918
14,835
12,689
10,679
6,496
8,240
6,178
6,142
5,100
17,381
10,442
6,727
7,672
3,716
2,078
1,304
847
634
494
1,074
416
192
122
96
47
65
23
11
4
2
1
CM
454
501
1,191
900
1,720
1,720
1,586
2,198
2,127
2,363
2,921
5,159
5,350
4,794
4,746
7,266
8,625
6,677
4,661
4,637
3,959
4,336
3,819
3,938
3,370
U,309
11,044
9,290
13,510
8,465
6,140
4,657
3,340
2,742
2,653
7,168
4,026
2,126
1,931
1,566
863
1,418
755
465
435
199
116
1
2
600 under 750
3
4
5
6
5
1,250 under 1,500
1 500 under 1.750
6
7
6
9
10
2,000 under 2,250
2 250 under 2,500
9
10
11
2 500 under 2.750
11
12
13
3 000 under 3 500.
13
14
4 000 under 4 500
15
16
17
5,000 under 6,000
17
18
19
20
7,000 under 8,000
8 000 under 9,000
19
20
21
9 000 under 10 000
21
22
23
11 000 under 12 000
23
24
25
26
27
13,000 under 14,000
14,000 under 15,000
15 000 under 20,000
25
26
27
26
29
25 000 under 30,000
29
30
31
32
33
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60 000 under 70,000
30
31
32
33
34
35
36
37
80,000 under 90,000
90,000 under 100,000
100 000 under 150 000
35
36
37
36
39
200,000 under 250,000
39
40
il
300 000 under 400 000
41
i2
43
400,000 under 500,000
500,000 under 750,000
42
43
44
i5
1,000,000 under 1,500,000
45
46
i?
2 000 000 under 3 000,000
47
46
i9
4 000 000 under 5 000 000
49
50
50
136,103
10,499
704,527
381,573
101,021
322,954
129,697
719,027
263,698
101,545
455,329
186,531
51
Nontaxable returns ;4°
52
2,221
2,763
3,402
2,384
2,714
(")
1,706
(")
1,357
2,384
C")
(")
1,696
{'■'■)
603
117
214
202
155
(")
258
(")
185
212
(")
(")
25
7,831
3,563
1,427
1,827
1,417
1,787
2,435
4,111
1,387
1,736
2,399
2,045
3,103
2,085
3,017
5,735
3,174
1,397
1,797
CM
1,418
1,757
3,772
(")
1,726
',379
2,045
2,425
1,716
CM
2,957
10,429
793
323
541
CM
297
700
927
CM
470
870
711
1,371
588
(*M
3,022
2,096
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
1,621
(")
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
CM
43,324
21,051
5,260
10,772
8,130
6,616
6,237
7,265
6,597
3,432
5,513
3,447
5,544
4,830
1,757
3,913
22,981
15,333
2,465
6,995
6,222
4,461
4,461
5,857
3,452
(*M
3,458
2,075
3,803
3,114
(*M
2,665
14,654
2,496
360
2,344
652
892
184
1,100
394
(*M
805
166
4,036
1,176
CM
1,960
20,343
5,718
2,795
1,777
1,908
2,135
1,776
1,408
3,145
2,384
2,055
1,372
1,741
1,716
CM
CM
9,342
992
464
447
385
387
618
1,428
736
449
172
115
214
337
CM
CM
52
53
54
600 under 750
54
55
56
1 000 under 1,250
56
57
58
1 500 under 1 750
58
59
60
2 000 under 2,250..
60
61
6?
63
64
3 000 under 3 500
64
65
3,500 under 4,000
65
66
4,000 under 4,500
66
67
Total nontaxable returns
Grand total
68
23,427
2,231
40,868
35,102
22,286
5,766
2,908
U3,688
91,459
32,507
52,229
16,831
63
69
159,530
12,730
745,395
416,675
123,307
326,720
132,605
862,715
355,157
134,052
507,558
203,362
69
70
71
Taxable returns with adjusted gross
income under t5,000 and nontaxable
returns.
Taxable returns with adjusted gross
IncoKie of $5,000 or more.
117,711
41,819
7,528
5,202
328,355
416,540
222,294
194,381
48,422
74,885
106,561
222,159
13,086
119,719
609,531
253,184
281,398
73,759
67,623
66,429
328,133
179,425
54,814
146,548
70
71
For footnotes, see pp. 92-94; for extent to irtilch data are estljnated, see pp. 19-21.
328641 O — 55 5
60
INDIVIDUAL INCOME TAX RETURNS FOR 1951
Table 7.— INDIVIIXIAl HETOHNE FOR 1951, BY TAXABLE AND NONTAXABLE BITURNS, BY ADJUSTED QROSS INCCWE CLASSES, BY HETUHNS WITH TAX OVERPAYMENT OR RETURNS WITH TAX DUE, AND BY TYPES
OF TAXPAYMENT; FREQUENCY DISTRIBUTION OF RETURNS AND AMOUNTS OF REFUND, TAX CREDIT, AND TAX DUE AT TIME OF FILING - Continued
Adjusted gross Inconie classes^
(Dollars)
Returns with tax due at time of filing^**
Total
number of
returns
Tax due at
tijne of
filing
(Thousand
doUara)
(25)
Returns by types of taxpayment
Only tax withheld
Number of
returns
Tax due at
time of
filing
( Thouaand
dollars)
Tax withheld and
payments on 1951
declaration
Number of
returns
Tax due at
time of
filing
(Thouaand
dollars)
(2S>
Only payments on
1951 declaration
Number of
returns
Tax due at
time of
filing
(Thousand
dollars)
131)
Neither tax withheld
nor payment on 1951
declaration
Number of
returns
Tax due at
time of
filing
( Thousand
dollars)
Taxable returns:
No adjusted gross income^
Under $600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 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 Tinder 9,000
9,000 under 10,000
10,000 under 11,000
11,000 under 12,000
12,000 under 13,000
13,000 under 14,000
14,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5,000,000
5,000,000 or more
Total taxable returns
Taxable returns with adjusted gross income
under $5,000.
Taxable returns with adjusted gross income
of $5,000 or more.
8,102
62,437
106,520
332,617
562,433
544,838
616,615
626,128
713,392
748,087
781,914
864,872
2,003,736
1,964,011
1,702,086
1,354,455
1,807,048
1,166,274
713,318
463,887
288,740
197,856
142,170
111,384
86,067
70,864
225,681
117,119
72,302
77,519
38,982
21,445
13,070
8,301
5,685
4,010
9,126
2,992
1,269
669
593
283
252
18,639,375
12,992,243
5,647,132
205
758
1,327
8,488
17,078
20,404
32,049
37,552
42,790
49,646
53,392
59,400
132,987
146,306
138,647
133, CK9
212,437
179,856
142,299
121,424
103,084
89,113
79,018
74,438
66,333
61,470
249,491
185,258
157,547
234,359
168,672
120,855
91,652
69,394
57,255
45,439
128,640
52,749
36,547
21,691
23,786
15,457
17,804
6,628
6,558
12,234
3,827
1,262
724
1,339
CM
(")
8,U8
100,613
323,767
258,041
322,813
344,804
399,439
470,431
505,180
601,814
1,553,409
1,589,554
1,393,469
1,086,811
1,412,055
878,359
500,558
292,537
152,468
86,964
53,483
36,434
25,678
18,596
48,769
18,623
8,372
6,335
2,164
948
431
202
140
93
137
30
16
4
(")
CM
59
1,284
4,515
5,929
9,823
11,469
14,335
17,765
19,071
24,245
50,214
70,972
72,239
55,293
95,754
73,557
52,809
39,388
28,632
21,803
17,830
14,911
13,267
11,195
39,903
26,692
18,339
22,681
12,488
8,179
5,255
2,943
2,696
2,178
4,163
1,863
1,324
419
598
405
1,199
CM
2,714
CM
3,467
7,832
11,912
11,584
15,025
21,217
47,515
58,347
69,309
72,519
122,925
102,564
76,247
67,812
54,690
44,950
36,344
31,560
24,942
21,899
76,268
45,962
29,995
35,030
19,451
11,265
6,960
4,543
3,165
2,183
5,222
1,701
694
375
363
181
145
52
18
CM
CM
127
359
617
652
870
1,176
3,316
4,319
6,783
7,305
13,847
14,709
14,498
14,155
13,202
12,570
11,867
12,692
11,047
10,783
50,229
45,112
41,650
72,155
63,296
48,769
39,350
30,685
25,501
20,303
63,185
31,474
18,178
11,508
14,293
8,936
10,078
4,207
2,780
6,413
1,188
710
153
428
CM
CM
CM
15,370
21,891
31.732
40 ,924
57,860
59,534
63,158
68,311
66,611
138,600
115,666
114,460
99,052
159,483
115,457
93,242
75,057
61,104
51,359
41,424
34,449
28,586
24,773
85,890
46,479
30,754
33,282
16,203
8,711
5,422
3,383
2,278
1,675
3,663
1,225
550
288
224
98
103
36
42
18
12
5
3
3
■)
)
)
283
659
1,127
2,358
3,563
3,994
5,462
6,564
7,266
17,297
13,352
22,411
20,915
40,588
38,352
35,183
35,543
33,463
31,792
29,677
28,025
25,780
24,643
109,145
82,596
75,348
110,547
75,541
53,054
40,753
30,164
24,978
20,312
55,112
26,086
15,824
9,477
8,522
5,907
6,527
2,419
3,778
5,048
2,638
552
572
911
7,354
50,721
97,354
216,285
214,061
254,377
249,411
215,632
242,507
202,914
193,397
175,230
264,111
200,444
124,348
95,073
112,585
69,884
43,271
28,461
20,478
1A,583
10,919
3,941
6,861
5,596
14,754
5,055
3,171
2,872
1,164
520
237
173
102
58
104
36
9
3,722,729
12,503,137
1,150,644
1,820,517
1,199,731
874,078
2,848,651
8,959,719
3,543,418
378,325
521,255
323,080
827,564
25, 6X
740,061
895,225
110,264
1,089,467
2,814,219
350,858
198
751
1,250
6,919
11,742
13,317
19,742
22,162
23,344
25,757
25,892
25,714
52,161
52,663
37,210
38,537
62,139
52,736
39,809
32,337
27,788
22,946
19,641
18,810
16,237
14,853
50,215
30,860
22,198
28,972
17,346
10,849
6,285
5,602
4,087
2,645
5,175
3,329
1,219
188
373
211
359,859
497,852
For footnotes, see pp. 92-94; for ejrtent to which data are estimated, see pp. 19-21.
INDIVIDUAL INCOME TAX RETURNS FOR 1951
61
Table B.-INDIVIDU/IL RITORNS FCR 1951,
BI TAXABLE AND NOIfTAXABLE RETURNS, BY ADJUSTED GROSS INCOME CLASSES, BY MARITAL STATUS AND SEX OF TAXPAYER: NUMBER OF RETURNS, ADJUSTED
GROSS INCOME, EXEMPTION, AND TAX LIABILITY
Adjusted gross income classes^
(Dollara)
All returns
Join
t returns of hu
sbands and wi
ves"
Total
number of
Adjusted
gross Income^
Amount of
exemption^'
Total tax
liability'
Number of
returns
Adjusted
gross income^
Amount of
exemption"
lax
liability'
returns
(Thouamnd
(Th<M»nd
(Thoutand
(Thauamnd
(ThouMand
(Thoaamnd
dolUra)
dollmra)
dollmrw)
dotUitl
dotlmrm)
dotlsrm)
(1)
m
(S)
(«l
(6)
(»)
m
W
11,813
'23,912
15,133
330
8,156
'17,217
12,452
262
1
72,169
34,458
86,553
941
29,797
13,824
52,724
443
2
409,470
288,941
279,322
3,942
22,850
15,314
40,393
359
3
1,342,347
1,178,459
892,590
50,003
62,864
55,378
109,530
1,115
4
1,456,189
1,630,022
995,830
110,520
94,131
106,433
160,360
2,223
5
1,522,669
2,099,150
1,267,047
139,795
264,030
368,111
380,210
5,898
6
1,649,116
2,675,612
1,453,726
202,055
356,562
579,088
496,585
17,608
7
1,665,604
3,121,908
1,504,449
272,947
382,125
716,422
559,153
30,699
8
1,976,775
4,197,887
2,163,308
330,722
699,453
1,487,145
1,115,679
55,409
9
1,996,170
4,737,340
2,254,712
408,734
748,687
1,779,344
1,213,938
87,317
10
2,052,248
5,396,388
2,518,246
470,873
910,365
2,397,835
1,559,743
124,735
11
2,239,880
6,440,129
3,058,882
547,487
1,168,022
3,360,281
2,129,408
179,195
12
4,593,425
14,944,822
6,846,592
1,310,178
2,761,456
9,007,758
5,220,569
564,612
13
4,370,310
16,357,238
7,323,697
1,457,905
3,133,322
11,743,551
6,194,272
847,476
14
3,883,585
16,475,064
7,129,534
1,511,146
3,123,230
13,260,039
6,415,678
1,065,785
15
3,088,728
14,643,712
5,870,211
1,435,820
2,606,196
12,361,300
5,411,642
1,107,684
16
4,117,062
22,442,072
8,003,751
2,378,334
3,710,563
20,242,696
7,608,438
2,054,101
17
2,265,919
14,619,909
4,353,190
1,745,199
2,095,343
13,521,812
4,197,212
1,567,799
18
1,212,879
9,026,856
2,328,368
1,161,307
1,122,085
8,352,285
2,239,4S4
1,046,732
19
691,349
5,840,077
1,321,071
804,481
636,793
5,378,462
1,267,798
721,602
20
416,614
3,938,409
799,620
568,641
379,583
3,587,635
763,165
503,294
21
278,048
2,910,508
534,952
440,082
251,149
2,628,330
508,596
383,998
22
195,461
2,242,015
382,818
352,373
175,441
2,012,440
362,206
305,064
23
149,769
1,867,314
294,462
307,923
133,519
1,664,670
278,073
263,998
24
115,990
1,563,131
229,020
268,407
102,568
1,382,149
215,194
227,482
25
92,642
1,341,860
181,950
239,292
81,962
1,187,142
170,929
203,034
26
295,950
5,078,669
590,720
984,760
261,647
4,490,573
555,661
831,031
27
154,776
3,447,850
312,916
762,668
136,946
3,050,839
294,337
643,141
28
93,eS7
2,556,417
190,340
629,951
82,937
2,262,885
178,981
530,934
29
100,175
3,442,697
204,011
966,140
88,843
3,053,822
191,938
818,622
30
49,670
2,208,634
100,179
714,414
43,913
1,952,937
94,109
607,532
31
27,351
1,492,534
54,987
536,448
23,966
1,307,833
51,344
453,867
32
16,722
1,081,194
33,172
420,194
14,653
947,464
30,941
357,117
33
10,657
796,228
20,919
327,672
9,274
692,843
19,416
277,668
34
7,416
628,067
14,376
270,568
6,389
541,102
13,287
226,665
35
5,310
502,940
10,304
224,690
4,583
434,171
9,537
188,645
36
12,047
1,441,201
22,948
687,958
10,269
1,228,096
21,064
572,232
37
4,008
687,244
7,486
356,202
3,381
579,353
6,810
293,8U
38
1,734
386,299
3,143
208,144
1,425
317,592
2,805
166,312
39
960
260,726
1,718
144,802
752
204,012
1,497
110,870
40
830
283,738
1,479
160,848
667
227,816
1,307
126,203
41
382
169,911
670
99,065
307
136,385
583
77,896
42
389
234,010
677
141,470
295
177,482
579
104,782
43
134
115,684
227
69,988
92
79,160
181
44,786
44
77
92,565
122
57,800
49
58,763
95
34,361
45
45
77,761
66
43,733
27
46,439
48
23,921
46
28
68,979
34
46,174
6
14,304
10
8,161
47
11
38,927
20
25,237
7
24,597
14
15,354
48
5
22,086
5
14,550
1
4,632
1
3,072
49
5
44,322
8
26,160
1
7,107
1
4,561
50
42,648,610
'185,148,052
63,659,561
24,439,073
25,750,682
'139,032,434
50,157,977
17,889,471
51
392,599
'736,636
587,368
241,632
'577,092
467,020
52
3,760,057
1,267,381
2,994,286
_
423,420
153,371
784,256
-
53
763,260
501,916
833,113
_
189,474
127,592
361,982
_
54
894,295
783,582
1,400,314
_
461,901
405,834
851,321
-
55
1,071,739
1,208,660
1,730,557
-
600,379
679,153
1,102,740
-
56
816,433
1,109,011
1,541,962
_
552,507
754,168
1,U1,085
_
57
762,769
1,238,662
1,621,959
-
577,005
937,114
1,290,44«
-
58
882,419
1,656,801
1,952,084
-
717,359
1,347,561
1,639,127
-
59
581,210
1,236,807
1,528,724
-
521,008
1,109,447
1,391,917
-
60
590,955
1,404,639
1,571,032
-
540,926
1,285,517
1,451,510
-
61
588,596
1,535,446
1,629,273
_
547,089
1,427,124
1,524,026
_
62
362,082
1,042,498
1,148,890
_
341,138
982,209
1,093,598
_
63
661,215
2,130,870
2,181,726
_
634,865
2,046,403
2,100,298
-
64
373,011
1,397,445
1,390,052
_
360,485
1,350,903
1,349,506
.
65
147,471
625,412
619,777
-
145,102
615,384
612,065
-
66
150,288
785,939
653,144
-
147,401
763,669
646,831
-
67
12,798,399
'17,188,433
23,384,322
-
7,001, Ml
'13,408,357
17,807,730
-
68
55,447,009
'202,336,485
87,043,883
24,439,073
32,752,373
'152,440,791
67,965,707
17,889,471
69
45,128,897
'Ul, 385,651
67,044,153
8,253,398
23,372,937
'70,642,963
48,880,066
4,090,820
70
10,318,112
90,950,834
19,999,729
16,185,675
9,379,436
81,797,828
19,085,641
13,798,651
71
Taxable returns:
No adjusted gross income'
Under $600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2 , 500 under 2,750
2,750 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
10,000 under 11,000
11,000 under 12,000
12,000 under 13,000
13, 000 under 14 , 000
14,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5,000,000
5,000,000 or more
Total taxable returns
Nontaxable returns: *°
No adjusted gross income'
Under I6O0
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1, 500 under 1 , 750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2, 500 under 2,750
2,750 under 3,000
3,000 under 3,500
3,500 under 4,000
4,000 under 4,500
4, 500 or more
Total nontaxable returns
Grand total
Taxable returns with adjusted gross Income under $5,000 and
nontaxable returns.
Taxable returns with adjusted gross income of $5,000 or nore
For footnotes, see pp. 92-94; for extent to ^ich data are estlsmted, see pp. 19-21.
62
INDIVIDUAL INCOME TAX RETURNS FOR 1951
Table 8.-1NDIVIDU41 RETUHNS FOR 1951, BY TAXABLE AMD NONTAXABLE RETURNS, BY ADJUSTED GROSS INCOME CLASSES, BY MARITAL STATUS AND SEX OF TAXPAYER: NUMBER OF RETURNS, ADJUSTED
GROSS INCOME, EXEMPTION, AND TAX LIABILITY - Continued
Adjusted gross income classes^
(Dollars)
Separate returns of husbands and wives
Number of
returns
Adjusted
gross income*
(Thousand
dolUra)
(10)
Amount of
exemption^'
(Thouannd
dollar a)
(111
Tax
liability^
(Thouaand
dollars)
Number of
returns
Adjusted
gross income*
(Thouaartd
dollara)
(HI
Amount of
exemption^'
(Thooaand
dollars)
(IB)
liability^
Taxable returns:
No adjusted gross income^
Under $600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2 , 250
2,250 under 2, 500
2, 500 under 2, 750
2,750 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
10,000 under 11,000
11,000 under 12,000
12,000 under 13,000
13,000 under U.OOO
14,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,>X)0
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000 ^
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 4, (MO, 000
4,000,000 under 5,000,000
5,000,000 or more
Total taxable returns
Nontaxable returns: *°
No adjusted gross income'
Under $600
600 under 750
750 under 1, 000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2, 500 under 2 , 750
2,750 under 3,000
3,000 under 3, 500
3,500 under 4,000
4,000 under 4,500
4, 500 or more
Total nontaxable returns
Grand total
Taxable returns with adjusted gross income under $5,000 and
nontaxable returns.
Taxable returns witll adjusted gross Income of $5,000 or more
CM
4,110
8,826
28,107
32,521
32,258
31,211
38,074
53,873
60,241
80, 612
92,458
185,004
161,954
115,902
76,725
27,655
13,721
3,495
3,708
2,353
1,670
1,424
1,084
707
2,119
1,131
634
749
379
181
95
90
63
44
115
40
17
21
9
10
12
7
7
5,841
30,076
9,104
9,826
12,152
10,145
7,440
9,453
3,045
3,029
7,092
2,025
3,704
2,022
(")
(")
115,367
1,135,380
1,117,932
67,448
CM
2,044
6,231
24,534
36,033
44,957
50,532
71,056
114,123
143,265
211,702
265,549
602,289
607,089
490,243
362,593
148,395
87,539
63,497
31,516
22,284
17, 538
16,326
13,549
11,980
10,230
36,119
25,302
17,331
25,667
16,894
9,859
6,137
6,718
5,319
4,177
13,772
6,938
3,785
5,686
3,152
4,435
7,354
6,292
8,775
6,452
20,369
3,266
13,151
30,665
CM
2,879
5,499
18,110
21,344
25,454
23,455
31,225
52,863
58,866
81,276
94,026
194,251
180,017
134,232
83,903
34,255
15,793
10,535
4,371
2,594
1,834
1,690
1,160
1,047
823
2,418
1,321
756
907
436
218
103
105
75
113
42
18
24
CM
51
96
1,038
2,365
3,133
4,421
6,636
9,963
13,914
21,699
28,841
69,006
73,819
62,665
49,740
13,720
12,807
10,318
5,432
4,143
3,466
3,325
2,978
2,618
2,236
9,345
7,099
5,398
9,722
6,933
4,411
2,908
3,066
2,592
2,118
7,320
3,351
2,491
3,373
1,848
2,633
4,475
4,477
6,254
4,059
13,400
2,351
8,779
18,367
1,725
20,591
52,683
55,423
65,823
81,733
81,734
38,791
85,302
90,834
74,339
114,799
65,123
32,282
16,172
11,340
3,346
2,632
2,192
1,640
1,596
1,070
851
666
514
1,942
1,002
521
533
260
165
96
76
46
102
39
21
20
834
14,552
45,879
62,334
91,314
132,611
153,599
188, "36
203, il4
238,525
213,766
369,184
243,050
136,697
76,571
61,699
21,416
19,836
18,603
15,570
16,768
12,294
10,619
8,969
7,435
33,244
22,295
14,272
20,143
11,449
3,954
6,226
5,701
3,963
4,355
12,249
6,831
4,625
5,464
5,465
3,541
2,431
2,548
3,745
3,428
8,978
'3,742,295
550,722
958,716
'5,440
11,104
5,961
8,761
13, 615
13,521
12,184
17,754
6,394
7,054
18,367
5,877
11,747
7,533
(*M .
CM
'1J7,790
'3,380,085
'3,169,566
710,519
4,663
23, 125
9,104
14,630
17,804
16,337
14,200
19,634
3,110
5,363
17,623
6,079
12,939
7,278
CM
CM
3,595
145,576
27,684
18,237
22,271
15,847
10,447
3,096
5,061
2,700
2,361
(")
CM
180,392
1,269,174
1,133,409
80,765
347,399
203,323
1,190,148
30,812
'3,381
48,174
18,155
15,999
24,369
21,063
16,941
15,194
10,895
6,319
6,132
CM
CM
1,035
12,761
31,610
33,457
45,156
60,608
62,024
72,107
70,711
70,552
56,759
94,311
54,337
26,329
13,697
8,774
3,116
2,261
2,024
1,548
1,353
1,060
339
6X
484
1,333
987
467
582
231
165
100
76
45
2,399
101,135
22,475
25,309
32,793
24,458
19,604
15,985
11,333
7,083
6,073
CM
CM
'131,760
'2,736,0U
1,001,986
'2,352,928
333,116
975,154
26,832
For footnotes, see pp. 92-94; for extent to which data are estimated, see pp. 19-21.
INDIVIDUAL INCOME TAX RETURNS FOR 1951
63
Tabid 8.-INDIVIDUA1 HZTUHNS TOR 1951, BY TAXABLE AND NONTAXABLE RETURMS, BY ADJUSTED GROSS INCOME CUSSES, BY MARITAL STATUS AND SEX OF TAXPAYER: NUMBER OF RETURNS, ADJUSTED
GROSS INCOME, EXEMPTION, AND TAX LIABILITY - Continued
Adjusted groaa income classes^
(DoUarii
Returns of alngle persons
Number of
returns
Adjusted
gross income^
f 77)ouacnrf
dollar*}
(18]
Amount of
exemption^'
(Thouaanti
dollara)
(HI
Tax
liability'
(Thouaand
dotlara)
(80)
Number of
returns
Adjusted
gross Income^
(Thouaand
dollara}
(2Z)
AjDomit of
exemption^'
( TTutuaand
dollara}
(£31
Tax
liability'
(Thouaaitd
dollara)
(a«)
Taxable returns:
No adjusted gross income'
Under $600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1 , 750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 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 9,0(X)
9,000 under 10,000
10,000 under 11,000
11,000 under 12,000
12,000 under 13,000
13,000 under 14,000
14,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,(X)0
40,000 under 50,000
50,000 under 60,000
60, 000 under 70, OOO
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5,000,000
5,000,000 or more
Total taxable returns
Nontaxable returns; *°
No adjusted gross Income'
Under |600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2, 500 under 2,750
2,750 under 3,000
3,000 under 3,500
3,500 under 4,000
4,000 under 4,500
4,500 or more
Total nontaxable returns
Grand total
Taxable returns with adjusted gross income under |5,000 and
nontaxable returns.
Taxable returns vitli adjusted gross income of $5,(X)0 or DX>re
1,520
25,942
218,816
759,792
846,615
653,341
584,173
520,842
495,055
490,937
456,460
450,453
836,434
636,773
408,660
272,711
245,034
104,708
45,570
29,554
19,475
13,671
10,039
8,017
6,397
5,159
16,381
8,132
4,880
5,069
2,453
1,468
888
609
446
292
71 J
2«
110
78
63
23
42
10
9
5
6
90,332
,842,606
295,887
163,382
210,428
102,353
74,274
71,520
28,075
24,661
19,905
13,496
17,890
8,469
1,691
1,962
11,155,545
10,625,955
529,590
'4,446
12,365
154,884
669,301
945,573
895,110
946,336
975,252
1,050,753
1,163,663
1,198,427
1,295,720
2,713,056
2,377,459
1,729,400
1,290,859
1,324,030
673,786
337,858
249,912
184,484
143,426
114,935
99,903
86,314
74,715
230,768
132,300
132,870
174,393
109,098
80,100
57,394
45,517
37,732
27,641
86,331
39,696
24,686
21,492
21,776
10,185
25,492
8,657
10,928
9,454
U,751
973
22,520
134,972
463,867
517,189
446,328
422,867
377,420
401,041
413,030
382,217
401,574
737,020
575,392
374,664
257,843
239,014
96,150
43,924
28,255
18,666
12,999
10,079
7,724
6,386
5,072
16,229
8,122
4,970
5,254
2,517
1,526
912
660
469
289
768
242
119
85
68
23
43
11
10
5
7
25
302
2,028
29,817
68,240
72,863
86,271
100,357
108,823
126,349
139,583
154,433
344,433
317,491
242,352
186,230
196,740
108,961
57, 192
45,251
34,242
23,551
23,744
21,747
19,640
17,739
73,804
55,830
45,406
66, 614
45,792
35,965
27,229
21,924
19,138
14,506
46,793
22, M8
14,447
12,421
12,315
6,017
15,463
5,624
7,336
5,917
10,515
3,232
1,448
10,595
138,337
438,901
427,499
507,217
595,437
642,829
639,603
610,503
513,927
454,608
695,732
373,138
203,511
116,924
122,470
48,801
34,097
19,102
13,563
9,962
7,487
6,298
5,470
4,300
13,861
7,515
4,725
4,926
2,665
1,571
990
608
471
345
342
316
161
89
75
34
36
22
9
7
4
3
1
'1,780
5,391
97,960
383,367
479,649
699,658
967,045
1,205,579
1,357,118
1,447,554
1,349,899
1,304,813
2,252,535
1,386,089
858,685
552,389
665,252
315,306
253,380
161,584
123,436
104,446
86,020
78,573
73,719
62,338
237,965
167,114
129,059
168,672
118,256
85,783
63,973
45,449
39,901
32,596
100,753
54,426
35,611
24,072
25,529
15,365
21,251
19,027
10,354
11,988
10,577
11,064
4,303
1,090
7,394
85,697
269,474
263,479
369,898
450,211
474,628
521,618
498,167
424,457
377,116
600,443
319,578
178,610
103,126
113,270
40,919
32,165
18,624
13,648
10,169
7,783
6,666
5,759
4,643
14,579
8,149
5,165
5,330
2,835
1,734
1,115
662
50O
383
908
354
181
92
83
39
39
23
9
7
3
5
1
'22,110,941
3,102,900
6,681,085
'17,708,098
"91,536
634,745
192,239
U3,403
236,317
137,785
120,321
134,280
59,376
53,603
52,201
33,937
57,492
31,325
7,111
13,750
71,660
1,196,776
231,247
214,773
283, 2U
163, 698
137,255
142,652
65,439
62,176
52,816
37,829
58,091
27,9 '7
5,677
5,009
51,199
1,318,379
241,111
240,449
226,509
135,581
93,603
75,991
24,021
19,639
12,149
5,423
4,417
2,035
'59,187
419,937
157,969
209,585
254,206
182,474
152,102
142,012
50,695
47,141
31,622
15,475
14,117
7,684
C")
41,622
338,994
208,304
294,230
294,006
195,884
160,453
134,686
51,925
43,455
28,735
11,384
9,380
5,292
(")
(")
'1,826,854
2,756,239
'1,633,672
'23,937,795
9,195,325
9,132,751
'19,341,770
31
119
1,287
16,109
33,180
50,499
82,146
120,543
D7, 149
158,896
156,002
157,874
283,781
185,727
120,411
80,707
98,954
52,495
43,662
28,722
23,964
20,446
17,586
16,306
16,564
14,418
61,637
49,860
43,271
63,459
49,161
38,142
29,951
22,255
20,1U
17,174
54,748
31,946
22,048
14,812
16,464
10,305
15,011
13,469
7,012
7,6<X
8,103
7,532
2,699
2,524,854
'19,240,571
4,697,224
3,685,226
510,599
1,979,607
1,123,293
8,821,925
310,826
'15,979,623
3,362,147
7,315,297
295,892
1,584,461
940,393
For footnotes, see pp. 92-94; for extent to uhlch data are estimated, see pp. 19-21.
64
INDIVIDUAL INCOME TAX RETURNS FOR 1951
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INDIVIDUAL INCOME TAX RETURNS FOR 1951
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71
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72
INDIVIDUAL INCOME TAX RETURNS FOR 1951
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INDIVIDUAL INCOME TAX RETURNS FOR 1951
73
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74
INDIVIDUAL INCOME TAX RETURNS FOR 1951
<fMf^->l-<n sDOtOOiO
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2,602
206,298
208,878
81,859
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33,931
366,310
195,958
40,303
13,793
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INDIVIDUAL INCOME TAX RETURNS FOR 1951
75
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328641 0—55 U
76
INDIVIDUAL INCOME TAX RETURNS FOR 1951
Table 11. -INDIVIDUAL RETURNS FOR 1951 WITH MET GAIN OR LOSS FSOi SALES OF CAPITAL ASSETS, BI TAXABLE AND NOOTAXABLE RETURNS, BY ADJUSTED GROSS INCCME CLASSES, AND BY RETURNS
«fITH NET LOSS OR NET GAIN FRCIJ SUCH SALES: NUMBER OF RETURNS, NET GAIN OH LOSS FRCM SALES OF CAPITAL ASSETS, NET SHORT- AND LONG-TERM CAPITAL GAIN AND LOSS, AND CAPITAL LOSS
CARRYOVER
Adjusted gross income classes
(Dollar.)
Total
number of
returns
with gain
or loss
from sales
of capital
assets
Returns with net loss from sales of capital assets
Net loss
from sales
of capital
assets after
statutory
limitation
(deducted
from gross
Income )
(Thousand
dollar a)
(3)
Net loss
from sales
of capital
assets
before
statutory
limitation
C Thousand
dollars}
Net
short-term
capital
gain
(Thousand
dollars)
Short-term
(before carryover)*^
Net
short-term
capital
loss
( Thousand
dol lara)
Long-tenn^i
Net
long-term
capital
gain
(Thousand
dollars)
Net
long-term
capital
loss
(Thaoaond
dollars)
Capital
loss
carryover
from
1946-50"
(Thousand
dollars)
Taxable returns:
No adjusted gross income*
Under »600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 under 3,000
3,000 under 3,500
3,500 under 4,000
4 ,000 under 4, 50O
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
10,000 under 11,000
11,000 under 12,000
12,000 under 13,000
13,000 under 14,000
14,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60',O0O
60,000 under 70,000
70,000 under 30,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 4 ,000,000
4,000,000 under 5,000,000
5,000,000 or more
Total taxable returns
Nontaxable returns :*°
No adjusted gross income '
Under 1600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2 ,250 under 2,500
2 , 500 under 2 , 750
2,750 under 3,000
3,000 under 3,500
3,500 under 4,000
4,000 under 4,500
4 , 500 or more
Total nontaxable returns
Grand total
Taxable returns with adjusted gross income under $5,000 and
nontaxable returns.
Taxable returns with adjusted gross income of $5,000 or more
4,187
3,2»4
4,490
16,857
22,7U
30,336
44,490
43,508
52,758
64,268
62,982
75,709
144,747
126,978
137,753
127,161
218,817
155,194
124,928
93,630
76,941
59,701
49,876
42,328
35,596
30,771
109,289
67,551
45,483
53,936
29, 9X
17,795
11,659
7,695
5,573
4,060
9,635
3,448
1,532
852
769
356
373
128
73
43
26
10
5
5
2,239
2,455
(41)
4,850
4,849
4,971
10,266
9,679
9,872
12,883
12, 114
12,821
31,921
29,584
32,521
26,277
54,494
29,156
29,036
19,975
15,865
13,330
11,082
8,991
7,700
7,429
25,140
15,542
10,413
12,207
6,545
3,873
2,465
1,597
1,1A2
786
1,350
595
239
130
111
49
52
15
17
4
11
2
3
1
64,924
53,523
20,862
41,700
41,681
45,018
36,147
38,492
29,004
29,313
25,258
14,012
21,481
17,771
5,827
9,283
21,911
16,363
4,769
5,827
5,837
5,797
3,093
5,796
4,460
5,468
3,063
2,039
3,741
2,374
1,377
2,610
494,296
94,525
2,714,450
582,413
2,052
1,624
(■")
1,667
1,520
2,539
4,438
5,205
5,200
5,036
5,852
5,246
14,929
12,144
12,166
11,062
24,874
14,420
14,522
9,038
7,524
6,279
5,486
4,735
3,927
3,791
13,526
8,988
6,074
7,519
4,131
2,494
.1,650
1,074
785
547
1,299
453
185
100
10,536
1,914
3,604
2,575
3,491
8,948
9,176
16,514
12,053
11,135
7,549
34,437
27,027
19,432
23,905
50,570
27,730
38,423
27,356
21,765
24,599
17,749
16,460
13,124
15,862
53,826
33,866
27,591
41,386
24,718
17,860
9,702
9,901
5,770
3,214
11,054
6,304
2,761
992
1,518
515
1,248
990
362
36
375
16
342
2
83
23
238
63
527
277
127
152
2,343
418
1,747
862
313
648
390
322
157
328
1,252
854
913
1,829
866
357
238
317
90
121
278
90
109
20
657
873
(")
1,138
165
643
364
1,043
3,011
2,140
4,041
1,041
11,436
7,004
2,155
1,541
15,358
7,598
9,475
5,281
4,922
5,625
5,172
3,461
3,807
3,233
11,365
9,329
6,807
9,923
5,088
4,254
2,444
3,964
2,197
826
6,201
2,279
957
518
306
23
50
1
86
180
15
(41)
236
283
3
20
129
207
1,196
484
579
13
5,511
703
803
2,710
1,647
1,932
1,970
1,490
739
1,487
6,579
5,925
4,618
7,531
4,431
2,960
2,428
3,013
2,308
973
6,122
2,300
1,179
557
617
32
1,112
43
120
2
213
24
1
2,787
1,003
(41)
1,998
2,346
1,641
2,S65
3,931
3,134
2,786
4,626
4,983
10,250
10, lU
10,679
18,219
18,193
8,313
11,366
6,976
6,477
6,435
4,217
4,298
3,291
3,317
13,660
7,680
6,945
9,347
4,274
2,953
2,216
1,122
812
1,000
1,802
1,111
675
350
246
124
103
545
31
7
26
14,321
7,615
2,112
3,002
2,889
3,091
1,U1
2,134
2,123
2,706
2,454
1,099
2,039
1,382
494
1,791
50,333
235,175
1,456,438
1,258,012
302,566
279,847
141,539
U3,636
41,933
22,478
8,168
5,757
4,538
7,261
1,546
4,607
3,754
5,265
4,667
4,133
2,357
4,574
3,663
13,336
47
204
213
17
10,364
14,495
230
1,433
942
1,480
823
64
405
1,666
1,718
360
234
339
462
4,548
2,326
263
519
16
415
63
473
160
173
4,351
14,597
6,325
6,946
1,196
3,053
3,599
810
482
1,278
3,567
2,734
988
1,572
2,718
540
2,592
144,087
39,563
52,997
845,024
17,819
7,224
39
1,046
33
1,283
6,683
4,234
10,626
7,190
2,660
1,733
14,471
10,671
7,305
4,311
24,876
12,942
19,632
13,670
12,327
15,118
10,722
10,515
6,921
11,128
36,630
23,638
19,372
31,478
20,651
13,973
7,706
8,145
5,160
2,483
9,452
5,306
2,415
700
1,624
454
2,223
487
319
382
25
47
2
19,393
2,123
1,510
3,357
974
2,498
337
4,227
2,196
33
430
2,734
1,050
1,696
2,663
16,139
61,460
337,231
507,743
2,381
14,938
76,895
130,745
12,515
72,130
133,785
128,468
141,990
335,611
For footnotes, see pp. 92-94; for extent to which data are estimated, see pp. 19-21.
INDIVIDUAL INCOME TAX RETURNS FOR 1951
77
Table II. -INDIVIDUAL RETUHNS FOR 1951 WITH NET GAIN OR LOSS FRCM SALES OF CAPITAL ASSETS, BY TAXABLE AND NONTAXABLE RETURNS, BY ADJUSTED CROSS INCOME CLASSES, AND BY RETURNS
WITH NET LOSS OB NET GAIN FRai SUCH SALES: NUMBER OF RETURNS, NCT GAIN OR LOSS FRCM SALES OF CAPITAL ASSETS, NET SHORT- AND LONG-TEBM CAPITAL GAIN AND LOSS, AND CAPITAL LOSS
CARRYOVER - Continued
Adjusted gross income classes^
Returns with net gain from sales of capital assets*'
Net gain
from sales
of capital
assets
included in
adjusted
gross Income
doilarai
(111
Short-term
(before carryover)*"
Net
ahort-term
capital
gain
(Thwi»*nd
dotUrm)
(12)
Net
short-term
capital
loss
( ThoiiMand
dotUrm)
(131
Long-term*^
Net
long-term
capital
gain
( Thauaattd
datUril
(m
Net
long-term
capital
loss
( ThatiaMnd
dalUrt)
116)
Capital
loss
carryover
from
1946- 50'*
( Thousand
doltura)
lia)
Taxable returns:
No adjusted gross incoffle*
Under 1600
600 under 750
750 under 1 ,000
1 ,0M under 1,250
1,250 under 1 ,500
1, 500 under 1 ,750
1,750 under 2,000
2,0<X) under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 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
7,0(X) under 8,000
8,0(X) under 9,000
9,000 under 10,000
10,000 under 11,000
11,000 under 12 ,000
12,000 under 13,000
13,000 under 14 ,000
14,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,(X)0
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250, 0(X)
250,000 under 300,0(30
300,000 under 4CX),000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5 ,000,000
5,000,000 or more
Total taxable returns
Nontaxable returns : *"
No adjusted gross Income'
Under $600
600 under 750
750 under 1 ,000
1,0(30 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2 , 500 under 2 ,750
2,750 under 3,000
3,000 under 3,500
3,500 under 4 ,000
4,0(X) under 4,500
4 , 5(X] or more
Total nontaxable returns
Grand total
Taxable returns with adjusted gross income under 15, (XX) and nontaxable returns
Taxable returns with adjusted gross Income of S5,000 or more
1,94«
(")
3,751
12,007
17,865
25,365
34,224
33,829
42,886
51,385
50,868
62,888
112,826
97,394
105,232
100,884
164,323
126,038
95,892
73,655
61,076
46,371
38,794
33,337
27,896
23,342
84,149
52,009
35,070
41,729
23,339
13,922
9,194
6,093
4,431
3,274
7,785
2,853
1,293
722
658
307
321
113
56
39
15
8
2
4
43,013
37,160
16,093
35,873
35,844
39,221
33,054
32,696
24,544
23,845
22, 195
11,973
17,740
15,397
4,450
6,673
399,771
1,153,872
978,165
1,625
(«')
1,246
4,429
5,865
11,480
17, 198
15,646
20,596
29,222
24,615
41,193
78,020
52,402
65,538
65,977
130,292
126,491
102,268
88,270
79,164
64,476
58,042
53,322
48, 582
44,330
177,354
136,261
109,252
160,984
119,260
89,386
74,099
58,504
50,258
46,343
153,938
96,578
70,563
49,585
71,912
44,119
63,563
35,459
22,401
41,310
13,084
13,496
116
10,111
149
73
2
292
493
895
585
2,273
1,391
1,466
1,924
4,738
2,620
5,W2
2,627
11,175
11,667
10,547
8,853
7,978
6,899
7,769
5,839
6,102
5,329
19,214
13,725
11,244
13,740
9,605
6,446
4,874
3,333
2,425
1,750
5,196
1,995
1,210
907
934
. 389
653
83
34
107
262
286
369
73
429
479
24
16
779
116
254
935
743
822
332
739
1,002
951
567
753
868
623
3,738
3,580
2,776
5,074
4,461
3,243
2,750
2,147
2,718
1,654
5,635
2,586
3,494
1,590
1,953
1,690
1,636
556
1,102
249
12
3,453
1,660
(")
1,173
4,426
5,681
11,285
16,676
15,697
18,751
28,309
23,272
39,285
74,133
50,571
60,722
64,510
120,302
116,141
92,707
81,017
72,888
59,364
51,426
48,871
43,995
40,239
164,393
128,386
102,594
155,573
117,301
88,623
74,028
58,863
51,419
47,015
156,971
93,415
73,724
50,797
73,380
45,732
64,949
35,997
23,513
41,608
12,910
16,950
117
10,120
2,933,955
2,837,210
95,152
21, 577
5,555
16,009
20,420
20,903
19,777
22,304
17,195
13,759
17,883
10,461
20,764
17,275
3,241
21,191
5,976
867
433
1,236
1,931
1,710
875
1,160
2,089
805
1,328
686
316
3,015
1,763
2,604
4
23
25
102
110
253
100
26
795
41
1,339
92,832
20,763
5,122
14,797
18,736
19,426
19,236
21,497
15,158
13,189
16,655
9,819
20,690
15,282
3,282
20,990
343,466
24,190
327,474
3,282,421
229,152
3,164,684
778,748
2,503,673
43,866
180,286
9,422
63,508
74
59
205
54
404
69
159
170
194
164
170
97
110
373
363
170
241
91
113
31
36
4,029
743,851
2,420,833
948
3,081
67
599
15
20
391
89
584
705
532
642
421
465
550
505
2,141
2,406
1,638
3,012
3,094
1,829
2,023
1,513
854
751
2,568
1,232
373
527
449
313
401
66
45
155
76
9&4
11
UO
214
60
226 >S
- >6
218 i7
2.266
34,452 >9
3,602 '0
30,850 '1
For footnotes, see pp. 92-94; for extent to which data are estimated, see pp. 19-21,
78
INDIVIDUAL INCOME TAX RETURNS FOR 1951
Table 11. -INDIVIDUAL RETURNS FOR 1951 WITH NET GAIH OR LOSS FRCM SALES OF CAPITAL ASSETS, BY TAXABLE AND NONTAXABLE RETURNS, BY ADJUSTED GROSS INCOME CLASSES AND BY RETURNS
WITH NET LOSS OR NET GAIN FRCM SUCH SALES: NUMBER OF RETURNS, NET GAIN OR LOSS FROM SALES OF CAPITAL ASSETS, NET SHORT- AND LONG-TERM CAPITAL GAIN AND LOSS AND r«PTTiI Ta=;=:
CARRYOVER - Continued ' "-^m^ i.ws»
Adjusted gross income classes^
(Dollars)
Returns with net gain from sales of capital assets*' - Continued
Returns with normal tax and surtax*^
(17)
Net gain
from sales
of capital
assets
included in
adjusted
gross income
(Thousand
dollars)
(18)
Short-term
(before carryover)*^
Net
short-term
capital
gain
(Thousand
dollars)
(19)
Net
short- tern
capital
loss
( Thousand
dollars)
(20)
Long-term^l
Net
long-term
capital
gain
(Thousand
dollars)
(21)
Net
long-term
capital
loss
(Thousand
dollars)
(22)
Capital
loss
carryover
from
1946-50«2
(Thousand
dollars)
(23)
$600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2 ,000 under 2,250
2 ,250 under 2,500
2,500 under 2,750
2,750 under 3,000
3,000 under 3,500
3,500 under 4,000
4 ,000 under 4, 500
4,500 under 5,000
5,(X)0 under 6,(300
6,(X)0 under 7,(X)0
7,000 under 8,(X)0
8,000 under 9,000
9,000 under 10,000
10,000 under 11,000
11,000 under 12,000
12,000 under 13,000
13,000 under 14,000
14 ,000 under 15,000
15 ,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50, OCX)
50,000 under 60,000
60,000 under 70,000
70,000 under 30,000
80,000 under 90,000
90,000 under 100,000 ,
100,000 under 150,000
150,000 under 200,000
200,000 under 250, OCX) ,
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000 •.
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 4 ,000,000
4 ,000,000 under 5 ,000,000
5,000,000 or more
Total returns with normal tax and surtax
Taxable returns with adjusted gross income under $5,000
Taxable returns with adjusted gross Income of $5,000 or more.
3,053
9,891
14,003
22,140
32,397
29,795
40,669
48,794
46,945
60,338
110,209
96,221
104,073
99,117
164,252
125,987
95,872
73,604
61,056
46,361
38,784
33,317
27,886
23,342
83,987
50,432
31,850
34,547
9,206
3,083
1,560
750
452
312
390
114
35
12
10
7
1,624,870
943
4,220
5,087
10,520
15,971
14,754
19,377
28,591
23,351
40,658
77,101
51,769
64,757
60,460
130, 146
126,444
102,222
88,190
79,141
64,475
58,032
53,225
48,564
44,330
177,237
U3,574
99,123
137,084
69,594
30,411
17,518
9,501
5,484
4,732
5,952
2,532
1,873
385
1,254
565
61
947
5
5
292
405
884
375
2,220
1,363
1,291
1,908
4,638
2,611
4,984
2,622
11,175
11,667
10,547
3,851
7,975
6,399
7,769
5,839
6,102
5,329
19,203
13,461
10,210
12,262
5,306
2,523
1,634
741
560
508
664
320
70
6
23
286
369
73
426
427
675
111
254
859
729
811
331
739
1,002
951
567
753
868
623
3,729
3,434
2,415
4,471
3,025
375
536
501
236
152
300
195
209
3
76
675
870
4,219
4,903
10,412
15,460
15,015
17,582
27,654
22,159
38,758
73,160
49,940
60,084
58,920
120,142
116,083
92,660
80,939
72,868
59,363
51,416
48,774
43,977
40,239
164,273
126,229
92,962
132,070
69,308
29,405
16,880
9,463
5,257
4,452
5,781
2,645
2,145
384
1,290
1,239
71
997
173,385
1,790,461
404
69
159
170
194
164
170
97
110
373
363
170
241
67
597
18
391
39
534
705
532
642
421
465
550
505
2,141
2,318
1,457
2,534
1,904
531
430
165
83
59
167
224
129
18,346
717,645
907,225
417,559
1,492,613
23,716
149,669
3,511
28,266
399,136
1,391,325
473
3,081
1,317
17,029
For footnotes, see pp. 92-94-; for extent to which data are estimated, see pp. 19-21,
INDIVIDUAL INCOME TAX RETURNS FOR 1951
79
Table 11. -INDIVIDUAL RETURNS FOR 1951 WITH NET GAIN OR LOSS FRCM SALES OF CAPITAL ASSETS, BY TAXABLE AND NONTAXABLE RETURNS, BY ADJUSTED GROSS INCCNE CLASSES, AND BY RETURNS
WITH NET LOSS OR NET GAIN FRCW SUCH SALES: NUMBER OF RETURNS, NET GAIN OR LOSS raCM SALES OF CAPITAL ASSETS, NET SHORT- AND LONG-TERM CAPITAL GAIN AND LOSS, AND CAPITAL LOSS
CARRYOVER - Continued
Adjusted gross income classes^
(Dollar))
Returns with net gain from salea of capital asaets" - Continued
Returna with alternative tax**
Number
of
returns
Net gain
from sales
of capital
assets
Included In
adjusted
gross Income
( rhoufand
doH»ra)
(26)
Short-term
(before carryover)'**
Net
short-term
capital
gain
( Thout»nd
dollar a)
{Z6)
Net
short-term
capital
loss
( Thouaand
dollara)
(g7)
Net
lont'-term
capital
gain*i
( Thouaand
dollar a J
(20)
Capital
loss
carryover
from
1946-50*^
f Thouaand
dollarw)
(28)
Net long-
term capital
gain or
excess over
net short-
term capital
loaa'^
( Thouisnd
dolUra)
(30)
Under 115,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000 ;
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5,000,000
5,000,000 or more
Total returns with alternative ta:<.
162
1,567
3,220
7,182
14,179
10,836
7,633
5,348
3,977
2,961
7,395
2,739
1,257
710
648
300
314
109
53
38
15
7
1
117
2,623
10,124
23,900
49,665
59,455
56,580
49,003
44,757
41,611
W7,986
94,046
68,643
49,200
70,658
43,554
63,502
34,512
22,396
41,305
13,084
13,496
115
10,111
6
264
1,034
1,478
4,299
3,920
3,240
2,592
1,860
1,242
4,532
1,675
1,U0
901
892
389
652
83
34
107
262
9
134
361
603
1,436
2,350
2,214
1,646
2,482
1,502
5,335
2,391
3,285
1,587
1,877
1,015
1,627
505
1,102
249
12
3,453
120
2,531
9,632
23,503
47,992
59,128
57,147
49,405
46,150
42, 563
151,190
95,770
71,532
50,413
72,090
44,493
64,878
35,000
23,509
41,601
12,910
16,949
115
10,120
181
478
1,190
1,243
1,593
1,348
771
692
2,401
1,008
744
527
447
313
401
66
45
154
76
Ul
2,447
9,271
22,900
46,556
56,778
54,933
47,759
43,668
41,061
U5,855
93,379
68,247
48,826
70,213
43,478
63,251
34,495
22,407
41,352
12,898
13,496
115
10,109
1,010,443
30,604
35,186
1,028,791
993,605
For footnotes, see pp. 92-94; for extent to which data are estimated, see pp. 19-21.
80
INDIVIDUAL INCOME TAX RETURNS FOR 1951
Table 12.-IN'DIVIDUAL RETURNS WITH ADJUSTED GROSS INCCWE FOR 1951, BY STATES AND TERRITORIES: NUMBER OF RETURNS, SALARIES AND WAGES, DIVIDENDS, INTEREST, ADJUSTED GROSS INCCME ,
AND TAX LIABILITY
[Taxable and nontaxable]
States and Territories
Number of
returns
(1)
Salaries and
wages ^°
( Thousand
dollar a)
(21
Dividends^^
( Thousand
dollars)
(3)
(Thousand
dollars)
Adjusted
gross
income^
(Thousand
dollars)
15)
Income tax
liabillty-'O
f Thmjsand
dollars)
(6)
Self-
employment
tax"
( Thousand
dollars)
Alabama
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 Hajnpshire
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
706,228
235,389
366,990
4,290,151
501,563
896,247
134,674
371,576
904,277
844,144
189,836
199,127
3,711,052
1,521,399
953,011
709,666
781,023
674,174
328,614
1,309,272
1,965,876
2,555,269
1,082,642
320,712
1,398,118
218,104
502,962
69,903
216,956
2,089,995
194,157
6,299,130
1,034,528
203,780
3,207,570
675,187
574,454
4,180,637
335,221
490,804
222,991
856,721
2,374,600
241,693
131,591
1,001,078
953,480
589,091
1,319,702
106,318
1,859,309
635,483
794,726
13,383,225
1,297,399
2,943,360
440,907
1,199,762
2,247,876
2,142,340
543,349
431,448
12,344,366
4,467,917
1,904,016
1,640,676
1,864,647
1,891,091
740,218
3,840,373
5,720,880
8,724,379
2,676,669
718,321
3,721,641
529,922
1,009,652
200,596
531,165
6,933,955
500,669
20,417,909
2,504,587
349,063
10,354,866
1,668,128
1,629,995
12,512,435
933,396
1,223,444
373,551
2,175,526
6,469,897
659,170
303,940
2,683,695
2,958,115
1,608,334
3,639,216
264,363
35,761
22,419
16,013
568,916
60,071
181,227
54,389
53,923
126,040
75,039
16,103
9,137
428,276
101,493
47,327
37,159
57,960
58,543
32,000
119,010
280,352
243,911
68,652
16,598
155,730
9,649
31,037
12,209
27,659
245,936
13,705
1,112,469
81,273
6,232
949,377
37,327
38,037
473,099
43,497
26,769
7,479
57,317
176,923
15,227
14,780
99,621
70,533
37,769
131,659
9,538
11,538
9,560
6,553
213,219
26,785
35,949
3,504
12,717
40,411
16,612
3,040
8,768
95,690
31,823
29,949
15,322
13,272
15,478
9,615
41,048
65,999
68,347
33,550
8,036
36,123
7,418
12,907
5,998
7,574
65,172
7,162
267,529
15,163
8,453
81,579
12,943
26,544
95,415
10,445
7,626
4,791
16,728
58,147
5,968
5,872
19,227
39,740
7,173
39,410
3,456
2,247,438
853,869
1,075,003
17,781,044
1,800,684
3,655,371
603.774
1,455,478
3,068,460
2,670,363
653,248
669,047
15,291,223
5,542,162
3,057,144
2,372,300
2,389,652
2,307,898
924,022
4,528,162
6,882,364
10,414,560
3,608,219
954,077
4,889,219
772,597
1,648,425
277,413
657,231
8,256,719
696,934
25,421,567
3,150,874
617,192
12,579,855
2,209,293
2,228,677
15,140,295
1,130,209
1,500,042
625,089
2,690,510
8,793,470
847,179
384,539
3,271,159
3,789,088
1,837,649
4,706,494
399,292
211,212
97,967
95,093
2,320,749
209,202
499,452
113,465
205,066
347,350
270,254
72,761
54,198
2,000,619
628,066
304,518
243,899
232,064
254,285
86,170
512,650
330,396
1,287,949
376,824
85,585
581,951
84,505
177,406
39,455
66,059
998,208
77,542
3,315,250
288,634
56,000
1,550,625
230,307
273,303
1,797,449
138,096
135,655
54,347
271,546
1,102,765
75,732
34,380
346,541
472,971
158,267
524,133
48,911
55,041,585
160,610,191
203,338,674
24,258,092
2,565
1,001
1,820
20,256
2,127
3,501
455
935
3,997
3,546
667
955
12,792
5,761
4,382
2,931
2,867
1,248
1,323
3,244
5,775
9,254
4,276
1,477
6,103
990
2,185
313
783
8,245
840
23,821
3,194
777
11,599
2,843
3,203
16,007
1,164
1,588
856
2,992
10,595
951
387
3,028
4,103
1,187
5,131
471
For footnotes, see pp. 92-94; for e^ctent to which data are estijnated, see pp. 19-21.
INDIVIDUAL INCOME TAX RETURNS FOR 1951
81
Table 13. -INDIVIDUAL RETUHNS WITH ADJUSTED GROSS INCCIffi FCH 1951, BY ADJUSTED (HOSS INCaffi CLASSES AND BY STATES AND TERRITCRUS: NUMBER OF RETURNS, ADJUSTED GROSS TXCOB, AND
INCaiE TAX LIABILITY
(Taxable and nontaxable]
Adjusted gross income classes^
(DolUra)
Returns with adjusted gross
income :
Under $1,000
1,000 under 2,000
2,000 under 3,000
3,000 under 4 ,000
i,000 under 5,000'
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under iO.OOO
iO,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
«0,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
iOO,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000...
1,000,000 under 1,500,000.
1,500,000 under 2,000,000.
2,000,000 under 3,000,000.
3,000,000 under i, 000,000.
i, 000, 000 under 5,000,000.
5,000,000 or more
Total
Returns with adjusted gross
inconie:
Under $1,000
1,000 under 2,000
2,000 under 3,000
3,000 under i,000
4,000 under 5,000*
5,000 under 10,000
10,000 under 15 ,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000...
1,000,000 under 1,500,000.
1,500,000 under 2,000,000.
2,000,000 under 3,000,000.
3,000,000 under 4,000,000.
4,000,000 under 5,000,000.
5,000,000 or more
Total
Number of
returns
Adjusted
gross
income*
Income
tax 11a-
bility'"
dolUra)
105,773
154,538
162,975
120,959
63,561
84,337
6,896
2,831
1,428
883
944
420
227
139
93
50
36
76
32
62,199
240,183
407,672
421,742
283,763
5X,310
82,491
48,682
31,874
23,816
32,422
18,796
12,417
8,947
6,974
4,261
3,402
9,116
5,500
3,134
1,857
1,641
907
1,332
706,228 2,247,438 211,212
619
7,551
17,903
25,410
22,638
59,737
13,173
9,530
6,921
5,770
8,992
6,026
4,463
3,461
2,869
1,817
1,604
4,461
3,062
1,704
1,081
1,010
701
709
Colorado
79,383
85,777
96,254
90,990
61,798
71,472
8,175
3,274
1,440
866
984
449
216
131
76
56
59
103
29
42,730
128,908
240,810
316,980
277,444
466,101
97,322
55,720
32,092
23,802
34,061
20,132
11,791
8,511
5,673
4,736
5,567
12,125
5,012
2,433
1,610
1,412
1,685
2,356
1,671
501,563 1,800,684 209,202
518
6,087
15,975
23,123
24,293
55,209
15,864
10,731
7,144
5,827
9,529
6,408
4,113
3,227
2,338
2,062
2,438
5,670
2,516
1,287
815
724
978
1,288
983
Number of
returns
Adjusted
gross
income*
Income
tax lia-
bility"
( Thousand
dolltf)
35,899
41 ,027
41,162
44,198
34,612
31,300
3,516
1,248
317
449
469
252
137
83
60
30
36
60
21
235,389
20,635
60,045
103,309
156,136
153,623
200,473
42,039
21,393
18,400
12,374
16,314
11,340
7,516
5,350
4,475
2,525
3,402
7,167
3,718
1,552
793
361
929
214
2,378
5,360
10,563
12,073
23,988
6,650
4,190
4,034
3,138
4,637
3,670
2,797
2,088
1,839
1,090
1,556
3,541
2,020
908
434
259
560
Connecticut
Number of
returns
Adjusted
gross
Income*
( Thouaand
dollara)
Income
tax lia-
bility"
( Thotiiand
doltmra)
66,864
97,775
71,288
31,537
34,737
3,752
1,122
841
452
435
184
114
70
31
26
24
38
12
6
37,927
147,771
179,739
198,250
140,630
225,632
44,743
19,068
18,781
12,401
15,085
8,033
6,221
4,522
2,334
2,216
2,261
4,604
2,037
1,360
523
315
366,990 1,075,003
376
3,805
7,093
12,161
10,757
25,161
7,024
3,549
4,108
3,115
4,198
2,520
2,186
1,777
952
909
1,051
2,123
1,024
562
151
146
Delaware
95,608
132,352
164,997
166,791
133,664
171,895
15,430
5,774
3,028
1,837
1,937
963
569
367
246
174
125
283
87
46
31
21
6
12
1
49,358
204,094
414,829
581,940
597,983
1,107,565
185,767
98,793
66,925
50,117
66,712
42,902
31,128
23,783
18,348
14,694
11 ,780
33,806
14,801
10,171
8,471
7,020
2,648
7,117
930
2,323
896,247 3,656,371
723
13,523
37,187
53,659
56,976
137,086
30,318
19,221
14,935
12,444
18,946
13,927
11,591
9,551
7,635
6,600
5,351
16,850
7,833
5,793
4,917
4,352
1,242
4,718
595
1,388
2,036
16,875
24,051
24,454
25,747
14,723
22,979
2,786
1,158
602
294
353
197
39
69
40
35
21
72
30
15
23
10
9
23
8,076
36,649
62,217
91, U2
65,953
152,153
33,419
19,833
13,571
8,049
11,928
3,680
4,792
4,415
2,934
2,963
1,989
8,762
5,257
3,360
6,236
3,263
4,146
14,107
5,928
7,037
1,710
4,318
6,320
4,037
603,774
Number of
returns
Adjusted
gross
Income*
(Thoummnd
dolUra)
Income
tax lia-
bility"
( ThouaMitd
dollmra)
508,480
615,975
716,791
761,854
634,941
890,477
84,661
28,961
14,789
9,081
10,052
4,976
2,785
1,707
1,087
798
569
1,293
424
191
283,522
903,620
1,799,890
2,656,699
2,848,735
5,783,700
1,006,858
496,404
329,619
247,763
346,132
221,222
152,001
110,297
81,126
67,617
53,794
154,724
73,032
42,429
23,380
26,765
14,335
18,135
5,206
2,192
15,737
10,610
4,290,151 17,781,044 2,320,749
3,725
45,561
131,622
231,600
270,470
690,309
163,663
97,765
74,940
62,237
99,730
72,350
54,934
43,233
33,342
28,767
23,640
72,336
36,570
21,596
11,954
14,695
8,064
9,340
2,795
1,061
7,908
District of Columbia
119
1,840
4,291
7,173
6,418
13,504
5,476
3,957
3,115
2,050
3,413
2,819
1,782
1,732
1,325
1,237
941
4,395
2,851
2,197
3,704
2,116
2,584
9,244
4,253
4,291
1,302
3,097
4,626
2,563
113,465
40,453
57,471
81,095
71,988
46,706
59,245
8,566
2,272
1,043
761
811
403
246
152
78
66
50
103
34
13
20,849
34,309
207,298
251,300
208,933
394,407
100,380
39,008
23,163
20,797
27,892
17,786
13,422
9,788
5,805
5,577
4,750
12,485
5,804
2,983
2,186
705
402
1,627
1,928
1,839
1,465,478
243
4,112
17,047
27,892
23,300
52,846
16,595
7,956
5,217
5,093
8,015
5,679
4,930
3,775
2,418
2,300
2,205
6,026
3,032
1,596
1,184
305
253
919
930
For footnotes, see pp. 92-94j for extent to which data are estimated, see pp. 19-21.
82
INDIVIDUAL INCOME TAX RETURNS FOR 1951
Table IS.-lNDIVIDUiL RETUHltS WITH ADJUSTED OROSS INCOME FOR 1951, BY ADJUSTED GROSS INCOME CLASSES AM) BY STATES AND TERHITCRIES: NUMBER OF RETURNS, ADJUSTED GROSS INCOJE, AND
INCdJE TAX LIABILITY- Con.
[Tameable and nontaxable]
Adjusted gross income classes^
(Dollara)
Number of
returns
Adjusted
gross
Income^
( Thousand
dollars)
Income
tax lia-
bility'"
(Thottaand
dallara)
Number of
returns
Adjusted
gross
income^
(Thottaand
dollars)
Income
tax lia-
bility'"
( Thoiisartd
dollars)
Number of
returns
Adjusted
gross
Income^
(Thousand
dollars)
Income
tax lia-
bility'"
( Thousand
dollars)
Number of
returns
Adjusted
gross
income^
( Thousand
dollars)
Income
tax lia-
bility'"
f Thousand
dollars)
Returns with adjusted gross
income :
Under tl.OOO
1,000 under 2,000
2,000 under 3,000
3,000 under 4,000
i,000 under 5,000*
5,000 under 10,000
10,000 under 15,000
15 ,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
60,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000...
1,000,000 under 1,500,000.
1,500,000 under 2,000,000.
2,000,000 under 3,000,000.
3,000,000 under 4,000,000.
4,000,000 under 5,000,000.
5,000,000 or more
Total
Returns with adjusted gross
Income :
Under 11,000
1,000 under 2,000
2,000 under 3,000
3,000 under 4,000
4,000 under 5,000'
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000.
1,500,000 under 2,000,000.
2,000,000 under 3,000,000.
3,000,000 under 4,000,000.
4,000,000 under 5,000,000.
5,000,000 or more
Total
Georgia
136,540
199,969
192,366
146,367
96,427
104,322
13,359
5,281
3,079
1,647
1,746
309
431
251
180
108
103
160
56
21
20
16
3
7
3
79,031
299,772
478,914
503,492
426,388
671,539
161,086
89,702
68,631
44,961
59,966
35,777
23,398
16,265
13,498
9,202
9,784
19,100
9,491
4,670
5,451
5,526
1,385
4,187
2,428
1,299
5,604
3,863
6,550
904,277 3,068,460
956
10,869
22,716
34,954
35,458
76,687
25,995
17,373
15,228
11,227
17,226
11,627
8,515
6,394
5,616
4,065
4,520
8,824
4,770
2,446
3,126
3,068
311
2,461
1,311
1,092
3,466
2,827
3,232
126,734
205,568
195,278
129,296
75,832
90,815
10,686
3,401
1,951
1,379
1,319
728
362
212
152
90
73
134
58
10
6
5
2
3
347,360
72,586
307,925
484,270
445,633
338,651
583,093
128,771
57,655
43,448
37,614
45,171
32,194
19,775
13,669
11,402
7,614
6,913
15,740
10,075
2,236
1,554
1,668
936
1,770
740
10,553
22 ,776
29,248
27,121
67,903
20,242
10,397
9,389
9,062
12,196
9,966
7,004
5,273
4,521
3,259
2,918
7,425
5,006
1,140
884
910
639
1,177
26,259
32,632
48,076
27,101
21,606
29,240
3,123
767
290
192
264
116
59
40
13
13
10
19
14,145
47,317
119,068
95,068
98,156
138,926
36,784
13,287
6,370
5,214
9,112
5,091
3,200
2,564
979
1,100
958
2,307
1,405
1,084
646
467
653,248
199
2,330
9,190
8,258
8,488
21,347
5,348
2,582
1,398
1,289
2,591
1,720
1,169
1,073
425
438
447
1,202
729
657
476
305
27,232
34,379
45,842
36,609
25,800
24,426
2,529
1,111
413
287
262
106
49
29
12
72,761
199,127
15,361
50,888
113,617
127,494
114,186
157,120
30,470
13,954
9,253
7,818
9,030
4,742
2,658
1,868
1,345
371
1,869
327
451
Illinois
398,539
554,420
621,760
689,163
543,866
769,429
70,637
24,512
11,986
7,257
8,020
4,113
2,239
1,375
950
611
448
1,006
323
139
75
60
24
28
13
214,779
828,011
1,559,191
2,402,227
2,437,794
4,990,006
340,342
420,347
266,367
198,156
275,097
182,814
122,211
88,825
70,950
51,744
42,290
119,318
55,246
30,911
20,420
20,482
10,493
16,585
11,570
7,288
7,759
3,711,052 15,291,223
2,521
43,943
122,981
208,577
238,112
605,286
135,966
81,479
59,231
49,510
78,226
59,683
44,313
35,485
29,912
22,731
19,319
58,848
29,196
17,157
11,757
12,132
6,289
10,335
6,860
5,088
5,132
195,587
262,158
249,542
282,687
225,724
271,130
19,269
6,240
2,824
1,736
1,975
1,035
493
294
191
124
35
202
59
107,895
392,016
628,030
986,497
1,012,862
1,719,293
223,904
106,900
62,711
47,359
68,245
45,928
26,965
18,946
14,220
10,466
8,029
24,418
10,049
3,825
3,303
2,448
1,402
2,446
1,583
7,422
5,542,162
1,179
19,653
43,999
78,448
93,263
208,719
37,722
21,290
14,206
11,955
19,363
15,245
10,196
7,701
6,103
4,709
3,716
12,136
5,492
2,091
1,898
1,613
817
1,386
787
148,594
199,914
195,803
173,067
99,312
114,214
12,006
4,309
2,331
1,151
1,112
511
277
149
74
42
30
75
23
3,869
628,066
89,337
301,103
486,991
602,553
441,836
719,161
143,747
74,000
52,199
31,489
38,053
22,746
15,109
9,602
5,520
3,536
2,353
8,730
3,970
1,961
1,099
1,140
409
3,057,144
1,063
13,162
23,424
41,022
33,641
84,093
23,253
14,310
11,549
7,758
10,584
7,342
5,514
3,892
2,275
1,517
1,335
4,133
2,173
946
741
606
130
107,166
150,345
142,109
122,280
80,333
87,499
10, 599
3,356
2,092
1,047
1,311
385
202
146
82
56
29
74
23
13
304,518
709,666
63,219
222,978
353,380
422,668
359,710
562,756
126,986
57,974
47,330
23,635
45,240
17,371
10,901
9,395
6,113
4,768
2,757
8,767
3,851
2,929
797
2,833
917
1,832
1,688
2,372,300
For footnotes, see pp. 92-94; for extent to which data are estljiiated, see pp. 19-21.
INDIVIDUAL INCOME TAX RETURNS FOR 1951
83
Table U.-INDIVICUAL HETURMS WITH ADJUSTED GROSS IMCCUE FOR 19S1, BY ADJUSTID GROSS INCCUE GLASSES AND BY STATES AND TERRITCKIES:
INCae TAX LIABILITY-Con.
[Taxable and nontajtable]
mUBZR OF R£TUIINS, ADJUSTED GROSS IMCCUE, AMD
Adjusted groas Income classes^
(DotUra}
Number of
re turns
Adjusted
gross
income^
C rhow««nd
dot tart)
Incame
tax lia-
bility'"
f Thouiand
dottata)
Number of
returns
Adjusted
gross
Incane^
(Thoutmnd
dottmrm)
Income
tax lia-
bility"
( Thoaamnd
dottara)
Number of
re turns
Adjusted
gross
Income^
f Thouaand ( Thouamnd
dotlara) dollara}
Income
tax lia-
bility'"
Number of
returns
Adjusted
gross
Income'
(Thotiaand
doltmra)
Incooe
tax lia-
bility"'
(Thouaand
doltara)
Returns with adjusted gross
income :
Under tl,0CO
1,000 under 2,000
2,000 under 3,000
3,000 under 4,000
i,000 under 5,000*
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
b0,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000...
1,000,000 under 1,500,000.
1,500,000 under 2,000,000.
2,000,000 under 3,000,000.
3,000,000 under 4,000,000.
4,000,000 under 5,000,000.
5,000,000 or more
Total
Returns with adjusted gross
income:
Under $1,000
1,000 under 2,000
2,000 under 3,000
3,000 under 4,000
4,000 under 5,000*
5,000 under 10,000..
10,000 under 15,000.
15,000 under 20,000.
20,000 under 25,000.
25,000 under 30,000.
30,000 under 40,000..
40,000 under 50,000.,
50,000 under 60,000.,
60,000 under 70,000. ,
70,000 under 80,000. .
80,000 under 90,000...
90,000 under 100,000..
100,000 under 150,000.
150,000 under 200,000.
200,000 under 250,000.
250,000 under 300,000...
300,000 under 400,000...
400,000 under 500,000...
500,000 under 750,000...
750,000 under 1,000,000.
1,000,000 under 1,500,000.
1,500,000 under 2,000,000.
2,000,000 under 3,000,000.
3,000,000 under 4,000,000.
4,000,000 under 5,000,000.
5,000,000 or more
Kentuclty
137,959
180,689
150,580
129,049
82,187
85,439
8,041
2,508
1,476
1,046
960
411
249
128
90
37
34
92
26
81,031
269,680
376,124
446,397
365,804
540,889
96,523
43,222
33,134
28,401
32,764
18,291
13,572
3,252
6,760
3,157
3,231
10,824
4,549
1,611
1,385
1,735
1,809
507
931
9,556
20,293
29,782
30,380
62,507
15,672
8,259
7,372
6,957
9,108
5,907
4,812
3,201
2,611
1,400
1,456
5,143
2,436
933
866
1,019
1,231
232
94,118
143,822
143,809
108,929
84,396
81,037
8,634
3,603
1,846
1,093
1,193
642
350
209
124
100
46
134
50
15
9
5
7
1
2
674,174
53,505
216,284
359,106
378,624
379,710
522,594
103,121
62,118
41,428
29,987
40,672
28,381
19,062
13,527
9,246
8,459
4,359
16,195
8,613
3,381
2,402
1,654
3,084
584
1,602
2,307,898
738
6,753
18,318
24,668
32,770
61,186
16,863
12,468
9,348
7,762
12,174
9,592
7,160
5,444
3,843
3,858
2,000
7,775
4,329
1,936
1,259
952
1,971
370
748
62,388
75,401
75,134
53,626
31,944
25,091
2,607
993
460
316
290
145
72
52
23
17
12
22
10
3
3
3
254,28f
328,614
35,856
112,004
188,498
182,757
141,719
159,349
31,211
17,030
10,306
8,652
9,913
6,433
3,967
3,397
1,737
1,433
1,131
2,514
1,748
634
815
969
465
4,811
10,563
11,846
12,394
18,690
5,158
3,299
2,486
2,237
2,816
2,151
1,451
1,383
736
608
509
1,256
824
411
453
535
184,586
283,272
241,294
221,773
U5,051
198,074
19,700
6,199
3,308
1,867
1,801
934
487
276
172
103
91
185
54
22
10
7
107,038
419,168
598,43i
771,374
650,830
1,294,490
233,272
106,156
73,791
51,052
61,5«9
41,508
26,536
17,846
12,895
8,717
8,606
21,959
9,217
4,901
2,801
2,357
1,876
693
1,076
1,309,272 4,528,162
Massachusetts
Michigan
Mississippi
261,013
366,797
389,168
394,934
245,165
262,158
21,537
8,454
5,003
3,174
3,334
1,905
1,016
593
418
273
190
430
145
76
40
24
14
11
3
140,954
557,579
977,098
1,376,489
1,093,657
1,639,461
258,355
145,702
111,377
86,423
114,483
85,291
55,289
38,424
31,223
23,128
17,914
52,065
24,869
17,157
10,754
8,327
6,264
6,423
2,513
1,140
2,144
37,010
78,456
112,631
101,892
194,040
41,730
27,949
24,436
21,298
31,693
26,882
19,645
14,618
12,615
9,754
7,816
24,175
12,427
9,271
5,850
5,043
3,420
3,708
1,213
680
295,689
348,259
373,191
515,837
406,850
536,561
42,981
13,538
6,838
4,277
4,680
2,281
1,283
825
492
382
249
645
196
64
50
38
24
29
6
Total 1,965,876 6,882,364 830,396 2,555,269 10,414,660 1,287,949 1,082,642
162,834
521,232
945,366
1,813,078
1,820,053
3,469,388
506,886
232,723
152,4i6
116,790
161,294
100,904
70,134
53,493
36,745
32,330
23,547
77,414
33,689
14,307
13,541
12,889
10,592
17,556
5,357
2,751
2,779
4,542
2,316
28,245
68,161
149,516
161,477
409,375
81,393
45,357
33,447
29,042
45,738
33,545
25,923
21,423
15,610
14,505
10,946
39,091
18,635
8,514
8,139
7,854
6,765
11,746
3,668
2,223
2,213
3,032
171,914
218,486
197,964
191,637
138,880
138,515
13,487
4,523
2,435
1,353
1,504
789
353
228
135
102
69
158
43
30
10
17
5
99,492
329,159
489,920
667,582
619,409
879,008
161,967
77,725
54,377
36,734
51,264
35,261
19,230
14,718
10,119
8,609
6,603
19,037
7,438
6,617
2,763
5,694
2,104
2,431
908
1,456
16,205
30,896
51,182
51,863
98,849
24,516
14,247
11,115
3,448
13,462
10,397
6,485
5,469
4,075
3,495
2,794
8,746
3,717
3,239
1,510
3,156
1,057
1,569
376
53,786
81,100
73,817
51,272
25,307
28,307
3,553
1,255
901
417
4.46
234
97
85
31,495
120,879
181,390
177,395
114,762
131,454
43,128
21,604
19,834
11,429
15,260
10,451
5,269
5,516
3,266
1,937
2,095
3,285
1,330
1,690
588
954,077
1,712
22,914
41,778
64,108
58,484
154,626
37,317
20,448
16,295
12,473
17,105
13,460
9,566
6,996
5,305
3,664
3,902
10,280
4,725
2,593
1,624
1,435
835
527
512,850
336
2,807
6,875
11,805
8,337
20,776
6,827
4,101
4,321
2,755
4,033
3,229
1,845
2,143
1,305
775
916
1,447
640
928
384
86,585 32
For footnotes, see pp. 92-94; for extent to which data are estimated, see pp. 19-21.
84
INDIVIDUAL INCOME TAX RETURNS FOR 1951
Table U.-INDIYIDUAL RETURNS WITH ADJUSTED GROSS INCOME FOR 1951, BY ADJUSTED CKOSS INCOiE CLASSES AND BY STATES AND TERRITCEIES; NUMBER OF RETURNS, ADJUSTED CROSS INCCWE, AND
INCCfcffi TAX LIABILITY-Con.
[Taxable and nontaxable]
Adjusted gross income classes^
(Dollart)
Number of
returns
Adjusted
gross
Ineome^
( Thouaand
dot lara)
Income
tax lia-
bility3°
(Thouaand
do I lara)
Number of
returns
Adjusted
gross
( Thouaand
dot lata)
Income
tax lia-
bllity^°
( Thouaand
dot lara)
Number of
returns
Adjusted
gross
income^
(Thouaand
dollar a)
Income
tax lia-
bility 3°
( Thousand
dollars)
Number of
returns
Adjusted
gross
income^
(Thousand
dollars)
Income
tax 11a-
tllity'"
f Thouaand
dollars)
Returns with adjusted gross
Income :
Under 11,000
1,000 under 2,000
2,000 under 3,000
3,000 under 4,000
4,000 under 5,000'
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
tiO,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000...
1,000,000 under 1,500,000.
1,500,000 under 2,000,000.
2,000,000 under 3,000,000.
3,000,000 under 4,000,000.
4,000,000 under 5,000,000.
5,000,000 or more
Total
Returns with adjusted gross
Income :
Under »1,000
1,000 under 2,000
2,000 under 3,000
3,000 under 4,000
4,000 under 5,000'
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000.,
1,500,000 under 2,000,000..
2,000,000 under 3,000,000..
3,000,000 under 4,000,000..
4,000,000 under 5,000,000..
5,000,000 or more
Total
211,953
285,775
260,492
233,272
172,572
194,173
19,934
7,557
3,795
2,585
2,507
1,355
662
452
239
202
130
271
101
40
12
24
6
5
3
123,764
425,531
650,727
810,312
773,260
1,244,844
238,605
129,611
84,361
70,412
85,989
60,259
36,270
29,026
17,878
17,148
12,361
32,107
17,542
8,784
3,203
8,313
2,654
2,873
2,385
1,000
1,398,118 4,889,219 581,951
1,116
18,530
43,743
63,686
73,703
149,873
38,887
25,093
18,718
17,371
24,059
19,433
13,302
11,204
7,434
7,524
5,676
15,641
9,390
5,068
1,900
4,980
1,649
1,667
1,584
720
35,206
37,630
38,228
33,751
32,405
33,955
3,964
1,451
651
322
300
108
55
21
24
21,394
54,804
94,668
117,338
144,250
219,026
47,569
25,074
14,487
8,787
10,100
4,917
2,973
1,336
1,830
824
655
1,211
323
216
315
342
2,341
6,052
9,323
12,756
26,177
7,815
5,013
3,353
2,213
2,970
1,711
1,068
548
789
371
304
578
184
78,807
108,205
100,380
89,567
55,558
57,266
7,353
2,116
1,384
775
757
316
178
100
47,666
162,574
250,537
312,671
248,354
372,556
87,334
36,315
30,578
21,162
26,250
13,728
9,759
6,477
4,399
3,645
2,460
4,988
3,166
906
532
1,419
428
521
502,962 1,648,425
676
7,191
15,535
22,703
22,030
45,526
14,434
7,337
6,905
5,489
7,727
4,657
3,673
2,563
1,945
1,685
1,188
2,534
1,710
498
354
701
230
115
10,336
10,510
12,492
11,228
10,930
11,507
1,251
464
144
182
110
96
35
29
15
9
15
27
11
3
6,507
16,028
31,840
38,540
49,170
77,074
14,916
7,966
3,287
4,934
3,883
4,279
1,901
1,906
1,145
759
1,429
3,205
1,874
681
271
1,310
428
568
824
New Hampshire
New Jersey
New Mexico
36,791
41,159
52,987
37,697
24,556
19,653
2,176
898
344
179
236
124
56
30
20
11
9
20,703
62,543
130,398
131,458
108,453
123,619
25,729
14,983
7,599
4,923
8,227
5,521
2,978
1,926
1,489
912
355
1,797
1,376
696
1,041
254
3,264
8,438
9,576
9,689
14,879
3,980
2,987
1,671
1,243
2,469
1,787
1,079
792
612
382
366
866
733
403
216,424
315,207
391,998
386,555
298,852
413,650
36,502
12,776
5,977
3,526
3,794
1,834
1,000
536
357
225
201
371
103
37
26
20
216,956 657,231 66,059 2,089,995 8,256,719
116,535
476,493
984,698
1,345,763
1,337,346
2,646,402
434,258
218,580
132,256
96,424
130,089
81,798
54,506
34,648
26,666
19,059
19,071
43,723
17,787
8,211
7,027
6,627
3,582
3,655
4,949
3,820
2,691
1,567
26,484
77,011
112,939
124,324
312,823
69,009
41,685
28,762
23,699
36,393
26,563
19,598
13,593
11,076
8,288
8,706
20,770
9,570
4,476
4,131
4,120
2,483
2,464
2,639
2,596
29,799
33,017
35,927
28,679
23,697
31,996
3,048
1,100
794
341
352
164
83
56
29
24
10
29
998,208 194,157
18,055
55,767
39,955
100,601
106,549
203,492
36,193
18,986
18,562
9,330
12,081
7,288
4,550
3,623
2,138
2,029
957
3,450
1,254
445
318
1,311
302
2,187
4,145
6,559
9,277
23,076
5,913
3,918
4,333
2,383
3,556
2,610
1,734
1,497
926
960
440
1,734
721
293
746,107
1,038,261
1,233,663
1,144,527
846,561
1,043,754
120,747
46,246
24,119
14,525
15,936
7,951
4,852
3,041
1,929
1,405
978
2,469
374
428
249
217
97
99
35
24
13
12
2
3
1
403,054
1,580,803
3,074,018
3,982,399
3,797,617
6,754,308
1,442,518
794,960
536,913
395,287
548,604
354,556
264,639
196,837
144,191
119,051
92,772
296,306
149,870
95,256
68,022
74,422
42,843
59,443
29,665
29,357
30,434
29,285
7,328
13,507
13,247
3,315,250 I 32
For footnotes, see pp. 92-94; for extent to which data are estimated, see pp. 19-21.
INDIVIDUAL INCOME TAX RETURNS FOR 1951
85
Table 13. -INDIVIDUAL RETURNS WITH ADJUSTED GROSS INCCME FOR 1951, BY ADJUSTED GROSS INCCME CLASSES AND BY STATES AND TERRITCKIES: NUMBER OF RETURNS, ADJUSTED GROSS INCOffi, AND
INCCIffi TAX LIABILITY-Con.
[Taxable and nontaxable]
Adjusted gross Income classes^
(Dollmra)
Number of
re turns
Adjusted
gross
Income^
( Thouw»nd
dollmra)
Income
tax 11a-
bility'O
(Thouiand
dotUrii
Number of
ret, urns
Adjusted
gross
Income'
( Thouamnd
dollaraj
Income
tax lia-
bility"
Number of
returns
Adjusted
gross
income'
(Thou9mnd
dollmra)
Income
tax lia-
bility"
( Thcumand
dtttlmrn)
Number of
returns
Adjusted
gross
income'
( Thottaand
daltara)
Income
iBjc lia-
bility"'
(Thouaand
dollara)
Returns with adjusted gross
income :
Under 11,000
1,000 under 2,000
2,000 under 3,000
3,000 under i.OOO
4,000 under 5,000'
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
b0,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000...
1,000,000 under 1,500,000.
1,500,000 under 2,000,000.
2,000,000 under 3,000,000.
3,000,000 under 4,000,000.
4,000,000 under 5,000,000.
5,000,000 or more
Total
Returns with adjusted gross
income:
Under $1,000
1,000 under 2,000
2,000 under 3,000
3,000 under 4,000
4,000 under 5,000*
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25 ,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000...
1,000,000 under 1,500,000.
1,500,000 under 2,000,000.
2,000,000 under 3,000,000.
3,000,000 under 4,000,000.
4,000,000 under 5,000,000.
5,000,000 or more
Total
North Carolina
North Dakota
162,976
239 ,97 i
262 ,017
168,579
87,798
90,662
10,804
4,720
2,275
1,345
1,514
693
362
247
140
111
77
152
32
19
72,512
89,135
101,429
110,612
81,688
100,862
9,078
3,258
1,986
1,234
1,133
541
287
185
132
77
64
145
43
24
9
10
7
94,184
359, 149
652,482
583,018
393,896
578,326
129,546
81,237
50,659
36,797
51,875
30,901
19,827
15,990
10,461
9,373
7,314
18,068
5,396
4,198
2,467
2,739
1,265
2,399
778
8,529
1,034,528 3,150,874
944
10,515
29,605
33,607
31,689
60,490
19,690
13,789
10,542
8,406
13,371
9,248
6,711
5,762
4,003
3,872
3,166
8,353
2,829
2,227
1,176
1,466
665
1,344
396
4,768
31,268
52,397
41,053
33,280
18,845
22,582
2,602
837
324
224
202
83
39
18
11
288,634
17,167
76,461
101,067
115,930
84,291
147,364
30,925
14,390
7,148
6,150
6,839
3,728
2,094
1,158
825
340
374
624
317
184
2,849
5,351
7,256
6,928
17,532
4,957
2,618
1,535
1,487
1,779
1,208
718
437
324
163
172
308
194
371,106
486,349
509,182
608,956
512,722
630,733
46,077
15,476
8,173
5,286
5,659
2,811
1,643
932
610
402
275
707
219
89
45
58
25
22
207,101
728,066
1,285,334
2,123,301
2,294,262
4,015,338
548,306
266,166
181,761
144,2X
193,934
124,936
89,585
60,272
45,593
34,044
26,043
84,911
37,340
19,949
12,141
19,872
11,325
12,872
7,050
4,616
1,503
3,207,570 12,579,855 1,550,625
2,700
40,446
99,216
130,205
215,190
479,823
89,451
52,341
40,846
36,279
55,480
41,788
32,896
24,011
19,155
15,081
11,946
41,989
20,154
11,091
7,119
10,686
6,630
8,123
4,007
3,256
716
112,685
137,957
142,870
115,745
71,761
78,186
8,154
3,121
1,491
919
993
430
293
169
103
63
55
99
37
13
7
12
3
6
1
63,756
208,710
354,864
404,822
320,602
503,779
97,385
53,774
33,425
25,070
34,257
19,235
16,131
10,906
7,662
5,759
5,178
11,922
6,419
2,893
1,854
3,956
3,717
3,476
828
2,558
2,966
3,384
675,187 2,209,293
810
6,939
15,990
25,176
25,350
58,226
15,742
10,308
7,477
6,278
9,788
6,076
5,984
4,272
3,209
2,468
2,360
5,782
3,223
1,538
1,165
2,185
2,155
2,063
655
1,267
1,448
2,323
Oregon
Pennsylvania
Rhode Island
South Carolina
42,711
132,960
254,795
388,518
365,383
646,181
108,787
56,219
44,953
33,606
38,819
23,941
15,658
11,996
9,911
6,492
6,146
17,220
7,340
5,237
2,422
3,402
3,050
707
586
6,318
16,541
31,010
33,301
78,967
17,728
10,955
10,025
8,293
10,935
7,733
5,580
4,659
4,146
2,859
2,688
8,244
3,769
2,735
1,407
1,960
1,513
318
1,028
488,086
703,741
804,874
873,860
611,268
598,658
49,943
18,337
9,921
6,182
6,440
3,335
1,813
1,091
740
550
379
824
299
110
63
52
22
21
13
574,454 2,228,677 273,303 4,180,637 15,140,296 1,797,449
261,884
1,054,838
2,020,095
3,045,050
2,727,550
3,771,287
598,279
315,236
220,370
168,462
220,874
147,885
98,914
70,461
55,369
46,505
35,867
98,730
51,031
24,551
17,264
17,824
9,745
12,943
11,173
9,268
5,538
5,091
18,212
3,235
61,136
144,393
243,861
247,058
445,884
97,137
63,023
50,301
42,625
64,222
49,764
37,047
28,640
23,391
20,746
16,516
49,313
28,087
13,837
10,363
11,479
6,293
8,861
7,163
6,242
2,958
2,489
47,227
65,583
78,966
53,362
40,161
42,824
3,379
1,229
672
483
585
237
137
105
79
30
25
80
22
10
6
11
2
26,219
101,186
196,329
184,366
178,135
270,921
40,007
21,128
14,856
13,198
20,194
10,518
7,477
6,300
5,910
2,539
2,364
9,734
3,770
2,207
1,674
3,732
819
2,643
1,478
2,005
1,130,209
411
6,954
14,263
14,656
15,806
32,520
6,442
4,223
3,491
3,310
5,915
3,555
2,784
2,765
2,519
1,202
1,094
4,756
2,075
1,340
1,047
2,079
596
1,869
731
1,693
138,096
72,361
111,535
123,741
74,240
49,769
50,034
4,396
2,097
904
567
594
241
89
70
29
39
21
41
42,702
169,591
306,987
257,631
221,859
314,361
52,467
35,089
20,121
15,511
20,590
10,639
4,842
4,535
2,168
3,305
1,993
4,967
2,614
1,664
1,291
1,430
900
1,231
1,004
490,304 1,500,042
462
5,319
14,975
15,781
18,085
34,342
8,288
6,577
4,345
3,642
5,584
3,478
1,674
1,742
896
1,377
389
2,340
1,372
1,003
815
874
511
658
For footnotes, see pp. 92-94; for extent to which data are estimated, see pp. 19-21.
86
INDIVIDUAL INCOME TAX RETURNS FOR 1951
Table 13. -INDIVIDUAL RETURNS WITH ADJUSTED GROSS INCOME FOR 1951, BY ADJUSTED CBOSS INCOE CLASSES AND BY STATES AND TERRITCKIES;
INCaiE TAX LIABILITY- Con.
[Taxable and nontaxable]
NUMBER OF RETURNS, ADJUSTED CROSS INCCWE, AND
Adjusted gross Income classes^
(Dollars)
Number of
returns
Adjusted
( Thouaand
dollar*)
Income
tax lia-
billty^°
(Thousand
dollars)
Number of
returns
Adjusted
gross
income ^
( Thousand
dollar a)
Income
tax lia-
bllity^°
C Thousand
dollar a)
Number of
returns
Adjusted
gross
income^
(Thousand
dollars)
Income
tax lia-
bility ^°
C Thousand
dollars)
Number of
returns
Adjusted
gross
income^
( Thousand
dollars)
Income
tax lia-
bility"^
f TTlouaand
dallara)
Returns with adjusted gross
income:
Under $1,000
1,000 under 2,000
2,000 under 3,000
3,000 under 4,000
i.OOO under 5,000'
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
a0,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000...
1,000,000 under 1,500,000.
1,500,000 under 2,000,000.
2,000,000 under 3,000,000.
3,000,000 under 4,000,000.
4,000,000 under 5,000,000.
5 ,000,000 or more
Total
Returns with adjusted gross
income :
Under tl.OOO
1,000 under 2,000
2,000 under 3,000
3,000 under 4,000
4,000 under 5,000*
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50, OM under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000..
1,500,000 under 2,000,000..
2,000,000 under 3,000,000..
3,000,000 under 4,000,000..
4,000,000 under 5,000,000..
5,000,000 or more
Total
South Dakota
42,028
59,969
40,879
35,751
21,915
18,080
2,717
717
384
246
169
61
34
12
10
3
5
222,991
19,798
34,918
28,910
20,579
12,275
12,894
1,310
279
279
112
112
48
19
18
23,820
87,245
101,502
123,015
99,796
116,479
32,837
12,026
8,546
6,765
5,868
2,719
1,842
756
738
245
472
1,082
336
626,089
328
3,023
5,367
7,817
7,917
13,925
5,272
2,191
1,896
1,667
1,753
883
678
298
306
108
215
554
149
133,240
203,952
188,515
130,316
90,139
92,397
9,276
3,081
1,880
1,178
1,144
592
34S
193
114
86
54
152
25
17
54,347
77,776
308,865
465,100
450,957
402,267
592,713
110,614
52,798
41.786
32,188
39,434
26,410
19,057
12,529
8,495
7,276
5,117
18,305
4,377
3,783
1,635
3,185
419
1,187
1,739
2,498
856,721 2,690,510
867
10,060
21,512
30,772
35,359
67,887
17,491
10,178
9,388
8,100
10,874
8,555
6,986
4,919
3,524
3,156
2,192
8,845
2,263
2,150
906
2,031
283
792
1,067
1,389
352,664
431,120
448,852
406,759
300,394
357,598
37,941
14,207
7,719
4,583
5,261
2,604
1,456
943
585
417
297
645
265
lOO
271,546
196,723
644,367
1,120,765
1,414,869
1,342,248
2,300,053
455,071
244,677
172,180
125,142
181,189
115,714
79,753
61,018
43,594
35,440
28,209
77,206
45,160
22,417
16,450
16,210
12,175
24,852
7,267
4,836
3,729
2,156
2,374,600 8,793,470 1,102,785
2,352
24,629
58,238
102,085
118,041
272,746
76,053
49,832
40,184
32,407
53,982
39,990
30,586
24,706
18,858
16,214
13,546
38,881
24,571
12,516
9,358
8,821
7,181
15,019
4,263
3,103
3,047
1,576
34,801
38,513
39,302
49,739
39,358
34,457
2,817
1,140
636
309
340
117
67
36
241,693
19,445
56,241
97,525
173,385
177,320
217,733
33,686
19,320
14,326
8,504
11,686
5,178
3,671
2,353
1,108
1,002
465
2,439
886
653
253
847,179
Virginia
Washington^'
West Virginia
10,792
52,696
70,883
71,147
54,489
81,070
15,805
4,629
6,133
3,047
3,828
2,152
1,063
1,154
812
85
569
1,687
478
430
275
333
384,539
135
2,544
3,573
4,035
4,495
8,758
2,512
759
1,220
739
1,105
658
378
402
341
37
230
841
258
214
179
205
147,786
224,486
208,712
162,904
111,626
122,429
12,098
4,244
2,495
1,356
1,234
693
358
169
126
77
67
136
43
86,453
335,490
517,559
563,264
499,451
789,283
143,319
72,752
55,658
36,976
42,560
30,547
19,563
10,971
9,373
6,538
6,357
16,281
7,203
3,562
2,398
1,027
1,291
1,701
1,772
1,134
2,363
6,313
3,271,159
1,062
13,565
29,318
39,576
43,215
94,549
23,003
13,989
12,182
9,043
11,690
9,836
6,964
4,243
3,862
2,815
2,919
7,777
3,699
2,045
1,394
533
811
856
1,266
787
1,894
3,643
108,996
121,804
162,691
201,259
149,051
178,912
17,194
5,545
2,722
1,531
1,611
884
451
241
169
103
82
147
33
21
346,541
953,480
63,012
181,308
412,020
705,087
663,866
1,152,893
205,640
95,361
60,444
41,949
54,946
39,273
24,541
15,596
12,637
8,760
7,731
17,374
5,649
4,646
2,180
3,421
3,051
1,876
2,594
1,216
2,017
908
9,867
32,055
63,953
63,667
141,927
34,607
19,366
13,852
11,011
16,371
13,686
9,297
6,367
5,542
4,057
3,647
8,606
3,158
2,492
1,146
2,072
1,490
1,056
1,292
505
974
94,749
115,271
104,679
125,705
80,906
59,065
4,281
1,675
885
619
619
227
127
87
51,384
169,317
264,213
440,423
362,607
367,549
51,084
28,644
19,890
16,941
21,193
10,165
6,878
5,602
4,047
3,379
1,817
6,807
1,864
2,275
818
589,091 1,837,849
328
3,028
4,769
9,760
12,359
22,064
4,943
3,516
2,983
2,005
3,153
1,580
1,302
922
432
432
212
1,160
404
368
12
75,732
661
6,989
15,148
29,400
25,782
41,658
8,394
5,725
4,369
4,451
6,265
3,494
2,651
2,339
1,739
1,547
862
3,458
971
1,341
383
168,267
For footnotes, see pp. 92-94j for extent to which data are estimated, see pp, 19-21.
INDIVIDUAL INCOME TAX RETURNS FOR 1951
87
Table 13.-INDIVIDUAL RETURNS WITH ADJUSTED GROSS INCOME F(K 1951, BY ADJUSTED GROSS INCOME CUSSES AND BY STATES AND TERRITORIES: NUMBER OF RETURNS, ADJUSTEiJ CKOSS INCOME, AND
INCOME TAX UABILITY-Con.
[Taxable end nontaxable]
Adjusted groSB income classes^
(Dollmrm)
Number of
returns
Adjusted
gross
Income*
( Thouaattd
dot tar a)
Income
tax
liability"
(Thovaand
dot tar a)
Number of
returns
Adjusted
gross
income*
( Thouaand
doltmraj
Income
tax
liability'^
(Thotiunml
dollar a)
Returns ¥dth adjusted gross Income
Under 51,000
1,000 under 2,000
2,000 under 3,000
3,000 under 4,000
i,000 under 5,000*
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5,000,000
5,000,000 or more
Total
Wyoming
175,214
235,107
235,783
237,392
188,451
217,258
16,144
5,833
2,582
1,714
1,924
896
445
304
171
117
79
152
74
27
98,730
349,793
593,376
833,833
842,834
1,360,459
193,294
99,950
57,329
46,583
66,121
39,714
24,224
19,678
12,774
9,903
7,502
18,251
12,668
5,919
2,941
3,686
4,472
1,960
1,319,702 4,706,494 524,133
1,183
17,804
42,724
67,868
75,413
162,269
31,115
18,803
12,182
11,009
17,621
12,178
8,315
7,482
5,145
4,256
3,331
8,676
6,320
3,319
1,631
2,108
2,452
929
15,978
20,457
18,431
18,956
9,753
18,600
2,099
621
696
228
222
116
60
27
23
18
5
20
1
106,318
9,017
30,797
46,158
65,856
44,428
119,220
25,348
10,896
15,529
6,225
7,555
5,115
3,274
1,720
1,729
1,521
476
2,475
176
928
523
326
399,292
68
1,769
2,482
5,031
3,607
14,250
4,236
2,116
3,748
1,564
2,254
1,821
1,298
707
750
727
215
1,256
39
429
316
228
48,911
Pot footnotes, see pp. 92-94; for extent to irtiich data are estimated, see pp. 19-21.
88
INDIVIDUAL INCOME TAX RETURNS FOR 1951
Table 14. -INDIVIDUAL RETURNS FOR 1951 WITH BUSINESS (SOLE PROPHIETOHSHIP), BY SELECTED INDUSTRIAL GROUPS; NUMBER OF BUSINESSES, TOTAL RECEIPTS FRCM BUSINESS, AND NET PROFIT
Selected industrial groups^'
Total
number of
businesses^^
Total
receipts
(Thousand
dot tars)
Businesses with net profit^'
Number of
businesses*^
Total
receipts
( Thousand
dot tars)
HI
Current year
net profit
(Thousand
dotlars)
All industrial groups
Agriculture, forestry, and fishery,*^ total....
Farms
Agricultural services, hunting, and trapping.
Fishery
Mining and quarrying, total
Metal and coal mining; nonmetallic mining and quarrying.
Crude petroleum and natural gas production
Construction, total
General contractors
Special trade contractors
Contractors not allocable
Uanufacturing,*^ total
Food and kindred products
Apparel and products made from fabrics
Lumber and wood products, except furniture
Furniture and fixtures
Printing, publishing, and allied industries
Stone, clay, and glass products
Fabricated metal products, except machinery and transportation equipment..
Machinery, except transportation equipment and electrical
Transportation, communication, and other public utilities, total
Trucking and warehousing
Other transportation
Communication and other public utilities
Trade, total
Wholesale, total.
Retail, total.
Food
General merchandise
Apparel and accessories
Furniture and house furnishings
Automotive dealers
Gasoline service stations
Drug stores
Ea ting and drinking places
Lumber and building materials
Hardware and farm equipment
Liquor stores
Antique stores and second hand stores..
Book and stationery stores
Sporting goods stores and bicycle shops
Florists
Jewelry stores
News dealers and newsstands
Other retail trade
Trade not allocable.
Finance, insurance, and real estate, total.
Finance
Insurance agents, brokers, and services
Real estate
Combinations of real estate, insurance, loans, law offices.
Services, total
Hotels and other lodging places.
Personal services, total
Laundries, cleaners, and dyers
Photographic studios, including commercial photography. . .
Barber and beauty shops, including schools for operators.
Funeral service and crematories
Other personal services
Business services, total
Advertising
Accounting, auditing, and bookkeeping.
Otber business services
Automobile repair services and garages.
Miscellaneous repair services
Amusements, total
Motion picture (production and distribution and theaters).
Amusements, except motion pictures
Medical and other health services, total.
Physicians, surgeons, oculists. . . .
Dentists and' dental surgeons
Other medical and health services.
Legal services
Educational services
Engineering and architectural services.
Miscellaneous services
78 Business not allocable.
7,339,811
3,209,539
3,138,611
49,649
19,282
21,000
8,794
12,206
53,545
269,936
18,829
157,278
U,604
11,015
44,457
8,141
24,172
5,415
7,223
6,599
262,582
194,453
60,940
7,189
1,723,534
212,674
1,450,471
409,245
72,674
66,949
63,632
55,714
159,956
36,535
287,281
20,004
31,496
21,942
18,519
5,633
8,030
14,732
19,239
12,197
146,693
60,389
205,077
9,389
73,231
101,071
21,385
1,355,389
116,187
381,670
68,748
20,653
202,770
14,426
75,073
109,642
7,372
37,446
64,824
94,048
122,404
71,463
5,942
65,521
262,731
128,718
75,272
58,741
107,330
28,967
28,452
32,495
63,102
131,864,551
22,947,065
22,093,301
708,110
112,269
813,839
252,166
561,671
3,486,641
5,692,019
446,191
6,263,630
1,067,495
670,996
1,241,678
290,998
524,074
193,325
356,955
421,434
2,795,939
2,214,806
502,369
78,764
72,612,998
15,966,764
W, 086,430
16,977,819
2,383,283
2,270,479
2,489,802
5,791,340
5,619,684
1,935,852
6,608,651
1,003,430
1,868,086
1,074,078
212,715
122,688
U3,977
244,185
431,884
134,325
3,734,147
3,559,804
2,880,825
328,928
819,585
1,508,417
223,895
U, 367,054
1,022,938
2,676,596
933,493
176,329
890,466
321,736
354,572
1,210,021
311,758
278,257
620,006
1,149,376
864,877
807,588
150,200
657,388
4,000,841
2,347,128
971,130
682,583
859,856
136,506
454,709
183,746
558,350
2,599,872
2,538,208
44,791
15,374
14,148
6,579
7,569
47,584
255,821
17,454
131,694
11,202
9,063
38,580
6,784
21,091
("i
6,220
5,438
225,838
165,996
53,120
6,722
1,471,050
187,938
355,518
62,277
55,671
51,261
45,409
139,867
33,663
232,650
17,491
26,254
20,106
15,037
(")
7,115
11,535
16,482
11,694
125,655
50,591
183,621
7,479
68,456
88,061
19,625
1,215,019
92,863
355,475
61,564
16;715
194,316
12,636
70,244
100,110
6,371
35,276
58,463
83,874
110,021
50,633
(69)
46,930
248,043
121,980
72,644
53,419
97,544
26,057
24,539
25,860
54,006
119,897,053
19,211,140
623,622
93,792
209,228
389,004
3,099,759
5,391,647
410,357
920, 593
622,311
,070,538
260,697
494,187
("i
336,018
396,033
1,925,731
422,310
71,527
66,557,636
14,687,073
48,676,156
15,641,653
2,196,130
2,077,097
2,225,361
5,266,092
5,264,771
1,851,593
5,790,652
938,824
1,726,121
1,025,634
195,566
("!
128,144
202,633
407,155
179,377
3,444,156
3,194,407
2,714,518
309,319
804,398
1,383,471
217,330
12,616,237
844,238
2,555,260
868,438
163,039
873,574
304,954
345,255
1,165,429
302,925
273,150
589,354
1,068,953
819,549
659,382
(69)
541,793
3,952,216
2,330,916
967,212
654,088
843,584
128,615
403,745
175,266
484,932
18,377,038
5,365,746
5,212,510
117,978
31,234
22,888
76,599
1,180,142
282,306
836,626
61,210
656,525
48,339
58,466
123,107
28,979
88,723
("i
51,873
69,077
489,988
369,719
101,523
18,746
5,037,685
1,052,282
3,777,137
866,131
173,106
212,770
201,973
354,854
366,517
184,833
616,813
84,329
137,490
90,166
33,005
("i
16,639
26,456
65,266
24,528
307,555
208,266
806,502
54,990
326,874
339,143
85,495
4,619,588
166,876
719,698
155,407
40,256
346,114
64,179
113,742
357,132
35,786
134,121
187,225
203,768
216,934
127,794
(69)
106,028
2,071,904
1,347,099
503,894
220,911
473,122
44,932
146,007
91,421
121,375
For footnotes, see pp. 92-94; for ejctent to which data are estimated, see pp. 19-21.
INDIVIDUAL INCOME TAX RETURNS FOR 1951
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92
INDIVIDUAL INCOME TAX RETURNS FOR 1951
Table 16.-INIlIVIDnAl RETURMS FOR 1951 WITH PROFIT FRCU BUSIWESS (SOLE PROPRIETaRSHIP) , BY SELECTED INDUSIHIAL GROUPS, AND BY SIZE OF NET PROFIT: FRESUENCY DISmiBOTION OF NUMBER
OF BUSINESSES
Size of net proflt^*^
(DotUra)
Aggregate
11)
Agriculture,
forestry,
and fishery
(a)
Mining and
quarrying
(3)
Construc-
tion
W
Uanufac-
turing
(61
Transporta-
tion, com-
munication,
and other
public
utilities
(61
(8)
(»l
Trade not
allocable
Finance,
insiirance,
and real
estate
(a)
Under Jl.OOO
1,003 under 2,000
2,000 under 3,000
3,0<X) under A,0(XI
4,000 under 5,000...
5,000 under 6,000
6,000 under 7,000
7,000 under 8,000
8,0(X) under 9,000
9,(X)0 under 10,000..
10,000 under 12,000.
12,000 under 15,000.
15,000 under 20,000.,
20,000 under 25,000.
25,000 under 50,000.,
50,000 under 100,000,
100,000 or more
Total
1,872,706
1,591,510
1,009,793
593,410
327,234
197,247
128, 110
95,395
68,609
51,872
74,963
66,783
59,348
29,494
41,107
7,334
1,187
9C»,274
783,728
430,652
208,304
103,598
51,192
30,443
21,512
13,395
9,309
12,455
9,674
7,575
3,555
4,308
777
121
4,474
2,706
1,517
1,185
479
498
297
276
160
246
402
377
395
205
634
199
98
56,783
77,579
62,475
43,804
24,029
13,961
9,219
6,399
4,855
3,849
4,809
4,195
3,550
1,975
2,654
615
108
35,148
27,990
16,409
13,669
7,239
5,947
3,950
2,926
2,825
2,019
2,653
2,629
2,693
1,774
2,693
875
255
78,829
62,707
37,616
21,939
9,921
5,373
2,561
1,595
1,015
699
1,013
738
805
260
634
113
20
381,345
312,675
249,150
173,830
100,918
66,202
40,329
29,675
20,804
15,516
22,444
18,919
16,691
7,709
12,275
2,255
313
36,777
32,396
27,261
20,587
14,940
9,833
6,746
5,537
4,176
3,792
5,696
5,300
5,675
2,834
5,033
1,173
182
331,719
269,320
214,380
148,019
82,883
54,360
32,034
22,593
15,790
11,010
15,683
12,688
10,194
4,417
6,400
922
109
12,849
10,959
7,509
5,224
3,095
2,009
1,549
1,545
838
714
1,065
931
822
458
842
160
22
43,079
36,083
22,883
17,970
11,986
10,652
8,754
6,707
4,394
3,344
5,372
4,518
3,375
1,801
2,229
422
52
320,859
131,694
225,838
1,471,050
1,232,521
183,621 18
Size of net profit'
(Doltara)
Total
services
(12)
Hotels
and other
lodging
places
(13)
Personal
services
(H)
Business
services
(IS)
Automobile
repair
services
and
garages
(16)
Miscel-
laneous
repair
services
d')
Medical
and other
health
services
(19)
Legal
services
(20)
Educa-
tional
services
(21)
Engineer-
ing and
archltec-
tual
services
(22)
Miscel-
laneous
services
(23)
Business
not
allocable
(24)
Under »1,000
1,000 under 2,000
2,000 under 3,000
3,000 under 4,000
4,000 under 5,000
5,(X)0 under 6,(X)0
6,000 under 7,000
7,000 under 8,000
8,000 under 9,000
9,000 under 10,000...
10,000 under 12,000..
12,000 under 15,000..
15,003 under 20,000..
20,000 under 25,000..
25,000 under 50,000..
50,000 under 100,000.
100,000 or more
Total
341,325
275,607
180,936
108,733
66,736
42,366
31,431
25,945
20,633
16,678
25>488
25,317
24,025
12,055
15,500
2,034
210
44,469
24,847
7,946
6,126
3,706
1,571
1,323
622
426
447
509
364
246
108
120
30
3
112,193
111,133
67,337
31,040
14,569
6,946
3,760
2,314
1,620
1,036
1,313
788
772
315
308
29
2
26,418
21,334
16,565
10,005
6,829
3,876
3,018
2,728
1,673
1,345
1,741
1,587
1,341
657
794
168
31
19,446
24,848
17,399
10 ,743
4,343
2,104
1,555
1,569
424
239
386
459
190
48
108
11
2
44,095
27,583
18,672
9,472
3,100
2,109
1,256
1,278
631
327
477
451
281
165
96
26
2
21,787
11,398
5,164
3,969
2,976
1,327
444
590
794
290
504
472
324
197
298
84
15
22,591
23,720
25,137
21,414
20,593
16,681
14,118
12,244
11,076
9,872
15,479
16,708
17,150
8,679
11,324
1,191
66
22,258
14,847
13,770
10,388
7,044
5,411
3,805
2,870
2,860
2,164
3,394
3,118
2,632
1,275
1,446
232
30
12,710
6,749
3,023
1,122
1,068
536
307
163
50
58
6,354
3,219
2,386
2,940
1,623
1,102
1,238
783
481
470
981
879
782
389
676
195
41
9,0O4
5,929
3,537
1,514
885
703
607
784
598
430
640
421
253
192
286
60
17
22,449
12,435
8,155
3,976
2,328
1,056
1,126
360
528
212
327
421
239
160
180
44
10
1,215,019
83,874
110,021
50,633
248,043
26,057
24,539
For footnotes, see pp. 92-94; for ertent to which data are estimated, see pp. 19-21.
Footnotes for individual tables
(In the tables, values In thousand dollars and percentages are rounded and, therefore, may not add to the totals)
' Adjusted gross Income classes are based on the amount of
adjusted gross Income reported on each return ( see note 2 ) ; re-
turns with adjusted gross deficit are designated "No adjusted gross
Income" without regard to the amount and appear as a separate
class.
■ Adjusted gross Income means gross Income minus allowable
trade and business deductions, expenses of travel and lodging In
connection with employment, reimbursed expenses In connection
with employment, deductions attributable to rents and royalties,
certain deductions of life tenants and Income beneficiaries of
property held In trust, and allowable losses from sales or exchanges
of property. Should these deductions exceed the gross Income,
there Is an adjusted gross deficit.
' Tax liability In this table Is the total tax liability, that is. the
combined Income tax and self-employment tax. The Income tax
Is reduced by the allowable tax credits, reported on returns with
Itemized deductions, for tax paid at source on Interest from tax-
free covenant bonds and for Income tax paid to a foreign country
or possession of the United States.
• This class includes nontaxable returns with adjusted gross In-
come exceeding the designated class limit.
' Returns with no adjusted gross Income are returns showing
adjusted gross deficit, that is, returns on which the deductions
allowable for the computation of adjusted gross Income exceed
the gross income. (See note 2.)
" Less than 0.05 percent.
' Not computed.
« Adjusted gross deficit.
' Adjusted gross Income less adjusted gross deficit.
'» Salaries and wages Include annuities, pensions, and retirement
pay reported in the schedule for salaries, but, in adjusted gross
income classes under $5,000, exclude wages not exceeding $100 per
return from which no tax was withheld, reported as other income
on Form 1040A. (See note 28.)
" Number of returns with adjusted gross Income under $5,000
excludes returns. Form 1040A, with this source of income. (See
note 27.)
'= Dividends, foreign and domestic, exclude dividends received
through partnerships and fiduciaries and, in adjusted gross Income
classes under $5,000, dividends not exceeding $100 per return re-
ported as other Income on Form 1040A (see note 28) .
" Interest received includes interest on bonds, notes, mortgages,
bank deposits, savings accounts, and taxable and partially tax-
exempt Government obligations, as well as partially tax-exempt
Government interest received through partnerships and fiduciaries,
but, in adjusted gross income classes under $5,000, excludes Interest,
not exceeding $100 per return reported as other Income on Form
1040A. (See note 28.)
INDIVIDUAL INCOME TAX RETURNS FOR 1951
93
Footnotes for indii'iclual tablis — Continued
" Income from annuities and pensions Is only the portion of
amoiints received during the year, which Is to be Included in
gross Income. Amounts received to the extent of 3 percent of
the total cost of the annuity are reported as Income annually,
until the aggregate of amounts received and excluded from gross
Income In this year and prior years equals the total cost. There-
after, the entire amount received Is taxable and must be Included
In gross Income. Annuities, pensions, and retirement pay upon
which a tax Is withheld may be reported In salaries and wages.
"^ Rents and royalties net profit is the combined profit from these
two sources, neither of which Is reported separately. Deductions
against gross rents and gross royalties received are allowable for
taxes. Interest, repairs, depreciation, depletion, and other expenses
pertaining to the respective Income. A net loss from either source
offsets net profit of the other; the net profit reported Is the com-
bined result.
'« Rents and royalties net loss Is the combined loss from these
two sources, neither of which Is reported separately. Allowable
deductions for taxes. Interest, repairs, depreciation, depletion, and
other expenses pertaining to the respective Income exceed the
gross rents and gross royalties received. A net profit from, either
soxu-ce offsets net loss of the other; the net loss reported by the
taxpayer Is the combined result.
" Business net profit Is the net result of all sole proprietorship
operations carried on by the taxpayer, the combined result of which
Is a net profit. A net loss from one business activity offsets the
net profit of another.
Deductions from total receipts from business are allowed for
expenses of doing business, such as cost of merchandise sold, em-
ployees' salaries. Interest, taxes, rent, repairs, depreciation, obso-
lescence, depletion, bad debts, and losses on business property.
(Net operating loss deduction Is not reported as a business deduc-
tion for 1951; It Is now a component part of adjusted gross Income
or deficit.)
" Business net loss Is the net result of all sole proprietorship
operations carried on by the taxpayer, the combined result of
which Is a net loss. A net profit from one business activity offsets
the net loss of another. Deductions allowable against gross re-
ceipts from business are mentioned In paragraph 2, note 17.
■» Partnership net profit excludes partially tax-exempt Interest
on Government obligations and net gain or loss from sales of capi-
tal assets.
2» Partnership net loss excludes partially tax-exempt Interest on
Goverrunent obligations and net gain or loss from sales of capital
assets.
='Net operating loss deduction reported In the current year Is
only that portion of net operating loss from business, profession,
and partnership, sustained after January 1, 1948. which Is not ab-
sorbed by the required carrybacks and carryovers Into years prior
to 1951.
^ Net gain from sales or exchanges of capital assets is the net
gain reported In adjusted gross Income. It Is the result of com-
bining net short- and long-term capital gain and loss and any
capital loss carryover from the years 1946-50, Inclusive, not previ-
ously deducted.
Sales of capital assets Include worthless stocks, worthless bonds
If they are capital assets, nonbusiness bad debts, certain distribu-
tions from employees' trust plans, and each participant's share of
net short- and long-term capital gain and loss received through
partnerships.
" Net loss from sales or exchanges of caplta.1 assets Is the allow-
able loss used In computing adjusted gross Income. It Is the result
of combining net short-and long-term capital gain and loss and
any capital loss carryover from the yeans 1946-50. Inclusive, not
previously allowed. Deduction for the loss, however, Is limited to
the amount of such loss, or to the net Income (adjusted gross In-
come If tax Is determined from the tax table) computed without
regard to gains and losses from sales of capital assets, or to $1,000,
whichever Is smallest. (Also see par. 2, note 22.)
^ Net gain from sales or exchanges of property other than capi-
tal assets Is that from the sales of ( 1 ) property used In trade or
business of a character which Is subject to the allowance for de-
preciation. (2) obligations of the United States or any o-' its pos-
sessions, a State or Territory or any political subdivision thereof,
or the District of Columbia, Issued on a discount basis and payable
without Interest at a fixed maturity date not exceeding 1 year
from date of Issue, (3) real property used In trade or business, and
(4) certain copyrights or artistic compositions.
"Net loss from sales or exchanges of property otner than capital
assets Is the net loss from sales of property listed In note 24.
'• Income from estates and trusts Is the current earnings credited
or paid to the taxpayer as beneficiary under an estate or a trust.
The amount of such Income reported excludes partially tax-exempt
Interest on Government obligations.
" Number of returns In adjusted gross Income classes under $5,000
Includes 581,354 returns. Form 1(H0A, showing other Income con-
sisting of wages not subject to withholding, dividends, and Interest
not exceeding in total $100 per return.
=" Miscellaneous Income Includes alimony received, prizes, re-
wards, sweepstakes winnings, gambling profits, recoveries of bad
debts and Insurance received as reimbursement for medical ex-
penses If deduction for either was taken In the prior year, and
taxable Income not elsewhere tabulated. Also. In adjusted gross
Income classes under $5,000, there are Included $27,094,000 of
wages not subject to withholding, dividends, and Interest, not
exceeding In total $100 per return, reported as other Income on
returns. Form 1040A.
'• Amount of exemption, allowed for purposes of normal tax and
surtax. Includes a per capita exemption of $600 for the taxpayer,
his spouse and each dependent, together with additional exemp-
tions, for the taxpayer and/or spouse, of $600 if blind and $600
If 65 years of age or more.
" Income tax liability Is the combined normal tax and surtax
or the alternative tax after tax credits for Income tax paid at
source on Interest from tax-free covenant bonds and for Income
tax paid to a foreign country or possession of the United States.
Such credits are allowed only on returns with Itemized deductions.
" Self -employment tax Is levied on the net earnings from self-
employment and Is Independent of the Income tax liability. It
Is Imposed regardless of the amount of Income (or deficit) subject
to Income tax.
'- Tax withheld Includes the over withholding of social security
tax. that Is, the excess over the maximum tax of $54, withheld
because the taxpayer worked for more than one employer.
" Number of returns (Form 1040) with payment on 1951 declara-
tion of estimated tax Includes returns showing cash payment only,
returns showing only a credit for overpayment of prior year tax,
and returns showing both.
" Payments on 1951 declaration of estimated tax, reported by
the taxpayer on Form 1040. Include the credit for overpayment
of prior year Income tax. as well as the aggregate cash payments
made on the 1951 declaration, Form 1040-ES.
"" Returns classified as returns with Itemized deductions are
long-form returns. Form 1040, on which nonbusiness deductions
are Itemized; long-form returns. Form 1040. without deductions
(standard or Itemized); and all returns with no adjusted gross
Income whether or not deductions are Itemized.
=• Total deductions are the sum of the allowable deductions for
contributions. Interest paid, taxes, medical and dental expenses,
losses from fire, storm, or other casualty, or from theft, and other
authorized deductions against adjusted gross Income.
" Net Income reported on long-form returns. Form 1040, which
have adjusted gross Income In excess of itemized deductions. Re-
turns with net Income under $600 occur among taxable returns be-
cause of the self -employment tax.
"Returns with net deficit occur among taxable rettirns for 1951,
because of the self-employment tax. This tax Is levied on the net
earnings from self-employment regardless of the amount of net
Income (or deficit) subject to Income tax.
'» Net deficit, reported on returns. Form 1040, classified as re-
turns with Itemized deductions, consists of adjusted gross deficit
on short-form returns and net deficit on long-form returns re-
sulting from the combination of adjusted gross deficit and Itemized
deductions or from the excess of Itemized deductions over the
adjusted gross Income.
" Nontaxable returns are returns without taxable self-employ-
ment earnings which show (1) adjusted gross deficit, or (2) ad-
Justed gross Income which Income when reduced by deductions
(Standard or Itemized) and exemptions results In no Income tax
liability, or (3) a foreign tax credit that eliminates the Income tax.
" Number of returns Is subject to sampling variation of more
than 100 percent. The number of returns and data associated with
such returns are not shown since they are considered too unreli-
able for general use; however, they are Included In totals. For
description of sample, see pp. 19-21.
*= Less than $500.
" Other Income comprises, for returns Form 1040A, wages not
subject to withholding, dividends, and interest, reported In one
sum but not exceeding In total $1(X) per return; and, for returns
Form 1040, other Income is the amount of Income resulting from
a combination of profit or loss from rents and royalties, from busi-
ness, from sales of property, and from partnerships, together with
the net operating loss deduction and Income from annuities, es-
tates and trusts, and miscellaneous sources.
" Other loss, occurring only on Form 1040. Is the amount of loss
resulting from a combination of profit or loss from rents and royal-
ties, from business, from sales of property, and from partnerships,
together with the net operating loss deduction and Income from
annuities, estates and trusts, and miscellaneous sources.
" Average Income tax Is based on Income tax liability only; eelf-
employment tax is not included. The Income tax base is after the
tax credits for tax paid at source and tax paid to foreign countries
or possessions of the United States, allowed only to taxpayers who
Itemize deductions.
94
INDIVIDUAL INCOME TAX RETURNS FOR 1951
Footnotes ^or individual tables — Continued
'" In this section of the table, returns with only self-employment
tax are tabulated in their proper adjusted gross income classes
regardless of the grouped class, $10,000 or more, in the section for
returns with only self-employment tax.
" Returns with normal tax and siirtax are returns on which the
regular combined normal tax and surtax (including the optional
tax paid in lieu thereof) is reported, whether or not such returns
also show a self-employment tax.
" Returns with alternative tax are returns wherein the net in-
come includes a net long-term capital gain or an excess of net long-
term capital gain over net short-term capital loss and the alterna-
tive tax is less than the regular normal tax and surtax on net in-
come which includes all net gain from sales of capital assets. Such
returns may or niay not have a self -employment tax. (Alternative
taj{ is not effective on returns with surtax net income under
$16,000.)
" Returns with only self-employment tax are returns which have
no income tax liability but which, nevertheless, do have the inde-
pendently imposed self -employment tax on net earnings from self-
employment, irrespective of other income or loss.
■"' The three classifications for taxpayment status as well as the
various types of taxpayments are fully explained on pages 14-15.
'•'' Joint returns of husbands and wives include Joint returns filed
on Form 1040A even though the collector determined the tax on
the basis of separate incomes of husband and wife.
^- Separate returns of husbands and wives include community
and noncommunity income returns filed separately by husband
and wife; but exclude Joint returns. Form 1040A, wherein the col-
lector determined the tax on the basis of separate incomes of hus-
band and wife. Unequal numbers of returns for men and for
women are the result of insufficient information to identify returns
of married persons and the use of samples as a basis for compiling
statistical data.
" Number of exemptions for age and blindness is the number of
additional exemptions allowed the taxpayer and his spouse on a
Joint return, for age 65 or over and for blindness.
" Number of exemptions other than age or blindness is the num-
ber of per capita exemptions for each taxpayer and each dependent
and includes the per capita exemption for the spouse on a Joint
return. (This is the same basis that was used for a similar fre-
quency distribution in former years.)
'' Returns with normal tax, surtax, or alternative tax include
all returns with Income tax liability whether or not there is also
a self -employment tax. (See notes 47 and 48.)
" Surtax net income classes correspond to the surtax net income
brackets. To provide for split-income, classes for Joint returns
are double the range of those for other returns.
" Surtax net income is the amount of net income in excess of
the credit for exemptions.
'^ Returns with net loss from sales of capital assets are returns.
Form 1040, that have a deduction from gross income on account
of a statutory capital loss arising from sales and exchanges of
capital assets and the allowable capital loss carryover. (Refer to
note 23.)
"* Returns with net gain from sales of capital assets are returns.
Form 1040, on which the adjusted gross income includes a statutory
gain derived from current year sales and exchanges of capital
assets combined with capital loss carryover. (Refer to note 22.)
*• Short-term applies to gains and losses from sales or exchanges
of capital assets held 6 months or less and 100 percent of the
recognized gain or loss thereon is taken into account in computing
net short-term capital gain or loss. The amovmt reported Includes
such gain or loss received through partnerships.
" Long-term applies to gains and losses from sales or exchanges
of capital assets held more than 6 months and 50 percent of the
recognized gain or loss thereon is taken into account in computing
net long-term capital gain or loss. The amount reported includes
such gain or loss received through partnerships.
'- Capital loss carryover reported on the 1951 returns Is a com-
bination of the 1950 net capital loss and the remaining capital
loss carryovers from. 1946-49, not offset by net capital gains of the
succeeding years 1947-50. A net capital loss of any year, to be
used as a capital loss carryover, is the excess of current year capital
losses over the sum of (1) current year capital gains and (2) the
smaller of $1,000 or current year net income (adjusted gross income,
if tax is determined from tax table) computed without regard to
capital gains and losses. A net capital loss may be carried forward
as a short-term capital loss for 5 succeeding years to the extent
not previously eliminated.
" This excess is the approximate amount subject to the 50 per-
cent alternative tax rate; it is the excess of the net long-term
capital gain over the net short-term capital loss (before carryover)
tabulated in this table. This arbitrary method overstates the
excess In cases where a carryover was combined with a short-term
loss to determine the excess long-term gain, or where a carryover
exceeded the short-term gain resulting in a short-term loss which
was used to determine the excess long-term gain, or where there
was no short-term gain or loss but a carryover was used to deter-
mine the excess long-term gain.
" Data for Washington include data for returns from Alaska.
■" Business activity of the sole proprietor is classified according
to the description given by the taxpayer. If the taxpayer is en-
gaged in more than one kind of business, each kind is classified
independently for its respective industrial activity.
" The number of businesses is the actual number of different
kinds of businesses reported. Where the sole proprietor operates
two or more businesses of the same kind, they are counted as one
business. In case of a community property return where the busi-
ness income is divided between spouses, the business is counted
only once.
"' For businesses with net profit for which no schedule is sub-
mitted, the amount of net profit is tabulated both as total receipts
and as net profit.
"* An industrial subgroup is not shown when the number of
returns with business in the subgroup is subject to sampling
variation of more than 30 percent, since these data are considered
too unreliable for general use. However, data for the subgroup
thus omitted are included in the total for its respective Industrial
group. For description of sample, see pp. 19-21.
" Businesses with net profit are not shown separately when the
number of returns In the subgroup is subject to variations of
more than 30 percent, since these data are considered too un-
reliable for general use. However, data thus omitted are Included
in the total for the subgroup as well as in the total for its respective
industrial group. For description of sample, see pp. 19-21.
™ Size of total receipts is based on the amount of receipts from
each kind of business owned. In case of business with net profit
which has no supporting schedule, net profit is substituted for
total receipts.
" Businesses with net loss include the number of businesses and
the net loss from businesses for which no schedule is submitted
but the total receipts are not available.
" Size of net profit is based on the amount of current year net
profit from each kind of business owned by the taxpayer. (Net
operating loss deduction is not a business deduction on 1951
schedule.)
" Data for taxable returns In this section of the table include
36,741 returns with net gain from sales of capital assets which have
self-employment tax only; however, these returns are not shown
as a separate category.
HISTORICAL TABLES
INDIVIDUAL RETURNS, 1944-51
(For historical data prior to 1944, see Statistics of Income for 1949,
pp. 196-226)
Page
1 7. Number of returns by major characteristics, adjusted gross income
and deficit, and tax 96
18. Number of returns with income tax liability, adjusted gross income,
income tax, average tax, and effective tax rate — by adjusted
gross income classes 97—98
1 9. Sources of income by type 99
20. Selected sources of income by adjusted gross income classes 100—101
21. Deductions from adjusted gross income by type 102
22. Number of returns with adjusted gross income, adjusted gross
income, and income tax — by States and Territories 103-105
95
96
INDIVIDUAL INCOME TAX RETURNS, 1944-1951
Table 17.-INDnrniUAL RETURNS: mUBEB OF RETURNS BY MAJOR CHARJICTERISTICS, ADJUSTED CKOSS INC(ME AND DEFICIT, AND TAX, 194i-1951
Number of returns , total
Returns with adjusted gross Income, total....
Taxable returns
Nontaxable returns
Returns with no adjusted gross income, total^
Returns with only self-employment tax
Nontaxable returns
Nimiber of—
Taxable returns
Nontaxable returns *.
Returns with itemized deductions^
Taxable
Nontaxable
Returns with standard deduction^
Taxable
Nontaxable
Number of returns by source of Income:
Positive income :
Salaries, wages, commissions
Dividends*
Interest*
Annuities
Inccme from fiduciaries
Business profit
Partnership profit
Net gain from sales of capital assets
Net gain from sales of other property
Rents and royalties profit
Other income'
Losses:
Business loss
Partnership loss
Net loss from sales of capital assets
Net loss from sales of othsr property
Rents and royalties loss
Net operating loss deduction^
Amount of adjusted gross inccme, total''
Taxable returns
Nontaxable returns
Amount of adjusted gross deficit, total''
Returns with only self-employment tax
Nontaxable returns
Amount of tax liability, total
Income tax^
Self-employment tax'
55,447,009
55,042,597
42,636,797
12,405,800
404,412
11,813
392,599
42,648,610
12,798,399
11,581,696
10,212,822
1,368,874
43,865,313
32,435,788
11,429,525
48,538,699
4,038,391
4,824,056
598,330
432,106
5,950,484
1,692,545
2,132,037
100,765
3,835,620
2,353,892
1,047,713
219,839
582,413
180, 335
977,980
30,570
52,655,564
38,186,682
14,468,882
404,534
404,534
38,186,682
14,873,416
10,320,298
8,724,546
1,595,752
42,739,800
29,462,136
13,277,664
46,147,211
3,668,423
4,410,271
525,514
387,298
5,876,922
1,872,550
1,895,963
117,067
3,727,762
2,278,576
988,465
250,928
668,038
182,540
899,337
51,301,910
35,628,295
15,673,615
512,2U
512,214
35,628,295
16,185,829
9,691,340
7,899,061
1,792,279
42,122,784
27,729,234
14,393,550
44,167,831
3,656,582
4,714,567
545,768
353,347
5,817,827
1,971,001
1,439,221
123,254
3,606,363
2,288,711
896,247
278,292
697,010
160,209
873,636
52,072,006
51,745,697
36,411,248
15,334,449
326,309
326,309
36,411,248
15,660,758
8,828,927
7,297,843
1,531,084
43,243,079
29,113,405
14,129,674
45,000,595
3,321,922
3,963,527
377,317
328,386
6,387,370
1,636,218
1,694,230
136, 132
3,174,410
2,012,844
820,474
173,721
586,123
103,112
821,073
55,099,008
54,799,936
41,578,524
13,221,412
299,072
299,072
41,578,524
13,520,484
10,401,107
8,990,964
1,410,143
44,697,901
32,587,560
12,110,341
47,657,623
3,448,646
3,885,126
329,518
319,118
6,266,638
1,902,081
1,866,853
121,431
3,163,086
2,079,988
774,649
183,111
610,349
98,030
852,354
52,816,547
52,600,470
37,915,696
14,684,774
216,077
216,077
37,915,696
14,900,851
8,753,179
7,566,176
1,187,003
44,063,368
30,349,520
13,713,848
45,699,845
3,306,931
3,636,477
308,957
328,605
6,301,650
1,584,734
2,244,938
137,267
3,106,963
2,038,630
642,131
115,186
502,457
85,473
770,224
49,932,783
49,750,991
42,650,502
7,100,489
181,792
181,792
42,650,502
7,282,281
8,478,590
7,800,550
678, o;o
41,454,193
34,849,952
6,604,241
43,888,743
4,952,101
275,423
291,859
5,276,269
1,421,871
1,671,192
83,288
3,125,981
1,853,076
570,572
108,247
391,561
79,707
692,692
46,919,590
42,354,468
4,565,122
191,905
191,905
42,354,468
4,757,027
8,428,375
7,733,524
694,851
38,683,120
34,620,944
4,062,176
40,916,000
4,822,003
258,638
298,387
5,595,027
1,105,731
1,040,701
96,668
3,302,449
2,042,196
539,410
74,326
432,454
78,090
678,028
(The>u»mnd dollara)
203,097,033
185,171,964
17,925,069
760,548
23,912
736,636
24,439,073
24,227,780
211,293
179,874,478
158,545,122
21,329,356
726,202
18,374,922
18,374,922
161,373,205
138,566,406
22,806,799
14,538,U1
14,538,141
164,173,861
142,056,885
22,116,976
657,847
15,441,529
15,441,529
150,295,275
135,301,876
14,993,399
559,193
559,193
18,076,281
18,076,281
134,330,006
118,050,027
16,279,979
247,206
247,206
16,075,913
16,075,913
120,301,131
117,561,661
2,739,470
17,050,378
17,050,378
116,714,736
114,761,385
1,953,351
249,771
16,216,401
16,216,401
For footnotes, see pp. 106^107.
INDIVIDUAL INCOME TAX RETURNS, 1944-1951
97
Table 18. -INDIVIDUAL RETURNS WITH DfCaiE TAX LIABILITY: HUMBEB OF RETURNS, ADJUSTB) GROSS INCOIE, INCCIil TAX, AVERAOE TAX.AND EFTECTIVE TAX RATE, BY ADJUSTED GROSS DICCIIE CLASSES,
1944-1951
Adjusted gross Income classes^
(Doltart)
Number of returns
J5CX) under 1,000
600 uraier 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 4,000
4,000 under 5,000
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 50,000
50,000 under 100,000
100,000 under 150,000...
150,000 under 300,000...
300,000 under 500,000...
500,000 under 1,000,000.
1,000,000 or mare
Total
J500 under 1,000
600 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 4,000
4,000 under 5,000
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 50,000
50,000 under 100,000
100,000 under 150,000...
150,000 under 300,000...
300,000 under 500,000...
500,000 under 1,000,000.
1,000,000 or more
Total
1500 under 1,000
600 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 4,000
4,000 under 5,000
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 50,000
50,000 under 100,000
100,000 under 150,000...
150,000 under 300,000. . .
300,000 under 500,000...
500,000 under 1,000,000.
1,000,000 or nore
Total
1500 under 1,000
600 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 4,000
4,000 under 5,000
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 50,000
50,000 under 100,000
100,000 under 150,000...
150,000 under 300,000...
300,000 under 500,000...
500,000 under 1,000,000.
1,000,000 or more
Total
1,610,092
2,754,588
3,115,581
3,814,784
4,178,241
8,858,530
6,949,135
8,699,138
831,819
295,919
154,766
243,530
67,447
12,045
6,701
1,212
523
171
41,594,222
1,570,113
2,663,366
3,333,412
4,1J2,168
4,585,740
8,668,606
5,740,400
6,114,699
679,114
256,019
139,837
220, 107
62,689
11,564
6,716
1,290
623
219
1,538,868
2,742,856
3,385,746
4,418,528
4,750,944
8,076,430
4,727,478
4,837,794
581, 572
220,420
116 ,446
171,261
46,130
8,028
4,520
775
379
120
1,526,161
2,619,795
3,628,233
4,683,599
4,9U,112
8,280,683
4,880,174
4,666,206
599,545
236,438
122,221
185,076
52,725
9,619
5,145
952
415
149
4,178,487
5,660,010
6,439,111
6,171,703
8,695,846
3,818,891
2,837,585
486,961
201,300
102,386
146,782
38,049
6,353
3,417
658
302
114
35,628,295 36,411,248 41,578,524 37,915,696
3,153,212
4,744,514
5,928,686
6,072,182
5,310,256
6,677,207
2,757,501
2,331,853
452,271
192,540
100,361
145,231
39,101
6,373
3,339
652
323
94
7,041,008
7,175,731
6,348,181
5,252,169
6,737,442
2,612,825
1,885,471
353,346
155,308
83,229
120,220
33,495
5,530
2,871
528
258
71
42,650,502
6,989,931
6,863,662
6,000,454
5,301,072
6,918,693
2,816,977
1,834,433
298,478
129,466
67,537
100,467
28,963
4,873
2,581
473
221
62
42,354,468
Adjusted gross income' (Thouaand dollar*)
1,354,605
3,452,761
5,446,167
8,578,144
11,530,006
30,946,234
31,016,829
55,838,698
9,923,727
5,078,155
3,447,638
8,207,317
4,500,312
1,440,965
1,334,049
453,649
349,694
344,640
183,243,590
1,310,810
3,381,544
5,818,935
9,290,893
12,652,390
30,154,986
25,557,691
39,046,068
8,148,940
4,396,990
3,110,483
7,425,461
4,192,517
1,386,519
1,335,847
482,179
419,462
433,407
158,545,122
1,289,971
3,474,249
5,925,589
9,926,073
13,084,856
28,027,897
21,029,837
30,970,696
6,971,830
3,783,153
2,587,715
5,763,891
3,074,224
961,006
895,192
289,204
254,332
255,509
1,272,455
3,347,031
6,347,058
10,528,563
13,535,912
28,714,750
21,709,135
29,818,294
7,200,668
4,054,251
2,717,601
6,237,807
3,516,082
1,153,456
1,017,684
353,350
274,704
258,272
138,566,406 142,056,885 135,301,876
2,152,Ul
5,295,621
9,974,180
14,507,256
16,951,476
29,914,610
16,917,330
18,433,619
5,870,665
3,455,452
2,276,347
4,923,479
2,525,752
759,938
678,000
249,255
201,811
214,946
2,425,223
6,021,539
10,435,174
13,659,829
14,545,694
22,924,649
12,205,197
15,288,504
5,460,356
3,306,371
2,232,572
4,885,091
2,593,410
761,223
660,887
243,268
216,896
184,145
8,839,562
12,537,887
14,236,038
14,394,603
23,142,517
11,541,980
12,273,236
4,267,146
2,668,955
1,853,715
4,052,666
2,232,799
661, 4&1
569,597
202,032
169,744
123,364
U7, 561, 661
3,923,819
8,747,412
11,988,824
13,454,630
14,530,659
23,773,010
12,432,205
11,735,065
3,602,112
2,224,022
1,504,311
3,388,703
1,926,020
584,702
510,236
177,025
U9,017
109,611
114,761,385
Income tax liability* (Thouwmnd datlmra)
50,542
241,320
461,740
721,975
998,321
2,728,262
2,919,638
6,607,556
1,594,410
978,921
759,746
2,305,428
1,778,160
687,725
709,032
259,899
211,452
213,653
24,227,780
40,337
197,079
413,125
647,870
890,984
2,177,241
2,043,783
3,983,698
1,157,379
757,996
615,381
1,887,944
1,517,006
613,196
668,220
263,252
239,881
260,550
18,374,922
38,437
191,102
394,473
650,080
875,700
1,919,402
1,609,178
3,039,306
951,897
625,709
491,165
1,401,017
1,062,365
407,379
430,870
155,141
148,465
146,459
37,706
187,415
435,023
704,573
914,648
1,990,235
1,687,046
2,960,914
1,002,044
684,138
526,578
1,555,194
1,247,160
503,298
503,445
194,535
155,866
151,715
99,608
387,787
844,726
1,291,807
1,510,628
2,767,106
1,761,421
2,550,665
1,172,385
850,451
656,648
1,788,766
1,186,450
411,090
394,900
1A7,832
122,749
131,263
18,076,281
U2,705
432,817
848,468
1,142,625
1,227,337
2,099,586
1,277,523
2,160,867
1,105,837
824,524
652,023
1,800,013
1,223,315
410,973
376,701
142,808
127,671
110,117
16,075,913
575,916
1,071,730
1,344,942
1,424,862
2,569,494
1,507,599
2,119,569
1,025,393
775,181
619,816
1,669,629
1,156,298
387,962
350,103
123,617
109,962
79,900
17,050,378
584,939
1,026,126
1,264,429
1,455,234
2,662,163
1,626,139
1,997,510
866,922
647, 519
505,473
1,412,266
1,021,998
360,446
337, 501
121,513
103,804
76,058
Average inccnie tax per taxable retum^^ fOoii*r«j
31
88
W8
189
239
308
420
760
1,917
3,308
4,909
9,467
26,364
57,096
105,810
214,438
401,306
1,249,433
582
26
74
124
157
194
251
356
651
1,704
2,961
4,401
8,577
24,199
53,026
99,497
204,071
385,042
1,189,726
4S1
25
70
117
147
184
238
340
628
1,637
2,839
4,220
8,181
23,030
50,745
95,325
200,182
391,728
1,220,492
408
72
120
150
186
240
346
635
1,671
2,894
4,308
8,403
23,654
52,323
97,851
204,343
375,581
1,018,221
424
93
U9
201
245
318
461
899
2,408
4,225
6,413
12,187
31,182
64,708
115,569
224,669
406,454
,151,430
435
91
U3
188
231
3U
463
927
2,445
4,282
6,497
12,394
31,286
64,487
112,819
219,031
395,266
1,171,457
424
82
149
212
271
381
577
1,124
2,902
4,991
7,447
13,838
34,522
70,156
121,945
234,123
426,209
1,125,352
400
84
150
211
275
385
577
1,089
2,904
5,001
7,484
14,057
35,286
73,968
U0,764
256,899
469,701
1,226,742
383
For footnotes, see pp. 106-107,
98
INDIVIDUAL INCOME TAX RETURNS, 1944-1951
Table IS.-IMDIVIDUAL RETURNS WITH INCOME TAX LIABILITY: NIMEER OF RETURNS, ADJUSTED GROSS INCOME, INCOME TAX, AVERAGE TAX, AND EFFECTIVE TAX RATE, BY ADJUSTED GROSS INCOME CLASSED
19W-I951 - Continued
Adjusted gross Income classes^
(Dallara)
1949
1947
$500 under 1,000
600 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 4,000
4,000 under 5,000
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 50,000
50,000 mider 100,000
100,000 under 150,000. . .
150,000 under 300,000...
300,000 under 500,000...
500,000 under 1,000,000.
1,000,000 or more
Total
3.7
7.0
8.5
8.4
9.4
11.8
16.1
19.3
22.0
28.1
39.5
47.7
53.1
57.3
60.5
62.0
U.2
Effective income tax rate (income tax as percent of adjoated groas
3.1
5.8
7.1
7.0
7.0
7.2
8.0
10.2
14.2
17.2
20.0
25.4
36.2
44.2
50.0
54.6
57.2
60.1
11.6
3.0
5.5
6.7
6.5
6.7
6.8
7.7
9.8
13.7
16.5
19.0
24.3
34.6
42.4
43.1
53.6
58.4
57.3
10.5
5.6
6.9
6.7
6.8
6.9
7.8
9.9
13.9
16.9
19.4
24.9
35.5
43.6
49.5
55.1
56.7
58.7
10.9
7.3
8.5
8.9
9.3
10.4
13.8
20.0
24.6
28.8
36.3
47.0
54.1
58.2
59.3
60.3
61.1
13.4
7.2
8.1
8.4
8.4
9.2
10.5
14.1
20.3
24.9
29.2
36.8
47.2
X.O
57.0
58.7
58.9
59.8
13.6
6.5
8.5
9.4
9.9
11.1
13.1
17.3
24.0
29.0
33.4
41.2
51.8
53.7
61.5
61.2
64.8
64.3
14.5
6.7
8.6
9.4
10.0
11.2
13.1
17.0
24.1
29.1
33.6
41.7
53.1
61.6
66.1
68.6
69.7
69.4
14.1
For footnotes, see pp. 106-107.
INDIVIDUAL INCOME TAX RETURNS, 1944-1951
99
Tabid 19 INDIVIDUAL BZTURNS: SOURCES OF INCCWE BY TYPE, 19U-1951
Sources of income
(Thouamnd doltarmj
Returns irith adjusted gross income;
Positive income:
Salaries, wages, commissions'^
Dividends'*
Interest"
Annuities"
Income from fiduciaries"
Business profit'*
Partnership profit"
Net gain from sales of capital assets^''.
Net gain from sales of other property^'.
Rents and royalties profit^^
Other income^'
Total
Losses;
Business loss^*
Partnership loss^'
Net loss from sales of capital assets^^
Net loss frcoi sales of other property^',
Rents and royalties loss^*
Net operating loss deduction^'
Total
Adjusted gross income*
Returns with no adjusted gross income'
Positive income:
Salaries, wages, commissions'^
Dividends'*
Interest' '
Annuities'*
Income from fiduciaries"
Business profit'*
Partnership profit"
Net gain from sales of capital assets^".
Net gain from sales of other property^'.
Rents and royalties profit^^
Other income^ ^
Total
Losses;
Business loss^*
Partnership loss^'
Net loss from sales of capital assets^*.
Net loss from sales of of/ier-property^''.
Rents and royalties loss^*
Net operating loss deduction^^
Total
Adjusted gross deficit'
160,336,699
6,030,895
1,684,015
499,306
l,739,06i
18,131,463
8,852,180
3,185,644
83,761
3,299,948
1,199,951
205,042,926
939,922
231,766
268,802
126,056
342,834
36,511
1,945,891
203,097,033
144,998
25,120
18,200
503
22,361
31,078
18,865
96,777
5,142
53,415
8,598
425,057
756,666
227,316
16,373
78,267
38,322
68,668
1,185,612
760,548
138,956,127
6,130,906
1,582,898
429,767
1,689,754
16,846,649
8,554,469
3,181,051
101,494
3,183,655
1,008,812
181,665,582
840,420
223,547
313,886
132,306
280,980
1,791,139
179,874,478
116,998
26,793
12,706
2,048
10,318
16,785
21,038
77,520
1,694
40,797
10,262
336,959
758,250
187,740
16,742
53,140
47,293
1,063,165
726,202
124,798,953
5,218,206
1,511,555
441,969
1,435,302
15,613,095
7,894,590
1,886,459
100,890
3,024,215
1,030,824
162,956,058
635,138
248,785
331,192
101,086
266,667
1,582,863
161,373,205
84,195
28,021
16,275
1,439
8,066
16,451
17,638
69,061
5,602
35,417
9,965
292,130
763,734
189,353
19,501
72,716
46,104
125,814,826
4,939,627
1,279,044
293,103
1,307,280
18,029,409
8,043,862
2,455,675
106,571
2,572,772
748,276
165,590,445
646,141
166,030
285,844
82,481
236,092
1,416,588
164,173,861
66,576
31,273
14,406
1,315
7,287
19,360
20,163
43,987
4,607
26,650
6,814
242,438
644,436
149,679
12,725
66,844
26,599
114,736,671
4,278,371
1,115,258
226,330
1,227,282
16,370,491
8,231,785
2,410,102
97,121
2,201,090
645,294
151,539,795
519,098
152,156
279,314
67,003
226,940
1,244,511
150,295,275
67,076
16,819
10,156
502
3,399
10,078
16,797
42,195
4,013
25,579
4,332
201,946
519,812
143,121
18,281
56,080
23,845
99,144,074
3,670,587
1,064,219
231,309
1,106,134
16,004,322
8,083,097
3,296,217
121,384
1,903,726
749,093
135,374,162
442,906
108,554
233,156
67,271
192,270
1,044,157
134,330,006
248,514
29,254
16,974
25,131
9,251
91,658,219
3,906,025
194,685
945,594
12,572,022
7,195,884
2,275,701
63,922
1,758,131
595,186
121,165,369
350,118
86,503
181,669
69,963
175,992
864,245
120,301,131
29,585
41,580
3,270
2,843
(
18,625
825
(30,
1,529
(30)
7,005
11,462
2,558
12,862
22,344
32,332
1,295
3,903
8,668
13,321
1,997
4,872
290,074
62,445
11,856
57,169
13,745
91,095,081
3,911,110
180,343
920,246
12,086,318
5,766,696
1,127,446
64,358
1,762,224
600,168
117,513,990
299,853
56,627
212,738
73,225
156,810
116,714,736
29,666
12,620
1,060
2,635
12,909
5,713
14,570
2,156
10,165
3,434
94,928
235,386
29,763
11,664
56,391
11,496
For footnotes, see pp. 106-107.
100
INDIVIDUAL INCOME TAX RETURNS, 1944-1951
Table 20. -INDIVIDUAL RETURNS: SELECTED SOURCES OF INCCME BY ADJUSTED GROSS INCCME GLASSES, 1944-1951
Adjusted gross income classes^°
(DolJara)
1948
Salaries, wages, commlssiona^^ (notimand dollsrm)
Returns with adjusted gross income;
Under 1500
500 under 1,000
Under 600
60O 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 4,000
4,000 under 5,000'^
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 50,000
50,000 under 100,000
100,000 under 150,000
150,000 under 300,000
300,000 under 500,000
500,000 under 1,000,000
1,000,000 or more
Total
Retuma with no adjusted gross income'.
Grand total
Returns with adjusted gross income:
Under »500
500 under 1,000
Under 600
600 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 4,000
4,000 under 5,000'^
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 50,000
50,000 under 100,000
100,000 under 150,000
150,000 under 300,000
300,000 under 500,000
500,000 under 1,000,000
1,000,000 or more
Total
Returns with no adjusted gross income'.
Grand total
Returns with adjusted gross income:
Under J500
500 under 1,000
Under 600
600 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 4,000
4,000 under 5,000'^
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 50,000
50,000 under 100,000
100,000 under 150,000
150,000 under 300,000
300,000 under 500,000
500,000 under 1,000,000
1,000,000 or more
Total
Returns with no adjusted gross income'.
Grand total
826,510
1,037,879
1,164,941
1,345,897
768,463
-
-
-
2,635,294
3,276,875
3,788,859
3,772,828
3,566,186
1,146,950
1,093,015
1,114,198
-
_
_
_
_
2,154,234
2,247,748
2,288,944
_
_
_
_
_
4,765,216
5,003,951
5,357,515
5,115,343
6,503,166
7,629,891
7,821,516
7,565,454
7,062,581
7,866,925
8,253,360
8,689,482
11,080,052
11,999,384
11,021,435
10,421,078
9,758,258
10,880,068
11,740,607
12,295,300
15,017,923
14,674,070
12,690,817
11,926,793
12,474,191
13,996,835
14,578,344
14,966,787
16,744,993
14,458,092
12,886,552
13,101,117
31,270,695
30,717,185
28,413,731
29,124,813
27,869,823
20,707,182
20,620,539
21,521,093
29,561,094
23,861,823
19,170,123
19,849,534
14,496,899
9,793,962
9,676,760
10,730,347
47,621,929
31,515,233
23,996,697
22,430,739
11,454,941
8,667,136
7,067,600
7,272,573
5,626,778
4,175,514
3,593,899
3,408,527
2,438,846
2,057,229
1,524,071
1,334,541
2,308,530
1,855,309
1,663,462
1,656,210
1,335,786
1,131,172
854,804
756,752
1,456,628
1,205,394
1,044,727
1,029,561
827,647
733,169
564,235
492,038
3,006,988
2,616,134
2,135,749
2,198,181
1,642,795
1,432,626
1,117,279
978,221
1,421,555
1,256,908
964,043
1,036,658
695,377
630,800
490,434
449,697
372,495
330,615
248,736
281,642
169,356
148,021
108,853
102,840
242,993
240,312
172,974
165,450
108,106
93,898
70,076
62,201
57,433
57,638
38,043
39,469
22,294
20,922
15,226
15,949
24,074
27,827
18,066
16,247
8,772
10,648
7,545
6,474
4,077
7,693
5,729
7,033
3,140
2,031
1,752
1,261
160,336,699
138,956,127
124,798,953
125,814,626
114,736,671
99,144,074
91,658,219
91,095,081
144,998
116,998
84,195
66,576
67,076
29,585
41,580
29,666
160,481,697
139,073,125
124,883,148
125,881,402
114,803,747
99,173,659
91,699,799
91,124,747
Dividends'* fThouaand dollar!)
_
.
9,967
13,837
8,535
18,105
20,572
-
-
-
52,192
61,798
59,667
104,605
125,542
11,126
13,255
16,387
_
_
_
39,969
44,003
55,742
_
_
_
_
71,780
83,102
90,554
77,767
92,637
81,931
140,581
165,909
88,011
88,256
108,496
85,121
96,006
89,860
141,074
157,601
95,036
93,956
128,090
90,802
105,857
95,006
147,936
148,562
102,454
101,619
119,276
86,675
105,762
103,472
138,186
145,732
199,416
207,767
261,941
183,714
207,702
178,881
249,705
260, 119
229,364
227,541
226,052
187,515
175,112
174,753
178,271
226,103
853,185
780,146
732,138
643,704
615,424
545,815
625,912
615, 5&t
551,141
525,708
446,940
428,719
403,486
352,637
365,025
347,661
404,406
398,190
334,989
322,247
307,659
257,882
263,073
248,378
326,531
335,540
272,469
261,768
239,536
202,692
200,835
184,706
1,013,361
1,026,017
804,660
810,635
660,813
551,807
512,082
462,635
841,279
866,875
671,926
697,785
510,842
420,466
372,534
354,241
359,342
386,392
282.804
315,007
202,748
168,684
141,410
130,038
407,423
430,328
318,649
335,377
227,197
175,394
140,808
137,880
156,768
184,166
127,270
134,864
90,382
71,560
53,871
50,740
130,601
158,822
110,883
102,760
77,499
72,273
58,476
56,473
149,702
179,203
108,943
112,999
84,071
59,255
53,336
50,436
6,030,895
6,130,906
5,218,206
4,939,627
4,276,371
3,670,587
3,906,025
3,911,110
25,120
26,793
28,021
31,273
16,619
3,270
18,625
12,620
6,056,015
6,157,699
5,246,227
4,970,900
4,295,190
3,673,657
3,924,650
3,923,730
I
nterest" (Thou
and dotlara)
.
11,179
13,041
8,818
N
-
-
-
49,095
53,567
44,087
17,963
19,571
16,964
_
_
_
45,531
44,154
53,510
.
_
_
71,327
74,529
83,989
65,681
63,533
55,947
76,550
77,866
91,703
59,229
64,019
59,111
74,709
68,066
79,073
60,162
62,898
59,121
71,350
66,922
71,703
58,935
60,552
57,108
131,610
119,396
135,397
112,523
99,829
97,259
128,569
126,364
127,540
95,717
72,362
66, 7X
358,724
318,921
303,637
244,735
201,061
188,060
165,038
145,219
123,606
113,620
100,902
96,714
102,492
92,049
81,961
76,060
66,414
64,469
L (Report
r divid
ed with
71,158
68,683
59,424
52,613
44,091
46,420
ends)
185,958
180,436
140,966
134,428
105,771
106,339
105,539
98,683
78,621
78,294
58,062
60,868
31,971
31,302
25,386
25,220
17,709
19,906
26,858
28,261
21,383
22,744
16,122
16,410
8,186
9,293
6,166
6,910
5,013
4,388
5,124
7,035
5,106
5,493
4,107
6,420
5,358
6,148
5,415
6,215
6,161
6,041
1,684,015
1,582,898
1,511,555
1,279,044
1,115,258
1,064,219
18,200
12,706
16,275
14,406
10,156
2,843
1,702,215
1,595,604
1,527,830
1,293,450
1,125,414
1,067,062
/
For footnotes, see pp. 106-107.
INDIVIDUAL INCOME TAX RETURNS, 1944-1951
101
Tablo 20.-:NDIVIDUiU. BZTURNS: SELECTED SOURCES OF INCOIE BY ADJUSTED GROSS INCdlE CUSSES, 194A-1951 - Continued
Adjusted gross Income alasses^^
(Dottmr*)
Business profit^' (ThouaMitd datlmrm}
Returns with adjusted gross Income;
Under |500
500 under 1,000
Under 600
60O 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 4,000
i,000 under 5,000'^
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 50,000
50,000 under 100,000
100,000 under 150,000
150,000 under 300,000
300,000 under 500,000
500,000 under 1,000,000
1,000,000 or more
Total
Returns with no adjusted gross Income^
Grand total
Returns with adjusted gross Inocme:
Under |500
500 under 1,000
Under 600
600 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 4,000
4,000 under 5,000''
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25 ,000 under 50,000
50,000 under 100,000
100,000 under 150,000
150,000 under 300,000
300,000 under 500,000
500,000 under 1,000,000
1,000,000 or more
Total
Returns with no adjusted gross income'.
Grand total
Returns with adjusted gross Income;
Under $500
500 under 1,000
Under 600
600 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 4,000
4,000 under 5,000'^
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 50,000
50,000 under 100,000
100,000 under 150,000
150,000 under 300,000
300,000 under 500,000
500,000 under 1,000,000
1,000,000 or more
Total
Returns with no adjusted gross income'.
Grand total
76,949
95,729
93,708
104,131
134,404
.
_
.
431,734
469,456
522,234
537,936
642,012
110,282
114,250
142,904
-
-
-
-
-
295,738
324,004
385,642
-
-
-
-
728,071
760,470
875,216
883,773
927,023
962,166
891,498
1,0U,117
963,095
1,026,688
1,108,237
1,191,803
1,156,495
1,198,703
969,473
1,063,912
1,143,4U
1,112,835
1,177,746
1,242,922
1,297,021
1,270,771
959,734
993,260
1,199,742
1,148,598
1,183,369
1,266,909
1,223,001
1,210,663
695,152
903,132
2,137,886
1,987,815
1,873,273
2,118,1W
2,056,996
1,974,603
1,427,700
1,318,930
1,643,200
1,512,663
1,467,623
1,676,585
1,561,828
1,426,547
1,000,861
916,307
3,845,706
3,433,953
3,208,062
3,824,838
3,553,866
3,292,959
2,456,694
2,195,528
1,845,160
1,672,108
1,401,008
1,752,694
1,480,375
1,408,127
1,105,146
953,854
1,111,531
980,517
803, 7U
998,677
790,126
766,973
642,021
532,845
722,619
657,762
525,674
645,926
485,497
499,109
411,499
326,126
1,560,748
1,382,215
994,543
1,228,731
865,937
905,342
731,841
635,776
592,568
518,650
336,899
471,907
294,896
331,961
296,036
279,452
120,883
108,929
62,652
97,849
55,609
66,553
68,579
75,512
79,10;
72,389
41,459
64,278
37,266
36,533
52,543
66,276
15,974
15,114
10,576
16,265
6,922
10,294
10,131
16,347
10,149
10,005
6,919
7,665
6,767
2,275
6,327
10,642
5,593
5,684
7,352
9,802
5,684
4,569
4,700
5,881
18,) 31 ,463
16,846,649
15,613,095
18,029,409
16,370,491
16,004,322
12,572,022
12,066,318
31,078
16,785
16,451
19,360
10,078
7,005
11,462
12,909
18,162,541
16,863,434
15,629,546
18,048,769
16,380,569
16,0U,327
12,583,484
12,CB9,227
Partnership profit"
(-Tltoaaand dottart)
.
.
6,616
U,828
9,883
9,765
7,044
-
-
-
61,416
75,237
57,430
67,731
52,227
16,706
21,497
29,511
_
_
-
.
_
48,311
60,550
78,898
_
_
_
_
_
96,867
141,159
184,555
116,436
157,358
112,106
126,003
100,467
160,234
194,078
247,548
178,756
246,248
185,085
162,895
123,930
200,335
258,331
289,089
217,559
325,522
234,725
196,665
174,512
262,254
296,255
301,493
272,664
363,194
299,286
232,466
168,090
588,258
590,004
631,215
502,040
701,011
546,468
416,415
317,591
519,093
533,728
568,877
531,716
526,409
457,915
369,608
280,010
1,737,359
1,671,464
1,605,933
1,596,027
1,651,063
1,499,254
1,315,963
1,013,677
1,051,772
979,046
908,351
970,016
1,000,096
1,022,357
864,155
679,029
705,792
655,394
588,482
676,660
676,497
736,388
639,952
503,506
537,934
531,980
462,651
469,659
482,156
523,123
460,515
371,192
1,518,166
1,342,406
1,088,869
1,237,228
1,145,806
1,312,100
1,198,595
966,290
860, 37 i
790,584
596,882
768,871
590,699
736,462
716,221
609,231
263,1 11
232,832
158,266
2U,467
145,297
175,976
197,847
163,239
205,2X1
183,826
114,618
146,373
89,908
123,828
132,283
136,777
46,071
40,947
21,031
33,098
20,024
27,710
34,644
40,778
22,340
20,875
12,524
18,456
13,859
U,394
24,013
18,931
11,971
9,513
5,795
5,762
4,555
8,605
8,148
17,946
8,852,180
8,554,469
7,894,590
6,043,662
8,231,785
8,083,097
7,195,884
5,766,696
18,865
21,038
17,636
20,163
16,797
2,556
12,862
5,713
8,871,045
8,575,507
7,912,228
8,064,025
8,248,582
8,085,655
7,208,746
5,772,409
Rents and
royalties pro
fit'' CTTiouund
doltmrm)
30,184
43,155
29,500
37,485
36,169
-
-
-
123,187
127,450
113,590
126,918
142,144
48,165
50,527
57,607
_
_
_
_
_
122,690
123,492
141,386
_
_
_
_
..
188,913
193,824
210,344
153,703
14i,671
135,545
144,965
161,166
184,474
191,576
196,083
152,144
147,634
135,918
128,525
Ul,756
163,802
192,682
179,564
146,120
151,639
135,626
127,946
141,595
178,832
168,665
175,012
133,420
U2,594
142,956
126,403
135,434
286,648
298,103
321,801
264,646
258,636
220,856
208,136
215,633
269,209
274,183
271,163
202,593
178,584
148,711
131,424
138,496
725,908
634,310
565,413
480,429
392,360
323,549
290,757
269,131
275,666
266,130
239, 9(X
212,988
176,005
149,281
123,609
112,304
164,292
157,472
141, CH3
135,127
100,992
87,126
75,518
65,446
113,690
106,199
94,706
93,951
69,310
59,353
49,596
43,769
291,593
272,269
226,263
217,682
142,530
120,597
99,995
84,339
157,566
143,211
115,131
121,802
75,248
61,925
50,391
43,U2
49,728
46,093
36,687
41,248
20,541
15,717
15,063
12,061
47,315
38,294
32,436
35,132
16,907
U,944
13,455
11,972
14,815
13,532
10,462
12,187
6,557
4,306
4,493
3,302
10,807
8,065
6,563
10,975
4,042
1,674
1,257
2,002
5,835
5,026
2,651
5,050
2,035
2,546
2,195
2,162
3,299,948
3,183,655
3,024,215
2,572,772
2,201,090
1,903,726
1,758,131
1,762,224
53,415
40,797
35,417
26,650
26,579
8,668
13,321
10,165
3,353,363
3,224,452
3,059,632
2,599,422
2,227,669
1,912,394
1,771,452
1,772,389
For footnotes, see pp. 10&-107,
102
INDIVIDUAL INCOME TAX RETURNS, 1944-1951
Table 21. -INDIVIDUAL RETURNS WITH -ITEMIZED CEDUCTIONS; DEDUCTIONS FRCM ADJUSTED GROSS INCOKE BY TYPE, 1944-1951
Itemized deductions
(Thousand dollara)
Returns with adjusted gross Income:
Interest paid-'-'
Taxes pald^^
Contributions^'
Medical, dental, etc., expenses^*...
Losses from fire, storm, etc.-^''
Other deductions^*
Total
Returns with no adjusted gross income:
Interest paid^^
Taxes paid^*
Contributions^'
Medical, dental, etc., expenses^* . . .
Losses from fire, storm, etc."
Other deductions'^
Total
Grand total
/ 1,494,928
1,224,004
1,000,439
913,922
738,364
694,782
709,147
\ 2,199,940
1,952,731
1,619,370
1,625,601
1,324,609
1,245,603
1,174,521
(Not
) 2,258,009
2,029,550
1,878,080
1,969,641
1,638,151
1,448,208
1,256,750
available)
) 1,556,294
1,482,699
1,300,516
1,394,818
1,098,326
932,956
801,363
/ 306,572
227,596
241,569
250,426
178,096
152,476
178,742
\ 2,097,950
1,837,156
1,817,912
1,633,553
1,300,137
1,051,477
709,190
11,856,378
9,913,693
8,753,738
7,857,888
7,787,962
6,277,683
5,525,492
4,829,713
/ 4,084
5,244
3,292
4,286
662
2,098
2,026
\ 5,376
8,186
8,208
5,954
1,846
3,777
3,302
(Not
) 2,333
2,244
2,651
3,939
831
1,803
1,198
available)
) 4,164
5,111
3,711
3,307
1,405
2,320
1,398
/ 1,228
1,350
2,448
3,449
1,247
797
(30)
\ 2,021
3,734
10,843
4,746
6,025
1,748
516
26,i56
19,203
25,371
31,153
25,682
12,015
13,044
8,663
11,882,83^
9,932,896
8,779,609
7,889,041
7,813,644
6,289,698
5,538,536
4,838,376
For footnotes, see pp. 106-107.
INDIVIDUAL INCOME TAX RETURNS, 1944-1951
103
Table 22. -INDIVIDUAL ElETURNS WITH ADJUSTED GROSS INCCME: NUMBER OF RETURNS, ADJUSTED GROSS INCCME, AND INCCWE TAX BY STATES AND TERHITCSIIES, 1944-1951
Statea and Territories
Number of retumfl
Alabama
Arizona
Arkansas
California
Colorado
Connect Icut
Delaware
District of Columbia.
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massai'husetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dalcota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Washington^'
West Virginia
Wisconsin
Wycmlng
Virginia
Total*°
706,228
634,960
610,931
616,539
643,182
609,799
505,871
572,002
235,389
214,002
203,174
206,128
215,898
201,375
184,246
160,413
366,990
344,316
326,192
304,152
330, 597
317,400
310,517
294,518
4,290,151
4,078,066
3,998,611
4,060,087
4,536,857
4,382,029
4,083,251
3,935,568
501,553
471,209
459,267
440,969
491,025
439,460
403,785
350,109
896,247
870,345
826,426
871,497
924,812
904,255
837,399
822,010
134,674
128,079
120,793
122,255
126,584
122,107
107,709
116,873
371,578
373,762
396,604
339,450
431,551
418,468
3«6,412
373,554
904,277
822,036
770,284
749,657
773,670
721,943
690,505
519,644
tiX.lU.
770,782
725,497
741,220
762,366
758,773
751,585
582,259
189,836
179,871
182,803
182,227
205,054
191,216
190,431
172,662
199,127
191,116
187,650
190,204
208,128
192,884
180,578
153,567
3,711,052
3,593,433
3,619,255
3,690,962
3,871,396
3,711,882
3,471,774
3,281,341
1,521,399
1,464,200
1,409,222
1,441,605
1,489,451
1,426,205
1,338,572
1,294,198
953,011
938,132
954,663
923,294
948,755
916,945
837,040
782,428
709,666
669,904
654,528
645,843
677,835
637,397
638,076
608,969
781,023
715,431
679,542
713,550
726,498
670,579
636,487
602,755
674,174
637,844
623,020
619,475
663,422
639,996
635,463
603,200
328,614
320,488
322,300
336,902
344,861
326,599
311,807
288,359
1,309,272
1,162,059
1,104,645
958,698
960,602
918,281
873,857
667,165
1,965,876
1,931,414
1,902,361
1,947,809
2,040,169
1,998,784
1,858,647
1,784,053
2,555,269
2,477,(>il
2,333,558
2,410,194
2,707,237
2,444,609
2,273,767
2,215,531
1,082,642
1,076,359
1,064,193
1,066,112
1,113,143
1,080,195
992,060
697,451
320,712
291,822
282,472
281,508
293,580
288,542
296,510
261,609
1,398,118
1,345,958
1,358,024
1,287,540
1,396,876
1,342,278
1,306,035
1,199,251
218,104
208,597
210,026
210,143
213,085
203,050
165,907
167,008
502,962
478,657
475,954
466,438
503,212
468,480
460,076
415,774
69,903
65,544
61,605
63,581
72,909
71,079
55,174
55,501
216,956
210,103
201,461
211,073
220,524
214,420
194,999
184,451
2,089,995
2,008,440
1,941,010
1,993,768
2,061,056
2,028,646
1,981,047
1,829,218
194 , 157
179,164
175,767
155,756
154,001
145,943
140,033
122,992
6,299,130
6,123,930
6,106,261
6,203,398
6,537,319
6,343,055
6,063,750
5,599,607
1,034,528
958,858
906,710
901,457
918,543
910,445
842,833
761,289
203,760
198,629
217,305
198,521
201,465
188,034
175,955
160,511
3,207,570
3,066,256
2,977,078
3,090,503
3,213,264
3,106,656
2,953,543
2,874,184
675,187
606,613
600,921
577,105
625,258
593,569
571,796
500,026
574,454
552,769
541,639
557,588
616,911
553,967
518,109
488,183
4,180,637
4,060,469
3,974,815
4,073,136
4,193,136
4,127,644
3,872,854
3,596,731
335,221
327,753
321,008
331,699
342,760
339,076
315,963
297,295
490,804
452,555
428,338
424,012
454,974
402,279
400,838
372,504
222,991
215,239
214,937
212,645
213,445
196,414
192,316
159,583
856,721
804,601
771,088
769,354
795,452
755,103
695,825
694,233
2,374,600
2,237,638
2,124,368
2,037,366
2,243,691
2,111,121
1,988,628
1,947,600
241,693
225,356
216,304
221,326
232,755
224,578
214,841
194,344
131,591
126,495
127,061
131,103
133,032
131,297
113,446
106,967
953,480
910,934
906,292
902,167
1,018,941
997,732
959,567
896,870
589,091
599,684
596,898
618,189
511,357
573,953
545,803
480,479
1,319,702
1,285,947
1,267,743
1,285,103
1,332,645
1,279,962
1,209,941
1,105,294
106,318
101,191
101,625
99,279
96,535
90,191
82,206
76,946
1,001,078
956,580
917,380
905,559
918,801
861,239
817,140
775,479
55,041,685
52,664,631
51,499, 6(»
51,788,146
54,809,740
52,579,956
49,759,196
46,919,590
For footnotes, see pp. 106-107.
104
INDIVIDUAL INCOME TAX RETURNS, 1944-1951
Table 22.-™DIvn)UJlL RETURNS WITH ADJUSTED GROSS INCtME: NUMBER OF RETURNS, ADJUSTED CSOSS INOCHE, AND INCOME TAX BY STATES AND TERRITORIES, 194A-1951 - Continued
States and Territories
Adjusted gross Income^ (Thousand dollar^}
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia.
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Biaine
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*"
2,2-t7,i38
853,869
1,075,003
17,781,04i
1,800,684
3,656,371
603,774
1,465,478
3,068,460
2,670,363
653,248
669,047
15,291,223
5,542,162
3,057,L44
2,372,300
2,389,652
2,307,898
924,022
4,528,162
6,882,364
10,4U,660
3,608,219
954,077
4,889,219
772,597
1,648,425
277,413
657,231
8,256,719
696,9ii
25,421,567
3,150,874
617,192
12,579,855
2,209,293
2,228,677
15,140,296
1,130,209
1,500,042
626,089
2,690,510
8,793,470
847,179
384,539
3,271,159
3,789,088
1,837,849
4,706,494
399,292
203,338,874
1,836,199
747,769
948,913
15,558,376
1,609,065
3,219,023
545,893
1,418,048
2,594,907
2,308,074
583,616
580,309
13,469,090
4,816,972
2,887,396
2,075,564
2,116,609
2,079,747
847,446
3,817,212
6,309,165
9,204,619
3,*29,054
820,156
4,346,393
694,052
1,474,351
257,323
578,200
7,307,069
620,901
22,977,615
2,759,007
549,467
10,711,935
1,925,065
2,004,899
13,420,151
1,055,155
1,306,858
557,868
2,376,817
7,874,215
712,171
352,663
2,927,108
3,254,719
1,727,911
4,116,769
353,090
180,064,994
1,634,742
642,640'
859,742
13,978,169
1,454,809
2,651,537
448,332
1,376,898
2,263,498
2,064,459
540,858
529,931
12,510,306
4,374,124
2,735,521
1,888,733
1,829,511
1,895,155
781,219
3,381,243
5,912,113
7,760,425
2,993,559
743,415
4,152,012
629,115
1,356,295
207,747
515,591
6,453,503
531,172
21,202,910
2, 335, aw
565,172
9,636,409
1,713,487
1,781,983
12,094,363
902,320
1,114,879
540,617
2,155,940
6,863,925
630,231
307,216
2,606,750
2,949,863
1,620,262
3,764,843
327,108
162,209,696
1,679,746
660,433
808,796
14,307,829
1,333,092
2,901,236
485,791
1,128,555
2,184,806
2,060,766
586,944
519,785
12,959,004
4,364,014
2,736,718
1,948,127
1,934,941
1,841,078
825,415
3,036,471
5,949,883
8,175,360
3,071,655
743,541
3,784,449
664,243
1,402,937
217,275
565,176
6,628,354
472,944
21,437,148
2,359,574
610,211
10,095,564
1,719,212
1,835,879
12,656,320
1,025,377
1,056,583
596,537
2,041,261
6,482,687
653,441
331,730
2,568,408
2,970,439
1,730,289
3,802,274
320,222
164,272,520
1,523,984
564,075
758,538
13,248,199
1,285,366
2,683,657
402,502
1,276,150
1,979,727
1,834,569
585,771
486,631
11,839,400
3,970,316
2,573,459
1,829,340
1,754,365
1,662,196
746,701
2,694,318
5,324,044
7,380,259
2,936,788
673,561
3,602,099
593,867
1,348,932
229,985
506,288
6,036,480
391,122
20,015,459
2,098,719
546,809
9,053,107
1,529,733
1,664,988
11,303,195
919,538
1,028,441
545,223
1,865,052
5,650,745
601,185
292,559
2,271,229
2,804,714
1,539,024
3,392,629
281,391
150,326,429
1,322,550
490, 704
671,122
12,420,324
1,062,470
2,403,761
369,626
1,153,335
1,925,713
1,794,224
477,568
443,630
10,314,057
3,459,664
2,153,414
1,502,964
1,453,125
1,485,655
670,226
2,412,911
5,008,564
6,332,542
2,448,952
602,284
3,217,094
490,014
1,133,081
212,170
457,343
5,523,596
343,841
18,577,158
1,946,057
437,914
7,994,638
1,336,671
1,454,819
10,074,916
824,923
872,048
437,344
1,675,653
5,131,712
518,133
257,371
1,948,521
2,495,847
1,254,961
3,003,996
226,444
134,232,475
1,210,659
426,052
592,339
10,989,863
949,265
2,176,897
299,012
993,047
1,669,373
1,546,107
522,070
376,559
9,026,694
3,160,005
1,775,146
1,348,436
1,294,556
1,360,596
616,253
2,148,457
4,594,761
5,748,698
2,146,776
570,868
2,820,759
409,214
960,067
177,465
392,882
5,225,042
294,776
16,816,795
1,623,637
350,589
7,287,283
1,211,264
1,314,582
9,187,829
742,636
765,464
347,498
1,413,075
4,492,619
474,067
214,858
1,709,765
2,329,276
1,143,302
2,713,484
198,750
120,183,733
1,185,411
384,422
581,338
10,649,860
824,968
2,325,383
339,264
956,456
1,534,019
1,421,316
476,099
351,087
6,702,045
3,144,033
1,663,934
1,360,382
1,226,999
1,318,076
608,188
2,211,779
4,466,782
6,237,693
1,890,787
523,396
2,723,663
373,608
860,093
154,191
369,059
4,955,529
245,781
15,653,778
1,483,498
332,683
7,474,899
1,115,362
1,308,151
9,107,768
730,029
691,338
277,578
1,406,248
4,351,859
457,892
205,539
1,709,021
2,301,808
1,072,958
2,460,891
197,078
116,406,018
For footnotes, see pp. 106-107,
INDIVIDUAL INCOME TAX RETURNS, 1944-1951
105
Table 22.-THDIVIDUAL RETURNS WITH ADJUSTED GROSS INCCIffi: NIMBER OF RETURNS, ADJUSTED GROSS INCSffi, AND INCCWE TAX BY STATES AND TERRITORIES, 19^U1951 - Continued
States and Territories
Alabama
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*°
Income tax liability^ (Thouamnd dollmrm)
211,212
148,496
U6,224
121,400
147,828
129,357
134,976
130,232
97,987
74,810
50,452
55,947
59,622
51,844
55,000
48,930
95,093
74,320
57,636
63,875
72 ,768
o8,731
68,215
65,437
2,320,749
1,739,734
1,373,923
1,483,005
1,744,077
1,668,781
1,764,266
1,544,444
209,202
160,012
128,524
124,155
150,660
124,269
131,725
110,086
499,452
379,930
267,465
309,598
358,789
317,098
341,245
364,464
113,465
110,057
77,209
72,369
73,909
66,868
62,637
66,106
205,066
170,054
141,467
124,884
167,712
153,100
158,284
151,273
347,360
254,167
188,663
192,187
233,665
252,429
256,002
222,794
270,254
192,170
161,959
161,964
203,838
192,835
186,806
177,956
72,761
54,964
47,120
57,618
69,937
53,168
84,330
72,551
64,198
44,927
39,354
38,408
49,056
41,454
41,488
37,034
2,000,619
1,511,346
1,226,823
1,344,871
1,578,607
1,342,554
1,359,845
1,297,781
628,066
449,731
371,821
374,381
446,091
372,151
404,739
402,950
304,518
247,277
207,742
216,959
284,944
216,778
209,777
190,061
248,899
191,037
155,623
173,592
204,776
156,244
165,636
163,259
232,064
178,429
132,687
146,904
178,268
144,358
145,151
134,683
254,285
201,705
167,711
170,322
179,684
159,774
171,090
167,444
86,170
65,225
56,381
59,554
71,607
64,681
72,621
69,985
512,850
367,626
290,284
279,058
3U,292
280,951
301,693
310,888
830,396
650,438
518,417
543,751
639,978
599,115
665,426
624,644
1,287,949
968,137
700, 399
752,115
837,662
712,855
804,959
909,432
378,824
299,539
238,292
267,983
321,326
257,035
273,639
237,630
86,585
66,758
53,677
56,054
66,656
58,709
63,495
59,693
581,951
438,202
351,445
347,794
426,254
371,454
378,768
357,419
84,505
63,894
51,468
56,269
66,661
52,176
48,520
43,542
177,406
135,422
109,937
121,768
154,795
124,482
123,919
97,511
39,455
32,262
22,506
25,796
30,688
30,962
30,566
25,419
66,059
49,158
38,463
42,075
53,480
46,751
47,393
39,289
998,208
742,887
590,326
615,496
720,213
651,721
737,972
703,308
77,542
57,740
45,201
40,598
42,088
35,234
34,844
23,433
3,315,250
2,626,329
2,137,040
2,265,751
2,702,269
2,613,096
2,743,072
2,435,681
288,634
218,691
165,890
177,6U
201,703
190,630
181,173
163,057
56,000
41,173
37,986
47,331
57,856
39,588
36,705
32,856
1,550,625
1,087,976
879,644
949,747
1,079,062
925,026
1,015,220
1,035,280
230, 307
180,553
136,048
153,119
154,120
125,451
137,486
133,151
273,303
205,952
162,938
179,862
202,580
181,582
193,654
190,522
1,TO7,449
1,344,389
1,073,079
1,U5,176
1,340,819
1,143,927
1,275,957
1,228,122
138,096
109,031
78,973
101,231
112,729
100,905
108,643
103,401
135,665
101,903
75, U6
72,509
90,511
80,812
78,998
64,716
54,347
40,509
36,833
45,329
59,443
40,141
34,801
25,124
271,546
210,346
158,539
156,520
194 ,432
181,932
173,584
159,812
1,102,785
882,519
673,388
684,526
721,707
619,742
609,637
559,973
75,732
53,033
42,750
43,489
54,193
47,016
51,680
49,717
34,380
26,871
21,774
23,562
28,439
22,593
24,229
21,791
346,541
253,349
203,112
205,210
240,012
203,099
210,710
208,124
472,971
335,349
271, 847
290,582
338,268
294,913
328,913
331,918
168,267
132,030
109,570
128,794
150,898
112,489
113,312
U2,127
524,133
384,750
308,588
318,840
373,185
317,496
337,027
300,865
48,911
34,327
28,461
29,868
32,328
23,996
25,603
26,006
24,268,092
18,389,534
14,580,608
15,459,810
18,084,485
16,062,333
17,005,431
16,034,025
For footnotes, see pp. 106-107.
106
INDIVIDUAL INCOME TAX RETURNS, 1944-1951
Footnotes for indii-iihial historical tnhlps
(In the tables, values In thousand dollars and percentages are rounded and. therefore, may not add to the totals)
' Returns with no adjusted gross income are those showing
adjusted gross deficit; that is. returns on which the deductions
allowable for the computation of adjusted gross income exceed the
gross income. (See note 7.)
■ Returns classified as returns with itemized deductions are long-
form returns. Form 1040. on which nonbusiness deductions are
itemized; long-form returns, Form 1040. without deductions
(standard or itemized); and all returns with no adjusted gross
income whether or not deductions are itemized
' Returns with standard deduction are optional returns. Forms
W-2 for 1944-47 and 1040A for 1948 and thereafter, and short-form
returns. Form 1040. on both of which deductions are allowed auto-
matically through use of the tax table; and long-form returns.
Form 1040. with adjusted gross income of $5,000 or more on which
the optional standard deduction is used.
* Excludes returns with this source of Income when it is reported
as other income on the optional returns. (See note 5.)
^ Number of returns with other Income includes those showing
wages not subject to withholding, dividends, and interest, not ex-
ceeding in total $100 per return, reported in one sum on Forms
W-2 for 1944-47 and 1040A for 1948 and thereafter.
» Number of returns with net operating loss deduction is not
available prior to 1951.
' Adjusted gross income is gross income minus allowable trade and
business deductions, expenses of travel and lodging in connection
with employment, reimbvirsed expenses in connection with em-
ployment, deductions attributable to rents and royalties, certain
deductions of life tenants and income beneficiaries of property
held in trust, and allowable losses from sales of property. Should
these deductions exceed the gross income, there is an adjusted
gross deficit.
' Income tax liability is the combination of normal tax and
surtax, Including the optional tax. and the alternative tax; it is
after the tax credits for income tax paid to a foreign country
or possession of the United States and for income tax paid at source
on Interest from tax-free covenant bonds.
"For taxable years beginning on or after January 1. 1951. self-
employment tax is levied on the net earnings from self -employment
and is in addition to the income tax. It is imposed regardless of
the amount of income or deficit subject to income tax.
'° Adjusted gross income classes are based on the amount of
adjusted gross income or deficit reported. In the case of a deficit,
however, no distinction is made as to the amount.
" Average Income tax is based on the income tax and number
of returns tabulated in this table for the respective years.
" Effective income tax rates are based on the adjusted gross
Income and income tax, tabulated in this table for the respective
years.
" Salaries, wages, and commissions exclude wages of less than
$100 per return from which no tax was withheld, reported on
Forms W-2 for 1944-47 and 1040A for 1948 and thereafter; such
wages are tabulated as other Income.
" Dividends, foreign and domestic, exclude those received through
partnerships and fiduciaries and dividends reported on Forms W-2
for 1944-47 and 1040A for 1948 and thereafter. Amounts shown for
1944-45 are a combination of dividends and interest reported In
one sum.
" Interest received, 1946 and subsequent years. Includes taxable
and partially tax-exempt Interest on Government obligations, also
the partially tax-exempt Interest received through partnerships and
fiduciaries; but excludes any interest reported on Forms W-2 tor
1946-47 and 1040A for 1948 and thereafter. (Dividends and interest
were reported together In 1944 and 1945.)
" Annuities are only the portion of annuities required to be
reported.
" Income from fiduciaries excludes the partially tax-exempt inter-
est on Government obligations which is reported In interest Income.
'" Business profit is the net result of all sole proprietorship activ-
ities carried on by the taxpayer, the combined result of which is a
net profit. The net loss from one business offsets the net profit of
another.
Deductions from total receipts are allowed for expenses of doing
business, such as cost of merchandise sold, employees' salaries,
Interest, taxes, rent, repairs, depreciation, obsolescence, depletion,
bad debts, losses on business property, and the net operating loss
deduction for 1944-50. (Net operating loss deduction for 1951 Is a
separate component of adjusted gross income or deficit.)
" Partnership profit excludes the partially tax-exempt interest on
Government obligations, and the net gain or loss from sales of
capital assets.
" Net gain from sales of capital assets is the net gain reported in
adjusted gross income. It is the result of combining the net short-
and long-term capital gain and loss and the allowable capital loss
carryover from preceding years not previously deducted.
Short-term appUes to sales of capital assets held for 6 months
or less upon which 100 percent of the recognized gain or loss is taken
into account; long-term applies to sales of capital assets held more
than 6 months upon which 50 percent of the recognized gain or loss
is taken into account. Short- and long-term sales include such
sales from partnerships.
The allowable capital loss carryover is the amount of "net capital
loss" carried forward from each of the 5 preceding years (but not
prior to January 1, 1942) to the extent that such loss exceeds any
"net capital gain" of subsequent years intervening between the
year in which the net capital loss arose and the year to which it is
carried. Net capital loss for any year (beginning 1942) is the excess
of (1) current year capital losses over (2) the sum of current year
capital gains and the smaller of (a) $1,000 or (b) net income (ad-
Justed gross income, if tax is determined from the tax table) com-
puted without regard to gains or losses from sales of capital assets.
Net capital gain for any year (beginning 1942) is the excess of (1)
the sum of current year capital gains and the smaller of (a) $1,000
or (b) net income (adjusted gross income, if tax is determined
from tax table) computed without regard to gains or losses from
sales of capital assets, over (2) the current year capital losses.
" Net gain from sales of property other than capital assets is that
from ( 1 ) property used In trade or business of a character which Is
subject to the allowance for depreciation, (2) real property used In
trade or business, (3) obligations of the United States or any of its
possessions, a State or Territory or any political subdivision thereof,
or the District of Columbia, issued on a discount basis and payable
without interest at a fixed maturity date not exceeding one year
from date of Issue, and (4) for 1951, certain copyrights and literary,
musical, or artistic compositions.
'^ Rents and royalties profit is the combined net profit from these
2 sources, neither of which Is reported separately. Deductions
against gross rents and gross royalties received are allowable for
taxes, interest, repairs, depreciation, depletion, and other expenses
pertaining to the respective Income. A net loss from either source
offsets net profit of the other; the net profit reported Is the com-
bined result.
" Other income includes wages not subject to withholding, divi-
dends, and interest, not exceeding $100 per return, reported on
Forms W-2 for 1944-47 and 1040A for 1948 and thereafter.
=' Business loss is the net result of all sole proprietorship activi-
ties carried on by the taxpayer, the combined result of which is a
net loss. The net profit from one business offsets the net loss of
another. Business deductions are mentioned in par. 2, note 18.
-^ Partnership loss excludes the partially tax-exempt Interest on
Government obligations, and the net gain or loss from sales of
capital assets.
" Net loss from sales of capital assets is the statutory loss used in
computing adjusted gross income. It is the result of combining the
net short- and long-term capital gain and loss and the allowable
capital loss carryover from preceding years not previously deducted.
However, the deduction for the loss is limited to this loss, or to
the amount of net income (adjusted gross income if tax is deter-
mined from the tax table) computed without regard to capital
gains and losses, or to $1,000, whichever is smallest. (For descrip-
tion of short- and long-ternt and of carryover, see last 2 paragraphs
of note 20.)
=' Net loss from sales of property other than capital assets is the
net loss from sales of property listed in note 21.
'» Rents and royalties loss is the combined net loss from these 2
sources, neither of which is reported separately. Deductions against
gross rents and gross royalties received are allowable for taxes, in-
terest, repairs, depreciation, depletion, and other expenses pertain-
ing to the respective income. A net profit from 1 source offsets net
loss of the other; the net loss reported Is the combined result.
-'■• Net operating loss deduction was reported as a business deduc-
tion prior to 1951. Business deductions for 1945, the only year
available, include a net operating loss deduction of $80,516,000. but
the breakdown by returns with adjusted gross Income or no adjusted
gross income is not available. The amount reported for any year
is only that portion of the net operating loss from business and
partnership which is not absorbed by the required carrybacks and
carryovers into years prior to the ciu-rent year.
™ Number of returns associated with this item is subject to sam-
pling variation of more than 100 percent. Such items are not
shown separately, since they are considered too unreliable for gen-
eral use; however, they are included in totals.
" For 1944-4S. this class includes nontaxable returns with Income
exceeding the designated limit.
"= For 1946 and thereafter, this class includes nontaxable returns
with adjusted gross income exceeding the designated limit.
■■•' Interest paid excludes amounts reported in schedules for busi-
ness and rent income and interest on loans to buy tax-exempt secu-
rities or single-premium life insurance and endowment contracts.
INDIVIDITAL INCOME TAX RETURNS, 1944-1951
107
Fnotiiotm for intliridiinl liistnricd! tables — Continued
•" Taxes paid exclude those reported In schedules for business
and rent Income, real estate taxes levied for Improvements which
tend to Increase the value of property, Federal income taxes, estate.
Inheritance, legacy, and succession taxes, gift taxes, foreign taxes
paid If any portion thereof Is claimed as a tax credit, and Federal
social security and employment taxes paid by or for the employee.
" Contributions Include each partner's share of charitable con-
tributions of partnerships but cannot exceed 15 percent of the
adjusted gross Income.
*" Medical and dental expenses paid In excess of an amount equal
to 5 percent of adjusted gross Income computed without this de-
duction. The deduction Is limited, for 1944-47, to $1,250 If one
exemption Is claimed or to $2,500 If two or more exemptions are
claimed: for 1948 and thereafter, the deduction cannot exceed
$1,250 times the number of exemptions other than those for age
and blindness with a maximum deduction of $2,500. except that
on a Joint return the maximum deduction Is $5,000.
" Losses from fire, storm, shipwreck, or other casualty, or from
theft, not compensated for by Insurance or otherwise, excludes
amounts reported In schedules for business and rents.
■'" Other deductions Include all authorized deductions not else-
where tabulated, such as. alimony, amortlzable bond premium, and
for 1944—47 the special deduction for blindness.
"' Data for Washington Include data for Alaska.
" The aggregates for data distributed by States do not precisely
agree with aggregates for data relative to returns with Income dis-
tributed by Income classes. The differences are due to the use of
Independent weighting factors for each collection district In com-
piling the State distributions and to the use of rounded ratios In
extending the data from samples of returns.
328641 O— 55-
Taxable Fiduciary
Income Tax
Returns
TAXABLE FIDUCIARY INCOME TAX RETURNS FOR 1951
ST'MMAKY DATA
A total of il(),'Jl() taxable tidiiciarv income tax re-
turns was Hied for the income year I!).")!. This is an
increase of 958 returns, or 0.8 percent, over the number
filed for the precedine: year.
Net income taxable to fiduciary reported for 1951
amounts to $590,847,000. a decrease of $24,767,000, or 4
jiercent, from the net income for 1950. The current
year income tux liability of $'210,765,000 shows an in-
crease of $2,009,000, or 1 percent, over the previous
all-time hiph of $208,756,000 for 1950.
The 7;5,K21 returns for the income of ti'usts consti-
tutes 63.5 percent of the total taxable returns filed.
Total income on these returns is $869,892,000 of which
$448,513,000 is distributable to beneficiaries who are
required to include such income in their personal re-
turn of income. Net income remaininji in the hands of
the fiduciary is $361,142,000 and the income tax thereon
is $135,843,000.
There are 42,389 taxable returns for the income of
estates showing total income of $332,484,000 of which
$62,836,000 is distributable to beneficiaries and reported
by them as income. Net income taxable to fiduciary is
$229,696,000 resulting in an income tax of $74,916,000.
COMPARATIVE DATA FOR TAXABLE FIDUCIARY RETURNS.
1951 AND 1950
1951
1950
Increase or
decrease (— )
Items
Number
or
amount
Percent
Total taxable fiduciary returns:
116.210
1.202.376
590.847
210, 765
73.821
869. 892
361. 142
135. 843
42,389
332, 484
229,696
74, 916
115. 252
1, 233. 957
615. 614
208.756
72, 157
883,804
371, 136
133. 552
43.095
360.153
244.478
76.204
968
-31.681
-24. 767
2.009
1.664
-13,912
-9.994
2,291
-706
-17,669
-14,782
-288
0.8
Total income ___ (thousand dollars)..
Net income taxable to fiduciary
(thousand dollars) . .
Tax liability (thousand dollars)
-2 6
-4.0
1.0
Taxable returns for trusts:
2 3
Total income. (thousand dollars) . .
-1.6
(thousand dollars) . .
Tax liability (thousand dollars)
-2 7
1.7
Taxable returns for estates:
-1.6
Total income (thousand dollars)..
Net income taxable to fiduciary
(thousand dollars) . .
Tax liability (thousand dollars) .
-5.0
-6.0
-.4
FIDUCIARY RETURNS INCLUDED
Data for the taxable fiduciary income tax returns
covered by this report are compiled from returns for
the calendar year 1951, a fiscal year ending within the
period July 1951 through June 1952, and a part year
showing the greater number of months in 1951. These
taxable returns show net income remaining in the hands
of the fiduciary after authorized deductions, including
the deduction for income distributable to beneficiaries
and the allowable exemption. Fiduciary returns are
filed for the income of estates and for the income of
property held in trust. Tentative returns are not in-
cluded and amended returns are used only when the
original returns are excluded. Statistical data are
taken from each taxable return as filed by the fiduciary,
previous to oflicial audit by the Internal Revenue Serv-
ice, and do not reflect any changes resulting therefrom.
Facsimile of the fiduciary income tax return, Form
1041, will be found on pages 181-188.
INCO.ME TAX I'ROVISIOXS WITH RESPECT TO
FIDUCIARY INCOME
Although only the taxable fiduciary returns are in-
cluded in this re])ort; lie vert lieles.s, every fiduciary, or
at least one of joint fiduciaries, is recpiired to file an
income tax return, Form 1041, for every estate for
which he acts, if the gross income of the estate is $600
or more or if any beneficiary of the estate is a non-
resident alien, and for every trust for which he acts, if
the net income of the trust is $100 or more, or if the
gross income is $600 or more regardless of the amount
of net income, or if any beneficiary of the trust is a
nonresident alien.
Supplement E of the Internal Revenue Code of 1939
provides that the taxes imposed upon the income of
individuals by chapter 1, other than the tax on self-
employment income, shall be applicable to the income
of estates and to the income from property held in trust.
The rates of tax, the provisions respecting gross income
to be reported, the deductions with certain exceptions,
and the tax credits provided for the income of individ-
uals apply also to the income of estates and trusts.
The gross income to be reported by the fiduciary in-
cludes the entire income of the estate or trust even
though a portion, or all, of such income is distributable
to beneficiaries. In general, the net income of an estate
or trust is computed in the same manner and on the
same basis as the net income of an individual, except
that, in lieu of the deduction for contributions allowed
individuals, there is allowed as a deduction any part of
the fiduciary gross income, without limitation, which is
set aside to be used exclusively for charitable, religious,
scientific, literary, and educational purposes; and there
is allowed, as an additional deduction, the amount of
income which is to be distributed currently or becomes
payable to beneficiaries, as well as amounts which in the
discretion of the fiduciary may be distributed to the
beneficiary or accumulated, if such amounts are re-
ported in the income of the beneficiary.
Exemption in the form of a credit against net income
taxable to the fiduciary, for both normal tax and surtax,
is $600 for an estate and $100 for a trust. Also allow-
able against net income, for purpose of normal tax only,
is a credit for partially tax-exempt interest and divi-
dends remaining in the hands of the fiduciary.
Ill
112
TAXABLE FIDUCIARY INCOME TAX RETURNS FOR 1951
The tax liability is based on the net income taxable
to fiduciary less the exemption and credit, mentioned
above, and must be paid by the fiduciary with the filing
of the return after the close of the income year. Cur-
rent collection of tax does not apply to the fiduciary
income. Tax credits are allowed for the fiduciary's
share of income tax paid to a foreign country or pos-
session of the United States as well as for income tax
paid at source on interest from tax-free covenant bonds.
A synopsis of the filing requirements, exemption,
and tax rates for 1944-1951 is set forth in tables A
and B, page 156.
BASIC ITEMS
Total income of estates and trust is the gross income
received less business expenses and allowable losses
from sales of property. The amounts of income, profit,
and loss comprising total income are the net amounts
from trade or business, from rents and royalties, from
partnerships, from sales of capital assets and other
property, together with income from dividends, interest,
other fiduciaries, and miscellaneous income. If the net
amount from any of these sources is a net loss, the loss
also comprises a part of the total income. Total in-
come is an approximation of the adjusted gross income
tabulated for individual returns.
Balance income is the excess of total income over
allowable nonbusiness deductions, such as interest,
taxes, and casualty losses. It is the amount available
for payment of income tax and for disposition to bene-
ficiaries or for accumulation, according to the trust
instrument in the case of a trust or the directives of
the will or of the jurisdictional court in the case of
an estate.
Amount di)itrihutable to beneficiaHefi is the amount
of income allotted to the beneficiaries. It is the total
amount which pursuant to the terms of the will or the
instrument creating the trust, is paid to, or set aside
for, or becomes payable to, legatees, heii-s, and bene-
ficiaries. Charitable and similar organizations are
beneficiaries as well as individuals. Each beneficiary
must include his share of such distributions in his
gross income, if required to file a return of income.
The amount distributable to beneficiaries, including
distributions for charitable purposes without limita-
tion, is an allowable deduction from balance income
for the computation of net income taxable to fiduciai-y.
A^et income taxable to fduciary is the amount of
income remaining in the hands of the fiduciary after
allowable nonbusiness deductions and setting aside the
amount distributable to beneficiaries. This income,
after the credits for exemption and partially tax-
exempt income is the basis for the tax liability of the
fiduciary.
Exemption of $600 for an estate and $100 for a trust
is allowable against net income taxable to fiduciary for
purposes of both normal tax and surtax.
Tax liability is the income tax after deducting the
two tax credits relating to income tax paid at source
on interest from tax-free covenant bonds and to income
tax paid to a foreign country or possession of the
United States. The tax consists of the normal tax,
surtax, and alternative tax. The rates are the same
as those on individual income. Normal tax and surtax
are imposed on net income taxable to fiduciary, unless
the alternative tax on long-term capital gain is effective.
The alternative tax is not effective on returns with
surtax net income under $16,000; it is imposed on in-
come that contains a net long-term capital gain or an
excess of net long-term capital gain over net short-term
capital loss only when such alternative tax is less than
the regular normal tax and surtax computed on income
which includes all net gain fi'om sales of capital assets.
CLASSIFICATION OF FIDUCIARY RETURNS
The taxable fiduciary returns are classified by total
income classes, by net income classes, by types of tax
liability, and as returns for estates or for trusts.
Various items are tabulated by these classifications but
not all items are available for every classification.
Total income classes. — Returns are segregated into
total income classes based on the amount of total in-
come reported on the returns and tabulated as such in
the tables. The majority of the fiduciary data are dis-
tributed by total income classes, in order that these data
may be associated with data tabulated for individual
returns by adjusted gross income classes, since total in-
come is approximately equivalent to adjusted gross
income.
Net income classes. — For this distribution, returns
are classified on the amount of net income taxable to
fiduciary.
Types of tax liability. — Returns with normal tax and
surtax are distinguished from returns with alternative
tax paid on income which includes long-term capital
gain. Returns with normal tax and surtax include all
returns with net loss from sales of capital assets and
returns with net gain from such sales unless the alter-
native tax is imposed.
Returns for trusts and for estates. — This classifica-
tion is based on the fact that certain fiduciary returns
are filed for the income from property held in trust
while other fiduciary returns are filed for the income of
an estate under administration.
TABULATED DATA
Data tabulated for taxable fiduciary returns are taken
from each taxable fiduciary return as filed by the fidu-
ciary, before official audit, and therefore, do not include
any revisions or changes in values which may result
from the audit. Data are tabulated as nearly as possi-
ble to conform to similar tabulations for individual re-
turns; however, in view of the fact that there are differ-
ences between the two forms and some variations in the
method of reporting certain items common to both
forms, the two series are not precisely comparable.
TAXABLE FIDUCIARY INCOME TAX RETURNS FOR 1951
113
In all but two tables, data for taxable fidiieiary re-
turns are distributed by total income classes. Total
income, being similar in concept to adjusted fjross in-
come on individual returns, supplies a basis for classi-
fication whereby fiduciary data may be associated witli
data for individual returns.
In table 1, the number of taxable fiduciary returns,
amount of total income, and tax liability, with percent-
age distributions, are tabulated by total income classes;
in table la, these data are aggregated from the highest
total income class; and in table lb, the same data are
aggregated from the lowest total income class. New
.stubs are set in tables la and lb as an aid in reading
these aggregated data.
Table 2 presents, by total income classes, the amount
of eacli source of income and loss comprising total in-
come, deductions, balance income, amount distributable
to beneficiaries, net income taxable to fiduciary, exemp-
tion, and tax liability. This table also shows, in juxta-
position, frequency distributions of the number of re-
turns for each source of income and loss comprising
total income, for each deduction, for balance income,
and amount distributable. Formerly, the frequency
distributions were presented in a separate table.
Data in tables 3 and 4 are distributed by net income
classes. Table 3 shows the amount of each source of
income and loss comprising total income, deductions,
balance income, amount distributable to beneficiaries,
net income taxable to fiduciary, exemption, and tax
liability. In table 4, there is a frequency distribution
of taxable fiduciary returns by total income classes
cross classified by net income classes.
Data relative to tax liability are tabulated in table 5
by total income classes and by the two types of tax,
namely the combined normal tax and surtax, and the
alternative tax.
Table 6 contains data for capital gains and losses, by
total income classes. Data for returns with net loss
from sales of capital assets ai-e shown separately from
returns with net gain from sales of capital assets. Re-
turns with net gain from such sales are further segre-
gated to show returns with normal tax and surtax in-
dependently from those with alternative tax. In all
categories, the net short-term capital gain and loss, the
net long-term capital gain and loss, and the capital loss
carryover from the prior 5-year period are tabulated.
Additional information shows the ca])ital loss before
application of the statutory limitation as well as the
allowable loss deducted from gross income, the amount
of ca])ital gain included in total income, and the excess
of net long-term capital gain over n<?t short-term capital
loss to which the alternative tax rate is applied.
In table 7, total income, amount distributable to bene-
ficiaries, net income taxable to fiduciary, exemption, and
tax liability are tabulated, by total income classes, to
show these data separately for ti-usts and for estates.
Historical data for the period 1!)44 through 1951 are
assembled in tables 8 and 9.
Throughout the tables, values in thousand dollars and
percentages are rounded and, therefore, may not add to
the totals.
SOURCES COMPRISING TOTAL INCOME
Tlie am()\mts of income, profit, and loss from each of
the .sources comprising total income are the net amounts
to be included in income, that is, the excess of gross
receipts over the ex])enses and costs applicable to the
respective sources. If the result is a net loss, the net
loss also comprises a part of total income and such losses
are tabulated as coin])onpnt ])arts of total income.
These sources of income and loss are described below.
Diridendfi received include foreign and domestic
dividends but exclude dividends received thi'ough
partnerships and other fiduciaries, such dividends being
reported in those sources.
Interest is that received on bank deposits, notes, mort-
gages, corporation bonds, and taxable and partially tax-
exempt interest on Government obligations including
such interest received through partnerships and other
fiduciaries.
Rents and royalties net profit is that reported on re-
turns showing a net profit resvdting from the combina-
tion of the two sources. Rents and royalties are re-
ported in the same schedule and the separate incomes are
not available. A net loss from either source offsets net
profit of the other. Deductions against gross rents and
gross royalties received are allowable for taxes, interest,
repairs, depreciation, depletion, and other expenses per-
taining to the respective incomes.
Rents and royalties net loss is that reported on returns
showing a net loss resulting from the combination of the
two sources. Rents and royalties are reported in the
same schedule and the separate incomes are not avail-
able. A net profit from either source offsets net loss of
the other. Deductions against gross rents and gross
royalties received are allowable for taxes, repairs, in-
terest, depreciation, dejjletion, and other expenses per-
taining to the respective incomes.
Trade or business net profit is the net residt of all
trade and business activities in which the estate or trust
is engaged, the combined result of which is a net profit.
Net loss from one business offsets the net profit of an-
other.
Deductions from total receipts are allowed for ex-
penses of doing business, such as cost of merchandise
sold, employees' salaries, interest, taxes, rent, repairs,
dej)reciation, obsolescence, depletion, bad debts, losses
on business property, and other direct business expenses.
Net opei-ating los.s deduction is not a business deduction
but is an allowable authorized deduction from total in-
come.
Trade or business net loss is the result of all trade and
business activities in whicii the estate or trust is engaged,
the combined result of which is a net loss. Net profit
from one business offsets the net loss of another.
Allowable business deductions are mentioned in the
preceding paragraph.
114
TAXABLE FIDUCIARY INCOME TAX RETURNS FOR 1951
Partnership net profit is the estate's or trust's share
of net profit (whether received or not) from all part-
nerships, syndicates, pools, etc., in which the estate or
trust is a participant, the combined result of which is
a net profit. However, the distributive share of profit
reported excludes taxable and partially tax-exempt
Government interest and the net gain or loss from sales
of capital assets, each being reported in its respective
source.
Partnership net loss is the estate's or trust's share of
net loss (whether received or not) from all partner-
ships, syndicates, pools, etc., in which the estate or trust
is a participant, the combined result of which is a net
loss. However, the distributive share of net loss re-
ported excludes taxable and partially tax-exempt in-
terest on Government obligations and the net gain or
loss from sales of capital assets, each being reported in
its respective source.
Net gain from sales or exchanges of capital assets is
the net amount included in total income. Net gain from
such sales is the excess of capital gains (short- and long-
term, the latter reduced 50 percent) over the sum of
capital losses (short- and long-term, the latter reduced
50 percent) and the net capital loss carryover. The
definitions of capital assets, the treatment of gains and
losses, the short- and long-term gains and losses, and
the carryover are the same as those described for indi-
vidual returns, pages 16-17.
Net loss from sales or exchanges of capital assets is
the statutory deduction allowed for the computation of
net income. Net loss from sales of capital assets is the
excess of the sum of the net capital loss carryover and
the capital losses (short- and long-term, the latter re-
duced 50 percent) over the capital gains (short- and
long-term, the latter reduced 50 percent ) ; however, de-
duction for the loss is limited to the amount of the loss,
or to the net income computed without regard to capital
gains and losses, or to $1,000, whichever is smallest.
For definition and treatment of capital assets, see
pages 16-17.
A^et gain from, sales or exchanges of property other
than capital a.^sets is the net gain from sales or ex-
changes of property used in trade or business of a
character which is subject to the allowance for depre-
ciation, real property used in trade or business, obliga-
tions of the United States or its possessions, or of a
State or Territory or any political subdivision thereof,
or of the District of Columbia, issued on a discount
basis and payable without interest at a fixed maturity
date not exceeding 1 year from date of issue, and certain
copyrights or artistic compositions.
Net loss from, sales or exchanges of property other
than capital assets is the net loss from all sales or ex-
changes of property listed in the preceding paragraph.
Net loss from this source is deductible in full.
Income from- other ftduciaries is the estate's or trust's
share, as beneficiary, of the distributable income from
another estate or trust. However, such income ex-
cludes taxable and partially tax-exempt interest on
Government obligations which is reported in interest
income.
Miscellaneous income includes taxable income from
sources other than those tabulated.
DEDUCTIONS
Interest paid is that paid or accrued on debts, mort-
gages, and bank loans; it excludes interest reported
in schedules for rents and business, and interest on in-
debtedness incurred to purchase a single premium life
insurance or endowment contract, or securities yielding
wholly tax-exempt income.
Taxes imposed upon the estate or trust and paid dur-
ing the year include State and local income taxes, cer-
tain retail sales taxes, real estate taxes except those
assessed against local benefits which tend to increase the
value of property assessed. The deduction excludes
taxes deducted in schedules for rents and business. Fed-
eral income taxes, estate, inheritance, legacy, succession
taxes, gift taxes, and foreign income taxes if any por-
tion thereof is claimed as a tax credit.
Miscellaneous deductions are authorized deductions
other than interest and taxes and include bad debts, net
operating loss deduction, losses from fire, storm, ship-
wreck, or other casualty, or from theft, not compen-
sated for by insurance or otherwise, and expenses in-
curred for the production of taxable income or for the
management and maintenance of property held for
the production of taxable income.
TYPES OF TAX
The tax liability tabulated for taxable fiduciary re-
turns includes the normal tax, surtax, and alternative
tax. The amount of tax liability shown throughout
the tables is the tax after the two tax ci'edits are de-
ducted. Tax credits are allowed for the fiduciary's
share of income tax paid at source on interest from
tax-free covenant bonds and of income tax paid to a
foreign country or possession of the United States.
The amount of tax credit deducted is not available. For
statistical purposes two types of tax are distinguished ;
normal tax and surtax, and alternative tax.
Normal tax and surtax is the sum of the two sepa-
rate taxes. The rates are the same as for individual
income. The tax rate schedule accomjjanying the fidu-
ciary return supplies an integrated normal tax and sur-
tax rate from which tlie combined tax is computed;
and the joint tax is reported. If the net income taxable
to fiduciary includes partially tax-exempt interest and
dividends, the combined tax is reduced by an amount
equal to 3 percent of such income in order to give effect
to the partially tax-exempt income credit against net
income for normal tax purposes. This eliminates from
the combined tax the normal tax on such income.
Alternative tax is imposed on net income containing
a net long-term capital gain or an excess of net long-
TAXABLE FIDUCIARY INCOME TAX RETURNS FOR 1951
115
tei-m capital o^ain over net short-tenii capital loss, but
only if the alternative tax is less than tlie ref^ular nor-
mal tax and surtax computed on net income which in-
cludes all gains from sales of capital assets. The al-
ternative tax is the sum of a partial tax (computed at
the i-e<;ular rates on net income reduced for this pur-
pose by the amount of such long-term capital gain)
and 50 percent of the excess long-term capital gain. Al-
ternative tax is not effective on returns with surtax
net income under $1G,0()0.
TABLES FOR TAXABLE FIDUCIARY RETURNS.
1951
Page
Number of returns, total income, and tax, with percentage distribu-
tions :
1 . By total income classes 118
la. Aggregated from highest total income class 119
lb. Aggregated from lowest total income class 120
Sources of income, deductions, tax, and frequencies:
2. Income or loss from each source, deductions, net income, exemp)-
tion, and tax — by total income classes 121-123
Distributions — by net income classes:
3. Income or loss from each source, deductions, net income, exempj-
tion, and tax 1 24-1 25
4. Frequency distribution of returns — by total income classes. . 126—128
Types of tax — by total income classes:
5. Normal tax and surtax, alternative tax, average tax, and effec-
tive tax rate 129-130
Capital gains and losses — by total income classes:
6. Short- and long-term captial gain and loss, capital loss carryover,
and net gain or loss reported 131-133
Returns for trusts and for estates — by total income classes:
7. Total income, amount distributable, net income, exemption, and
tax 134
117
118
TAXABLE FIDUCIARY INCOME TAX RETURNS FOR 1951
Table 1. -TAXABLE FIDUCIARY RETURNS FOR 1951, BY TOTAL INCOME CLASSES: NUMBER OF RETURMS, TOTAL INCCME, AND TAX LIABILITY, WITH PERCENTAGE DISTRIBUTIONS
Total income classes^
(Dollarai
Percent
of total
Total income^
Amount
(Thousand dollars)
percent
of total
Tax liability
Amount
(Thousand dollar:
percent
of total
Under $600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,760 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
10,000 under 11,000
11,000 under 12,000
12,000 under 13,000
13,000 under 14,000
14,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000 ...
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000 ....
500,000 under 760,000 ....
750,000 under 1,000,000 .,
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5,000,000
5,000,000 or imre
Total
8,659
4,526
6,967
6,215
5,500
i,629
4,270
4,050
3,455
3,158
2,661
5,146
4,378
3,845
3,302
5,572
4,505
3,733
3,168
2,577
2,203
1,913
1,735
1,397
1,308
4,746
2,943
2,010
2,402
1,373
823
594
437
307
193
670
243
126
60
85
38
42
19
13
7.5
3.9
6.0
5.3
4.7
4.0
3.7
3.5
3.0
2.7
2.5
4.4
3.8
3.3
2.8
4.8
3.9
3.2
2.7
2.2
1.9
1.6
1.5
1.2
1.1
2.5
1.7
2.1
1.2
.7
.5
.4
.3
.2
.6
.2
.1
.1
.1
C)
(')
(')
(')
(*)
(')
(')
2,888
3,060
6,065
6,962
7,533
7,493
7,996
3,596
8,193
8,282
8,219
16,659
16,376
16,303
15,673
30,553
29,203
27,918
26,875
24,434
23,078
21,977
21,672
18,846
18,949
82,055
65,657
54,984
32,813
61,129
45,028
38,402
32,645
26,052
13,297
81,673
42,130
28,148
16,287
29,140
16,533
25,926
16,870
15,699
5,229
9,554
20,147
4,175
0.2
.3
.5
.6
1.4
1.4
1.4
2.5
2.4
2.3
2.2
2.0
1.9
1.8
1.8
1.6
1.6
6.8
5.5
4.6
6.9
5.1
3.7
3.2
2.7
2.2
1.5
3.5
2.3
1.4
2.4
1.4
2.2
1.4
1.3
.4
1.7
.3
331
221
515
687
779
813
883
964
913
947
917
1,923
1,875
1,922
1,776
3,667
3,502
3,486
3,403
3,222
2,975
2,908
3,152
2,617
2,613
12,299
10,376
9,239
15,138
12,764
9,550
8,232
6,266
5,585
4,255
20,137
10,637
6,810
3,379
6,757
4,910
6,955
3,435
3,421
2,307
565
564
103
0.2
.1
(*)
116,210
1,202,376
.4
9
.4
10
.4
11
.9
12
.9
13
.9
14
.8
15
1.7
16
1.7
17
1.7
18
1.6
19
1.5
20
1.4
21
1.4
22
1.5
23
1.2
24
1.2
25
5.8
26
4.9
27
4.4
28
7.2
29
6.1
30
4.5
31
3.9
32
3.0
33
2.6
34
2.0
35
9.6
36
5.0
37
3.2
38
1.6
39
3.2
40
2.3
4]
3.3
42
1.6
43
1.6
44
1.1
45
.3
46
.3
47
48
-
49
100.0
50
For footnotes, see p, 135,
TAXABLE FIDUCIARY INCOME TAX RETURNS FOR 1951
119
Table lo. -TAXABLE FIDUCIARY RiTURNS FOR 1951, AGGREGATED FROM THE HIGHEST TOTAL INCCWE CLASS: NUMBER OF RETURNS. TOTAL INCCME, AND TAX LIABILITY, KITH PERCENTAGE DISTRIBUTICNS
Total Income
(Dolltf)
Roturns
Total income^
Tex liabi
lltyJ
Niimbftr
percent
of total
Amount
(Thoiitncft tlollar*)
(?)
percent
of total
Ainounl
fercent
of total
IP)
1
1
7
11
14
27
46
88
126
211
271
397
640
1,310
1,503
1,810
2,247
2,841
3,664
5,037
7,439
9,449
12,392
17,138
18,446
19,343
21,573
23,491
25,694
28,271
31,439
35,172
39,677
45,249
48,551
52,396
56,774
61,920
64,781
67,939
71,394
75,444
79,714
84,343
39,343
96,053
103,025
107,551
116,210
(')
(')
(')
{')
(')
(')
0.1
.1
.2
.2
.3
.6
1.1
1.3
1.6
1.9
2.4
3.2
4.3
6.4
8.1
10.7
14.7
15.9
17.1
18.6
20.2
22.1
24.3
27.1
30.3
34.1
38.9
41.8
45.1
48.9
53.3
55.7
58.5
61.4
64.9
68.6
72.6
77.3
82.7
88.7
92.5
100.0
4,175
24,322
33,876
39,105
54,804
71,674
97,600
114,133
143,273
159,560
187,708
229,838
311,511
329,808
355,860
388,505
426,907
471,935
533,064
615,877
670,861
736,518
818,573
837, 522
856, 353
878,040
900,017
923,095
947,529
974,404
1,002,322
1,031,525
1,062,078
1,077,751
1,094,054
1,110,430
1,127,089
1,135,308
1,143,590
1,151,783
1, 160, 379
1,168,375
1,175,868
1,183,401
1,190,363
1,196,423
1,199,483
1,202,375
0.3
2.0
2.8
3.3
4.6
6.0
8.1
9.5
11.9
13.3
15.6
19.1
25.9
27.4
29.6
32.3
35.5
39.3
44.3
51.2
55.8
61.3
68.1
69.7
71.2
73.0
74.9
76.8
78.8
81.0
83.4
85.8
88.3
89.6
91.0
92.4
93.7
94.4
95.1
95.8
96.5
97.2
97.8
98.4
99.0
99.5
99.8
100.0
103
667
1,232
3,539
6,960
10,395
17, 350
22,260
29,017
32,396
39,206
49,843
69,980
74,235
79,820
86,036
94,316
103,866
116,652
131,840
141,079
151,455
163,754
165,367
153,984
172,136
175,044
178,019
181,241
184,644
138,130
191,632
195,299
197,075
198,997
200,872
202,795
203,712
204,659
205,572
206,536
207,419
208,232
209,011
209,598
210,213
210,434
210.765
0.3
.6
1.7
3.3
4.9
8.2
10.6
13.8
15.4
18.6
23.6
33.2
35.2
37.9
40.8
44.8
49.3
55.3
62.6
56.9
71.9
77.7
78.9
80.2
81.7
83.1
84.5
86.0
37.6
S9.3
90.9
92.7
93.5
94.4
95.3
96.2
96.7
97.1
97.5
98.0
98.4
98.8
99.2
99.5
99.7
99.3
100.0
1
2
3
3
4
5
1 500 000 or iKire
5
6
7
8
9
10
n
12
13
14
6
7
e
9
10
11
12
13
14
IS
16
17
17
18
19
19
20
21
22
21
£2
23
24
25
25
26
26
27
27
28
28
29
29
30
31
32
32
33
34
35
35
36
36
37
38
36
39
40
40
41
41
42
43
44
45
46
47
48
49
For footnotes, see p, 135,
120
TAXABLE FIDUCIARY INCOME TAX RETURNS FOR 1951
Table Ib.-TAXABLE FIDUCIABY RETtRNS FCB 1951, AfXlREGATED FRCW THE LOWIST TOTAl INCCME CLASS: NUMBER OF RETURNS, TOTAL INCCME, AND TAX LIABILITY, WITH PERCENTAGE DISTRIBUTIONS
Total income
(Dollars)
Returns
Total income^
Taj liability^ 1
Number
Percent
of total
(?)
Amount
(Thousand dollars}
(3)
Percent
of total
(4)
Amount
(Thousand dollars)
15)
Percent
of total
(8)
1
2
3
4
5
6
7
3
9
10
11
8,659
13,185
20,152
26,367
31,867
36,496
40,766
44,816
48,271
51,429
54,290
59,436
63,814
67,659
70,961
76,533
81,038
84,771
87,939
90,516
92,719
94,632
96,367
97,764
99,072
103,818
106,751
108,771
111,173
11?, 546
113,369
113,963
114,400
114,707
114,900
115,570
U5,81J
115,939
115,999
116,084
116,122
116,164
116,183
116,196
116,199
116,203
116,209
U6,210
116,210
7.5
11.3
17.3
22.7
27.4
31.4
35.1
38.6
41.5
44.3
46.7
51.1
54.9
58.2
61.1
65.9
69.7
72.9
75.7
77.9
79.8
81.4
82.9
84.1
85.3
89.3
91.9
93.6
95.7
96.8
97.6
98.1
98.4
98.7
98.9
99.4
99.7
99.8
99.8
99.9
99.9
99.9
99.9
99.9
99.9
99.9
99.9
100.0
100.0
2,888
5,948
12,013
18,975
26, 508
34,001
41, 997
50, 593
58, 786
67,068
75,287
91,945
108, 322
124,625
140, 298
170,851
200,054
227,972
254,847
279,281
302,359
324,336
346,008
364,854
383,803
465,858
531, 515
586,499
669,312
730,441
775,469
813,871
846,516
872,568
890,865
972,538
1,014,668
1,042,816
1,059,103
1,088,243
1,104,776
1,130,702
1,147,572
1,163,271
1,168,500
1,178,054
1,198,201
1,202,376
1,202,376
0.2
.5
1.0
1.6
2.2
2.8
3.5
4.2
4.9
5.6
6.3
7.6
9.0
10.4
11.7
14.2
16.6
19.0
21.2
23.2
25.1
27.0
28.8
30.3
31.9
38.7
44.2
48.8
55.7
60.7
64.5
67.7
70.4
72.6
74.1
80.9
84.4
86.7
88.1
90.5
91.9
94.0
95.4
96.7
97.2
98.0
99.7
100.0
100.0
331
552
1,067
1,754
2,533
3,346
4,229
5,193
6,106
7,053
7,970
9,893
U,768
13,690
15,466
19,133
22,635
26,121
29,524
32,746
35,721
38,629
41,781
44,398
47, OU
59,310
69,686
78,925
94,113
106,897
116,447
124,679
130,945
136,530
140,785
160,922
171,559
178,359
181,748
188,505
193,415
200,370
203,805
207,225
209,533
210,098
210,662
210,765
210,765
0.2
.3
.5
.8
1.2
1.6
2.0
2.5
2.9
3.3
3.8
4.7
5.6
6.5
7.3
9.1
10.7
12.4
U.O
15.5
16.9
18.3
19.8
21.1
22.3
28.1
33.1
37.4
44.7
50.7
55.2
59.2
62.1
54,3
56.8
76.4
81.4
84.6
86.2
89.4
91.8
95.1
96.7
98.3
99.4
99.7
99.9
100.0
100.0
1
6
8
Under 3.000
11
12
13
14
14
16
17
18
16
IV
18
19
20
21
22
23
ao
Under 11,000
21
Under 13,000
23
24
25
26
27
28
29
30
24
25
26
27
28
29
Under 50,000
30
31
Under 60,000
31
32
33
Under 80,000
33
34
35
Under 100,000
3S
36
Under 150,000
36
37
38
Under 250,000
3b
39
40
Under 400,000
40
41
Under 500,000
41
A
42
43
■W
Under 1,500 000
44
4b
46
47
4V
48
49
49
For footnotes, see p. 135.
TAXABLE FIDUCIARY INCOME TAX RETURNS FOR 1951
121
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TAXABLE FIDUCIARY INCOME TAX RETURNS FOR 1951
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TAXABLE FIDUCIARY INCOME TAX RETURNS FOR 1951
123
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TAXABLE FIDUCIARY INCOME TAX RETURNS FOR 1951
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O O O O Q
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o o o o o
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o o o o o
lA \o r- to (j»
o o o o o
o o o o
in vo P- to
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lA O "A O O
rH W OJ f^ ^
Fi h (h F^ F4
01 01 Ot il> <D
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S88SS
O O O O O
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u-1 O lO O
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■ O " - -s * »
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TAXABLE FIDUCIARY INCOME TAX RETURNS FOR 1951
129
Tabla 5.-TAXABLE FIDUCIARY RETURNS FOR 1951, BY TOTAL INCOME CLASSES AND BY TYPES OF TAX: NUMBER OF RETURNS, TOTAL INCOME, NET INCOME, EXEMPTION, TAX LIABILITY, AVERAGE TAX,
AND EFFECTIVE TAX RATE
Total Income claaaes^
(DoUmra)
Tolol number
of returns'
Total income^
(Thouwmnd
dollar 9)
Net Income
taxable to
fiduciary^'
( Fhoummnti
dollmru)
(31
Amount of
exemption'*
(Thousand
ilollmrw)
Tax
liability'
( Thouaand
dotlmtt)
Average tax'
Effective
tax rate
based on
net income
(F*rcwtt)
All returns
Under 1600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 under 3,000
3,000 under 3,500
3,500 under •4,000
i,000 under i,500
i,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
10,000 under 11,000
11,000 under 12,000
12,000 under 13,000
13,000 under U,000
1«,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5,000,000
5,000,000 or more
Total
Taxable returns with total income under 15,000
Taxable returns with total income of 15,000 or more.
8,659
4,526
6,967
6,215
5,500
4,629
4,270
4,050
3,455
3,158
2,861
5,146
4,378
3,845
3,302
5,572
4,505
3,733
3,168
2,577
2,203
1,913
1,735
1,397
1,308
4,746
2,943
2,010
2,402
1,373
823
594
437
307
193
670
243
126
60
85
38
42
19
116,210
70,961
45,249
2,888
3,060
6,065
6,962
7,533
7,493
7,996
8,596
8,193
8,282
8,219
16,659
16,376
16,303
15,673
30,553
29,203
27,918
26,875
24,434
23,078
21,977
21,672
18,846
18,949
82,055
65,657
54,984
82,813
61,129
45,028
38,402
32,645
26,052
18,297
81,673
42,130
28,148
16,287
29,140
16,533
25,926
16,870
15,699
5,229
9,554
20,147
4,175
1,202,376
140,298
1,062,078
2,504
2,725
5,129
5,625
5,780
5,601
5,752
6,044
5,576
5,617
5,351
10,785
10,204
10,203
9,305
18,280
16,809
15,987
15,161
13,768
12,422
11,745
12,230
9,934
9,672
41,776
31,876
25,870
39,045
29,538
20,897
17,271
12,713
11,020
8,074
36,345
19,169
11,955
6,132
10,872
8,311
10,643
5,783
5,507
3,866
786
1,049
96,201
494,646
866
1,644
2,593
2,256
1,954
1,597
1,407
1,304
1,107
988
895
1,554
1,284
1,090
944
1,526
1,210
976
819
655
553
478
425
336
326
1,158
694
472
574
317
189
133
101
152
51
25
15
19
21,483
11,338
210,765
15,466
195,299
331
38
221
49
515
74
687
111
779
142
813
176
883
207
964
238
913
264
947
300
917
321
1,923
374
1,875
428
1,922
500
1,776
538
3,667
658
3,502
777
3,486
934
3,403
1,074
3,222
1,250
2,975
1,350
2,908
1,520
3,152
1,817
2,617
1,873
2,613
1,998
12,299
2,591
10,376
3,526
9,239
4,597
15,188
6,323
12,784
9,311
9,550
11,604
8,232
13,859
6,266
14,339
5,585
18,192
4,255
22,047
20,137
30,055
10,637
43,774
6,810
54,048
3,379
56,317
6,757
79,494
4,910
129,211
6,955
165,595
3,435
180,789
3,421
263,154
2,307
769,000
565
141,250
564
94,000
103
103,000
218
4,316
13.2
8.1
10.0
12.2
13.5
14.5
15.4
15.9
16.4
16.9
17.1
17.8
18.4
18.8
19.1
20.1
20.8
21.8
22.4
23.4
23.9
24.8
25.8
26.3
27.0
29.4
32.6
35.7
38.9
43.3
45.7
47.7
49.3
50.7
52.7
55.4
55.5
57.0
55.1
62.2
59.1
65.3
59.4
62.1
59.7
71.
53.8
73.6
16.1
39.5
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
46
47
48
49
For footnotes, see p. 135.
130
TAXABLE FIDUCIARY INCOME TAX RETURNS FOR 1951
Table 5.-TAXABLE FIDUCIARY RETURNS FCB 1951, Ei TOTAL INCCME CLASSES AND BY TYPES OF TAX: NUMBER OF RETURNS, TOTAL INCCME, NET INCCWE, EXEMPTION, TAX LIABILITY, AVERAGE TAX,
AND EFFECTIVE TAX RATE - Continued
Total income classes^
(Dollars)
Total number
of returns
Total income^
( Thousand
dollars)
Net income
taxable to
fiduciary^-^
C Thousand
dollars)
Amount of
exemption^*
dollar
Tax
liability^
f Thousand
daltnrs)
Average tax^''
Effective
tax rate
based on
net income
fPei
IJ
Returns with normal tax and surtax^*
Under S600
600 under 750
750 under 1,000
1,000 under 1,250
1,250 under 1,500
1,500 under 1,750
1,750 under 2,000
2,000 under 2,250
2,250 under 2,500
2,500 under 2,750
2,750 under 3,000
3,000 under 3,500
3,500 under "1,000
A, 000 under 4,500
i,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
10,000 under 11,000
11,000 under 12,000
12,000 under 13,000
13,000 under 14,000
14,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 30,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250.000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5,000,000
5,000,000 or more
Total returns with normal tax and surtax
Under ((15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 60,000
60,000 under 70,000
70,000 under 80,000
80,000 under 90,000
90,000 under 100,000
100,000 under 150,000
150,000 under 200,000
200,000 under 250,000
250,000 under 300,000
300,000 under 400,000
400,000 under 500,000
500,000 under 750,000
750,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 3,000,000
3,000,000 under 4,000,000
4,000,000 under 5,000,000
5,000,000 or more
Total returns with alternative tax
8,659
4,526
6,967
6,215
5,500
4,629
4,270
4,050
3,455
3,158
2,861
5,146
4,378
3,845
3,302
5,572
4,505
3,733
3,168
2,577
2,203
1,913
1,735
1,397
1,308
4,660
2,750
1,789
2,021
1,092
630
434
329
211
121
86
193
221
331
281
193
160
108
72
293
144
66
36
43
29
21
10
2,383
3,060
6,065
6,962
7,533
7,493
7,996
8,596
8,193
8,282
3,219
16,659
16,376
16,303
15,673
30,553
29,203
27,918
26,375
24,434
23,078
21,977
21,672
18,846
18,949
80,455
61,325
48,931
69,615
48,554
34,373
28,062
24,593
17,856
11,466
45,032
17,043
13,327
6,524
14,317
3,916
12,781
7,376
9,373
7,057
3,822
4,175
2,504
2,725
5,129
5,625
5,780
5,601
5,752
6,044
5,576
5,617
5,351
10,785
10,204
10,203
9,305
18,280
16,809
15,987
15,161
13,768
12,422
11,745
12,230
9,934
9,672
40,224
27,810
20,344
27,501
18,897
12,661
9,493
6,889
5,752
3,468
12,114
3,851
2,839
1,021
2,702
892
3,811
' 383
1,950
553
56
140
366
1,644
2,593
2,256
1,954
1,597
1,407
1,304
1,107
983
395
1,554
1,284
1,090
944
1,526
1,210
976
819
655
553
478
425
336
326
1,134
644
407
456
242
129
85
70
41
29
79
19
10
(")
331
221
515
637
779
813
883
9&4
913
947
917
1,923
1,375
1,922
1,776
3,667
3,502
3,486
3,403
3,222
2,975
2,908
3,152
2,617
2,613
11,770
8,379
7,033
10,241
7,863
5,610
4,407
3,3U
2,921
1,859
6,939
2,415
1,879
678
1,982
692
3,171
273
1,633
453
32
103
131,158
38
49
74
111
142
176
207
238
264
300
321
374
428
500
533
658
777
934
1,074
1,250
1,350
1,520
1,817
1,873
1,998
2,526
3,229
3,931
5,067
7,201
8,905
10,154
10,073
13,844
15,364
18,653
24,394
31,317
23,250
47,190
76,839
151,000
30,333
204,125
151,000
32,000
103,000
1,153
Returns with alternative tax^
1,600
4,333
6,053
13,199
12,575
10,655
10,340
8,052
8,196
6,831
36,641
25,087
14,820
9,763
14,824
12,617
13,145
3,993
6,326
5,229
2,498
16,325
248,102
1,552
4,066
5,527
11,544
10,641
8,236
7,777
5,824
5,268
4,606
24,231
15,317
9,116
5,111
8,170
7,419
6,332
5,395
3,557
3,866
228
993
24
51
65
118
75
60
48
30
26
16
73
32
16
9
10
5
3
2
2
{")
529
1,497
2,206
4,947
4,921
3,940
3,825
2,951
2,664
2,397
13,199
8,222
4,931
2,700
4,776
4,218
3,784
3,162
1,788
2,307
112
533
79,609
6,151
7,756
9,982
12,984
17,512
20,415
23,906
27,324
27, 750
33,292
44,292
57,097
74,712
75,000
111,070
145,448
180,190
316,200
357,600
769,000
112,000
106,600
32,467
For footnotes, see p. 135.
TAXABLE FIDUCIARY INCOME TAX RETURNS FOR 1951
131
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IS
132
TAXABLE FIDUCIARY INCOME TAX RETURNS FOR 1951
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TAXABLE FIDUCIARY INCOME TAX RETURNS FOR 1951
133
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134
TAXABLE FIDUCIARY INCOME TAX RETURNS FOR 1951
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0) 0)
TAXABLE FIDUCIARY INCOME TAX RETURNS FOR 1951
135
Foolnotci for fitlitriary labh s
(In the tables, values In thousand dollars and percentages are rounded and, therefore, may not add to the totals)
< Total Income classes are based on the amount of total Income
reported on each return. (See note 2.)
'Total Income Is the amount resulting from the combination of
net profit and net loss from rents and royalties, from business, from
partnerships, and from sales or exchanges of capital assets and other
property, together with Income from dividends, interest, other
fiduciaries, and miscellaneous income. (Total income is an ap-
proximation of the adjusted gross income tabulated for individual
returns.)
' Tax liability Is the net tax payable after tax credits relating to
Income tax paid at source on interest from tax-free covenant bonds
and to Income tax paid to a foreign country or possession of the
United States.
* Less than 0.05 percent.
" Dividends, foreign and domestic, exclude dividends received
through partnerships and other fiduciaries.
" Interest received includes that on bank deposits, notes, mort-
gages, bonds, and taxable and partially tax-exempt Government
obligations, as well as such Government Interest received through
partnerships and other fiduciaries.
' Rents and royalties net profit is the combined profit from these
two sources, neither of which is reported separately. Deductions
against gross rents and gross royalties received are allowable for
taxes, interest, repairs, depreciation, depletion, and other expenses
pertaining to the respective income. A net loss from either source
offsets net profit of the other; the net profit reported is the
combined result.
" Rents and royalties net loss is the combined loss from these
two sources, neither of which is reported separately. Allowable
deductions for taxes, interest, repairs, depreciation, depletion, and
other expenses pertaining to the respective income exceed the gross
rents and gross royalties received. A net profit from either source
offsets net loss of the other; the net loss reported by the taxpayer
Is the combined result.
» Trade or business net profit is the net result of all trade and
business activities In which the estate or trust is engaged, the
combined result of which is a net profit. A net loss in one business
offsets net profit of another.
Deductions from total receipts are allowed for expenses of doing
business, such as cost of merchandise sold, employees' salaries,
interest, taxes, rent, repairs, depreciation, obsolescence, depletion,
bad debts, and losses on business property. (Net operating loss
deduction is reported in miscellaneous deductions.)
" Trade or business net loss is the net result of all trade and busi-
ness activities in which the estate or trust is engaged, the combined
result of which is a net loss. A net profit from one activity offsets
net loss of another. Business deductions are mentioned in par. 2,
note 9.
" Partnership net profit excludes taxable and partially tax-exempt
Interest on Government obligations and net gain or loss from sales
of capital assets.
" Partnership net loss excludes taxable and partially tax-exempt
Interest on Government obligations and net gain or loss from sales
of capital assets.
" Net gain from sales or exchanges of capital assets is the net
gain reported in total income. It is the result of combining net
short- and long-term capital gain and loss and any capital loss
carryover from years 1946-50, inclusive, not previously deducted.
Sales of capital assets include worthless stocks, worthless bonds
If they are capital assets, nonbusiness bad debts, certain distribu-
tions from employees' trust plans, and each participant's share of
net short- and long-term gain and loss received tiirough partner-
ships.
" Net loss from sales or exchanges of capital assets is the allow-
able loss used in computing net income taxable to the fiduciary. It
is the result of combining net short- and long-term capital gain
and loss and any capital loss carryover from the years 1946-50,
inclusive, not previously allowed. Deduction for the loss, however,
is limited to the amount of such loss, or to the net income computed
without regard to gains and losses from sales of capital assets, or
to $1,000. whichever is smallest. (Also see par. 2. note 13.)
"■ Net gain from sales or exchanges of property other than capital
assets is that from the sales of ( 1 ) property used in trade or busi-
ness of a character which is subject to the allowance for deprecia-
tion. (2) obligations of the United States or any of its possessions.
a State or Territory or any political subdivision thereof, or the
District of Columbia, issued on a discount basis and payable with-
out interest at a fixed maturity date not exceeding 1 year from
date of Issue. (3) real property used in trade or business, and (4)
certain copyrights or artistic compositions.
"Net loss from sales or exchanges of property other than capital
assets Is the net loss from sales of property listed In note 15.
" Income from other fiduciaries excludes taxable and partially
tax-exempt Interest on Government obligations.
'" Miscellaneous Income Includes taxable Income from sources not
elsewhere tabulated.
"' Interest paid Is that paid on debts, mortgages, notes, and bank
loans; it excludes Interest reported In schedules for business and
rent income, and interest on Indebtedness Incurred to buy tax-
exempt securities or a single premium life insurance or endowment
contract.
™ Taxes paid Include State income taxes, certain retail sales
taxes, and real estate taxes except those levied for Improvements
which tend to Increase the value of property. This deduction
excludes Federal Income taxes, estate. Inheritance, legacy, succes-
sion taxes, and gift taxes; taxes deducted In schedules for business
and rent Income; and Income taxes paid to a foreign country or
possession of the United States If any portion thereof is claimed
as a tax credit.
" Miscellaneous deductions Include bad debts, net operating
loss deductions, losses from fire, storm, shipwreck, or other casualty,
or from theft, not compensated by Insurance or otherwise, and
other authorized deductions except Interest and taxes.
-' Balance Income Is the excess of total income over total deduc-
tions, that is. Income before the amount distributable to bene-
ficiaries is deducted.
" Net Income taxable to fiduciary is the net Income remaining
in the hands of the fiduciary after deductions for allowable ex-
penses and amount distributable to beneficiaries.
"Amount of exemption is $600 for each estate and $100 for
each trust, in the form of a credit against net Income taxable to
fiduciary for purposes of both normal tax and surtax.
='■ Less than $500.
■" Net income classes are based on the amount of net Income
taxable to fiduciary (see note 23).
=' Average tax is based on the tax liability after the deduction
for tax credits relating to income tax paid at source on interest
from tax-free covenant bonds and to income tax paid to a foreign
country or possession of the United States.
" Returns with normal tax and surtax are returns on which the
regular normal tax and surtax is reported, that is. all returns
except those on which the alternative tax is Imposed.
"Returns with alternative tax are returns showing a net long-
term capital gain or an excess of net long-term capital gain over
net short-term capital loss, on which the alternative tax is less
than the regular normal tax and surtax computed on net income
which includes all net gain from sales of capital assets. (Alterna-
tive tax is not effective on returns with surtax net Income under
$16,000.)
" Returns with net loss from sales of capital assets are those
showing a deduction from gross income on account of a statutory
capital loss resulting from the combined net short- and long-term
capital gain and loss and the allowable carryover. (See also note
14.)
" Short-term applies to gains and losses from the sales or ex-
changes of capital assets held 6 months or less and 100 percent
of the recognized gain or loss thereon is taken Into account In
computing net short-term capital gain or loss. The amount re-
ported Is a combination of short-term gains and losses for the
current year, together with those received through partnerships.
'-' Long-term applies to gains and losses from the sales or ex-
changes of capital assets held more than 6 months and 50 percent
of the recognized gain or loss thereon is taken into account in
computing net long-term capital gain or loss. The amount reported
includes such gain or loss received through partnerships.
" Capital loss carryover reported on the 1951 returns is a combina-
tion of the 1950 net capital loss and the remaining capital loss
carryovers from 1946-49. not offset by net capital gains of the
succeeding years 1947-50. A net capital loss of any year, to be
used as a capital loss carryover, is the excess of current year capital
losses over the sum of (1) current year capital gains and (2) the
smaller of $1,000 or ciu-rent year net income computed without
regard to capital gains and losses. A net capital loss may be
carried forward as a short-term capital loss for five succeeding
years to the extent not previously eliminated.
" Returns with net gain from sales of capital assets are returns
showing a statutory capital gain in total Income, resulting from
the combination of net short- and long-term capital gain and
loss and the allowable carryover. (See also note 13.)
"■■' This excess Is the approximate amount subject to the 50
percent alternative tax rate: It is the excess of the net long-term
capital gain over the net short-term capital loss (before carry-
over) tabulated in this table. This arbitrary method overstates
the excess in cases where a carryover was combined with a short-
term loss to determine the excess long-term gain, or where a
carryover exceeded the short-term gain resulting In a short-term
loss which was used to determine the excess long-term gain, or
where there was no short-term gain or loss but a cEirryover was
used to determine the excess long-term gain.
HISTORICAL TABLES
TAXABLE FIDUCIARY RETURNS, 1944-51
Page
8. Number of returns, total income, tax, and effective tax rate — by
total income classes 1 38
9. Sources of income and deductions by type 139
137
138
TAXABLE FIDUCIARY INCOME TAX RETURNS, 1944-1951
-TJIXABU: FIDUCISHY RETURNS: NUMBER OF RETURNS, TOTAL INCOME, TAX, AND EFFECTIVE TAX RATE, BY TOTAL INCOME CLASSES, 1944-1951
(For historical data prior to 1944, see Statistics of Income for 1949, pp. 326-328.)
Total income classes^
(Doltara)
Number of returns
Under $500
500 under 1,000
Under 600
600 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 4,000
4,000 under 5,000
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 50,000
50,000 under 100,000,...
100,000 under 150,000...
150,000 under 300,000...
300,000 under 500,000...
500,000 under 1,000,000.
1,000,000 or more
Total
Under $500
500 under 1,000
Under 600
600 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 4,000
4,000 under 5,000
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 50,000
50,000 under 100,000
100,000 under 150,000
150,000 under 300,000
300,000 under 500,000
500,000 under 1,000,000..
1,000,000 or more
Total
Under $500
500 under 1,000
Under 600
600 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 4,000
4,000 under 5,000
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 50,000
50,000 under 100,000
100,000 under 150,000
150,000 under 300,000
300,000 under 500,000
500,000 under 1,000,000.,
1,000,000 or more
Total
Under $:>00
500 under 1,000
Under 600
600 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 4,000
4,000 under 5,000
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 under 50,000
50,000 under 100,000
100,000 under 150,000...
150,000 under 300,000...
300,000 under 500,000...
500,000 under 1,000,000.
1,000,000 or mare
Total
8,659
11,493
11,715
8,899
7,505
6,019
9,524
7,147
19,555
8,556
4,746
2,943
5,785
2,354
670
429
123
61
27
8,530
11,574
11,556
8,925
7,283
6,192
9,437
7,000
18,996
8,584
4,589
2,867
5,811
2,537
633
505
U3
69
31
115,252
8,657
11,020
10,753
8,053
6,660
5,437
8,088
5,871
15,537
6,533
3,681
2,291
4,289
1,735
473
345
81
48
25
99,577
6,879
12,441
10,682
8,461
6,674
5,419
8,385
6,135
15,887
6,753
3,756
2,223
4,643
1,923
495
355
94
50
28
101,283
7,074
15,978
11,836
9,261
7,256
5,924
9,038
6,494
16,725
7,044
3,704
2,427
4,528
1,762
440
345
84
56
21
7,199
17,170
13,283
10,125
8,197
6,500
9,972
7,256
19,098
3,029
4,295
2,603
4,964
1,977
560
355
61
56
25
7,309
17,649
13,109
9,805
7,652
6,292
9,341
6,777
16,934
6,786
3,618
2,090
4,009
1,511
314
259
57
36
12
2,888
9,125
14,495
15,489
16,739
16,501
33,035
31,976
138,983
104,522
82,055
65,657
198,926
160,424
81,673
86,565
45,673
42,796
54,804
1,202,376
11.5
8.1
10.1
10.9
11.2
11.3
11.5
11.6
12.4
13.6
15.0
15.3
18.7
21.1
24.7
24.1
25.5
24.3
12.7
Total income^ (Thousand dollars)
2,316
9,224
14,309
15,513
16,301
16,960
32,748
31,340
134,843
104,632
79,346
63,990
200,002
173,932
76,821
102,942
49,886
48,946
59,406
2,906
8,769
13,267
13,984
14,866
14,950
23,024
26,322
110,021
79,558
63,514
51,032
147,357
113,323
57,421
70,264
31,210
33,175
41,364
926,324
1,973
9,536
13,185
14,708
14,933
14,355
29,047
27,479
112,485
82,301
64,751
49,616
159,373
130,853
59,690
74,319
34,729
34,995
57,975
986,806
2,024
11,837
14,536
16,033
16,244
16,235
31,312
29,008
118,570
86,122
64,053
54,238
155,973
119,054
52,875
70,785
31,737
38,921
43,778
973,583
2,136
12,709
16,424
17,580
13,334
17,792
34,467
32,414
134,465
97,715
73,392
58,072
170,746
132,788
67,801
72,818
22,545
40,955
42,111
1,065,765
2,134
13,051
16,214
16,996
17,186
17,248
32,379
30,326
119,483
82,581
62,561
46,494
136,915
102,160
37,417
53,161
21,425
25,039
23,319
856,594
Tax liability^ cn^^und dolfr,)
175
201
197
241
223
_
_
_
648
921
936
1,118
999
331
271
274
-
-
-
_
_
736
621
570
-
-
-
-
-
1,466
1,228
1,110
1,091
1,440
1,549
1,796
1,527
1,696
1,452
1,278
1,345
1,683
1,757
1,955
1,664
1,877
1,552
1,398
1,426
1,754
1,898
2,013
1,743
1,864
1,660
1,409
1,452
1,743
1,863
2,052
1,644
3,798
3,244
2,737
2,870
3,383
3,636
3,916
3,239
3,698
3,141
2,636
2,733
3,209
3,469
3,760
3,083
17,230
14,232
11,798
12,714
14,175
15,690
15,956
12,627
W,265
12,701
9,402
10,451
11,397
13,211
12,752
9,743
12,299
10,580
8,332
8,859
9,442
11,341
10,654
7,989
10,376
9,403
7,354
7,736
9,016
9,783
8,655
6,935
37,211
34,763
24,793
29,657
30,314
35,431
31,533
24,014
33,838
36,501
22,220
27,651
27,785
33,371
27,599
21,103
20,137
17,815
12,398
14,303
13,047
18,640
10,452
3,926
20,826
24,235
14,687
16,741
16,981
20,315
16,646
12,165
11,667
12,383
8,265
7,735
8,276
6,447
7,4CB
3,957
10,390
12,822
7,709
7,565
9,795
13,108
3,110
4,291
6,960
10,152
5,653
20,552
8,507
12,767
3,933
5,199
210,765
208,756
144,030
176,309
173,071
205,457
175,605
131,073
Effective tax rate* (Tax liability as percoi
17.5
9.6
6.7
8.6
9.4
9.5
9.8
9.9
10.0
10.6
12.1
13.3
14.7
17.4
21.0
23.2
23.5
24.8
26.2
17.1
16.9
9.4
6.5
8.4
9.1
9.4
9.4
9.8
10.0
10.7
11.8
13.1
14.4
16.8
18.8
21.6
20.9
26.5
23.2
13.5
15.5
8.9
6.8
9.1
9.5
9.8
9.9
10.1
11.3
12.7
13.7
15.7
18.6
21.1
24.8
22.5
22.3
21.6
35.4
17.9
9.9
7.7
9.8
10.5
10.8
10.7
10.8
11.1
12.0
13.2
14.7
16.6
19.4
23.3
24.7
24.0
26.1
25.2
19.4
17.1
9.2
7.4
9.4
10.0
10.4
10.5
10.5
10.7
11.7
13.5
15.3
16.8
20.8
25.1
27.5
27.9
23.6
32.0
30.3
19.3
11.3
3.6
11.1
11.5
11.7
11.9
12.1
12.4
13.4
15.4
17.0
18.6
23.1
27.0
27.9
31.3
34.6
32.4
37.5
20.5
Fttr footnotes, see p. 140.
TAXABLE FIDUCIARY INCOME TAX RETURNS. 1944-1951
139
Table 9.-TAXABU: FIDUCIARY RETURNS: SOURCES OF INCOME AND EDUCTIONS BY TYPE, 19«-I951
(For historical data prior to 1944, aee Statistics of Income for 1949, pp. 329-330.)
Income and deductions
(Thottaitnd dollnrt^
Source of income :
Positive income:
Business profit*
Partnership prof It**
Net gain from sales of capital assets*'
Net gain from sales of property other than capital assets®
Bents and royalties profit'
Income from other fiduciaries^^
Dividends^ ^
Interest
Other Income
Total
Losses:
Business loss^^
Partnership loss* '
Net loss from sales of capital assets* *
Net loss from sales of property other than capital assets*
Rents and royalties loss**
Total
Total Income *
Deductions:
Interest paid* "^
Taxes paid* ®
Other deductions*'
Amount distributable to beneficiaries
Total
Net income taxable to flduciary^°
For footnotes, see p. 140,
41,725
45,074
212,407
1,S86
109,041
25,375
665,377
91,524
18,465
1,210,874
2,540
966
2,392
636
1,911
8,495
1,202,376
10,683
27,982
61,516
511,353
611,534
43,019
46,973
213,237
3,045
105,691
20,570
693,180
95,895
21,636
1,243,446
2,942
1,705
2,433
824
1,592
9,496
1,233,957
12,142
24,501
59,115
522,580
618,338
33,969
41,004
108,968
1,372
102,559
16,260
529,760
84,264
16,745
934,901
1,832
715
3,457
625
1,448
,077
9,119
23,050
46,958
384,923
464,050
45,506
48,948
144,583
1,741
117,635
14,609
518,021
84,703
19,300
995,046
1,886
632
3,658
587
1,477
8,240
986,806
10,403
21,492
47,530
377,021
456,446
51,017
55 ,724
146,535
2,118
102,628
11,962
497,187
94,733
19,993
981,897
1,508
562
3,632
901
1,710
8,313
973,583
9,687
22,547
48,009
384,096
464,339
509,244
50,952
67,682
254,718
1,961
89,590
14,220
466,816
108,179
18,598
1,592
529
2,312
827
1,690
6,950
1,065,765
9,676
22,045
44,569
394,551
470,841
594,924
39,034
61,706
199,793
1,214
79,206
10,777
453,555
17,038
862,323
1,358
308
1,754
789
1,520
5,729
856,594
8,363
19,441
36,671
313,624
378,099
40,128
50,715
95,562
1,242
68,604
9,311
383,785
11,562
660,909
996
316
2,220
567
1,188
5,287
8,231
16,045
30,705
243,625
298,606
357,017
328641 0 — 55-
-10
140
TAXABLE FIDUCIARY INCOME TAX RETURNS, 1944-1951
Footnotes for fiduciary historical tables
(In the tables, values in thousand dollars and percentages are rounded and. therefore, may not add to the totals)
' Total Income classes are based on the amount of total Income
reported on each return. (See note 2.)
= Total Income Is a combination of the profit and loss from rents
and royalties, from trade or business, from partnerships, from sales
or exchanges of property, and income from dividends. Interest,
other fiduciaries, and miscellaneous income.
' Tax liability for 1944 is the tax before credits relating to foreign
taxes paid and to tax paid at source. For 1945-51, the tax is after
credits.
' Effective tax rates are based on the total income and tax as
tabulated in this table for the respective years.
^ Business profit Is the net result of all trade and business activ-
ities in which the estate or trust is engaged, the combined result of
which is a net profit. The net loss from one business offsets the
profits of another.
Deductions from total receipts are allowed for expenses of doing
business, such as cost of merchandise sold, employees' salaries.
Interest, taxes, rent, repairs, depreciation, obsolescence, depletion,
bad debts, and losses on business property. (Net operating loss
deduction, allowable against total income, is reported in other
deductions.)
' Partnership profit excludes the taxable and partially tax-exempt
Interest on Government obligations and net gain or loss from sales
of capital assets, such income being reported in their respective
sources.
' Net gain from sales of capital assets Is the net gain reported in
total Income. It is the result of combining net short- and long-
term capital gain and loss and the allowable capital loss carryover
from preceding years not previously deducted.
Short-term applies to sales of capital assets held for 6 months or
less upon which 100 percent of the recognized gain or loss Is taken
into account: long-term applies to sales of capital assets held more
than 6 months upon which 50 percent of the recognized gain or
loss is taken into account. Short- and long-term sales Include
such sales from partnerships.
The allowable capital loss carryover is the amount of "net capital
loss" carried forward from each of the 5 preceding years (but not
prior to January 1, 1942) to the extent that such loss exceeds any
"net capital gain" of subsequent years intervening between the year
in which the net capital loss arose and the year to which it is
carried. Net capital loss for any year (beginning 1942) is the ex-
cess of (1) current year capital losses over (2) the sum of current
year capital gains and the smaller of (a) $1,000 or (b) net income
computed without regard to gains or losses from sales of capital
assets. Net capital gain for any year (beginning 1942) Is the excess
of ( 1 ) the sum of current year capital gains and the smaller of
(a) $1,000 or (b) net income computed without regard to gains
or losses from sales of capital assets, over (2) the current year
capital losses.
' Net gain from sales of property other than capital assets is
that from ( 1 ) property used in trade or business of a character
which is subject to the allowance for depreciation. (2) real prop-
erty used in trade or business. (3) obligations of the United States
or any of its possessions, a State or Territory or any political sub-
division thereof, or the District of Columbia, issued on a discount
basis and payable without interest at a fixed maturity date not
exceeding 1 year from date of issue, and (4) for 1951, certain copy-
rights and literary, musical or artistic compositions.
» Rents and royalties profit is the combined net profit from these
two sources, neither of which is reported separately. Deductions
against gross rents and gross royalties received are allowable for
taxes, interest, repairs, depreciation, depletion, and other expenses
pertaining to the respective income. A net loss from either source
offsets net profit of the other; the net profit reported is the com-
bined result.
'" Income from other fiduciaries excludes taxable and partially
tax-exempt Interest on Government obligations. This interest Is
reported In interest income.
" Dividends, foreign and domestic, exclude those received through
partnerships and other fiduciaries, since the dividends are a part
of the income from these entities.
" Business loss is the net result of all trade or business activities
in which the estate or trust is engaged, the combined result of
which is a net loss. A net profit from one activity offsets the net
loss of another. Business deductions are mentioned in par. 2,
note 5.
" Partnership loss excludes taxable and partially tax-exempt
interest on Government obligations and net gain or loss from sales
of capital assets, such income being reported In their respective
sources.
" Net loss from sales of capital assets Is the statutory loss used
In computing net Income taxable to fiduciary. It is the result
of combining net short- and long-term capital gain and loss and
the allowable capital loss carryover from preceding years not
previously deducted. However, deduction for the loss is limited
to the smallest of — the amount of such loss, or $1,000. or net
income computed without regard to gains and losses from sales
of capital assets. (For description of short- and long-term and
of carryover, see last two paragraphs of note 7.)
■' Net loss from sales of property other than capital assets Is the
net loss from sales of property listed in note 8.
'" Rents and royalties loss is the combined net loss from these
two sources, neither of which Is reported separately. Allowable
deductions for taxes, interest, repairs, depreciation, depletion,
and other expenses pertaining to the respective income exceed the
gross rents and gross royalties received. A net profit from one
source offsets the net loss of the other; the net loss reported by
the fiduciary is the combined result.
" Interest paid excludes that reported in schedules for business
and rent Income, and Interest paid to carry obligations, the Income
from which is nontaxable.
'" Taxes paid exclude those reported In the schedules for business
and rent income, real estate taxes assessed against property which
tend to increase the value. Federal income taxes, estate, inheritance,
or legacy taxes, gift taxes, and foreign taxes paid If any portion
thereof is claimed as a tax credit.
" Other deductions include bad debts, net operating loss deduc-
tion, losses from fire, storm, shipwreck, or other casualty, or from
theft, and other authorized deductions except interest and taxes.
■" Net income taxable to fiduciary is net income remaining in
the hands of the fiduciary after deductions for allowable expenses
and the amount distributable to beneficiaries.
Gift Tax
Returns
GIFT TAX RETURNS FOR 1951
SUMMARY DATA
P'or the caleiuliir year 1951, property valued at
$999,518,000 was transferred as gifts by individuals
who reported the transfers on 41,70;3 jjift tax returns,
Foi-ni 709. Among these retnrns tiiere are 8,360 tax-
able returns showing total gifts of $516,226,000, exclu-
sions of $67,40l),000, and net gifts of $304,131,000
resulting in a gift tax liability of $67,426,000. The
33,343 nontaxable returns show total gifts of $483,-
292,000, exclusions of $190,770,000, together with
deductions for charitable gifts, marital deductions,
and specific exemption which equal the amount of total
gifts after exclusions.
Gifts amounting to $214,414,000 on returns < f hus-
bands and wives are transferred from the taxpayer's
return to the return of the taxpayer's spouse under
provisions that allow husband and wife to divide equally
between them gifts made to third parties, if they signify
their mutual consent.
The value of gifts made to donees, each of whom
was the donor's spouse at the time of the gift, amounts
to $74,871,000; and the allowable deduction pertaining
thereto is $36,852,000.
GIFT TAX RETURNS INCLUDED
Gift tax returns included in this report are returns,
Form 709, filed by individuals who, during the calendar
year 1951, transferred property by gift. Tentative re-
turns are not used and amended returns are used only
if the original returns are excluded. A gift tax return
is required of every individual, citizen or resident, who
during the calendar year made gifts (or who is con-
sidered as having made gifts) to any one donee of
more than $3,000 in value or made gifts of future
interests in property regardless of the value. Similarly,
a nonresident alien is required to file a gift tax return
if gifts consist of property situated in the United
States. A gift tax return is required even though be-
cause of authorized deductions a tax may not be due.
The return is due on or before the 15th day of March,
following the close of the calendar year in which the
gift is made, and cannot be filed prior to the close of
the calendar year unless the return is for a deceased
donor.
Data are taken from each return as reported by the
donor and, therefore, do not reflect any revisions that
may be made as a result of official audit, such as
revaluations, disallowed deduction, refund of tax, or
additional assessments.
GIFT TAX PROVISIONS FOR 1951
The gift tax on the transfer of property by gift
is imposed by chapter 4 of the Internal Revenue Code
of 1939. The gift tax is not imposed uix)n the prop-
erty but subjects to tax the transfers of property by
gift and extends to the sales and exchanges of property
for less than an adequate and full consideration in
money or money's worth. The gift tax is imposed
whether the transfer is in trust or otherwise, whether
the gift is direct or indirect or of future interests in
property, and whether the property so transferred is
real or personal, tangible or intangible. The gift tax,
primary and personal liability of the individual mak-
ing the gift, is an excise upon his act of making the
transfer and is measured by the value of properties
passing from the donor to the donee or donees during
the calendar year, regardless of the fact that the iden-
tity of any donee may not be known or ascertainable.
Every donor nuist report in his total gifts the entire
value of gifts totaling more than $3,000 made to any
one donee during the calendar year, even though the first
$3,000 of such gifts are eliminated for the purpose of
computing the gift tax liability. All gifts of future in-
terests in property, however small, must be reported in
total gifts and no exclusion is allowed for such gifts in
computing the gift tax. Gifts totaling $3,000 or less to
any one donee, other than gifts of future interests, gen-
erally need not be reported; however, under the pro-
visions of the Code allowing husband and wife to divide
equally between them gifts made to third parties, these
small gifts must be reported when made to any third
party to whom either spouse is considered, after the divi-
sion, to have made gifts exceeding $3,000 in value.
Husband and wife, if they are citizens or residents,
may by signifying their mutual consent consider gifts
to third persons as made one-half by each. The spouse
making the gift must include the entire value of the
gift in his total gifts, schedule A of the return, provi-
sion being made on the return form for the transfer of
one-half of such gifts to the other spouse who then must
report this half on his or her separate gift tax return.
Community property gifts are reported in either of
two ways. The entire value of the community property
gift may be reported by one spouse in his total gifts
(schedule A) ; or each spouse may report on separate
returns, in his total gifts (schedule A), the undivided
one-half interest in the community property gift. If
there is a consent to divide between husband and wife
gifts made to third parties, the division is carried out as
provided on the return form, regardless of the method
used for reporting community property gifts.
Exclusions from total gifts are allowed for purposes
of computing net gifts and gift tax. Except in the case
of gifts of future interests, an exclusion is allowed for
the first $3,000 of gifts made to every donee including
donees represented by gifts picked up from the return
of a spouse on account of the consent to divide between
143
144
GIFT TAX RETURNS FOR 1951
husband and wife gifts made to third parties. The
amount of exclusion is deducted from total gifts after
the adjustments resulting from the division of gifts
between husband and wife.
Deductions are allowed for charitable gifts, gift to
spouse (the so-called marital deduction), and specific
exemption.
The gift tax rates are 21^ percent of the first $5,000
of net gifts, increasing on a graduated scale to 57% per-
cent on net gifts in excess of $10,000,000. Gift tax for
the current year, a liability of the donor, is the excess of
a tax computed at these rates on the aggregate net gifts
made subsequent to June 6, 1932, over a tax computed at
the same rates on the aggregate net gifts exclusive of the
current year net gifts. This tax method results in gifts
of the current year being taxed at the same rate as
applied to gifts of the most recent year or at a higher
rate in the progressive rate scale, regardless of the
amount of gifts for the current year. Owing to the
graduated tax rates and to the variations in the amounts
of exclusions, deductions, and specific exemption taken,
and in the amount of aggregate net gifts since June 6,
1932, donors making gifts of equal amounts in the cur-
rent year may have different tax liabilities or one may
have a tax liability and the other no tax liability.
A resume of the requirements foi' filing, exclusions,
specific exemption, and tax rates for 1944—51 is pre-
sented in tables E and F, page 158.
BASIC ITEMS
Total gifts include the entire value of all gifts re-
ported by the donor. The amount of total gifts tabu-
lated includes all gifts of future interests, however
small, and gifts other than future interests totaling
$3,000 or less to any one donee when reported by the
donor, whether or not such gifts are required to be re-
ported. Generally, gifts amounting to $3,000 or less
(other than future interests) need not be reported ; how-
ever, on returns of husband and wife who consent to
divide between them gifts made to third parties, these
small gifts are required if, after the division, either
spouse is considered as having made gifts exceeding
$3,000 in value to any one donee.
Gifts of taxpayer reported hy spouse mean that por-
tion of the donor's total gifts which are reported by
the donor's spouse on a separate gift tax return. If
husband and wife consent, all gifts made to third parties
may, for the purpose of gift tax, be considered as made
one-half by each. The return foi'm provides that this
portion be subtracted from the taxpayer's total gifts.
Gifts of spouse reported hy taxpayer mean the
amount of total gifts picked up from the return of the
taxpayer's spouse on account of the mutual consent of
husband and wife to consider gifts made to third par-
ties as made one-half by each spouse. Provision is made
on the return form for the taxpayer to include this
transferred amount in his total gifts before exclusions
are taken.
Total, gifts before exclusions are the same as total
gifts in the case of single persons and of spouses who do
not consent to divide between them gifts made to third
parties. In the case of married donors who consent to
consider gifts as made one-half by each spouse, total
gifts before exclusions are the amount of gifts after the
adjustments for the transfers between husband and
wife ; that is, total gifts of the taxpayer reduced by the
portion which his (or lier) spouse reports on a sepa-
rate return, after which the taxpayer's gifts are in-
creased by the amount of gifts picked up from the re-
turn of his (or her) spouse.
Exclusionji are allowed in determining the amount of
net gifts for the year. Donors are allowed an exclusion
the first i$3,000 of gifts, except gifts of future inter-
ests, made to any one donee. When gifts made to third
parties are divided between husband and wife, each
spouse is entitled to an exclusion for every donee repre-
sented in his (or lier) total gifts before exclusions (that
is, after transfers between them) ; thus each spouse is
allowed an exclusion against his half of the gift to a
common donee. An exclusion may be less than $3,000;
it does not exceed the value of gifts included in total
gifts before exclusions.
Total gifts after exclusion.s are the total included
amount of gifts for the year. This amount, which is
after the adjustments for division of gifts between
spouses and after the allowable exclusions, is the tax-
payer's total gifts for the year from which the allow-
able deductions are to be taken for determination of
net gifts.
Deduction, for charitable, public, and similar gifts is
the value, after exclusions, of gifts made to or for the
use of the United States, any State, Territory, or sub-
division thereof, for exclusively public purposes, or
made to or for the use of organizations, trusts, com-
munity chests, funds, or foundations organized and op-
erated exclusively for religious, charitable, scientific,
literary, or educational purposes. This deduction is al-
lowed nonresident aliens for such gifts used within
the United States only.
Marital deduction, allowed citizens and residents, is
an amount equal to one-half the value of property in-
terests which qualify for this deduction and were trans-
ferred by gift to a donee who at the time of the gift was
the donor's spouse, but the deduction cannot exceed the
value of such gifts remaining after the exclusion per-
taining thereto.
Specific exemption of $30,000 is allowed each citizen
and resident donor and may be taken in its entirety in
a single year or spread over a period of years at the op-
tion of the donor. When the aggregate of $30,000 has
been taken, no further exemption is allowable. The
amount of specific exemption taken in the current year
is that claimed by donors who have not previously used
all of their exemption.
Net gifts for the year are the net gifts subject to tax,
that is, total gifts after exclusions and deductions for
GIFT TAX RETURNS FOR 1951
145
charitiible fi'fts, marital deduction, and specific exemp-
tion. Only taxable returns have net gifts; nontaxable
returns show deductions equal to total gifts after ex-
clusions.
Gift tcue is the tax liability on net gifts for the cur-
rent year, computed as prescribed on the return and
reported by the taxpayer.
Prior years, in reference to gift tax tabulations, ap-
ply to tlie interval of years between the inception of the
present period of gift taxation, June 6, 1932, and the
beginning of the current year.
Net ffifts for prior years are the aggregate net gifts
transferred since June 6, 1932, exclusive of the current
year gifts. The amount of net gifts for prior years is
reported by the donor in schedule B on the current
return, for the purpose of computing the gift tax liabil-
ity for the current year. The amount reported in this
schedule may exceed the actual net gifts for those years,
for the reason that, if more than $30,()0() specific exemp-
tion was taken before 1943 when a larger exemption was
allowable, the net gifts for prior years are increased by
an amount equal to the excess.
Gift tax for prior years is a tax computed on the
aggregate net gifts for prior years, as a part of the
current year tax computation. This tax may not be
the actual tax reported for those years because it is
computed at current year rates on the aggregate net
gifts for prior years adjusted to include an amount
equal to the specific exemption in excess of $30,000
taken before 1943.
CLASSIFICATION OF GIFT TAX RETURNS
Gift tax returns are classified as taxable and nontax-
able. Taxable returns are further classified by size of
net gifts. Both taxable and nontaxable returns are dis-
tributed by size of total gift plus gift tax. Identical
donors are distinguished from other donors; and tax-
able returns of identical donors which show a tax on
gifts for prior years are classified by size of the aggre-
gate net gifts for prior years. Data are tabulated by
these classifications in the gift tax tables, but not all
items are available for every classification.
Taxable arul nontaxable returns. — Gift tax returns
are classified as taxable and nontaxable for the current
year, based on the existence or nonexistence of gift tax
liability for 19.51. Tax status for prior years is deter-
mined from the tax (or no tax) on aggregate net gifts
for prior years, reported by the donor for the purpose
of computing the current year gift tax.
Net gift classes. — Gift tax returns with net gifts are
segregated into net gift classes based on the amount of
net gifts for the current year. Only taxable returns
show net gifts. Nontaxable returns have no net gifts
and are designated "No net gifts.''
Total gift plus gift tax classes. — Gift tax returns are
segregated into total gift plus gift tax classes based on
the sum of total gifts before exclusions and the gift tJix
for tlie current yeai'. Nontaxable returns have no gift
tax but are distributed under this classification on the
basis of total gifts before exclusions.
Identical donors. — Identical donor is a term used to
indicate an individual who made gifts to donees other
than charitable, public, and similar organizations both
in the current year and in prior years. Identical donors
are identified from data on the current year returns.
Schedule B shows the net gifts for, and specific exemp-
tion taken in, prior years. From these data, it can be
determined whether the prior year gifts were made to
donees other than charitable organizations. If husband
and wife consent to <livide gifts between them, each is
considered a donor of his (or her) respective total gifts
before exclusions, the amount of which includes gifts
transferred from the return of the other spouse as a
result of mutual consent.
Net gift for prior years classes. — Gift tax returns of
identical donors that show a tax for 19.51 and also a tax
on net gifts for prior years are segregated into net gift
for prior years classes based on the amount of aggre-
gate net gifts for prior years as adjusted in schedule B
on the current return to include the amount in excess
of $30,000 specific exemption taken before 1943.
TABULATED DATA
Data for the gift tax returns for 1951 are presented
in 4 gift tax tables. Tables 1 and 2 include all gift tax
returns and taxable and nontaxable returns are tabu-
lated separately. In the first table, data are distrib-
uted by net gift classes and gifts are shown by types of
property transferred. Stocks and bonds comprise more
than one-half of all gifts. In the second table, total
gifts, exclusions, deductions, net gifts, and tax are tabu-
lated by total gift plus gift tax classes. The significance
of this classification lies in the fact that the basis is
more nearly comparable with that used for classifica-
tion of estate tax data, the latter being classified on
values before the payment of tax.
Tables 3 and 4 pertain to gift tax returns of identical
donors. Table 3 shows the amount of total gifts after
exclusions, deductions, net gifts, and tax for all iden-
tical donors, tabulated by taxable status for the cur-
rent year in combination with the taxable status for
prior years. In table 4, there is a frequency distribu-
tion of identical donors who are taxable for 1951 and
also report taxable gifts for prior years, by net gift
classes cross classified by size of net gifts for prior years.
A historical summary of number of returns, total
gifts by types, and gift tax for 1944^51 is presented in
table 5.
Throughout the tables, values in thousand dollars are
rounded and, therefore, may not add to the totals.
TABLES FOR GIFT TAX RETURNS
Page
1. Gifts by types of property, total gifts before and after exclusions,
exclusions, deductions, net gifts, and tax — taxable returns by net
gift classes and nontaxable returns in aggregate 148-149
2. Total gifts before and after exclusions, exclusions, deductions, net
gifts, and tax — by taxable and nontaxable returns and by total gift
plus gift tax classes 150-151
3. Number of returns of identical donors, total gifts after exclusions,
deductions, net gifts, and tax — by taxable status for current year
and for prior years 152
4. Frequency distribution of taxable returns of identical donors who
report taxable gifts for prior years — by net gift classes and by net
gift for prior years classes 152
5. Number of returns, total gifts by types, net gifts, and tax, 1 944-5 1 . . 1 54
147
148
GIFT TAX RETURNS FOR 1951
Table l.-GIFT TAX RETURNS FOR 1951, TAXABLE RETURNS BY NET GIFT CLASSES AND NONTAXABLE RETURNS IN AGGREQATE; NUMBER OF RETURNS, GIFTS BY TYPES OF PROPERTY, TOTAL GIFTS BEFORE
AND AFTER EXCLUSIONS, EXCLUSIONS, DEDUCTIONS, NET GIFTS, AND TAX
Net gift classes^
Number of
returns
Gifts by types of property
Real
estate
(Thousand
dollars)
Stocks and
bonds
(Thousand
dollars)
(Thousand
dollars)
( Thousand
dollars)
Miscel-
laneous
(Thousand
dollars)
Total
gifts
(Thousand
dollars)
Gifts Of taxpayer
reported by spouse^
Number of
returns
(Thouaand
dollars)
Taxable returns:
Under 13,000
3,000 under 5,000
5,000 under 10,000
10,000 under 20,000
20,000 under 30,000
30,000 under iO,000
40,000 under 50,000
50,000 under 100,000
100,000 under 200,000
200,000 under 400,000
400,000 under 600,000
600,000 under 800,000
800,000 under 1,000,000...
1,000,000 under 1,500,000.
1,500,000 under 2,000,000.
2,000,000 under 2,500,000.
2,500,000 under 3,000,000.
3,000,000 under 3,500,000.
3,500,000 under 4,000,000.
4,000,000 under 4,500,000.
4,500,000 under 5,000,000.
5,000,000 under 6,000,000.
6,000,000 or more
Total taxable returns
Nontaxable returns;
No net gifts
Grand total
2,178
853
1,360
1,331
703
413
320
646
317
153
39
7
13
14
3
3
2
6,735
3,592
7,971
10,723
5,518
5,155
3,095
8,495
4,315
2,055
218
4,250
19
23,210
9,159
15,282
24,590
16,886
14,686
12,120
37,697
39,700
35,544
16,004
4,148
11,649
16,765
3,129
4,166
6,222
4,345
9,343
8,027
7,535
4,020
7,307
9,710
6,917
4,053
4,318
10,913
9,929
5,851
1,386
140
794
2,439
39
603
30
488
514
221
457
511
459
156
335
976
254
44
23
6,172
1,961
5,970
7,632
4,657
3,420
2,837
6,195
8,495
5,752
2,371
18
848
4,305
71
44,167
18,954
36,9ea
53,166
34,437
27,470
22,705
64,275
62,692
49,246
20,002
4,306
12,443
20,205
3,129
8,523
6,825
4,345
4,368
9,373
8,606
856
308
402
426
201
115
92
169
85
41
11
2
3
4
1
1
10,499
4,563
7,644
11,435
6,383
6,250
4,667
11,950
12,278
9,685
4,488
733
976
4,740
1,565
1,959
76,472
33,343
107,352
210,475
3,574
60,822
64,187
101,247
41,703
169,633
523,149
174,175
125,009
Net gift classes^
(Dollars)
Gifts Of spouse
reported by taxpayer^
Number of
returns
f Thousand
dollars)
(11)
Total gifts
before
exclusions
(Thousand
dollars)
(12)
Exclusions*
( Thousand
dollars)
(13)
Total gifts
after
exclusions
(Thousand
dollars)
11«)
Charitable, public and
similar gifts after
exclusions'
Number of
returns
(Thousand
dollars)
(10)
Marital deduction^
Number of
returns
( Thousand
dollars)
(la)
Taxable returns:
Under J3,000
3,000 under 5,000
5,000 under 10,000
10,000 under 20,000
20,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 100,000
100,000 under 200,000
200,000 under 400,000
400,000 under 600,000
600,000 under 800,000
800,000 under 1,000,000
1,000,000 under 1,500,000..
1,500,000 under 2,000,000..
2,000,000 under 2,500,000..
2,500,000 under 3,000,000..
3,000,000 under 3,500,000..
3,500,000 under 4,000,000..
4,000,000 under 4,500,000..
4,500,000 under 5,000,000..
5,000,000 under 6,000,000..
6,000,000 or more
Total taxable returns.
Nontaxable returns:
No net gifts
Grand total
518
210
279
296
144
83
79
132
77
35
10
2
2
4
2
9,740
3,405
6,539
8,916
5,820
3,869
4,506
9,966
10,573
9,046
4,064
1,500
1,810
3,109
3,524
43,408
17,795
35,882
50,646
33,374
25,089
22,544
62,291
60,987
48,607
19,579
5,073
13,277
18 , 575
5,088
6,564
6,825
4,345
4,368
9,373
7,685
15,147
5,811
9,675
10,476
5,797
3,703
2,921
6,516
4,599
1,668
362
106
133
212
37
47
15
12
15
3
144
28,261
11,984
26,207
40, 170
27,577
21,386
19,623
55,775
56,388
46,938
19,216
4,967
13,144
18,363
5,052
6,517
6,810
4,333
4,353
9,370
7,541
158
47
84
108
45
33
29
57
66
34
17
5
5
9,391
1,087
2,024
3,982
l.,666
2,159
842
1,891
7,694
2,109
656
119
308
2,346
26
1,019
832
109
27
2,440
199
79
90
101
43
24
26
45
17
3
1
1,339
684
1,109
1,739
908
625
1,007
1,489
1,145
765
3
962
11,208
128,015
501,377
498,141
190,770
40,728
58,585
11,782
13,082
999,518
258,170
2,590
99,312
36,352
For footnotes, see p, 153.
GIFT TAX RETURNS FOR 1951
149
Table l.-GIFT TAX RETURNS FOR 1951, TAXABLE RETURNS BY NET GIFT CUSSES AND NONTAXABLE RETURNS IN AGGREGATE: NUMBER OF RETURNS, GIFTS BY TYPES OF PROPERTY, TOTAL GIFTS BEFORE
AND AFTER EXCLUSIONS. EXCLUSIONS, DEDUCTIONS, NET GIFTS, AND TAX - Continued
Net gift classes'
(Dollar*)
Deductions • Continued
Specific exemption
1951''
Number of
returns
( Thouaand
dollar a)
(80)
Total
deductions
( Thouaanil
doUsta)
(21)
Net gifts
( Thoumnd
Prior years'
( ThouaMnd
dolUff)
(Thotilatrd
124)
(Jhoutmnd
dollmrwi
(2S)
Prior years'
doltmrt)
Aggregate
(Thousand
dollmrt}
127)
Taxable returns;
Under 43,000
3,000 under 5,000
5,000 under 10,000
10,000 under 20,000
20,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 100,000
100,000 under 200,000
200,000 under 400,000
400,000 under 600,000
600,000 under 800,000
800,000 under 1,000,000
1,000,000 under 1,500,000.
1,500,000 under 2.000,000.
2,000,000 under 2,500,000.
2,500,000 under 3,000,000.
3,000,000 under 3,500,000.
3,500,000 under 4,000,000.
4,000,000 under 4,500,000.
4.500,000 under 5,000,000..
5,000,000 under 6,000,000.,
6,000,000 or more
Total taxable returns,
Nontaxable returns:
No net gifts
Grand total
728
334
622
683
344
194
147
296
116
35
12
1
14,784
6,892
13,168
15,299
7,754
4,340
3,383
7,101
3,096
974
224
30
138
90
52
11
25,515
8,663
16,300
21,021
10,328
7,125
5,232
10,481
11,934
3,848
384
149
1,408
2,435
52
37
1,019
832
109
27
2,448
2,747
3,322
9,907
19,150
17,249
14,261
14,391
45,294
44,454
43,091
18,333
4,818
11,736
15,927
5,000
6,480
5,791
3,501
4,244
9,343
5,093
174,428
47,338
78,985
92,978
63,618
46,680
45,035
72,368
94,115
46,328
17,316
3,692
3,287
15,734
219
1,109
5,814
1,985
1,905
1,576
181,389
177,176
50,659
88,892
112,128
80,867
60,941
59,425
117,652
138,569
89,419
35,649
8,509
15,023
31,662
5,219
7,589
11,605
5,486
6,150
10,919
186,482
240
279
864
1,918
2,054
1,905
2,197
7,749
9,611
10,206
4,713
1,328
3,080
5,037
1,390
2,040
2,647
1,536
1,899
3,793
2,941
47,213
9,662
18,099
23,229
17, 155
14,855
12,044
18,178
29,207
12,700
4,478
945
757
5,247
42
247
1,895
560
533
371
103,544
304,131
307,371
995,901
'"521,751
1,300,032
'"521,751
320,970
'"138,235
437,217
304,131
1,517,652
1,821,783
67,426
459,204
47,453
9,940
18,963
25,147
19,219
15,760
14,241
25,927
38,818
22,905
9,191
2,273
3,837
10,285
1,431
2,286
4,542
2,096
2,432
4,164
106,485
388,395
For footnotes, see p, 153.
150
GIFT TAX RETURNS FOR 1951
Table 2. -GIFT TAX RETURNS FOR 1951, TAXABLE AND NONTAXABLE RETURNS BY TOTAL QIFT PLUS GIFT TAX CLASSES: NUMBER OF RETURNS, TOTAL GIFTS BEFORE AND AFTER EXCLUSIONS, EXCLUSIONS
DEDUCTIONS, NET GIFTS, AND TAX
Total gift plus gift tax classes
fDo/l.rs)
Number of
returns
Total gifts
f Thousand
dollars)
Gifts Of taxpayer
reported by spouse^
Number of
returns
f ThotisBiid
dollars)
Gifts of spouse
reported by taxpayer''
Number of
returns
( Thousand
dollars)
Total gifts
before
exclusions
( Thousand
dollars)
Exclusions*
( Thousand
dollars)
Total gifts
after
exclusions
( Thousand
dollars)
Charitable, public
and similar gifts
after exclusions'
Number of
returns
C Thousand
dollars)
(U)
Taxable returns:
Under »3,000
3,000 under 5,000
5,000 under 10,000
10,000 under 20,000
20,000 under 30,000
30,000 under 40,000
•iO.OOO under 50,000
50,000 under 100,000
100,000 under 200,000
200,000 under 400,000
400,000 under 600,000
600,000 under 800,000
800,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 2,500,000
2,500,000 under 3,000,000
3,000,000 under 3,500,000
3,500,000 under 4,000,000
4,000,000 under 4,500,000
4,500,000 under 5,000,000
5,000,000 under 6,000,000
6,000,000 under 7,000,000
7,000,000 under 8,000,000
8,000,000 under 9,000,000
9,000,000 under 10,000,000. . .
10,000,000 or more
Total taxable returns . . .
Nontaxable returns:
Under J3,000
3,000 under 5,000
5,000 under 10,000
10,000 under 20.000
20.000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 100,000
100,000 under 200,000
200,000 under 400.000
400,000 under 600,000
600,000 under 800,000
800,000 under 1,000,000
1,000,000 under 1,500,000
1, 500,000 or more
Total nontaxable returns
Grand total
141
356
914
1,498
864
1,044
865
1,614
634
266
76
32
5
27
2,523
3,769
9,796
9,176
4,343
2,723
496
385
76
30
239
1,584
7,632
23,746
22,610
37,309
37,746
102,644
76,528
61,174
32,784
17,840
3,557
24,676
12,669
7,485
8,170
4,314
3,113
8,058
13,741
8,«)6
60
U2
334
592
328
303
249
436
171
69
27
11
1
7
2
3
1
1
71
445
2,105
6,445
6,096
8,408
8,102
20,624
13,586
10,616
7,459
3,586
695
3,233
2,431
2,472
1,930
1,959
16
70
202
319
202
233
215
378
134
64
18
9
1
7
2
3
20
196
1,149
3,234
3,609
6,593
7.399
19,747
12,176
11,288
5,014
3,337
695
6,403
1,568
3,954
187
1,334
6,676
20,535
20,122
35,494
37,043
101,767
75,118
61,846
30,338
17,591
3,557
27,352
11,307
3,967
6,190
2,355
3,113
3,058
13,741
16
395
4,094
9,785
6,972
7,043
6,794
16,415
8,237
4,529
1,208
403
100
431
165
57
52
10
172
439
2,582
10,749
13,150
23,451
30,249
85,352
66,880
57,317
29,130
17,184
3,457
27,421
11,642
3,911
6,133
2,345
3,104
3,040
13,723
1,874
67,400
5,119
13,450
65,524
123,370
103,675
89,426
21,233
23,882
9,632
7,927
4,317
3,371
3,673
8,193
1,077
1,237
3,237
2,797
1,148
616
130
83
24
7
2,370
4,315
20,317
32,722
23,025
16,693
4,036
2,762
1,642
1,164
632
994
2,487
1,246
1,483
3,619
2,865
1,164
623
117
58
18
2,706
5,297
23,832
36, 587
25,470
13,503
4,256
2,913
1,835
1,606
632
1,835
2,487
5,454
14,433
69,040
127,735
106, 119
91,230
21,452
24,038
9,825
8,370
4,317
3,371
4,565
3,193
4,742
11,690
47,704
58,952
31,434
21,681
6,878
5,366
1,477
481
48
130
97
90
712
2,743
21,336
63,783
74,686
69,549
14,574
18,672
3,347
7,889
4,269
3,241
4,468
3,103
113 , 166
11,203
128,015
190,770
6
82
61
60
59
159
123
67
32
20
4
13
5
3
2
298
449
643
747
3,051
5,661
5,496
3,351
2,971
298
7,681
3,597
1,067
931
1,664
136
6
9
29
138
159
30
368
1,176
31
564
3,838
32
290
3,936
33
148
2,791
34
32
2,301
35
162
3,272
36
74
3,172
37
30
7,333
33
9
4,269
39
5
3,241
40
5
7
4,436
8,103
41
42
999,518
214,414
999,513
258,170
For footnotes, see p, 153.
GIFT TAX RETURNS FUR 1S)51
151
Table 2. -GIFT TAX RETURNS FOR 1951, TAXABLE AND NONTAXABLE RETURNS BY TOTAL GIFT PLUS GIFT TAX CLASSES: NUMBER OF RETURNS, TOTAL GIFTS BEFORE AND AFTER EXCLUSIONS, EXCLUS IONS,
DEDUCTIONS, NET GIFTS, AND TAX - Continued
Total gift plus gift tax classes^
(DoIUrm)
Deductions - Continued
Marital deduction*
Number of
returns
( Thoutam
Specific exemption
1951'
Number of
returns
(Thoimand
dollar M)
(16)
Total
deductions
f Thavaantl
doll^rm)
(16)
Net gifts
f Thouiond
fioltnrmi
Prior
years* 1°
( Thousand
dolUrt)
CIO]
Aggregate ^
( Thouf*nd
dot Urn)
(10)
( ThouMand
dollarm)
( rhouaand
dotUf)
(£11
(Thount>nd
tlollara)
l^)
Taxable returns;
Under 13,000
3,000 under 5,000
5,000 under 10,000
10,000 under 20,000
20,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 100,000
100,000 under 200,000
200,000 under 400,000
400,000 under 600,000
600,000 under 300,000
800,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 under 2,000,000
2,000,000 under 2,500,000
2,500,000 under 3,000,000
3,000,000 under 3,500,000
3,500,000 under 4,000,000
4,000,000 under 4,500,000
4.500,000 under 5,000,000
5,000,000 under 6,000,000
6,000,000 under 7,000,000
7,000,000 under 8,000,000
3,000,000 under 9,000,000
9,000,000 under 10,000,000...
10,000,000 or more
Total taxable returns...
Nontaxable returns:
Under $3,000
3,000 under 5,000
5,000 under 10,000
10,000 under 20,000
20,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 100,000
100,000 under 200,000
200,000 under 400,000
400,000 under 600,000
600,000 under 800,000
300,000 under 1,000,000
1,000,000 under 1,500,000
1,500,000 or more
Total nontaxable returns
Grand total
1
43
147
88
61
42
139
72
27
7
262
1,073
1,020
503
296
127
172
5
2
1
2
140
689
601
608
535
3,029
2,690
1,610
462
280
36
133
959
10
13
38
313
295
690
631
1,058
311
77
17
7
6
14
198
1,661
3,056
16,341
17,021
27,342
8,133
2,147
375
186
230
62
48
281
3,209
5,551
4,946
4,240
2,244
4,572
14
25,070
4,098
36,352
7
15
346
2,648
4,107
17,592
18,303
33,922
16,439
9,254
4,137
3,437
298
7,947
3,792
2,074
981
11
187
1,664
136
2,448
164
424
2,236
8,101
9,043
10,859
11,946
51,430
50,391
48,064
24,943
U,747
3,159
19,474
7,850
6,836
5,157
2,333
2,917
6,376
13,588
5,093
7,927
22,755
39,644
86,665
57,480
41,504
34,983
123,026
132,903
117,506
37,082
25,957
4,217
29,319
29,434
4,477
8,239
3
1,705
6,094
3,431
181,339
3,092
23,173
41,331
94,766
66,523
52,363
46,934
174,456
183,299
165,570
62,025
39,704
7,375
48,793
37,334
11,313
13,446
2,336
4,622
12,470
17,069
136,482
16
44
227
864
1,074
1,220
1,233
6,843
9,183
10,320
6,038
3,701
926
5,317
2,277
2,175
1,909
688
1,207
2,976
5,693
1,410
4,390
6,571
16,229
11,385
8,470
7,496
32,886
37,435
38,926
10,575
7,709
1,127
11,063
13,333
1,282
3,225
465
1,990
904
129,846
1,300,032
57,426
320,970
541
1,324
5,250
7,226
3,851
2,561
420
234
13
2
701
2,303
16,951
59,395
65,804
62,518
10,029
5,828
161
2
712
2,743
21,336
68,733
74,686
69,549
14,574
18,672
8,347
7,839
4,269
3,241
4,468
3,103
10,084
20,323
80,378
112,475
67,344
25,593
16,265
35,223
38,849
42,839
3,398
9,272
2,198
6,509
10,084
20,323
80,873
112,475
67,344
25,593
16,265
85,223
38,349
42,839
3,398
9,272
2,198
6,509
1,565
3,934
15,546
26,077
13,730
6,277
4,070
27,499
12,900
15,029
332
3,235
638
1,352
223,713
521,751
1,426
4,433
6,798
17,092
12,459
9,690
3,779
39,729
46,673
49,747
16,613
11,410
2,053
16,330
16,115
3,457
5,134
639
1,673
4,965
6,596
383,396
1,565
3,934
15,546
26,077
13,730
6,277
4,070
27,499
12,900
15,029
382
3,235
638
1,852
138,235
25,447
304,131
1,821,733
67,426
For footnotes, see p. 153.
152
GIFT TAX RETURNS FOR 1951
Table 3. -GIFT TAX RETURNS FOR 1951, OF IDENTICAL DONCRS,^^ BY TAXABLE STATUS FCK CURRENT YEAR AND FOR PRIOR YEARS: NUMBER OF RETURNS, TOTAL GIFTS AFTER EXCLUSIONS, DEDUCTIONS,
NET GIFTS, AND TAX
Number of
returns
for
1951
(1)
Total
gifts
after
exclusions,
1951
( Thousand
dollars)
(2)
Deductions
Total
deductions
(Thousand
dollars)
(6)
Net gifts
Gift tax
Taxable status
Charitable,
public,
and similar
gifts after
exclusions'
C T7>ous«nd
dollars)
(3)
Marital
deduction*
f Thousand
dollars)
(4)
Specific
exemption
1951'
(Thousand
dollars)
15)
1951
f Thousand
dollars)
Prior
years^
f Thousand
dollars)
[31
Aggregate
( Thousand
dollars)
13)
1951
f Thousand
dollars)
(10)
Prior
years^
(Thousand
dollars)
Ul)
Aggregate
(Thousand
dollars)
(1=)
Tajcable Tor both 1951 and prior
i,506
1,378
1,723
5,357
2i2,161
49,263
3,312
32,395
37,719
611
7,421
2,052
5,260
2,572
1,017
5,401
714
13,791
374
24,942
43,693
16,975
8,812
32,395
19,;,467
32,289
995,901
i'>258,292
1,194,368
32,289
'"258,292
53,103
4,102
320,970
'"64,035
374,072
Taxable for 1951 and nontaxable
4,102
Nontaxable for 1951 and taxable
'"64,035
Nontaxable for both 1951 and prior
12,954
332,631
47,803
14,250
39,321
101,375
230,756
1,254,193
1,484,949
57,205
385,005
442,209
Table 4. -TAXABLE GIFT TAX RETURNS FOR L951 , OF IDENTICAL DONORS'
*H0 REPORT TAXABLE GIFTS FOR PRIOR YEARS, BY NET GIFT CLASSES AND BY NET GIFT FOR PRIOR YEARS CLASSES:
DISTRIBUTION OF RETURNS
Net gift classes'
(Dollars)
Number of
returns
Number of returns by net gift for prior years classes'
Under
»3,000
t3,000
under
$5,000
$5,000
under
$10,000
$10,000
under
$20,000
$20,000
under
$30,000
$30,000
under
$40,000
$40,000
under
$50,000
$50,000
under
$100,000
Taxable returns:
Under $3,000
3,000 under 5,000
5,000 under 10,000
10,000 under 20,000
20,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 100,000
100,000 under 200,000
200,000 under 400,000
400,000 under 600,000
600,000 under 800,000
800,000 under 1,000,000...
1,000,000 under 1,500,000.
1,500,000 under 2,000,000.
2,000,000 under 2,500,000.
2,500,000 under 3,000,000.
3,000,000 under 3,500,000.
3,500,000 under 4,000,000.
4,000,000 under 4,500,000.
4,500,000 under 5,000,000.
5,000,000 under 6,000,000.
6,000,000 or more
Total
1,321
469
673
622
337
215
166
330
194
115
23
6
8
10
2
3
2
135
50
62
47
21
13
149
43
76
50
36
19
13
31
195
72
114
122
41
136
61
68
69
30
23
9
101
26
47
49
27
16
15
20
11
3
2
191
1
60
2
112
3
84
4
43
5
33
6
23
7
59
3
36
9
23
10
1
11
1
12
I
13
14
_
15
_
16
_
17
_
19
_
19
_
20
-
21
4,506
Net gift classes
(Dollars)
Number of returns by net gift for prior years classes'* - Continued
$100,000
under
$200,000
$200,000
under
$400,000
$400,000
under
$600,000
$600,000
under
$800,000
$800,000
under
$1,000,000
$1,000,000
under
$1,500,000
$1,500,000
under
$2,000,000
$2,000,000
under
$2,500,000
$2,500,000
or more
Taxable returns:
Under $3,000
3,000 under 5,000
5,000 under 10,000
10,000 under 20,000
20,000 under 30,000
30,000 under 40,000
40,000 under 50,000
50,000 under 100,000
100,000 under 200,000
200,000 under 400,000
400,000 under 600,000
600,000 under 800,000
800,000 under 1,000,000...
1,000,000 under 1,500,000.
1,500,000 under 2,000,000.
2,000,000 under 2,500,000.
2,500,000 under 3,000,000.
3,000,000 under 3,500,000.
3,500,000 under 4,000,000.
4,000,000 under 4,500,000.
4,500,000 under 5,000,000,
5,000,000 under 6,000,000.
6,000,000 or more
Total
120
60
69
60
36
26
25
41
31
15
1
2
1
2
9
1
1
2
4
3
6
4
3
5
3
6
3
7
For footnotes, see p. 153,
GIFT TAX RETURNS FOR 1951
153
Footnotes for gift tax tables
(In the tables, values in thousand dollars are rounded and, therefore, may not add to the totals)
' Net gift classes are based on the amount of net gifts for the
curent year. Nontaxable returns without net gifts are designated
"No net gifts."
' Gifts of taxpayer reported by spouse are amounts deducted
from the total gifts of the taxpayer and reported by the taxpayer's
spouse on a separate return as provided under the Code. Under
this provision, gifts made by one spouse to third parties may be
considered as made one-half by each spouse If both husband and
wife signify their consent.
'Gifts of spouse reported by taxpayer are amounts transferred
from the return of the taxpayer's spouse as a result of the consent
by both husband and wife to divide equally between them gifts
made to third parties, as provided under the Code.
'Exclusions from total gifts are the first $3,000 of gifts (other
than gifts of future Interests) made to any one donee. Including
charitable donees. In case of a consent to divide gifts between
husband and wife, each spouse Is allowed an exclusion against
his half of the gift to a common donee.
' Deduction for charitable, public, and similar gifts Is the value
of such gifts In excess of the exclusion allowed for each charitable
donee and previously deducted from total gifts.
' Marital deduction for gifts made to the taxpayer's spouse Is
allowed citizen and resident donors to the extent of one-half the
value of property Interests which qualify for the deduction, but
Is allowed only to the extent that such gifts are Included In total
gifts after the exclusion relating thereto.
' Specific exemption of $30,000 less the sum of amounts allowed
In prior years Is allowed each resident or citizen donor. At the
option of the donor, this exemption may be taken In a single
year or spread over a period of years until exhausted.
'Net gifts for prior years (subsequent to June 6, 1932), reported
In schedule B for the purpose of computing the current year gift
tax, may exceed net gifts actually reported In prior years for the
reason that, when a specific exemption of more than $30,000 was
taken before 1943 (when a larger exemption was allowable), the
net gifts for prior years as reported In this schedule are Increased
by an amount equal to the exemption taken In excess of $30,000.
'Gift tax for prior years (subsequent to June 6, 1932) Is tabulated
from Item 5, schedule for computation of tax, page 1. of the current
year return. This tax on net gifts for prior years may not be the
actual tax liability reported In those years because It Is a tax
computed at current year rates, on the net gifts for prior years
as adjusted In schedule B (explained In note 8).
"• The amounts of net gifts and of gift tax for prior years, tabu-
lated (as Indicated In notes 8 and 9) for nontaxable returns,
probably are understated because schedule B Is not always complete
on nontaxable returns.
" Total gift plus gift tax classes are based on the sum of the cur-
rent year total gifts before exclusions (that Is, after division of
gifts between spouses) and the ciu-rent year gift tax. Nonta,xable
returns have no gift tax, but are distributed under this classi-
fication on the basis of total gifts before exclusions.
" Less than $500.
" Identical donors are Individuals whose current year retiu-ns
show that they made gifts to donees other than charitable, public,
and similar organizations In 1951 and also In prior years (subse-
quent to June 6, 1932). If husband and wife consent to divide
between them gifts made to third parties, each Is considered a
donor of his or her respective total gifts before exclusions, the
amount of which Include the adjustments resulting from the
division of gifts between spouses.
" Net gift for prior years classes are based on the aggregate net
gifts for prior years (subsequent to June 6, 1932) as reported In
schedule B on the current year return. Net gifts for prior years
are adjusted In this schedule as explained In note 8.
154
GIFT TAX RETURNS, 1944-1951
Table 5. -GIFT TAX RETURNS: NUMBER OF RETURNS, TOTAL GIFTS BY TYPES, NET GIFTS, AND TAX, 194^^1951
(For historical data prior to 19^^, see Statistics of Incane for 1949, Part 1, p. 430.)
Items
1951
1950
1949
1943
1947
1946
1945
1944
Number of returns:
41,703
3,360
33,343
39,056
3,366
30,690
31,547
6,114
25,433
26,200
6,559
19,641
24,857
6,322
18,035
24,326
6,808
13,018
20,095
5,540
14,555
13,397
4,979
Nontaxable
13,413
(Thouaand
dollars)
999,513
169,633
523,149
174,175
7,552
125,009
304,131
67,426
1,064,200
153,514
573,667
198,664
8,729
129,626
337,719
77,605
708,381
119,807
339,208
142,608
9,277
97,432
178,035
36,087
740,923
110,989
399,622
138,313
8,672
33,329
209,148
45,338
777,613
119,273
394,396
152,560
9,314
102,070
256,534
64,402
755,604
111,675
407,537
151,193
9,913
75,236
265,246
62,336
535,559
77,397
261,116
117,054
8,604
71,387
169,625
36,633
499,012
By types of property:
70,840
250,014
100,532
8,503
69,068
148,420
37,781
Synopsis of
Federal
Tax Laws
1944-51
INDIVIDUAL AND FIDUCIARY INCOME TAX
Page
A. Requirements for filing returns and exemptions 156
B. Normal tax and surtax rates 156
C. Provisions pertaining to capital gains and losses 157
SELF-EMPLOYMENT TAX
D. Requirements for filing returns and tax rate 1 58
GIFT TAX
E. Requirements for filing returns, exclusions, and specific exemption. . !58
F. Tax and tax rates 158
328641 0—55 11
156
SYNOPSIS OF LAWS, 1944-1951
Table A— REQUIREMENTS FOR FILING RETURNS AND EXEMPTIONS UNDER THE INDIVIDUAL AND FIDUCIARY INCOME TAX LAW, 1944-51'
Income year
Gross in-
come ' re-
quirements
tor filing re-
turns *
(Dollar 1)
Exemptions '
Federal tax law: Revenue acts amending Code > (date of enactment)
For married
couple filing
jointly
(Dollar))
For single
person ' or
fiduciary «
(DoUars)
For each de-
pendent •
(Dollars)
For taxpayer or spouse
65 years of
age or older
(Dollars)
Blind
(Dollars)
1948-1951 ._.
|l944-1947
i»600
500
'1,200
■11,000
600
500
600
500
600
600
Table B.— NORMAL TAX RATES AND MINIMUM AND MAXIMUM SURTAX RATES UNDER THE INDIVIDUAL AND FIDUCIARY INCOME TAX
LAW, 1944-51 '
Tax rate "
Graduated surtax ratos " at—
Combined normal tax
and surtax rates " at—
Lowest bracket of sur-
Highest bracket of sur-
Maxi-
tax income, not
tax income, over-
mum ef-
Income year ''
over—
(a) $200,000 for
fective
Normal
(a) $2,000 for
single per-
rate lim-
tax rate"
single per-
son
Lowest
Highest
itation i»
son
(b) $300,000 for
bracket of
bracket of
(b) $2,000 for head
head of
surtax in-
surtax in-
of house-
household '"
come
come
hold "
(c) $400,000 for
(c) $4,000 (or mar-
married
ried couple
couple filing
filing jointly 1'
jointly "
(Percent)
(PercerU)
(Percent)
(Percent)
(Percent)
(Percent)
Calendar year 1951... _
3.0
17.4
88.0
20.4
91.0
87.2
Revenue Act of 1951 (Oct. 20, 1951)...
Fiscal years beginning after Oct. 31,
1951.
Calendar year 1950
3.0
19.2
89.0
22.2
92.0
88.0
3.0
17.0
88.0
17.4
84.4
80.0
Fiscal years:
Revenue Act of 1950 (Sept. 23, 1950). .
(a) Beginning and ending after Sept.
30, 1950 and before Nov. 1, 1951.
3.0
17.0
88 0
20.0
91.0
87.0
(b) Ending after Dec. 31, 1949 and
3.0
17.0
88.0
16.6
82.1
77.0
before Oct. 1, 1950.
Revenue Act of 1948 (April 2, 1948)--
Revenue Act of 1945 (Nov. 8, 1945) - . . .
Calendar years 1948-1949
3.0
17.0
88.0
16.6
82.1
77.0
Calendar years 1946-1947
3.0
17.0
88.0
19.0
86.5
85.5
3.0
20.0
91.0
23.0
94.0
90.0
(May 29, 1944).
For footnotes, see pp. 158-160.
SYNOPSIS OF LAWS, 1944-1951
157
Table C.-PROVISIONS PERTAINING TO CAPITAL GAINS AND LOSSES UNDER THE INDIVIDUAL AND FIDUCIARY INCOME TAX LAW, 1944-51 "
Federal tax law: Rev-
enue acts amending
Code ' (date of enact-
ment)
Income year
Deflnitloii of capital assets
Period iK'ld
Percent-
ape of
pain or
loss taken
into ac-
count
Treatment of capital gain *"
Treatment of capital
loss "
Revenue Act of 1951
(Oct. 20, 1951).
Taxable years
beginning after
Oct. 19, 1951.
Revenue Act of 1950 |1 Calendar years
{Sept. 23, 1950). ■ 1944-1951.
Individual Income , [■Fiscal years be-
Tax Act of
(May 29, 1944).
1944
ginning before
Oct. 20, 1951.
(1) All proiKTty. whether or not connected with
trade or business, except:
(a) stock in trade or other property which
wouhi properly be Included In In-
ventory,
(b) property lield nrlmarlly for sale to cus-
tomers In ordi- iry course of trade or
business,
(c) property used In trade or business of a
character which is subject to allow-
ance for depreciation,
(d) real projH^rty used in trade or business,
(e) Government obligations Issued on or
after Mar. 1, 1941, on a discount basis
and payable without interest at a
fixed maturity date not exceeding 1
year from date of issue, and
(f) a copyright, a literary, musiail. or
artistic composition, or similar prop-
erty (but not a patent or invention)
created by the taxpayer.
(2) Gains and losses are considered as from
capital assets, under certain conditions, with
respect to:
(a) Worthless stock and other securities.
(Sec. 23(g)(2) and 2.'J(k-)(2)).
(b) Nonbusiness bad debts. (Sec. 23 (k)
(4)).
(c) Retirement of certain bonds, etc. (Sec.
117(f)).
(d) Short sales (sec. 117(g) and 117(1)).
(e) Failure to exercise options. (Sec. 117(g)).
(f) Sale, exchange, and involuntary con-
version of certain business property ^^
and involuntary conversion of capital
assets, all held more than 6 months, If
gainsexceed losses. (Sec. 117 (j)).
(g) Sales or exchanges of securities by
dealers, must be identified for invest-
ment.z3 (Sec. 117(n)).
(h) Certain termination payments to em-
ployee. (Sec. 117 (p)).
(1) Total distribution of employees' trust
on separation. (Sec. 1G5 (b)).
(3) Gains and losses are not. considered as from
capital assets, under certain conditions, with
respect to:
(a) Tax-exempt sale or exchange of resi-
dence. (Sec. 112(n)).
(b) Certain gains from sale or exchange of
amortized emergency facilities. (Sec.
117(g)(3)).
(c) Property referred to in item (2) (f) above,
if losses exceed gains.
(d) Gain from certain sales or exchanges of
stock in a collapsible corporation.
(Sec. 117{m)).
(e) Gain from sale or exchange of depreci-
able property between spouses or
between an individual and a con-
trolled corporation. (Sec. 117(o)).
(0 Loss from wash sales of stock or securi-
ties, not deductible. (Sec. 118).
Same as 1951 act except: "
(l)(f) was added for taxable years beginning
after Sept. 23. 1950,
(2)(g) was added for transactions made after
Nov. 19. 1951.
(2)(h) was added for taxable years beginning
after 1950.
(3)(a) was added for taxable years ending
after 1950,
(3)(b) was added for taxable years ending
after 1949,
(3)(d) was added for gains realized after 1949,
and
(3)(e) was added for transactions made after
May 3, 1951.
Short-term: (
months o
less.
Long - term
More than (
months.
Short-term: 6
months or less.
Long-term:
More than 6
months.
Net short-term capital
gain is fully taxable at
the normal tax and sur-
tax rates.
If the net long-term capi-
tal gain exceeds the net
short-term capital loss,
there Is allowed as a de-
duction from gross in-
come an amount equal
to 50 percent of the
excess long-term gain.
The entire excess is
taxed at 20 i>ercent 2* if
the alternative tax Is
less than the regular
normal tax and surtax.
Alternative tax Is com-
puted on net income re-
duced for this purpose
by M) percent of the
excess long-term capital
gain, at regular normal
tax and surtax rates,
plus 2<1 percent '* of the
excess long-term gain.
Net short-term capital
gain is fully taxable at
the normal tax and sur-
tax rates.
Net long-term capital gain
or the excess of net long-
term capital gain over
net short-term capital
loss is taxed at 50 per-
cent, if such tax plus the
lax on net income re-
duced by such capital
gain (alternative tax) is
less than the regular tax
on net income; other-
wise, such capital gain
is taxed at normal tax
and surtax rates.
Net loss from sales of
capital assets result-
ing from the com-
l)ination of net .short-
and long-term gain
and loss Is allowable
as a deduction for
the current year to
the extent ol $1,000
OT the net income
(computed without
regard to capital gain
or loss), whichever is
smaller. The amount
not allowable in the
current year Is the
"net capital loss" to
be carried forward as
a short-terra capital
loss in each of the
five succeeding years
to tiic extent that
such carryover ex-
ceeds the total net
cjipital gains " of
any taxable years
Intervening between
the year in which the
net capital loss arose
and such succeeding
years. If tax is deter-
mined from optional
tax table, adjusted
gross income is substi-
tuted for net Income
for the limitation on
capital loss deduc-
tion and for the
computation of net
capital gain."
Same as 1951 act.
For footnotes, see pp 158-160.
158
SYNOPSIS OF LAWS, 1944-1951
Table D.
REQUIREMENTS FOR FILING RETURNS AND TAX RATE
UNDER THE SELF-EMPLOYMENT TAX LAW, 1951
Federal tax law: Acts
amending Code ' (date
of enactment)
Income
year
Self-employ-
ment net
income ^^
requirements
for filing
returns "
(Dollars)
Maximum
self-employ-
ment net
income
taxable "
(.DoUars)
Tax rate on
self-employ-
ment net
income
(PercnU)
Social Security Act
Amendments of 1950
(Aug. 28, 1950).
1951
400
3.600
2M
Table E.— REQUIREMENTS FOR FILING RETURNS, EXCLUSIONS,
AND SPECIFIC EXEMPTION UNDER THE GIFT TAX LAW,
Federal tax law: Rev-
enue acts amending
Code ! (date of enact-
ment)
Calendar
year
Return re-
quired '" if
aggregate
gifts 31 during
year to any
one donee
exceed—
(Dollars)
Annual
exclusion
for each
donee 3!
(DoUars)
Specific
exemption "
(Dollars)
Revenue Act of 1942 (Oct.
21, 1942).
194*-1951..
3,000
3,000
30,000
Table F.— TAX AND TAX RATES
UNDER GIFT TAX LAW, 1944-51 "
Tax on amount of net gifts "
Net gifts M
(Column S plus amount comjyuted
by applying rate in colu mn 4)
Amount over —
Amount not
Tax on amount
Tax rate (percent
over—
in first column
ofeicess over
amount in first
(Dollars)
(Dollars)
(Dollars)
column)
(1)
(2)
(3)
(4)
1
5,000
2'4
5K
1
2
"'5,'oo6"
10,000
iiiso"
2
3
10,000
20,000
375.00
S'4
3
4
20,000
30,000
1,200.00
lOH
4
5
30,000
40,000
2,250.00
13}^
6
6
40,000
50,000
3,600.00
W-i
6
7
50,000
60,000
5,250.00
185i
7
8
60,000
70,000
7, 125. 00
21
8
9
70.000
100,000
9,225.00
21
9
10
100,000
150,000
15, 525. 00
22 J^
10
11
150,000
200,000
26,775.00
22H
11
12
200.000
250,000
38, 025. 00
22H
12
13
250,000
400,000
49, 275 00
24
13
14
400,000
450,000
85. 275. 00
24
14
15
450,000
500,000
97, 275. 00
24
15
16
500,000
600,000
109, 275. 00
26K
16
17
600.000
750.000
135, 525, 00
26K
17
18
750,000
800.000
174, 900. 00
27K
18
19
800.000
1.000.000
188,776.00
27?i
19
20
1,000,000
1. 250. 000
244, 275. 00
29K
20
21
1,250,000
1,500,000
317,400.00
31H
21
22
1,500,000
2,000,000
396, 150. 00
33H
22
23
2,000,000
2,500,000
664,900.00
S6H
23
24
2,500,000
3,000,000
748,650.00
39Ji
24
25
3,000,000
3,500,000
947, 400. 00
42
25
26
3,500,000
4,000.000
1, 157, 400. 00
44K
26
27
4,000,000
4.500,000
1,378,650.00
47M
27
28
4,600,000
5,000,000
1.614,900.00
47K
28
29
5,000,000
6,000,000
1.851,150.00
50K
29
30
6,000,000
7,000,000
2,353,650.00
5214
30
31
7,000,000
8,000,000
2. 878, 650. 00
MH
31
32
8,000,000
9.000.000
3. 426, 150. 00
57
32
33
9,000,000
10,000,000
3.996,150.00
57
33
34
10. 000, 000
20,000,000
4. 566, 150. 00
575i
34
35
20, 000. 000
50,000,000
10.341.150.00
57?i
35
36
50,000,000
27, 666, 160. 00
57Ji
36
Footnotes for tnMes A-F
'For Income years 1913-43, see Statistics of Income for 1950,
part 1, pp. 308-309 and 318-321.
= Revenue Acts passed after Feb. 10, 1939 (the date of the enact-
ment of the Internal Revenue Code) are not complete taxing stat-
utes in themselves, but consist of amendments to the Code. There
Is no one effective date for all provisions of each act; some of the
provisions are retroactive, others apply to the current tax period,
while still others are effective for future taxable years.
' Gross income, in general, includes all gains, profits, and income
derived from any source whatever except such as is specifically
exempt from income tax.
(a) The following items, under certain conditions, are among
the exclusions from gross income for the entire period beginning
1944 or before:
Proceeds of life insurance policies paid upon the death of the
insured.
Wholly tax-exempt interest.
Value of property acquired by gift, bequest, devise, or descent.
Amounts received as return of premiiuns paid under life in-
surance, endowment, or annuity contracts.
Compensation for injuries or sickness.
Amounts received as compensation, family allotments and
allowances, or as pensions from the United States for service
of beneficiary or another in military or naval forces of the
United States in time of war.
Rental value of a dwelling house furnished to a minister of
the gospel.
Receipts of shipowners' mutual protection and indemnity
associations.
Income from sources within a possession of the United States.
but not received within the United States, of citizens, except,
beginning in 1951, an employee of the United States or any
agency thereof, deriving a large percentage of his gross
income from sources within the possession.
Earned income from sources outside the United States. (Also
see note 4(e). below.)
Compensation of employees of foreign governments.
Income exempt under treaty.
Amounts received under Federal old-age and survivors Insur-
ance benefits. Title EC, Social Security Act.
Disability pay for sickness or injiu-y resulting from active
service in the armed forces of any country.
Mustering-out payments with respect to service in the mili-
tary or naval forces of the United States.
Compensation tor services of a minor is excluded from the
gross income of the parent (reported on the minor's return) .
Compensation of employees of the Commonwealth of the
Philippines.
(b) The following items, under certain conditions, are among
the exclusions from gross Income for part of the period 1944 through
1951:
1941 through 1948—
Compensation received by noncommissioned personnel for
active service in the military or naval forces of the United
States. (Prior to enactment of the Revenue Act of 1945
and Public Law 384. 80th Cong., only $1,500 during
1943-44. The additional exclusions, made retroactive,
are not reflected in the salary tabulated in Statistics of
Income for the years 1941 through 1944.)
1943 through 1948 —
Active service pay, not exceeding $1,500, of commissioned
officers in the military or naval forces of the United
States.
1950 and thereafter —
Beginning June 25, 1950, all pay of enlisted men and war-
rant officers and the first $200 per month paid to com-
missioned officers for active service in combat zones
(designated by the President).
(c) The following pertains to certain salaries which are to be
included in gross income, as Indicated:
If a taxpayer, including a partnership, receives In one taxable
year at least 80 percent of the compensation earned from personal
services, covering a period of 36 calendar months or more from the
beginning to the completion of such services, the tax attributable
to any part of such compensation included In his gross income
is not greater than the aggregate of taxes which would have been
paid had the compensation been included in his gross income
ratably over the period preceding the date of receipt or accrual.
Taxes attributable to income from an artistic work or Invention
and back pay are also subject to certain limitations.
(cJ) Net income of individuals and fiduciaries means the excess
of gross income over deductions as defined in the various Revenue
acts.
An optional standard deduction is provided in lieu of non-
business deductions. If the adjusted gross income is less tlian
$5,000. the standard deduction is approximately 10 percent thereof
and is allowed automatically through use of the optional tax.
If the adjusted gross income is $5,000 or more, the standard
deduction for 1944-47 is $500 and for 1948 and thereafter i^ the
smaller of $1,000 or 10 percent of the adjusted gross income, except
that for a married person filing a separate return the standard
deduction is $500. Citizens deriving a large percentage of their
Income from sources within a possession of the United States are
SYNOPSIS OF LAWS, 1944-1951
159
Footnotcn for tahlrx .\-F — Continued
not allowed the standard deduction. (In Statistics of Income
neither the net Income nor the standard deduction Is tabulated
for those Individuals who elect the standard deduction.)
No deductions are reported on Form W-2 for 1944-47, Form 1040A
for 1948-51, or short-form 1040; however, the optional tax on such
returns makes allowance for deductions. (See note 13, below.)
Variations In certain other deductions allowable occurred be-
tween 1944 and 1951 with respect to:
(I) Amortization of emergency facilities. (Sec. 23 (t) and 172
of the Code.) (The amount of amortization deduction,
tabulated separately In Statistics of Income for 1945
only. Is Included In business deductions.)
(II) Loss on sale or exchange of capital assets. (See table C,
p. 157.)
(III) Net operating loss. (Sec. 23 (s) and 170.) (The net oper-
ating loss deduction, tabulated separately among busi-
ness deductions In Statistics of Income for 1945 only
and among sources of Income and loss for 1951, Is only
the amount carried forward.)
(Iv) Medical expen,ses. (Sec. 23(x).)
(V) Blindness. (Sec. 25(b) and23(y).)
< (a) A citizen or resident of the United States who elects to pay
the optional tax (see note 13 below) may file Form W-2 for 1944-47
or Form 1040A for 1948 and thereafter If his gross Income Is less
than $5,000 and consists entirely of wages subject to withholding
or of such wages and not more than a total of $100 of other Income
from wages, dividends, and Interest. A married couple may file
a Joint return for the optional tax If their combined Incomes do
not exceed the preceding limitations (see (b) below; the optional
tax is not allowed if either spouse itemizes deductions.
(b) The amount of Income for which married persons are re-
quired to file a return is the separate gross Income of husband or
wife. Husband and wife file separate returns unless the combined
Income is included in a Joint return; a Joint return may be filed
even though one spouse has no Income; a Joint return may not be
filed If either spouse is a nonresident alien or if the husband and
wife have different taxable years except, beginning in 1948, if one
or both die during the year and the survivor does not remarry,
the executor, generally, may file the Joint return; otherwise, the
status as husband and wife is determined as of the last day of the
taxable year.
A person with less than the required amount of gross Income,
which Includes wages subject to withholding, should file a return
to claim refund of tax withheld unless such Income is Included In
a joint return.
(c) 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 for a single person except that x return
Is required for every estate or trust of which any beneficiary Is a
nonresident alien and that a return must be filed by every trust
having a net Income of $100 or more or the Indicated gross Income
regardless of amount of net Income.
(d) Returns are permitted for a fiscal year other than that end-
ing December 31, except on Form W-2 for 1944-47 or on Form
1040A for 1948 and subsequent years.
(e) Exceptions to general requirements tor filing returns are
made with respect to:
(I) Citizens deriving a large percentage of their gross Income
from possessions. (Sec. 251(g) and251(J) of the Code.)
(II) Nonresident citizens with earned income from sources
outside the United States. (Sec. 51(a), 116(a), and
116(h).)
(Hi) Nonresident aliens. (Sec. 217.)
(Iv) Servicemen abroad or in combat areas. (Sec. 53 and
3804.)
(V) Minors. (Sec. 51(a) and 22(m),)
'■ Exemptions lor citizens and resident aliens are termed "normal-
tax exemption" and "surtax exemption" for 1944—45 and "exemp-
tion" for 1946 and thereafter. Beginning 1948, additional exemp-
tions are allowed for age 65 or more and for blindness of the tax-
payer and /or spouse (if a joint return Is filed) .
Exemption is allowed as a credit against net Income for pur-
poses of both normal tax and surtax, except that for 1944-45 on a
joint ret\u-n where the adjusted gross Income of one spouse is less
than $500 the normal-tax exemption Is $5CX) plus the adjusted
gross Income of such spouse.
Marital status is determined as of the close of the taxable year,
or if one spouse dies during the year as of the time of such death,
and no proration of exemption is required.
For exemption status of nonresident aliens, see Statistics of
Income, part 1, 1950, p. 315, note 20.
" Exemptions on a joint return are allowed for both husband and
wife even though one spouse has less than $600 of income or has
no Income.
' The exemption for a married person filing separately and, for
taxable years beginning after October 31, 1951, for a head of house-
hold (defined in note 16, below) is the same as that for a single
person.
* A credit of $100 against the net Income of a trust is substituted
for the exemption.
"For 1944-50, an exemption is allowed citizens and resident aliens
for each closely related dependent specified by law over half of
whose support was received from the taxpayer and whose gross
Income for the taxable year is less than $500; beginning 1951, the
gross income limitation is $600.
Credits for dependents are allowed for surtax only, 1944-45, and
for both normal tax and surtax, 1946 and thereafter.
The credit for dependents Is not applicable to citizens deriving
a large percentage of their gross Income from sources within a pos-
session of the United States.
"'Beginning 1951, for persons having Income of $400 or more
from self-employment, see table D, p. 158.
■• The exemption Is $500 for each spouse, except that for 1944-45,
on joint returns where adjusted gross Income of one spouse is less
than $500, the normal-tax exemption Is $500 plus the adjusted
gross Income of such spouse.
■= In the case of a rate change during fiscal years not shown, the
total tax is prorated; for fiscal years beginning t)efore October 1,
1950, and ending after September 30, 1950 (except calendar 1950),
a tentative tax is computed under the law in effect for each taxable
year and the 2 tentative taxes are then prorated according to the
number of calendar months before October 1, 1950 and after Sep-
tember 30, 1950; similarly, for fiscal years beginning before Novem-
ber 1, 1951 and ending after October 31, 1951 (except calendar 1951) ,
the tentative taxes are prorated according to the number of months
before November 1, 1951 and after October 31, 1951.
" Before 1948, on a joint return of married persons, tax rates are
applied to the combined incomes. For 1948 and thereafter, the
combined normal tax and surtax Is twice the combined normal
tax and surtax that would be determined If the total net Income of
husband and wife and the applicable credits against net income,
listed in notes 14 and 15. were reduced by one-half.
In lieu of the normal tax and surtax imposed by sections 11 and
12 of the Code, a citizen or resident may elect to pay the optional
tax under section 400 (also see note 4 (a) ) If his adjusted gross
Income Is less than $5,000. The optional tax or the standard deduc-
tion is not allowed to either husband or wife if the net income of
one of the spouses is determined without regard to the standard
deduction. The optional tax makes allowance for exemptions and
standard deduction. Ten percent of the midpoint of each income
bracket is allowed for the deductions, after which the tax is com-
puted in the regular manner and rounded to the nearest dollar.
The optional tax table for 1951 is among the facsimiles of return
forms on p. 166. For tables for 1941-50, see Statistics of Income for
1950, pp. 323-328. For 1944-45, where the return includes gross
Income of both spouses the tax in the table must be reduced by 3
percent of the smaller adjusted gross Income but not by more
than $15.
In case of an optional tax change during a fiscal year, the optional
tax is prorated in the same manner as provided for the regular tax.
The optional tax Is applicable for taxable years of less than 12
months if the short period is not due to a change In accounting
period.
For 1946 through calendar year 1950, the normal tax and surtax
rates result in tentative normal tax and surtax (see note 17).
"The normal tax rate is applied to the balance of net Income
after deducting the following credits (however, for optional tax
paid in lieu of normal tax and surtax, see note 13) :
(a) Normal-tax exemption (for taxpayer and spouse), 1944-45,
and all exemptions, 1946 and thereafter.
(b) Dividends on share accounts In Federal savings and loan
associations Issued prior to Mar. 28, 1942.
(c) Interest on obligations Issued after Sept. 1. 1917 and before
March 1, 1941. by the United States or any instrumentality thereof
{other than Treasury notes of the National defense series), to the
extent that such Interest is required to be Included in gross Income.
"• Surtax rates are applied to surtax net Income which for 1944-45
Is net Income less surtax exemptions for taxpayer, spouse, and de-
pendents, and for 1946 and thereafter is net Income less all
exemptions.
If taxpayer elects to pay the alternative tax, net income subject
to surtax does not include net long-term capital gain or the excess
of net long-term capital gain over net short-term capital loss.
"For taxable years beginning after Oct. 31, 1951, head of house-
hold receives approximately half the benefits of income-splitting
given to a joint return. A head of household is a single individual
who maintains in his home an unmarried child, grandchild, step-
child, or any person whom he claims as a dependent.
" For 1946 through calendar year 1950, statutory rediLCtions are
taken into account, and the combined rates so computed are
rounded. For 1946 and 1947, the tentative normal tax and surtax
are reduced by 5 percent thereof. For 1948-49, the combined tenta-
tive normal tax and surtax is reduced by 17 percent of the first $400,
plus 12 percent of the next $99,600, plus 9.75 percent of the excess
over $100,000. For calendar year 1950, the combined normal tax and
surtax is reduced by 13 percent of the first $400, plus 9 percent of
the next $99,600, plus 7.3 percent of the excess over $100,000.
" The rate limitation shown is the combined normal tax and
surtax after statutory reduction, ii any (see note 17), but before
tax credits, as percent of net Income. The tax credits relate to
Income tax paid at source on Interest from tax-free covenant bonds
and to Income tax paid to a foreign country or possession of the
United States. (Sections 32, 31, 168. 216, and 251 (h) of the Code.)
160
SYNOPSIS OF LAWS, 1944-1951
Footnotes for tables A-F — Continued
"Before 1948. the lowest bracket of surtax net Income for a
married couple filing Jointly Is $2,000, and the highest bracket Is
$200,000.
^Tor Income years 1922-43. see Statistics of Income for 1950,
part 1, pages 330-331.
" These treatments apply to the net amount, that Is the net
gain or the net loss, of each taxpayer, resulting from the sales
of all capital assets In a similar category.
22 "Property used In trade or business" Includes real estate and
depreciable property not Inventorlable or held primarily for busi-
ness sale; excludes Items (l)(f), (3)(b). and (3)(e) in the table;
Includes cutting of certain timber (also coal, beginning 1951) dis-
posed of by the owner under a contract by which he retains an eco-
nomic Interest Ln such property, certain unharvested crops for
taxable years beginning after 1950, and livestock held for draft,
breeding, or dairy purposes for 12 months or more (6 months, for
taxable years beginning before 1951).
2' Effective for transactions made after Nov. 19. 1951.
"25 percent for taxable years beginning after Oct. 19, 1951, and
before Nov. 1, 1951.
2» Net capital gain is the excess of ( 1 ) the sum of the gains from
sales or exchanges of capital assets, plus net income of the tax-
payer or $1,000. whichever Is smaller, over (2) the losses from
such sales or exchanges.
2« Net earnings from self-employment Is gross Income derived
from trade or business less allowable deductions attributable
thereto plus share of partnership Income (or loss). Excludes in-
come from services as public official, railroad worker, minister or
member of religious order, or employee, and Income from certain
professions, real estate rentals and interest and dividends received
from securities except those of dealers, and gain or loss from
sale or exchange of capital assets and certain other property.
Involuntary business property loss and net operating loss are
not allowable deductions.
" Beginning 1951, a citizen or resident of the United States
having net earnings from self-employment of $400 or more Is
required to file a return on Form 1040. computing the tax on
separate Schedule C.
The amount of Income for which married persons are required
to file a return is the separate net earnings of husband or wife.
The self-empl03?ment tax of husband and wife filing a Joint return
Is the sum of the taxes computed on the separate self-employment
income of each spouse.
Returns are permitted for a fiscal year other than that ending
Dec. 31.
Members of the Armed Forces may defer filing returns under
certain conditions. (Sec. 53 and 3804 of the Code.)
=» Maximum self -employment net Income Is the indicated amount
minus any wages received from which social security tax has been
withheld by the employer. The excess of net earnings from self-
employment over the maximum amount $3,600 is not taxable.
2" For calendar years 1924-25 and June 7. 1932 through 1943, see
Statistics of Income for 1950, part 1, pages 341-342.
"> A return Is required by individuals for gifts whether transferred
directly or indirectly, whether in trust or otherwise, and whether
of present or lutiu-e interest, and for transfers of property sold
for less than a fair consideration.
A return Is required for gifts to any one donee exceeding $3,000,
except that a return Is required for a gift of future interest
regardless of value.
" Value of gift — for residents and nonresident citizens, property
wherever situated; for nonresident aliens, property situated In the
United States only.
■'2 An annual exclusion for each donee not exceeding $3,000. but
which is not applicable against gifts of future interest in any year.
" The specific exemption may be taken in a single year or over
a period of years at the option of the donor.
'* Net gifts mean the excess of total gifts for the year over the
sum of charitable deduction and specific exemption and. In addition,
the annual exclusion lor each donee and also, after April 2, 1948,
the marital deduction.
Beginning April 3, 1948, by consent of both spouses who are
residents or citizens of the United States, gifts made by one spouse
to a third person may, for the purpose of the gift tax, be considered
as made one-half by each spouse.
'» Tax for current year is the excess of tax on the aggregate net
gifts made subsequent to June 6, 1932, over a tax on aggregate
net gifts exclusive of current year gifts.
Facsimiles of
Income Tax
Returns
For 1951
Page
Form 1040: Individual Income Tax Return 163-174
Schedule C (Business) 1 75-1 76
Schedule D (Capital gains and losses) 177-178
Form I040A: Employee's Optional Income Tax Return 179-180
Form 1041 : Fiduciary Income Tax Return 181-188
FACSIMILE OF TAX RETURNS FOR 1951
163
FORM 1040
U.S. Treasury Department
Internal Revenue Service
U. S. INDIVIDUAL INCOME TAX RETURN
FOR CALENDAR YEAR 1951
or taxable year beginning ,195 ... and ending _
1951
195
Name
(PLEASE PRINT. If this is a joint return of husband and wife, use first names of both)
HOME ADDRESS
(PLEASE PRINT. Street and number or rural route)
(City, town, or post office)
(Postal zone number)
(State)
Social Security No Occupation
Do not write In ttiese spaces
Serial
No.
(Cashier's Stamp)
Your
exemp
tjons
List your name. If your wife (or husband)
had no income, or if this is a joint return,
list also her (or his) name.
Check below if at the end of
your taxable year you or
your wife were —
65 or over D Blind D
65 or over □ Blind D
On lines A and B below —
if neither 65 nor blind write the figure 1 ■
if either 65 or blind write the figure 2 ^
if both 65 and blind write the figure 3 ▼
Number of exemptions for you
Number of her (or his) exemptions .
Name — and address il different from yours
(Your name)
B
(Your wife's name — do not list ifexemptionisclaimedon another return)
C. List names of your children (includ-
ing stepchildren and legally adopted
childrcn)with 1951 gross incomes of
less than $600 who received more
than one-half of their support from
you in 1951. See Instructions. J Enter number of children listed.
D. Enter number of exemptions claimed for close relatives listed in Schedule J on page 2
E. Enter total number of exemptions cl.iimed in A to D above
2. Enter your total wages, salaries, bonuses, commissions, and other compensation received in 1951, before pay-
roll deductions. Persons claiming traveling or reimbursed expenses, see Instructions.
Print Employer's Name
:Your
^ in-
^come
Wliere Employed (Clly and Slate)
Income Tax Withheld
$-
$-
Total Wages
$.
How to
figure
the tax
Tax
du^or
refund
Enter totals
3. If you received dividends, interest, or any other income, give derails on page 2 and
enter the total here
4. Add income shown in items 2 and 3, and enter the total here
■|F YOUR INCOME WAS LESS THAN $5,000.— Use the tax table on page 4 unless you itemize deductions. The table allows
about 10 percent of your income for charitable contributions, interest, taxes, medical expenses, etc. If your deduc-
tions exceed 10 percent, it will usually be to your advantage to itemize them and compute your tax on page 3.
IF INCOME WAS 55,000 OR MORE.— Compute tax on page 3. Use standard deduction or itemize deductions, whichever
.is to your advantage.
"5. (A) Enter your tax from table on page 4, or from line 13, page 3 ■
(B) Enter your self-employment tax from line 31, separate Schedule C.
6. How much have you paid on your 1951 income tax?
(A) Bytaxwithheld(initem2, above). Attach Original FormsW-2
(B) By payments on 1951 Declaration of Estimated Tax (include
any overpayment on your 1950 tax not claimed as a refund) .
If your tax (item 5) is larger than payments (item 6), enter
balance of tax due here.
$-.
Enter total here -^
7.
Enter total here "■
This balance must be paid in full with return
8. If your payments (item 6) are larger than your tax (item 5), enter the overpayment here
Enter amount of item 8 you want $.
(Refunded)
(Credited on 10^2 estimated tax)
Do you owe any prior year Federal tax for which you have been billed? (Yes or No) Is your wife (or husband)
making a separate return for 1951? (Yes or No) If "yes," write her (or his) name
If you have filed a return for a prior year, state latest year Where filed?
To which Collector's office did you pay amount claimed in item 6 (B), above? ___ ._
I declare under the penalties of perjury that this return (including any accompanying schedules and sta -ments) has
been examined by me and to the best of my knowledge and belief is a true, correct, and complete return.
(Signature of person, other than taxpayer, preparing this return)
(Date)
(Signature of taxpayer)
(Date)
(Name of firm or employer, if any) (Signature of taxpayer's wife or husband if this is a joint return)
i To assure split-income benefifs, husband and wife must include all their income and. even though only one has income, BOTH MUST SIGN.
(Date)
1»— 65304-1
164
FACSIMILE OF TAX RETURNS FOR 1951
Schedule A.— INCOME FROM DIVIDENDS
Page 2
N3Te ol ccfporallon dKlarinf dividend
Enter total here ">
Schedule B.— INCOME FROM INTEREST
Amount
Naine of pajor
Enter total here — ^
E;hsdule C E-Jnirnory.— PROFIT (OR LOSS) FROM BUSINESS OR PROFESSION, FARMING, AND PARTNERSHIP
1. Business profit (or loss) from separate Schedule C, line 24
2. Farm profit (or loss) from separate schedule. Form 1040F
3. Partnership, etc., profit (or loss) from Form 1065, Schedule J, Column 10. ,
4 Tot:il of lines 1, 2, 3
5. Less: Net operating loss deduction (attach statement)
6. Net profit (or loss) (line 4 less line 5)
$-.
Schcdu!c P.— NET CAIN OR LOSS FROM SALES OR EXCHANGES OF CAPITAL ASSETS, ETC.
1. From sale or exchange of capital assets (from separate Schedule D)
2. From sale or exchange of property other than capital assets (from separate Schedule D).
Schedule E.— INCOME FROM ANNUITIES OR PENSIONS
1. Cost of annuity (amount you paid).
2. Cost received tax-free in past years. ,
3. Remainder of cost (line 1 less
line 2)
4. Amount received this year. . $..
5. Excess of line 4 over line 3 . . | —
6. Enter line 5, or 3 percent of line 1, which-
ever is greater (but not more than line 4) .
Schedule F.— INCOME FROM RENTS AND ROYALTIES
1. Kind aid Iccallon of fiifwt]
2. Amount ol rent or
3. Depretlallon or depletion
(eiplalnln Sctiedule H)
4. Repairs (explain la
Sctiedule I)
1. Totals
2. Net profit (or loss) (column 2 less sum of columns 3, 4, and 5).
i. Ottier eipensei (Itemize
la Scliedulo I)
Schedule G.— INCOME FROM ESTATES AND TRUSTS AND OTHER SOURCES
1. Estate or trust
2. Other sources (state nature).
(Name)
(Address)
Enter total here ^
Total income (or loss) from above sources (Enter here and as item 3, page 1).
$
Schedule H.— EXPLANATION OF DEDUCTION FOR DEPRECIATION CLAIMED IN SEPARATE SCHEDULE C AND SCHEDULE F
1. Kl.id ol pjop;rl» (il l!i,llilln|!. slita material g|
•iilcli lm:\w(.\ci) Eitljdo land aid olhef
r;sndcpretlaS'n pr:perl>
2. Dj!9
xtulred
3. Cost or other katli
4. Depreciation al-
lowed (or allowable)
In prior years
5. Remaining cost or
other basis to be
licovered
6. Lite used In
accumulating
dep'eclatlon
7. Estimated lila
Irom heilfiilnf
ol lear
8. DeKKlatlel
allowable this year
$
$
$
$
Schedule I.— EXPLANATION OF LINES 6, 17, AND 20, SEPARATE SCHEDULE C AND COLUMNS 4 AND 5 OF SCHEDULE F
Line or I . ~ ~ \ Line or
. Column No. EipIanaU.o Amiuit c.lumi No.
Eiplaoallii
Schedu
e J.— EXEMPTIONS FOR CLOSE RELATIVES— (See Instruction!)
2. Relationship
3. Did dependent during 1951—
4. II answer to either 3(b) or 3(c) Is "No"
enter amouol spool lor dependent's support
In 1351 by—
1. Name ol dependent relallye. Also tlva
address II diilerenl Irom yours
(a)
Have gross Incomo
ol $600 or more?
(b)
Reside In your
home!
(0
Receive entire support
Irom you?
You (and your wtle II
this Is a joint return)
Others, and by depend-
ent Irom own lunds
$
$
Enter here and as item ID, page 1, the number of close relatives claimed above
«PO la — 65304-1
FACSIMILE OF TAX RETURNS FOR 1951
165
ITEMIZED DEDUCTIONS— FOR PERSONS NOT USING TAX TABLE ON PACE 4 OR STANDARD DEDUCTION ON LINE 2 BELOW—
If Husband and Wife (Not Legally Separated) File Separate Returns and One Itemizes Deductions, the Other Must Also Itemize
Pagi 3
Contributions
OrarllM diducUooi and stitt tg whm pUd. ir nuia v^ta It nMdid, iRxli addltlonil ibwti.
$.
$
AlloTwaVile Contrihiitions (nnx in eicrpss of IS tvrrrnt nf item 4. oaffe 1^
_ — - ^ J. . . r o y
Interest
$
Total Interest
Taxes
S-
Total Taxes
Losses from
fire, storm, or
other casual-
ty, or theft
$
Total Allowable Losses (not compensated by insurance or otherwise)
Medical
and dental
expenses
{ij overt') see
instructions)
$
Net Expenses (not compensated by insurance or otherwise)
Fnr^r S rif-rrpnr rS iffm 4 na (r/* 1 anrl ^tiKfrarr frnm Met pYtv^n^f-Q
$
Allowable Medical and Dental Expenses. See Instructions for
limitation
Miscel-
lanebus
{See
Instructions)
$
Total Miscellaneous Deductions
Total Deductions
$
TAX COMPUTATION FOR CALENDAR YEAR 19S1 (For Other Taxable Years Attach Form 1040FY)
1. Enter amount shown in item 4, page 1. This is your Adjusted Gross Income
2. If deductions are itemized above, enter total of such deductions. If deductions are not itemized
and line 1, above, is $5,000 or more: (<?) married persons filing separately enter $500, (Ji) all
others enter 10 percent of line 1, but not more than $1,000
3. Subtract line 2 from line 1. Enter the difference here. This is your Net Income
4. Multiply $600 by total number of exemptions claimed in item IE, page 1. Enter total here .
5. Subtract line 4 from line 3. Enter difference here. (If line 1 includes partially tax-exempt
interest, see instructions)
6. H line 5 is not more than $2,000— Enter 20.4 percent of amount on line 5 and disregard lines 7, 8, and 9.
This is your normal tax and surtax
7. II line 5 is more than $2,000 and you are a single person or a married person filing separately — Use tax rates on last page
of instructions to figure tax on amount on line 5. This is your normal tax and surtax
8. If line 5 is more than $2,000 and you are filing a joint return —
(a) Enter here one-haF of the amount of line 5
(/') Usetaxrates on last page of instructions to figure tax on amount online 8(<?)
(c) Multiply amount on line 8 (J>) by 2. This is your normal tax and surtax. .
$..
9. If alternative tax computation is made, enter here tax on back of separate Schedule D
Disregard lines 10, 11, and 12, and copy on line 13 the same figure you entered on line 6, 7, 8 (c), or 9, unless you used Itemized deductions
10. Enter here any income tax payments to a foreign country or U. S. possession
(attach Form 1116)
11. Enter here any income tax paid at source on tax-free covenant bond interest .
12. Add the figures on lines 10 and 11 and enter the total here
$-
13. Subtract line 12 from line 6, 7, 8 (f), or 9. Enter difference here and as item 5 (A), page 1.
This is your tax
$-.
16— 8M04-1
166
FACSIMILE OF TAX RETURNS FOR 1951
If you use this table, tear of? {fsts page and file only pages 1 and 2
TAX TABLE FOR CALENDAR YEAR 1951
FOR PERSONS WITH INCOMES UNDER $5,000 NOT COMPUTING TAX ON PAGE 3
Read down the shaded columns below until yeu flid the line covering the total Income you entered In Hera 4, page 1. Then read across to th3
column headed by the number corresponding to the niiroher o( exemptions claimed in Item 1, page 1. Enter the tax you find there in Item 5(A), page 1.
Page 4
It tDUt teunc hi lieffl
i, ?aie \, Is—
At leasi
675
' 700
t 725
\ 756
I 775
! 80t»
: 82d
850
i 875
soo
l>25
950
»75
1,000
1,025
1,060.
1,076
1 aoo
1,125
1 ,160
1,175
i,200
•l,-a2S-
1.250
1,375
1,300
1,325
1.350
1,375
1,4.00
1,425
1,450
1,500
1.536
1,550
1,575
1,600
l,ii'2S
l.^SO
1,675
1.700
1,735
1,760
1,775
i,eoo
1.825
i,«i;o
1,875
1,800
1,925
l,j*50
1,^75
2,00'"
2,oas
j>,076
2.100
•2,l;25
2.150
2.175
2.200
2,22.5
2,250
2,275
2,300
But less
than
$675
700
725
750
776
800
825
850
875
900
325
950
975
. 1,000
1,025
1,050
1,075
1,100
1.125
1,150
1.175
1,200
1 .225
i,a5<»
1,275
1,300
1,325
1,360
1,375
1,400
1.425
1,450
1,475
1,500
1.525
i;550
1.575
1.600
1,S35
1.650
i,675
1,700
1,726
1,750
1,776
1,800
1,826
1,850
1,875
1.900
1,926
1.8.50
1,975
2,000
2,025
2.i(5!-
2,1)75
2,100
2,j25
2,150
2,176
2,200
2,225
2,250
2.375
2,300
2,S25
And the number ol eiernptlons claimed
In Item I, page 1, Is —
$0
4
8
13
18
22
27
31
36
41
45
50
54
59
63
68
73
77
82
86
91
96
100
105
109
114
119
123
128
132
137
142
146
151
155
160
164
169
174
178
183
187
192
197
201
206
210
215
220
224
229
233
238
243
247
252
256
261
265
270
275
279
284
288
293
298
302
Your tax Is —
$0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
5
10
15
19
24
28
33
37
42
47
61
50
60
65
70
74
79
S3
88
93
97
102
106
111
116
120
125
129
134
138
143
148
152
157
161
166
171
175
180 57
$0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2
7
11
16
21
25
30
34
39
44
48
53
4 or
mare
K >>!» \mmi In Hm
■ i, pso 1, Is—
». i.,rf 8ut less
At least 1 ,1,3,,
$2,325
2,350
3.875
2,i00
2.425
2,430
.3,475
2,500
2,525
2,550
2,575 ■
2,600
2,625
2,650
2,675
2,700
2,735 .
2,750-
2, 77.5
'2,800
■2,825-
2,850
3,876.
2 ,900
2,925
2.»f.y
2,875
3,0')0
3,0.i0
3,UiW)
3,1.><>
3.25«P
3,300
3.3V(
3..H>0
3,450
.^i.-SOO
:i,5S0
3,600
3,650
3,709
3,750
3,800
3.830
;j,rrto
3,950
4 ,000
4,050
4,100
4.150
4,2(»0
4,260
4,S0f)
4.350
4,400
4.450
4,500
4,5.50
4,600
4,6,50
4,700
4,750
*.80O-
4,850
4,900
4,950
$2,350
2,375
2,400
2,425
2,450
S.iTS.
2 500
2,525
2,550
2,575
2,600
2.625
2,S50
3.675
2,700
2,725
2,750
2.776
2,800.
2.S35
2.850'
2,S7«>
2,900
2,925
3,350
2,S7.5-
3,000
3,050
3.100
3-150'
3,200 .
3,350
,^{,300
ru.aso
3.400
fj,460
3.500
3,550
3.S00
3,650
3,700
8.750
3,800
3,850
3,900
S 950
i,000
4,050
4,100
4,150
4,2(>»
4,250
4,30')
■i Jim
•j;,40o
'1,450
4,50»
4,550
4,600
'.;.650
4,700
4,750
4,800
4.850
4,900
4,950
6,000
And the numtier of eiemptlons claimed Id Item 1, page 1, Is —
And ycu
are single
or a
manied
persci
nilrg
separately
And you
are a
r?iarr[ed
couijle
Mlflg
jolnll)
And you 1 .„j „.,.
arosln,l.;*",;.>™
or a
married
person
mint
separately
married
couple
llSnt
Jointly
Your tax Is —
$307
311
316
321
325
330
334
339
343
348
353
357
362
366
371
376
3S0
385
389
394
393
403
408
413
418
423
428
435
446
456
466
476
486
490
506
516
526
536
546
556
5o6
577
587
597
607
617
627
637
647
657
667
677
687
698
708
718
728
738
748
758
768
778
788
798
808
818
829
8 or
moro
$184
189
194
.$184
i 189
; 194
$62
67
71
$62
67
71
$0
0
0
$0
0
0
$0
0
0
$0
0
0
198
203
207
212
! 198
203
'■ 207
. 212
76
80
85
90
76
80
85
90
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
216
221
226
230
216
221
226
230
94
99
103
108
94
99
103
108
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
235
239
244
249
235
239
244
249
112
117
122
126
112
117
122
126
0
0
0
4
0
0
0
0
0
0
0
0
0
0
0
0
253
258
262
267
253
258
262
207
131
135
140
145
131
135
140
145
8
13
18
22
0
0
0
0
0
0
0
0
0
0
0
0
272
276
281
285
272
276
281
285
149
154
l.W
163
149
154
158
163
27
31
36
41
0
0
0
0
0
0
0
0
0
0
0
0
290
295
299
304
290
205
299
304
168
172
177
181
168
172
177
181
45
50
54
59
0
0
0
0
0
0
0
0
0
0
0
0
311
320
329
338
311
320
329
338
188
197
207
216
188
197
207
216
66
75
84
93
0
0
0
0
0
0
0
0
0
0
0
0
347
356
366
375
Z'll
356
3-36
375
225
234
243
252
225
234
243
252
103
112
121
130
0
0
0
8
0
0
0
0
0
0
0
0
384
393
402
412
384
393
402
412
262
271
280
289
262
271
280
289
139
148
158
167
17
26
35
44
0
0
0
0
0
0
0
0
422
432
442
452
421
430
439
448
20s
308
317
320
298
308
317
326
176
185
194
203
54
63
72
81
0
0
0
0
0
0
0
0
462
472
482
493
457
467
476
485
335
344
353
363
335
344
353
363
213
222
231
240
90
99
109
118
0
0
0
0
0
0
0
0
503
513
523
533
494
503
513
522
372
381
390
399
372
381
390
399
249
259
268
277
127
136
145
155
5
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FACSIMILE OF TAX RETURNS FOR 1951
175
SCHEDULE C (File with Form 1040)
1951
SCHEDULE OF PROFIT (OR LOSS) FROM BUSINESS OR PROFESSION AND
COMPUTATION OF SELF-EMPLOYMENT TAX (for old-age and survivors insurance)
:alendjir year 1951 or fiacAl yeM beginning , I9S1, and ending -
Name and address under
which Form lOIO is filed
If a joint return, name of husband or
wife having net earnings from self-employment .
PROFIT (OR LOSS) FROM BUSINESS OR PROFESSION
(For reporting farm income, see Form 1040 InBtruclions)
State (1) nature of business-.
(2) business name
(3) business address —
Do NOT include in this schedule cost of goods withdrawn for personal
use or deductions not connected with your business or profession
Total receipts from business or profession
COST OF GOODS SOLD
Inventory at beginning of year
Merchandise bought for manufacture or sale
Cost of labor.
Material and supplies
Other coats (explain in Schedule I, Form 1040}
Total of lines 2 to 6
Less inventory at end of year
Net cost of goods sold (line 7 less line 8)
Gross profit (line 1 less line 9) - -
OTHER BUSINESS DEDUCTIONS
Salaries and wages not included in line 4
Rent on business property
Interest on business indebtedness
Taxes on business and business property
Bad debts arising from sales or services
Depreciation and obsolescence (explain in Schedule H, Form 1040)
Repairs (explain in Schedule I, Form 1040) _ _
Depletion of mines, oil and gas wells, timber, etc. (submit schedule)
Amortization of emergency facilities (attach statement)
Other business expenses (explain in Schedule I, Form 1040)
Total of lines 11 to 20
Net profit (or loss) before losses of business property (line 10 less line 21)
Less: l^osses of business property (attach statement) —
Net profit (or logs) (line 22 less line 23). Enter here and on line 1, Schedule C Summary, page 2, Form 1040-
COMPUTATION OF SELF-EMPLOYMENT TAX (See Instructions on other side)
25. Net earnings (or loss) from self-employment included in line 22, above
20. Net earnings (or less) from self-employment from partnerships, joint ventures, etc.
(from column 10, Schedule K, page 4, Form 1065)
27. Total net earnings (or loss) from self-employment (lines 25 and 26)
(If total of net earnings is under $400, do not malie any entries below)
28. Wages paid to you during the taxable year which were subject to withholding for old-age and survivors
insurance - —
29. Total of lines 27 and 28 - — .
30. Self-employment income subject to tax:
If line 29 is (n) not over $3,600, enter amount shown on line 27
(6) over $3,600 — and amount on line 28 is $3,600 or more, enter "none" — I
— and amount on line 28 is under $3,600 enter difference between
$3,f>0() and amount on line 28 )
31. Self-employment tax — 2K percent of anioimt shown on line 30.
Form 1040
Enter tax here and as item 5(B), page 1,
FILL IN ITEMS BELOW BUT DO NOT DETACH
Schedule Oa (Form 1040)
V. S. TREASURY DEPARTMENT
INTEBNAL RKTEI^E SERVICE
U. S. REPORT OF SELF-EMPLOYMENT INCOME
(For Fcdorol Old-Age and Survivor. Iniuroncv)
1951
For calendu year 1951 or fiscal year beginning __ , 1951, and ending .
State nature of business
, 195..
ENTBB HEBB YOUR SOCIAL
SECUEITY ACCOUNT NUMBER
ENTER BELOW. NAME AND BUSINESS ADDRESS OP SELF-EMPLOYED PERSON
(Swne)
ADDRESS (StiHt and oimiber. or mral route)
(City or toyp. poatnl cone number) (Stale)
Enter total net earnings
from self-employment
showTi on line 27 above $..
Enter wages shown on
line 28 above $..
Enter self-employment
income subject to tax
shown on line 30 above, $..
176
FACSIMILE OF TAX RETURNS FOR 1951
PURPOSE OF THIS FORM
Schedule C (Form 1040).— Schedule C serves two purposes.
First, it provides for the determination of net profit (or loss)
from business or profession to be used in computing income
tax. Second, it provides for the computation of the self-
employment tax in accordance with Subchapter E, Chapter 1
of the Internal Revenue Code, as added by the Social Security
Act Amendments of 1950.
Schedule C-a (Form 1040). — The lower portion of Schedule
C, which is designated as Schedule C-a (Form 104U), is de-
signed to provide the Social Security Administration with
the information on self-employment income necessary for
old-age and survivors insurance purposes.
INSTRUCTIONS
INCOME TAX
In determining net profit (or loss) from business or profes-
sion on lines 1 through 24, see instructions for Form 1040.
SELF-EMPLOYMENT TAX
In general, every individual deriving income during a tax-
able year beginning on or after January 1, 1951, from a trade
or business carried on by him or from a partnership of which
he is a member is subject to the self-employment tax, the
computation of which is made on lines 26 through 31.
"Net earnings from self-employment" (line 27) is the gross
income derived by an individual from any trade or business
carried on by him, less the allowable deductions attributable
to such trade or business, plus his share of self-employment
net earnings (or loss) from a partnership of which he is a
member.
EXCLUSIONS
In determining the amount of net earnings from self-
employment on line 26, do not include income from the follow-
ing sources or deductions attributable thereto:
1. Certain professions. — Income from the performance of
service as a physician, lawyer, dentist, osteopath, veterinarian,
chiropractor, naturopath, optometrist, Christian Science prac-
titioner, architect, certified public accountant, acpountant
registered or licensed as an accountant under State or munici-
pal law, full-time practicing public accountant, funeral direc-
tor, or professional engineer; or income from the performance
of such service by a partnership;
2. Religious services. — Income from the performance of
service by a duly ordained, commissioned, or licensed minister
of a church in the exercise of his ministry or by a member of
a religious order in the exercise of duties required by such
order ;
3. Farming. — Income from farming or from any other busi-
ness in which, if the business were carried on exclusively by
employees, the major portion of the services would consti-
tute agricultural labor;
4. Employees and public officials. — Income from the per-
formance of service as:
(a) a public official, including a notary public;
(6) an employee or employee representative under the
railroad retirement system; or
(c) an employee. "Employee" includes among others:
(1) an agent-driver or commission driver engaged in
distributing meat, vegetable, fruit and bakery
products, beverages (other than milk), or laun-
dry or drj'-cleaning services;
(2) a full-time life insurance salesman;
(3) a home worker performing work subject to
licensing requirements under State law; and
(4) traveling or city salesmen generally, engaged
upon a full-time basis for their principals (ex-
cept for side-line sales activities on behalf of
another person).
Note. — The income of an employee over the age of 18
from the sale of newspapers or magazines to an ultimate
consumer is subject to the self-employment tax if the
income consists of retained profits from such sales.
5. Real estate rentals. — Rentals from real estate, except
rentals received in the course of a trade or business as a real
estate dealer. Payments for the use or occupancy of rooms
or other space where services are also rendered to the occupant,
such as rooms in hotels, boarding houses, apartment houses
furnishing hotel services, tourist camps, tourist homes, or
space in parking lots, warehouses, or storage garages do not
constitute rentals from real estate and therefore are included
in determining net earnings from self-employment;
6. Interest and dividends. — Dividends on shares of stock,
and interest on bonds, debentures, notes, certificates or other
evidences of indebtedness, issued with interest coupons or in
registered form by a corporation, or by a government or
political subdivision thereof, unless received in the course of
a trade or business as a dealer in stocks or securities; and
7. Property gains and losses, — Gain or loss (A) from the
sale or exchange of a capital asset, (B) to which section 117(j)
is applicable, or (C) from the sale, exchange, involuntary con-
version, or other disposition of property if such property is
neither (a) stock in trade or other property of a kind which
would properly be includible in inventory if on hand at the
close of the taxable year, nor (6) property held primarily for
sale to customers in the ordinary course of the trade or
business.
Net operating losses. — In determining the net earnings from
self -employment, no deduction for net operating losses of other
years shall be allowed.
MORE THAN ONE TRADE OR BUSINESS
If an individual is engaged in more than one trade or busi-
ness, his net earnings from self-employment are the aggregate
of his net earnings from self-employment of each trade or
business carried on by him. Thus, the loss sustained in one
trade tr business will operate to reduce the income derived
from another trade or business.
JOINT RETURNS
Where husband and wife file a joint return. Schedule C
(Form 1040) should show the name of the one with self-
employment income and also the names under which the joint
return is filed. Where husband and wife each have self-
employment income, a separate Schedule C must be attached
for each. In such cases the total of amounts shown on
line 24 of each separate schedule should be entered on line 1,
Schedule C Summary, page 2, Form 1040, and the aggregate
self-employment tax (line 31) should be entered as item 5(B),
page 1, Form 1040.
COMMUNITY INCOME
For the purpose of computing net earnings from self-
employment, if any of the income from a trade or business
is community income, all the income from such trade or
business is considered the income of the husband unless the
wife exercises substantially all the management and control
of the trade or business, in which case all of such income is
considered the income of the wife.
If separate returns are filed by the husband and wife, a
complete Schedule C should be attached to the return of
the one with self-employment income. Community income
included on such a schedule must, however, be allocated be-
tween the two returns (on liTie 1, Schedule C Summary, page 2,
Form 1040) on the basis of the community- property laws.
In computing his aggregate net earnings from self-employ-
ment, a partner should include his entire share of such
earnings from a partnership. No part of that share may be
attributed to the partner's wife (or husband) even though the
income may, under State law, be community income.
SCHEDULE C-a (Form 1040)
To assure proper credit to your account, be sure to enter
your name and social security account number on Schedule
C^a (Form 1040) exactly as they are shown on your social
security card. If you do not have a social security account
number, you must get one. These account numbers are ob-
tainable from any of the approximately 500 Social Security
Administration Field Offices throughout the country. The
telephone directory or your local post office will give you the
address. Do not delay filing your return beyond the due
date even though you have not obtained your social security
account number.
Regardless of whether a joint or separate returns on Form
1040 are filed by husband and wife, Schedule C^a (Form 1040)
should show only the name of the one with the self-
employment income. le— 05221-1 u- s- gov»nhcn> pkintih.: ornce
FACSIMILE OF TAX RETURNS FOR 1951
177
SCHEDULE D (Form 1040)
U.S. Treasury Department
Internal Revenue Service
1951
SCHEDULE OF GAINS AND LOSSES FROM SALES OR EXCHANGES OF PROPERTY
For Calendar Year 1951
or taxable year beginning , 1951, and ending , 1952
Name and address
(1) CAPITAL ASSETS
1. Kind of property (Jl necessary, attsch stalement of
descriptive details not shown below)
2. Date acquired
Mo. Day Year
3. Date sold
Mo. Day Year
4. Gross sales price
(contract price)
5. Depreciation allowed | ^- Cost or other basis and
(or allowable) since ac "^t o( subsequent im-
quisition or March 1, ' PfO«ments
1913 (attach schedule) <" ""' purchased attach
I eipianatjon)
7. Expense of sale
8. Gain or loss
(column 4 plus
column 5 less sum of
columns 6 and 7)
SHORT-TERM CAPITAL GAINS AND LOSSES-ASSETS HELD NOT MORE THAN 6 MONTHS
1
$
$
$
$
$ .
2. Enter your share of net short-term
3. Enter here the sum of short-term ga
jain or loss
Ds or losses
from partnerships an(
or difference between
short
term gains and losses shown above
$
LONG-TERM CAPITAL GAINS AND LOSSES-ASSETS HELO FOR MORE THAN 6 MONTHS
5. Enter the full amount of your share of net long-term gain or loss from partnerships and common trust funds
6. Enter here the sum of long-term gains or losses or difference between long-term gains and losses shown above
7- Enter 50 percent of line 6. This is the amount of long-term gain or loss to be taken into account in summary below.
8. Summary of Capital Gains (use only if gains exceed losses in lines 3 and 7):
(a) Net gain for 1951 (either the sum of gains or difference between gains and losses in lines 3 and 7).
(i) Capital loss carry-over, 1946-1950, inclusive
(0 If line (a) exceeds line (i), enter the excess here and on line 1, Schedule D, page 2, Form 1040. . .
(<i) If line (i) exceeds line (a), enter the excess here and use line (0 to determine allowable loss
(e) Enter here and on line 1, Schedule D, page 2, Form 1040, the smallest of the following: (l) the amount on line (J); (T) net
income (adjusted gross income if tax table is used) computed without regard to capital gains or losses; or (3) $1,000
(/) Enter here the amount on line («) plus any capital loss carry-over from 1946 which was not used against line (a) or in line (j).
(£) Subtract line (/) from line (i) and enter the remainder here. This is your capital loss carry-over to 1952
9. Summary of Capital Losses (use only if losses exceed gains in lines 3 and 7):
(a) Net loss for 1951 (either the sum of losses or difference between losses and gains in lines 3 and 7).
(A) Capital loss carry-over, 1946-1950, inclusive
(0 Total of lines (a) and (i)
(</) Enter here and on line 1, Schedule D, page 2, Form 1040, the smallest of the following: (l) the amount on line (c); (X) net
income (adjusted gross income if tax table is used) computed without regard to capital gains or losses; or (3) $1,000
(<) Enter here the amount on line (i/) plus the amount of any 1946 capital loss carry-over not used in line (</)
(/) Subtract line (Q from line (c) and enter the remainder here. This is your capital loss carry-over to 1952
(2) PROPERTY OTHER THAN CAPITAL
ASSETS
1. KiniloliiiDpeftf
t Dati aoiuireil
Mo. Oar Year
3. Dale sold
Mo. Day Year
4. Gross sales price
(contract price)
5. Deprecation allowed
(or aIlow3t)le) since ac
quisition or March 1,
)3U(anach schedule)
6 Cost Of ottier basis and
cost of subsequent im-
provements
(II not purcliased. attach
eiplanation)
7. Expense of sale
1. Gain or loss
(column 4 plus
column 5 less sum ol
columns 6 and 7)
1 - -
$
$
$
$
$
2. Enter here the sum of gains or 1
page 2, Form 1040
osses or diffe
rence betwee
D gains am
lossc
s shown abo
ve.
Also enter o
n line
2, Schedule
D,
$
See other side for Instructions and Computation of Alternative Tax
10— 05334 -1
178
FACSIMILE OF TAX RETURNS FOR 1951
COMPUTATION OF ALTERNATIVE TAX FOR CALENDAR YEAR 1951
Use only It you had a net long-term capital gain or an excess of net long-term capital gain over net short-term capital loss, and line 5 or 8(a), page 3, Form 1040, exceeds $16,000
1. Enter the income from either line 5 (if separate return) or line 8 (a) (if joint return), page 3, Form 1040
2. If separate return, enter net long-term capital gain or excess of net long-term capital gain over net short-term capital loss (the
gain in line 7 on other side less the sum of any losses in lines 3 and 8 (i)); if joint return, enter one-half of such amount . . .
3. Balance (line 1 less line 2)
4. Enter tax on amount on line 3 (See Form 1040 Instructions)
5. If you are filing a joint return, multiply amount on line 4 by two
6. If separate return, enter 50% of amount on line 2; if joint return, enter full amount of line 2
7. Enter amount from either line 4 or 5, whichever is applicable
8. Alternative tax (line 6 plus line 7)
9. Enter total normal tax and surtax from page 3, Form 1040 (line 7 or line 8 (c), whichever is applicable)
10. Tax liability (line 8 or 9, whichever is smaller). Enter here and also on line 9, page 3, Form 1040
INSTRUCTIONS — (References are to the Internal Revenue Code)
GAINS AND LOSSES FROM SALES OR EXCHANGES OF
CAPITAL ASSETS AND OTHER PROPERTY.— Report details
in schedule on other side.
"Capital assets" defined. — The term "capital assets" means — All
property held by the taxpayer (whether or not connected with his trade
or business) but does NOT include —
(<*) stock in trade or other property of a kind properly includible in his
inventory if on hand at the close of the taxable year;
(i) property held by the taxpayer primarily for sale to customers in the
ordinary course of his trade or business;
(0 property used in the trade or business of a character which is sub-
ject to the allowance for depreciation provided in section 23 (1);
(i/) real property used in the trade or business of the taxpayer;
(<) certain government obligations issued at a discount and maturing
within one year of issue;
(/) certain copyrights or artistic compositions, etc.
If the total of the distribution to which an employee is entitled under an
employees' pension, bonus, or profit-sharing trust plan meeting the re-
quirements of section 165 (a) is received by the employee in one taxable
year, on account of the employee's separation from the service, the aggre-
gate amount of such distribution, to the extent it exceeds the amounts
contributed by the employee, shall be treated as a long-term capital gain.
If distribution is in securities of employer corporation, see section 165 (b).
A capital gain dividend, as defined in section 362 (relating to tax on
regulated investment companies), shall be treated by the shareholder as
a long-term capital gain.
Gain on sale of depreciable property after May 3, 1951, between
husband and wife or between a shareholder and a "controlled corpora-
tion" shall be treated as ordinary gain. See section 117 (o).
Section 117 (j), in effect, provides that all transactions covered by this
section shall, in the event of a net gain, be taken into account at 50 percent
as in the case of long-term capital gain but, in the event of a net loss, shall
be taken into account at 100 percent as in the case of property other than
capiul assets. Thus, in the event of a net gain, all these transactions
should be entered in the "long-terra capital gains and losses" portion of
Schedule D on the other side. In the event of a net loss, all these trans-
actions should be entered in the "property other than capital assets* ' por-
tion of Schedule D, or in other applicable schedules on Form 1040.
Section 117 (j) deals with gains and losses arising from —
(<?) sale, exchange, or involuntary conversion, of land (including in
certain cases unharvestcd crops sold with the land) and depreciable prop-
erty (including livestock held for draft, breeding, or dairy purposes; but
not including poultry) used in the trade or business and held for more
than 6 months (one vear in the case of livestock),
(i) the cutting of timber or the disposal of timber or coal to which
section 117 (k) applies, and
(c) the involuntary conversion of capital assets held mere than 6 months.
See sections 117 (j) and (k) for specific conditions applicable.
Kind of property listed. — State following facts: (a) For real estate
(including owner-occupied residences), location and description of land
and improvements; (A) for bonds or other evidences of indebtedness, name
of issuing corporation, particular issue, denomination, and amount; and
(0 for stocks, name of corporation, class of stock, number of shares, and
capital changes affecting basis (including nontaxable distributions).
Basis. — In determining gain or loss in case of propertv acquired after
February 28, 1913, use cost, except as otherwise providecl in section 113.
The basis of the property acquired by gift after December 31, 1920, is the
cost or other basis to the donor in the event of gain, but, in the event of
loss, it is the lower of cither such donor's basis or market value of prop-
erty on dare of gift. The basis of property acquired by inheritance is the
fair market value of the property at time of acquisition which generally
is the date of death. In the case of sales and exchanges of owner-occupied
residences, automobiles, and other such non-income-producing properties,
the basis for determining gain is the original cost plus the cost of per-
manent improvements thereto. No losses are recognized for income tax
purposes on the sale and exchange of such non-income producing properties.
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 pro-
vided in section 113 (b), whichever is greater, but in determining LOSS
use cost so adjusted.
Losses on securities becoming worthless. — If (a) shares of stock
become worthless during the year or (i) corporate securities with interest
coupons or in registered form become worthless during the year, and are
capital assets, the loss therefrom shall be considered as from the sale or
exchange of capital assets as of the last day of such taxable year.
Nonbusiness debts. — If a debt, such as a personal loan but not (a) a
debt evidenced by a corporate security with interest coupons or in regis-
tered form and (f) a debt the loss from the worthlessness of which is
incurred in the trade or business, becomes totally worthless within the
taxable year, the loss resulting therefrom shall be considered a loss from
the sale or exchange, during the taxable year, of a capital asset held for not
more than 6 months. Enter such loss in column 8 (describe in column 1)
of schedule of short-term capital gains and losses on other side.
Classification of capital gains and losses. — The phrase "short-
term" applies to gains and losses from the sale or exchange of capital
assets held for 6 months or less; the phrase "long-term" to capital assets
held for more than 6 months.
Collapsible corporations. — Gain from the sale or exchange of stock
of a collapsible corporation is not a capital gain. (See section 117 (m).)
"Wash sales" losses. — Losses from the sale or other disposition of
stocks or securities are not deductible (unless sustained in connection with
the taxpayer's trade or business), if, within 30 days before or after the date
of sale ot other disposition, 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 to acquire, substantially
identical stock or securities.
Losses in transactions between certain persons. — No deduction
is allowable for losses from sales or exchanges of property directly or in-
directly between (a) members of a family, (») a corporation and an indi-
vidual owning more than 50 percent of its stock (liquidations excepted),
(f) a grantor and fiduciary of any trust, or (<i) a fiduciary and a beneficiary
of the same trust.
Nondeductible losses. — Losses from the sale or exchange of prop-
erty are not deductible unless they are incurred in trade or business or in
transactions entered into for profit.
LIMITATION ON ALLOWABLE CAPITAL LOSSES.—
Allowable losses from current year sales or exchanges of capital assets
shall be allowed only to the extent of (l) current year gains from such
sales or exchanges plus (2) the smaller of either the net income of the
current year (or adjusted gross income if tax table is used) computed with-
out regard to capital gains or losses, or $1,000. The excess of such allow-
able Josses over the sum of items (l) plus (2) above is called "capital loss
carry-over." It may be carried forward and used against any such gain
and income of the five succeeding years. However, the capital loss carry-
over of each year should be kept separate, since the law limits the use of
such carry-over to the five succeeding years. Therefore, in offsetting your
capital gain and income of 1951 by prior year loss carry-overs, use any
capital loss carry-over remaining from 1946 before using any such carry-
over from 1947 or subsequent years. Any 1946 carry-over which cannot
be used in 1951 must be excluded in determining your total loss carry-over
to 1952 and subsequent years.
ALTERNATIVE TAX. — If the net long-term capiral gain exceeds
the net short-term capital loss, or in the case of only a long-term capital
gain, taxpayers (a) filing separate rerurns with surtax net income exceed-
ing $16,1X10, or (k) filing joint returns with surtax net income exceeding
$32,000 should compute the alternative tax (see computation of alterna-
tive tax above). "The alternative tax, if less than the normal tax and
surtax computed on page 3 of Form 1040, shall be the tax liability.
U. S. GOVERNMENT PRINTING OFFICE : IP5I 16 65334-1
FACSI.MUJO OF TAX KKTrHNS FOR 1051
179
FORM 1040 A
U.S. Treasury Department
Internal Revenue Service
BE SURE TO
ATTACH ALL YOUR
ORIGINAL 1951
WITHHOLDING
STATEMENTS
(Forms W-2)
EMPLOYEE'S OPTIONAL
U. S. INDIVIDUAL INCOME TAX RETURN
IF YOU USE THIS FORM, THE COLLECTOR OF INTERNAL REVENUE WILL COMPUTE YOUR TAX
(IF VOU WISH TO COMPUTE YOUR OWN TAX USE FORM 1040)
Name
1951
CALENDAR YEAR
(PLEASE PRINT, If this is a joint return of husband and wife, use &rst names of both)
HOME ADDRESS
(PLEASE PRINT. Street and number or rural route)
(City, town, or post office) (Postal zone number)
Social Security No Occupation
(State)
Do not write In this space
Serial
No.
Your
exemp-
tions
1. List your name. If your wife (or husband)
had no income, or if this is a joint return,
list also her (or his) name.
Check below it on Dec. 31, 1951,
you or your wife were —
65 or over Q Blind Q
65 or over n Blind D
On lines A and B below —
If neither B5 nor blind write the figure 1 m
if either 65 or blind write the figure 2 ^
If both 65 and blind write the figure 3 ▼
Name — and address If different from yours
(Your name)
B
(Your wife's name — do not list if exemption is claimed on another return) '
C. List names of your children (includ-
ing stepchildren and legally adopted
children) with 1951 gross incomes of
less than $600 who received more
than one-half of their support from
you in 1951. See Instruction 1 C. .■ E^^^^ ^^^^er of children listed .
D. Enter number of exemptions claimed for close relatives listed in Schedule A on other side
- E. Enter total number of exemptions claimed in A to D above
Number of exemptions for you
Number of her (or his) exemptions . . .
2. Fill in below the information from each of your 1951 Withholding Statements (Forms W-
joint return, enter information from withholding statements of both husband and wife.
-2). If th
is is a
=3
Flint Employer's Name
Where Employed (City and State)
Income Tai Wittiheld
Total Wafos
-g
$
$
■s Your
^ in-
5 '"
^ come
Enter totals
$
$.
3. Enter total of interest, dividends, and any wages not shown on Forms W-2. If this
is a joint return enter total of such income of both husband and wife
1
// item 3 !S over $100, or you had any ot
■4. Add items 2 and 3. // total is $5,000 o
If item 4 includes income of both hu
_ husband's income $
her income {rent, etc.) use torm 1040.
r more, use Form 1040
$
sband and wife, show:
; wife's income $
Do you owe any prior year Federal tax for which you have been billed? (Yes or No) Is your wife (or husband) making
a separate return for 1951? (Yes or No) If "yes," write her (or his) name
If you have filed a return for a prior year, state latest year Where filed?
I (we) declare under the penalties of perjury that the foregoing statements are true to the best of my (our) knowledge
and belief; and that all 19il income is reported hereon.
(Signature of person, other than taxpayer, preparing this return)
(Date)
(Signature of taxpayer)
(Date)
(Address) (Signature of ta.xpayer's wife or husband if this is a ioint return) (Date)
To assure any benefits of split-iocome provisions, husband and wife mus[ include all their income and, even though only one has income, BOTH MUST SIGN*
THIS SPACE FOR COLLECTOR'S USE ONLY
TAX DUE OR REFUND WILL BE COMPUTED BY COLLECTOR
Credits
Tax
Balance due or refund .
Total . . .
180
FACSIMILE OF TAX RETURNS FOR 1951
SCHEDULE A-
-EXEMPTIONS FOR CLOSE RELATIVES— (See Instruction 1 D)
2. RelatiOQSbip
3. Did dependent during 1951—
4. If answer to either 3(b> or 3(c) is
"No," enter amount spent for
dependent's support in 19S1 bf —
1. Name of dependent reUiiVe. Also give
adtlreu a difiefeot from your*
Have gross lacome
of 1600 or more?
(b)
Reside in your
home?
Receive entue
support from
you?
You (and your
wife if this is a
joint return)
Othen. and by
dependent from
own funds
1
Enter here and as item 1 D on other side the number of close relatives claimed above
INSTRUCTIONS FOR FILING YOUR INCOME TAX RETURN
Who Must File. — Every citizen or resident of the United
States — whether an adult or minor — who had gross income of
$600 or more in 1951 must file a Federal income tax return
on Form 1040 A or Form 1040.
A single person with less than $600 gross income should file a
return to get a refund if tax was withheld. A married person
with income less than her (or his) own personal exemption(s)
should always file a joint return with husband or wife to get the
smaller tax or larger refund for the couple. No refund can be
made unless a return is filed.
Who May Use Optional Return Form 1040A. — If your total
gross income was less than $5,000 and consisted entirely of
wages reported on Withholding Statements (Forms W— 2), or of
such wages and not more than $100 total of other wages, divi-
dends, and interest, you may use Form 1040 A. A husband and
wife may file a joint return on Form 1040A if their combined
incomes do not exceed these limits. If you had any income from
other sources, such as annuities, rents, royalties, a business or
profession, farming, sale or exchange of personal or real prop-
erty, partnerships, estates, and trusts, you may not use Form
1040A but must file your return on Form 1040. Likewise,
Form 1040 must be used in making a separate return of a married
Eerson domiciled in a community property State, or where
usband or wife itemizes deductions.
If you use Form 1040 A, the Collector of Internal Revenue
will compute the tax and send you either a check for any refund
due you or a bill for any amount you owe. The Collector will
compute your tax from the table provided by law which allows
$600 for each exemption and about 10 percent of your total in-
come for charitable contributions, interest, taxes, casualty losses,
medical expenses, and miscellaneous items. // your deductions
amount to more than 10 percent of your income, it will generally
be to your advantage to use Form 1040 and itemize them.
Married Couple — Advantage of Joint Return. — A husband
and wife may make a joint return even though one has no income.
To assure any benefits of the split-income provisions, they should
file a joint return. Both husband and wife must sign a joint
return. A joint return on Form 1040A never results in more tax
than separate returns because the tax is computed by the Collector
on the combined incomes or on tlie separate incomes, whichever
results in the smaller tax or larger refund for the couple. Both
husband and wife are responsible for any tax which is due on a
joint return, and any refund check will be addressed to both.
Where and When To File Your Return. — File your com-
pleted and signed return with the Collector of Internal Revenue
for your district, between January 1 and March 15, 1952.
YOUR EXEMPTIONS AND INCOME
1. Your Exemptions. A and B. For yourself and wife. —
Fill in items 1 A and B on other side to receive credit for your
exemption and that of your wife (or husband). Marital status,
age, and blindness must be determined as of December 31, 1951.
However, if the husband or wife died during 1951, the exemp-
tions of tlie deceased should be determined as of the date of
death instead of December 31. If totally blind, attach a state-
ment of such fact to the return. If partially blind, attach a
statement from a qualified physician or a registered optometrist
that ( 1 ) central visual acuity did not exceed 20/200 in the better
eye with correcting lenses or (2) that the widest diameter of the
visual field subtends an angle no greater than 20 degrees.
C. For children. — Fill in item 1 C on other side to receive
credit for your dependent children. To qualify, each must meet
all four of the following tests for 1951 :
1. Did not have $600 or more gross income, and
2. Received more than one-half of his or her support from
you (or from husband or wife if this is a joint return), and
3. Is not claimed as an exemption on the return of her hus-
band (or his wife), and
4. Was either a citizen of the United States or a resident of
the United States, Canada, or Mexico.
D. For close relatives. — Fill in Schedule A, above, to re-
ceive credit for dependent close relatives. To be listed, each must
meet all four tests shown in Instruction 1 C. In addition, each
must be related to you (or to husband or wife if this is a joint
return) in one of the following ways:
Mother
Father
Grandmother
Grandfather
Brother
Sister
Grandson
Granddaughter
Stepbrother
Stepsister
Stepmother
Stepfather
f. COVCNNHENT PRINTING OPftCB
Mother-in-law
Father-in-law
Brother-in-law
Sister-in-law
Son-in-law
Daughter-in-law
la — 66252-1
Uncle-
Aunt —
Nephew —
Niece —
hut only if
related by blood
2 and 3. Your Income. — Enter in item 2 on other side wages
shown on all your 1951 Forms W— 2 before payroll deductions.
Enter in item 3 on other side the total of interest, dividends,
and any wages not shown on Forms W-2. If a joint return is
filed, enter total of such interest, dividends, and wages of both
husband and wife. Include in tliis item all "tips" and so-called
"gifts" which are really compensation for services. Also in-
clude the difference between the purchase price and the redemp-
tion price of any United States Savings Bonds cashed in 1951.
Nontaxable income. — You should exclude from your income
any items exempt from tax, such as social security benefits, sick-
ness and injury benefits, life insurance proceeds, dividends on
veterans' Government insurance, mustering-out pay, and Govern-
ment contributions to monthly family allowances.
Combat service. — If in 1951 you served as a member of the
Armed Forces in a combat zone or were hospitalized from com-
bat zone service after June 24, 1950, part or your active service
pay is not taxable. Your service withholding statement (Form
W-2) does not include this nontaxable pay but shows only pay
you need report. Enter this figure in item 2.
F. I. C. A. Tax Credit.— U more than $54 of F. I. C. A.
employee tax was withheld during 1951 because you worked
for more than one employer, the excess may be claimed as a
credit against income tax. Enter any excess of F. I. C. A. tax
withheld over $54 in "Income Tax Withheld" column of item 2
on other side and write "F. I. C. A. tax" in "Where employed"
column. Compute the credit separately for husband and wife,
if this is a joint return.
Your Rights of Appeal. — If you believe there is an error
in any bill, statement, refund, or audit adjustment in connection
with your tax, you are entitled to present your reasons ^o the
Collector and have the matter reconsidered. If agreement on
audit adjustments is not reached with the Collector, you can
appeal to the Internal Revenue Agent in Charge in your district.
That official will advise you of further appeal rights.
FACSIMILE OF TAX RETURNS FOR 1951
181
FORM 1041
U.S. Treasury Department
Internal Revenue Service
U. S. FIDUCIARY INCOME TAX RETURN
(FOR ESTATES AND TRUSTS)
For Calendar Year 1951
or taxable year beginning ., 1951, and ending , 1952
(PRINT NAMES AND ADDRESS PUINU BELUn)
Name of
Estate or Trust . _...„
CHECK (V) WHETHER ESTATE Q, OR TRUST Q
1951
Name and
Address rf '
Fiduciary
Do not write In these spaces
Serial
No.
(Cashier's Stamp)
INCOME
Item and
Instruction No.
1. Dividends
2. Interest on bank deposits, notes, corporation bonds, etc. (except interest
to be reported in item 3)
Z. Inierest on tax-free covenant bonds upon which a Federal income tax
was paid at source
4. Interest on Government obligations, etc., unless wholly exempt from
tax.
9.
10.
11.
12.
13.
14.
Income from partnerships, and other fiduciaries (from Schedule A)
Rents and royalties (from Schedule B)
(_a) Net gain (or loss) from sale or exchange of capital assets (from
Sciiedule C)
(i) Net gain (or loss) from sale or exchange of property other than cap-
ital assets (from Schedule D)
Profit (or loss) from trade or business. (Attach statement)
Other income. (State nature of income)
Total income in items 1 to 9
DEDUCTIONS
Interest. (Explain in Schedule F)
Taxes. (Explain in Schedule F)
Other deductions authorized by law. (Explain in Schedule F)
Total deductions in items 11 to 13
15. Balance (item 10 less item 14).
16. Less: Amount distributable to beneficiaries (total of columns 3 and 4, Schedule G).
17. Net income taxable to fiduciary (item 15 less item 16)
COIV!PUTATION OF TAX FOR CALENDAR YEAR 1951
For other taxable years, attach Form 1041FY
18. Net income (item 17, above)
19. Less: Exemption ($600 for an estate; $100 for a trust).
20. Balance (item 18 less item 19)
21. Normal tax and surtax on amount in item 20. See Tax Table in Instruction 21. (If item
18 includes partially tax-exempt interest, see Instruction 21)
22. If alternative tax computation is made in Schedule C, enter tax from line 8, page 3-
23. Less: Fiduciary's share of income tax paid to a foreign country or U. S.
possession. (Attach Form 1116)
24. Fiduciary's share of income tax paid at source on tax-free covenant
bond interest
25. Total of items 23 and 24
$-.
26. Balance of tax (subtract item 25 from item 21 or item 22, whichever is applicable).
182
FACSIMILE OF TAX RETURNS FOR 1951
Schedule A.— INCOME FROM PARTNERSHIPS, AND OTHER FIDUCIARIES. (See instruction S)
Name and address of partnership, joint venture, etc..
Name and address of fiduciary-
Total. Enter here and as item 5, page 1 $
$-
Schedule B.— INCOME FROM RENTS AND ROYALTIES. (See Instructien «)
1. Kini! ol prsperly
1. Totals ?■
2. Amount ol rent or royally
3. Deprecialion or deplelion
(explain in Sctieilulo E)
4. Repairs (explain in
SGheduie F)
$-
2. Net profit (or loss) (column 2 less sum of columns 3, 4, and 5). Eater here and as item 6, page 1.
5. Other expenses (itemize
In Schedule F)
Schedule C— GAINS AND LOSSES FROM SALES OR EXCHANGES OF CAPITAL ASSETS. (See Instruction 7)
1. Kind ol properly (II necessary, attach statement of
descriptive details not shov/n tielow)
2. Date acquired
Mo. Day Year
3. Date sold
tV!o. Day Year
4. Gross sates price
(con r3ct pri e)
5. Dppreciation allowed
(er allowable) since
acquisition or March
1. 1913 (eiplain in
Schedule E)
6. Coit or other tiasis
and cost ol subse-
quent improvements.
(II not purchased,
attach eiplanallon)
7. Expense ol sale
8. Gain or loss (column 4 plus
eolumn 5 less the sum of
columns 6 and 7)
SHORT-TERM CAPITAL GAINS AND LOSSES— ASSETS HELD NOT MORE THAN 6 MONTHS
1.
$-.
2. Share of net short-term gain or loss from partnerships and common trust funds
3. Sum of short-term gains or losses or difference between short-term gains and losses shown above.
LONG-TERM CAPITAL GAINS AND LOSSES— ASSETS HELD FOR MORE THAN 6 MONTHS
$-,
$-.
$-,
3. Full amount of share of net long-term gain or loss from partnerships and common trust funds. . .
6. Sum of long-term gains or losses or difference between long-term gains and losses shown above. . . .
7. 50 percent of line 6. This is the amount of long-term gain or loss to be taken into account in
summary below
8. Summary of Capital Gains (use only if gains exceed losses in lines 3 and 7):
{a) Net gain for 1951 (sum of gains or difference between gains and losses in lines 3 and 7) .
(i) Capital loss carry-over, 1946-1950 inclusive
(c) If line (<») exceeds line (F), enter this excess here and as item 7 (a), page 1
(J) If line (F) exceeds line (d), enter the excess here and use line (c) to determine allowable loss
(0 Enter here and as item 7 («), page 1, the smallest of the following: (1) the amount on line (<f);
(2) net income computed without regard to capital gains or losses; or (3) $1,000
(/) Enter here the amount on line (e) plus any capital loss carry-over from 1946 which was not
used against line (<») or in line (e)
(^) Subtract line (/) fro"^ 1'"^ (^- Capital loss carry-over to 1952.
9. Summary of Capital Losses (use only if losses exceed gains in lines 3 and 7):
(J) Net loss for 1951 (sum of losses or difference between losses and gains in lines 3 and 7) .
(i) Capital loss carry-over, 1946-1950 inclusive.
(f) Total of lines (rf) and (i) .■•:•■
(/) Enter here and as item 7 (a), page 1, the smallest of the following: (1) the amount on line (c);
(2) net income computed without regard to capital gains or losses; or (3) $1,000
(0 Enter here the amount on line (d) plus the amount of any 1946 capital loss carry-over not used
in line (/)
(f) Subtract line (Q from line (c). Capital loss carry-over to 1952 $
In case of a net long-term capital gain or an excess of net long-terra capital gain over net short-term capital l»ss and item 20, page 1,
exceeds $16,000 compute alternative tax in schedule at top of page 3. le— 66241-1
FACSIMILE OF TAX RETURNS FOR 1951
183
COMPUTATION OF ALTERNATIVE TAX FOR CALENDAR YEAR 19S1
Pate 3
1 . Income from item 20, page 1
2. Net long-terra capital gain or excess of net long-term capital gain over net short-term capital loss
(the gain in line 7 less the sum of any losses in lines 3 and 8 (^), page 2)
3. Balance (line 1 less line 2)
4. Partial normal tax and surtax on amount on line 3- See Tax Table in Instruction 21
5. 50 percent of amount on line 2, above
6. Alternative tax (line 4 plus line 5)
7. Normal tax and surtax (item 21, page 1)
8. Tax liability (line 6 or line 7, whichever is smaller). Enter here and as item 22, page 1
Schedule D.— GAINS AND LOSSES FROM SALES OR EXCHANGES OF
PROPERTY OTHER THAN CAPITAL ASSETS. (See Instruction 7)
1. Klottorproiwti
2. Date scquited
Mo. Day YMr
3. Datssold
Md. Day Y»r
4. Gfosi sales price
(cwitiact price)
5. Depreciation allowed
(or allowalile) since
acqui«iticn or Marcli
1, 1913 (eiplain in
Schedule E)
6. C«sl or other basis
afld cost ef iubt«-
qurnt improvements
(If n«t purchased, at-
tach expUnaitflR)
7. Eiponseelnli
1. Sain or loss (col-
umn 4 plus colunn 5
less the sum ol csl-
umns 6 and 7)
1
$-
$ -
— -
$
— .
$-
— -
$
2. Sum of gains or losses or difference between gains and losses shown above. Enter as item 7 (i), page 1 . .
$
Schedule E.— EXPLANATISN OF DEDUCTION FOR
DEPRECIATION
1. Kind ol property. (II toildinss. state material of which
constructed.) Eidude land or other nondepretiabie.pre^eity.
2. Dale aciiuired
3. Cost or otlier basil
4. Depreciation allowed
(er allowable) in prior
years
i. Remainint cost or
olhei tasis to bo
recovered
E. life used In
accuraulatiiit
depreciatJoo
7. Ettimaled
lilolrom
beiinnlni
((year
t. Deprsclation allfw-
ahlo this year
$ -
$
$
$
Schedule F.-EXPLANATION OF DEDUCTIONS CLAIMED IN COLUMNS 4 AND 5, SCHEDULE B, AND ITEMS U, 12, AND 13. (See Instructlenc U,
12, and U)
1. Catunn or
Item No.
2. Eiplanatiog
3. AmogDl
1. Coluoin or item
No. (continued)
^ E:[;lanatloo (continued)
3. Amount (uotiiiuid)
$
$ -
18—65241-1
184
FACSIMILE OF TAX RETURNS FOR 1951
Page 4
Schedule G.— BENEFICIARIES' SHARES OF INCOME AND CREDITS. (Include as benellclarfes persons to whom amounts were paid or set aside for
religious, charitable, etc., purposes.) (See Instructions 4 and 16>
I. Name and address of each beneliclary
(Designate nonresident aliens, if any)
(a)..
(J)-.
(0-
2. If return is for a trust, state
relatienship of grantor to eacb
indrviDual beneficiary
„^;rSVA'«!IIl!i fM«I!Ji 4- Partially tax-eiempt interest
^fSJ^nrS;';;??' lnc,.da3inite.4.^pagel
5. Federal income tai paid at
source (2% of item 3, page 1.
Iessitem24, pa^el)
$ —
6. Income and profits taxes
paid to a (oreiEn country or
United States possession
W-
CO-
(0-
Totals xxxxxxxx|$
QUESTIONS
1. Was an income tax rcnirn filed for the preceding year?
If so, to which collector's office was it sent?
2. Date estate or trust was created
3. If copy of will or trust instrument and statement required
imder General Instruction 1 have been previously
furnished, state when and where filed _
4. Check whether this rettim was prepared on the cash □
or accrual □ basis.
5. Did the estate or trust at any time during the taxable year
own directly or indirectly any stock of a foreign corpora-
tion or of a personal holding company as defined in
section 501 of the Internal Revenue Code? (Answer
"Yes" or "No") If answer is "Yes," attach
list showing name and address of each such corporation
and amount of stockholdings.
If return is for a trust, state name and address of grantor
If return is for an estate, has a United States Estate Tax
Return been filed? (Answer "Yes" or "No")
If answer is "No," will such a return be filed? "Yes" □
"No" n "Uncertain" C (Check which.)
DECLARATION CSee Instruction F)
I declare under the penalties of perjury 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.
(Signature of person (other than taxpayer or agent)
preparing return)
(Date)
(Signature of fiduciary or ofBcer representing fiduciary)
(Date)
(Name of firm or employer, ii any)
(Address cf fiduciary or officer)
U. 9. COVERNHCNT PHIMTING OFFfCE lU 6624l~l
FACSIMILE OF TAX RETURNS FOR 1951
185
HOW TO PREPARE YOUR
(References are to the Internal Reve- PAGE 1
nue Code, unless otherwise noted)
1951
U. S. Fiduciary Income
Tax Keturn
ON FORM 1041
// will be helpful to read General Instructions A to N before commencing to fill in
returns, and to read Specific Instructions in connection with filling in the items to
which they refer.
GENERAL INSTRUCTIONS
A. Who must use Form 104l. — Every fiduciary, or at least one
of joint fiduciaries (except a receiver appointed by authority of
law in possession of part only of the property of an individual),
must make an income tax return on Form 1041 for:
(i) Every estate for which he acts, if (a) the gross income
of such estate for the taxable year is $600 or over, or (fc) any
beneficiary is a nonresident alien.
(2) Every trust for which he acts, if (a) the net income for
such trust for the taxable year is $100 or over, or (i) the gross
income is $600 or over regardless of the amount of net income,
or (c) any beneficiary is a nonresident alien.
(See also General Instruction N.)
B. Fiduciary returns on Form 1040 or Form 1040A. — (i) An
executor or administrator must make a return, on Form 1040 or
Form 1040A, if the gross income of a decedent to the date of his
death was $600 or more.
(2) A fiduciary, including the guardian of a minor and she
guardian or committee of an insane person, who has charge of the
income of an individual, must make a return of income on Form
1040 or Form 1040A if a return is required for such individual.
C. Returns for nonresident alien beneficiaries. — ( i ) United
States business. — If a citizen or resident fiduciary has the distri-
bution of the income of an estate or trust, any beneficiary of which
is a nonresident alien engaged in trade or business within the
United States at any time within the taxable year, the fiduciary
•hall make a return on Form 1040B for such nonresident alien
and pay any tax shown thereon to be due.
(2) No United States business. — A citizen or resident fiduciary
having the distribution of the income of an estate or trust will
not be required to make a return on Form 1040NB for any bene-
ficiary who is a nonresident alien not engaged in trade or business
within the United States at any time within the taxable year if
the entire amount of the tax on the income payable to such bene-
ficiary has been withheld at the source, but such fiduciary is re-
quired to make a return on Form i04oNB-a for such beneficiary,
other than a resident of Canada or of the United Kingdom, who
has gross income for the taxable year of more than $15,400, and
pay any tax shown thereon to be due.
(3) Duly of filing returns. — If the beneficiary appoints a person
in the United States to act as his agent for the purpose of render-
ing income tax returns, the fiduciary shall be relieved from the
necessity of filing Form 1040B, Form 1040NB, or Form i04oNB-a,
as the case may be. In such a case the fiduciary shall make a
return on Form 1041 and attach thereto a copy of the notice of
appointment of such agent. The fiduciary shall make a return
on Form 1042 of the tax at the rates in effect when the pavment
is made on the entire amount of income payable to the beneficiary.
D. Period to be covered by return. — Returns shall be filed for
the calendar year 1951 or other taxable years beginning in 1951.
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 1 1 28 and forwarded to the Com-
missioner of Internal Revenue, Washington 25, D. C, at least 60
days prior to the close of the fractional part of the year for which
a return would be required to effect the change.
E. When and where the return must be filed.— Returns must be
filed on or before the 15th day of the fourth 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 principal place of business. In case the fiduciary has
no legal residence or place of business in the United States, the
return should be forwarded to the Collector of Internal Revenue,
Baltimore a, Md.
F. Declarations. — The return must be signed by the individual
fiduciary, or by the authorized officer of the organization receiv-
ing or having custody or control and management of the income
of the estate or trust. If two or more individuals act jointly ai
fiduciaries, the return may be signed by any one of them.
Where the return is actually prepared by some person or per-
sons other than the fiduciary, such person or persons must also
sign the declaration at the bottom of the fourth page of the return.
G. When and to whom the tax must be paid. — The tax of a
trust must be paid in full when the return is filed. The tax of an
estate must be paid in full when the return is filed or in four equal
installments as follows: On or before the 15th day of the fourth,
seventh, tenth, and thirteenth month following the close of the
taxable year. 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.
The tax may be paid in cash or by check or money order drawn
to the order of "Collector of Internal Revenue."
H. Penalties. — Severe penalties are provided by law for failure
to file a required return, for filing late, and for filing a false or
fraudulent return.
I. Copy of will or trust instrument. — A copy of the will or trust
instrument sworn to by the fiduciary as a true and complete copy
in cases in which the gross income of the estate or trust is $5,000
or over, must be filed with the fiduciary return of the estate or
trust, together with a statement by the fiduciary indicating the
provisions of the will or trust instrument which, in his opinion,
determine the extent to which the income of the estate or trust
is taxable to the estate or trust, the beneficiaries, or the grantor,
respectively. If, however, a copy of the will or trust instrument,
or statement relating to the provisions of the will or trust instru-
ment, has once been filed, it need not again be filed if the fiduciary
return contains a statement showing when and where it was filed.
If the trust instrument is amended in any way after such copy has
been filed, a copy of the amendment, together with a statement
by the fiduciary, indicating the effect, if any, in his opinion, of
such amendment on the extent to which the income of the trust
is taxable to the trust, the beneficiaries, or the grantor, respec-
tively, must be filed with the return for the taxable year in which
the amendment was made.
J. Basis of return. — If the books of account of the estate or
trust are kept on the accrual basis, report all income accrued, and
expenses incurred. As to disallowance of deductions for unpaid
expenses and interest due to certain persons, see section 24 (c).
If the books are not kept on the accrual basis, or if no books are
kept, make the return on 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. Income in respect of decedents. — Amounts of gross income
of a decedent, not includible in his gross income, shall be included
when received in the gross income of his estate, legatee, or other
person entitled to receive such amounts upon his death. Deduc-
tions specified in section 23 (a), (b), or (c) (relating to deduc-
tions for expenses, interest, and taxes) in respect of the decedent
may be taken by the person receiving property of the decedent
subject to the obligation for which the deduction js allowed.
Similar treatment is given to the foreign tax credit provided by
section 31. The deduction for percentage depletion specified
in section 23 (m), not allowable to the decedent for any taxable
period, may be taken by the person receiving the income in respect
of the decedent to which such deduction relates. (See sections
S3 (w) and 126.)
M— asia-i
186
FACSIMILE OF TAX RETURNS FOR 1951
L. Items exempt from tax. — As to items of income exempt from
tax other than those listed below, see sections 22 (b) and Ii6.
(1) Interest on governmental obligations:
(a) Entirely exempt. — The interest on (i) obligations of a
State, Territory, or political subdivision thereof, or the District
of Columbia, or United States possessions; (2) obligations issued
prior to March i, 1941, under Federal Farm Loan Act, or under
such act as amended; (3) obligations of the United States issued
on or before September i, 191 7; and (4) Treasury notes issued
prior to December i, 1940, Treasury bills and Treasury certificates
of indebtedness issued prior to March i, 1941, postal savings
accounts to the extent that they represent deposits made prior to
March I, 1941, adjusted service bonds, and certain other obliga-
tions of the United States. ,
(b) Partially 'exempt. — The interest on (i) United States
savings bonds and Treasury bonds issued prior to March i, 1941,
owned in excess of $5,000 and (2) obligations of certain instru-
mentalities of the United States issued prior to March i, 1941,
is subject only to surtax.
(2) Federal savings and loan associations. — Dividends on share
accounts in Federal savings and loan associations in case of shares
issued prior to March 28, 1942, are subject only to surtax.
(3) 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
(other than annuities) received under a life insurance or endow-
ment 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.
(4) Miscellaneous items wholly exempt from tax:
(a) Gifts (not received as a consideration for service ren-
dered) and money and property acquired by bequest, devise, or
inheritance (but the income derived therefrom is taxable) ;
(6) Except in the case of amounts attributable to (and not in
excess of) deductions allowed under section 23 (x) in any prior
taxable year, amounts received through accident or health insur-
ance 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
PAGE 1
injuries or sickness, and amounts received as a pension, annuity,
or similar allowance for personal injury or sickness resulting froia
active service in the armed forces of any country;
(c) Income, other than rent, derived by a lessor of real prop-
erty upon the termination of a lease, representing the value of
such property attributable to buildings erected or other improve-
ments made by the lessee; and
(d) Income attributable to the recovery during the taxable
year of a bad debt, prior tax, or delinquency amount, to the extent
that such debt, tax, or delinquency amount did not operate to
reduce the income tax liability of the taxpayer for any prior year
with respect to such debt, tax, or amounts.
M. Depreciation and depletion, and amortization of emergency
facilities. — A reasonable allowance for exhaustion, wear and tear
(including a reasonable allowance for obsolescence) ( i ) of prop-
erty used in trade or business or (2) property held for the produc-
tion of income, may be deducted, based on cost if acquired by
purchase after February 28, 191 3. If acquired before March I,
1913, or otherwise than by purchase, see section 114.
For depletion deduction, see sections 23 (m) and 114.
Estates and trusts (provided an election is made as prescribed
in section 124A (b) ) are entitled to a deduction with respect to
the amortization of the adjusted basis (for determining gain) of
any emergency facility the construction, reconstruction, erection,
or installation of which was completed after December 31, 1949,
or the acquisition of which occurred after December 31, 1949,
and with respect to which the Government has issued a certificate
of necessity. A statement of the pertinent facts should be filed
with the taxpayer's election to take amortization deductions with
respect to such facility (see section 124A and the regulations
issued thereunder).
N. Information at source. — Every estate or trust which made
payments of salaries, wages, interest, rents, commissions, or other
fixed or determinable income of $600 or more during the calendar
year 1 951, to an individual, a partnership, or a fiduciary must
make a return on Forms 1096 and 1099. If a portion of such
salary pr wage payments was reported on a Withholding State-
ment (Form W-2a), only the remainder must be reported on
Form 1099. Distributions to beneficiaries of an estate or trust
shall be reported on Form 1041 and not on Form 1099.
SPECIFIC INSTRUCTIONS
The following instructions are numbered to correspond with item numbers on the first page of the return
1. Dividends. — Enter the total of all taxable dividends received
from domestic and foreign corporations, except dividends on
share accounts in Federal savings and loan associations in case of
shares issued prior to March 28, 1942, which should be included
in item 4.
3. Interest on tax-free covenant bonds. — Enter 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 on such interest should be allocated to the beneficiaries in
column 5, Schedule G.
4. Interest on Government obligations, etc. — Interest on an
aggregate of not exceeding $5,000 principal amount of United
States Savings bonds and Treasury bonds issued prior to March i,
1941, is exempt from surtax. However, when the income of a
trust is ta.xable to beneficiaries, as in the case of a trust the income
of which is to be distributed to beneficiaries currently, each bene-
ficiary is entitled to exemption as if he owned directly a propor-
tionate 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 which is accumulated for the benefit of unborn or
unascertained persons, the trust, as owner of the bonds held in
trust, is entitled to the exemption on account of such ownership.
Section 23 (v) provides for the deduction of amortizable bond
premium by the owner of the bond. The term "bond" means
>ny bond, debenture, note, or certificate or other evidence of
indebtedness, issued by any corporation and bearing interest
(including any like obligation issued by a government or political
subdivision thereof) , with interest coupons or in registered fortn,
but does not include any such obligation which constitutes stock
in trade of the taxpayer or any such obligation 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 any such obligation
held by the taxpayer primarily for sale to customers in the ordi-
nary course of his trade or business.
Amortization of bond premium is mandatory with respect to
fully tax-exempt bonds. In the case of fully taxable bonds and
partially tax-exempt bonds (the interest on which is subject only
to surtax), the amortization of bond premium is elective as to
either one or as to both. Such election shall be made by the
taxpayer by taking a deduction for the bond premium on his
return for the first taxable year to which he desires the election
to be applicable. Attach a statement showing the computation
of the deduction.
The election shall apply to all bonds with respect to which
it was made and which were owned by the taxpayer at the begin-
ning of the first taxable year to which the election applies and
also to all bonds of such class (or classes) thereafter acquired.
The election shall be binding for all subsequent taxable years,
unless, upon application by the taxpayer, the Commissioner per-
mits the taxpayer to revoke the election.
In the case of a fully tax-exempt bond, the amortizable pre-
mium for the taxable year is an adjustment to the basis, or ad-
justed basis, of the bond but no deduction is allowable on account
of such amortizable premium. In the case of a fully taxable
bond, the amortizable premium is both an adji^stment to the basis,
or adjusted basis, of the bond and also a deduction. In the case
of a partially tax-exempt bond, the amortizable premium for the
taxable year is used for three purposes: (l) As an adjustment to
the basis, or adjusted basis; (2) as a deduction; and (3) as a
reduction of the credit for the interest on the bonds.
A taxpayer on the cash basis may elect, as to all non-interest-
bearing obligations issued at a discount and redeemable for fixed
amounts increasing at stated intervals (for example. United States
Savings Bonds), to include the increase in redemption price appli-
cable to the current year. For the year of election the total
increase in redemption price of such obligations occurring between
the date of acquisition and the end of the year must be included.
A taxpayer so electing shall report such income as interest in item
2, 3, or 4, page i, whichever is applicable, and attach statement
listing obligations owned and computation of accrued income.
An election exercised in the current year or in a 'prior year is
binding for all subsequent years.
The fiduciary shall advise each beneficiary as to the amount of
his share of these obligations and of the interest (as well as amor-
tizable bond premium), in order that the beneficiary may include
this information in his individual income tax return and determine
whether such interest is subject to tax.
FACSIMILE OF TAX RETURNS FOR 1951
187
5. Tocome from partnerships and other fiduciaries. — Enter the
estate's or trusts share of the profits (whether received or not)
or of the losses of a partnership {including a syndicate, pool, etc.,
not taxable as a corporation) except the estate's or trust's distribu-
tive share of the partnership capital gains or losses which should
be reported in Schedule C and included in item 7 (o), page i, and
the estate's or trust's share of the income from another estate or
trust. The estate's or trust's share of interest in obligations of the
United States, owned by partnerships or another estate or trust,
thould be included in item 4. Include in items 23 and 24, respec-
tively, the estate's or trust's share of credits claimed for foreign
income and profits taxes and Federal income taxes paid at source.
If the taxable year on the basis of which the estate's or trust'i
return is filed does not coincide with 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 B giving the informa-
tion requested.
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 the year in which disposed of (unless the
return is on the accrual basis).
7. Gains and losses from sales or exchanges of capital assets
and other property. — Report sales or exchanges of capital assets in
Schedule C and sales or exchanges of other property in Schedule D,
and enter the net amount of gain or loss to be taken into account
in computing net income.
"Capital assets" defined. — The term "capital assets" means —
All property held by the estate or trust (whether or not connected
with the trade or business) but does NOT include —
(a) stock in trade or other property of a kind properly includi-
ble in the inventory if on hand at the close of the taxable
year ;
(6) property held by the taxpayer primarily for sale to cus-
tomers in the ordinary course of the trade or business;
(c) property used in the trade or business of a character which
is subject to the allowance for depreciation provided in
section 23 (I) ;
(d) real property used in the trade or business of the taxpayer;
{e) certain Government obligations issued at a discount and
maturing within 1 year of issue;
(/) certain copyrights or artistic compositions, etc.
If the total of the distribution to which an employee is entitled
under an employees' pension, bonus, or profit-sharing trust plan
meeting the requirements of section 165 (a) is received by the
employee in i taxable year, on account of the employee's sepa-
ration from the service, the aggregate amount of such distribu-
tion, to the extent it exceeds the amounts contributed by the
employee, shall be treated as a gain from the sale or exchange of
a capital asset held for more than 6 months.
A capital gain dividend, as defined in section 36a (relating.to
tax on regulated investment companies), shall be treated by the
thareholder as gains from the sale or exchange of capital assets
held for more than 6 months.
Section 117 (j) , in effect, provides that all transactions covered
by this section shall, in the event of a net gain, be taken into ac-
count at 50 percent as in the case of long-term capital gain but, in
the event of a net loss, shall be taken into account at 100 percent
as in the case of property other than capital assets. Thus, in the
event of a net gain, all these transactions should be entered in the
"long-term capital gains and losses" portion of Schedule C. In
the event of a net loss, all these transactions should be entered in
Schedule D, or in other applicable schedules on Form 1041.
Section 117 (j) deals with gains and losses arising from —
{a) sale, exchange, or involuntary conversion, of land (includ-
ing in certain cases unharvested crops sold with the land) and
depreciable property (including livestock held for draft, breeding,
or dairy purposes; but not including poultry) used in the trade
or business and held for more than 6 months (one year in the case
of livestock),
(6) the cutting of timber or the disposal of timber or coal to
which section 117 (k) applies, and
(c) the involuntary conversion of capital assets held more than
6 months.
See sections 117 (j) and (k) for specific conditions to be met in
their application.
Kind of property listed. — State following facts: (a) For real
estate, location and description of land and improvements; (b) for
bonds or other evidences of indebtedness, name of issuing corpora-
tion, particular issue, denomination, and amount; and ic) for
■tocks, name of corporation, class of stock, number of shares, and
capital changes affecting basis (including nontaxable distributions).
328641 o - 55 - 13
PAGE J
Basis.— In determining gain or loss in case of property acquired
after February 28, 1913, use cost, except as otherwise provided
in section 113. The basis of the property acquired by gift after
December 31, 1920, is the cost or other basis to the donor in the
event of gain, but, in the event of loss, it is the lower of either
such donor's basis or market value of property on date of gift.
The basis of property acquired by inheritance is the fair market
value of the property at time of acquisition which generally is the
date of death. In determining GAIN in case of property acquired
before March i, 1913, use the cost or the fair market value as
of March i, 1913, adjusted as provided in section 113 (b),
whichever is greater, but in determining LOSS use cost so
adjusted.
Losses on securities becoming worthless. — If (a) shares of
stock become worthless during the year or (6) corporate securi-
ties with interest coupons or in registered form become worthless
during the year, /and are capital assets, the loss therefrom shall
be considered as from the sale or exchange of capital assets as
of the last day of such taxable year.
Nonbusiness debts. — If a debt, such as a personal loan but
not (a) a debt evidenced by a corporate security with interest
coupons or in registered form and (6) a debt the loss from the
worthlessness of which is incurred in the trade or business, be-
comes totally worthless within the taxable year, the loss result-
ing therefrom shall be considered a loss from the sale or exchange,
during the taxable year, of a capital asset held for not more than
6 months. Enter such loss in column 6 (describe in column 1 )
under short-term capital gains and losses on Schedule C.
Classification of capital gains and losses. — The phrase "short-
term" applies to gains and losses from the sale or exchange of
capital assets held for 6 months or less; the phrase "long-terra"
applies to capital assets held for more than 6 months.
Collapsible corporations. — Gain from the sale or exchange of
stock of a collapsible corporation is not a capital gain. (See
section 117 (m) .)
Redemption of stock to pay death taxes. — Section 115 (g) (3),
as amended by the Revenue Act of 1951, deals with redemption of
stock included in an estate. List and identify such stock in the
appropriate section on Schedule C, and state the name of the
decedent and the collector's office in which the estate tax return
was filed.
"Wash sales" losses. — Losses from the sale or other disposition
of stocks or securities are not deductible (unless sustained in
connection with the taxpayer's trade or business), if, within 30
days before or after the date of sale or other disposition, 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 to acquire, substantially
identical stock or securities.
Losses in transactions between certain persons. — No deduction
is allowable for losses from sales or exchanges of property directly
or indirectlv between (a) members of a family, (fc) a corporation
and an individual owning more than 50 percent of its stock
(liquidations excepted), (c) a grantor and fiduciary of any trust,
or (d) a fiduciary and a beneficiary of the same trust.
Nondeductible losses. — Losses from the sale or exchange of
property are not deductible unless they are incurred in trade or
business or in transactions entered into for profit.
LIMITATION ON ALLOWABLE CAPITAL LOSSES.—
Allowable losses from current year sales or exchanges of capital
assets shall be allowed only to the extent of ( i ) current year
gains from such sales or exchanges plus (2) the smaller of either
the net income of the current year computed without regard to
capital gains or losses, or $1,000. The excess of such allowable
losses over the sum of items (1) plus (2) above is called "capital
loss carry-over." It may be carried forward and used against
any such gain and income of the five succeeding years. However,
the capital loss carry-over of each year should be kept separate,
since the law limits the use of such carry-over to the five suc-
ceeding years. Therefore, in offsetting capital gain and income
of 1951 by prior year loss carry-overs, use any capital loss carry-
over remaining from 1946 before using any such carry-over from
1947 or subsequent years-. Any 1946 carry-over which cannot
be used in 19SI must be excluded in determining the total loss
carry-over to 1952 and subsequent years.
ALTERNATIVE TAX.— If the net long-term capital gain
exceeds the net short-term capital loss, or in the case of only a
long-term capital gain, taxpavers with surtax net ir-ome exceed-
ing $16,000 should compute the alternative tax in Schedule C.
The alternative tax, if less than the normal tax and surtax, shall
be the tax liability.
8. Profit (or loss) from trade or business. — If the estate or
trust was engaged in a trade or business during the taxable year,
enter the net profit (or loss) 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 itenu
188
FACSIMILE OF TAX RETURNS FOR 1951
entering into cost of goods sold, net cost of goods sold, salaries
and wages of employees, interest, taxes, losses, and bad debts
directly attributable to the trade or business, depreciation, ob-
solescence, and depletion of property used in the trade or business,
rent, repairs, and all other expenses in detail. A taxpayer elect-
ing to include in gross income amounts received during the year
as loans from the Commodity Credit Corporation 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
production, manufacture, purchase, or sale of merchandise is an
mcome-producing factor, 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 (6) cost or market whichever
is lower. The basis properly adopted for the first year is coii-
trolUng and a change can be made only after permission is
lecured 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 be-
ginning of the taxable year in which it is desired to make the
change. Indicate opposite the inventories in the statement sub-
mitted by the use of "C" or "C or M" whether the inventories
are valued at cost, or cost or market whichever is lower. If
the estate or trust elects to use the inventory method provided
in section 22 (d), there should be filed an election on Form 970.
Depreciation, etc. — See General Instruction M in case any
deduction is claimed for depreciation, obsolescence, or depletion.
Bad debts. — Bad debts may be deducted either (a) when they
become wholly or partially worthless, or (6) by a reasonable
addition to a reserve. No change of method may be made without
permission of Commissioner.
Installment sales. — If the installment method is used, attach
to the return a schedule showing separately for the years 1948,
1949. '950j 2nd 1 95 1 the following; (a) Gross sales; (b) cost of
goods sold; (c) gross piofits; (d) percentage of profits to gross
sales; («) amount collected; and (/) gross profit on amount col-
lected. (See section 44. )
9. Other income. — If the estate or trust had any taxable in-
come, space for reporting which is not provided elsewhere on
page I, enter it as item 9, and explain its nature, using a sepa-
rate sheet if necessary for that purpose.
11. Interest. — Enter all interest paid or accrued, other than
on business indebtedness (which should be deducted in com-
puting income, under item 6 or 8). Do not include interest
on indebtedness incurred or continued to purchase or carry obli-
gations, the interest upon which is wholly exempt from taxation.
Any deductions on account of interest should be explained and
itemized in Schedule F. Do not deduct amounts paid or accrued
on indebtedness incurred or continued to purchase a singli pre-
mium life insurance or endowment contract. A contract shall
be considered a single premium life insurance or endowment
contract if substantially all the premiums on such contract are
paid within a period of 4 years from the date on which the
contract is purchased.
12. Taxes. — Enter and explain in Schedule F taxes imposed upon
the estate or trust and paid or accrued during the taxable year,
not including taxes on property used in the trade or business
of the estate or trust and those assessed against local benefits of
a kind tending to increase the value of the property assessed.
Federal import duties and Federal excise and stamp taxes arc
deductible only if paid or incurred in carrying on a trade or
business, or in the production or collection of income, or for
the management, conservation, or maintenance of property held
for the production of income. Do not include Federal income
taxes nor estate, inheritance, legacy, succession, gift taxes, taxes
imposed upon the interest of the estate or trust as shareholder
of a corporation which are paid by the corporation without re-
imbursement from the estate or trust. No deduction is allowable
for any portion of foreign income and profits taxes if a credit
is claimed in item 23. (See section 29.126-3 of Regulations in
for rule relating to deduction for estate tax attributable to income
in respect of decedent.)
13. Other deductions authorized ty law. — Enter any other
authorized deductions for which no space is provided on page i,
including net operating loss deduction allowed by section 23 (s).
Every taxpayer claiming a deduction due to a net operating loss
for the preceding taxable year or years shall file with his return
the statement required by section 29. 1 22-1 of Regulations ill.
Incl\ide nontrade or nonbusiness expense incurred either (a)
for the production or collection of taxable income or (i) for the
management, conservation, or maintenance of property held for
the production of taxable income. Deductions should be explained
in Schedule F.
Worthless bonds and similar obligations and nonbusiness bad
debts should be included in Schedule C as losses on capital assets.
PAGE 4
Do not deduct losses incurred in transactions which were
neither connected with the trade or business of the estate or
trust nor entered into for profit.
In case the estate or trust incurred expenses in connection
with exempt income or owned any property the income from
which is exempt, see section 24 (a) (5) and Regulations m-
Item 13 should include losses of property not connected with
the trade or business 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 F, setting forth
a description of the property, date acquired, cost, subsequent
improvements depreciation allowable since acquisition, insur-
ance, salvage value, and deductible loss.
Amounts allowable under section 812 (b) as a deduction in
computing the net estate of a decedent are not allowed as a
deduction under section 23, except subsection (w), in computing
the net income of the estate unless there is filed in duplicate
with the return in which the item is claimed as a deduction a
statement to the effect that the items have not been claimed or
allowed as deductions from the gross estate of the decedent
under section 812 (b) and a waiver of any and all right to have
such item allowed at any time as a deduction under section
812 (b).
16. Amount distributable to beneficiaries. — ^Enter the total
amount distributable to beneficiaries as reflected in columns 3
and 4, Schedule G. Care should be taken in filling in Schedule
G so as to include as beneficiaries persons for whose benefit
amounts of charitable contributions are, pursuant to the terms
of the will or deed creating the trust, paid or permanently set
aside during the taxable year as provided in section 162 (a).
However, see sections 162 (g) and 3813 for disallowance in whole
or in part of amounts otherwise allowable under seotion 162 (a).
A trust claiming a charitable, etc., deduction under section 162
(a) for the taxable year should file information return required
under section 153 (b). Obtain copy of Form 1041A from the
Collector.
If any part of the income of the trust is taxable to the grantor
under section 166 or 167, it should not be reported on Form
1041, but such income and the amount of deductions and credits
applicable thereto should be shown in a separate statement to
be attached to Form 1041. As to the treatment of distributions
made within 65 days after the close of the taxable year, see section
162 (d).
19. Exemptions. — For the purpose of the normal tax and the
surtax, an estate is allowed an exemption of $600; a trust is
allowed an exemption of $100.
21. Tax Rates. — The table below shows the normal tax and
surtax for the calendar year 1951. See Form 1041FY for rates
applicable to other taxable years. The tax to be entered as item
21, page I, should be reduced by 3 percent of fiduciary's share
of partially tax-exempt interest reported in item 4, page i, or 3
percent of item 20, page i, whichever amount is the lesser. If
tax is so reduced, attach statement.
If item 20, page i is: Enter as item 21, page i :
Hot over tS.OOO 30.4% of the amoanl in item 20.
Otot 12.000 but not over (4.000 .... 1408, plna 29.4% of excess OTer 12.000.
Over t4.000 but not over 16.000 .... 1856. plus 27% of excess over S4,000.
Over $6,000 but not over 18.000 .... 11,396. plus 30% of eicoss oicr 16.000.
Over J8.000 but not over 110.000.... Jl.e96, plus 35% of excess over JS.OOO.
Over 110.000 but not over 112.000... 12,696. plus 39% of excess over 110,000.
Over $12,000 but not over (14,000... (3.476, plus 43% of excess over $12,000.
Over S14.000 but not over $16,000... (4,336, plus 48% of excess over $14,000.
Over (18.000 but not over (18,000... $5,298, plus 51% of excess over $16,000,
Over (18,000 but not over (90,000... (6,316, plus 54% of excess over (18.000.
Over $20,000 but not over (22,000... (7,396, plus 67% of excess over $20,000.
Over (22,000 but not over (26,000... (8,636, plus 60%, of excess over $22,000.
Over $26,000 but not over $32.000... $10,936, plus 63% of excess over (26,000.
Over $32,000 but not over $38.000... (14.716. plus 66% of excess over (32,000.
Over $38,000 but not over (44, 000., , (18,676, plus 69% of excess over (38,000.
Over (44.000 but not over $50,000... (22.816, plus 73% of excess over $44,000.
Over (50.000 but not over (60.000... (27.196. plus 75% of excess over (50.000.
Over (60,000 but not over (70,000... (34,696, plus 78<'„ of excess over (60,000.
Over (70,000 but not over (80,000... (42,496, plus 82% of excess over $70,000.
Over 880,000 but not over (90,000... $50,699, plus 84% of excess over $80,000.
Over $90,000 but not over $100,000. . 869,096, plus 87% of excess over $90,000,
Over $100,000 but not over $150,000. . $67,708, plus 89% of excess over $100,000.
Over (160,000 but not over (200,000. . 3112,296, plus 90% of excess over (150,000.
Over (200,000 (167,296, plus 91% of excess over $200,000.
23. Income and profits taxes paid to a foreign country or
United States possession. — If, in accordance with section 131 (a),
a credit is claimed for income, war-profits, and excess-profits taxes
paid to a foreign country or a possession of the United States,
submit Form 11 16 with the return, together with the receipts
for such payments. 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 based, and the Commissioner may require
a bond on Form 1 1 1 7 for the payment of any tax found due if
the tax when paid differs from the credit claimed.
24. Income tax paid at source. — Enter the fiduciary's share of
that portion of the 2 percent Federal income tax on bond interest
which was paid at the source by the debtor corporation.
*. S. SOVIRNHINT ntlNTIM OPFICS 16 — 6538t-|
INDEX
(Subjects generally pertain to Individual income tax returns. For items relating to Fiduciary income tax returns
(taxable), Gift tax returns, and Sole proprietorships, see alphabetical arrangement under those subjects.)
Accounting period
Adjusted gross deficit.
Adjusted gross income:
Amount 5,
Page
5
5, 7, 25, 30, 32, 39-5-4, 96, 99
25-27, 30, 32, 55-57, 80-87, 96,
97, 99, 104
By marital status and sex 61-63
By States and Territories 80-87, 103-105
Classes 8, 25, 28-35, 39-63, 70-79, 81-87, 97-98,
100-101
Defined 7
For returns with alternative tax 56
For returns with itemized deductions 32-33
For returns with normal tax and surtax 56
For returns with only self -employment tax... 57
Percentage distribution 10, 25-27
Aggregated and simple distributions of n\mber of
returns, adjusted gross income, and tax lia-
bility 10, 25-27
Aliens 5, 159 (note 5)
Alimony 12
Alternative tax 8, 13, 17, 56, 64, 66, 68
Average 56
Amended returns 5
Amortii;ation of emergency facilities.... 159 (note 3(d))
Annuities and pensions 11, 28, 96, 99
Armed Forces 10, 158 (note 3(a) and (b)).
159 (note 4(e) (iv)), 160 (note 27)
Audit revisions not tabulated 6
Average income tax 55-57, 97
B
Back pay 10, 158 (note 3(c))
Bad debts 12
Breakeven returns 14, 58
Business or profession, profit or loss (See also
Sole proprietorships) 11, 29, 96, 99, 101
Capital assets, description 16, 157
Capital gains and losses:
Capital loss carryover 17
Description
Excess of net long-term capital gain over
net short- terra capital loss
Long-term, definition
Net gain or loss from sales of capital
assets 11-12, 16-17, 29-30, 76-79,
Net long-term capital gain or loss 17
Net short-term capital gain or loss 17
Returns with alternative tax 8, 13, 17,
Returns with net gain from sales of capital
assets 17, 29, 77-79
Returns with net loss from sales of capital
assets 17, 30, 76
Returns with normal tax and surtax 78
Short-term, definition 16
Synopsis of Federal tax laws affecting 157
Changes in Internal Revenue Code 6-7
', 76.
-79
16, :
157
17,
79
16
96,
99
, 76.
-79
, 76.
-79
56,
79
Page
Citizens and resident aliens 5, 159 (notes 4(a).
5, 9, and 13), 160 (notes 31 and 34)
Comparative data, summary, 1950 and 1951 5
Compensation excluded from gross income 10, 11, 158
(note 3(a) and (b))
Compensation for prior years 10, 158 (note 3(c))
Computation of tax 5-6, 8
Contributions 12, 102
Credit for:
Exemptions 7, 16, 156
Income taxes paid at source 8, 13
Overpayment of prior year's tax 14, 15, 31, 33,
58-59
Credit on 1952 estimated tax 15, 31, 33, 58-59
D
Declaration of estimated tax 15, 31, 33, 59-60
Deductions 12
Itemized 12, 32-33, 96, 102
Miscellaneous 12, 102
Net operating loss 11, 29, 96, 99, 159
(note 3(d) (iii))
Standard 5, 6, 96, 158-159 (note 3(d))
Total 12, 32
Deficit, net 7, 32
Adjusted gross 5, 7, 25, 30, 32, 39-54, 96, 99
Dependents:
Credit for 7, 16, 156
Defined 16
Depreciation, depletion 11
Dividends received 11, 12, 28, 34-4A, 46, 49-50,
52, 54, SO, 96, 99, 100
Duplication of exemption 7
Effective income tax rate 55-56, 98
Estates and trusts, income from 12, 30, 96, 99
Estimated tax, payments on declaration of. . . 15, 31, 33,
59-60
Excess net long-term capital gain over net
short-term capital loss 17, 79
Exclusion for military and naval personnel 10, 158
(note 3(b))
Exclusions from gross income 10, 11, 158
(note 3(a) and (b))
Exemptions:
Age and blindness 9, 16, 64-69, 156
Amount of 7, 16, 30, 32, 55-57, 61-63
Marital status 61-69, -156
Number 64-69
Other than age or blindness 16, 64-69
Per capita 7, 16, 156
Facsimiles of retxirns 163-188
Federal tax laws, synopsis of 156-160
189
190
INDEX
Page
Fiduciaries, income from 12, 30, 96, 99
Fiduciary income tax returns, taxable:
Aggregated and simple distributions of number
of returns, total income, and tax liabili-
ty 118-120
Alternative tax 112, 114-115, 130, 133
Amended returns Ill
Amount distributable to beneficiaries Ill, 112,
123, 125, 134, 139
Audit revisions not tabulated Ill, 112
Average taxes 129-130
Balance income 112, 123, 125
Beneficiaries, amount distributable to . . . Ill, 112,
123, 125, 134, 139
Business or trade, profit or loss from. . . . 113, 121,
124, 139
Capital loss carryover 114, 131-133
Comparative data, summary, 1950 and 1951. . . . Ill
Contributions Ill
Credit for foreign tax paid and tax paid at
source 112, 114
Credits against net income Ill, 112
Deductions Ill, 112, 114, 123, 125, 139
Miscellaneous 114, 123, 125, 139
Total 123, 125, 139
Depreciation, depletion 113
Dividends received 113, 121, 124, 139
Effective tax rate 129-130, 138
Estates, returns for Ill, 112, 134
Excess net long-term capital gain over net
short-term capital loss 112, 114-115, 133
Exemption Ill, 112, 123, 125, 129-130, 134
Federal tax laws, synopsis of 156-157
Fiduciaries;
Income from other 114, 122, 125, 139
Net income taxable to Ill, 112, 123, 125,
129-130, 134, 139
Filing requirements Ill, 156
Fiscal year returns Ill
Foreign country, income tax paid to 112, 114
Form, facsimile of return 181-188
Government obligations, taxable and partialLy
tax-exempt interest received 113
Income tax provisions with respect to fidu-
ciary income 111-112, 156-157
Interest on tax-free covenant bonds 112, 114
Interest paid 114, 123, 125, 139
Interest received 113, 121, 124, 139
Long-term capital gain or loss 114, 131-133
Losses (negative income) 139
Miscellaneous deductions 114, 123, 125, 139
Miscellaneous income 114, 122, 125, 139
Net gain or loss from sales of capital
assets 114, 122, 124, 131-133, 139
Net gain or loss from sales of property
other than capital assets 114, 122, 124, 139
Net income classes 112, 124-128
Net income taxable to fiduciary Ill, 112, 123,
125, 129-130, 134, 139
Net operating loss deduction 113, 114
Net profit or loss from trade or business. 113, 121,
124, 139
Net profit or loss from partnership. . . 114, 121-122,
124, 139
Net profit or loss from rents and royalties. 113,
121, 124, 139
Nonresident alien beneficiary Ill
Normal tax and surtax 112, 114, 130, 132
Number of returns. (See specific classifi-
cations. )
Operating loss deduction, net 113, 114
Partnership profit or loss... 114, 121-122, 124, 139
Part year returns Ill
Percentage distributions of number of returns,
total income, and tax liability 118-120
Positive income 139
Fiduciary income tax returns, taxable — Continued Page
Rate, effective tax 129-130, 138
Rents and royalties 113, 121, 124, 139
Self-employment income, tax on, not applica-
ble Ill
Short-term capital gain or loss 114, 131-133
Simple and aggregated distributions of number
of returns, total income, and tax liability. lQS-120
Sources of income and deductions... 113-114, 139
Tax credits Ill, 112, 114
Taxes paid 114, 123, 125, 139
Tax liability 112, 114-115, 118-120, 123,
125, 129-130, 134, 138
Tax paid at source 112, 114
Tax rates Ill, 112, 156
Tentative returns Ill
Total deductions 123, 125, 139
Total income HI, 112, 118-120, 122, 125,
129-130, 134, 138, 139
Total income classes 112, 118, 121-123, 126-134,
138
Trade or business, profit or loss. 113, 121, 124, 139
Trusts, returns for Ill, 112, 134
Types of tax liability 112, 114-115, 129-130,
132-133
Filing requirements 5-6, 7, 156
Fiscal year returns.... 5, 6, 156, 159 (notes 4(d) , 12.
and 13)
Foreign country, income tax paid to 8, 13
Forms, facsimiles of:
1040 — Individual income tax return 163-178
1040A — Employee ' s optional income tax retxim. 179-180
Forms (1040 and 1040A) , number filed 6
Gains, capital. (See Capital gains and losses.)
Gambling losses and profits 12
Geographic divisions. States and Territories.... 9, 18,
80-87, 103-105
Gift tax returns:
Audit revisions not tabulated 143
Bonds and stocks 148, 154
Cash 148, 154
Charitable, public; and similar gifts 144, 148,
150, 152
Citizens and resident aliens 143, 160 (notes 31
and 34)
Community property gifts 143
Deductions 144, 148-152
Total 149, 151, 152
Exclusions 143-144, 148, 150, 158
Exemption, specific 144, 149, 151, 152, 158
Federal tax laws 143-144, 158
Filing requirements 143, 158
Future interest, gifts of 143, 144
Gifts:
Communi ty property 143
Gifts of spouse reported by taxpayer. . 143, 144,
148, 150
Gifts of taxpayer reported by spouse. . 143, 144,
148, 150
Miscellaneous 148, 154
Net 143-145, 149, 151, 152, 154, 158
Prior years, net 145, 149, 151, 152
To spouse 143, 148, 150
Total (See Total gifts.)
Type 148, 154
Identical donors 145, 152
Insurance 148, 154
Marital deduction 144, 148, 151, 152
Net gift classes 145, 148-149, 152
Net gift for prior years classes 1^*5, 152
Net gifts 143-145, 149, 151, 152, 154, 158
Net gifts for prior years 145, 149, 151, 152
INDEX
191
Gift tax returns — Continued
Nonresident alien
Nontaxable returns 1A3, 1A5, I<i8-K9,
Property:
Miscellaneous
Real estate
Transferred (type of)
Real estate
Returns included
Specific exemption lAA, 1A9, 151,
Stocks and bonds
Suniraary data
Tax I'i3, 1-45, 1A9, 151, 152,
Tax prior years 145, 149,
Tax rates
Taxable and nontaxable returns, classifi-
cation
Taxable returns 143, 145, 148-149,
Total deductions 149,
Total gift plus gift tax classes
Total gifts 143, 144, 148,
After exclusions 144, 148,
Before exclusions 144,
Total tax liability 143, 149, 151,
Transfer of property
Types of property transferred
Government obligations. (See Interest received.)
Gross deficit, adjusted. 5, 7, 25, 30, 32, 39-54
Gross income:
Exclusions from 10, 11, 158 (note 3(a)
Requirement for filing
See Adjusted gross income.
Page
143
152,
154
148,
154
148,
154
148,
154
148,
154
143
152,
158
148,
154
143
154,
158
151,
152
144,
158
145
152,
154
151,
152
1A5,
150
150,
154
159,
152
148,
150
152,
154
143
148,
154
, 96
, 99
and
(b))
156
Page
Interest received 11, 12,
28, 34-38, 40, 43-50, 53-54, 80, 96, 99, 100
Internal Revenue Code , changes 6-7
Introduction 1
Itemized deductions:
Amount 32, 102
Returns with 6, 8, 32-33, 70-75, 96, 102
Joint returns of husbands and wives.
15, 61,
64-67, 73-75
L
Laws, synopsis of Federal tax 156-160
Long-form returns 5 , 6
Long-term capital gain or loss, net 17, 76-79
Losses from fire, storm, etc 12, 102
M
Marital status 9, 15-16, 61-75, 156,. 159 (note 5)
Married persons, returns of 15-16, 61-75
Medical, dental, etc., expenses 6, 12, 102
Men, returns of 62-63
Military personnel. (See Armed Forces.)
Miscellaneous deductions 12, 102
Miscellaneous income 12, 30, 96, 99
H
Head of household 7, 156
Historical data, 1913-1943. (See Statistics of
Income for 1949, Part 1.)
Historical data, 1944-1951:
Adjusted gross deficit 96, 99
Adjusted gross income 96-97, 99, 104
Adjusted gross income classes 97-98, 100-101
Average income tax per taxable return 97
Deductions:
Itemized 96, 102
Standard 96
Effective income tax rate 55-56, 98
Laws, synopsis of Federal tax 156-160
Losses (negative income) 96, 99
Nontaxable returns 96
Number of returns 96-97, 103
Positive Income 96, 99
Sources of income 96, 99-101
States and Territories 103-105
Tax liability (income and self -employment
tax combined ) 96
Income tax 96-97, 105
Self-en^jloyment tax 96
Taxable returns 96
Husbands, returns of 62
I
Income. (See Adjusted gross. Fiduciaries, Gross,
Miscellaneous, Net, Sources of.)
Income taxes paid to foreign countries or
possessions of the United States 8, 13
Income exempt from tax 10
Income from estates and trusts 12, 30, 96, 99
Income tax laws 156-160
Industrial groups 9, 18, 88-92
Interest from tax-free covenant bonds 8, 13
Interest paid 12, 102
N
Net capital gain or loss. (See Capital gains
and losses. )
Net deficit 7, 32
Net gain or loss from sales of property other
than capital assets 12, 30, 96, 99
Net income 7, 32, 158-159 (note 3(d))
Returns with itemized deductions 32-33
Subject to surtax 9, 70-75, 156, 159 (note 15)
Net operating loss deduction 11, 29,
96, 99, 159 (note 3(d)(iii))
Net profit or loss from business or profession
(See aiso Sole proprietorships) .. . 11, 29, 96, 99, 101
Net profit or loss from partnerships 11, 29,
96, 99, 101
Net profit or loss from rents and royalties 11, 28,
96, 99, 101
No adjusted gross income (deficit), returns
with 5, 7, 25, 39-54, 96, 99-102
Nontajcable and taxable returns combined 5,
25-55, 58-59, 61-63, 65, 67, 69, 80-87
Nontaxable returns 5 ,
28-35, 39-55, 58-59, 61-63, 65, 67, 69,
76-77, 96
Normal tax 8, 13
Normal tax and surtax 8, 13, 56, 64, 66, 68, 78
Number of exemptions 64-69
Number of exemptions classes 64-69
Number of refunds 58-59
Number of retxims. (See specific
classifications. )
Number of returns filed 6
Operating loss deduction, net 11, 29,
96, 99, 159 (note 3(d)(iil))
Optional return. Form 1040A 5, 6
Optional standard deduction... 5, 6, 158-159 (note 3(d))
192
INDEX
Page
Optional tax ^, 13, 159 (notes 4(a) and 13)
Other income 12, 34-38, 41, 43, 47, 49, 51-54
Other loss 12, 34-38, 42, 44, 48, 50
Overpayment (refund, or credit on 1952 estimated
tax) 14, 15, 31, 33, 58-59
Partial tax 13
Partnership profit or loss 11, 29, 96, 99, 101
Part year returns ' 5
Patterns of income, selected 8, 12, 34-54
Payments on declaration of estimated tax 15, 31,
33, 59-60
Pensions, annuities and 11, 28, 96, 99
Percentage distributions of number of returns,
adjusted gross income, and tax liability.... 10, 25-27
Prior years, congsensation for 10, 158 (note 3(c))
Prizes 12
Property other than capital assets, sale of 12, 30,
96, 99
Page
Simple and aggregated distributions of number of
returns, adjusted gross income, and tax
liability 25-27
Single persons, returns of 16, 63, 68-72
Size of specific source of income or loss.. 8, 12, 36-54
Sole proprietorships 18-19, 88-92
Businesses with net loss 18, 91
Businesses with net profit 18, 88-91
Industrial groups 9, 18, 88-92
Net loss, current year 18, 91
Net profit, current year 18, 88-91
Number of businesses 18, 88-92
Size of net profit 92
Size of total receipts 89-91
Total receipts 18, 88-91
Sources of income or loss comprising adjusted
gross income 10, 28-30, 34-38, 96, 99-101
Standard deduction 5, 6, 96, 158-159 (note 3(d))
States and Territories 9, 18, 80-87, 103-105
Summary, general 5
Surtax.* 8, 13
Surtax net income 9, 70-75
Sweepstakes winnings 12
Synopsis of Federal tax laws 156-160
R
Receipts, total, from business. (See Sole
proprietorships. )
Recovery of bad debts 12
Refund 14, 15, 58-59
Rents and royalties 11, 28, 96, 99, 101
Resident aliens 5, 159
(notes 4(a), 5, 9, and 13), 160
(notes 31 and 34)
Returns included, individual 5-6
Returns with neither overpayment nor tax due at
time of filing 14, 58
Rewards 12
Royalties, rents and 11, 28, 96, 99, 101
S
Salaries and wages... 10, 12, 28, 34-54, 80, 96, 99, 100
Rendered for a period of three years or
more 10, 158 (note 3(c))
Sales or exchanges of property other than
capital assets 12, 30, 96, 99
Sample:
Block technique 19-20
Composition of 19-20
Coverage 19-20
Description of and limitations 19-21
Number of returns 20
Selection of 19-20
Standard error 20
State aggregates 21
Strata 19-20
Population sizes and weighting procedures... 20
Variability 20-21
Self-enployment tax 5, 8,
13-14, 31, 33, 55-57, 80, 96, 158
Separate returns of husbands and wives 15-16,
62, 70-72, 80
Sex and marital status 61-63
Short-form returns 5, 6
Short-term capital gain or loss, net 17, 76-79
Tabulated data 9-10
Tax. (See Alternative, Average, Effective rate.
Normal, Optional, Tax rates, and Surtax. )
Tax computation 5-6, 8
Tax credits 8, 13, 159 (note 18)
Tax due at time of filing 14, 15, 31, 33, 60
Tax liability, total 5, 8, 13, 25-27, 80, 96
Income tax 5, 8,
13, 31-32, 55-56, 80-87, 96, 97, 105
Self-en5)loyment tax 5, 8,
13-14, 31, 33, 55-57, 80, 96, 158
Tax limitation 6, 156
Tax overpayment 8, 14, 15, 31, 33, 58-59
Tax paid at source 8, 13
Taxpayments 8, 14, 31, 33, 58-60
Tax rates 6-7, 156
Effective 55-56
Tax refund 14, 15, 58-59
Tax withheld 6, 14-15, 31, 33, 58-60
Taxable and nontaxable returns, classification. . 8
Taxable and nontaxable returns combined 5,
25-55, 58-59, 61-63, 65, 67, 69, 80-87
Taxable returns 5, 28-35, 39-79, 96
Taxes paid 102
Taxes paid to a foreign country or possession of
the United States 8, 13
Tax-free covenant bonds, interest from 8, 13
Tentative returns 5
Total deductions 12, 32
Trusts, income from estates and 12, 30, 96, 99
Types of tax liability 8, 13-14, 31-33, 55-57
Types of taxpayment 14-15, 58-60, 64-69
W
Wages, salaries and.. 10, 12, 28, 34-54, 80, 96, 99, 100
Withheld tax 6, 14-15, 31, 33, 58-60
Wives, returns of 62
Women, returns of 62-63
Worthless stocks and bonds 16, 157
U. S. GOVERNMENT PRINTING OFFICE ; 1955 O - 328b4i
•TORY
^
■^ 73 3^,-^^73/4-3 J
Statistics
of Income
for 1951
Part 2
^''4'IS^^^^
Corporation
Income Tax
Returns
U. S. TREASURY DEPARTMENT
Internal Revenue Service
Statistics
of Income
for 1951
Prepared under the direction of the
Commissioner of Internal Revenue
by the Statistics Division
•^■?i
U. S. TREASURY DEPARTMENT
Internal Revenue Service
Part 2
Corporation
Income Tax
Returns
UNITED STATES GOVERNMENT PRINTING OFFICE, WASHINGTON : 1955
For sale by the Superintendent of Documents, U. 8. Oovemment Printing Office, Washington 25. D. C. • Price $1.50 (paper cover)
Boston Public Library
Cupcrintcnrl'-nt of Documents
MAR 2 - 1955
LETTER OF TRANSMITTAL
TuEAsuRY Department,
Office of Commissioner of Internal Revenue,
Washington, D. C, December 20, 1954-.
Sir: In accord aiioe with tlie provisions of section 63 of the Internal Revenue
Code, requiring; the pubhcation annually of statistics with respect to the opera-
tion of the Federal income, war-profits, and excess profits tax laws, I have the
honor to transmit herewith a report entitled "Statistics of Income for 1951,
Part 2," presenting data relative to income, deductions, assets, liabilities,
credits, tax liability, and dividends paid as reported on corporation income
tax returns for 1951 filed during 1952. There is also included a historical
presentation of the income and of the tax liabilitj^ reported by corporations for
the years 1944 through 1951, and a synopsis of corporation income and profits
tax rates and other provisions of the Federal tax laws affecting the compara-
bility of historical data in this report.
Respectfully,
T. Coleman Andrews,
Commissioner of Internal Revenue.
Honorable G. M. Humphrey,
Secretary of the Treasury.
CONTENTS
Page
Introduction 1
Summary data . 1
Returns included 1-2
Changes in the Internal Revenue Code 2-3
Description of sample and limitations of data 3-5
Classifications and description of tables.^ 5-15
Returns with net income and returns with no net income 5
States and Territories 5
Industrial divisions and groups 5-7
Returns with balance sheets and returns with no balance sheets 7
Consolidated returns 7-8
Total assets classes 8
Net income and deficit classes 8
Type of tax liability 8-9
Excess profits net income over $25,000 9
Method of excess profits credit computation 9-11
Special rules for excess profits credit computation 11-12
General relief provisions 12
Special relief provisions 12
Excess profits tax limited under the provisions of sections 430(a)(2) or 430(e),
Internal Revenue Code 12-13
Fiscal year returns 13
Part year returns 13
Returns reporting receipts from dividends and interest on Government obliga-
tions 14
Dividends paid 14
Income and profits taxes paid to foreign countries or possessions of the United
States 14
Western Hemisphere trade corporations 14-15
Text Tables
A. All returns by net income and deficit classes 18
B. Fiscal year returns by month in which fiscal year ended 18
C. Fiscal year returns by net income and deficit classes 18
D. Part year returns 19
E. Returns involving special rules for excess profits credit computation 19
F. Returns with average base period net income computed on the basis of an in-
dustry rate of return by general relief provision employed 20
G. Returns with excess profits tax adjusted under certain special relief provisions.- 21
H. Returns with excess profits tax limited, by net income classes 21
I. Returns showing foreign tax credit by total assets classes 22
J. Returns showing foreign tax credit by major industrial groups 23-24
K. Returns showing foreign tax credit by net income classes 25
L. Western Hemisphere trade corporation returns by total assets classes 26
M. Western Hemisphere trade corporation returns by major industrial groups 27-29
N. Western Hemisphere trade corporation returns by net income and deficit classes. 30
Source Book of Statistics of Income
Description and use 35
Chart I. Items and classifications available, 1926-51 36-37
Chart II. Industrial groups available, 1926-51 38-42
Basic Tables
1. States and Territories, general summary — all returns 45
2. Major and minor industrial groups, general summary — all returns 46-51
2-A. Major and minor industrial groups, general summary — returns with excess
profits net income over $25,000 52-57
3. Major industrial groups (receipts and deductions) — all returns 58-77
4. Major industrial groups (assets and liabilities, receipts and deductions) —
returns with balance sheets 78-97
VI CONTENTS
Page
4-A. Major industrial groups (assets and liabilities, receipts and deductions) —
consolidated returns with balance sheets 98-117
5. Total assets classes (assets and liabilities, receipts and deductions) — returns
with balance sheets 118-121
5-A. Total assets classes (assets and liabilities, receipts and deductions) — con-
solidated returns with balance sheets 122-125
6. Total assets classes and major industrial groups (selected assets, liabilities,
and receipts) — returns with balance sheets 126-151
7. Net income and deficit classes and industrial divisions (selected items) — all
returns 152-1 54
8. Net income and deficit classes and type of tax liability — all returns 155-156
8-A. Net income classes and method of excess profits credit computation (selected
items) — returns with excess profits net income over $25,000 157-159
9. Net income and deficit classes (dividends received and interest received on
Government obligations) — all returns 160
10. Net income and deficit classes (dividends paid) — all returns 161
Historical Data, 1944-51
Introduction 167
Description of tables 167
Comparability of data 167
Historical Tables, 1944-51
11. Number of returns by net income or deficit status and by size classes 168-169
12. General summary __. 170-171
13. Receipts and deductions — all returns 172-173
14. Assets, liabilities, receipts and deductions — returns with balance sheets 174-175
15. Industrial groups — general summary 176-190
16. Consolidated returns — general summary 191
Synopsis of Federal Tax Laws Affecting the Comparability of Historical
Data in Statistics of Income
corporation income and profits tax returns
A. Tax rates, 1944-51 197-198
B. Capital gain and loss provisions, 1944-51 199
C. Consolidated returns — provisions for filing and tax rates, 1944—51 200
Return Forms
Facsimiles of Forms 1120, 1120FY, 1120L, 1120M, and 1118 for 1951 204-264
STATISTICS OF INCOME FOR 1951 -PART 2
CORPORATION INCOME TAX RETURNS
INTRODUCTION
This report, presenting data for 1951 tabulated from
corporation income tax returns, Form 1120; life insur-
ance company income tax returns, Form 1120L; and
mutual insurance company income tax returns, Form
1120M, is prepared in accordance with section 63 of
the Internal Revenue Code, which provides for the
publication 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, credits, Federal tax liability, and dividends
paid are shown in aggregate and for various classifica-
tions of corporations and of income.
A probability sample is used for the first time as the
basis of the data tabulated from the corporation returns.
A description of this sample and the limitations to
which the data are subject are shown on pages 3-5.
Historical data pertaining to income tax returns for
1944 through 1951 are presented, with a resume of the
information available in the Source Book, a volume of
data supplementary to the published reports, Statistics
of Income. A synopsis of corporation income and
profits tax rates, and other provisions of the Federal
tax laws affecting the comparability of historical data
is included.
Facsimilies of the return forms from which the data
are tabulated and to which references are made through-
out this volume are also shown.
Certain of the more significant data for 1951 con-
tained herein were made public previously in a pre-
liminary report issued as of June 16, 1954.
The returns from which data are tabulated for this
report were filed under the provisions of the Internal
Revenue Code (1939) as amended, and all references to
the Code throughout this volume are to the Code
pnacted February 10, 1939.
SUMMARY DATA
The total number of corporation income tax returns
for 1951 is 687,310, of which 652,376 are returns of
active corporations. Of these returns of active cor-
porations, 439,047 show net income of $45,333,173,000,
and 213,329 show deficit of $1,787,583,000. The total
tax liability reported is $22,082,117,000, consisting of
$19,623,441,000 income tax, and $2,458,676,000 excess
profits tax.
The 34,934 returns filed by inactive corporations do
not show items of income and deductions, and are filed
in accordance with the regulation that a corporation
having an existence during any portion of a taxable
year is required to make a return.
The 1951 data are summarized and compared with
data for 1950 in the table below.
COMPAR.^TIVE D.\TA FOR C0RP0R.\TI0N RKTURNS,
1951 AND 1950
Items
1951
1950
Increase or decrease
(-)
Number or
amount
Percent
687, 310
662.376
439,047
45, 333, 173
22,082,117
665,992
629,314
426, 283
44, 140, 741
17,316,932
21,318
23,062
12,764
1,192,432
4, 765, 185
3
Active corporations:
4
Returns with net income: '
3
Net income '
thousand dollars. .
Total tax
thousand dollars..
3
28
Income tax '
thousand dollars..
Excess profits tax 3
thousand dollars..
Returns with no net income: i
Number of returns
Deficit ' - . . thousand dollars. .
Number of returns of inactive cor-
porations .
19, 623, 441
2, 458, 670
213, 329
1, 787, 583
34, 934
15, 929, 488
1,387.444
203.031
1, 527, 437
36, 678
3, 693, 953
1,071,232
10,298
260, 146
-1,744
23
77
5
17
-5
For footnotes, see pp. 31-32. For extent to which data are estimated, see pp. 3-5.
A portion of the increase in excess profits tax liability
for 1951 over 1950 may be attributed to this tax being
fully effective for all returns included in the data for
1951, whereas, for the returns tabulated for 1950, it is
only partially effective since the excess profits tax was
not imposed until Jidy 1, 1950. The amounts of in-
come and excess profits tax liability shown do not take
into account any credit claimed for taxes paid to a
foreign country or United States possession.
RETURNS INCLUDED
The returns included in this report are the corpora-
tion income tax returns filed for the calendar year
ending December 31, 1951, a fiscal year ending within
the period July 1951 through June 1952, and a part
year with the greater portion of the accounting period
in 1951.
The data are from corporation income tax returns.
Form 1 120; life insurance company income tax returns.
Form 1120L; and mutual insurance company income
tax returns, Form 1120M. Included for this purpose
in addition to returns filed by domestic corporations
are the returns filed by foreign corporations engaged in
business within the United States.
CORPORATION INCOME TAX RETURNS FOR 1951
Tentative returns are not included and amended
returns are used only if the original returns are excluded
Data are tabulated as reported by the taxpayer, prior
to official audit and prior to changes resulting from
carrybacks after the returns were filed.
CHANGES IN THE INTERNAL REVENUE CODE
The comparability of figures tabulated from the 1951
returns and those tabulated from the 1950 returns is
affected by certain changes in the Internal Revenue
Code made by provisions of the Revenue Act of 1951.
These changes become generally effective after March
31, 1951, but the act also contains intermediate pro-
visions for returns filed for the calendar year 1951.
The most significant changes are shown below. The
Excess Profits Tax Act of 1950 and the excess profits tax
provisions of the Revenue Act of 1951 retroactive to
July 1, 1950, which were only partially effective for
returns with taxable years beginning before July 1,
1950, included in the 1950 statistics, are fully effective
for all returns included in this report.
(1) Tax rales. — The normal tax rate for returns filed
for the calendar year 1951 is increased to 28% percent.
For fiscal and part year returns included in this report
a normal tax rate of 25 percent, imposed by the Revenue
Act of 1950 for taxable years beginning after June 30,
1950, and a 30 percent rate, effective April 1, 1951,
imposed by the Revenue Act of 1951, are applicable.
The surtax rate of 22 percent on surtax net income in
excess of $25,000, effective July 1, 1950, under the
Excess Profits Tax Act of 1950, remains in effect.
The maximum tax rate on long-term capital gains is
increased from 25 percent to 26 percent for taxable
years beginning after March 31, 1951.
The additional tax of 2 percent of the surtax net
income imposed on a group of aflSliated corporations
filing a consolidated return is retained.
The excess profits tax rate of 30 percent of the
adjusted excess profits net income is unchanged, but
the Revenue Act of 1951 provides new ceiling rates,
applicable only with respect to the excess profits
tax and the consolidated return tax. For calendar
year 1951 returns the ceiling rate for the excess profits
tax is 17}^ percent of the excess profits net income, and
beginning April 1, 1951, the ceiling rate for all other
returns is 18 percent of the excess profits net income.
However, for a consolidated return, the excess profits
tax computed at the ceiling rate is reduced by an
amount determined by multiplying the consolidated
return tax (2 percent of the surtax net income) by the
ratio of the excess profits net income to the surtax
net income. This reduction cannot exceed 100 percent
of the consolidated return tax. For the period July 1,
1950, to March 31, 1951, the ceiling, as established by
the Excess Profits Tax Act of 1950, is applicable to
the aggregate income and excess profits tax and the
ceiling rate is 62 percent of the excess profits net income.
The maximiun combined tax rate (normal tax, sur-
tax, and the excess profits and consolidated return
taxes at the ceiHng rate) for the calendar year 1951
is approximately 68 percent; and for other taxable
years ending after March 31, 1951, approximately
70 percent.
TAX RATES APPLICABLE TO RETURNS FILED FOR THE CALEN-
DAR YEAR 1951 AND FISCAL YEAR ENDING IN THE PERIOD
JULY 1951 THROUGH JUNE 1952
Rates effective-
Tax
Calen-
dar year
1951
(Percent)
After
Mar. 31,
1951
(Percent)
Period
July 1,
1950-
Mar. 31,
1951
(Percent)
Maximum'
68
mi
22
2
30
17M
XXX
25
70
30
22
2
30
18
XXX
62
25
Normal tax _ _
Surtax on surtax net income in excess of $25,000. .
Consolidated return tax (computed on en-
tire amount of surtax net income)
22
2
Excess profits tax (computed on the adjusted
excess profits net income)
SO
Ceiling tax (computed on the excess profits net
income) :
Excess profits tax and consolidated return
tax*
Total normal tax, surtax, and excess profits
tax
Taxable year
beginning-
After
Mar. 31,
1951
(PercerU)
Before
Apr. 1,
1951
(Percent)
IVTaximum tax on long-term capital gains
26
25
•The rates shown may vary slightly with respect to consolidated returns due to
the method of determining the excess profits tax ceiling when a consolidated return
is filed.
(2) Proration of tax. — Corporations filing fiscal or
part year returns for taxable years beginning before
and ending after April 1, 1951, are required to compute
two tentative taxes; one under the provisions in effect
for the period July 1, 1950, through March 31, 1951,
and the other under provisions applicable beginning
April 1, 1951. The tentative taxes are then prorated
on the basis of the number of days in the accounting
period before April 1, 1951, and the number of days
after March 31, 1951, respectively. The prorated
portions of the two tentative taxes are then combined
to determine the actual liability, which is the amount
tabulated in this report.
(3) Credits of corporations. — In the computation of
the normal tax and surtax net incomes for taxable
years beginning on or after January 1, 1951, the 85
percent credit for dividends received is extended to
certain dividends received from foreign corporations
doing a substantial volume of business in the United
States, and derived from income earned in the United
States. For the calendar year 1951, and for fiscal
years beginning after March 31, 1951, the credit
allowed a Western Hemisphere trade corporation and
the credit for dividends paid on certain preferred stock
of a public utility are decreased slightly; and there is
a small increase in the credit for dividends received on
certain preferred stock of a public utility.
(4) Excess profits credit. — For determination of the
excess profits credit, used in computing the adjusted
CORPORATION INCOME TAX RETURNS FOR 1951
excess profits net income, under the income credit
method, the hase period earnings credit is reduced
from 85 percent to 84 percent for calenilar year 1951
returns, and to 88 percent for other taxable years,
effective July 1, 1951.
(5) Life insurance companies. — The Revenue Act of
1951 introduces a new method of income taxation for
life insurance companies. Under the new law, invest-
ment income is retained as the tax base, the reserve and
other policy liability credit is eliminated as an adjust-
ment to the normal tax and surtax net incomes, special
income tax rates are provided in lieu of the regular
corporate income tax rates, and a reserve interest credit
formula is introduced. The adjustment for certain
non-life insurance reserves is increased to offset the
tax rate change.
The life insurance company tax base is investment
income. Deductions taken in arriving at net income
are the expenses incident to investment earnings and
the deduction for wholly tax-exempt interest. No
deduction allowance is made with respect to reserve
earnings, deferred dividends, and interest paid, but
special provisions of the Code with respect to life
insurance companies are designed to provide equitable
treatment with respect to their requirements. Under
the 1951 act these provisions include special tax rates,
and a reserve interest credit provided for companies
whose earnings are smaller than or only slightly in
excess of their interest requirements.
The 1951 act imposes a tax of 3% percent on the first
$200,000 of the 1951 adjusted normal tax net income
and a tax of 6)2 percent on such income in excess of
$200,000. The "1951 adjusted normal tax net income"
is obtained as a result of two adjustments to the norma
tax net income, where applicable: (a) the reserve in-
terest credit, and (b) the adjustment for certain non-
life insurance reserves.
The reserve interest credit is available only to those
companies whose adjusted net income is less than 105
percent of their required interest. The "adjusted net
income" is the net investment income (including
wholly tax-exempt interest) minus 50 percent of the
amount of the adjustment for certain non-life insurance
reserves. The "required interest" is the aggregate of
the interest allowed on reserves, interest paid, and 2
percent of the reserves held for deferred dividends.
If the adjusted net income is 100 percent or less of the
required interest, the reserve interest credit is equal to
one-half of the normal tax net income. If the adjusted
net income is more than 100 percent but less than 105
percent of the required interest, the credit is determined
by multiplying the normal tax net income by 10 times
the difference between 105 percent and the actual per-
centage established. For 1951, life insurance com-
panies with net income reported a reserve interest
credit of $46,036,000, of which $45,148,000 was reported
on returns with balance sheets.
The adjustment for certain non-life insurance re-
serves applies only to life insurance companies deriving
a portion of their income from contracts other than life
insurance, annuities, or noncancelablc health and ac-
cident insurance and is made so that such income may
be subjected to the regular corporate tax. Under the
1951 act the adjustment, determined as in prior years,
is multiplied by 8 to offset the lower tax rates provided
for life insurance companies. For 1951 this adjust-
ment, before multiplication, aggregates $18,107,000,
of which $18,013,000 is reported on returns with balance
sheets.
Under prior law the normal tax and surtax net
incomes of a life insurance company were decreased by
a reserve and other policy liability credit, equal to a
flat proportion of such net incomes. After adjustment
for certain non-life insurance reserves, where required,
tax was imposed at the regular corporate rates.
The 1951 law makes no change in the computation
of deductions used in determining the excess profits
net income of a life insurance company, and the credit
ratio used in determining the reserve and other policy
liability credit is 0.87. The regular corporate excess
profits tax rates are imposed.
(6) Other promsions. — The percentage depletion rate
for coal is raised from 5 to 10 percent and the list of
minerals to which percentage depletion is available is
expanded. The list of minerals and the applicable
rates are shown in section 114 (b) (4) of the Internal
Revenue Code. These changes are effective for taxable
years beginning after December 31, 1950.
Beginning January 1, 1951, mining corporations are
allowed to charge to expense certain exploration costs,
not to exceed $75,000 per year, and certain development
costs of mines. These costs were formerly treated as
capital expenditures.
The ceiling tax rate on long-term capital gains was
made applicable to (a) coal royalties received as a result
of the disposal of coal owned by the taxpayer for more
than 6 months; (b) gain from the sale of livestock
(except poultry) held for 12 months or more for draft,
breeding, or dairy purposes; and (c) gains attributable
to an unharvested crop growing on land which is sold.
DESCRIPTION OF SAMPLE AND LIMITATIONS OF
DATA
A probability sample is used for the first time as the
basis of data tabulated from 1951 corporation income
tax returns. Heretofore, annual tabulations have been
derived from all corporation returns filed. The intro-
duction of sampling provides reliable estimates of data
from these returns without experiencing the cost and
delay of tabulating all returns.
Nature of sample. — The sample consisted of about
285,000 returns selected from a popidation of 687,310
corporate returns. The design involved simple strati-
fication of the population into two parts. One stratum
CORPORATION INCOME TAX RETURNS FOR 1951
included returns which required 100 percent representa-
tion; the other used a 10 percent sampling ratio.
The 100 percent area, accounting for 240,310 returns,
included the following kinds of returns, not mutually
exclusive :
Returns of corporations by size:
With assets of $250,000 or more
With net income or deficit of $2.5,000 or more
Returns in 141 minor industry groups (indicated by an
asterisli (*) in tables 2 and 2- A), and in the following
major industry groups:
Forestry
Fishery
Metal mining
Anthracite mining
Nonmetallic mining and quarrying
Tobacco manufactures
Textile-mill products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber products
Leather and products
Stone, clay, and glass products
Primary metal industries
Electrical machinery and equipment
Transportation equipment, except motor vehicles
Motor vehicles and equipment, except electrical
Ordnance and accessories
Scientific instruments; photographic equipment;
watches, clocks
Electric and gas utilities
Other public utilities
Insurance carriers
Returns from the following States and Territories:
Alaska New Hampshire
Arizona New Mexico
Arkansas North Dakota
Delaware South Dakota
Hawaii Utah
Idaho Vermont
Nevada Wyoming
Returns from the following types of corporations:
Consolidated returns for affiliated groups of corpora-
tions
lyife insurance companies. Form 1120L
Mutual insurance companies, Form 1120M
Regulated investment companies
Western Hemisphere trade corporations
Returns with following characteristics:
With excess profits schedules
With a deduction for contributions to pension plans
With a credit claimed for foreign taxes paid
The 10 percent area represented a stratified sample
of 44,700 returns with assets under $250,000. This
area was segregated into 164 strata representing 82
three-digit industry groups by taxable and nontaxable
returns. The stratification permitted accurate counts
to be taken for these types of returns. No control was
maintained by assets classes within the sampling area.'
Sampling variability .—There, is little sampling var-
iation in the totals of items in this volume because of
the inclusion of large numbere of returns and entire
' For a detailed explanation of the type of sampling procedures employed, see
A. C. Rosander, et al., "Sampling 1949 Corporation Income Tax Returns," Journal
of the American Statistical Association, June 1951. pp. 233-241.
classes of returns which received 100 percent coverage,
which in themselves are not subject to sampling vari-
ability. For example, 95 percent or more of the values
of total assets, total net income, and total tax liabilities
are tabulated from corporation returns receiving 100
percent coverage.
The maximum sampling variabilities to be expected
for estimates within size classes and industry groups
which were sampled are as follows :
Percentage
Estimates of major items: variation
By assets classes ±5
By net income classes +7
By no net income classes +15
Income or deficit by major industrial groups. . ±30
Stated otherwise, the reliabilitj" study of an item, say
by a sampled assets class, reveals that, on the average,
the chances are about 19 in 20 that the results of a
complete tabulation of corporate taxpayers would
not differ from the sample results by more than plus
or minus 5 percentage points.
Sampling variabilities of estimates of selected items
within an illustrative minor industry group, "Special
industry machinery manufacturing," are shown below
as plus or minus percentages of the actual values.
Percentage variation
Returns Returns
witti net wilti no net
income income
Number of returns ±3 ±6
Gross sales ±2 ±11
Gross receipts ±2 ±77
Compensation of officers ±5 ±19
Net income or deficit ±1 ±9
Tax liability ±1
Total assets ±1 ±"
Thus, for "gross receipts" within this indtistry
group, maximum variability ranges from a small ±2
percent for corporations with net income to a large
±77 percent for those with no net income. Generally,
the sampling reliability of a specific characteristic
depends upon rarity of occurrence of the characteristic,
its variability, and size of the sample itself.
The total numbers of returns shown for each of the
82 industries in the sampled area are not subject to
sample variability. A breakdown of the number of
returns within each of these industries is, however,
subject to this type of variation as shown in the illus-
tration above. In such breakdowns when the number
of returns amount to only 100, it is subject to ±50
percent variation. In those relatively few instances
where frequencies are very small and reflect more
than ±100 percent sampling error, such data are not
published.
It should be noted that data for many items are
derived from returns in both the sample area and the
100-percent area. No simple table of percentage
variabilities can be derived for these items since
variability is determined not only by the factors listed
above but by the proportion of an item figure origi-
nating in each of the two areas.
CORPORATION INCOME TAX RETURNS FOR 1951
Other limitations of data. — In addition to sampling
variation, the data are subject to limitations resiiltinfi;
from underreporting and nonreporting, poi)ulation
coverage, sample selection, and data processing.
Reporting biases and undercoverage are more serious
errors than those associated with selection of sample
and processing operations; the latter are more easily
controlled. There is no simple method for controlling
nonsampling bias comparable to that for controlling
random variability.
A very substantial number of corporations, partic-
ularly large and medium sized, engage extensively
in activities generally recognized to be in two or more
industries. On the other hand, in classifying corpora-
tions by industrial groups, the entire experience of
each corporation is shown in the single class which
accounts for the largest percent of gross sales or gross
receipts from operations. Consequently, statistics
shown for industrial classes include data which do not
relate to the industry indicated, but rather reflect
other activities of corporations whose principal business
was reported to be in the industry shown.
Use of tabulations is also limited by changes in tax
laws which adversely aff"ect year-to-year comparability
and historical trend analysis.
CLASSIFICATIONS AND DESCRIPTION OF TABLES
Data are shown for the returns of active corporations
in aggregate, and segregated by one or more of the
following classifications: Returns with net income and
returns with no net income; States and Territories;
hidustrial divisions and groups; returns with balance
sheets and returns with no balance sheets; consolidated
returns; total assets classes; net income and deficit
classes; type of tax liability; and returns with excess
profits net income over $25,000. Returns with excess
profits net income over $25,000 are further segregated
by method of excess profits credit computation, and
separate tabulations are provided showing returns
involving special rules for the excess profits credit
computation, returns in which relief provisions are
employed, and returns with excess profits tax limited
under the provisions of section 430(a)(2) or 430(e)
of the Code. There are also separate tabulations for
fiscal year returns, part year returns, returns reporting
receipts from dividends and interest on Government
obligations, returns reporting payment of dividends,
corporations reporting a credit for income taxes paid
to a foreign country or a United States possession, and
corporations classed as Western Hemisphere trade
corporations.
Returns of inactive corporations are not included
in the tabulations since they do not show items of
income and deductions. Such returns are filed in
accordance with the regulation that a corporation
having an existence during any portion of a taxable
year is required to make a return. Unlike the 1950
report the number of returns filed by inactive corpora-
tions is not included in the total number of returns
distributed by States and Territories in table 1, and
by major and minor industrial groups in table 2. The
number of inactive returns filed for 1951 is shown in
the summary data, page 1, and the number filed on
a fiscal year basis appears in tabic C, page 18.
The classifications are described in the following
paragraphs, which also enumerate the items tabulated.
These items are described by footnotes as indicated
on each table.
Returnfi with net income and returns with no net
income. — This classification is bascvd on the amount
of net income or deficit which is the difference between
the total income and the total deductions as reported
on the return, exclusive of the net operating loss
deduction. Returns with total deductions (e.vclusive
of the net operating loss deduction) equal to or exceed-
ing total income are classified as 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 Terri-
tories 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. Conversely, a tabulation
for a given State may include data from returns of
corporations having their principal place of business
in another State. A corporation may file an income
tax return either in the internal revenue district in
which it has its principal place of business or in the
internal revenue district in which it has its principal
office or agency. There is no way of ascertaining
from income tax returns the amount of income origi-
nating in a specific State or the amount of tax paid
thereon.
The returns of active corporations are segregated
geographically in table 1, page 45. For returns with
net income and returns with no net income, this table
shows net income or deficit, and dividends paid in cash
and assets other than the corporation's own stock. For
returns with net income there are also shown amounts
of total tax, income tax, and excess profits tax. Unlike
1950, the returns of inactive corporations are not
included in the total number of returns for each State
and Territory.
Industrial divisions and groups. — The industrial clas-
sification consists of 9 divisions, 65 major groups, and
202 minor groups, based, in general, 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 Standaixl Classification to the corpo-
6
CORPORATION INCOME TAX RETURNS FOR 1951
ration income tax returns which are filed on an owner-
ship basis. There is no change in the industrial classifi-
cation between 1950 and 1951.
The industrial classification is based on the business
activity reported on the return. When multiple
businesses are reported on a return, the classification is
determined by the business activity which accounts for
the largest percentage of total receipts. Therefore, the
industrial groups do not reflect pure industry classi-
fications.
In analyzing the data compiled from returns classified
under the industrial group "Insurance carriers and
agents," the special provisions of law affecting life
insurance companies, described on page 3 of this re-
port, should be noted. It should be noted also that the
deduction item "Compensation of officers" in tables
throughout this report excludes the amounts paid to
officers of life insurance companies which file on Form
1120L. There is no provision on Form 1120L for
reporting this item, and it "s not possible to ascertain
it from the annual statement submitted with the return.
The total number of returns of active corporations,
the number of returns with net income, and the number
of returns with no net income are shown for each of the
nine industrial divisions in the table below. For re-
turns with net income, there are also showTi the per-
cent of the division total, total compiled receipts, net
income, total tax, income tax, and excess profits tax; for
returns with no net income there are shown the percent
of division total, total compiled receipts, and deficit.
In table 7 the returns are segregated by industrial
divisions and by net income and deficit classes. For
returns with net income and returns with no net income
there are shown the number of returns, net income or
deficit, and dividends paid in cash and assets other than
own stock. For returns with net income there are
also shown the total tax, income tax, and excess profits
tax.
The returns are segregated by major industrial groups
in table 3, which shows, in Part I for all returns and in
Part II for returns with net income, the amounts of
itemized receipts and deductions, compiled net profit
or net loss, net income or deficit, net operating loss
deduction, income tax, excess profits tax, total tax,
compiled net profit less total tax, dividends paid in
cash and assets other than the corporation's own stock,
and dividends paid in the corporation's own stock.
Table 4 presents, by major industrial groups, data for
returns of corporations filing balance sheets and shows,
in Part I for all returns and in Part II for returns with
net income, the number of returns, items of assets and
liabilities as of December 31, 1951, or close of fiscal
year nearest thereto, itemized receipts and deductions,
compiled net profit or net loss, net income or deficit,
net operating loss deduction, income tax, excess profits
tax, total tax, compiled net profit less total tax,
dividends paid in cash and assets other than the cor-
poration's own stock, and dividends paid in the cor-
poration's own stock.
Table 6 shows, for returns with balance sheets, by
total assets classes, in aggregate, and by major industrial
groups, the number of returns, selected items of assets,
liabilities, and receipts, compiled net profit or net loss,
net income or deficit, total tax, and dividends paid in
cash and assets other than the corporation's own stock.
A segregation of returns by major and minor in-
dustrial groups is shown in table 2, for all returns, and
in table 2-A, for returns with excess profits net income
over $25,000. Table 2 shows the total number of
active returns and, for returns with net income and
returns with no net income, the number of returns,
total compiled receipts, net income or deficit, and divi-
dends paid in cash and assets other than the corpora-
tion's own stock. For returns with net income, there
are also shown the total tax, income tax, and excess
profits tax. Unlike 1950, the returns of inactive cor-
porations are not included in the total number of returns
for each industry group. Table 2-A is limited to re-
turns with excess profits net income over $25,000, and
shows, for returns with excess profits tax liability, the
number of returns, net income, excess profits net income,
excess profits credit, unused excess profits credit ad-
CORPORATION RETURNS, 1951, BY INDUSTRIAL DIVISIONS, FOR RETURNS WITH NET INCOME AND RETURNS WITH NO .VET INCOME: NUM-
BER OF RETURNS, PERCENTAOES, TOTAL COMPILED RECEIPTS, NET INCOME OR DEFICIT; AND, FOR RETUR.VS WITH NET I.NTCOME:
TOTAL TAX, INCOME TAX, AND EXCESS PROFITS TAX
Industrial divisions <
All industrial divisions
Agriculture, forestry, and fishery
Mining and quarrying
Construction
Manufacturing
Public utilities
Trade
Finance, insurance, real estate, and
lessors of real property _
Services
Nature of business not allocable
Total
number
of re-
turns *
652, 376
8,734
9,036
29,593
120,196
26,828
216, 309
177, 832
68,268
5,580
Returns with net income '
Number
439, 047
5,389
4,966
19, 764
80.877
17, 189
150, 670
125,858
33,265
1,069
Per-
cent of
divi-
sion
total
67.3
61.7
55.0
66.8
67.3
64.1
69.7
70.8
57.1
19.2
Total
compiled
receipts ^
(Thousand
dollars)
479, 243, 451
2, 192, 596
8, 462, 731
12,360,392
241, 530, 606
34, 516, 766
152, 849. 291
18, 379. 566
8, 862. 184
89, 319
Net
income '
(Thousand
dollars)
45, 333, 173
288, 619
1,225,061
652, 506
25, 492, 126
4, 785, 134
5, 919, 667
6, 187, 604
768, 450
14,006
Taxes
Total
tax
(Thousand
dollars)
22, 082, 117
107, 158
560, 737
292,445
14,163.463
2, 305, 533
2, 775, 747
1,543,189
329, 074
4,771
Income
tax!
(Thousand
dollars)
19,623,441
102, 372
534, 509
263,796
12,088,130
2, 250, 154
2, 577, 553
1, 495, 524
306,806
4,597
Excess
profits
tax '
(Thousand
dollars)
2, 458, 676
4,786
26,228
28,649
2. 075, 333
55, 379
198, 194
47, 665
22,268
174
Returns with no net income *
213, 329
3,345
4.070
9,829
39, 319
9,639
65, 639
51,974
25,003
4,611
Per-
cent of
divi-
sion
total
32.7
38.3
45.0
33.2
32.7
35.9
30.4
29.2
42.9
80.8
Total
compiled
receipts "
(Thousand
dollars)
37, 795, 732
274, 787
1,228,120
1.879,701
13,475,918
1,704.548
16, 416. 461
1,977.044
1,809,810
29,353
Deficit !
(Thousan<
dollars)
1.787,
29, 70^
104,990
93,128
630, 291
99,193
426, 233
254,660
135,793
13, 593
For footnotes, see pp. 31-32. For extent to which data are estimated, see pp. 3-5.
CORPORATION INCOME TAX RETURNS FOR 1951
justment, adjusted excess profits net income, total tax,
income tax, and excess profits tax. For returns with
no excess profits tax liability there are shown the
number of returns, excess profits net income, excess
profits credit, and the unused excess profits credit
adjustment. Excluded from this tabulation are a neg-
ligible number of returns showing a deficit amount of
net income but showing excess profits net income of
$25,000 and over with no excess profits tax liability.
A frequency distribution by major industrial groups
is shown for returns with excess profits net income over
$25,000 and with average base period net income com-
puted on the basis of an industry rate of return in table
F, page 20. Returns showing a foreign tax credit and
returns filed by Western Hemisphere trade corporations
are also classified by major industrial groups for data
shown in tables J and M, pages 23-24 and 27-29,
respectively.
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
which the balance sheet data are entirely lacking and
those with fragmentary data. The table at the right
shows in aggregate and for returns with balance sheets
and returns with no balance sheets the items of receipts
and deductions, compiled net profit or net loss, net
income or deficit, net operating loss deduction, income
tax, excess profits tax, total tax, compiled net profit
less total tax, dividends paid in cash and assets other
than own stock, and dividends paid in the corporation's
own stock.
The number of active returns and the number and
percent with balance sheets, for returns with net income
and for returns with no net income, are shown by net
income and deficit classes in table A, page 18.
The returns with balance sheets are classified by
major industrial groups in table 4, pages 78-97, and by
total assets classes in table 5, pages 1 18-121 . Each table
shows, in Part I for all returns and in Part II for returns
with net income, the number of returns, items of assets
and liabilities, compiled receipts and compiled deduc-
tions, compiled net profit or net loss, net income or
deficit, net operating loss deduction, income tax, excess
profits tax, total tax, compiled net profit less total tax,
dividends paid in cash and assets other than the
corporation's own stock, and dividends paid in the
corporation's own stock.
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.
An affiliated group of corporations which may file a
consolidated return for income and excess profits tax
purposes is defined by section 141(d) of the Internal
Revenue Code as one or more chains of includible
corporations connected through stock ownership with
a common parent corporation which is an includible
CORPORATION RETURNS, Iflll, IN AOQREOATE, AND FOR RKTURNS
WITU HALANCE .SHEETS AND RETURNS WITH NO BALANCE
SHEETS: NUMBER OF RETURNS, COMPILED RECEIPTS, COM-
PILED DEDUCTIONS, COMPILED NET PROFIT OR NET LOSS,
NET INCOME OR DEFICIT, NET OPERATING LOS.S DEDUCTION,
INCOME TAX, EXCESS PROFITS TAX, TOTAL TAX, COMPILED
NET PROFIT LESS TOTAL TAX, AND DIVIDENDS PAID BY TYPE
OF DIVIDEND
Number of returns '..
17
IS
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
Receipts:
Gross sales ^
Gross receipts from operations * . .
Interest on Government obliga-
tions (less araortizable bond
premium):
Wholly taxable*
Subject to surtax only '°
Wholly tax-exempt "
Other interest -
Rents '2
Royalties " .-
Excess of net short-term capital
gain over net long-term capital
loss."
Excess of net long-term capital
gain over net short-term capital
loss."
Net gain, sales other than capital
assets.'*
Dividends, domestic corpora-
tions."*
Dividends, foreign corporations "
Other receipts '8
Agfcregatn
652, 376
Returns
with
balance
sheets
596, 385
Returns
with no
balance
sheets
55,991
(Thousand doUart)
421,922,320
75,280,590
1, 548, 730
148,660
253.936
5,271,531
4, 037, 703
501.370
32, 171
1, 390, 444
466, 801
2, 377, 332
629, 496
3,178,099
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 " --.
Contributions or gifts ".. - . .
Depreciation -
Depletion - - -
Amortization ^.- -
Advertising - -
Amounts contributed under pen-
sion plans, etc."
Net loss, sales other than capital
assets.'*
Other deductions 2* -
517, 039, 183
323, 440, 634
43, 110, 331
8, 122, 046
4,221.806
4, 731, 304
756, 665
3, 700, 510
11,030,835
343, 039
8, 829, 043
2, 085, 066
291, 867
4, 652, 880
2, 326, 944
283,648
65, 413, 139
418, 055, 630
74,317,182
1, 635, 241
147,844
252,684
6, 228. 735
3. 910, 669
481, 153
31,009
1, 331, 387
446,072
2,351,045
628,297
3, 132, 487
511,849,436
Total compiled deductions.
473, 239, 667
Compiled net profit or net loss (16 less
33)
Net income or deficit ' (34 less 6)
Net operating loss deduction * - .
Income tax 2
Excess profits tax ^
Total tax.
Compiled net profit less total tax (34
less 39).
Dividends paid: "
Cash and assets other than own
stock.2'
Corporation*s own stock
320, 462. 406
42, 584, 187
7, 979, 330
4, 160, 778
4, 683, 013
744, 062
3, 646, 058
10, 904, 104
340, 619
8, 732, 993
2, 065, 815
290,601
4, 513, 406
2, 318, 636
257, 758
54, 670, 252
468, 354, 008
43, 799, 526
43, 545, 690
402, 317
19, 623, 441
2, 458, 676
22,082,117
21,717,409
11, 299, 460
1,429,162
43, 495, 427
43, 242, 743
387,630
19, 460. 465
2,441,644
21, 902, 009
21, 593, 418
11,218,886
1, 425, 396
3, 866, 690
963, 408
13,489
816
1,2,';2
42, 796
127,034
20,217
1,162
69, 057
20, 729
20,287
1,199
45, 612
5, 189, 748
2, 978, 228
626. 144
142, 716
61,028
48,291
12,613
54. 4.52
126, 731
2,420
96,050
19, 251
1,266
39, 474
8,308
25,890
742, 887
4,885,649
304, 099
302, 847
14,687
162, 976
17, 132
180, 108
123,991
80, 674
3,767
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
For footnotes, see pp. 31-32. For extent to which data are estimated, sec pp. 3-S.
corporation if (1) stock possessing at least 95 percent
of the voting power of all classes of stock and at least
95 percent of each class of the nonvoting stock of each
of the includible corporations (except the common
parent corporation) is owned directly by one or more
of the other includible corporations; and (2) the com-
mon parent corporation owns directly stock possessing
at least 95 percent of the voting power of all classes of
stock and at least 95 percent of each class of the non-
voting stock of at least one of the other includible
corporations.
8
CORPORATION INCOME TAX RETURNS FOR 1951
The number of consolidated returns and the number
of subsidiaries included therein, for the years 1951 and
1950, are shown by industrial divisions in the following
table.
CONSOLIDATED =8 CORPORATION RETURNS, 1951 AND 1950, BY IN.
DUSTRIAL DIVISIONS, SHOWING NUMBER OF CONSOLIDATED
RETURNS AND NUMBER OF SUBSIDIARIES
Industrial divisions *
All industrial divisions _
Agriculture, forestry, and fishery.,.
Mining and quarrying...
Construction
Manufacturing
Public utilities
Trade.-
Finance, insurance, real estate,
lessors of real property
Services _.
Nature of business not allocable
and
Number of con-
solidated returns ^
1.940
18
87
96
535
173
426
412
184
1950
1.611
12
78
58
448
161
349
342
I';?
6
Number of sub-
sidiaries "
1961
7,551
55
253
255
1.932
1.066
1,379
1,423
1,176
12
6,692
46
231
117
1.665
1,110
1,144
1,305
1,065
9
For footnotes, see pp. 31-32. Data not subject to sampliiig variability since
all these returns were tabulated.
Data from consolidated returns are shown in detail
in tables 4-A and 5-A, pages 98-117 and 122-125,
respectively. Table 4-A includes all active consoli-
dated returns, while table 5-A includes only the con-
solidated returns with balance sheets. The consolidated
returns are included in all tabulations in this report.
A synopsis of the Federal tax laws under which con-
solidated returns were filed for the years 1944 through
1951 appears on page 200.
Total assets classes. — The returns with balance sheets
are segregated into 10 classes by size of total assets as
of December 31, 1951, or close of fiscal year nearest
thereto. The total assets classes are based on the net
amount of total assets, after reserves for depreciation,
depletion, amortization, and bad debts.
The returns with balance sheets are segregated by
total assets classes in table 5, pages 118-121, which
shows, in Part I for all returns and in Part II for returns
with net income, the number of returns, assets and
liabilities, compiled receipts, compiled deductions, com-
piled net profit or net loss, net income or deficit, net
operating loss deduction, income tax, excess profits tax,
total tax, compiled net profit less total tax, dividends
paid in cash and assets other than the corporation's
own stock, and dividends paid in the corporation's own
stock.
Table 6 shows, for returns with balance sheets, by
total assets classes, in aggregate, and by major indus-
trial groups, 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.
Returns showing a foreign tax credit and returns
filed by Western Hemisphere trade corporations are
segregated by size of total assets in tables I and L,
pages 22 and 26, respectively.
Net income and deficit classes. — The returns are segre-
gated into 17 classes by size of the net income or deficit
for the current year. This classiification is based on
the amount of net income or deficit which is the dif-
ference between the total income and the total deduc-
tions as reported on the return, exclusive of the net
operating loss deduction.
Table A, page 18, shows, by net income and deficit
classes, the number of returns, number of balance sheets,
and percent of returns with balance sheets, for returns
with net income and for returns with no net income.
Fiscal year returns of corporations by net income and
deficit classes are shown in table C, page 18.
The data in tables 7, 8, 8-A, 9, and 10 also are
segregated by size of net income or deficit. Table 7,
pages 152-154, shows number of returns of active corpo-
rations with net income and with no net income and
selected items by the nine industrial divisions. Table
8, pages 155-156, shows number of returns, net income,
and taxes by type of tax liabOity. Table 8-A, pages
157-159, shows, for returns with excess profits net in-
come over $25,000, by method of excess profits credit
computation, for returns with excess profits tax liability
and returns with no excess profits tax liability, the
number of returns, excess profits net income, excess
profits credit, and unused excess profits credit adjust-
ment. For returns with excess profits tax liability
there are also shown the net income, adjusted excess
profits net income, total tax, income tax, and excess
profits tax. Excluded from this tabulation are a
negligible number of returns showing a deficit amount
of net income but showing excess profits net income of
$25,000 and over with no excess profits tax liability.
Table 9, page 160, shows the total number of returns of
active corporations with net income and with no net
income, the number of returns with dividends received,
and amount of dividends received from domestic cor-
porations and from foreign corporations; also the num-
ber of returns with interest received on Government
obligations and amount of interest by type of interest
received, i. e., the amount wholly taxable, the amount
subject to surtax only, and the amount wholly tax-
exempt. Table 10, page 161, shows the total number
of active returns with net income and with 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.
A distribution by net income and deficit classes is
presented in table K for returns showing a foreign tax
credit and in table N for returns filed by Western Hemi-
sphere trade corporations in the tabulations of selected
data from these returns on pages 25 and 30.
Type of tax liability. — The taxable returns are classi-
fied according to those which report only income tax
liability and those which report both income tax and
excess profits tax liability. The returns are further
classified by those which report income tax at the alter-
native tax rates provided for corporations with net long-
term capital gain in excess of net short-term capital loss.
CORPORATION INCOME TAX RETURNS FOR 1951
The '.lata obtained by means of tliese classifications
are sliown in table 8, padres 155-156, Part I of which
deals with all returns and Part II with leturns showing
tax computed untler the alternative method. In Part I,
all taxal)lc returns are segregated according to whether
the corporation reports (1) income tax only or (2)
income tax and excess profits tax. In Part II, the
returns on which the tax is computed under the alter-
native metho.-l are similarly segregated by type of tax
liability.
In Part I, for taxable returns, there are shown, by
type of tax liability and by net income classes, the
number of returns, net income, and each tax applicable;
for nontaxable returns with net income, this table
shows by net income classes, the number of returns and
net income; and for returns with no net income, by
deficit classes, the number of returns and deficit. The
total number of returns with no net income (in Part I)
includes the returns of inactive corporations.
In Part II, for returns on which the tax is computed
under the alternative method, there are shown, by type
of tax liability and by net income classes, the number of
returns, net income, excess of net long-term capital gain
over net short-term capital loss, income tax (if alter-
native method had not been used), and each tax
applicable. Unlike prior years, data for returns with
net income under $5,000 are tabulated by separate
income classes. Under the provisions of the Revenue
Act of 1951 the minimum regular tax rate for these
returns is raised from 23 percent (for the calendar year
1950) to 28^^ percent (for the calendar year 1951),
and for fiscal year returns, the minimum regular rate
of 25 percent, effective for the period July 1, 1950,
through March 31, 1951, is raised to 30 percent, effec-
tive April 1, 1951. The alternative tax thus becomes
fully effective at all income levels since the maximum
tax of 25 percent on net long-term capital gains is
retained for the calendar year 1951 and fiscal years
beginning before April 1, 1951. For taxable years
beginning after March 31, 1951, the maximum capital
gains tax is raised to 26 percent.
Excess profits net income over $25,000. — The excess
profits net income is obtained from the net income by
making certain adjustments consisting principally of the
exclusion of capital gains and losses, both long- and
short-term, and dividends received from foreign and
domestic corporations. (For specific adjustments in
arriving at the excess profits net income, see facsimile of
Schedule EP (Form 1120), page 217.) The excess
profits net income is the base against which the excess
profits credit is applied in arriving at the amount sub-
ject to the excess profits tax. The provision of a $25,000
minimum credit makes the excess profits tax ineffective
for returns on which the net income after adjustment is
under $25,000.
Table 2a, pages 52-57, shows for returns with excess
profits net income over $25,000, by major industrial
groups and minor industrial groups, and by returns with
excess profits tax liability and returns with no excess
profits tax liability, the number of returns, excess profits
net income, excess profits credit, and unused excess
profits credit adjustment. For returns with excess
profits tax liability there are also shown the net income,
the adjusted excess profits net income, total tax, income
tax, and excess profits tax.
Method oj excess profits credit computation. — The ex-
cess profits credit is the rule, established by law, for
determining that portion of the corporation's net in-
come, if any, which is subject to the excess profits tax.
A domestic corporation (other than certain regulated
public utilities) may compute its excess profits credit
under the income method or under the invested capital
method, whichever results in the lesser amount of ex-
cess profits tax. The income credit method is based
primarily on the corporation's income experience during
the 4 base period years (1946-49), while the credit
based on invested capital allows designated rates of
return on the amount of the corporation's invested
capital. These two methods as well as alternative
methods are described in the following paragrapljs:
Income Method:
The excess profits credit based on income is, in gen-
eral, tiie sura of specified percentages of (a) the average
base period net income, (b) the base period capital ad-
dition, and (c) the capital addition for the taxable year.
These percentages are:
(a) For the calendar year 1951, 84 percent of the
average base period net income. For other taxable
years ending after June 30, 1951, 85 percent for
the period July 1, 1950, through June 30, 1951,
and beginning July 1, 1951, 83 percent. For tax-
able years beginning before and ending after June
30, 1951, other than the calendar year, the amount
used is the sum of prorated portions of 85 percent
and 83 percent of the average base period net in-
come, determined according to the number of days
in the taxable year before July 1, 1951, and the
number of days after June 30, 1951, respectively;
plus,
(b) Twelve percent of the amount of the base
period capital addition; plus,
(c) Twelve percent of the net capital addition
(or minus 12 percent of the net capital reduction)
for the taxable year.
Three principal rules are provided by the Code for
determining the average base period net income used
as the credit base of the income method. These rules
are described below. Special provisions affecting the
computation of the base period net income of certain
classes of taxpayers are shown on pages 11-12.
(1) General average. — The general average base pe-
riod net income is determined by averaging the excess
profits net income for the three years of the base period,
selected under prescribed rules, which produce the
highest base period net income. When the general
10
CORPORATION INCOME TAX RETURNS FOR 1951
average base period net income is used in determining
the credit, the percentage allowances for capital addi-
tions shown in (b) and (c) above are fully effective.
(2) Alternative based on growth. — An alternative
method of determining the average base period net
income is provided for corporations whose growth is
evidenced by the meeting of certain tests with respect to
increases in gross receipts, payroll, or sales involving a
product not generally available before January 1, 1946.
This alternative rule may be used only by corporations
commencing business before the end of their base pe-
riod, and, if evidence of growth is based on increased
gross receipts or payroll, the rule is available only to
corporations having $20,000,000 or less total assets on
the first day of their base period.
The average base period net income of a growing
corporation may be determined on the basis of the
average excess profits net income of the last 12 months
of the base period, or the last 24 months of the base
period, or on the weighted average for the 12 months
ended June 30, 1950, whichever is the highest. In lieu
of the 12 consecutive months ended June 30, 1950, cor-
porations whose growth is evidenced by increased sales
involving a product not generally available before 1946
and whose excess profits net income for the calendar
year 1949 does not exceed 25 percent of such income
for 1948 may substitute the last 6 months of the calen-
dar year 1948 for the last 6 months of the calendar
year 1949.
In computing the excess profits credit, taxpayers
using the alternative average base period net income
based on growth may not use the credit for base period
capital addition ((b) above). However, the credit for
net capital addition during the taxable year ((c) above)
is effective.
(3) Industry rate of return. — An average base period
net income determined by use of an industry rate of re-
turn, in lieu of the taxpayer's own experience, for all or
part of the base period, may be used by the following
categories of taxpayers:
(a) A corporation commencing business after the begin-
ning of its base period;
(b) A corporation experiencing certain types of abnor-
malities during its base period;
(c) A corporation making a substantial change in prod-
ucts or services during the last 3 years of its base period;
(d) A corporation making a substantial increase in its
capacity for production or operation during the last 3 years
of its base period ; and
(e) A corporation which for its base period was a mem-
ber of a depressed industry subgroup.
A corporation adjusting only one of its 3 best years
uses the rate of return for the industry to which is
attributable the largest amount of its gross receipts in
that year. A corporation using the industry rate of
return for the entire base period uses the rate for the
industry accounting for the largest amount of the corpo-
ration's gross receipts in the appropriate period. The
industry rates of return and the adjusted rates for
depressed industry subgroups are shown on pages 244-
245 and 246, respectively, facsimile of Instructions for
Schedule EP (Form 1120).
If the average base period net income is computed
under any of the provisions relating to use of the in-
dustry rate of return, no credit for base period capital
addition is allowed except in certain cases involving
abnormalities in the base period. However, the 12
percent credit for net capital addition during the tax-
able year is, in general, allowable.
Invested Capital Method:
The excess profits credit based on invested capital is,
in general, computed by applying the following rates to
the amount of invested capital:
First $5,000,000, 12 percent;
Next $5,000,000, 10 percent; and
Over $10,000,000, 8 percent.
The amount of invested capital used in this computation
may be based either on assets or on the historical in-
vested capital as explained below. The alternative
method provided by the Code for certain regulated
public utilities is also shown.
(1) Assets. — Invested capital determined by the
"assets" method consists generally of the sum of (a) the
excess at the beginning of the year of total assets over
total liabilities, (b) 75 percent of the average amount
of borrowed capital for the year, and (c) the recent loss
adjustment. The sum thus determined is increased
by the average amount of money and property paid in
for stock, or as paid-in surplus, or as a contribution to
capital during the taxable year and is reduced by dis-
tributions made during the year which are not out of
earnings and profits of the current year. An adjust-
ment is made in the case of a corporation having an
invested capital of more than $5,000,000 in order that
capital added after the beginning of its first taxable
year ending after June 30, 1950, will be included in
invested capital at the 12 percent rate.
(2) Historical.- — The "historical" invested capital
consists, in general, of monej^ and property previously
paid in for stock, or as paid-in surplus, or as a contri-
bution to capital, plus the accumulated earnings and
profits of the corporation as of the beginning of the
taxable year, plus 75 percent of the average daily bor-
rowed capital.
(3) Alternative excess profits credit of regulated public
utilities. — -This credit, in general, consists of the amount
of the corporation's normal tax and surtax plus an
amount determined as follows: (a) By computing 6
percent or 7 percent (depending upon the type of utility)
of the sum of the adjusted invested capital and the
average borrowed capital for the taxable year; (b) by
reducing the amount determined under (a) by the
amount of interest on indebtedness included in borrowed
capital. The amount computed under (a), as reduced
by (b), is subject to an adjustment for inadmissible
assets.
CORPORATION INCOME TAX RETURNS FOR 1951
11
Minimum Credit:
The Code provides a minimum excess profits credit
of $25,000. When the amount of the credit computed
under either of the above methods, plus the unused
excess profits credit adjustment, is less than $25,000,
the credit may be raised to this amount.
The distribution of returns with excess profits net
income over $25,000 by method of excess profits credit
computation is presented in table 8-A which shows, by
net income classes and by returns with excess profits
tax liability and returns with no excess profits tax
liability, the number of returns, the excess profits
net income, excess profits credit, and the unused excess
profits credit adjustment. For returns with excess
profits tax liability there are also shown the net income,
adjusted excess profits net income, total tax, income
tax, and excess profits tax.
Special rules for excess p/'ofits credit computation. —
Special rules for the computation of the excess profits
credit, or the base from which it is derived, are provided
for certain railroad lessor-lessee corporations, for cor-
porations undergoing certain reorganizations, ex-
changes, and liquidations, and corporations making
certain purchases of property from a liquidating con-
cern prior to December 1, 1950. Special rules are also
provided for corporations affected by transition from
war production and with increased peacetime capac-
itj', corporations suffering a base period catastrophe,
corporations affected by consolidation of newspaper
operations, and corporations engaged in television
broadcasting.
Under the provisions of section 434(d) of the Code, if
substantially all of the railroad properties of a railroad
corporation have been leased to one or more other rail-
road corporations, prior to December 1, 1950, each
lease being for a term of more than 20 years, and one or
more of the lessee railroads being required to pay the
Federal taxes of the lessor, the excess profits credit of
each such corporation may be equitably apportioned
among the lessor and each of the lessee corporations
required to pay such taxes.
Corporations affected by reorganizations, exchanges,
or hquidations during or subsequent to the base period,
where, in general, gain or loss is not recognized as a re-
sult of the exchange of assets, may recompute the excess
profits credit, under the income method, so that the
acquiring corporation may utilize the business experi-
ence of a predecessor. For adjustments involved in
such recomputation, see sections 461-465, I. R. C.
Rules are also provided for the determination of
adjusted basis of assets received and the adjustment of
invested capital in intercorporate exchanges and liqui-
dations where the invested capital credit method is
used. See sections 470-472 of the Code.
In the case of certain taxable acquisitions, occurring
before December 1, 1950, where substantially all the
assets of a hquidating concern, or separate business of a
liquidating concern, are acquired, section 474 provides
an alternative method of computing the general average
base period net income of the acquiring corporation so
that it may utilize the excess profits net income or
deficit of the purchased enterprise.
Section 459 provides special rules for four classes of
corporations. Section 459(a) is limited to corporations
which are engaged primarily in manufacturing, which
commenced business before January 1, 1940, and which
are affected by transition from war production and an
increase in peacetime capacity. These corporations,
which must also meet special requirements as to size,
growth, and income, may use an alternative average
base period net income based on growth, determined
from the excess profits net income for the last 6 months
of 1948 and the weighted excess profits net income for
the fii-st 6 months of 1950.
Section 459(b) provides relief for manufacturers who,
during the last 36 months of the base period suffered a
catastrophe by fire, storm, explosion, or other casualty
which made useless a complete plant or plants equalling
15 percent or more of the adjusted base of all the tax-
payer's production facilities and caused a substantial
interruption in production or operation for a period of
12 months or more. If by the end of the base period
the facility had been replaced by one of at least equal
value, either of 2 ways of determining the base period
net income may be employed: (1) using the general
average method, the taxpayer may substitute, for each
month of the year in which the catastrophe occurred,
an average excess profits net income based on the excess
profits net income for each month in the base period
preceding such year; or (2) using the alternative method
based on growth, the taxpayer may compute an average
base period net income on the basis of the excess profits
net income of the last 6 months in 1948 plus the
weighted excess profits net income of the first 6 months
in 1950.
Section 459 (c) establishes rules with respect to certain
consolidations of mechanical, circulation, advertising,
and accounting operations of newspaper publishing
businesses occurring after the close of the first half of
the base period and before July 1, 1950. In general,
the consolidation must result in substantial reduction
in expenses incident to such operations, and the total
deductions of the taxpayer for the first taxable year
beginning after the consolidation must not be in excess
of 80 percent of the average of his total deductions for
the 2 years immediately preceding the year of consolida-
tion, or the taxpayer's excess profits net income (deter-
mined as for the base period) for the first taxable year
beginning after the consolidation must equal 125 per-
cent or more of the general average base period net
income. Where the provisions of this section are
utilized, the general average base period net income is
increased by an amount equal, in general, to the excess
of the average of the expenses incident to the operations
which were consolidated for the 2 taxable years pre-
223516 O — 55-
12
CORPORATION INCOME TAX RETURNS FOR 1951
ceding the year of consolidation over such expenses for
the first taxable year beginning after the consolidation.
Section 459(d) relates to companies which are en-
gaged in television broadcasting enterprises begun prior
to January 1, 1951, and provides for that part of the
business devoted to television broadcasting an average
base period net income determined by the industry rate
of return method, using the rate of return provided for
the radio industry, and adjusted for certain interest
paid, or, if the taxpayer was also engaged in the business
of radio broadcasting, an individual rate of return,
determined on the basis of the average excess profits
net income and the average assets of the base period
of the radio broadcasting portion of the business, may
be used. An aggregate base period net income is
obtained by adding to that determined for the television
broadcasting business a base period net income for other
business of the taxpayer computed by the general
average method.
The number of returns involving these special rules,
by returns with excess profits tax liability and returns
with no excess profits tax liability, is shown in table E,
page 19.
General relief provisions. — The general relief pro-
visions with respect to the excess profits tax provide for
the determination of an average base period net income
computed, in general, on the basis of an industry rate of
return, in lieu of the taxpayer's own experience. The
five types of hardship cases to which the general relief
provisions apply are: (a) a corporation commencing
business after the beginning of its base period; (b) a
corporation experiencing certain types of abnormalities
during its base period ; (c) a corporation making a sub-
stantial change in products or services during the last 3
years of its base period; (d) a corporation making a
substantial increase in its capacity for production or
operation during the last 3 years of its base period ; and
(e) a corporation which for its base period was a member
of a depressed industry subgroup. The method of
computing the average base period net income for each
of these cases is indicated in the facsimile of Schedule
EP (Form 1120), Schedule EP-5, (A) through (E),
pages 239-245. For industry rates of return, see the
facsimile of Instructions for Schedule EP (Form 1120),
page 239, paragraphs numbered 4 and 5, and Appendix
A, page 246.
Table F, page 20, presents a frequency distribution of
returns with excess profits net income over $25,000, and
with average base period net income computed on the
basis of an industry rate of return, by major industrial
groups and by general relief provision employed,
separately for returns with excess profits tax liability
and returns with no excess profits tax liability.
Special relief provisions. — Data pertaining to certain
special relief provisions, provided with respect to the
excess profits tax, are presented in table G, page 21.
The table shows, for returns with adjusted excess
profits net income and with excess profits tax adjusted
under certain relief provisions, by relief provision
employed, the number of returns, adjusted excess
profits net income, and excess profits tax. The relief
provisions are :
(1) Mutual insurance companies (sec. 430(d), I. R. C).
— ^For mutual insurance companies other than life or
marine, whose gross income from interest, dividends,
rents, and premiums (including deposits and assess-
ments) is over $75,000 but less than $125,000, the excess
profits tax is an amount in the same proportion to the
amount of excess profits tax which would ordinarily
be due as the excess of such gross income over $75,000 is
to $50,000.
(2) Corporations emjaged in mining of strategic min-
erals (sec. 450, I. R. C). — That portion of the adjusted
excess profits net income of a domestic corporation
which is attributable to the mining of certain strategic
minerals (defined in section 450(b)(1)) within the United
States is exempt from the excess profits tax..
(3) Adjustment in case of position inconsistent with
prior income tax liability (sec. 452, I. R. C). — -An adjust-
ment to the excess profits tax is authorized in certain
cases where the treatment of an item affecting the
excess profits credit is inconsistent with the erroneous
treatment of such item for income tax purposes for a
taxable year ending before June 30, 1950, if correction
of such error to the income tax for the prior year is
prevented by law.
(4) Abnormalities in income in taxable year (sec. 456,
I. R. C). — An adjustment for abnormalities in income
for the taxable year may be made to the extent that net
abnormal income is attributable to other years. Ab-
normal income may result from claims, awards, judg-
ments, decrees, or interest thereon; exploration, discov-
ery, or prospecting extending over a period of more than
12 months; sale of patents, formulae, or processes de-
veloped over a period of more than 12 months ; or change
in method of accounting, if the corporation does not
usually receive income from such sources. If such in-
come is usual to the corporation, the excess over 115
percent of the average amount of gross income of the
same class for the 4 previous taxable years may be
considered abnormal.
(5) Contracts completed under Merchant Marine Act
(sec. 457, I. R. C.) . — An alternative excess profits tax is
provided for contractors completing contracts or sub-
contracts under Merchant Marine Act provisions re-
quh'ing payment of certain excess profits to the Mari-
time Board. The alternative tax is the excess of (a) a
tentative tax computed with the normal-tax net income
increased by the amount of any such payments made,
or to be made, over (b) the amount of such payments.
Excess profits tax limited under the provisions of sees.
430(a)(2) or 430(e), I. R. C— The excess profits tax is,
in general, 30 percent of the adjusted excess profits
net income, but the Code provides for certain limita-
tions upon the tax. Under section 430(a)(2) the ex-
cess profits tax for the calendar year 1951 is limited
CORPORATION INCOME TAX RETURNS FOR 1951 13
to 17K percent of the excess profits net income. Begin- the provisions appliciihle to the period ending March 31,
ning April 1, 1951, for years other than the calendar 1951, and tlie other under provisions applicable for the
yca'i^^ 1951, the limitation becomes 18 percent. The tax period beginning April 1, 1951. The tentative taxes are
is further limited in the case of a consolidated return then prorated on the l)asis of the number of days in eacli
by the deduction of the product of the ratio of the excess period and the prorated portions combined to deter-
proHts net income to the surtax net income times the mine the actual tax liability.
addition to the surtax (2 percent of the surtax net in- Table H, page 21, shows, for returns with the excess
come) imposed on an affiliated group of corporations profits tax limitation for new corporations (section
electing to file a consolidated return. For the period 430(e)) and for returns with the limitation for cor-
July 1, 1950, through March 31, 1951, the excess profits porations other than new (section 4,30(a)(2)), by net
tax together with the total normal tax and surtax is income classes, the number of returns, excess profits
limited to 62 percent of the excess profits net income. net income, adjusted excess profits net income, and
In the case of certain taxpayers who commenced excess profits tax.
business after July 1, 1945, and whose fifth taxable year Fincal year returns.— Y\sc&\ year returns are those
ends after June 30, 1950, section 430(e) provides an filed by corporations with an income year other than
additional limitation, applicable during the first 5 years the calendar year. Returns of corporations with fiscal
of taxpayer's existence. Under this section the tax, years ending in the period July 1951 through June 19.52
which is based on the excess profits net income, is the are included in the tabulations throughout this report,
sum of (1) an amount computed on the first $300,000, Data for fiscal year returns are presented separately
plus (2) the amount computed on any excess over in tables B and C, page 18. The tax rates applicable
$300,000, using the rates shown below. to fiscal year returns and the proration of tax for
(1) First $300,000.— Tux is computed on the returns beginning before and ending after April 1,
first $300,000 of the excess profits net income at 1951, are discussed on page 2.
one of the following rates, depending on the tax- Table B, on page 18, shows, by month m which the
able vear of the taxpaver, the first taxable vear fiscal year ended, the total number of fiscal year returns
being the vear of commencement of business. filed by active corporations, and, for fiscal year returns
with net income, the number, net income, income tax,
Percent ^^^^ excess profits tax. For fiscal year returns of
First taxable year 5 corporations with no net income, the number and
Second taxable year 5 amount of deficit are shown. The number of fiscal
Third taxable year 8 year returns filed by inactive corporations (those
Fourth taxable year 11 reporting no item of income or deduction) which have
Fifth taxable year 14 in previous years been included in the total number of
.o^ c (^Qnnnnn ^u fi+ <■ returns in the distribution by month in which the
(2) Excess over $300,000. — 1 he excess profits net , , , • i i , ■ ^i ■ ^ ui f ,r,-i
<• conn nan- f 1 f ♦ I <• u fiscal year ended are not included m this table tor 19ol .
income in excess of $300,000 is taxed at the lollow- •' . , , . . r u ^
, ,- ^, ■ , iL u As in previous years, the total number of such returns
ing rates, depending on the period covered by tlie ^ . , T /-,
, , . " IS shown in table L.
p Table C, page 18, presents data by net income and
_j^ deficit classes for the fiscal year returns filed by active
Calendar year 1951 _ _ _ . _ _ _ _ _ ^ _ 1 / /4 corporations. For returns with net income, there are
Other taxable years, effective April 1, , ^i i , * ;„„^„,,^ ir^^^r^i^ tav anri oyppsq
' ' f • showTi the number, net income, mcome tax, ana excess
T, ^^^?V," '„-V ," :\y \ ^^ profits tax; and for returns with no net income, the
Period July 1, 1950, through March 31, ^^^^_^^^^^ ^^^^ ^^^^^^^^^ ^^ ^^^^-^ The number of returns
15 of inactive corporations is shown in total only.
In determining the taxable year of the taxpayer for Part year returns. — Part year returns of corporations
the purpose of the maximum tax on new corporations, are those filed for a period of less than 12 months, and
the taxpayer is considered to have commenced business represent reorganizations, newly organized businesses,
at the earliest date on which it or any of certain related liquidations, and changes from calendar year to fiscal
corporations (described in section 430(e)(2)(B)) com- year basis, or vice versa. Part year returns with the
menced business. This computation is not allowed new greater part of the income period in 1951 are included
corporations deriving more than 50 percent of gross in- in the tabulations throughout this report, with the
come (determined without regard to dividends or gains exceptions of tables B and C, page 18, for fiscal year
from sale or exchange of capital assets) for the taxable returns.
year from contracts or subcontracts subject to renegoti- Table D, page 19, shows the total number of part year
ation. returns filed by active corporations, the number with
Corporations whose returns are filed for a fiscal year net income, the amounts of net income, income tax,
beginning before and ending after April 1, 1951, are excess profits tax, and total tax, the number with no
required to compute two tentative taxes — one under net income and amount of deficit.
14
CORPORATION INCOME TAX RETURNS FOR 1951
Returns reporting receipts from dividends and interest
on Government obligations. — The number of returns
and the amount of dividends received from domestic
and from foreign corporations, and the number of
returns and the amount of receipts from interest on
Government obligations, by type of obhgation, is
shown by net income and deficit classes, in table 9,
page 160.
Dividends paid. — The number of returns and amount
of dividends paid, by type of dividend, for returns with
net income and returns with no net income, distributed
by net income and deficit classes, is shown in table 10,
page 161.
Income and profits taxes paid to foreign countries or
possessions of the Lnited States. — 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 the income and excess profits
taxes payable to the United States. The credit is
applied first against the income tax and the balance, if
any, is then applied against the excess profits tax.
When so reported the following limitations apply:
The amount of the credit against the income tax in
respect to the tax paid or accrued to any country can-
not exceed the same proportion of the tax against
which such credit is taken, which the corporation's
normal-tax 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 normal-tax
net income from sources without the United States
bears to its entire normal-tax net income for the same
taxable year. Dividends received from a foreign cor-
poration to which the 85 percent credit for dividends
received is applicable are not considered income from
sources without the United States. In applying any
remaining credit against the excess profits tax, the
amount of the credit cannot exceed the same proportion
of the tax against which such credit is taken, which the
corporation's excess profits net income from sources
within such country bears to its entu-e excess profits
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 excess profits net income from sources
without the United States bears to its excess profits
net income for the same taxable year. This method
is denied to a foreign corporation, a corporation or-
ganized 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 Revenue Act of 1951 liberalizes the provisions
under which a domestic corporation may claim a credit
for taxes paid by a foreign corporation in which it owns
voting stock and from which it receives dividends.
The act reduces the requirements of ownership of vot-
ing stock from a "majority" to 10 percent. Similarly,
requirements of ownership by such a foreign corpora-
tion of voting stock of a foreign subsidiary are reduced
from "all the voting stock (except qualifying shares)"
to 50 percent. Credit may be claimed only with re-
spect to taxes attributable to that portion of the profits
of the foreign corporation or its subsidiary which are
paid as dividends to the domestic corporation.
Tables I, J, and K, pages 22-25, present detailed data
with respect to credit claimed for taxes paid or ac-
crued to foreign countries or possessions of the United
States. The tabulations show, for all returns claiming
a foreign tax credit, the number of returns, net income,
income and excess profits taxes before foreign tax
credit, and the credits claimed for foreign taxes paid;
for returns with statements filed (Form 1118) in sup-
port of credit claimed for foreign taxes paid there are
shown the number of returns, net income, normal-tax
net income other than dividends from foreign sources,
dividends from foreign sources, income and excess
profits taxes before foreign tax credit, foreign taxes
paid and credits claimed for foreign taxes paid. The
data are distributed in table I by total assets classes;
in table J by major industrial groups; and in table K
by net income classes.
Western Hemisphere trade corporations. — A domestic
corporation, all of whose business is done in any country
or countries of North, Central, or South America, or in
the West Indies, or in Newfoundland is classified as a
Western Hemisphere trade corporation if (1) 95 percent
or more of its gross income for the 3 -year period im-
mediately preceding the close of the taxable year (or
for such part of that period as the corporation was in
existence) was derived from sources outside the United
States; and (2) 90 percent or more of its gross income
for such period was derived from the active conduct
of a trade or business. Under the Revenue Act of 1950
and subsequent acts such corporations are allowed a
credit against the net income for both normal tax and
surtax purposes. This credit results in substantially
the same exemption as that provided for the years
1942-49 by the Revenue Act of 1942 which made such
corporations exempt from the surtax. Corporations
meeting these Western Hemisphere trade requirements
are exempt from the excess profits tax.
For the calendar year 1951 the credit allowed against
the net income of a Western Hemisphere trade corpo-
ration is equal to 28 percent of its normal-tax net in-
come. For other taxable years, efi"ective April 1, 1951,
the credit is 27 percent. For fiscal years begirming in
CORPORATION INCOME TAX RETURNS FOR 1951
15
the period July 1, IQSO, through March 31, 1951, the
credit is 30 percent prior to April 1, 1951.
The 2 percent addition to the surtax, imposed on the
consolidated surtax net income of an affiliated group
of corporations, is not applicable to that portion of the
surtax net income attributable to a Western Hemi-
sphere trade corporation included in the consolidated
group.
There are presented in this report three tables show-
ing selected data from returns filed by Western Hemi-
sphere trade corporations. The data are distributed
in table L, page 26, by total assets classes; in table
M, pages 27-29, by major industrial groups; and in
table N, page 30, by net income and deficit classes.
Each table is presented in two parts: Part I, returns
with credit claimed for foreign taxes paid, shows the
number of returns, net income, the credit for Western
Hemisphere trade corporations, income tax before
foreign tax credit, and the credit claimed for foreign
taxes paid; for returns with statements filed (Form
1118) in support of credit claimed for foreign taxes
paid there are shown the number of returns, net in-
come, credit for Western Hemisphere trade corpora-
tions, normal-tax net income other than dividends from
foreign sources, dividends from foreign sources, income
tax before foreign tax credit, foreign taxes paid, and
the credit claimed for foreign taxes paid. Part II,
returns with no credit claimed for foreign taxes paid,
shows, for returns with net income, the number of re-
turns, net income, the credit for Western Hemisphere
trade corporations, and the income tax; for returns with
no net income there are shown the number of returns
and deficit. (Data shown for returns with no net in-
come in the last mentioned classification are probably
understated since the special credit item which ordi-
narily serves to identify Western Hemisphere trade
corporation returns contains no entry in the case of a
return with no net income.)
CORPORATION INCOME TAX RETURNS FOR 1951
TEXT TABLES
Page
A. All returns by net income and deficit classes 18
B. Fiscal year returns by month in which fiscal year ended 18
C. Fiscal year returns by net income and deficit classes 18
D. Part year returns 19
E. Returns involving special rules for excess profits credit computation . 1 9
F. Returns with average base period net income computed on the
basis of an industry rate of return by general relief provision
employed 20
G. Returns with excess profits tax adjusted under certain special
relief provisions 21
H. Returns with excess profits tax limited, by net income classes 21
I. Returns showing foreign tax credit by total assets classes 22
J. Returns showing foreign tax credit by major industrial groups. . . . 23-24
K. Returns showing foreign tax credit by net income classes 25
L. Western Hemisphere trade corporation returns by total assets
classes 26
M. Western Hemisphere trade corporation returns by major industrial
groups 27-29
N. Western Hemisphere trade corporation returns by net income and
deficit classes 30
17
18
CORPORATION INCOME TAX RETURNS FOR 1951
Table A. — CORPOBATIOIJ RETURNS, 1951,
WITH HET INCOME AMD WITH NO NET INCOME,BY NET INCOie CR DEFICIT CLASSES:
RETURNS WITH BALANCE SHEETS
NIMBER OF RETURNS, NUMBER OF BALANCE SHEETS, AND PERCEm OF
Returns
with net income 1/
Returns
with no net income 1/
Net Incane and deficit classes 3/
Number of
returns 5/
ID
Number
of
balance
sheets
!2)
Percent
of
returns
with
balance
sheets
O)
Number of
returns 5/
(4)
Number
of
balance
sheets
(s)
Percent
of
returns
with
balance
sheets
(0)
65,579
41,319
29,661
22,388
18,433
60,292
35,960
27,533
26,120
36,933
22,785
17,163
6,656
3,693
3,435
536
551
75,340
37,769
27,718
21,120
17,507
57,756
34,869
26,843
25,626
36,289
22,440
16,931
6,547
3,637
3,384
533
547
68.0
91.4
93.5
94.3
95.0
95.8
97.0
97.5
98.1
96.3
98.5
98.5
98.4
98.5
98.5
99.4
99.3
94,671
28,165
16,510
11,697
8,512
22,849
10,355
5,230
3,171
6,743
3,224
1,549
394
172
82
3
2
75,409
24,176
14,478
10,411
7,640
20,630
9,346
4,810
3,022
6,308
3,027
1,466
365
157
79
3
2
79.7
85.8
87.7
89.0
SA 000 under 25 000
89.8
91.2
$10 000 under $15 000
90.3
ftls'oOO under SSO'OOO . .
92.0
95.3
$25 000 under $50 000
93.5
93.9
$100 000 under $250 000
94.6
92.6
91.3
$1 000 000 under $5 000 000
96.3
100.0
$10 000 000 or more
100.0
Total
439,047
414,856
34.5
213,329
181,529
85.1
For footnotes, see pp. 31-32. For extent to which data are estimated, see pp. 3-5.
-FISCAL YEAR RETURNS OF CORPORATIONS, 1951,
INCOME
BY MONTH IN WHICH FISCAL YEAR ENDED, FOR RETURNS WITH NET INCOME AND RETURNS WITH NO NET INCOME; NUMBER CF RET^R^E, NET
IR DEFICIT; AND, FOR RETURNS WITH NET INCOME: INCOME TAX AND EXCESS PROFITS TAX
Fiscal year ending
R
atums with
let inccme 1/
Returns with no
net income 1/
Total
I
number
of re-
turns 5/
Number of
returns
Net
iucone 1/
InccMe
tax 2/
Excess
profits
tax 3/
Number of
returns
Deficit 1/
( Thousand
(Thousand
(Thousand
( Thousand
doners)
dollars)
dollars)
dollars) V
(1)
(2)
(3)
(4)
(5)
(s)
m
16,369
11,182
679,732
289,313
34,613
5,177
39,241 1
18,578
12,422
737,176
316,607
32,833
6,156
51,431
26,717
18,072
1,142,725
480,526
59,829
8,645
73,126
19,168
13,000
1,328,438
590,616
84,880
6,168
58,591
14,709
10,467
943,549
414,563
52,289
4,242
49,078
18,953
13,418
1,087,415
508,038
37,557
5,535
56,111
16,043
10,542
446,241
192,368
13,807
5,501
53,463
28,254
18,708
746,982
325,069
34,729
9,546
91,287
21,388
13,906
525,985
223, 910
23,745
7,482
74,547
18,512
12,001
518,537
232,088
32,950
6,511
68,465
41,065
27,976
1,369,828
621,965
68,500
13,089
144,542
239,746
161,694
9,648,608
4,197,063
475,932
78,052
759,882
July 1951
August 1951
September 1951
October 1951
November 1951
January 1952
February 1952
March 1952
April 1952
May 1952
June 1952
Total
For footnotes, see pp. 31-32. For extent to which data are estimated, see pp. 3-5.
Table C ^FISCAL YEAR RETURNS OF CORPORATIONS, 1951, BY NET INCOME AND DEFICIT CLASSES, FOR RETURNS WITH NET INCOW: AND RETURNS WITH NO NET INCOME:
INCOH: CE DEFICIT; AND, FOR RETURMS WITH NET INCOME: INCOME TAX AND EXCESS PROFITS TAX
NUMBER OF RETURNS, NET
Net incane and deficit classes 1/
Returns with net income 1/
Number
of
returns
Net
income 1/
f Thousand
dollars)
(2)
Income
tax 2/
(Thous.,
dollar:
(5)
Excess
profits
tax 3/
( Thousand
dollars)
Returns with no
net income 1/
Number
of
returns
(6)
Deficit 1/
( Thousand
dollars)
Under $1,000
$1,000 under $2,000
$2,000 under $3,000
$3,000 under $4 , 000
$4,000 under $5,000
$5,000 under $10,000
$10,000 uixler $15,000
$15,000 under $20,000
$20,000 under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$600,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 or more
Total
No incane data (inactive corporations)
For footnotes, see pp. 31-32. For extent to which "data are estimated, see pp. 3-5.
29,228
14,834
11,040
8,612
6,909
23,507
14,195
10,850
10,920
13,215
7,977
5,886
2,195
1,160
948
138
80
12,174
21,712
27,216
29,973
30,999
170,051
175,170
188,555
245,428
457,564
558,230
910,078
765,857
806,598
1,861,205
950,897
2,316,901
2,782
4,977
6,569
7,253
7,679
43,781
46,628
51,035
67,797
146,529
221,856
401,993
353,063
379,022
880,879
449,087
,126,133
1
13
14
97
10,746
20, 547
40,006
38,779
44,376
108,188
59,470
153,693
161,694
9,548,608
476,932
29,635
10,020
6,360
4,588
3,340
9,792
4,614
2,340
1,488
3,295
1,591
723
171
65
28
2
6,583
9,334
14,670
15,663
16,009
14,955
69,754
56,224
40,495
33,354
113,975
109,104
108,223
57,399
46,186
54,482
55
759,882
CORPORATION INCOME TAX RETURNS FOR 1951
19
Table D — PART YE*R RETURNS OF CORK)RATIONS, 1961, FOR RBTURie WITH NIT INCOME AND RETURNS WITH NO NET INCOME: NIMBH) OF RETURNS, NET INCOME OR DEFICIT; AM), FOR RETURNS WITH
NET INCOME! INCOME TAX, EXCESS PROFITS TAX, AM) TOTAL TAX
Itwu
Port year
returne
Total nxanber of returns S/
31,402
Returns vrtth net Income: l/
14 661
Tax liability:
190,531
Returns with no net income: i/
Deficit 1/
For footootea. Bee pp. 31-32. For extent to which deta are eatljnated, aee pp. 3-5.
Table E.— CORPORATION RETURNS, 1951, WITH EXCESS HiOFITS NET INCOME OVER $25,000, AND imrOUflNG SPECIAL RULES FOR EXCESS PROFITS CRKIIT COMPUTATION, BY RUI£ EMPLOYED, FOR
RETURNS WITH EXCESS PROFITS TAX LIABILITY AND RETURNS WITH NO EXCESS HiOFITS TAX LIABILITY: NUMBBH OF RETURNS
Number of returns
Special rules for excess profits credit computation
With excess
profits tax
liability 20/
With no exceaa
profits tax
llabUity 32/
Railroad lessor-lessee corporations (section 434(d), I.R.C.)
2,046
3
X
18
19
Acquiring and component corporations (sections 461-465, I.R.C.)
Certain taxable acquisitions Csectlon 474, I.R.C.)
39
24
Miscellaneous provlalons (section 459, I.R.C.)
For footootes, see pp. 31-32. Data not subject to sampling variability since all these returns were tabulated.
20
CORPORATION INCOME TAX RETURNS FOR 1951
Table F — CORTORATION RETURNS 1951 WITH EXCESS PROFITS NET INCOME OVHl $25,000, AND WITH AVERAGE EASE PERIOD NET INCOME COMPUTH) ON THE BASIS OF AN INDUSTRY RATE OF RETTURN,
DXHAim INDUSTRIAL GROUTS AND BY GENERAL RELIEF ffiOVISION H4PL0YED, TOR RETURNS WITH KCESS ffiOFITS TAX LIABILITY AND RETURNS WITH NO EXCESS HIOFITS TAI LIABIUTY: HIEQUENCY
DISIRIBUTION OF RETURNS
Major industrial groups ^
AH industrial groups
Agriculture, forestry, and fishery.
Farms and agricultural services . .
Forestry
Fishery
Number of returns with and without excess profits tax liability, jJQ/ by general relief provision employed
Mining and quarrying
Metal mining
Anthracite mining
Bituminous coal and lignite mining
Crude petroleum and natural gas production..
Nonmetallic mining and quarrying
Construction.
Manufacturing
Beverages
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and products made from fabrics
Lumber and wood products, except furniture
Furniture and fixtures
Paper and allied products
Printing, publishing, and allied industries
Chemicals and allied products
Petroleum and coal products
Rubber products
Leather and products
Stone, clay, and glass products
Primary metal industries
Fabricated metal products, except ordnance, machinery,
and transportation equipment.
Machinery, except transportation equipment and
electrical.
Electrical machinery and equipnent
Transportation equipnent, except motor vehicles
Motor vehicles and equipment, except electrical
Ordnance and accessories
Scientific instruments; photographic equijEient; watches,
clocks.
Other manufacturing
Public utilities
Transportation
Communication
Electric and gas utilities.
Other public utilities
Trade
Wholesale
Commission merchants
Other wholesalers
Retail
Food
General merchandise
AppEirel and accessories
Furniture and house furnishings
Automotive dealers and filling stations.
Drug stores
Eating and drinking places
Building materials and hardware
Other retail trade
Trade not allocable
Finance, insurance, real estate, and lessors of real
property.
Finance
Banks and trust companies
Credit agencies other than banks
Holding and other investment companies
Security and commodity-exchange brokers and dealers...
Insurance carri ers and agents
Insurance carriers
Insurance agents and brokers
Real estate, except lessors of real property other than
buildings.
Lessors of real property, except buildings
Services ,
Hotels and other lodging places
Personal services
Business services
Automotive repair services and garages
Miscellaneous repair services, hand trades.
Motion pictures
Amusement, except motion pictures
Other services , including schools
Nature of business not allocable.
1,448
9
12
58
819
4
47
2
45
16
68
23
80
18
56
3
8
7
42
52
455
184
14
170
253
18
13
10
4
170
2
25
11
18
582
14
73
1
72
38
74
12
27
31
55
5
3
3
25
586
225
10
215
346
30
21
13
2
237
Abnormalities
during base
period (section
442, I.R.C.)
31
10 i
15
141
1
11
2
5
1
3
1
1
120
19
11
Change in
products or
services (section
443, I.R.C.)
Increase in
capacity for
production or
operation (section
444, I.R.C.)
New corporations
(section 445,
I.R.C.)
128
2
9
5
2
7
3
30
5
14
1
6
2
5
6
50
10
360
5
1
11
25
18
31
S
13
11
54
13
36
9
14
■23
2
-
-
3
8
20
2
18
6
34
2
41
1
12
2
3
2
4
80
368
446
25
138
160
_
13
6
25
125
154
54
216
274
11
12
17
10
9
5
4
10
9
_
4
2
22
153
206
1
1
-
2
20
29
4
7
6
1
14
12
Without
(10)
Depressed
industry sub-
groups (section
446, I.R.C.)
Without
(1£)
For footnotes, see pp. 31-32. Data not subject to sampling variability since all these returns were tabulated.
CORPORATION INCOME TAX RETURNS FOR 1951
21
Table C— CORPORATION RETURNS, 1951, WITH iBJUSTH) EXCESS tSOFITS NET INCOME AND WITH EXCESS EROFITS TAX ADJUSTH) UNDEB CERTAIN RELnr mOVISIONS, BY TYPE OF RELIEF HIOVISION:
NWBER OF RETURNS, ADJUSTED EXCESS HIOFITS NET INCOME, AND EXCESS PROFITS TAX
Relief provisions employed
Number of
returns
Adjusted
excess
profits net
income 2i/
( Thoiiinnd
ttolUra)
Excess
profits
tax 10/
( 7Tiou>«nff
dollmr§}
Mutual Insurance companies (section 430(d), I.R.C.)
Corporations engaged in mining of strategic minerals (section 450, I.R.C.)
Adjustment In case of position Inconsistent wltb prior income tax liability (section 4S2, I.R.C):
Increase
Decrease
Abnormalities in income in taxable year (section 456, I.R.C.)
Contracts completed under Merchant- Marine Act (section 457, I.R.C.)
For footnotes, see pp. 31-32. Data not subject to sampling variability since all these returns were tabulated.
154
3
692
659
548,776
110,748
251
180
143,428
33,109
Tablp H CORPORATION RETURNS, 1351, WITH EXCESS HIOFITS TAX LMITEB UNDER THE PROVISIONS OF SECTIONS 430(a)(2) OR 430(e), BY NET INCOME CLASSES AND BY TYPE OF LIMITATION: NlBffilK
OF RETURNS, EXCESS PROFITS NET ItCOKE, ADJUSTEB EXCESS PliOFITS NET INCOME, AND EXCESS PROFITS TAX
Net income classes i/
Type of limitation
New corporations (section 430(e], I.R.C.)
Number of
returns 32/
ID
Excess
profits net
income 20/
(Thousand
dollars)
Adjusted
excess
profits net
income 31/
(Thousnnd
dollars)
[3)
Excess
profits
tax 33/
(Thousand
dollars)
HI
other than new corporations
(section 430(a)(2), I.R.C.)
Number of
returns 32/
(6)
Excess
profits net
income 2S/
( Thousand
dollars)
Adjusted
excess
profits net
income 21/
(Thousand
dollars)
(2!
Excess
profits
tax 22/
(Thousand
dollars)
ISl
Under tlO.OOO
tlO.OOO under 425,000
$25,000 under $50,000
150,000 under tlOO.OOO
tl00,000 under $260,000
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000..
$5,000,000 under $10,000,000.
$10,000,000 or more
Total.
11
123
1,403
1,397
646
215
72
20
1
422
5,529
58,863
98,479
128,099
71,732
45,558
29,169
5,758
80
2,083
20,891
50,175
72,616
46,472
28,198
20,886
4,189
2
160
3,547
17,185
11,057
7,489
6,002
4,485
963
1
7
39
661
1,166
633
410
476
72
62
142
549
3,074
53,014
191,044
227,910
266,446
996,334
515,864
1,625,749
117
374
1,960
34,577
134,228
153,974
194,174
650,167
332,992
991, 391
4,090
443,609
3,547
3,902,126
2
18
193
8,922
32,258
37,607
47,275
161,540
82,772
264,164
634,751
For footnotes, see pp. 31-32. Data not subject to sampling variability since all these returns were tabulated.
22
CORPORATION INCOME TAX RETURNS FOR 1951
-CORPORATION RETURNS SHOWING FOREIGN TAX CREDIT, 1951, BY TOTAL ASSETS CUSSES: NDMBHl OF RETURNS, NET INCOME, INCOME FROM FOREIGN SOURCES, TAXES BETORE FOREIGN TAX
CRH)IT, FOREIGN TAXES PAID, AND CREDIT CLAIMED FOR FOREIGN TAXES PAID
Total assets classes ?a/
All returns 2&/
Nisnber of
returns
Net Income \/
( Thousand
dollars)
(2)
Taxes before foreign
tejc credit
Income tax g /
( Thousand
dollars)
(31
Excess profits
tax _2J
(Thousand
dollars)
Credit claijiied for foreign
taxes paid
(Thooaal
dollaii
Excess profits
tax
( Thouaand
dollara)
Under $50,000
$50,000 under tlOO.OOO
ilOO,000 under $250,000
$250,000 under $500,000
$500,000 under jl 000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000...
$10,000,000 under $50,000,000..
$50,000,000 under $100,000,000.
$100,000,000 or more
Total
Balance sheets not available. . .
Grand total
109
83
258
292
342
947
326
580
132
261
1,006
1,368
7,865
18,192
37,479
327,443
328,128
2,004,337
1,278,113
13,646,806
260
367
2,620
6,382
14,692
139,628
150,220
934,009
614,145
6,075,428
1
6
231
601
1,433
16,487
19,113
136,190
106,381
348,674
156
718
1,822
2,984
14,995
9,326
93,815
38,370
454,657
1
9
40
16
15
284
98
5,136
3,330
72
17,650,736
61,527
7,937,751
27,597
1,129,117
1,029
616,942
2,434
5,599
3,402
5,599
Returns with statements filed
(Form 1118)
in support of
credit claijned for foreign taxes paid
Nuinber of
returns
m
Net income jj
(Thouaand
dollars)
(d)
Income from foreign
sources
Taxes before foreign
tax credit
Foreign
taxes
paid
(Thousand
dollars)
(13)
Credit claimed for
foreign taxes paid
Total assets classes 34/
Normal-tax
net income
other than
dividends 3f /
(Thousand
dollars)
(Bl
Dividends
(Thousand
dollars)
110)
Income
tax _2y
f Thousand
dollars)
(111
Excess
profits
tajt Jj/
(Thousand
dollars)
(12)
Income tax
( Thousand
dollars)
(141
Excess
profits
tax
(Thousand
dollars)
(IS)
Under $50, 000
79
59
184
202
262
756
271
511
122
232
759
1,016
6,303
13,360
28,203
270,909
279,346
1,769,297
1,148,737
12,929,993
496
774
2,228
6,004
7,338
40,049
20,670
163,195
36,554
363,730
34
49
589
892
1,771
7,907
6,121
71,347
60,307
444,446
194
276
2,171
4,917
11,094
116,691
127,938
831,277
552,805
5,744,883
1
2
139
468
1,051
13,469
16,747
118,679
91,869
822,001
92
159
733
2,039
2,874
14,634
9,890
101,356
35,738
449,892
79
IX
626
1,673
2,521
13,529
8,487
79,936
32,192
424,807
_
1
$250 000 under $500,000
9
40
$1,000,000 under $5,000,000
16
$5 000 000 under $10 000 000
15
$10,000 000 under $50 000,000
282
95
$100 000 000 or more
5,135
Total
2,678
48
16,448,423
57,433
1,144,038
6,940
593,463
1,088
7,392,246
25,347
1,064,476
1,016
617,407
2,389
563,980
2,331
5,594
.
2,726
16,505,856
1,160,976
594,551
7,418,093
1,065,491
619,796
566,311
5,594
For footnotes, see pp. 31-32. Data not subject to sampling variability since all these returns were tabulated.
CORPORATION INCOME TAX RETURNS FOR 1951
23
Tabls J CCKPCRATION RETURNS SHOWING FCREION TAX CRSIIT, 1961, BI MUCR INDUSIHIAL CKOUPS: NUMBER (F RETURNS, NET INCOME, INCOME FROM FCREIGN SOURCES, TAXES BEFCRE FOREIGN
TAX CREDIT, FCBEIGN TAXES FAID, AND CREDIT CLAIMED FCR FCREIGN TAXES PAID
Major industrial groupa 4 /
All retuma aa/
Number of
retuma
Net inccnte 1 /
(Thoutmnd
doUmrmJ
(21
Taxea before foreign
tax credit
Incane tax £ /
( ThtiuMmntt
dollmra)
Exceaa proflta
tax i/
( Thouatnd
doiUraJ
Credit claimed for foreign
taxes paid
( Thoum*nd
dollars)
161
Excess proflta
tax
(Thousand
dollarw)
All industrial grcupa
Agriculture, forestry, and fishery
Fams and agricultural services
Forestry
Fishery
Mining and quarrying
Metal mining
Anthracite mining
Bi tuminous coal and lignite mining
Crude petroleum and natural gas production
Nonmetallic mining and quariying
Construction
Manufacturing
Beverages
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and products made f ran fabrics
Lumber and wood products, except furniture
Furniture and fixtures
Paper and allied products w
Printing, publishing, and allied industries
Chemicals and allied products
Petroleum and coal products
Rubber products
Leather and products
Stone, clay, and glass prcducts
Primary metal industries
Fabricated metal products, except ordnance, machinery, and transportation
equipment.
Machinery, except transportation equipment and electrical
Electrical machinery and equipnent
Transportation equipment, except motor vehicles
Motor vehicles and equipment, except electrical
Ordnance and accessories
Scientific instruments; photographic equipment; watches, clocks
Other manufacturing
Public utilities
Transportation
Communication
Electric and gas utilities
Other public utilities
Trade
Wholesale
Ccmmission merchants
Other wholesalers
Retail
Food
General merchandise
Apparel and accessories
Furni ture and house furnishings
AutoDotive dealers and filling stations
Drug stores
Eating and drinki ng places
Building materials and hardware
Other retail trade
Trade not allocable
Finance, Insurance, real estate, and lessors of real property
Finance
Banks and trust companies
Credit agencies other than banks
Holding and other investment companies
Security and commodity-exchange brokers and dealers
Insurance carriers and agents
Insurance carriers
Insurance agents and brokers
Real estate, except lessors of real property other than buildings
Lessors of real property, except buildings
Services
Hotels and other lodging places
Personal services
Business services
Autasotive repair services and garages
Miscellanecus repair services, hand trades
Motion pictures
Amusement, except motion pictures
Other services, including schools
Nature of business not allocable
For footnotes, aee pp. 31-32. Data not subject to sampling variability since
104
U
43
23
20
22
65
101
228
23
19
14
41
54
127
277
83
31
43
1
44
90
154
131
11
11
1
451
375
60
315
57
5
6
5
5
11
2
1
4
18
19
898
607
48
22
509
28
154
128
26
la
16
a3
10
5
87
2
1
55
18
35
17,712,263
121,383
120,965
416
581,514
165,275
13,225
29,114
348,918
4,982
88,778
12,550,573
148,420
594,303
57,584
114,259
22,679
9,574
29,567
514,848
123,463
2,068,922
1,422,187
415,168
13,104
408,760
1,248,649
340,816
1,175,950
988,671
214,713
2,262,596
17,364
257,004
101,972
1,751,807
1,028,710
618,463
104,613
21
819,146
369,218
20,316
348,900
443,563
66,153
353,897
2,860
356
376
6,358
131
1,784
11,646
6,365
1,674,881
581,338
183,892
181,128
211,791
4,527
1,065,761
1,057,895
7,866
24,376
3,406
121,295
7,052
3,179
44,828
153
80
56,606
2,504
6,893
2,886
7,965,348
42,495
42,300
195
254,282
76,961
1,770
10,419
160,638
2,494
40,502
5,999,202
73,962
288,498
28,752
56,124
11,089
4,298
14,531
254,935
60,343
987,074
520,160
202,439
6,231
203,809
627,970
167,477
585,270
487,046
104,722
1,128,859
8,800
127,613
49,210
826,448
489,760
286,163
50,519
6
400,676
173,100
8,622
164,478
224,797
34,844
179,153
1,156
149
153
2,834
57
840
5,611
2,779
345,042
223, 999
85,959
90,629
45,890
1,521
110,306
107,630
2,776
9,288
1,449
55,397
1,985
1,679
20,149
67
34
27,364
1,129
3,090
1,304
10,032
3,480
6,505
4,263
1,065,227
4,031
21,125
1,817
2,197
360
552
1,632
59,636
5,102
237,463
20,176
46,923
1,019
45,261
86,062
27, eu
114,436
112,373
12,495
229,357
2,970
27,494
4,934
10,715
10,628
2
85
29,566
9,457
200
9,257
19, 917
18,629
928
192
7,561
4,148
2,910
766
272
180
2,994
2,856
138
416
3
2,761
20
356
1,793
12
70
53
457
8,807
8,698
109
165,667
29,938
193
353
136,182
1
2,974
327,415
954
21,163
312
953
144
421
1,040
10,031
3,566
28,367
115,021
16,174
294
6,509
26,704
11,161
36,570
6,826
l,i39
35,277
71
4,410
2,008
15,471
7,187
1,130
7,163
1
59,981
52,821
843
51,978
6,677
1,288
4,056
11
211
974
583
29,974
25,741
4,884
4,777
16,004
76
3,732
3,440
292
486
15
9,079
315
23
2,622
16
5,761
71
270
_
2
-
3
-
4
-
6
824
6
172
7
-
8
-
9
652
10
-
11
9
12
4,660
13
_
14
3
15
-
16
-
17
1
18
-
19
M
20
327
21
-
22
36
23
22
24
63
26
_
26
1
27
3,933
28
55
29
69
X
13
31
1
32
no
33
_
34
6
35
-
36
1
,37
1
38
-
39
-
40
-
41
8
42
8
43
-
44
8
46
-
46
-
47
-
48
-
49
_
50
-
51
_
62
-
53
-
64
-
65
-
66
93
67
93
58
34
69
19
60
40
61
_
62
_
63
_
64
-
65
-
66
-
67
4
68
-
69
-
70
3
71
_
72
-
73
1
74
-
75
-
76
all these returns were tatmlated.
24
CORPORATION INCOME TAX RETURNS FOR 1951
Table J.— CCRPCKATICN RETURSS SHOUING FOREIGN TAX CREDIT, 1951, BY MAJCK INDUSTRIAL GROUPS: NUMBER CF RETURNS, NET INCOhE, INCOME FROM FCFEIGN SOURCES, TJIXES BEFORE FOREIGN
T«X CREDIT, FCSEIGN TJIXES PAID, AND CREDIT CLAIMED FOR FOREIGN TAXES PAID - Continued
Major industrial groups _i/
Returns with statements filed (Form 1118) in support of credit claimed for foreign taxes paid
Number of
returns
Net iocone 1 /
( Thousand
dollars)
IncanB fran foreign
sources
Noimal-tax
net incone
other than
dividends a£/
(Thousand
dollars)
(Thousand
dollars)
(10)
Taxes before foreign
tax credit
Income
tax ^
(Thousand
dollars)
in)
Excess
profits
tax Ji/
(Thousand
dollars)
Foreign
taxes paid
(Thousi
dollai
Credit claimed for
foreign taxes paid
(Thousand
dol lars)
(11)
Excess
profits tax
(Thousand
dollars)
(15)
All industrial groups.
Agriculture, forestiy, and fishery.
Farms and agricultural services. .
Forestry
Fishery
Mining and quarrying
Metal mining
Anthracite mining
Bituminous coal and lignite mining
Crude petroleum and natural gas production.
Nonmetallic mining and quarrying
Construction.
Manufacturing
Beverages
Feed and kindred products
Tobacco manufactures
Textile-mill products
Apparel and products made frcm fabrics
Lumber and wocd products, except furniture
Furniture and fixtures
Paper and allied products
Printing, publishing, and allied Industries
Chemicals and allied products
Petroleum and coal products
Rubber products
Leather and products
Stone, clay, and glass products
Primary metal industries
Fabricated metal products, except ordnance,
machinery, and transportation equipment.
Machinery, except transportation equipment and
electrical.
/Electrical machinery and equipment
Transportation equipment, except motor vehicles.
Motor vehicles and equipment, except electrical.
Ordnance and accessories
Scientific instruments; photographic equipment;
watches, clocks.
Other manufacturing
Public utilities
Transportation
Communication
Electric and gas utilities.
Other public utilities
Trade
Wholesale
C amaission merchants
Other wholesalers
Retail
Food
General merchandise
Apparel and accessories
Furniture and house furnishings
Automotive dealers and filling stations.
Drug stores
Eating and drinking places
Building materials and hardware
Other retail trade
Trade not allocable
Finance, insurance, real estate, and lessors of real
property.
Finance
Banks and trust companies
Credit agencies other than banks
Holding and other investment conpanies
Security and camnodity-exchange brokers and
dealers.
Insurance carriers and agents
Insurance carriers
Insurance agents and brokers
Real estate, except lessors of real property other
than buildings.
Lessors of real property, except buildings
Services
Hotels and other lodging places
Personal services
Business services
AutoBOtive repair services and garages
Miscellaneous repair services, hand trades.
Motion pictures
Aimisement, except motion pictures
Other services, including schools
Nature of business not allocable.
63
1,223
9
93
10
35
20
15
16
53
78
196
22
17
11
37
44
101
121
104
354
296
253
41
18
406
21
124
105
19
75
16,505,856
3,942
3,524
418
549,046
185,237
13,225
28,234
317,370
4,982
87,261
11,802,202
148,420
548,939
57,578
107,805
22,518
7,876
27,726
432,676
U4,078
2,010,225
1,269,133
414,151
12,408
373,946
1,202, IX
312,402
975,994
948,769
196, Ul
2,260,833
17,364
251,005
69,915
1,625,402
919,475
612,361
93,545
21
787,666
340,057
19,490
320,567
442,237
65,933
353,885
2,634
165
209
6,358
131
1,629
11,293
5,372
1,559,947
502,867
123,639
180,947
194,017
4,264
1,033,640
1,026,731
6,809
• 21,090
2,450
88,505
6,188
3,165
44,184
153
80
27,199
2,461
5,075
1,863
1,150,978
1,029
597
432
342,834
77,318
384
1,835
263,293
8,052
576,338
2,367
27,857
1,105
1,100
339
461
1,041
6,109
3,134
72,941
352,659
8,971
979
1,304
42,032
4,973
18 , 925
11,567
3,250
10,917
115
3,236
956
37,743
22,739
4,198
10,799
7
101,025
96,502
2,409
94,093
3,943
178
969
50
1
462
2,239
580
62,187
18,655
12,536
7,255
37/1,206
70
43,186
43,070
116
296
50
21,745
724
95
8,880
54
1
10,839
309
843
25
5,585
3,173
191
2,221
435,158
105
26,377
83
1,248
160
8
1,212
15,613
5,850
32,893
132,409
56,641
106
15,039
11,569
19,447
22,807
12,549
1,854
67,359
120
8,232
3,472
12,536
1,481
1,598
9,457
74,593
64,266
1,031
63,225
10,129
2,415
7,582
59,832
57,095
357
3,655
52,856
227
1,590
962
628
1,116
31
5,004
894
2,643
40
188
1,554
1,359
195
240,553
78,947
1,770
10,066
147,276
2,494
39,830
5,638,643
73,952
266,936
28,751
54,030
11,020
3,490
13,723
214,125
55,769
961,045
451,832
201,939
5,962
187,037
604,280
153,629
483,751
466,975
95,779
1,127,985
8,800
124,637
43,206
767,526
439,003
283,433
45,084
6
386,777
160,193
8,310
151,883
224,272
34,787
179,150
1,060
60
92
2,834
57
790
5,442
2,a2
302,736
191,912
56,605
90,577
43,233
1,497
101,419
99,138
2,281
6,326
1,080
39,613
1,587
1,576
19,879
67
34
12.976
1,122
2,372
861
8,234
3,480
4,707
47
4,200
1,008,766
4,031
21,121
1,817
2,048
351
535
1,513
48,834
4,866
231,892
15,974
46,752
976
40,527
79,498
26,020
97,930
107,815
12,4'95
229,279
2,970
27,391
4,131
7,630
7,543
2
85
29,039
8,956
200
8,756
19,891
18,829
4
149
909
192
5,089
1,736
613
786
257
180
2,958
2,820
138
395
2,533
20
356
1,789
12
70
53
233
309
176
133
183,549
45,370
197
352
137,629
1
3,085
318,152
1,065
19,676
323
1,039
163
20O
1,104
10,662
4,099
27,811
112,421
16,551
295
5,010
35,384
11,729
17,578
8,113
1,458
36,551
71
4,767
2,093
16,329
6,582
1,117
8,629
1
59,261
51,975
903
51,072
6,979
1,288
4,420
22
32,294
27,786
4,907
4,816
17,987
76
3,978
3,671
307
518
12
6,810
427
23
2,674
16
3,329
77
264
255
146
109
159,986
29,933
193
352
129,507
1
297,189
954
18,863
312
943
144
191
1,039
9,739
3,541
26,948
109,042
16,173
291
4,932
26,687
11,093
16,397
6,804
1,350
36,276
71
4,408
1,941
14,037
5,774
1,109
7,153
1
56,641
49,761
835
48,946
6,573
1,288
4,055
11
211
973
287
28,800
24,738
4,398
4,776
15,488
76
3,569
3,279
290
481
12
6,436
315
20
2,605
16
3,153
71
256
For footnotes, see pp. 31-32. Data not subject to sampling variability since all these returns were tabulated.
CORPORATION INCOME TAX RETURNS FOR 1951
25
Table K.— CORPORATION RETURNS SHOWIMG FOREIGN TAX CREDIT, 1951» BY NET INCOME CUSSES: NUMBER OF RETURNS, NET INCOME, INCOME FROM FOREIGN SOURCES, TAXES BETORE FOREIGN TAX
CRmiT, FOREIGN TAXES PAID, AND CREDIT CUIMH) FOR FOREIGN TAXES PAID
Nat Income clasaea XJ
All rotumo 35/
Number of
retiima
Net Income 1 /
Taxes before foreign
tax credit
Income tax ^/
( ThouaanH
dollara)
Exceas profits
tax jj
( ThouMand
dollars)
Credit claimed for foreign
taxes paid
(Thousand
dollmra)
ExceoB profits
tax
(Thauaand
dot lata)
I
Undor $1,000
»1,000 undor $2,000
fe,000 under $3,000
$3,000 undsr $4,000
$4,000 under $5,000
$5,000 under $10,000
$10,000 under $15,000
$16,000 under $20,000
$20,000 under $25,000
$26,000 under $60,000
$50,000 under $100,000
$100,000 under $250,000
$260,000 under $600,000
$500,000 under $1,000,000....
$1,000,000 under $5,000,000..
$5,000,000 under $10,000,000.
$10,000,000 or more
Total
13
39
22
29
25
119
99
94
96
291
309
528
392
314
583
174
276
1
39
44
67
100
815
1,204
1,593
2,101
10,339
22,336
86,508
140,514
224,308
,380,240
,201,969
,640,065
9
22
20
172
253
363
484
2,535
6,796
31,606
66,897
94,217
618,623
559,157
6,595,194
1
1
87
315
1,617
4,203
7,698
68,336
69,178
978,710
2
9
8
55
61
93
163
596
1,228
6,436
7,173
10,754
46,612
54,619
492,667
3
49
66
308
6,175
3,402
17,712,263
7,965,348
1,130,146
619,376
Net Income classes 1 /
Returns with statements filed (Form 1118) In support of credit claijned for foreign taxes paid
Number of
returns
Net income 1 /
(Thousand
doltars)
Income from foreign
sources
Normal-tax
net income
other than
dividends .^fi/
C Thousand
dol lara)
(«)
( TTtousand
dollar*)
(10)
Taxes before foreign
tax credit
Income
tax _2J
( Thousand
dollars)
(11)
Excess
profits
tax_2y
( Thousand
dollars)
(12)
Foreign
taxes
paid
(Thousand
dollars}
(131
Credit claimed for
foreign taxes paid
( Thousand
dollars)
(H)
Excess
profits
tax
(Thousand
dollars)
(16)
Ondor $1,000
$1,000 under $2,000
$2,000 under $3,000
$3,000 under $4,000
$4,000 under $5,000
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $25,000
$26,000 under $50,000
$60,000 under $100,000
$100,000 under $260,000
$260,000 under $600,000
$500,000 under $1 000,000
$1,000,000 under $5,000,000..
$5,000,000 under $10,000,000.
$10,000,000 or more
7
34
16
21
18
71
62
64
76
207
232
418
316
271
512
169
243
34
32
63
72
496
766
1,090
1,666
7,287
16,898
68,239
114,208
192,828
1,230,489
1,102,147
13,769,661
4
49
15
23
23
266
304
413
700
2,042
3,619
14,980
17,279
23,707
97,566
84,212
905,786
13
32
22
20
73
69
69
104
187
499
742
3,680
5,962
6,539
36,850
63,385
476,316
16,506,866
594,651
7
16
16
110
157
241
380
1,733
6,050
24,928
46,011
80,605
653,667
611,677
6,193,395
1
1
SB
209
1,180
3,337
6,382
62,426
62,961
928,936
3
8
4
5
40
63
SO
106
214
622
1,276
5,519
7,181
11,230
47,194
54,232
492,019
1
5
5
43
52
80
148
478
1,129
4,798
6,602
9,523
41,188
47,234
466,026
1
1
3
49
6
56
306
5,172
7,418,093
1,065,491
619', 796
566,311
For footnotes, aee pp. 31-32. Data not subject to sampling variability since all these returns were tabulated.
k
26
CORPORATION INCOME TAX RETURNS FOR 1951
Table L. —CORPORATION RETURNS, 1951, FIIiB BY WESTERN HEMISPHim IRADE CORPORATIONS, BJ TOTAL ASSETS CLASSES-PART I, RETURNS WITH CREDIT CUIMED FOR FOREICN TAXES PAIDi PART II,
RETtlRNS WITH NO CREDIT CUIMED FOR FOREIGN TAXES PAH): NUMBER OF RETtlSNS, NET INCOME OR DEFICIT, CREDIT FOR WESTIEN HQtISFHEHE TRADE CORPORATIONS, INCOME FROM FOREIGN SOURCES,
INCOME TAX BEFORE FOREIGN TAX CREDIT, FOREIGN TAXES PAID, AND CREDIT CUIMED FOR FOREICN TAXES PAH)
PART I. - RETURNS WITH CREEIT CUIMED FOR FOREIGN TAXES PAD)
Total assets classes 34/
All returns ^5/
Number of
returns
Net income 1 /
(Thotisa
dollar
Credit for
Western Hemi-
sphere trade
corporations 32/
( Thouaend
dolJars)
Income tax
before foreign
tajc credit ? /
(Thousand
dollarai
Credit claimed
for foreign
tojces paid
(Thousand
dollars)
Under J50,000
J50,000 under $100,000
♦ 100,000 under $250,000
$260,000 under $500,000
$600,000 under $1,000,000
$1,000,000 under $6,000,000 SS/
$6,000,000 under $10,000,000 ^3/ . . ,
$10,000,000 under $60,000,000
$50,000,000 under $100,000,000 ^ .
$100,000,000 or more ^
Total SS/
Balance sheets not available 32/ ••
Grand total 22/
289
491
S69
4,434
6,279
26,250
11,914
141,824
20,174
1,019,385
61
120
231
1,166
1,697
7,120
3,211
39,674
4,264
77,201
61
116
225
1,377
2,106
9,276
4,014
51,271
8,131
474,611
90
195
1,009
1,322
6,369
2,887
36,009
5,634
107,996
246
11
1,231,909
134,645
2,584
551,188
3,371
161,543
1,808
1,241,290
137,229
554,559
163,357
Total assets classes 34/
Returns with statements filed (Form 1118) in support of credit claimed for foreign taxes paid
Number of
returns
Net
income 1 /
( Thou,,
dolla,
l-?)
Credit for
Western
Hemisphere
trade cor-
porations a&^
(Thousand
dollars)
Income from foreign sources
Normal-tax
net -income
other than
dividends 36 /
(Thousand
dollars)
m
( Thousand
dot lars)
1101
Income tax
before
foreign tax
credit 2J
( Thousand
dollars)
ml
Foreign
taxes paid
( Thousand
dollars)
Credit
claimed for
foreign taxes
paid
( Thousand
dollars)
(131
Under $50,000
$50,000 under $100,000
$100,000 under $250,000
$260,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000^
$5,000,000 under $10,000,000 ^ ...
$10,000,000 under $50,000,000
$50,000,000 under $100,000,000 22/,
$100,000,000 or more 22/
Total 22/
Balance sheets not available 22/ . . .
Grand total 22/
2Z2
381
750
3,976
4,621
23,300
10,417
82,317
8,349
919,106
46
93
198
1,040
1,214
6,335
2,762
22,987
957
77,172
172
363
689
3,380
4,174
20,692
9,160
77,219
5,125
260, 356
2
370
14,920
46
94
191
1,235
1,530
8,269
3,489
29,632
3,816
436,230
X
82
198
1,259
1,142
6,454
3,817
40,317
1,664
114,634
26
68
158
961
998
5,696
2,768
23,197
1,440
104,313
1,053,438
9,090
112,804
2,544
381,230
15,326
484,532
3,276
169,497
139,624
1,062,528
115,348
15,326
487,808
171,296
PART II. - RETURNS WITH NO CREDIT CLAIMED FOR FOREIGN TAXES PAID
Returns with net income _!/
Returns with no net
income ^
Total assets classes 34/
Number of
returns
(1)
Net income JJ
( Thousand
dollars)
(21
Credit for
Western Hemi-
sphere trade
corporations 3^
{ Thcuaar]d
dollars)
(31
Income
tax 2J
( Thousand
dollars)
Number of
returns
(51
Deficit X/
( Thousand
dollars)
(61
Under $50,000
39
33
37
26
20
22
5
1
1
1
366
893
1,702
2,756
2,947
9,161
10,539
100
515
124,090
101
260
462
760
716
2,417
2,821
28
144
79
221
473
895
968
3,155
3,894
31
183
55,618
15
7
9
5
7
1
1
1
49
$60,000 under $100,000
48
$100,000 under $250,000
488
$250,000 under $500,000
$1,060,000 under 45,000,000
$6,000,000 under $10,000,000 39/
266
$10,000,000 under $50,000,000 '
$60,000,000 under $100,000,000
$100,000,000 or more
184
10
153,059
1,979
7,709
565
65,417
659
46
6
Balance sheets not available
Grand total 22/
194
165,038
8,274
66,076
52
2,681
For footnotes, see pp. 31-32. Data not subject to aampllng variability since all these returns were tabulated.
CORPORATION INCOME TAX RETURNS FOR 1951
27
Table M.— CORPORATION RETURMS, 1951, FILED BY WESTERN HEMISPHERE TRADE CORPORATIONS, BV MAJOR INDUSTRUL CROOPS - PART I, RETURMS WITH CREDIT CLAIMED FOR FOREIGN TAXES PAID;
PART II, RETURNS WITH NO CREDIT CLAIMED FOR FOREIGN TAXES PAID: NUMBER OF RETimjlS. NET INCOME OR DEFICIT, CREDIT FOR WESTERM HEMISPHERE TRADE CORPORATIONS, INCOME FROM
FOREIGN SOURCES. INCOME TAX BEFORE FOREIGN TAX CREDIT, FOREIGN TAXES PAID, AND CREDIT CUIMED FOR FOREIGN TAXES PAID
PART I. - RETURNS WITH CREDIT CLAIMED FOR FOREIGN TAXES PAID
Major Industrial groups 4/
All returns 3s/
Number of
returns
Mot
Income 1/
( Thoutanif
dol Ufa)
Credit for
Western
Hemisphere
trade corpo-
rations 3fl/
tlolUru)
B)
Income tax
before
foreign tax
credit _2/
(Thatjaand
doll»TMi
Credit
claimed for
foreign
taxes paid
f Thouaond
dollara)
All industrial groups 22/
Agriculture, forestry, and fishery 39/
Farms and agricultural services 39/.
Forestry
Fishery
Mini ng and quarrying 39/
Metal mining 39/'
Anthracite mining
Bituminous coal and lignite mining
Crude petroleum and natural gas production.
■ Nonmetalllc mining and quarrying
Construction
Manufacturing 33/
Beverages
Food and kindred products ,
Tobacco manufactures
Textile-mill products
Apparel and products made from fabrics
Lumber and wood products, except furniture
Furniture and fixtures
Paper and allied products
Printing, publishing, and allied industries
Chemicals and allied products 39/
Petroleum and coal products 39/7
Rubber products
Leather and products
Stone, clay, and glass products
Primary metal industries 39/
Fabricated metal products, except ordnance, machinery, and transportation equipsent.
Machinery, except transportation equipment and electrical
Electrical machinery and equipnent
Transportation equipment, except motor vehicles .'
Motor vehicles and equipment, except electrical
Ordnance and accessories
Scientific instruments; photographic equipment; watches, clocks
Other manufacturing
Public utilities 3^'
Transportation
Communication
Electric and gas utilities 39/.
Other public utilities
Trade 3^
Wholesale 39/
Commission merchants
Other wholesalers 39/
Retail
Food
General merchandise
Apparel and accessories
Furniture and house furnishings
Automotive dealers and filling stations.
Drug stores
Ehting and drinking places
Building materials and hardware
Other retail trade
Trade not allocable
Finance, insurance, real estate, and lessors of real property
Finance
Banks and trust companies
Credit agencies other than banks
Holding and other investment companies
Security and commodity-exchange brokers and dealers
Insurance carriers and agents
Insurance carriers
Insurance agents and brokers
Real estate, except lessors of real property other than buildings.
Lessors of real property, except buildings
Services 3^/
Hotels and other lodging places
Personal services
Business services
Automotive repair servi ces and garages
Miscellaneous repair services, hand trades
Motion pictures 39/
Amusement, except motion pictures
Other services , including schools
117,004
117,004
87,958
63,016
3,905
920,580
1,150
30,164
261
55
239
919
1,094
17,189
200,184
800
666,321
1,729
281
157
23,604
6,154
2,940
14,410
50,412
49,784
2,313
47,471
526
49
477
102
70B
621
462
159
37,219
38
795
36,151
235
137,229
12,344
12,344
24,433
17,466
1,045
82,098
322
8,412
72
15
67
257
296
3,380
56,052
224
12,384
484
79
44
6,185
1,717
823
3,645
10,386
10,210
557
9,653
148
14
134
28
196
172
129
43
7
209
258
68
40,841
40,841
31,720
22,732
1,315
434,211
405
10,611
87
16
82
330
408
6,943
72,996
286
341,282
616
97
46
8,714
2,171
1,063
5,480
19,334
19,133
832
18,301
169
13
156
32
224
205
169
46
18,200
17,872
72
8,679
2
8,679
3
_
4
-
5
29,328
6
21,273
7
-
8
-
9
8,056
10
-
11
912
12
102,269
13
354
14
7,506
15
87
16
13
17
_
18
«
19
54
20
330
21
408
22
3,060
23
72,446
24
_
26
221
26
_
27
17,213
28
428
29
97
30
_
31
_
32
8
33
34
_
36
44
36
6,961
37
1,383
38
509
39
5,069
40
41
11,204
42
11,026
43
408
44
10,617
46
156
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
7
54
148
55
24
56
128
57
118
SB
59
90
60
28
61
-
62
1
63
-
64
1
66
1
66
8
67
3,876
68
-
69
8
70
206
71
-
72
-
73
3,637
74
-
75
26
76
Nature of business not allocable.
For footnotea, see pp. 31-32^ Data not subject to sampling variability since all these returns were tabulated.
32351GO— 55— 3
28
CORPORATION INCOME TAX RETURNS FOR 1951
Table M —CORPORATION RETURMS 1951. FILED BY WESTERN HEMISPHERE TRADE CORPORATIONS. BY MAJOR INDUSTRIAL GROUPS - PART I. RETURNS WITH CREDIT CLAIMED FOR FOREIGN TAXES PAID;
PART II RETURNS WITH NO CREDIT CLAIMED FOR FOREIGN TAXES PAID: NUMBER OF RETURNS, NET INCOME OR DEFICIT, CREDIT FOR WESTERN HEMISPHERE TRADE CORPORATIONS, INCOME FROM
FOREIGn'sOURCES, INCOME TAX BEFORE FOREIGN TAX CREDIT, FOREIGN TAXES PAID. AND CREDIT CLAIMED FOR FOREIGN TAXES PAID - Continued
PART I. - RETURNS VTtR CREDIT CIAIMH) FOR FOREIGN TAXES PAID - Continued
Major Industrial groups 4/
Returns with atatementa filed (Form 1116) in support of credit claimed for foreign taxes paid
Number of
returns
Net
income X^
( Thousand
dollars)
Credit for
Western
Hemisphere
trade corpo-
rations 38/
( Thousand
dollars)
Income from foreign sources
Normal- tax
net income
other than
dividends 36/
(Thcusand
dollars)
(9)
( Thtmsanrl
Hollats)
tlQ)
Income tax
before
foreign tax
credit ^
( Thousand
dollars)
Foreign
taxes paid
(Thoosar
dollars
(12}
Credit
claimed for
foreign
taxes paid
f Thousand
dollars)
113)
ATI industrial groups 39/
Agriculture, forestry, and fishery 39/
Farms and agricultural services 39/.
Forestry
Fishery
Mining and quarrying 39/
Metal mining 39/
Anthracite mining
Bituminous coal and lignite mining
Crude petroleum and natural gas production.
Nonmetallic mining and quarrying
Construction.
Manufacturing 39/ ,
Beverages ,
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and products made from fabrics
Luniber and wood products, except furniture
Furniture and fixtures
Paper and allied products ,
Printing, publishing, and allied industries ,
Chemicals and allied products 39/
Petroleum and coal products 39/7
Rubber products ,
Leather and products
Stone, cl&y, and glass products ,
Primary metal industries 39/ ,
Fabricated metal products, except ordnance, machinery.
transportation equipment.
Machinery, except transportation equipnent and electrical
Electrical machinery and equifinent
Transportation equipment, except motor vehicles
Motor vehicles and equiiment, except electrical
Ordnance and accessories
Scientific instnzments; photographic equipnent; watches,
clocks.
Other manufacturing
and
Public utiUties 39/
Transportation
Communication
Electric and gas utilities j
Other public utilities
Trade 39/
Wholesale 39/
Commission merchants
Other wholesalers 39/
Retail
Food
General merchandise
Apparel and accessories
Furniture and house furnishings
Automotive dealers and filling stations.
Drug stores
Eating and drinking places
Building materials and hardware
Other retail trade
Trade not allocable
Finance, insurance, real estate, and lessors of real property.
Finance
Banks and trust companies
Credit agencies other than banks
Holding and other investment companies
Security and commodity-exchange brokers and dealers
Insurance carriers and agents
Insurance carriers
Insurance agents and brokers
Real estate, except lessors of real property other than
buildings.
Lessors of real property, except buildings
Services 39/
Hotels and other lodging places
Personal services
Business services
Automotive repair services and garages
Miscellaneous repair services , hand trades
Motion pictures 39/
Amusement , except motion pictiures
Other services , including schools
Mature of business not allocable
1,062,526
602
602
72,332
63,016
9,316
3,893
912,486
1,150
23,688
261
55
239
919
1,081
15,584
200,184
600
666,321
1,729
2
157
12
20,359
9
3,009
1
2,940
2
14,410
67
42,664
51
42,026
7
2,307
44
39,719
5
526
49
477
102
708
G21
462
159
39
1,494
24
760
,582
106
102
102
20,059
17,468
2,591
1,042
79,682
322
6,628
72
15
67
267
292
2,952
66,052
224
12,384
484
44
5,309
841
323
3,645
8,306
8,130
565
7,575
148
14
134
28
196
172
129
43
10
452
7
207
208
30
675
575
69,059
59,912
9,147
274,590
917
23,422
261
55
240
919
1,726
13,013
198,680
800
32,526
1,555
157
13,953
1,355
2,117
10,481
19,418
18,825
654
17,971
520
49
471
73
807
709
462
247
44
46
4,664
24
718
3,877
45
15,326
2
296
295
983
5
3,879
9,016
9,016
309
8,707
1,096
197
197
26,032
22,732
3,300
1,312
431,346
405
8,283
87
16
82
330
406
6,409
72,996
286
341,282
616
46
7,582
1,039
1,063
5,480
16,687
16,386
831
15,566
169
160
160
39,257
36,624
2,733
111,968
465
5,577
54
402
411
2,953
75,663
221
25,571
446
46
7,265
320
509
6,436
10,009
9,633
474
9,359
162
13
8
156
144
32
24
224
130
206
120
169
90
46
30
1
1
1
1
10
1
8
8
4,628
1,561
5
8
247
227
-
-
_
-
4,244
1,312
32
14
For footnotes, see pp. 31-32. Data not subject to sampling variability since all these returns were tabulated.
CORPORATION INCOME TAX RETURNS FOR 1951
29
Xeble M CORPORATION RETURNS. 1951, FILED BY WESTERN HEMISPHERE TRADE CORPORATIONS. BY MAJOR INDUSTRIAL GROUPS - PART I, RETURNS WITH CREDIT CLAIMED FOR FOREIGN TAXES PAD);
PART II. RETURNS WITH NO CREDIT CLAIMED FOR FOREIGN TAXES PAID: NUMBER OF RETURNS, NET INCOME OR DEFICIT, CREDIT FOR WESTERN HEMISPHERE TRADE CORPORATIONS, INCOME FROM
FOREIGN SOURCES, INCOME TAX BEFORE FOREIGN TAX CREDIT. FOREIGN TAXES PAID, AND CREDIT CUIMED FOR FOREIGN TAXES PAH) - Contlnuwl
PART II. - RETURNS WITH NO CREDIT CUIMED FOR FOREIGN TAXES PAID
Major Industrial groups 4/
Returns with net Inccme \J
Number of
retuma
Net
Incoaae i/
C TTiouaand
doJ/araJ
(21
Credit for
Western
Hemisphere
trade corpo-
rations aft/
(3)
Income
tax Z/
(Thtmtand
doUmrm)
{A)
Retuma with no
net Income 2/
Number of
returns
Deficit V
All industrial groups 33/
Agriculture, forestry, and fishery..
Farms and agricultural services..
Forestry
Fishery
Wining and quarrying
Metal tolnlng
Anthracite mining
Bituminous coal and lignite mining
Crude petroleum and natural gas production.
Nonmetalllc mining and quarrying
Construction.
Manufacturing
Beverages
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and products made from fabrics
Lumber and wood products, except furniture
Furniture and fixtures
Paper and allied products
Printing, publishing, and allied industries
Chemicals and allied products
Petroleum and coal products
Rubber products
Leather and products
Stone, clay, and glass products
Primary metal industries
Fabricated metal products, except ordnance, machinery, and transportation
equipnent.
Machinery, except transportation equipment and electrical
Electrical machinery and equifinent
Transportation equipment, except motor vehicles
Motor vehicles and equipment, except electrical
Ordnance and accessories
Scientific instruments; photographic equiiment; watches, clocks
Other manufacturing
Public utilities
Transportation
Communication
Electric and gas utilities
Other public utilities
Trade ^
Wholesale 39,''
CommissloD merchants ,
Other wholesalers 39/
Retail
Food
General merchandise
Apparel and accessories
Furniture and house furnishings
Automotive dealers and filling stations
Drug stores
Eating and drinking places
Building materials and hardware
Other retail trade
Trade not allocable
Finance, Insurance, real estate, and lessors of real property
Finance
Banks and trust companies
Credit agencies other than banks
Holding end other investment companies
Security and commodity-exchange brokers and dealers
Insurance carriers and agents
Insurance carriers
Insurance agents and brokers
Real estate, except lessors of real property other than buildings.
Lessors of real property, except building
Services 39/'
Hotels and other lodging places
Personal services
Business services
Automotive repair servl ces and garages
Miscellaneous repair services, hand trades
Motion pictures 39/'
Amusement , except motion pi ctures
Other services, including schools
155
152
145
2
Natiure of business not allocable.
442
442
307
IBS
119
468
124,472
177
37
21
124,090
534
522
26,861
26,811
311
26,500
16
1,496
320
100
220
1,178
436
8,274
12s
125
145
145
7,325
7,314
87
7,227
358
28
330
U2
66,076
ISO
150
190
55,532
8
55,518
2,581
184
184
9,331
9,322
83
9,239
1
478
55
423
125
„
2
_
3
_
4
-
5
1,261
6
19
7
.
8
-
9
1,232
10
-
U
20s
12
302
13
-
14
294
16
-
16
-
17
-
18
_
19
_
20
-
21
_
22
7
23
-
24
-
25
_
26
-
27
_
28
-
29
_
30
-
31
-
32
_
33
_
34
_
36
1
36
214
37
214
38
_
39
-
40
-
41
306
42
306
43
9
44
296
45
-
46
_
47
-
48
-
49
-
50
_
61
_
52
-
53
-
64
-
65
-
66
16
57
2
58
-
59
2
60
-
61
-
62
_
63
-
64
-
65
-
66
14
67
268
68
_
69
_
70
18
71
_
72
-
73
270
74
-
75
-
76
For footnotes, see pp. 31-32. Data not subject to sampling variability since all these returns were tabulated.
30
CORPORATION INCOME TAX RETURNS FOR 1951
Table N— CORPORATION BETURNS, 1951, FILED BY WESTERN HEMISPHEriE TRADE CORPORATIONS, BT NET INCOME AND DEFICIT CUSSES - PART I, RETURNS WITH CREDIT CLAIMED FOR FOREIGN TAXES
PAIDi PART II RETURNS WITH NO CREDIT CUDffiD FOR FOREIGN TAXES PAID: NUMBER OF RETDHJIS, NET INCOME OR DEFICIT, CREDIT FOR WESTERN HEMISPHERE TRADE CORPORATIONS, INCOME
FROM FOREIGN SOURCES. INCOME TAX BEFORE FOREIGN TAX CREDIT, FOREIGN TAXES PAID, AND CREDIT CLAIMED FOR FOREIGN TAXES PAID
PART I. - RETURNS WITH CREDIT CLAIMED FOR FOREIGN TAXES PAID
Net income classes 1/
All returns 35/
Number of
returns
Net income \J
do! la
Credit for
Western Hemi-
sphere trade
corporations 3^
(Thottiand
dollars}
13)
Income tax
before foreign
taj( credit 2/
(Thousand
dollars)
Credit claimed
for foreign
taxes paid
(Thousand
dollars)
Under $1,000
$1,000 under $2,000
$2,000 under $3,000
$3,000 under $4,000
$4,000 under $5,000
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $25,000
$25,000 under $50,000 39/
$50,000 under $100,000
$100,000 under $250,000 3^/
$250,000 under $500,000 ...
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$6,000,000 under $10,000,000 39/,
$10,000,000 or more 39/
Total 22/
34
156
46
284
1,259
1,913
9,499
10,858
12,858
68,118
66,339
1,069,921
1
10
38
10
72
318
512
2,334
2,921
3,651
19,007
12,647
95,808
7
31
7
51
296
646
3,109
3,818
4,577
24,396
27,014
490,708
7
26
7
40
244
457
2,329
2,475
3,886
15,901
13,998
123,986
1,241,290
137,229
554,559
163,367
Net inccme classes 1/
Returns with statements filed (Form 1118) in support of credit claijaed for foreign taxes paid
Number of
returns
Net
income !_/
( Thousand
dollars)
Credit for
Western
Hemisphere
trade cor-
porations 3a/
( Thousand
dollars)
(6)
Income from foreign sources
Normal -tax
net income
other than
diTldends ."^r/
(Thousand
dollars)
(Thousand
dollars)
Income tax
before
foreign tax
credit g/
( Thousand
dollars)
(U)
Foreign
taxes paid
(Thousand
dollars)
(121
Credit
claimed for
foreign taxes
paid
( Tbouaand
dollars)
(13)
Under $1,000
$1,000 under $2,000
$2,000 under $3,000
$3,000 under $4,000
$4,000 under $5,000
$6,000 under $10,000
$10,000 under $16,000
$15,000 under $20,000
$20,000 under $25,000
$26,000 under $50,000 39/
$60,00T under $100,000
$100,000 under $250,000 39/
$260,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$6,000,000 under $10,000,000 39/
$10,000,000 or more 39/
Total 22/
21
96
31
263
1,111
1,622
7,620
9,260
11,537
50,990
39,768
940,007
26
B
66
279
487
1,935
2,481
3,216
14,156
7,467
86,222
21
93
26
208
1,083
1,728
6,941
7,639
11,001
41,319
30,880
285,963
60
2
309
32
1
1,096
13,824
4
16
6
47
261
618
2,606
3,253
4,126
18,225
16,115
442,729
7
31
7
60
272
557
2,384
2,432
4,861
13,845
10,884
135,946
4
17
6
36
207
430
1,926
2,141
3,436
U,605
7,700
113,757
116,348
386,904
15,326
487,808
171,296
141,267
PAET II. - RETURNS WITH NO CREDIT
CLAIMED FOR FOREIGN TAXES PAH)
Returns with net Income xj
Returns with no net
income 1/
Net income and deficit classes 1/
Number of
returns
(1)
Net income U
(Thousand
dollars)
(2)
Credit for
Western Hemi-
sphere trade
corporations 52/
( Thousand
dollars)
(3)
Income
tax 2/
f Thousand
dollars)
(4)
Number of
returns
(5)
Deficit 1/
( Thousand
dollars)
(e)
Under $1,000
4
4
8
7
5
16
19
8
7
41
20
27
13
6
8
1
4
16
21
20
104
221
140
163
1,367
1,439
4,478
4,344
4,023
14,618
124,090
21
6
6
4
26
54
33
43
343
395
1,161
1,036
1,104
4,043
2
5
4
19
39
26
32
297
413
1,363
1,579
1,445
5,344
65,518
19
5
3
2
1
5
1
4
2
2
6
2
1
$1,000 under $2,000
5
$2,000 under $3,000
$3,000 under $4,000
6
$4,000 under $5,000
$6,000 under $10,000
34
$10,000 under $15,000
$16,000 under $20,000
69
$20,000 under $25,000
$25,000 under $60,0(X)
67
$50,000 under $100,000
133
$260,000 under $500,000 3^/
669
$500,000 under $1,000,000
867
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
Total 22/
194
166,038
8,274
66,076
62
2 581
For footnotes, see pp. 31-32. Data not subject to sampling variability ainco all these returns were tabulated.
CORPORATION INCOME TAX RETURNS FOR 1951
31
Footnotes for text tables
(In all tables, values In thousand dollars are rounded and, therefore, may not add to the totals)
I "Net Income" or "Deficit" Is the difference between the total
Income and the total deductions reported, exclusive of the net
operating loss deduction.
-' "Income tax" consists of normal tax, surtax, and alternative
tax. The alternative tax is reported in lieu of normal tax and
surtax where the income includes an excess of net long-term
capital gain over net short-term capital loss. If and only If such
tax Is less than the normal tax and surtax. Tabulated with the
Income tax for returns with net income is a small amount of
tax reported on returns with no net income, by certain mutual
Insurance companies, other than life or marine, which develop
a tax under the special provisions of the code applicable to them.
' The excess profits tax. imposed by the Excess Profits Tax Act
of 1950. is 30 percent of the adjusted excess profits net income.
Ho'vever. for the calendar year 1951. a ceiling rate for the excess
profits tax and the additional tax of 2 percent of surtax net in-
come imposed on an affiliated group of corporations electing to
file a consolidated return limits these combined taxes to a maximum
effective rate of 17 '4 percent of the excess profits net income.
For other taxable years, effective April 1. 1951. this ceiling is 18
percent of the excess profits net income. For the period July 1.
1950. through March 31. 1951. a combined income and excess profits
tax ceiling rate of 62 percent, applied to the excess profits net in-
come, is effective. The amount of excess profits tax tabulated Is
after limitation, and after adjustments under sees. 430(d). 450,
456 and 457. but before adjustment under sec. 452. and before
credit for foreign taxes paid. For limitation of the excess profits
tax on a new corporation see footnote 33; for adjustments to the
tax permitted certain taxpayers under sees. 430(d). 450. 452, 456
and 457 see p. 12.
' The industrial classification is based on the business activity
reported on the return. When multiple businesses are reported on
a return, the classification is determined by the business activity
which accounts for the largest percentage of total receipts. There-
fore, the industrial groups do not reflect pure industry classifica-
tions. The industrial groups are based, in general, on the Standard
Industrial Classification, issued by the Division of Statistical
Standards. Bureau of the Budget. Executive Office of the President.
There is no change in the groups between 1950 and 1951.
■ Number of returns of inactive corporations are excluded.
'"Total compiled receipts" consists of gross sales (less returns
and allowances), gross receipts from operations (where inventories
are not an income-determining factor), all interest received on
Government obligations (less amortizable bond premium), other
interest, rents, royalties, excess of net short-term capital gain
over net long-term capital loss, excess of net long-term capital
gain over net short-term capital loss, net gain from sale or exchange
of property other than capital assets, dividends, and other receipts
required to be included in gross income described in note 18.
"Total compiled receipts" excludes nontaxable income other than
tax-exempt interest received on certain Government obligations.
■ "Gross sales" consists of amounts received for goods, less re-
turns and allowances, in transactions where inventories are an
income-determining factor. For "Cost of goods sold," see "Deduc-
tions."
" "Gross receipts from operations" consists of amounts received
from transactions in which inventories are not an income-deter-
mining factor. For "Cost of operations." see "Deductions."
" "Interest received on Government obligations, wholly taxable"
consists of Interest on Treasury notes issued on or after December 1.
1940. and obligations issued on or after March 1. 1941. by the United
States or any agency or instrumentality thereof, reported as item
10(c), p. 1. Form 1120 (facsimile on p. 204).
'" "Interest received on Government obligations, subject to sur-
tax only" consists of interest on United States savings bonds and
Treasury bonds owned in principal amount of over $5,000 issued
prior to March 1. 1941. reported as item 10(a). p. 1. Form 1120;
an interest on obligations of instrumentalities of the United States
(other than obligations of Federal land banks, joint stock land
banks, and Federal intermediate credit banks) issued prior to March
1. 1941, reported as item 10(b), p. 1. Form 1120 (facsimile on
p. 204).
" "Interest received on Government obligations, wholly tax-
exempt" consists of interest on obligations of States, Territories,
or political subdivisions thereof, the District of Columbia, and
United States possessions; obligations of the United States issued
on or before September 1, 1917; all postal savings bonds; Treasury
notes issued prior to December 1, 1940; Treasury bills issued prior
to March 1, 1941; United States savings bonds and Treasury bonds
owned in principal amount of $5,000 or less issued prior to March 1,
1941; and obligations issued prior to March 1. 1941. by Federal
land banks. Joint stock land banks, and Federal intermediate credit
banks. Interest from such sources is reported under item 19
(a), (b). and (c) of schedule M. Form 1120 (facsimile on p. 207).
'-' Amount shown as "Rents" consists of gross amounts received.
The amounts of depreciation, repairs, interest, taxes, and other
expenses, which are deductible from the gross amount received
for rents, are included in the respective deduction items.
'' Amount shown as "Royalties" consists of gross amounts re-
ceived. The amount of depletion, which Is deductible from the
gross amount of royalties received. Is Included in the item of
"Depletion" in deductions.
" Capital gain or loss is the amount of gain or loss arising
from the sale or exchange of capital assets. (A net loss from
this source is not deductible for the current year, but may be
carried over and applied against capital gains in the 5 succeeding
taxable years to the extent not allowed as a deduction against
any net capital gains of any taxable year Intervening between the
taxable year in which the net capital loss was sustained and the
taxable year to which carried.) 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 prop-
erty 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.
(3) property used in trade or business, of a character which Is
subject to the allowance for depreciation. (4) a copyright, a liter-
ary, musical, or artistic composition, or similar property. (5)
Government obligations issued on or after March 1. 1941. on a
discount basis and payable without interest at a fixed maturity
date not exceeding one year from the date of issue, and (6) real
property used in the trade or business of the taxpayer. Gains
and losses from (a) sale or exchange of depreciable property and
real property, used in the trade or business and held for more
than 6 months, and from (b) Involuntary conversion of such
property and of capital assets held for more than 6 months are
treated as long-term capital gains and losses, if the gains exceed
the losses. If the losses exceed the gains, the net loss is de-
ductible as an ordinary loss. "Short-term" applies to gains or
losses on the sale or exchange of capital assets held 6 months
or less; "long-term" applies to gains or losses on capital assets
held over 6 months.
'5 "Net gain or loss, sales other than capital assets" is the net
amount of gain or loss arising from the sale or exchange of de-
preciable and real property used in trade or business and short-
term non-interest-bearing Government obligations issued on or
after March 1. 1941. on a discount basis. If the property used
in trade or business has been held for more than 6 months, special
treatment of the gain or loss is provided as described in note 14
above.
" "Dividends, domestic corporations" consists of dividends re-
ceived from domestic corporations subject to Income taxation
under chapter 1 of the Internal Revenue Code. This item is the
sum of the amounts reported in cols. 2 and 3, schedule C. p. 2.
Form 1120 (facsimile on page 205). These amounts are used
in the determination of the dividends received credit in the tax
computation, p. 3. line 2 (a) and (b), Form 1120. (See also
note 17.)
'■ "Dividends, foreign corporations" is the amount reported in
col. 4, schedule C. p. 2, Form 1120 (facsimile on. page 205).
For taxable years beginning on or after January 1. 1951, certain
dividends from foreign corporations doing a substantial volume
of business within the United States are used in the computation
of the dividends received credit (p. 3, line 2(c), Form 1120).
>' "Other receipts" includes amounts not elsewhere reported on
the return such as; Profit from sales of commodities other than
the principal conamodity in which the corporation deals; income
from minor operations; bad debts recovered; cash discount; In-
come from claims, license rights. Judgments, and Joint ventiu-es;
net amount under operating agreements; net profit from com-
missaries; profit on dealing in futures; profit on prior years' col-
lections (installment basis); profit on purchase of corporation's
own bonds; recoveries of bonds, stocks, and other securities; re-
funds for cancellation of contracts, for insurance, management
expenses, and processing taxes; and Income from sales of scrap,
salvage, or waste.
'"Beginning 1951, "Cost of goods sold" and "Cost of operations"
are reduced by any identifiable amounts of taxes, depreciation,
depletion, amortization, and pension plan contributions included
therein Such items are transferred to their specific headmgs.
For years prior to 1951 only amortization and pension plan con-
tributions were so treated.
•-■"Amount shown as "Repairs" is 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.
="The Item "Taxes paid" excludes (1) Federal income tax and
Federal excess profits tax. (2) estate, inheritance, legacy, succes-
sion 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 on tax-free covenant bonds, and (6) unidentifiable
amounts of taxes reported in "Cost of goods sold' and Cost of
operations."
== The deduction claimed for "Contributions or gifts" Is limited
to 5 percent of net Income as computed without the benefit of
this deduction.
32
CORPORATION INCOME TAX RETURNS FOR 1951
Footnotes for text tables — Continued
'^ Amount shown as "Amortization" Is the deduction, provided
by sec. 124A(b) of the Internal Revenue Code, with respect to
the amortization over a 60-month period of emergency facilities,
constructed or acquired after December 31, 1949, and certified
as necessary In the national defense,
-' "Amounts contributed under pension plans, etc.," consists
of deductions claimed under sec. 23(p) of the Internal Revenue
Code for amounts contributed by employers under pension, an-
nuity, stock-bonus, or profit-sharing plans or other deferred com-
pensation plans.
=' Included in "Other deductions" are ( 1 ) negative amounts re-
ported under Income, (2) losses by abandonment, fire, storm, ship-
wreck, or other casualty (Including war losses), and theft, (3)
salaries and wages not deducted elsewhere on the return, and (4)
amounts not otherwise reported, such as: Administrative, general
and office expenses; bonuses and commissions; delivery charges;
freight and shipping expenses; payments In connection with
lawsuits; research expenses; sales discount; selling costs; travel
expenses; unrealized profits on installment sales; and Federal
Deposit Insurance Corporation assessments reported by banks.
2" The net operating loss deduction tabulated herein is the
amount originally reported, consisting only of the net operating
loss carryover reduced by certain adjustments, and does not take
Into account whatever revisions may subsequently be made as the
result of any carryback of net operating loss from the succeeding
tax year. For any taxable year beginning after December 31, 1941,
and before January 1, 1950, a net operating loss could be carried
back to the 2 preceding taxable years and could be Included in
computing the net operating loss deduction for each such preced-
ing taxable year. The net operating loss for any such taxable year
was first used as a carryback and, to the extent not so used, could
be used as a carryover to (a) the 2 succeeding years if the net
operating loss occurred in a taxable year beginning prior to Jan-
uary r, 1948, or (b) the 3 succeeding years if the net operating
loss occurred in a taxable year beginning after December 31, 1947,
and before January 1, 1950. Effective for taxable years beginning
after December 31, 1949, In which losses occur, provision Is made
to reduce the carryback of net operating loss to 1 year and to
lengthen the carryover to 5 years.
" The item "Dividends paid in cash and assets other than own
stock" does not Include liquidating dividends. Dividend pay-
ments are reported In schedule M, Form 1120 (facsimile on page
207).
" For types of corporations permitted to file a consolidated return
and criterion of affiliation, see "Synopsis of Federal Tax Laws "
page 200.
'" Number of subsidiaries consists of the number of affiliated cor-
porations other than the common parent corporation which are
Included In consolidated income tax returns.
"° The excess profits net income is obtained from the net income
by eliminating or adjusting special Items of income and deductions,
consisting principally of the exclusion of capital gains and losses,
both long- and short-term, and dividends received from foreign
and domestic corporations. The excess profits net income In excess
of the excess profits credit and the unused excess profits credit
adjustment is subject to the excess profits tax.
^ The adjusted excess profits net Income is the excess profits net
Income less the sum of the excess profits credit and the unused
excess profits credit adjustment. Where the provisions of section
430(e) (maximum tax for new corporations) are applicable, the
excess profits tax Is computed directly from the excess profits net
Income and the amounts of excess profits credit and adjusted
excess profits net income are not always reported. For part year
returns, the amounts of excess profits net Income and adjusted
excess profits net Income have been placed on an annual basis.
^- Includes a negligible number of returns with adjusted excess
profits net Income not reported. See note 31.
'■■> The excess profits tax under the limitation provided by sec.
430(e) for a new corporation Is the sum of (1) a tax on the first
$300,000 of the excess profits net Income at the following rates,
depending upon the taxable year of the corporation: if the first
or second taxable year, 5 percent; the third taxable year, 8 percent;
the fourth taxable year, 11 percent; the fifth taxable year 14 per-
cent; and (2) 17% percent of the excess profits net Income over
$300,000 if the taxable year is the calendar year 1951, or If the
taxable year Is a fiscal year, such excess is taxed at 15 percent for
any portion of the year before April 1, 1951, and at 18 percent for
the portion of the year after March 31, 1951.
"' Assets and liabilities are tabulated as of December 31, 1951, 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 liabil-
ities" are decreased by the amount of the deficit.
's Includes returns with no statements filed (Form 1118) in sup-
port of credit claimed for foreign taxes paid.
^ Amount shown for normal-tax net income other than dividends
from foreign sources has been reduced by negative amounts.
" Deficit.
■'"Western Hemisphere trade corporations (as defined In sec. 109
of the Code) are allowed a credit for the calendar year 1951 equal
to 28 percent of their normal-tax net income. For fiscal year re-
turns this credit is 30 percent during the period July 1, 1950 through
March 31, 1951, and beginning April 1, 1951, 27 percent.
3" Includes returns of consolidated corporations where one or
more of the corporations within the affiliated group Is a Western
Hemisphere trade corporation.
SOURCE BOOK OF STATISTICS OF INCOME
Pag<
Description and use 35
Chart I. Items and classifications available, 1926-51 36-37
Chart II. Industrial groups available, 1926-51 38-42
33
I
Source Book of Statistics of Income
'I'lic SouiTo Book consists of a sorios of uii|)ul)lislH'(l
volumes coiUauiiiig tabulations of financial infoiina-
tion from income and profits tax returns, by more
detailed classifications than in the published reports,
Statixficn of Income. The Source Book vohimes are
maintained in the Statistics Division of the Internal
Revenue Service, and are available for reseaich pur-
poses to officials of the Federal, State, and other f^overn-
nicntal units and to ciiudified representatives of ac-
credited organizations. Permission to copy data from
the Source Book may be obtained upon presentation of
a written rotiucst addressed to the Commissioner of
Internal Revenue.
The corporation data in the Source Book are from
the income and profits tax returns for 1926 through
1951. The data are tabulated in aggregate (1) for all
returns and (2) for returns with balance sheets, also
segregated in both instances as to returns with net
income and returns with no net income'.
For the years 1932-34, tabidations of data from con-
solidated returns are also shown. A considerable
number of corporations filing consolidated returns for
1932 and 1933 were denied this privilege for taxable
years beginning after December 31, 1933, by section
141 of the Revenue Act of 1.934, which limited the filing
of consolidated returns to common carriers by railroad
and their related holding and leasing companies.
These tabulations were made to show the shift effected
by this provision of the Revenue Act of 1934 on data
from the returns for 1934 as compared with correspond-
ing items fiom the returns for prior years. (Beginning
1942, the i)rivilege of filing consolidated returns is again
extended, in general, to all corporations.)
A probability sam|)le is used for the first time as the
basis of the data tabulated from the corporation returns
for 1951. A description of the sample and limitations
of the data appear on pages 3-5. Table 2, pp. 46-51
of this volume, indicates by an asterisk (*) the industry
groups which aie not subject to sampling.
Two chaits, pies(\nting a resume of the data from
corporation returns available in the Source Book,
follow. The first sliows the years and classifications
for which the items are available and the second is a
detailed presentation of the industries for which the
items are available in the major group tables and in the
minor group tables. By use of these two charts one
can quickly determine whether or not the desired data
are available in the Source Book. For example: To
determine the availability of figures representing gross
sales of anthracite coal mining companies for the years
1926 through 1951, the first chart shows that gross
sales will be found for the years 1926 through 1951 for
major and minor industrial groups; the second chart
(items 11-14, under "Mining and quarrying") shows
that anthracite mining is included with bituminous,
etc., for the years 1926-27 but is tabulated separately
for 1928-51. "
35
36
SOURCE BOOK, 1926-1951
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38
SOURCE BOOK, 1926-1951
Chart II.-iNDUSTKIAL GROUPS FOR WHICH DATA FROM CORPORATION RETURNS ARE SHOWTl IN THE SOURCE BOOK OF STATISTICS OF INCOME FOR THE YEARS 1936-51: YEARS FOR WHICH DATA ARE AVAILABLt
IN MAJOR GROUP TABLES AND YEARS FOR ftHICH DATA ARE AVAILABLE IN lilttOR GROUP TABLES
[For list of items available, see Chart I]
Industrial groups
Mining and quarrying, total
Metal mining-Iron, copper, lead, zinc, gold, silver, quick-
silver, etc
Metal mining
Iron
Copper
Lead and zinc
Gold and silver
Copper, lead, zinc, gold, silver
Other metal mining
Metal mining not allocable (included in No. 9 for 19'i8-51), , . .
Coal mining-^Anthracite, bitURiinous, peat, coke (Nonmetalllc
mining)
Coal mining-Anthracite
Coal mining-Bituminous, lignite, peat, etc
Coal mining-Bituminous coal and lignite
Oil and gas (Nonmetallic mining, 1926-27)
Petroleum •'
Crude petroleum and natural gas production
Oil, gas, and natural gasoline
Crude petroleum, natural gas, and natural gasoline (production).
Field service operations
Oil- and gas-field contract services
(Nonmetallic mining and quarrying) Quarrying-Stone, clay, aand,
gravel, precious and semiprecious slones;holders and lessors.
Other minerals-Asbestos, clay, granite, precious and semiprecious
stones, salt (mines), etc
Nonmetallic mining and quarrying
Stone, sand, and gravel
Other (nonmetallic) mining and quarrying
Nonmetallic mining and quarrying not allocable (included in
No. 26 for 1948-51)
All other mining and quarrying not precisely defined
Mining and quarrying not elsewhere classifieJ (specified)
Mining and quarrying not allocable (included in No. 26 for
1948-51)
Manufacturing, total
Food products, beverages, and tobacco
Food products, including beverages
Food and kindred products (not including beverages or tobacco).
Bakery and confectionery products
Bakery products
Conf ec tionery
Canned products-Fish, fruit, vegetables, poultry, etc
Canning fruits, vegetables, and seafoods
Meat packing and packinghouse products
Packinghouse products-Fresh meats, ham, lard, bacon, meat
canning, byproducts, etc
Xfeat products
Milling products-Bran, flour, meal
Mill products-Bran, flour, feed, etc
Grain mill products, except cereal preparations
Cereal preparations
Dairy products
Sugar (refining)-Cane, beet, maple, and products
Sugar
Food preparations, breakfast foods, dairy products, butter
substitutes, beverages, spices, fish canning, fruit and
vegetable canning, poultry and products; manufacture of ice^
soft drinks; brewers, distillers, etc
Other food products-Artificial ice, butter substitutes, cereals,
coffee, spices, dairy products, etc.; food products not
elsewhere classified (specified) ,
Other food products, including flavoring sirups
Other food products, including flavoring sirups and ice
Other food, including manufactured ice and flavoring sirups..,
Food and kindred products not allocable
(BeverBges)-Sof t drinks, wine, cereal beverages, mineral
water; brewing and distilling
Beverages-Soft drinks, cereal beverages, mineral water, wines;
distilling
Liquors and beverages (alcoholic and nonalcoholic)
Soft drinks-Cider, mineral or spring water, etc ,
Liquors-Wines, beer, malt extract, malt yeast, alcohol, etc.,
Beverages ,
Breweries and malt products
Malt liquors and malt
Distilleries, rectifiers, blenders ,
Distilled, rectified, and blended liquors .> ,
Wine (Wines) ,
Nonalcoholic beverages
Beverages not allocable
Tobacco-Cigars, cigarettes, etc ,
Tobacco, cigarettes, cigars, snuff, etc
Tobacco manufactures (products) ,
Cigars ,
Other tobacco manufactures ,
Textiles and textile (their) products
Textiles and textile (their) products (including fur) ,
Textile-mill products
Textile-mill products, except cotton ,
Years for which
data available in-
Major
group
tables
1938-51
1938^7
1948-51
1938-39
1940-51
1926-30
1931-32
1933-51
; 1926-28
1 1931-35
1929-30
1936-40
, 194S-51
1941-47
Minor
group
tables
1926-37
1938-51
1938-51
1938-i7
1938-47
1938-47
1948-51
1938-51
1938-47
1926-27
1928-51
192S--i7
1948-51
1926-37
1938-39
1940-51
1938-39
1940-51
1938-47
1948-51
1926
1927-37
1938-51
1938-51
1938-51
1938-47
1926
1927-37
1926-51
1926-30
1931-32
1933-51
1926-37
1938-51
1938-51
1927-37
1938-51
1926
1927-37
1938-51
1926
1927-37
1938-51
1938-51
1938-51
1926-37
1938-51
1927-37
1938-39
1940-47
1948-51
1938-51
1927-28
1929-32
1933-37
1933-37
1933-37
1938-51
1938-39
1940-51
1938-39
1940-51
1938-51
1938-51
1938-47
1926
1927-30
1931-51
1948-51
1948-51
1926-28
1931-35
1929-30
1936-40
1948-51
1941-47
Industrial groups
Years for which
data available in-
Major
group
tables
Cotton gocxls-Dress goods, cotton yam, napping, dyeing, etc
Cotton goods-Dress goods, plain cloth, etc., napping, dyeing....
Cotton manufactures
Woolen and worsted goods-Wool yam, wool carpets, etc
Woolen and worsted goods-Wool yam, wool pulling, etc
Woolen and worsted goods-Wool yam, J r ess goods, wool pulling..
Woolen and worsted manufactures including dyeing and finishing.
Silk and rayon goods-Silk fabrics, spinning, etc
Silk manufactures
Rayon and other synthetic textile-mill manufactures
Rayon and silk manufactures
Yam and thread (cotton, wool, silk, and synthetic fiber)
Broad-woven fabrics (woolen and worsted)
Broad-woven fabrics (cotton)
Narrow fabrics and other smallwares (cotton, wool, silk, and
synthetic fiber)
Knit goods-Sweaters, hosiery, etc
Knit goods
Hats, except cloth and millinery
Carpets, floor coverings, composition floor coverings,
tapestries, etc
Carpets, floor coverings, tapestries, etc
Carpets and other floor coverings
Dyeing and finishing textiles, except woolen and worsted
Dyeing and finishing textiles, except knit goods
All other textiles and textile products-Felt goods, linen,
flax, fur goods, cordage, etc
Textiles not elsewhere classified (specified), cord, felt, fur,
hospital and surgical supplies, linen, other textiles, etc..
Other textile-mill products
Textile-mill products not allocable
Textile-mill products, except cotton, not allocable
(Apparel)-Clothing-Custom made, hats, caps, underwear^ shirts,
etc
Clothing-Custom made, factory made, coats, underwear, millinery,
and clothing not elsewhere classified (specified)
Clothing and apparel-Custom made, factory made, coats,
underwear, millinery, etc
Apparel and products made from fabrics
Men's clothing
Women's clothing
Fur garments and accessories
Fur goods
Millinery
Other apparel and products made from fabrics
Other apparel and accessories
Other fabricated textile products
Apparel and products made from fabrics not allocable
Leather and (leather) products (manufactures)
Boots, shoes, slippers, etc. (Leather)
Footwear, except rubber
Gloves, saddlery, harness, trunks; tanning, etc
Other leather products-Gloves, saddlery, harness, trunks;
finishing and tanning leather, etc
Leather tanning, currying, and finishing (tanned, curried, and
finished )
Other leather products
Leather and products not allocable (included in No. 125 for
1948-51
Rubber and rubber goods
Rubber and related (rubber) products
Rubber products
(Auto) tires and (inner) tubes
Rubber boots, shoes, hose; celluloid, ivory, bone, etc
Other rubber goods-Boots, shoes, hose, and artificial rubber...
Other rubber products, including rubberized fabrics and clothing-
Rubber produc ts not allocable
Bone, celluloid, and ivory products
(included in No. 131 for 1926; bone and ivory products in
No. 345 for 1933-49; celluloid in No. 200 for 1938-47,
and No. 135 for 1943-51)
Lumber and wood products
Forest products
Lumber and timber basic products
Lumber and wood products, except furniture
Sawmill and planing mill products
Logging (canals) and sawmills
Planing mills
Logging camps, logging contractors, sawmill^ and planing mills. .
Millwork, plywood, and prefabricated structural wood products..
Wooden containers CFumiture and finished lumber products for
1938-47 )
Lumber and timber basic products not allocable
Furniture-House and office; carriage and wagon bodies; all
other lumber and wood products
Other wood products-Carriages, wagons, furniture, baskets, etc..
Other wood products -,
Furniture and finished lumber products
Furniture and fixtures
Furniture (wood and metal)
Furniture-Household, office, public building, and professional..
Partitions and fixtures
Partitions, shelving, lockers; and office and store fixtures..
Matches (included in No. 350 for 1943-51)
Other furniture and finished lumber products; cork products...
Window and door screens, shades, and Venetian blinds (included
in No. 157 for 1938-47)
Furniture and finished lumber products not allocable
Other furniture and fixtures
1936-37
1938-51
1926
1927-29
1930-51
1926-29
1930-37
1938-i7
1948-51
1938-i7
1948-51
SOURCE BOOK, 1926-1951
39
Chart II-
-IM)USTRIAL GRCTJPS FOR WHICH DATA FROM CORPORATION RETURNS ARE SHOWN IN THE SOURCE BOOK OF STATISTIC;: OF INCOME, FOR THE YEARS 1926-51: YEARS FOR *HICH DATA ARE AVAILADLE
IN MAJOl GROUP TABLES AND YEARS FOR WHICH DATA ARE AVAILABLE IN MINOR GROUP TABLES - Continued
[For list of Items available, see Chart 1}
161
162
X63
164
165
166
167
168
171
172
174
175
176
177
178
179
180
181
182
183
184
185
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
210
211
212
213
214
215
216
217
218
219
220
221
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
Induatrial grcupa
Paper, pulp. And products
Paper and allied produots
Pulp, paper, and paperboard
Pulp and paper converted products
Pulp goods and converted paper products
Paper bags and paperboard containers and boxes
Pulp goods and other converted paper products
Paper and allied products not allocable (included In No. 167
for 1948-51 )
Printing and publishing (Industries)
Printing, publishing, and allied industries
Newspapers
Periodicals
Books
Books and music
Commercial printing
Commercial printing, including lithographing
Other printing and publishing
Printing and publishing industries not allocable
Printing, publishing, and allied Industries not allocable
Chemicals and allied substances (products)
Chemical products-Chemicals proper, acids, and other compounds;
paints, vegetable and mineral oils, soaps, fertilizers, drugs,
etc
Chemicals proper, acids, compounds, etc ^
Industrial chemicals
Industrial Inorganic chemicals
Industrial organic chemicals. Including plastic materials,
synthetic rubber, and synthetic fibers
Allied chemical substances-Drugs, oils, painty soaps, and other
chemical substances not elsewhere classified
Paints, pigments, varnishes, carbon black, lamp black, putty,
rosin, turpentine
Paints, varnishes, and colors
Paints, varnishes, lacquers, etc
Allied chemical substances-Drugs, oils, soaps, and other
chemical substances not elsewhere classified
Soap and glycerin
Soap and glycerin, cleaning and polishing preparations, etc...
Drugs, toilet preparations, etc
Drugs and medicines
Perfumes, cosmetics, and other toilet preparations
Oils, animal and vegetable, except lubricants and cooking oils..
Oils and fats, animal and vegetable, except edible cooking oils..
Rayon (raw material) and allied products (included in No. 185
for 1948-51 )
Fertilizers
Plastic materials (included in No. 185 for 1948-49)
Other chemicals and allied products
Other chemical products
Chemicals and allied products not allocable
Petroleum and (other) mineral oil refining (products)
Petroleum and coal produc ta
Petroleum refining
Other petroleum and coal products
Petroleum and coal products not allocable
Stone, clay, and glass products
Stone, clay, glass, and related products
Cut-stone (and stone) products
Structural clay products
Pottery and porcelain products
Pottery and related products
Glass and glass produots
Cement (hydraulic)
Concrete and gypsum products, wallboard
Concrete, gypsum, and plaster products
Abrasives and asbestos products
Abrasives, asbestos, and other nonmetalllc mineral products...
Stone, clay, and glass products not allocable (included in
No. 220 for 1948-51)
Metal manufacture (products and processes)
Iron, steel, and products
Primary metal industries
Products of blast furnaces, steel mills and rolling mills
Iron and steel— Products of blast furnaces, rolling mills,
foundries, etc
Blast furnaces and rolling mills
Blast furnaces, steel works, and rolling mills
(For Locomotives, etc., see Hos. 315-320)
Metal building material and supplies (equipment)
Structural steel, fabricated; ornamental metal work
Fabricated structural metal products
Heating apparatus, except electrical, and plumbers' supplies..
Tin cans and other tinware
Hardware, tools, etc
Hand tools and general hardware
Hand tools, cutlery, and general hardware
(Nos. 231, 232, 233, and 236 included under "Fabricated
metal products, except ordance, machinery, and transporta-
tion equipment" for 194.8-51)
Firearms, guns, howitzers, mortars, and related equipment
(see No. 335 for 1943-51)
Ammunition (aee No. 336 and No. 337 for 1948-51)
Years for which
data available in-
Major
group
tables
1926-3^
1938-51
1926-29
1938-47
1930-37
1948-51
1936-37
1938-51
1926
1936-51
1927-35
1926-37
1938-47
group
tables
192(1-37
1938-51
1938-51
1938-39
1940-47
1948-51
1948-51
1938^7
1926-29
1938-47
1930-37
1948-51
1938-51
1938-51
) 1938-39
1 1943-51
1940-47
1938-47
1948-51
1938-51
1938-47
1943-51
1926-51
1926
1927-37
1938-47
1948-51
1948-51
1927-33
1934-37
1938-47
1948-51
1934-37
1938-47
1948-51
1938-47
1948-51
1948-51
1938-;?
1948-51
1938-47
1927-51
1938^7
1938-39
1940-51
1933-51
1926-37
1938-51
1938-51
1938-51
1938-47
1926
1936-51
1927-35
1938-51
193S-51
1933-47
1948-51
1938-51
1938-51
1938-47
1943-51
1938^7
1948-51
1938-47
1926-37
1938-47
1948-51
1926
1927-37
1938-47
1948-51
1926-37
1938-47
1943-51
1938-51
1933-51
1927-37
1938-39
1940-51
1942-47
1942-47
Induotrial groups
Tanks (included In No. 337 for 1948-51)
Sighting and fire-control equipment (except optical) (included
In No. 337 for 1943-51)
Ordnance and acceauorica not elsewhere classified (included In
No. 337 for 1948-51)
Iron and steel foundries
Other Iron, steel, and products
Other primary metal industries
Iron, steel, and products not allocable
Primary metal Industries not allocable
Fabricated metal products, except ordnance, machinery, and
transportation equipment
Metal stamping, coating, and engraving
Lighting fixtures
Fabricated wire products
Other fabricated metal products
Fabricated metal products not allocable
Metal and metal products, other than iron and steel; refining
of precious metals, manufacturing Jewelry, etc
Precious metal products and prcesses. Jewelry, etc
Clocks and watches (see No. 340 for 1943-51)
Jewelry, excep t cos tume Jewelry
Jewelry, except costume Jewelry; silverware, plated ware (see
No. 347 for 1948-51) .'
Other metals, products and processes; combination of foundry
and machine shop
Nonferrous metals and their products
Nonferrous metal basic products
Smelting, refining, rolling, drawing, and alloying of nonferrous
metals (Primary metal industries)
Nonferrous foondries (Primary metal industries)
Other manufactures of nonferrous metals and their alloys
Nonferrous metals and products not allocable
Electrical machinery and equipment (Metal manufacturing,
1926-37)
Electrical equipment for public utility, manufacturing, mining,
transportation (except automotive), and construction use
Electrical generating, transmission, distribution, and
industrial apparatus
Automotive electrical equipment
Electrical equipment for motor vehicles, aircraft, and railway
locomotives and cars
Radios, complete or parts (Manufacturing not elsewhere
classified
Radio apparatus and phonographs;
Communication equipment and phonographs
Radio, radar, and television equipment (except radio tubes),
and phonographs
Other communication equipment and related products
Household electrical appliances
Electrical appliances
Insulated wire and cable (included in No. 266 for 1938-47)
Electric lamps (included In No. 279 for 1933-39; No. 280 for
1940-47 )
Other electrical machinery
Other electrical machinery and equipment
Other electrical products, including batteries
Electrical machinery and equipment not allocable
Factory machinery, textile, paper, printing presses, machine
tools, etc, (Metal manufacturing)
Factory machinery-Food production machinery; leather, metal,
paper, printing, textile, and woodworking machinery (Metal
manufacturing)
All other machinery; stationary, marine, eas, mining, and oil
well machinery, office machinery, etc. (Metal manufacturing).
Miscellaneous machinery-Building, construction, gas, mining
machinery and equipment (Metal manufacturing)
Machinery, except transportation pquipment and electrical
Special industry machinery
General indsutry machinery
Metal-working machinery, including machine tools
Engines and turbines
Engines and turbines, except automotive, aircraft, and railway.
Construction and mining machinery
Agricultural machinery and equipment (Metal manufacturing)
.^grlcultu^al machinery
Agricultural machinery and tractors
Office equipment, etc. (Metal manufacturing)
Office and store machines
Household machinery and equipment (Metal manufacturing)
Household and service- Indus try machines
Other machinery parts, and machine shops
(Included in No. 289 for 1938-47)
Machlnei^, except transportation equipment and electrical, not
allocable
(Automobiles) Motor vehicles and accessories (Mstal
manufacturing)
Motor vehicle^ complete or parts (UeUl manufacturing 1927-37).
Automobiles and equipment, except electrical
Motor vehicles and equipment, except electrical
Automobiles, trucks, bodies, and industrial trailers
Automobiles and trucks (Including bodies and industrial
trailers), and military vehicles
Automobiles and trucks including bodies and industrial trailers
(For Tanks, see No. 239 for 1942-47; No. 337 for 194S-51)
Motor vehicles, including bodies and truck trailers
Automobile accessories and parts, other than electrical
Trailers for passenger cars '
Years for which
data available in-
Major
group
1936-37
1933-47
1948-51
Minor
group
tables
19i2-47
1948-51
1938-47
1948-51
1938-47
1943-51
1948-51
1948-51
1948-51
1948-51
1948-51
1948-51
1948-51
1926
1927-37
1938-47
1938-39
1940-47
1927-37
1938-47
1938-47
1933-47
1948-51
1948-51
1938-47
1938-47
1938-51
1926-51
1938-47
1948-51
1933-47
1948-51
1927-37
1933-39
1940-47
1948-51
1948-51
1938-39
1940-51
1948-51
1948-51
1938-39
1940-47
1943-51
1933-51
1927-37
1938-51
1938-51
1938-51
1938-51
1938-i7
1948-51
1938-51
1926-37
1933-47
1948-51
1927-37
1933-51
1926-37
1938-51
1948-51
1926
1927-37
1938-47
1948-51
1938-40
1941
1942-47
1948-51
1938-39
1938-39
40
SOURCE BOOK, 1926-1951
Chart II.-IflDUSTKIAL GROUPS FOR WHICH DATA FROM CORPORATION RETURNS ARE SHOWN IN THE SOURCE BOOK OF STATISTICS OF INCOME; tX)R THE YEARS 1926-51: YEARS FOR WHICH DATA ARE AVAILABLE
IN ttAJOR GROUP TABLES AND YEARS FOR WHICH DATA ARE AVAILABLE IN MINCR GROUP TABLES - Continued
[For list of items available, see Chart 1]
3U
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335
336
337
333
339
340
341
342
343
344
345
346
347
348
349
350
351
352
353
354
355
356
357
358
359
360
361
362
363
364
365
366
367
368
369
371
372
373
374
375
376
377
378
379
330
381
382
383
384
Industrial groups
Automobile accessories, parta (except electrical), and
passenger trailers
Motor vehicle parts and accessories, and passenger trailers..
Automobiles and equipment, except electrical, not allocable..
Transportation equipment, except automobiles
Transportation equipment, except motor vehicles
Locomotives and railroad equipment (Metal Eind products)
Railroad and railway equipment
Railroad equipraent, including locomotives and streetcars
Airplanes (included in No. 341 for 1926, No. 342 for 1927).
Airplanes, airships, seaplanes, etc
Aircraft and parts
Aircraft and parts, including aircraft engines
Shipbuilding (included in No. 606 for 1926).
Shipbuilding and repairing (Construction)
Ship and boat building
Ship and boat building and repairing
Motorcycles and bicycles
Motorcycles, bicycles, and parts
Other transportation equipment, except automobiles
Other transportation equipment, except motor vehicles
Transportation equipment, except automobiles, not allocable..
Ordnance and accessories ,
Guns, howitzers, mortars, and related equipment, including
small arms (see No. 237 for 1942-47)
Small arms ammunition (see No. 238 for 1942-47)
Other ordnance and accessories (see Nos. 238-241 fbr 1942-47) .
Scientific instruments: photographic equipment : watches, clocks
Professional, scientific, and controlling instruments,
including photographic and optical goods
Watches, clocks and clockwork-operated devices (see No. 255
for 1938-47)
All other manufacturing, airplanes, optical products, musical
instruments, metal processes, etc. (All other manufacturing
industries)
Miscellaneous manufacturing-Airplanes, musical Instruments,
optical goods, canoes, manufacturing not elsewhere specified.
Miscellaneous manufacturing (not elsewhere classified),
musical Instruments, optical goods, canoes, etc
Manufacturing not elsewhere classified-Musical, professional,
and scientific instruments; optical goods, canoes, electric
launches, etc
Other manufacturing
Ice, natural and manufactured
Jewelry (precious metal), silverware, plated ware (see No.
257 for 1940-47)
Costume jewelry, except precious metal (included In No. 345
for 1938-47)
Fabricated plastic products, except plastic materials
(Included in No. 345 for 1938-47)
Manufacturing not elsewhere classified
Manufacturing not allocable (included in No. 350 for 1948-51)
(public utilities) Transportation and other public utilities.
Public utilities
Transportation and related activities
Transportation
Steam railroads
Railroads, switching, terminal, sleeping and dining car
companies (passenger car service companies )
Railroads, railway express
Railway express companies (included in No. 358 for 1948-51)..
Electric railways, all other railroads; Pullman cars;
refrigerator, stock, poultry and fruit cars; lessors
Railways,street, suburban, and interurban; bus lines (city and
suburban)
Railways, street, surburban, and interiirban, including bus
lines operated in conjunction therewith
Urbaiv suburbar^ and interurban railways (with or without txises)
Local transportation, taxicab, and sightseeing buses, drayage
and delivery service; special feed storage and packers,
garages, etc
Auto bus lines, taxlcabs, and sightseeing companies
Bus lines, interstate and interurban
Taxicab companies (Included in No. 369 for 1948-51)
Other highway passenger transportation
Other motor vehicle transportation, including taxlcabs and
buses
Cartage and storage-Food storage; packing and shipping; local
transportation and related industries not elsewhere
classified (specified)
Trucking, Interstate and Interurban
Trucking, local; and warehousing
Highway freight transportation, warehousing, storage
Trucking and warehousing
Air (aerial) transportation (included in No. 405 for 1926).
Air (aerial) transportation (and allied services, 1938-51)...
Pipelines (included in No. 405 for 1926; No. 408 for 1927-33>
Pipelines (Pipeline transportation)
Water transportation
Water transportation and related activities-Ocean and fresh-
water lines, canals, docking, drawbridge operating,
lighterage, salvaging, piloting, wharf ing; lessors
Other transportation and allied services
Services incidental to transportation
Transportation not allocable (included In No. 384 for 1948-51)
Other transportation
Years for which
data available in-
Major
group
tables
1933-47
1948-51
1926
1927
1928-30
1931-37
1938-51
1926-37
1938-51
Minor
group
1940--;7
1948-51
1938-47
1938-47
1948-51
1926-37
1938-47
1948-51
1928,-37
1938-47
1948-51
1927-37
1938-47
194_-51
1938-47
1948-51
1938-47
1948-51
1938-47
1948-51
1948-51
1943-51
1948-51
1948-51
1948-51
1926
1927
1928-30
1931-37
1938-51
1938-39
1948-51
1948-51
1938-39
1948-51
1933-47
1926-37
1938-51
1927-37
1938-51
1926-37
1938-47
1948-51
1938-47
1926-37
1938-39
1940-47
1948-51
1926
1927-37
1938-39
1938-47
1940-47
1943-51
1927-37
1938-39
1938-39
1940-47
1948-51
1927-51
1934-51
1926
, 1938-51
1927-37
1938-39
1940-51
1938-47
1948-51
Industrial groups
Telephone, telegraph, and radio companies
Telephone and telegraph companies
Communication
Telephone and radio telephone
Telephone (wire and (or) radio)
Telegraph and radio telegraph
Telegraph (wire and radio) and cable
Telegraph (wire and radio )
Radio broadcasting companies
Radio broadcasting and services
Radio broadcasting and television
Other communication
Other public utilities
Electric and gas utilities
Electric light and power companies
Electric light and power companies and combined electric light
and gas companies
Electric light and power
Gas companies, natural and artificial
Gas production and distribution, except natural gas production.
Gas distribution and manufacture
Water works and all other public utilities, aerial transporta-
tion, irrigation systems, pipelines, pneumatic tube systems,
toll bridges, etc
Wa ter ( companies )
Water supply
All other public utilities- Terminal stations, pipelines, toll
bridges and toll roads, irrigation systems, etc
All other public utilities-Terminal stations, toll bridges and
toll roads, irrigation systems, etc
Public utilities not elsewhere classified
Other public utilities not allocable (included in No. 410 for
1948-51 )
Trade, total
Wholesale
Commission (included In No. 413 for 1938-39)
Commissiori merchants
Other wholesalers
Food, including market milk dealers, wholesale
Food, wholesale
Alcoholic beverages, wholesale
Apparel and dry goods, wholesale
Chemicals, paints, and drugs, wholesale
Hardware, electrical goods, plumbing and heating equipment,
wholesale
Lumber and millwork, wholesale
Lumber, millwork, and construction materials, wholesale
Machinery and equipment (included in No. 427 for 1940-47)
Farm products (raw materials) (included in No. 427 for 1940-47).
Wholesalers not elsewhere classified
Wholesalers not allocable
Retail
General merchandise, department, dry goods, retail
General merchandise
Department, dry goods, other general merchandise
Department stores
Limited-price variety stores
Variety stores
Mail-order houses
Other general merchandise (Included in No. 430 for 1938-39;
No. 432 for 1940-47)
Food (stores), retail
Food stores, including market milk dealers, retail
Package liquor stores, retail
Liquor stores, retail (other retail trade, 1948-51)
Drug stores, retail
Apparel, retail
Apparel and accessories, retail
Furniture and house furnishings, retail
Eating and drinking places (including restaurants)
Dealers in automobiles, accessories, tires, batteries, retail. .
Automotive dealers, retail
Automotive dealers and filling stations, retail
Motor vehicle dealers, retail
Automobiles and trucks, retail
Accessories, tires, and batteries, retail
Accessories, parts, etc. , retail
Parts, accessories, tires, batteries
Dealers in automobiles, etc. , not allocable
Filling stations
Years for which
data available in-
Major
group
tables
1938-51
1948-51
1926-51
1938-51
1940-51
1940-51
1938-39
1940-51
1938-39
1938-39
1938-39
1948-51
19^0-47
1938-39
1940-51
1938-51
1938-51
1938-39
1940-47
1948-51
SOURCE BOOK, 1926-1951
41
Chart II. -INDUSTRIAL CROUPS FOR WHICH DATA FROM CORPORATION RETURNS ARE SHOffN IN THE SOLRCE BOOK OF STATISTICS OF INCCME, FOR THE YZARS 1926-51: YEARS FOR WHICH DATA ARE AVAILABLE
IN httJOR GROUP TABLES AND YEARS FOR WHICH DATA ARE AVAILABLE IN MINOR GROUP TABLES - Continued
[For list of items available, see Chart I]
Induatrlal groups
Hardware, retail
Hardware and farm equipment
Lmber and cosl yards, retail
Building materials, fuel, and ice
Building materials and hardware
Lumber and building materials
Other retail trade
Other reUll stores (Included in No. 463 for 1938-47)
Jewelry stores (included in No. 429 for 1926-37; No. 463 for
1938-47; No. 464 for 1948)
Retail trade not allocable
Wholesale and retail trade
All other trade, auto wreckers, film exchanges, renting of
costumes, decorations, furniture, machinery, etc. , also
lease or sale and service of special systems or devices and
processes and their accompanying supplies, as tabulating
and accounting machines, etc
All other trade-Auto wreckers, film exchanges, pneumatic
tubes, trading stainps, garages for storage, repair service,
e tc
Trade not allocable
Service (Services), total
Restaurants, hotels, laundries, all domestic services, etc....
Domestic service-Laundries, hotels, restaurants, etc
Domestic service- Laundries, hotels, restaurants, operating
apartments or office buildings, etc. (Restaurants included
in No. 446 for 1938-51)
Personal service (Services)
Hotels and other lodging places
Laundries, cleaners, and dyers
Photographic studios (including commercial photography)
Other personal service ( services )
Personal service not allocable (included in No. 479 for
1948-51 )
Business service-Detective bureaus, trade shows, mimeograph-
ing, publishing directories, advertising, etc. (Includes
electrical advertising)
Business service (services)
Advertising
Other business service (services)
Business service not allocable (included in No. 484 for
1948-51 )
Automobile repair services
Automotive repair se'rvices and garages
Miscellaneous repair services, hand trades
Professional, business, educational, curative, legal,
engineering, etc. , services
Professional service-Curative, educational, engineering,
legal, etc. (Included in No. 501 for 1938-51)
Theaters, motion pictures, all other amusements, etc
Amusemen ts '.
Theaters, legitimate, vaudeville, etc
Motion picture producers (production)
Motion picture theaters
Motion pictures (production and theaters)
Anusement , except motion pictures
Other amusements-Circuses, golf llnia, racetracks, pleasure
resorts, etc
Amusements not allocable
Other service not elsewhere specified— Auto can^s, cemeteries,
boards of trade, newspaper syndicates, photographers,
concessionaires-amusement, cloakroom, etc
Other service (services), including schools
Service not allocable (included in No. 501 for 1948-51)
Finance, total (banking, insurance, real estate, and holding
companies; stock and bond brokers, etc.)
Finance, insurance, i^al estate, and lessors of real property.
Finance (banks, credit agencies, investment companies, holding
companies, brokers and dealers)
Banks, national
Banks and trust companies
Bank and tn^st companies, savings banks
State and private banks
State and priviate banks, savings banks, loan and trust
companies
Banking and related industries
Joint stock land banks
Finance companies-Automobile, furniture, radio, etc
Financing retail sales of automobiles, pianos, etc. (Included
in No. 523 for 1930-33; No. 524 for 1934-37)
Commercial credit and finance companies
Industrial and personal loan companies
Short-term credit agencies, except b»nlcs
Sales finance and industrial credit
Personal credit (agencies)
Other short-term credit agencies
Short-term credit agencies, except banks, not allocable
Years for which
data available in-
Major
group
Ublea
1938-39
1940--i7
1948-51
1938-51
1926-51
1938-51
1940-51
1938-39
1940-51
1940-51
Minor
group
tables
1940-51
1940-51
1938-51
1938-47
1926-37
1938-51
1938-39
1938-39
1938-47
1948-51
1938-39
1940-47
1948-51
1948-51
1938-51
1948-51
1949-51
1938-51
1927-37
1927-37
1938-51
1926-51
1926
1927-33
1938-51
1938-51
1939-51
1938-51
1938-51
1938-47
1927-37
1938-51
1938-51
1938-51
1938-47
1938-39
1940-51
1940-51
1926
1927-37
1926
1927-39
1927-37
1927-51
1927-51
1940-51
1927-39
1938-39
1927-37
1938-51
1938-47
1926-37
1938-51
1926-37
1938-51
1926
1926
1927-37
1927-37
1928-37
1926
1927-29
1938-39
1938-39
1940-47
1940-47
1940-51
1940-47
1940-47
Industrial groups
Other finance coopanleo, building and loan con^anlesi
mortgage, note, andpawn brokers; commercial paper brokers,
foreign exchange, promoting, stock syndicate, InveaUnent
bankers, e tc
Other finance-Loan companies, building and loan asaoclationo;
mortgage, note, orpawn brokers; holding coii5>aniea; insurance
agents, promoters, stock syndicates, foreign exchange,
financing sales of automobiles, etc., and finance not else-
where specified (classified)
Loan companies, building and loan associations; mortgage, note,
orpawn brokers; Insurance agents, promoters; foreign
exchange; financing sales of automobiles, etc
Mortgage and title companies
Long-tern credit agencies, mortgage companies, except banks. ,, .
Credit agencies other than banks
Business credit agencies
Other credit agencies
Credit agencies and finance not allocable
Investment trusts, stock syndicates, stock pools, holding
con^anies, etc
Investment trusts and Investment con^janies
Holding and other investjuent companies
Management type
Fixed type
Fixed or semifixed type
Installment Investment plans and guaranteed face amount
certificates
Oil royalty companies
Mineral, oil, and gas royalty companies
Investment trusts and Investment companies not allocable
Holding conf»nies, patents. Investments, concessions, etc.;
real estate companies
(Holding companies included In No. 575 for 1927-29; in
No. 523 for 1930-33; and in No. 531 for 1934-37)
Holding companies
Operating holding companies
Railroad securities
Other public utility securities
Industrial securities
Bank securities
Other specified securities
Securities not specified
Other corporations holding securities
Other investment con^ianies, including holding companies
Other investment and holding companies
Stock and bond brokers
Stock and bond brokers, invesljnent bankers
Stock and bond brokers. Investment brokers, inves^nent bankers,
and investment trusts
Stock and bond brokers, investment brokers, investment bankers.
Security and commodity-exchange brokers and dealers
Other finance companies
Finance not allocable
Insurarx:e companies
Insurance carriers, agents, etc
Insurance carriers and agents
Insurance carriers
Life insurance companies (mutual or stock)
Accident, casualty, fire, marine, mutual, fidelity and bonding
companies
Other insurance- Accident, casualty, fire, marine, title, etc...
Insurance companies, except life
Other insurance carriers (not life or mutual)
Mutual insureince, except life
Mutual insurance, except life or marine
Mutual insurance, except life or marine or fire Insurance
con^janies Issuing perpetual policies
Insurance agents, brokers, etc
Insurance agents and brokers
Real estate (included in No. 541 for 1926),
Real estate and holding con^janles; realty development, holding.
or leasing; realty trusts; securities
Real estate and realty holding companies-Realty development,
holding or leasing; realty trusts, etc
Real estate, including lessors of building
Real estate, except lessors of real property other than
bui Idlngs
Dealers and development companies, lessors of buildings, lessee
and owner operators of buildings
Owner operators and lessors of buildings
Real estate operators, incliiding lessors of buildings
Lessee operators of buildings
Owners for improvement
Trading for own account
Developers of real property. Including traders on own account..
Real estate agents, brokers, etc
Real estate agents, brokers, and managers .'
Title abstract companies
Real estate, including lessors of buildings, not allocable
(included in No. 590 for 1948-51)
Other real estate, except lessors of real property other than
buildings
Yeora for which
data available In-
Uajor
group
tables
1940-47
1948-51
1938-47
1948-51
Unor
group
tables
1934-37
1938-39
1940-47
1948-51
1948-51
1948-51
1948-51
1934-37
1938-47
1948-51
1938-47
1938-39
1940-47
1938-47
1938-39
1940-47
1938-47
1938-39
1938-47
1940-51
1938-39
1938-39
1938-39
1938-39
1938-39
1938-39
1938-39
1938-39
1940-47
1940-47
1948-51
1926
...
1927-29
1930-33
1934-37
1938-51
1938-51
1938-47
1938-47
1940-47
1940-t7
1927-37
1938-i7
1938-47
1948-51
1948-51
1940-51
1940-51
1926-51
1926
1927-37
1938-39
1940-51
1940-41
1942
1943-51
1940-47
1933-47
1948-51
1948-51
1930-37
1938-47
1938-47
1948-51
1948-51
1938-39
1940-;?
1948-51
1940-47
1940-47
1940-47
1948-51
1938-47
...
1948-51
1940-51
1938-47
1948-51
I
42
SOURCE BOOK, 1926-1951
-INDUSTRIAL GROUPS FOH WHICH DATA FROM CORPORATION RETURNS ARE SHOWK IN THE SOURCE BOOK OF STATISTICS OF INCOME, FOR THE YEARS 1926-51: YEARS FOR WHICH DATA ARE AVAILABLE
IN MAJOR GROUP TABLES AND YEARS FOR WHICH DATA ARE AVAILABLE IN MINOR GROUP TABLES - Continued
[For list of items available, see Chart I]
591
592
593
594
595
596
597
599
600
602
603
604
605
606
Industrial groups
Lessors of real property, except buildings
Agricultural, forest, and similar properties
Mining, oil, and similar properties
Railroad (properties) property
Public utility (properties) property
Other real property, except buildings
Lessors of real property, except buildings, not allocable
( included in No. 596 for 1948-51)
Finance, insurance, real estate, and lessors of real property
not allocable
Construction
Building and construction above ground; equipping and install-
ing machinery; wrecking, razing, moving, etc
Building and construction above ground- Installing machinery,
moving, wrecking, razing, etc
General contractors
General building contractors
General contractors other than building
General contractors not allocable
Excavation, road building, waterfront construction, railroad
construction, shipbuilding, etc
("Shipbuilding and repairing," 1927-51, Nos. 326-328)
Years for which
data available in-
Major
group
tables
Minor
groi4>
tables
1938-51
1938-51
1933-51
1938-51
1938-51
1938-51
1933-^7
1933-39
1926-51
1926
1927-37
1938-47
1948-51
1948-51
1943-51
1926
Industrial groups
Other construction, underground and on surface-Bridge building,
waterfront construction, related industries, etc
Special trade contractors
Construction not allocable (included in No. 610 for 1948-51)...
Other construction
Agriculture and related industries
Agriculture, forestry, and fishery
Farming-Fruit, cotton, grain, stock, and all other farming,
-including lessors
Farming-Cotton, grain, stock; horticulture and all other fano-
ing; lessors of farm lands
Agriculture and services
Farms and agricultural services
Related industries-Forestry, fishing, ice harvesting, agricul-
tural industries not precisely defined; holders and lessors..
Related industries-Forestry, fishing, ice harvesting, and other
related industries; holders and lessors
Forestry
Fishery
Agriculture, forestry, and fishery not allocable
Nature of business not given
Nature of business not allocable, except trade
Nature of business not allocable
Years for which
data available in-
Major
group
tables
Minor
group
tables
1927-37
1938-51
1938-47
1948-51
1926-37
1938-51
1926-37
1938-51
1926
19381^7
19.48-51
1927-37
1938-47
1948-51
1926
1938151
1938-51
1938
1927-37
1938-51
1938-51
1938
1926-37
1938^0
1941-51
1926-37
1938-40
1941-51
CORPORATION INCOME TAX RETURNS FOR 1951
BASIC TABLES
Page
1 . States and Territories, general sunnmary — all returns 45
2. Major and minor industrial groups, general summary — all re-
turns 46-5 1
2 A. Major and minor industrial groups, general summary — returns
with excess profits net income over $25,000 52-57
3. Major industrial groups (receipts and deductions) — all returns . . 58-77
4. Major industrial groups (assets and liabilities, receipts and de-
ductions)— returns with balance sheets 78-97
4-A. Major industrial groups (assets and liabilities, receipts and de-
ductions)— consolidated returns with balance sheets 98-1 17
5. Total assets classes (assets and liabilities, receipts and deduc-
tions)— returns with balance sheets 118-121
5-A. Total assets classes (assets and liabilities, receipts and deduc-
tions)— consolidated returns with balance sheets 122-125
6. Total assets classes and major industrial groups (selected assets,
liabilities, and receipts) — returns with balance sheets 126-151
7. Net income and deficit classes and industrial divisions (selected
items) — all returns 1 52-1 54
8. Net income and deficit classes and type of tax liability — all re-
turns 155-156
8-A. Net income classes and method of excess profits credit computa-
tion (selected items) — returns with excess profits net income
over $25,000 157-159
9. Net income and deficit classes (dividends received and interest
received on Government obligations) — all returns 160
10. Net income and deficit classes (dividends paid) — all returns. ... 161
43
.■523516 O— 55-
CORPORATION INCOME TAX RETURNS FOR 1951
45
Table 1 .— CORPORATION RETURNS, 1961, BY SUIES AND lERHITORIES, FOR RETURNS WITH NET INCOME AND RETURNS WITH NO NET INCOME; NUMBER 0? RETURNS, NET INCOME OR DEFICIT, AND
DIVIDENDS PAID Hi CASH AND ASa;TS OTHER THAN OWN STOCK; ALSO, FOR RETURNS WITH NET INCOME; TOTAL TAX, INCOME TAX, AND EXCESS IROFITS TAX
States and Territories 1/
Total
number of
returns £/
Returns with net Income 2/
Number of
returns
m
Net
income 2/
(ThouMitnd
dollmra)
(ai
Taxee
( Thou»»nd
tfollara)
Income
tax i/
(Thouiand
dotlara)
Excess
profits
tax §/
(ThouMttnd
dollmr*}
Dividends
paid in
cash and
assets
other than
own stock £/
( T7iau>«nd
dolUra)
Returns with no net income 2/
Number of
returns
Deficit a/
(Thouaattd
dollarm)
Dividends
paid in
cash and
assets
other than
own stock £/
(Thouamnd
dollmr*)
(10)
28
29
SO
31
32
33
34
35
36
37
36
39
40
41
42
43
Alabajsa
Alaska'
Arizona*. . .
Arkansas'. .
California.
Colorado
Connecticut
Deleware'
District of Columbia.
Florida
Ceorgia. .
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*
4,639
339
2,149
3,297
35,003
5,337
12,540
3,146
4,248
15,128
7,916
1,345
1,819
39, 387
14,176
7,464
5,068
5,358
6,737
4,115
8,655
32,900
19,033
11,325
2,903
16,344
2,475
4,006
866
2,367
38,154
1,279
161,996
11,092
1,649
32,236
4,657
5,140
30,094
5,370
4,994
2,067
6,789
20,564
2,732
1,589
9,450
8,801
6,134
16,029
1,275
3,247
221
1,373
2,366
22,178
3,647
8,778
2,228
2,851
9,478
5,867
899
1,207
27,634
10,673
5,563
3,661
3,840
4,832
2,693
6,176
21,052
14,084
8,162
2,064
11,693
1,701
3,134
497
1,597
23,971
907
99,046
8,298
1,283
23,870
3,441
3,269
20,982
3,472
3,617
1,623
4,909
14,341
1,831
989
7,259
6,685
4,265
11,788
1,027
236,175
8,249
58,059
84,852
2,361,576
256,345
940,876
1,133,693
196,608
277,926
363,464
73,237
61,335
3,710,210
693,147
300,670
267,255
308,167
279,828
110,639
414,602
1,497,076
3,845,629
669,340
60,461
1,096,679
51,559
143,113
23,991
61,939
1,376,003
31,623
11,964,240
664,783
23,256
3,476,693
381,939
232,777
3,576,566
190,402
202,408
27,259
280,917
1,348,962
79,066
54,472
480,947
386,786
211,082
949,110
26,202
116,068
3,739
26,663
36,201
1,114,020
121,611
360,412
563,545
84,426
119,796
177,618
31,885
26,697
1,934,526
337,999
130,174
123,958
148,212
127,368
50,163
193,784
578,002
2,194,698
300,773
24,337
539,912
20,671
59,120
10,378
29,776
536,242
13,007
5,633,729
266,094
7,149
1,891,961
189,876
107,921
1,866,418
92,975
93,912
10,846
124,867
623,681
34,906
21,402
233,528
167,722
101,311
469,249
10,001
104,311
3,284
24,117
34,442
1,020,069
112,963
314,074
458,291
80,788
110,687
162,089
29,591
25,149
1,725,682
302,906
118,767
118,344
138,405
119,639
46,391
181,037
526,981
1,846,594
277,781
22,980
491,028
19,810
66,236
9,364
26,532
475,027
12,609
5,065,224
245,414
6,800
1,618,0U
176,560
98,480
1,615,154
83,068
90,001
10,202
116,089
576,947
32,488
18,376
212,631
164,554
88,964
409,488
9,242
11,757
455
2,446
1,759
93,951
8,658
46,338
105,254
3,638
9,109
15,529
2,294
1,448
208,944
35,093
11,407
5,614
9,807
7,719
3,772
12,747
51,021
348,104
22,992
1,357
48,884
861
2,884
1,014
3,243
61,215
498
668,605
19,680
349
273,960
13,316
9,441
261,264
9,917
3,911
643
8,778
46,734
2,418
3,026
20,897
13,168
12,347
69,761
759
44,455
720
9,190
16,279
638,520
68,409
139,621
448,627
44,679
49,906
97,208
23,086 ■
14,326
861,264
129,128
53,769
59,096
69,532
80,622
26,941
84,513
431,070
834,801
173,904
10,164
246,617
11,697
31,460
4,525
15,116
211,020
7,378
1,523,516
112,194
3,426
712,731
129,636
38,482
796,140
36,402
29,936
6,238
53,759
393,929
17,816
6,381
98,583
77,422
50,707
151,410
5,260
1,392
118
776
941
12,825
1,690
3,762
918
1,397
6,660
2,049
446
612
11,763
3,503
1,911
1,407
1,518
1,905
1,522
2,480
11,646
4,949
3,163
839
4,651
774
872
369
770
14,183
372
62,951
2,794
366
1,416
1,871
9,112
1,896
1,377
544
1,880
6,223
901
600
2,191
3,116
1,869
4,241
246
10,009
1,417
5,776
5,977
147,900
11,727
25,592
12,805
9,966
36,402
16,329
7,681
4,127
106,227
27,624
12,179
16,610
11,669
13,947
8,466
41,301
94,010
59,077
26,113
4,935
44,058
3,942
9,293
4,667
5,777
81,856
3,713
483,352
20,603
1,449
66,038
11,936
14,636
107,072
21,889
10,005
1,865
16,072
74,259
7,661
4,040
17,414
25,933
12,067
22,068
2,030
186
17
236
273
6,318
316
3,442
920
323
405
375
733
385
7,758
1,867
490
630
1,061
152
818
4,552
7,894
3,266
1,050
205
5,156
663
789
77
523
3,996
34
34,917
452
12
2,292
331
1,546
8,395
1,372
637
41
1,812
2,972
215
70
772
3,467
1,717
673
355
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
Total.
652,376
439,047 45,333,173 22,062,117 19,623,441 2,468,676 11,180,692
213,329 1,787,683
118,766
For footnotes, see pp. 162-164. "Indicates areas in which returns were fully tabulated. For extent to which other data are estimated, see pp. 3-5.
46
CORPORATION INCOME TAX RETURNS FOR 1951
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CORPORATION INCOME TAX RETURNS FOR 1951
47
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48
CORPORATION INCOME TAX RETURNS FOR 1951
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56
CORPORATION INCOME TAX RETURNS FOR 1951
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CORPORATION INCOME TAX RETURNS FOR 1951
57
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58
CORPORATION INCOME TAX RETURNS FOR 1951
Table 3.— CORPORATION EETUKUS, 1951, EY MAJOR INDUSTRIAL GROUPS - PART I, ALL RETURNS; PART II, RETURHS WITH NET INCOME: WJMBER OF RETURNS, COMPILED RECEIPTS, COMPIIEB DEDUC-
TIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPERATING LOSS DEDUCTION, INCOME TAX, EXCESS PROFITS TAX, TOTAL TAX, COMPILED NET PROFIT LESS TOTAL TAX, AND
DIVIDENDS PAID BY TYPE OF DIVniEND
PART I. - ALL RETURNS
Major industrial groups 7/
All
industrial
groups
Agriculture, forestry, and fishery
Total
agriculture,
forestry, and
fishery
(2)
Farms and
agricultural
services
Forestry
Fishery
Mining and quarrying
Total
raining and
quarrying
Metal
mining
39
Number of returns 2/.
652,376
Receipts:
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less amortizable
band premium) :
Wholly taxable 16/
Subject to surtax only 17/
Wholly tax-exempt 18/
Other interest
Rents 19/
Royalties 20/
Excess of net short-term capital gain over net long-
term capital loss. 21/
Excess of net long-term capital gain over net short-
terra capital loss. 21/
Net gainj sales other than capital assets 22/'
Dividends, domestic corporations 23/
Dividends, foreigri corporations 24/
Other receipts 25/
421,922,320
75,280,590
1,548,730
148,660
253,936
5,271,531
4,037,703
501,370
32,171
1,390,444
466,801
2,377,332
629,496
3,178,099
Total compiled receipts 8/.
517,039,183
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 31/.
Net loss, sales other than capital assets 22/
Other deductions 32/
323,440,634
43,110,331
34/8,1^2,046
4,221,806
4,731,304
756,565
3,700,510
11,030,835
343,039
8,829,043
2,085,066
291,867
4,552,880
2,326,944
283,648
55,413,139
Total compiled deductions.
35/473,239,657
Compiled net profit or net loss (16 leas 33) .
Net income or deficit 3/ (34 less 6)
Ilet operating loss deduction 33/
Income tax 4/
Excess profits tax 5/
43,799,526
43,545,590
402,317
19,623,441
2,458,676
Total tax.
22,062,117
40 Compiled net profit less total tax (34 leas 39).
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation's own stock
21,717,409
11,299,460
1,429,162
8,734
8,028
(Thousand dolle
1,848,622
474,247
1,973
103
255
4,824
15,712
7,235
754
45,201
1,996
35,044
3,429
27,988
2,467,383
1,343,716
244,129
55,968
38,016
43,313
2,116
19,079
38,933
1,206
74,914
2,505
187
13,457
2,607
2,709
325,357
2,208,211
259,172
258,917
7,923
102,372
4,786
107,158
152,014
106,796
6,227
1,793,346
440,322
15,436
7,127
663
36,138
1,414
34,944
3,428
27,211
2,366,8
1,299,984
224,486
53,327
37,604
40,663
2,036
18,224
36,774
1,163
71,664
1,552
187
13,352
2,552
2,538
311,330
2,117,435
249,453
249,200
7,294
98,748
4,714
103,462
145,991
103,411
6,027
23,206
9,841
100
1
82
159
108
91
8,622
462
43,044
19,828
6,813
722
47
192
36
380
1,012
18
740
951
27
22
12
2,969
33,769
9,275
9,275
273
2,667
20
2,687
6,586
3,073
32,070
24,084
73
117
120
76
1
429
57,451
23,904
12,831
1,919
365
2,458
43
475
1,147
25
2,510
2
78
33
159
11,058
57,007
444
442
356
957
52
1,009
36/565
312
200
7,861,274
1,454,465
12,737
113
7,243
15,208
30,236
45,595
1,686
84,272
5,445
94,314
5,650
72,613
9,690,651
4,974,778
Xe,917
101,772
44,200
143,043
5,271
66,352
288,421
4,064
407,537
706,086
4,012
9,835
120,870
12,503
763,876
8,563,537
1,127,314
1,120,071
10,555
534,509
26,226
600,793
36,552
1,458,760
44,017
5,630
19
7,010
3,032
1,462
4,675
31
4,852
175
23,158
3,190
6,313
858,453
31,146
7,108
4,248
19,097
421
3,491
55,460
580
39,025
137,336
1,648
231
8,023
1,912
76,798
317,348
310,338
1,101
141,962
7,420
149,382
167,966
166,944
240
For footnotes, see pp. 162-164. For extent to which data are estimated, see pp. 3-5.
CORPORATION INCOME TAX RETURNS FOR 1951
59
TMble 3.— CORPORATION RETURNS, 1951, BY MAJOR INDUSTRIAL CROUPS - PART I, ALL HETURNSj PART II, RETURNS WITH NET INCOhE: NUMBER OF RETURNS, COMPIUH) RECEIPTS, C0MPI1£D DEDUC-
TIONS, COMPUED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPERATING LOSS DEDUCTION, INCOME TAX, EXCESS PROFITS TAX, TOTAL TAX, COMPILED NET PROFIT I£SS TOTAL TAX, AND
DIVIDENDS PAID PY TYPE OF DIVIDEND - Continued
PART I. - ALL RETURNS - Continued
Major Induatrlal groupa 1/ - Continued
Mining and quarrying - Continued
Anthracite
mlnlne
"itujnlnoua
coal Slid
llcnUe
luinlikg
Crude
petroleum
and natural
gaa production
Nonnetnllic
mining mtd
ciuorry 1 ng
Construction
Manuf ac tur Ing
Total
manufacturing
Beverages
Food and
kindred
products
Number of returns i
Receipts:
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less ajoortlza-
ble bond premium}:
Wholly taxable 16/
Subject to siurtax only 17/
Wholly tax-exempt 18/
Other interest
Rents i^
Royalties 2^
Excess of net short-term capital gain over net
long-term capital loss, 21/
Excess of net long-term capital gain over net
short-term capital loss. 21/
Net gain, sales other than capital assets £2/. . . . .
Dividends, domestic corporations 23/ ,
Dividends, foreign corporations 24/.' ,
Other receipts 25/ ,
Toteil compiled receipts 8/.
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Pad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 31/.
Net loss, sales other than capital assets 22/
Other deductions 32/
Total compiled deductions.
Compiled net profit or net loss (16 less 33).
Net income or deficit 3/ (34 leas 6)
Net operating loss deduction 33/
Income tax 4/
Excess profits tax 5/.
Total tax.
Compiled net profit less total tax (34 less 39).
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation's own stock
1,813
4,140
1,959
29,593
(Jhcni^tM^ itoltart)
408,178
77,003
560
22
5
609
5,736
5,966
14
3,190
36
11,537
514,221
359,711
43,828
3,373
2,644
11,466
48
2,571
12,081
120
11,907
11,683
2
1,072
6,750
657
31,996
499,711
14,510
14,505
562
4,638
127
4,765
9,745
12,962
1
2,185,312
296,436
2,382
39
110
3,810
11,366
3,890
151
31,680
661
9,916
201
14,245
2,662,199
1,639,117
225,517
23,966
9,919
53,862
950
10,871
55,125
677
84,369
75,720
903
1,861
86,014
4,846
174,678
2,448,394
113,805
113,695
1,953
56,171
925
57,096
56,709
55,765
5,270
2,883,965
954,261
3,248
28
27
7,043
9,344
29,461
1,478
40,274
4,259
47,231
2,259
42,046
1,663,723
561,253
40,747
21,749
24,725
2,576
45,237
142,800
1,801
226,824
432,152
1,021
4,062
17,489
4,338
379,147
3,469,644
555,300
555,273
270,684
10,943
281,627
273,673
320,437
30,075
926,059
80,726
927
5
91
714
2,326
1,601
12
4,276
312
2,472
8,640
1,027,163
553,774
47,173
26,578
5,640
33,891
1,276
4,182
22,955
886
45,412
51,296
438
2,609
2,594
851
101,257
900,812
126,361
126,260
1,056
61,064
6,813
67,867
56,484
44,695
966
329,546
13,680,861
2,251
44
332
5,508
37,912
1,956
775
36,411
4,497
11,660
1,819
126,519
276,769
11,396,631
436,487
51,310
69,698
14,371
43,386
150,782
7,123
213,261
3,275
251
30,970
16,910
4,771
964,188
13,680,383
559,710
559,378
24,052
263,796
26,649
292,445
267,265
73,161
26,805
246,411,815
4,816,356
191,426
3,072
4,758
175,988
309,333
190,019
6,403
511,355
12,099
901,662
449,627
1,023,721
162,529,004
2,935,527
2,936,260
955,143
3,670,749
177,365
796,552
5,763,062
199,830
3,839,194
1,255,222
158,865
2,576,760
1,486,195
52,477
20,807,736
230,139,931
24,866,593
24,861,835
172,211
12,086,130
2,075,333
5,728,168
841,185
6,946,533
36,011
1,831
24
117
6,315
5,060
1,766
28
4,621
633
4,346
136
25,556
7,032,897
4,464,440
16,505
53,574
17,326
50,649
2,700
28,572
960,688
6,870
103,607
529
18
234,960
16,976
3,029
624,576
6,582,919
449,978
449,861
4,196
231,443
11,706
112,386
19,664
11,000
35,540,900
133,268
6,035
113
521
17,913
24,073
6,266
1,058
25,151
1,732
24,482
26,911
96,146
29,900,195
51,007
223,053
91,305
302,071
20,394
99,746
331,943
10,264
350,396
1,116
374
497,240
77,819
5,910
2,768,946
34,731,780
1,172,789
1,172,268
12,164
637,066
36,419
376,406
67,455
For footnotes, see pp, 162-164. For extent to which data are estijnated, see pp. 3-5.
323516 O — 55 — 5
60
CORPORATION INCOME TAX RETURNS FOR 1951
Table 3 CORPORATIOB RETURNS, 1961, BI M/UOR INDUSTRIAL GROUPS - PART I, ALL RETURNS; PART II, RETURNS WITH NET INCOME; NUMBER OF RETURNS, COMPILED RECEIPTS, COMPII£D DEDUC-
TIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPERATING LOSS DEDUCTION, INCOME TAX, EXCESS PROFITS TAX, TOTAL TAX, COMPILED NET PROFIT LESS TOTAL TAX AND
DIVIDEIIDS PAID BY TIPE OF DIVIDEND - Continued '
PART I. - ALL RETURNS - Continued
Number of retuma 2/.
Receipts:
GroB3 Bales 14/
Groaa receipts from operations 15/
Interest on Governinent obligatlona (less amortizable
bond premium) :
Wholly taxable 16/
Subject to surtax only 17/
Wholly tax-exeii5)t 16/.
Other interest
Rents 19/
Royalties 20/
Excess of net ahort-term capital gain over net long-
term capital loss. 21/
Excess of net long-term capital gain over net short-
term capital loss. 21/
Net gain, sales other than capital assets 22/
Dividends, domestic corporations 23/
Dividends, foreign corporations 2^.
Other receipts 25/. ,
Major industrial groups 7/ - Continued
Manufacturing - Continued
Tobacco
manufactures
Total compiled receipts 8/.
Deductions :
Cost of goods sold 26/
Coat of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plana, etc. 31/. .
Net loss, salea other than capital aaseta 22/
Other deductions 32/
Total compiled deductions.
Compiled net profit or net loss (16 leas 33).
Net income or deficit 3/ (34 less 6)
Net operating loss deduction 33/
Income tax 4/
Exceas prof ita tax 5/
Tbtal tax.
Compiled net profit less total tax (34 less 39) .
Dividends paid: 6/
Caah and assets other than own stock 6/
Corporation* a own stock
Textile-mill
products
6,030
Apparel
end products
made from
fabrica
14,763
Lumber and
wood prod-
ucts, except
furniture
6,138
Furniture
and fixtures
Paper and
allied
products
Printing,
publishing,
and allied
industries
13,295
(ThtMsand dollars)
3,390,514
4,798
179
42
43
830
3,288
163
1
2,053
17
4,266
102
6,856
3,413,151
1,986,260
2,190
9,344
2,395
5,549
633
25,712
842,140
1,286
13,045
109,900
7,100
U6
1U,534
3,117,204
295,947
296,904
296
147,935
18,328
95,400
890
14,021,039
243,532
6,866
70
697
8,273
16,168
2,820
1,532
29,283
1,095
20,335
1,921
73,324
14,425,950
11,392,673
166,654
183,040
43,874
151,395
6,159
57,464
215,847
19,608
205,621
86
661
72,669
39,809
5,352
875,765
13,436,577
989,373
988,676
10,963
508,641
30,174
538,815
450,558
246,286
40,776
1,086,034
787,917
30
27
1,608
5,913
4,645
166
5,142
577
2,301
232
29,840
5,321,100
213,819
3,358
46
73
3,462
10,859
4,307
509
181,195
1,957
6,623
8,925,520
1,609,994
631,489
251,934
78,922
17,152
8,136
29,689
99,080
6,783
46,661
20
64
73,340
15,917
1,969
898,568
8,767,607
157,913
167,886
8,242
98,302
3,978
37,798
14,883
5,787,938
4,038,576
164,886
106,415
16,289
64,492
7,599
20,407
90,438
4,942
112,668
161,681
688
16,606
7,918
3,301
449,489
5,254,193
533,745
533,672
5,792
224,194
12,865
296,686
103,828
23,049
3,205,303
19,263
984
9
13
1,083
2,747
667
247
3,758
125
1,573
1,220
15,985
2,411,586
4,444
90,076
20,627
20,874
3,969
9,133
46,573
3,775
34,042
123
98
31,897
7,700
1,743
355,667
3,042,307
210,660
210,647
3,156
106,171
15,062
89,427
34,102
11,364
For footnotes, see pp. 162-164. For extent to which daU are estimated, see pp. 3-5.
8,276,811
16,632
9,788
112
122
6,666
7,987
4,046
35,677
371
12,403
15,766
43,782
6,842,664
489,988
5,005
211
232
4,804
18,674
10,652
172
12,140
416
23,219
5,894
60,340
8,430,240
5,681,353
3,855
107,522
28,740
189,780
3,863
26,495
133,231
14,775
156,218
9,996
7,157
30,912
46,089
2,139
666,492
7,096,617
1,333,623
1,333,501
3,813
657,400
142,960
220,919
15,463
7,474,311
4,643,441
268,402
249,661
76,612
38,416
22,183
24,785
110,765
10,690
113,519
176
125
43,772
37,505
3,070
1,210,773
6,852,894
621,417
621,185
8,086
295,021
26,959
321,980
299,437
138,939
18,014
Chemicals
and allied
products
7,667
17,967,296
87,569
21,354
498
617
14,293
13,676
35,352
592
39,883
456
134,330
35,256
62,446
18,403,606
11,609,
31,
189,
68,
331,
12,
53,
265,
15,
397,
«!
24,
475,
129,
3,
1,951,
15,482,521
2,921,085
2,920,468
5,444
1,412,072
308,460
1,720,532
1,200,563
693,112
61,880
CORPORATION INCOME TAX RETURNS FOR 1951
61
Table 3. — CORPORATION RETURNS, 1951, BY MAJOR INDUSTRIAL GROUPS - PART I, ALL RETURNS; PART II, RETURNS WITH NET INCOMEi NUMBER OF RETURNS, COHPIlJa) RECEIPTS, COMPILED DEDUC-
TIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPERATING LOSS DEDUCTION, INCOME TAX, EXCESS PROFITS TAX, TOTAL TAX, COMPII£D NET PROFIT I£SS TOTAL TAX, AND
DIVIDENDS PAID BY TYPE OF DIVIDEND - Continued
PART I. - ALL RETURNS - Continued
Major Industrial groupa lj - Continued
ManuTac taring - Continued
Petroleum and
ooal products
Rubber
products
Leather and
products
Stone, clay,
and glass
products
Prljnary
metal
Industries
Fabricated
metal prod-
ucts, except
ordnance,
machinery,
and trans-
portation
equipment
Machinery,
except
transpor-
tation
equipment
and
electrical
(30)
Electrical
machinery
and
equipment
Number of returns 2/.,
Receipts:
Gross sales i4/
Gross receipts from operations 15/
Interest on Government obligations (less amortlzable
bond premium) :
Wholly taxable 16/
Subject to surtax only 17/
Vfholly tax-exempt 18/
Other interest
Rents i9/
Royalties 20/
Excess of net short-term capital gain over net long-
term capital loss. 21/
Excess of net long-term capital gain over net short-
term capital loss. 21/
Net gain, sales other than capital assets 22/
Pividends, domestic corporations 23/
r Ividends, foreign corporations 24/
Other receipts 25/
Total compiled receipts 6/.
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Condensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plana, etc. 31/.
Net loss, sales other than capital assets 22/
Other deductions 32/
Total compiled deductions.
Compiled net profit or net loss (16 less 33).
Net income or deficit 3/ (34 less 6)
Net operating loss deduction 33/
I ncome tax 4/
Excess profits tax 5/
Total tax.
Compiled net profit less total tax (34 less 39) .
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation's own stock
2,640
f TTlouaand
rfoi/.ra;
22,674,462
4,842,996
3,435,997
5,659,193
21,993,611
12,539,148
20,096,346
12,158,044
2
806,516
8,170
11,884
29,656
610,702
64,426
355,523
64,924
3
24,564
4,262
552
6,176
28,680
5,882
11,270
6,680
4
112
7
19
Ul
120
204
269
624
5
174
4
28
136
204
222
498
560
6
18,844
1,596
1,063
2,446
27,664
4,914
17,098
11,490
7
108,209
2,701
1,999
5,424
20,790
16,690
15,236
9,211
8
40,302
5,237
330
3,819
6,819
4,192
26,982
14,521
9
338
32
43
69
196
150
231
418
10
37,525
3,656
1,681
9,901
16,869
19,836
29,046
17,627
11
1,203
148
141
547
U3
678
849
115
12
467,163
15,277
1,397
10,326
56,787
14,744
21,429
26,990
13
136,729
56,641
US
15,726
11,574
19,497
26,673
12,692
14
148,646
17,019
15,916
31,162
41,812
77,918
96,652
48,252
IS
24,456,977
4,967,744
3,471,066
5,774,693
22,815,840
12,768,501
20,696,094
12,372,148
16
16,987,678
3,576,247
2,844,213
3,709,214
16,337,211
9,013,6U
13,727,165
8,599,398
17
487,620
366
7,783
16,442
366,133
35,336
47,307
21,957
18
37,996
26,976
67,527
99,730
145,543
299,344
336,206
117,417
19
152,954
15,382
20,617
17,792
57,544
60,801
69,296
42,689
20
350,346
80,143
20,968
136,634
604,663
180,721
318,306
151,459
21
17,603
3,245
2,257
5,330
4,933
11,334
18,601
8,807
22
81,163
14,077
10,803
16,354
94,768
31,473
57,354
31,097
23
502,937
122,582
44,300
97,260
356,965
186,704
343,446
282,846
24
6,212
3,040
3,084
6,863
19,940
14,138
22,236
8,691
25
599,813
64,726
23,699
132,732
400,364
175,623
323,152
169,449
26
891,723
25
93
41,689
97,706
299
1,237
66
27
14,767
1,304
36
6,506
54,742
4,585
13,645
6,164
28
101,558
46,497
30,505
38,208
42,654
105,215
183,193
190,053
29
180,071
28,590
9,296
31,641
221,590
75,028
148,646
141,863
30
1,828
390
1,799
2,364
2,465
2,669
2,480
1,662
31
1,717,936
424,726
275,431
587,362
847,531
1,190,126
2,423,909
1,096,090
32
22,132,404
4,408,316
3,362,410
4,943,133
19,854,642
U, 37'', 207
18,036,181
10,869,727
33
2,324,573
549,428
108,655
831,560
2,961,198
1,391,294
2,659,913
1,502,421
34
2,324,399
549,424
108,627
831,422
2,960,994
1,391,072
2,659,415
1,501,861
36
4,659
988
2,070
3,108
13,876
14,842
25,626
12,926
36
957,732
268,667
64,860
409,437
1,467,018
672,457
1,309,294
749,699
37
61,740
60,427
5,273
80,662
343,964
117,092
256,433
172,062
38
1,019,472
329,094
70,133
490,099
1,810,982
769,549
1,667,727
921,761
39
1,305,101
220,334
38,522
341,461
1,160,216
601,745
1,092,186
580,660
40
1,087,532
81,983
35,376
168,350
491,413
236,260
428,144
289,239
41
265,386
2,788
4,709
18,888
19,914
37,192
64,067
16,680
42
For footnotes, see pp. 162-164. For extent to which data are estimated, see pp. 3-5.
62
CORPORATION INCOME TAX RETURNS FOR 1951
Table 3. — CORPORATION RETURNS, 1951, BY MAJOR INDUSTRIAL GROUPS - PART I, ALL RETURNS; PART II, RETURNS WITH NET INCOME: NUMBER OF RETURNS, COMPILED RECEIPTS, COMPILED DEDUC-
TIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPERATING LOSS DEDUCTION, INCOME TAX, EXCESS PROFITS TAX, TOTAL TAX, COMPILED NET PROFIT LESS TOTAL TAX, AND
DIVIDENDS PAIE BY TYPE OF DIVIDEND - Continued
PART I. - ALL RETURNS - Continued
Major industrial groups 7/ - Continued
■ Manufactiu-ing - Continued
Transpor-
tation
equipment,
except motor
vehicles
Motor
vehicles and
equipment,
except
electrical
Ordnance
and
accessories
Scientific
instruments ;
photographic
equipment ;
watches,
clocks
(3&)
Other
manuf ac t ur ing
Public utilities
Total
public
utilities
Transpor-
tation
Communi-
cation
Number of returns 2/.
Receipts :
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less amortizable
tond premium) :
Wholly taxable 16/
Subject to surtax only 17/
Wholly tax-exempt 16/
Other interest
Rents 19/
Royalties 20/
Excess of net short-term capital gain over net long-
term capital loss. 21/
Excess of net long-term capital gain over net short-
term capital Itss. 21/
Net gain, sales other than capital assets 22/
Dividends, domestic corporations 23/
Dividends, foreign corporations 24/
Other receipts 25/
Total compiled receipts 8/.
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 2§/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plaris, etc. 31/.
Net loss, sales other than capital assets 22/
Other deductions 32/
Total compiled deductions.
Compiled net profit or net loss (16 less 33).
Net income or deficit 3/ (34 less 6)
Net operating loss deduction 33/
Income tax 4/
Excess profits tax 5/
Total tax.
Compiled net profit leas total tax (34 less 39).
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation's own stock
1,286
2,022
9,945
6,202,446
19,406,487
741,928
19,248
2,389
41,399
12
469
255
110
4,496
14,380
3,712
5,799
6,163
4,113
153
67
10,011
2,167
28,118
6,007,302
4,260,335
566,610
40,160
18,825
111,400
2,339
19,198
103,298
2,907
61,943
52
9,532
14,541
36,186
1,312
332,996
5,571,633
436,669
435,414
13,319
216,302
36,355
184,512
105,483
21,532
40,789
67,440
31,782
19,646,498
14,866,216
9,398
63,783
19,685
249,068
3,887
34,626
462,679
11,714
224,947
634
U,238
91,300
176,396
2,908
872,462
17,090,930
2,666,568
2,555,458
6,043
1,280,316
261,314
1,013,938
585,443
6,309
300,012
3,814
3
360
1,851
26
246
120
979
307,838
195,529
606
3,664
540
9,406
138
2,219
7,662
693
5,843
3
39
2,X3
6,136
40
21,516
265,896
51,943
51,940
278
26,363
6,787
9,405
653
3,027,001
14,217
2,32a
18
42
3,729
2,309
2,925
63
2,847
37
6,469
8,236
12,269
1,896,290
7,209
57,572
15,866
46,181
2,152
10,373
85,447
3,699
51,006
18
2,592
61,872
28,783
42G
407,486
2,676,971
406,614
405,472
3,512
200,301
41,897
76,682
71,467
5,477,977
51,671
1,774
62
58
2,672
6,967
3,704
243
13,659
781
6,048
3,508
29,176
3,887,379
27,613
177,454
39,615
49,672
8,631
19,576
90,873
4,835
74,154
6,121
1,378
82,639
17,271
1,820
707,932
5,196,863
402,327
402,269
8,612
197,949
23,416
74,680
19,243
219,684
34,892,314
36,722
340
646
106,831
440,925
11,860
1,747
89,682
6,649
238,285
13,732
163,697
160,711
21,614,766
304,131
893,131
72,363
28,805
1,063,788
2,162,627
18,423
2,233,027
44,435
122,360
116,341
362,500
61,665
2,286,674
31,534,727
4,686,587
4,685,941
44,835
2,260,164
55,379
2,305,533
2,381,064
1,790,129
56,762
127,666
21,197,875
21,022
308
446
68,832
383,027
6,824
1,444
68,604
3,014
98,719
2,262
126,208
94,820
14,694,919
228,445
767,324
60,416
7,239
478,399
1,047,953
6,164
1,013,824
17,978
110,356
69,757
55,357
38,051
1,406,519
20,097,622
2,008,718
2,008,272
31,440
963,741
42,200
1,006,941
1,002,777
493,142
25,806
9,877
5,047,708
7,104
16
43
8,004
31,111
1,708
121
1,829
3,186
89,940
1,662
5,671
6,681
2,682,181
26,498
76,941
6,116
13,935
146,707
352,147
3,628
433,158
27
26,343
189,404
1,803
354,798
4,317,366
890,616
890,673
3,174
419,728
3,607
395,171
5,603
For footnotes, see pp. 162-164. For extent to uhlch data are estimated, see pp. 3-5.
CORPORATION INCOME TAX RETURNS FOR 1951
63
Table 3.— CORPORATION RETURNS, 1951, BY MAJOR INDUSTRIAL GROUPS - PART I, ALL RETURNSj PART II, RETURNS WITH NET INCOME: HUfffiER OF RETURNS, COMPILED RECEIPTS, COMPIIiiD DEDUC-
TIONS, COMPILED NET PROFIT OR UET LOSS, NET INCOME OR DEFICIT, NET OPERATING LOSS DEDUCTION, INCOME TAX, EXCESS PROFITS TAX, TOTAL TAX, COMPII£D NET PROFIT LESS TOTAL TAX, AND
DIVIDENDS PAID PY TYPE OF DIVIDEND - Continued
PART I. - ALL RETURNS - Continued
Major Induotrial groups 7/ - Continued
Public utUltleB - Contlmiod
Electric
and gas
utUitiea
Other
public
utilities
Trade
Total
trade
Total
wholesale
Commission
merchants
Other
whol3salers
Tbtal
retail
Number of returns 2/ .
Receipts:
Gross sales ^4/
Gross receipts from operations 15/
Interest on Government obligations (less amor-
tlzable bond premium) :
Wholly taxable 16/
Subject to surtax only 17/
Wholly tax-exempt 18/
Other interest
Rents 19/'
Royalties 20/
Excess of net short-term capital gain over net
long-term capital loss. 21/
Excess of net long-term capital gain over net
short-term capital loss. Zlj
Net gain, sales other than capital assets 22/. .
Dividends, domestic corporations 23/'
Dividends, foreign corporations 24/
Other receipts 25/
Total compiled receipts 8/'.
Deductions:
Cost of goods sold 26/'
Coat of operations £6/
Compensation of officers
Rent paid on business property
Repairs 27/
Pad del ta
Interest paid
Taxes paid 26^
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 31/
Net loss, sales other than capital assets 22/. . . .
Other deductions 32/
Total coa^jiled deductions.
Compiled net profit or net loss (16 leas 33)
Net Income or deficit 3/ (34 less G)
Net operating loss deduction 33/
Income tEUc 4/
Excess profits tax 5/-
Ttotal tax.
Compiled net profit less total tax (34 less 39).
Dividends paid: 6/
Cash and assets other than oim stock €/
Corporation's own stock
1,226
78,417
8,428,761
7,321
12
142
28,580
25,270
3,122
167
12,424
374
47,322
9,808
26,210
,668,430
57,298
4,140,482
43,740
46,958
3,766
7,457
422,252
741,388
8,481
764,676
26,424
11,957
20,052
106,673
20,756
501,296
6,923,656
1,744,774
1,744,632
8,909
849,168
9,418
867,580
23,732
1,998
216,309
129,228
(Thousand dollara)
3,935
217,970
275
4
15
415
L,617
206
15
6,625
73
1,804
2,912
97,184
5,447
2,908
2,056
174
17,430
21,139
150
21,369
33
10
189
1,066
1,056
23,061
196,163
42,479
42,464
1,312
17,517
154
14,236
621
163,661,192
2,569,497
22,207
896
5,011
127,258
253,691
19,946
5,906
109,766
U,689
98,664
82,054
1,277,765
168,265,742
133,204,448
1,134,487
2,780,570
1,589,530
403,248
250,865
373,288
1,390,816
72,305
981,898
19,960
3,410
1,488,856
197,405
24,058
18,852,163
162,767,297
5,498,445
5,493,434
70,293
2,577,553
198,194
2,775,747
2,722,698
1,088,311
270,341
For footnotes, see pp. 162-164. For extent to which data are estijnated, see pp. 3-5
84,702,606
1,706,135
10,345
279
858
53,550
65,825
16,015
4,020
52,753
3,739
87,523
71,625
496,644
73,981,726
688,935
1,233,975
293,700
121,381
99,741
181,556
646,935
31,672
321,816
16,806
2,058
375,364
76,404
5,644
6,569,998
4,547,713
2,693,203
2,692,345
36,478
1,266,004
126,821
1,392,825
1,300,378
466,275
147,893
3,623,799
731,474
1,353
13
191
9,850
7,655
1,126
921
5,021
366
11,682
1,273
47,526
4,442,251
3,359,470
121,238
146,124
25,631
3,581
6,617
12,228
22,326
2,631
14,746
552
195
22,675
7,524
515
509,852
4,255,975
186,276
186,085
4,875
79,482
7,377
31,004
6,765
61,078,806
973,661
8,992
266
667
43,700
66,170
14,890
3,099
47,732
3,371
45,841
70,352
449,118
70,622,266
567,697
1,087,851
268,069
117,600
93,124
169,328
524,609
29,041
307,072
16,254
1,863
352,689
68,880
5,059
6,060,146
80,291,738
2,606,927
2,506,260
31,603
1,186,622
119,444
435,271
141,128
70,985,694
694,400
11,123
562
3,956
68,266
168,486
3,216
1,511
47,155
6,672
36,507
10,202
712,074
52,869,893
378,753
1,370,262
1,220,767
257,678
135,384
169,579
759,338
37,386
594,544
1,870
1,130
1,038,662
112,322
13,352
11,229,425
70,180,345
2,569,569
2,565,513
29,641
1,205,317
64,175
1,269,493
1,300,076
580,836
U3,521
9,607
15,748,352
67,199
626
7
163
4,720
11,789
162
159
6,272
476
2,631
2,416
32,964
15,876,936
12,955,675
47,181
91,403
136,227
47,826
6,246
17,089
110,776
4,997
108,883
41
59
66,434
23,341
3,956
1,959,037
15,599,369
277,567
277,404
1,919
142,488
5,504
147,992
129,575
70,060
15,447
64
CORPORATION INCOME TAX RETURNS FOR 1951
Table 3 . —CORPORATION RETURNS. 1951, BY MAJOR INDUSTRIAL GROUPS - PART I, ALL RETDRJIS; PART II, RETORMS WITH NET INCOME: NUMBER OF RETURNS, COMPII£D RECEIPTS, COMPIIED DEDUC-
TIONS, COMPILED KET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPERATING LOSS DEDUCTION, INCOME TAX, EXCESS PROFITS TAX, TOTAL TAX, COMPILED NET PROFIT LESS TOTAL TAX,AND
DIVIDENDS PAH) BY TYPE OF DIVIDEND - Continued
PART I. - ALL RETURNS - Continued
Major Industrial groups 7/ - Continued
Trade
Continued
RetaJ-l - Continued
General
merchandise
Apparel
and
acceasoriea
Furniture
and house
furnishings
(SO)
Automotive
deeilers and
filling
stations
(51)
Drug
stores
Eating and
drinicing
places
Building
materials
and
hardware
(641
Other
retail
trade
Trade
not
allocable
Number of returns 2/..
7,553
Receipts :
Gross sales 14/
Gross receipts from operations 15/
Interest on C^vernment obligations (less amor-
tlzable bond premium) :
Wholly taxable 16/
Sub j ect to surtax only 17/
Wholly taJt-exempt 18/
Other interest
Rents 19/
Royalties 20/
Excess of net short-term capital gain over net
long-term capital loss. 21/
Excess of net long-term capital gain over net
short-term capital loss. 21/
Net gain, sales other than capital assets 22/....
Dividends, domestic corporations 23/
Dividends , foreign corporations 24/
Other receipts 25/
Total compiled receipts 6/
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 2§/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 31/
Net loss, sales other than capital assets 22/....
Other deductions 32/
Total compiled deductions
Compiled net profit or net loss (16 leas 33)
Net income or deficit 3/ (34 less 6)
Net operating loss deduction 33/
Income tax 4/
Excess profits tax 5/
Total tax
Compiled net profit less total tax (34 less 39)....
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation's own stock
For footnotes, see pp. 162-164. For extent to which
16,137,789
71,584
6,257
118
167
21,291
66,475
270
52
5,368
491
13,796
7,583
171,215
16,502,456
10,683,252
23,590
120,207
314,193
80,259
26,296
38,794
240,569
11,385
132,845
17
82
390,789
68,204
467
3,357,193
15,488,142
1,014,314
1,014,147
2,833
506,401
32,604
298,570
29,935
24,069
16,631
22,003
(Thousand dollai
5,370,258
30,463
939
10
3,198
2,681
26,883
102
52
1,608
223
6,345
1
88,679
5,531,442
3,542,077
8,854
156,035
275,316
15,765
15,373
12,167
62,207
3,629
52,222
4
182
143,393
5,053
1,019
1,078,695
5,371,991
159,451
156,253
4,832
71,769
1,981
38,280
11,619
2,902,425
36,272
542
7
106
6,851
6,230
141
141
1,271
280
1,169
2
145,142
3,100,579
1,894,606
10,747
124,531
75,447
8,709
18,697
15,631
38,694
2,761
23,765
2
39
94,450
1,403
703
694,006
3,004,191
96,388
96,282
2,979
44,748
1,307
14,629
7,066
17,052,196
297,707
1,231
30
41
19,097
19,758
403
612
15,458
2,075
4,853
m,549
17,525,078
14,053,397
192,105
404,296
132,650
39,491
25,817
41,089
116,350
7,405
102,583
81
341
174,781
4,883
2,160
1,652,430
16,949,859
575,219
575,178
2,784
244,723
9,935
264,658
320,561
77,142
28,388
1,700,686
15,335
261
6
23
745
6,254
63
1,171
34
1,867
34
13,114
1,739,593
1,161,199
5,U9
46,632
56,279
7,429
717
4,217
23,908
1,059
16,218
5
22,680
2,166
479
339,628
22,336
1,607
23,843
25,825
13,470
1,962
2,268,862
59,172
216
6
100
358
9,633
106
84
3,941
1,015
1,171
1
17,105
2,361,790
1,266,092
27,937
89,459
107,679
26,263
877
7,176
51,699
765
53,297
1
120
18,419
1,456
1,642
680,881
2,332,663
29,127
29,027
22,207
1,614
5,306
11,698
542
4,808,907
34,154
467
339
72
6,467
8,337
894
202
6,446
785
2,439
2
57,935
3,729,601
20,699
156,800
28,640
14,728
17,694
16,574
52,177
2,872
44,217
1,606
48
31,313
2,081
986
590,220
217,190
217,118
2,240
86,008
5,300
32,411
13,598
4,996,099
82,514
564
39
86
6,046
13,127
1,075
209
6,620
1,493
2,236
95
74,371
5,184,594
3,573,794
42,221
180,899
94,436
18,208
23,668
16,842
62,958
2,513
58,514
118
254
76,603
3,745
1,941
877,335
5,033,949
160,645
150,559
6,473
64,637
4,424
69,061
81,584
24,576
4,964
15,489
7,992,993
169,962
739
56
197
5,452
19,380
715
376
9,858
1,078
4,834
227
69,047
6,362,829
66,799
176,333
75,063
24,189
15,740
22,153
84,643
3,247
65,536
1,274
222
74,830
8,679
6,062
1,062,740
8,039,239
235,673
235,476
4,174
106,232
7,197
122,244
39 11
40
41,201 41
8,927 42
data are estimated, see pp. 3-5.
CORPORATION INCOME TAX RETURNS FOR 1951
65
Teble 3 CORPORATION RETURNS. 1961, BY MAJOR INDUSTRIAL GROUPS - PART I, ALL RETORMSi PART 11, RETURNS WITH NET INCOME: NUMBER OF RETURNS, COMPILED RECEIPTS, COMPILED DEDUC-
TIONS. COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPERATING LOSS DEDUCTION, INCOME TAX, EXCESS PROFITS TAX, TOTAL TAX, COMPILED NET PROFIT LESS TOTAL TAX. AND
DIVIDENDS PAID BY TYPE OF DIVIDEND - Continued ' p , ,
PART I. - ALL RETURNS - Continued
Major iDduatrlal groupa 2/ - Continued
Finance, inaurance, real eatate, and leaaora of real property
Total finance,
inaurance,
real eatate,
and leasora of
real property
(57)
Total
finance
Rank a
and trust
companlea
Credit
agencies other
than banks
Holding
and other
investment
companies
Security ajuj
comnodlty-
ezchange brokers
and dealers
Number of returns 2/.
177,832
Receipts:
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less amortizable bond
premium):
Wholly taxable 16/
Subject to surtax only 17/
Wholly tax-exempt 16/,
Other interest
Rents 13/
Royalties gO/
Excess of net short-term capital gain over net long-term
capital loss. 21/
Excess of net long-term capital gain over net short-term
capital loss. 21/
Net gain, sales other than capital assets 22/
Dividends, domestic corporations 23/
Dividends, foreign corporations 247.
Other receipts 25/
178,366
8,527,607
1,276,096
143,868
235,427
4,823,705
2,663,225
206,695
13,018
463,660
418,431
971,518
65,037
349,957
Total compiled receipts I
Deductions:
Coat of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Ead debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 31/.
Net loss, sales other than capital assets 22/
Other deductions 32/
Total compiled deductions.
Compiled net profit or net loss (16 less 33).
Net income or deficit 3/ (34 less 6)
Net operating loss deduction 33/
Income tax 4/
Excess profits tax 5/.
Total tax.
Compiled net profit less total tax (34 less 39).
Dividends paid : 6/
Cash and assets other than own atock 6/
Corporation' a own stock
134,575
59,088
34/1,016,082
298,991
186,933
255,768
1,243,503
960,503
31,346
671, 371
50,941
676
139,010
108,605
110,767
8,920,080
35/14,188,239
6,168,371
5,932,944
45,438
1,495,524
47,665
1,543,189
4,625,182
1,727,499
181,877
37,575
14,657
(ThtHtMMnd dollMra)
113,962
1,790,452
858,458
135,409
167,397
3,043,342
152,763
71,857
8,116
304,446
67,368
652,459
61,488
178,504
7,606,021
91,612
35,248
581,669
98,046
34,471
242,020
724,021
224,961
20,544
110,095
14,598
169
85,909
80,661
76,692
2,301,458
4,721,964
2,884,057
2,716,660
10,997
882,162
25,029
907,191
1,976,866
1,274,745
138,872
678,113
833,581
134,053
163,006
2,495,213
122,142
2,071
2,413
44,476
1,956
15,912
525
85,029
4,578,489
445,258
69,074
29,229
173,423
410,389
171,445
14,759
87,098
132
55,671
67,539
71,828
1,617,336
3,103,180
1,475,309
1,312,303
3,754
555,576
19,211
422,766
77,160
106,747
927,207
4,356
137
380
450,455
5,083
132
887
16,620
2,746
14,808
3,661
41,390
1,574,608
87,775
68,673
27,745
3,462
64,278
258,610
31,450
3,360
13,632
4
143
24,669
8,694
1,831
537,330
1,131,956
442,652
442,272
4,040
207,450
3,754
112,798
9,001
7,215
65,322
14,399
419
1,454
92,426
23,879
69,066
4,014
235,965
2,948
611,176
57,063
43,819
1,229,165
3,837
35,248
24,801
3,949
993
3,842
44,517
14,734
1,968
6,854
14,085
26
1,192
1,897
1,328
128,869
288,140
941,025
939,571
2,054
109,386
1,242
731,871
49,890
2
119,810
3
6,122
4
800
5
2,557
6
5,248
7
1,659
8
588
9
802
10
7,386
11
59,719
12
10,563
13
239
14
8,266
15
223,759
42,737
7,278
787
477
11,405
7,322
457
2,511
377
4,377
2,331
705
117,924
198,688
25,071
22,514
1,149
9,750
822
10,572
14,499
7,310
2,821
For footnotes, see pp. 162-164. For extent to which data are estimated, see pp. 3-S.
66
CORPORATION INCOME TAX RETURNS FOR 1951
Table 3 CORPORATION RETHRHS, 1951, BT MAJOR INDUSTRIAl GROUPS - PAST I, ALL RETURMSj PART II, RETURNS WITH NET INCOME: NUMBER OF RETURNS, COMPILED RECEIPTS, COMPILED DEDUC-
TIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPERATING LOSS DEDUCTION, INCOME TAX, EXCESS PROFITS TAX, TOTAL TAX, COMPILED NET PROFIT LESS TOTAL TAX, AND
DIVIDENDS PAID EY TYPE OF DIVIDEND - Continued
PART I. - ALL RETURNS - Continued
Major industrial groups 7/ - Continued
Finance, insurance, real estate, and lessors of real property - Continued
Insurance carriers and agents
Total
insurance
carriers 9/
and agents
Insurance
carriers 9/
Insurance
agents and
brokers
Real estate,
except lessors
of real
property other
than buildings
Lessors of
real property,
except
buildings
Total
services
Hotels
and other
lodging
places
Number of returns 2,''
Receipts:
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (leas anwrtizable
bond premium) :
Wholly taxable 16/
' Subject to surtax only 17/
Wholly tax-exempt 18/
Other interest
Rents 1£/
Royalties 20/
Excess of net short-term capital gain over net long-
term capital loss. 21/
Excess of net long-term capital gain over net short-
term capital loss. 21/
Net gain, sales other than capital assets 22/
Dividends, domestic corporations 23/
Dividends, foreign corporations 24/
Other receipts 25/
Total compiled receipts 8/
39,185
5,654,751
387,927
7,888
65,241
1,724,774
173,965
93
294
39,486
3,286
281,260
2,305
25,711
8,306,166
Deductions :
Coat of goods sold 26/
Coat of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Tazes paid 28/
Contributions or gifts 2£/
Depreciation
Depletion
Amortization 30/
Advertising
Ajnounts contributed under pension plans, etc. 31/.
Net loss, sales other than capital assets 22/
Other deductions 32/
29,514
34/144,540
62,348
3,356
5,459
15,183
185,043
2,888
57,787
187
26
19,685
23,657
2,539
5,330,677
Total compiled deductions.
35/5,682,369
Compiled net profit or net loss {16 leas 33).
Net income or deficit 3/ (34 leas 6)
Net operating loss deduction 33/
Income tax 4/
Excess profits tax 5/'.
2,423,277
2,358,036
3,054
■66,421
6,278
Total tax.
Compiled net profit less total tax (34 less 39).
Dividends paid: 6/
Cash and assets other than own stock 6/
O^rporation ' s own stock
209,064
27,109
39,135
5,046,856
387,459
7,874
65,221
1,722,691
170,583
93
272
38,127
3,197
275,676
1,649
13,269
7,772,152
29,514
34/30,135
43,924
2,367
3,124
12,460
174,898
1,641
50,748
184
25
11,656
20,458
2,395
5,030,175
35/5,413,704
2,358,448
2,293,227
1,701
241,646
6,687
245,233
2,110,215
189,446
26,091
8,220
124,160
58,268
(Thousand dollars)
466
14
20
2,083
3,382
22
5,584
656
12,442
114,405
18,424
969
2,335
2,723
10,145
1,247
7,039
3
1
6,029
3,199
144
300,502
469,185
64,829
64,809
1,353
24,775
1,691
26,466
38,363
19,616
1,016
25,210
1,162,390
27,519
529
2,642
53,450
1,210,115
4,711
4,435
102,959
346,189
33,703
1,211
133,610
4,128,673
13,439
23,840
263,008
133,497
147,035
8,001
463,136
519,753
7,571
466,485
885
446
33,303
3,829
30,345
1,257,080
3,411,654
717,019
714,377
30,325
260,464
9,774
164,438
15,314
2,192
42
147
2,139
146,382
130,034
173
16,769
1,588
4,096
33
12,132
315,760
10
6,865
5,100
2,071
288
40,361
30,756
343
17,004
35,271
36
113
458
2,191
30,865
171,732
144,016
143,671
1,062
66,467
4,684
79,252
682
1,330,188
8,625,673
6,130
217
239
12,587
262,674
17,654
1,527
45,690
5,696
24,969
8,148
130,402
10,671,994
770,068
4,795,259
465,153
349,109
140,722
20,798
91,976
272,574
6,658
403,727
636
2,113
176,997
41,514
13,160
2,466,745
10,039,098
632,896
632,657
26,471
306,806
22,268
329,074
303,822
160,944
10,368
6,648
614,362
946,906
2,162
6
3
1,690
143,672
302
426
8,080
1,267
3,448
900
16,992
286,870
337,749
36,632
72,759
61,542
2,725
34,282
74,619
1,480
92,026
123
299
25,990
1,608
3,478
611,095
1,541,477
98,961
98,978
3,968
48,286
1,750
21,977
1,480
For footnotes, see pp. 162-164. For extent to which data are estimated, see pp. 3-5,
CORPORATION INCOME TAX RETURNS FOR 1951
67
Table 3 — CORPORATION RETURNS, 1951, BY M4J0R INDUSTRIAL GROUPS - PART I, ALL RETURNSi PART II, RETURNS WITH NET INCOME: NUMBER CF RETURNS, COMPIIiD RECEIPTS, COMPILED DEDUC-
TIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPERATING LOSS DEDUCTION, INCOME TAX, EXCESS PROFITS TAX, TOTAL TAX, COMPILED NET PROFIT 1£SS TOTAL TAX,AJID
DIVIDENDS PAID BY TYPE OF DIVIDEND - Contlnuod
PART I, - ALL RETURNS - Continued
Major Industrial groups 1/ - Continued
Services - Continued
Personal
servlcoa
Ihisiness
anrvices
Automotive
repair
services
and garages
!iiscellaneous
repair
services,
hand trades
ffctlon
pictures
Ajsusement,
except
motion
pictures
Other
services,
including
schools
Nature
of
business
not
allocable
Number of returns 2/,
Receipts:
Grass sales 14/
Gross receipts from operations 15/
Intereat on Government obligations (less amortizable
bond premium) :
Wholly taxable 16/
Subject to surtax only 17/
Wholly tax-exempt 18/
Other intereat
Rents 19/
Royalties 20/
Fjccess of net short-term capital gain over net long-
term capital loss . 21/
Excess of net long-term capital gain over net short-
term capital Itss. 21/
Net gain, sales other than capital assets 22/
Dividends, domestic corporations 23/
Dividends, foreign corporations 24/
Other receipts 25/
Ibtal compiled receipts ;
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repsirs 27/
Bad debts
Interest paid
Taxes paid g6/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 31/ .
Net loss, sales other than capital assets 22/
Other deductions 32/
Total compiled deductions.
Compiled net profit or net loss (16 less 33).
Ilet income or deficit 3/ (34 less 6)
Net operating loss deduction 33/
Income tax 4/
Excess profits tax 5/.
Total tax.
Compiled net profit less total tax (34 less 39).
Dividends paid : 6/
Cash and assets other than own stock %J
Corporation's own stock
314,702
1,374,866
265
8
18
631
3,672
538
59
3,677
503
1,253
166,966
755,690
104,107
49,399
21,332
3,747
7,576
38,924
1,219
59,417
7
71
25,674
1,668
877
409,617
1,646,191
62,800
62,782
3,843
27,680
1,978
12,383
1,466
12,625
6,089
6,339
^Thtnifansi tfo//«ra)
130,353
,617,953
1,138
41
75
4,271
32,966
6,171
267
7,917
668
10,243
1,290
24,028
86,445
1,529,084
165,308
50,480
15,531
5,427
12,198
38,245
1,981
80,558
173
68
21,787
23,383
949
613,592
2,545,209
192,172
192,097
4,895
88,952
9,111
44,519
1,950
103,374
396,871
218
2
2
295
19,004
482
8,966
507
436
536,387
69,318
197,899
29,308
36,625
6,582
1,084
6,866
13,396
317
47,727
34
4,716
412
251
87, 5U
502,048
34,339
34,337
1,035
12,517
596
21,226
3,383
874
83,382
324,309
68
961
4
819
2,820
53,412
228,493
20,426
6,496
2,410
968
939
7,294
129
5,590
1
15
3,623
667
234
62,962
393,679
18,898
18,898
1,720
8,232
610
3,148
1,336
77,245
1,726,769
1,228
124
3
4,175
46,317
7,129
104
11,369
1,698
7,422
5,728
48,014
48,574
1,062,408
40,837
81,589
16,085
2,597
21,482
50,868
1,049
70,607
95
1,606
62,871
7,566
4,646
347,879
1,820,759
116,566
116,563
62,214
1,795
64,009
67,504
649
60,727
602,308
412
13
4
493
10,904
2,497
180
4,031
529
844
41
13,482
696,465
30,136
297,746
26,342
25,566
11,211
1,278
5,396
32,862
1,910
31,010
92
10
17,129
687
1,983
154,610
640,188
56,277
56,273
3,401
32,563
2,237
18,139
1,021
6,670
46,043
836,691
696
21
134
764
5,178
1,017
5
1,031
349
1,266
189
10,137
902,410
29,337
386,190
61,193
26,176
6,029
2,972
3,237
16,164
673
16,792
44
10
16,207
5,423
742
279,459
849,547
62,863
62,729
3,649
26,362
3,991
22,510
9,891
1,590
61,431
40,670
188
7
25
622
3,995
410
355
4,207
299
1,126
46,575
21,327
5,623
2,376
1,246
1,217
2,586
3,117
84
4,114
U7
3
654
338
1,536
27,320
118,234
438
413
539
4,597
174
4,771
36/4,333
3,639
45
For footnotes, see pp. 162-164. For extent to which data are estimated, see pp. 3-5,
68
CORPORATION INCOME TAX RETURNS FOR 1951
Table 3 CORPORATION RETURNS, 1951, BY MAJOR INDUSTRIAL GROUPS - PART I, ALL RETORNSi PART II, RETURNS WITH NET INCOME; NUMBER OF RETURNS, COMPILED RECEIPTS COMPIUH DEDX-
TIONS, COMPILED NET PROFIT OR NET LOSS, NET IMCOME OR DEFICIT, NET OIBRATING LOSS DEDUCTION, INCOME TAX, EXCESS ffiOFITS TAX, TOTAL TAX, COMPILED NET HIOFIT LESS TOTAL TAX AND
DIVIDENDS PAID BY TtFE OF DIVIDEND - Continued '
PART II. - RETUHUS WITH NET INCOME 3/
Major industrial groups 2/
All
industrial
groups
Agriculture, forestry, and fishery
Total
agriculture,
forestry, and
fishery
(2)
Farms and
agricultural
services
Forestry
Fishery
Mining and quarrying
Total
mining and
quarrying
Metal
alining
Number of returns S
439.047
5.389
5.022
(Thotiaand dollara)
Receipts:
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less aUKirtizable bond
premium) :
Wholly taxable 16/
Subj ect to surtax only 17/
Wholly tax-exempt 18/
Other interest
Rents 19/
Royalties 20/
Excess of net short-term capital gain over net long-term
capital loss. 21/
Excess of net long-term capital gain over net short-term
capital loss. 21/
Net gain, sales other than capital assets 22/
Dividends, domestic corporations 23/
Dividends , foreign corporations 24/.
Other receipts 25/
392,788,470
67,900,635
1,517,723
147,256
247,630
5,204,011
3,384,978
471,080
28,617
1,320,048
403,518
2,347,091
627,999
2,864,395
Total compiled receipts 8/.
479,243,451
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid g8/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 31/.
Net loss, sales other than capital assets 22/
Other deductions 32/
299,193,069
38,792,297
34/7,069,632
3,628,912
4,459,637
662,206
3,236,349
10,288,300
341,083
8,010,570
2,005,150
286,014
4,154,857
2,270,178
179,848
49,084,496
Total ccsnpiled deductions.
Compiled net profit (16 less 33).
Net income 3/ (34 leas 6).
36/433,662,648
Net operating loss deduction 33/.
Incoine tax 4/
Excess profits tax 5/*
45,580,803
45,333,173
402,317
19,623,441
2,458,676
Total tax.
22,082,117
Compiled net profit less total tax (34 less 39).
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation's own stock
23,498,686
11,180,692
1,395,808
1,662,211
395,844
1,920
103
255
4,246
13,212
7,087
632
43,005
1,431
34,546
3,427
24,677
2,192,596
1,185,729
191,353
46,210
34,782
37,958
1,760
14,152
33,728
1,176
61,291
2,258
170
U,838
2,459
875
277,983
1,903,722
288,874
288,619
7,923
102,372
4,786
105,743
5,953
1,622,091
374,959
1,788
96
253
4,132
1^,995
6,979
541
34,131
958
34,485
3,426
24,126
1,155,053
179,538
44,469
34,487
36,470
1,704
13,666
32,251
1,133
59,496
1,500
170
11,766
2,409
838
269,712
1,644,661
276,299
276,046
7,294
98,748
4,714
103,462
172,837
102,369
5,953
17,922
7,708
100
1
74
145
108
91
8,534
460
20
36,424
14,934
5,805
548
33
129
33
278
769
18
463
758
16
18
9,542
9,542
273
2,667
20
6,855
3,073
22,198
13,177
13
41
1
290
36,212
16,742
6,010
1,193
262
1,359
23
208
708
26
1,332
57
32
28
6,200
33,179
3,033
3,031
356
957
52
2,024
301
6,962,226
1,362,481
?
1,170,072
38,083
3
L2,156
5,577
4
84
5
6
7,225
7,008
6
13,933
2,919
7
25,816
1,240
B
34,912
4,394
9
1,244
30
10
76,596
4,634
11
3,211
95
12
93,623
23,088
13
6,648
3,188
14
55,986
5,531
15
4,230,121
721,273
81,818
36,097
116,388
3,946
44,994
250,666
3,935
340,857
638,968
2,807
8,663
106,596
3,296
690,032
7,230,445
1,232,286
1,225,061
10,555
634,609
26,228
560,737
689,723
36,101
1,448,273
783,792
26,488
6,176
3,862
16,503
160
2,397
46,868
578
32,842
131,462
826
214
7,489
574
60,709
1,119,900
328,373
321,365
1,101
141,962
7,420
149,382
178,991
166,497
240
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
34
35
36
37
38
39
40
41
42
For footnotes, see pp. 162-164. For extent to which data are estimated, see pp. 3-5.
CORPORATION INCOME TAX RETURNS FOR 1951 69
Table 3 CORPORATION RETURNS, 1961, BI MAJOR INDUSTSIAL CROUPS - PART I, ALL RETURNS; PART II, RETURNS WITH NET INCOME: NUMBER OF RETURNS, COMPILED RECEIPTS, COMPIIiD DEDUC-
TIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPERATING LOSS DEDUCTION, INCOME TAX, EXCESS ffiOFITS TAX, TOTAL TAX, COHPIlia) NET HiOFIT lESS TOTAL TAX, AND
DIVIDENDS PAID BY Tim OF DIVIDEND - Contlnuad
PART II. - RETURNS WITH NET INCOME 3/ - Continued
Major Industrial groupa 2/ ~ Continued
Mining and quarrying - Continued
Anthracite
mining
Bituminous
coal and
lignite
mining
(«)
Crude
petroleum
and natural
;aa production
110)
Nonmetalllc
mining and
quarrying
Construction
ManuTacturing
Total
aiaii'ifttcturing
Food and
kindred
products
(lb)
41
42
Number of returns 2/,
Receipts:
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (leas amortiza-
ble bond premium) :
Wholly taxable IC/
Subject to surtax only 17/
Wholly tax-exempt 16/.
Other interest
Rents 1^
Royalties 20/
Fxcess of net short-term capital gain over net
long-term capital loss. 21/
Excess of net long-term capital gain over net
short-teriD capital loss. 21/
Net gain, sales other than capital assets 22/
Dividends, dcanestic corporations 23/
Dividends, foreign corporations 24/
Other receipts 25/
Total compiled receipts 8/.
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 31/.
Net loss, sales other than capital assets 22/
Other deductions 32/
Total compiled deductions.
Compiled net profit (16 less 33) .
Net Income 3/ (34 less 6).
Net operating loss deduction 33/.
Income tax 4/
Excess profits tax 5/.
Total tax..
Compiled net profit less total tax (34 less 39).
Dividends paid : 6/
Cash and assets other than own stock 6/
Corporation' a own stock
2.436
1.27B
f77toui«nd dollars)
166,027
56,999
309
19
4
402
5,074
268
14
1,749
11,463
623
241,951
142,758
33,438
2,019
2,417
4,543
19
1,929
4,557
117
6,203
3,366
683
2,947
438
15,819
221,253
20,698
20,694
562
4,638
127
9,260
1
1,862,685
197,636
2,242
27
104
3,526
9,192
3,066
116
29,964
218
9,796
201
10,945
2,129,717
1,374,032
141,433
17,787
B,306
43,358
670
8,190
45,303
670
66,991
71,822
849
1,722
76,628
175
132,213
1,990,149
139,568
139,464
1,953
56,171
925
53,304
5,210
2,693,972
811,351
3,107
28
20
6,397
8,286
25,610
1,072
36,162
2,732
46,806
2,259
30,858
1,462,304
483,067
31,513
16,637
21,391
1,909
28,990
132,034
1,664
193,348
361 ,'669
694
3,628
16,947
1,742
291,069
3,068,416
610,244
610,224
5,883
270,684
10,943
281,627
316,028
29,844
886,061
66,003
921
S
2,023
1,676
12
166
2,470
8,029
974,130
527,235
36,847
24,323
4,985
31,693
1,198
3,488
21,913
886
41,473
60,749
438
2,416
2,686
366
90,232
840,727
133,403
133,314
1,056
61,054
6,613
67,867
66,636
44,634
806
254,932
11,903,342
2,186
26
316
4,717
30,243
1,907
597
31,138
3,020
11,426
1,819
114,723
12,360,392
210,309
9,629,607
371,165
41,069
58,706
10,646
31,395
129,579
7,025
176,756
3,147
236
26,200
16,352
1,182
794,997
11,707,570
652,822
652,606
24,062
263,796
28,649
360,377
70,210
25,471
233,606,080
4,275,967
189,620
3,030
4,675
169,616
291,715
184,663
6,700
491,266
8,549
898,992
449,109
952,625
171,781,389
2,528,492
2,596,893
837,888
3,672,036
154,062
707,968
5,603,107
199,303
3,619,895
1,247,466
167,207
2,405,344
1,466,079
31,096
19,226,662
210,033,606
6,466,866
26,002
1,714
17
117
6,844
4,111
1,773
27
3,809
330
4,178
136
20,518
4,192,515
10,928
44,065
13,978
46,155
1,978
23,690
866,217
5,851
67,567
365
14
210,211
15,276
1,664
537,125
6,067,629
25,496,801
25,492,126
172,211
12,088,130
2,075,333
14,163,463
11,333,338
5,689,680
636,068
477,802
477,685
4,195
231,443
11,706
111,546
19,296
32,060,602
110,136
6,643
112
511
17,206
20,777
6,066
867
21,929
1,111
24,098
26,687
65,350
26,633,259
39,260
166,770
74,955
282,369
17,697
83,192
304,115
10,205
310,020
1,043
335
470,661
75,869
3,715
2,460,506
31,163,863
1,247,631
1,247,020
12,164
587,066
36" 419
624,046
367,016
67,336
For footnotes, see pp. 162-164. For extent to which data are estijnated, see pp. 3-5.
70
CORPORATION INCOME TAX RETURNS FOR 1951
Table 3 CORPDRATION RETURNS, 1951, BY MAJOR INDUSTRIAL CROUPS - PART I, ALL RETURNS; PART II, RETURNS WITH NET INCOME: NUMBER OF RETURNS, COMPILED RECEIPTS, COMPILED DEDUC-
TIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOt-E OR DEFICIT, NET OPERATING LOSS DEDUCTION, INCOME TAX, EXCESS HIOFITS TAX, TOTAL TAX, COMPILED NET TOOFIT LESS TOTAL TAX, AND
DIVIDENDS PAID BY TiPE. OF DIVIDEND - Continued
PART II. - RETURNS WITH NET INCOME 3/ - Continued
Major industrial groups 2/ - Continued
Manufacturing - Continued
Tobacco
manufactures
Text lie -mill
products
Apparel
and products
made f!rom
fabrics
Lumber and
wood prod-
ucts, except
furniture
119)
Furniture
and fixtures
Paper and
allied
products
Printing,
publishing,
and allied
industries
t£C)
Cheini cal 3
and allied
products
12
13
14
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
34
35
36
37
38
39
40
41
42
Number of returns 2/.
Receipts;
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less amortizable
bond premium) :
Wholly taxable 16/
Subj ect to surtax only 17/
Wholly tax-exempt 18/
Other interest
Rents 19/
Royalties 20/
Excess of mt short-term capital gain over net long-
term capital loss. 21/
Excess of net long-tenn capital gain over net short-
term capital loss. 21/
Net gain, sales other than capital assets 22/
Dividends, domestic corporations 23/
Divid'snds, foreign corporations 24/
Other receipts 25/
Total compiled receipts §/. ,
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortisation 30/
Advertising
Amounts contributed under pension plans, etc. 31/.
Net loss, sales other than capital assets 22/
Other deductions 3£/
Total con^jiled deductions.
Compiled net prof it (16 less 33).
Net income 3/ (34 less 6)
Net operating loss deduction 33/.
Income tax 4/
Excess profits tax 5/.
Total tax.
Compiled net profit less total tax (34 less 39).
Dividends paid: 6/
Cash and assets other than ovm stock 6/
CoxT)oration' 3 own stock
2,271
9,127
(Thousand dollars)
3,369,569
12,501,505
6,371,037
4,610,282
2,877,511
8,118,585
6,404,937
17,278,988
2
4,798
196,984
573,077
165,581
17,814
15,746
402,550
77,647
3
174
5,507
789
3,319
953
9,760
4,942
21,042
4
42
68
29
40
8
112
209
495
5
43
659
27
70
12
122
229
595
6
816
7,162
1,374
3,162
946
6,607
4,647
14,103
7
3,176
14,294
4,378
9,735
2,289
7,524
16,968
12,771
R
163
2,489
4,768
4,221
652
4,035
9,944
34,835
9
1
1,392
143
456
201
80
162
588
10
1,940
27,266
4,259
177,824
3,066
35,557
11,579
38,928
11
_
483
329
1,831
46
332
296
315
12
4,22e
20,007
2,115
6,577
1,534
12,377
22,986
133,976
13
102
1,629
160
93
1,220
15,754
5,891
35,256
14
6,763
64,046
24,186
36,025
14,105
42,830
54,579
50,003
15
3,391,809
12,843,493
6,986,671
6,219,216
2,920,357
8,269,421
6,939,919
17,699,542
16
1,969,104
10,037,563
6,164,545
3,597,921
2,136,656
5,550,452
4,333,278
11,013,169
17
2,190
131,697
456,342
123,699
3,701
3,288
215,965
24,836
IB
8,736
150,128
182,475
91,747
78,329
102,091
218,930
172,562
19
2,265
32,767
50,880
13,795
16,557
26,788
65,830
53,234
20
5,493
133,378
13,528
48,917
18,869
188,668
36,211
325,268
21
625
4,597
5,674
6,403
3,126
3,629
17,649
11,488
22
25,589
46,447
21,106
16,010
6,917
24,464
21,172
48,206
23
841,391
191,494
75,721
82,184
41,451
131,035
102,669
248,092
24
1,284
19,503
5,705
4,883
3,741
14,768
10,625
15,778
25
12,824
175,660
33,911
98,398
29,601
152,241
105,084
386,023
26
-
80
12
157,456
121
9,789
176
42,813
27
-
645
44
586
98
7,156
120
24,030
2B
109,288
61,314
59,648
14,481
29,145
29,261
39,086
430,848
29
7,100
36,276
13,391
7,675
7,594
45,568
36,811
128,420
30
114
2,228
551
624
229
1,243
2,626
2,285
31
109,062
747,392
666,411
390,854
313,878
634,520
1,078,465
1,818,726
32
3,095,065
11,771,169
6,751,945
4,655,633
2,690,013
6,924,961
6,284,697
14,745,778
33
296,744
1,072,324
234,726
563,583
230,344
1,344,460
055,222
2,953,764
34
296,701
1,071,665
234,699
563,513
230,332
1,344,338
654,993
2,953,169
35
296
10, 963
8,242
5,792
3,156
3,813
8,086
5,444
36
147,935
508,641
98,302
224,194
106,171
657,400
295,021
1,412,072
37
18,328
30,174
3,978
12,865
15,062
142,960
26,959
308,460
38
166,263
538,815
102,280
237,059
121,233
800,360
321,980
1,720,532
39
130,481
533,509
132,446
326,524
109,111
544,100
333,242
1,233,232
40
95,364
234,210
36,820
100,255
33,916
220,452
138,562
691,854
41
890
38,644
13,503
22,867
11,331
15,457
17,953
61,630
42
For footnotes, see pp. 162-164. For extent bo which data are estimated, see pp. 3-5.
CORPORATION INCOME TAX RETURNS FOR 1951
71
Table 3 C0RP3RATI0N MTURNS, 1951, BY MSJOR INDUSmiAL CROUPS - PART I, ALL RETURMS; PART II, RETURNS WITH «T INCOME: NUMBER OF RETURNS, COMPIIZD RECEIPTS, COMPILED DEDUC-
TIONS, COMPILED NET HiOFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OFERATINC LOSS DEDUCTION, IlKOME TAX, EXCESS PROFITS TAX, TOTAL TAX, COMPILED NET mOFIT LESS TOTAL TAX, AND
DIVIDENDS PAID BY TYPE OF DIVIDEND - Continued
PART II. - RETURNS WITH NET INCOME ^ - Continued
Number of returns 2/.
Receipts:
Gross sales 14/
Gross receipts from operations IS/
Interest on Government obligations (leas anortizable
bond premium) :
Wholly tajiable 16/
Subject to surtax only 17/
Wholly tax-exempt 18/.
Other interest
Rents 15/
Royalties 20/
Excess of net short-tenn capital gain over net long-
term capital loss. 21/
Excess of net long-tenn capital gain over net short-
term capital loss. 21/
Net gain, sales other than capital assets 22/
Dividends, domestic corporations 23/
Dividends, foreign corporations 247.
Other receipts 25/
Total compiled receipts 8/.
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 31/.
Net loss, sales other than capital assets 22/
Other deductions 32/
Total compiled deductions.
Compiled net profit (16 less 33) .
Net income 3/ (34 less 6)
Net operating loss deduction 33/.
Income tax 4/'
Excess profits tax 5/.
Total tax.
Compiled net profit less total tax (34 less 39) .
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation ' 3 own stock
Major industrial groups 2/ - Continued
Manufacturing - Continued
Petroleum and
coal products
Rubber
products
Leather and
products
1.710
Stone, clay,
and glass
products
3.132
Primary
metal
industries
Fabricated
metal prod-
ucts, except
ordnance,
machinery,
and trans-
portation
equipment
(2S]
6.206
Machinerji
except
transpor-
tation
equipment
and
electrical
(30)
8.359
f nwuawirf dollaft)
22,512,805
793,031
24,660
112
174
18,666
108,052
39,047
336
37,194
1,147
467,112
138,729
147,370
16,662,320
475,145
36,470
152,119
347,592
17,350
79,742
501,936
6,211
591,392
889,414
14,456
101,068
179,746
1,775
1,704,061
21,950,799
2,327,527
2,327,353
4,669
967,732
61,740
1,067,208
266,386
4,792,876
7,676
4,261
7
4
1,588
2,671
6,217
32
3,602
145
15,277
56,641
16,837
3,535,438
186
26,366
14,981
79,421
3,164
13,818
121,820
3,038
63,738
26
1,304
46,173
26,500
300
418,049
4,355,321
661,716
551,711
268,667
60,427
81,947
2,773
2,874,437
7,132
472
16
26
933
1,519
252
24
1,012
50
1,297
110
12,735
2,900,015
2,350,748
4,103
52,834
15,636
17,720
1,624
7,704
36,540
3,068
18,840
93
31
26,134
8,673
171
214,642
2,756,951
141,064
141,038
2,070
64,860
6,273
32,689
4,691
6,475,208
24,542
6,167
111
137
2,402
6,177
3,806
67
9,578
600
10,261
15,724
29,726
5,563,368
3,661,329
13,003
92,979
16,418
133,463
4,947
14,030
93,763
6,851
126,051
41,035
5,506
37,240
31,582
1,661
561,030
4,739,868
843,630
843,393
3,108
409,437
80,662
490,099
353,431
168,113
18,878
21,657,271
609,037
28,573
120
204
27,664
20,667
6,805
152
16,692
108
56,782
11,674
41,230
22,676,769
16,218,734
364,904
141,323
56,383
801,701
4,643
94,167
364,478
19,938
397,571
97,706
64,696
42,069
221,615
2,264
836,983
19,707,975
2,968,794
2,968,590
13,878
1,467,018
343,964
1,810,982
1,157,812
491,293
19,892
12,132,659
58,453
5,844
204
222
4,847
15,828
4,107
81
19,226
240
14,728
19,481
74,969
12,360,911
8,679,485
31,248
261,762
46,090
177,173
10,606
27,759
179,731
14,128
166,257
286
4,364
101,909
74,699
2,138
1,134,764
10,932,416
1,416,493
1,418,271
14,842
672,457
117,092
789,649
628,944
235,533
37,082
19,626,652
350,016
11,134
244
498
16,400
14,428
25,971
214
27,797
732
21,196
26,673
93,092
13,346,939
43,767
317,666
64,967
312,249
17,327
52,815
334,156
22,234
312,222
1,188
13,260
174,919
147,955
1,628
2,353,522
17,615,714
2,697,335
2,696,837
25,826
1,309,294
258,433
425,606
63,707
Electrical
machinery
and
equlpnent
2.373
11,812,456
51,477
6,647
524
660
11,250
8,912
14,086
362
17,358
84
26,641
12,570
44,275
12,007,404
6,300,550
9,531
106,299
38,150
149,998
6,965
28,035
276,944
8,683
163,644
63
5,087
184,411
141,734
1,054
1,047,203
10,471,361
1,536,053
1,636,493
12,926
749,699
172,062
921,761
286,070
16,560
34
36
36
37
36
39
40
41
42
For footnotes, see pp. 162-164. For extent to which data are estimated, see pp. 3-5.
72
CORPORATION INCOME TAX RETURNS FOR 1951
Table 3 — CORPORATION RETURNS, 1961, BY MAJOR INDUSTRIAL CKODPS - PART I, ALL RETURNS; PART II, RETURNS WITH NET INCO>E: NUMBER OF RETURNS, COMPIIED RECEIPTS, COMPILED DEDUC-
TIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OffiRATING LOSS DEDUCTION, INCOME TAX, EXCESS mOFITS TAX, TDIAL TAX, COMPILED NET ffiOFIT lESS TOTAL TAX, AND
DIVIDENDS PAID BI Tlffi OF DIVIDEND - Continued
PART II . - RETURNS UITH NET INCOME a/ - Continued
Major industrial groups 2/ - Continued
Manufacturing - Continued
Transpor-
tation
equipment
except motor
vehicles
Motor
vehicles and
equipment ,
except
electrical
Ordnance
and
accessories
Scientific
instruments;
photographic
equipment;
watches,
clocks
(361
Other
manuf acturi ng
Public utilities
Total
public
utilities
Transpor-
tation
Comimini—
cation
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
34
35
36
37
38
39
40
Number of returns 2/.
Receipts:
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less aimrtizable
bond premium) :
Wholly taxable 16/
Subject to surtax only 17/
Wholly tax-exempt 18/
Other interest
Rents 13/
Royalties 20/
Excess of net short-term capital gain over net long-
term capital loss. 21/
Excess of net long-term capital gain over net short-
term capital loss. 21/
Net gain, sales other than capital assets 22/
Dividends, domestic corporations 23/
Dividends , foreign corporations 24/
Other receipts 25/
Total compiled receipts i
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 23/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 31/.
Net loss, sales other than capital assets 22/
Other deductions 32/
Total compiled deductions.
Compiled net profit (16 less 33) .
Net income 3/ (34 less 6) .
Net operating loss deduction 33/.
Income tax 4/
Excess profits tax 5/.
Total tax.
Compiled net profit leas total tax (34 less 39).
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation' 3 own stock
5,068,622
711,398
2,374
12
255
4,082
3,490
6,080
151
6,307
69
9,976
2,167
27,470
4,125,634
541,516
36,632
17,364
107,867
2,010
16,903
99,214
2,905
57,350
52
9,388
13,843
35,071
1,122
319,884
6,386,766
464,678
464,423
13,319
215,802
35,355
251,167
203,521
106,332
21,632
1,388
5,959
(Thouaand dollari)
18,963,734
16,717
41,232
469
110
13,530
5,221
4,112
55
11,473
66
40,784
67,368
28,456
19,195,325
14,469,728
9,159
59,796
18,170
243,652
3,687
29,189
447,090
11,712
212,148
634
11,199
65,658
171,815
2,818
840,525
16,616,980
2,578,345
2,578,235
6,043
1,280,316
261,314
1,036,715
683,397
5,275
296,930
3,814
3
360
1,628
16
246
120
973
304,716
193,183
601
3,276
485
9,388
137
2,166
7,597
693
5,766
3
39
2,937
5,135
40
20,621
251,867
52,849
52,846
278
26,353
6,787
33,140
19,709
9,405
653
2,932,774
13,360
2,322
16
42
3,682
2,168
2,796
63
2,787
21
6,469
8,236
11,643
2,986,380
1,826,460
6,632
52,859
14,100
45,674
1,903
9,416
83,537
3,698
48,966
10
2,589
59,955
28,754
246
388,975
2,573,764
412,616
412,574
3,512
200,301
41,897
170,418
76,622
71,467
4,979,882
36,778
1,704
61
55
2,445
5,741
3,429
237
12,975
309
5,963
3,699
25,423
5,078,601
3,493,379
16,891
151,777
31,976
47,291
6,964
15,431
81,942
4,611
64,631
5,112
1,360
75,095
16,718
689
627,242
4,641,299
437,302
437,247
8,612
197,949
23,415
215,937
74,069
19,233
194,534
33,269,764
35,116
328
631
97,935
419,726
11,753
1,547
5,797
237,431
13,668
141,726
34,516,766
140,819
20,498,263
262,100
631,386
49,219
26,733
1,006,559
2,086,217
18,304
2,120,965
44,172
121,756
109,201
347,902
57,106
2,010,300
29,731,001
4,785,766
4,785,134
44,835
2,260,164
65,379
2,305,533
2,480,232
1,783,459
54,611
106,797
19,713,791
20,480
300
432
61,033
362,355
6,798
1,272
65,806
2,235
97,979
2,262
113,864
20,655,406
77,925
13,659,423
190,867
709,296
40,136
5,875
428,111
978,193
6,062
914,475
17,867
109,807
63,267
51,490
35,075
1,176,366
18,463,235
2,092,171
2,091,739
31,440
963,741
42,200
1,086,230
487,870
24,622
9,097
4,975,587
7,065
12
42
7,959
30,764
1,703
121
3,166
89,823
1,593
5,209
5,133,917
5,473
2,648,273
23,274
72,584
4,924
13,336
144,788
349,330
3,612
427,774
11
25,812
188,896
1,381
325,486
4,234,954
898,963
898,921
3,174
419,728
3,607
42,3,336
475,628
394,519
6,637
1,766 11
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
For footnotes, see pp. 162-164. For extent to which data are estijnated, see pp. 3-5.
CORPORATION INCOME TAX RETURNS FOR 1951
73
Table 3 — CORPORATION RETURNS, 1961, BY MAJOR INDUSTRIAL GROUPS - PART I, ALL RETORNSi PART II, RETURNS KITH NET INCOME! NUMBER OF RETURNS, COMPHED RECEIPTS, COMPILED DEDUC-
TIONS, COMPILED NET fROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPERATING LOSS DEDUCTION, IfKOME TAX, EXCESS PROFITS TAX, TOTAL TAX, COMPILED NET mOFIT LESS TOTAL TAX, AND
DIVIDENDS PAD) BI TtfE. OF DIVIDEND - Continued
PART II. - RETURNS WITH NET INCOME 3/ - Continued
Major induBtrial groups 2/ - Continued
Public utUltles - Continued
Electric
and gas
utilities
Other
public
utilities
Total
trade
Total
wholesale
CODonlsslon
merchants
Other
wholesalers
Total
retail
Food
NujDber of returns g/.
Receipts:
Gross sales 14/
Gross receipts f rdn operations IS/
Interest on Govemment obligations (less ajnortiza-
ble bond premium) ;
Wholly taxable ^6/
Subject to surtax only 17/
Wholly tax-exempt ^8/
Other interest. .■
Rents 19/
Royalties 20/
Fxcess of net short-term capital gain over net
long-term capital loss. 21/'
Excess of net long-term capital gain over net
short-term capital loss, 21/
Net gain, sales other than capital assets 22/
Dividends, domestic corporations 2^
Dividends, foreign corporations 2^.
Other receipts £5,''
Total compiled receipts 8/.
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Ccrapensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 31/,
Net loss, sales other than capital assets 22/
Other deductions 2^/
Total compiled deductions.
Compiled net profit (16 leas 33).
Net income 3/(34 less 6).
Net operating loss deduction 33/.
Income tax 4/
Excess profits tax 5/.
Total tax.
Compiled net profit less total tax (34 leai
Dividends paid: 6/
Cash and assets other than own stock 6/.
Corporation's own stock
39).
75,1S1
,375,075
7,301
12
142
28,562
25,194
3,112
139
12,415
370
47,822
9,808
18,966
64,835
4,101,075
43,069
46,787
2,632
7,369
416,748
738,237
8,480
769,299
26,272
11,927
19,954
106,475
20,604
490,447
6,854,200
1,749,859
1,749,717
8,909
849,168
9,418
891,273
886,908
23,732
1.234
160.670
6.296
(Thousand dollara)
3,489
206,311
272
4
16
391
1,413
140
16
6,819
26
1,802
223,364
2,686
89,492
4,890
2,719
1,527
163
16,912
20,457
160
19,417
33
10
168
1,041
46
19,001
178,612
44,772
44,767
1,312
17,517
154
27,101
14,162
148,813,719
2,206,996
21,362
868
4,986
118,713
223,197
19,142
5,446
101,480
8,152
97,332
82,029
1,146,869
162,849,291
120,806,972
924,129
2,400,601
1,340,721
360,368
209,337
312,309
1,262,178
71,731
854,413
19,628
2,698
1,338,302
191,823
10,232
16,829,206
146,924,638
5,924,653
6,919,667
70,293
2,677,663
198,194
2,775,747
3,148,906
1,068,337
246,165
77,004,169
1,477,820
9,905
254
836
49,674
68,667
16,743
3,802
49,692
2,946
66,519
71,619
449,362
79,260,888
66,998,394
662,833
1,090,349
262,170
109,371
77,630
162,725
500,442
31,600
284,636
16,710
1,610
340,263
73,507
3,728
5,871,292
76,367,160
2,883,738
2,882,902
36,478
1,266,004
126,821
1,392,825
1,490,913
464,669
125,966
3,348,477
636,339
1,308
13
190
9,469
6,466
1,078
900
4,698
315
11,666
1,272
39,962
4,062,132
3,102,162
82,464
126,566
21,451
3,097
4,444
10,674
19,428
2,611
11,933
526
67
19,853
7,206
266
448,610
3,861,360
200,772
200,582
4,875
79,482
7,377
113,913
30,638
6,700
73,666,662
841,461
8,597
241
646
40,215
52,091
14,665
2,902
44,994
2,631
44,864
70,347
409,400
75,188,756
63,696,232
480,369
963,763
230,719
106,274
73,186
142,061
461,014
28,889
272,703
16,184
1,643
320,400
66,299
3,462
5,422,682
72,505,790
2,682,966
2,682,320
31,603
1,186,622
119,444
1,377,000
423,931
119,266
64,697,726
577,717
10,767
559
3,953
63,956
147,367
2,907
1,287
42,711
4,362
36,086
10,202
632,712
66,132,301
48,080,861
308,261
1,154,234
1,026,229
229,701
118,324
140,666
674,756
37,046
512,496
1,779
866
930,913
110,069
5,207
10,026,006
63,367,403
2,774,898
2,770,945
29,641
1,206,317
64,176
1,606,405
573,646
112,179
For footnotes, see pp. 162-164. For extent to which data are estimated, see pp. 3-6.
6,563
14,722,061
52,036
612
6
163
4,693
10,207
119
155
4,627
309
2,543
2,416
29,362
14,829,198
12,111,464
35,169
72,108
120,898
43,139
5,318
14,824
102,040
4,973
96,796
35
37
79,673
22,694
1,193
1,819,452
14,629,713
299,486
299,322
1,919
142,488
5,504
147,992
161,493
69,204
15,200
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
74
CORPORATION INCOME TAX RETURNS FOR 1951
Table 3 — CORPORATION RETURNS, 1951, BI MAJOR INDUSTRIAL (HOUPS - PART I, ALL RETURNS; PART II, RETURNS WITH NET IMCOME: NUMBER OE RETURNS, COMPILED RECEIPTS, COMPILED DEDUC-
TIONS, COMPILED NET HIOFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPERATING LOSS DEDUCTION, INCOME TAX, EXCESS HIOFITS TAX, TOTAL TAX, COMPILED NET ffiOFIT LESS TOTAL TAX, AND
DIVIDENDS PAID BI TYPE OF DIVIDEND - Continued
PART II. - RETURNS ¥ITH NET INCOME 3/ - Continued
Major industrial groups 2/ - Continued
Trade - Continued
Retail - Continued
General
merchandise
Apparel
and
accessories
Furniture
and house
furnishings
Automotive
dealers and
filling
stations
151)
Drug
stores
Eating and
drinJcing
places
Building
materials
and
hardware
Other
retail
trade
Trade
not
allocable
Number of returns !
Receipts:
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations {leas amorti:
ble bond premium) :
Wholly taxable 16/
Subject to surtax only 17/
Wholly tax-exempt 16/
Other interest
Rents la/
Royalties 20/
Excess of net short-term capital gain over net
long-term capital loss, 21/
Excess of net long-term capital gain over net
short-term capital loss. 21/
Net gain, sales other than capital assets 22/. .
Dividends, domestic corporations 23/
Dividends, foreign corporations 24/
Other receipts 25/
Total compiled receipts 8/.
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 31/.
Net loss, sales other than capital assets 22/
Other deductions 32/
Total compiled deductions.
Compiled net profit (16 leas 33) .
Net income 3/(34 leas 6).
Net operating loss deduction 33/.
Income tax 4/
Excess profits tax 5/.
Total tax.
Compiled net profit leas total tax (34 less 39).
Dividends paid : 6/
Cash and assets other than own stock 6/
Corporation' a own stock
5.550
18.803
3,970
7,544
12,060
14.658
(Thousand dollars)
15,610,826
66,956
6,219
117
166
20,461
63,240
268
46
4,703
407
13,754
7,583
161,567
15,956,312
10,304,833
22,578
108,474
299,674
78,145
24,568
35,684
230,942
11,367
126, 989
17
34
371,154
67,921
278
3,239,907
14,922,565
1,033,747
1,033,581
2,833
506,401
32,604
539,005
494,742
297,802
29,903
4,547,757
24,756
802
9
3,196
2,450
22,446
79
29
1,317
187
6,259
1
75,473
4,684,761
2,984,814
6,345
124,104
223,125
12,912
12,827
9,609
62,153
3,582
42,282
1
149
120,078
4,691
328
899,009
4,496,009
188,752
185,556
4,832
71,769
1,981
73,750
115,002
36,073
11,417
2,415,893
29,913
493
7
106
6,052
5,261
141
140
1,130
169
1,129
2
127,101
2,587,537
1,559,981
8,029
100,836
59,015
7,370
15,266
11,768
32,572
2,735
19,244
2
11
77,803
1,320
141
571,279
2,467,372
120,165
120,059
2,979
44,748
1,307
46,055
74,110
14,352
6,605
15,570,664
270,442
1,222
30
41
17,714
17,800
319
519
14,367
1,200
4,816
68
100,065
15,999,287
12,781,761
172,021
367,108
113,381
36,169
22,719
32,902
106,563
7,356
92,545
81
319
158,076
4,649
1,064
1,497,712
15,394,428
604,859
604,818
2,784
244,723
9,935
254,658
350,201
76,505
27,989
1,465,097
9,494
259
6
23
734
4,932
63
1,841
34
U,892
1,485,442
983,780
3,787
39,006
45,446
6,710
499
3,464
17,851
1,042
14,957
5
20,684
2,145
120
290,485
55,461
55,438
892
22,336
1,507
23,843
31,618
13,306
1,962
1,551,489
32,255
182
100
262
5,365
106
2
3,573
507
1,152
1
11,178
1,606,198
866,045
13,526
55,116
69,368
17 389
325
3,770
32,789
701
31,872
19
12,458
1,277
253
439,058
1,543,966
62,232
62,132
4,689
22,207
1,614
23,821
38,411
11,115
542
4,4X,027
30,588
452
339
72
6,225
7,416
393
193
5,983
579
2,422
2
53,937
4,599,130
3,474,944
18,109
142,816
24,056
13,027
16,179
14,938
48,088
2,661
39,579
1,568
46
28,422
2,053
572
541,451
4,368,699
230,431
230,359
2,240
86,008
5,300
91,308
139,123
31,533
13,597
4,233,922
61,276
516
39
86
5,465
10,678
919
203
5,969
979
2,170
95
62,117
4,384,436
3,013,239
28,697
144,666
71,266
14,840
20,623
13,707
51,758
2,438
48,232
75
246
62,563
3,409
1,258
727,653
4,204,670
179,766
179,680
6,473
64,637
4,424
23,756
4,964
10.868
7,211,835
151,459
700
55
197
5,083
17,273
492
357
9,077
844
4,727
208
63,795
7,466,102
5,727,717
53,035
156,018
62,322
21,286
13,383
18,918
76,980
3,186
57,281
1,139
222
67,136
8,257
1,297
931,908
7,200,085
256,017
265,620
4,174
106,232
7,197
113,429
152,568
40,122
8,010
12
13
14
15
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
34
35
36
37
38
39
40
41
42
For footnotes, see pp. 162-164, For extent to which data are estimated, see pp. 3-5,
CORPORATION INCOME TAX RETURNS FOR 1951
75
ToblB 3 CORPORATION RETURNS, 1951, BY MAJOR INDUSTRIAL OlDUPS - PART I, ALL RETURNSj PART II, RETURNS WITH NET INCOME: NUMBER OF RETURNS, COHPIIH) RECEIPTS, COMPILED DEDUC-
TIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPERATING LOSS DFUXTION, INCOME TAX, EXCESS PROFITS TAX, TOTAL TAX, COMPILED NET PROFIT LESS TOTAL TAX, AND
DIVIDENDS PAID BY TiPE OF DIVIDEND - Continued
PART II. - RETURNS WITH NET INCOME 2/ - Continued
Major Industrial groups 2/ - Continued
Flji&nce, Insurance, real estate, and lessors of real property
Total finance,
Insurance ,
real estate,
and lessors of
real property
[57)
Total
finance
Banks
and trust
companies
Credit
agencies other
than banks
Holding
and other
Investment
companlea
[«»
Security and
commodity-
exchange brokere
and dealers
tK)
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
34
35
36
37
36
Number of returns {
125.856
Receipts:
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less anwrtizable bond
prendum) :
Wholly taxable 16/
Subject to surtax only 17/
Wholly tax-exempt 18/
Other interest
Rents 19/
Royalties 20/
Excess of net short-term capital gain over net long-term
capital loss. 21/
Excess of net long-term capital gain over net short-term
capital Itss. 21/
Net gain, sales other than capital assets 22/
Dividends, domestic corporations 23/
Dividends, foreign corporations 24/
Other receipts £5/'
171,656
7,269,403
1,250,028
142,617
229,294
4,783,162
2,185,398
196, UO
12,013
443,333
369,769
948,681
64,474
313,733
Total ccmplled receipts 8/.
16,379,666
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Ccmpensatlon of officers
Rent paid on business property
Repairs g7/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 31/.
Net loss, sales other than capital assets 22/
Other deductions 3£/
130,389
58,141
34/919,813
247,242
161,708
240,973
1,049,013
809,405
31,041
521,990
49,091
509
123,804
104,314
74,089
7,451,146
Total compiled deductions.
Compiled net profit (16 leas 33).
Net income 3/(34 less 6),
35/11,962,668
Net operating loss deduction 33/.
Income tax 4/
Excess profits tax 5/.
6,416,896
6,187,604
45,436
1,495,524
47,665
Total tax. ,
1,543,189
Compiled net profit less total tax (34 less 39) .
Dividends paid: 6/'
Cash and assets other than own stock 6/
Corporation ' s own stock
4,873,709
1,692,617
181,231
30.219
14.180
(Thoutmnd dollsra)
113,646
1,746,588
861,966
135,156
166,081
3,012,398
151,086
68,416
7,692
301,938
56,690
648,849
61,245
172,033
7,493,782
91,398
35,191
560,560
92,824
33,767
231,600
698,093
220,540
20,630
106,956
14,120
146
82,837
80,140
70,648
2,226,695
4,564,826
2,928,956
2,763,876
10,997
882,162
26,029
907,191
2,021,765
1,266,434
138,678
671,627
829,287
133,893
161,763
2,483,833
121,831
2,069
2,336
44,436
1,934
15,788
518
84,130
441,719
57,897
28,943
171,172
406,786
170,673
14,753
86,453
132
55,166
67,281
69,266
1,604,466
3,074,697
1,478,737
1,316,984
3,754
666,676
19,211
903,960
421,018
77,136
106,747
913,120
4,271
95
330
436,963
4,686
126
869
16,224
2,621
14,762
3,661
38, 9U
87,776
63,446
26,363
3,310
66,900
247,922
30,009
3,368
12,624
4
143
23,512
8,864
409
516,097
460,349
460,019
4,040
207,450
3,764
110,099
8,894
6,898
64,938
13,327
402
1,410
86,798
22,995
65,633
3,862
234,633
2,901
608,488
66,828
42,181
1,213,294
3,623
36,191
22,079
3,620
886
1,262
35,282
13,768
1,966
6,667
13,927
3
1,160
1,762
799
117,445
268,330
964,964
953,554
2,064
109,386
1,242
110,628
844,336
727,234
49,828
941
_
2
99,003
3
'
6,081
4
766
5
1,588
6
2,804
7
1,576
8
687
9
626
10
6,646
u
48,334
12
9,811
13
238
14
6,811
16
163,869
33,306
6,044
618
266
6,101
6,190
463
2,012
67
3,009
2,233
76
87,699
148,963
34,906
33,318
1,149
9,760
822
10,672
24,334
7,083
2,821
For footnotes, see pp. 162-164. For extent to which data are estimated, see pp. 3-5.
323516 O — 55-
76
CORPORATION INCOME TAX RETURNS FOR 1951
Table 3.-C0RP0RATI0N RETBRHS, 1961, BY MAJOR INDDSIRIAL GROUPS - PART I, All RETnRHS, PART II, REIIRNS WITH NET INCOME: NUMBER OF RETURNS COMPILED tecFIPT-; roMPnFn ra-ntK-
DIVIDENDS PAID BY TYFE OF DIYLDEMD - Continued
PART II. - RETURNS WITH NET INCOME 2/ - Continued
Items
Major industrial groups l/ - Contijiued
Finance, insurance, real estate, and lessors of real property - Continued
Services
Insurance carriers and agents
Real estate,
except lessors
of real
property other
than buildings
(6«)
Lessors of
real property,
except
buildings
(67)
Total
services
(ea)
Hotels
and other
lodging
places
(flS)
Total
Insurance
carriers _ay
and agents
(83)
Insurance
carriers 9/
KM)
Insurance
agents and
brokers
(a5)
1
Number of returns 2/
8,333
2,211
6,122
83.794
3.612
33-2fi.«^
n 7nA
Receipts:
Gross sales 14/
(Thousand doltara)
2
39,186
4,502,122
372,038
6,938
61,920
1,720,987
166,421
92
172
26,569
948
263,045
1,985
21,363
39,186
4,042,159
371,688
6,925
61,900
1,719,029
163,296
92
159
26,306
896
267,482
1,363
10,302
459,963
460
13
20
1,958
3,125
13
1,263
62
6,563
632
11,061
18,717
1,018,684
24,164
483
2,146
47,909
1,760,972
4,030
3,976
98,426
311,648
32,712
1,211
108,751
9
14
1,860
40
147
1,858
116,919
123,573
171
16,410
1,463
4,076
33
11,586
1,079,565
7,377,870
5,196
194
223
11,167
192,119
■ 15,215
1,165
42,863
3,460
23,969
7,825
101,373
421,628
780,983
1,615
2
3
1,412
94,185
193
396
7,428
1,166
3,426
898
11,660
3
Gross receipts from operations 16/
2
4
Interest on Government obligations (leas amortlzable
bond premium) :
Wholly taxable 16/
3
5
Subject to surtax onl^ 17/
4
6
Wholly tax-exempt 18/
5
7
Other interest
6
8
Rents 19/
7
9
Royalties 20/
8
10
11
12
13
Excess of net short-term capital gain over net long-
term capital loss. 21/
Excess of net long-term capital gain over net short-
term capital loss. 21/
Net gain, sales other than capital assets 22/
Dividends, domestic corporations g3/ .
9
10
u
12
14
Dividends, foreign corporations 24/.
13
16
Other receipts 2V
14
Total compiled receipts 8/
Deductions:
Cost of goods sold 26/
15
lb
7,183,775
6,699,672
484,103
3,423,831
278,178
8,862,184
1,326,004
16
17
29,514
34/122,108
49,940
3,177
4,674
10,666
156,644
2,791
54,482
186
26
16,287
20,361
165
4,239,866
29,614
34/21,190
34,250
2,319
2,686
8,199
147,562
1,661
48,367
184
26
9,922
17,265
103
3,974,862
100,918
16,690
868
1,968
2,466
9,092
1,230
6,095
2
1
6,365
3,096
62
265,014
9,467
22,950
231,417
101,674
112,946
4,632
316,761
408,870
7,377
348,803
436
313
24,639
3,394
3,147
964,478
10
5,738
2,804
1,828
267
23,514
23,351
343
11,749
34,350
24
41
419
229
21,206
623,959
4,023,761
387,846
268,262
112,462
14,604
69,263
221,235
6,494
313,317
330
632
131,169
34,422
1,943
1,891,842
234,687
274,328
26,342
51,687
50,164
2,034
24,163
69,440
1,460
69,677
123
42
19,510
1,560
176
389,670
18
Cost of operations 26/
17
19
Compensation of officers
18
20
Rent paid on business property
19
21
Repairs 27/
20
22
Bad debts
21
23
Interest paid
22
24
Taxes paid 28/
23
26
Contributions or gifts 29/
24
26
Depreciation
25
27
Depletion
26
28
Amortization 30/
27
29
Advertisijig
28
30
31
32
Amounts contributed imder pension plans, etc. 3^/. . . .
Net loss, sales other than capital assets 22/
Other deductions 32/
29
30
31
Total compiled deductions
32
35/4,710,776
36/4,297,909
412,867
2,661,193
125,873
8,093,511
1,206,162
CompUad not profit (16 less 33)
34
2,472,999
2,411,079
3,064
2,401,763
2,339,863
1,701
71,236
71,216
1,353
862,638
860,492
30,325
152,305
152,168
1,062
768,673
768,450
26,471
119,842
119,839
3,968
35
Net Income 3/ (34 less 6)
34
36
36
36
37
266,421
8,278
241,646
6,567
24,776
1,691
280,484
9,774
66,467
4,584
306,806
22,268
48,286
1,750
38
Excess profits tax 5/
37
38
Total tax
Compiled net profit less total tax (34 less 39)
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation' s own stock
274,699
248,233
26,466
290,258
71,041
329,074
50,036
39
40
41
42
2,198,300
195,146
27,083
2,163,630
176,686
26,086
44,770
19,460
997
572,380
153,052
14,888
81,264
78,985
582
439,699
178,793
10,283 1
69,806
21,896
40
41
1,480 42
For footnotes, see pp. 162-164. For extent to which dati
a are estimated.
see pp. 3-5.
CORPORATION INCOME TAX RETURNS FOR 1951
77
Table 3.— CORPORATION RETURNS, 1961, BT MAJOR INDUSIRUL GROUPS - PART I, ALL RETURNSl PART II, RETURNS WITH NET INCOME: NUMBER OF RETURNS, COMPIIZD RECEIPTS, COMPILED DEDUC-
TIONS, COMPILED NET mOFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OffiRATINO LOSS DEDUCTION, INCOME TAX, EXCESS HIOFITS TAX, TOTAL TAX, COMPILED NET PROFIT IZSS TOTAL TAX, AND
DIVIDENDS PAID BY TYPE OF DltlDEND - Continued
PART II. - RETURNS WITH NET INCOME 3/ - Contlnuod
Major Industrial groups 2/ - Contiim«d
Services - Continued
Personal
services
Business
services
Automotive
repair
services
and garages
Miscellaneous
repair
services,
hand trades
Motion
pictures
Anuseaent,
except
motion
pictures
Other
services,
including
schools
Nature
of
business
not
allocable
Number of returns S/.
Receipts:
Gross sales 14/
Gross receipts from operations IS/
Interest on Government obligations (less amortizable
bond premium) ;
Wholly taxable 16/
Subject to surtax only 17/
Wholly tax-exempt 16/ v
Other interest
Rents 19/
Royalties gQ/
Excess of net short-term capital gain over net long-
term capital loss. 21/
Excess of net long-term capital gain over net short-
term capital l:'ss. 21/
Net gain, sales other than capital assets 22/
Dividends, domestic corporations 23/
Dividends, foreign corporations 24/.
Other receipts 25/
Total compiled receipts 8/.
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 3^/
Advertising
Amounts contributed under pension plans, etc. 31/.
Net loss, sales other than capital assets 22/
Other deductions §2/
Total compiled deductions.
CoD^lled net prof it (16 less 33).
Not Income 3/ (34 less 6) .
Net operating loss deduction 33/.
Income tax 4/
Excess profits tax 5/.
Total tax.
Compiled net profit less total tax (34 less 39) .
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation's own stock
7.276
248,003
1,061,066
260
6
18
644
2,463
622
4S
3,304
361
1,222
6,870
1,324,683
127,762
576,456
78,156
36,526
15,977
2,919
5,182
29,182
1,191
43,737
6
55
20,189
1,4B7
306
307,353
79,201
79,183
3,843
27,680
1,978
29,658
49,543
12,252
1,446
1.760
2.732
fThauawid dotlarm)
120,086
2,311,332
1,008
30
62
4,089
25,747
4,507
246
7,650
513
10,166
1,287
19,790
2,506,514
60,492
1,335,033
143,286
42,401
13,265
3,798
10,727
33,226
1,961
68,689
25
67
13,878
17,570
639
524,752
216,605
216,543
4,895
86,952
9,111
US, 542
44,067
1,950
87,029
343,032
217
2
2
258
16,112
333
8,476
509
436
6,167
461,572
68,166
172,276
24,518
28,333
5,318
644
5,680
11,466
303
41,826
34
3,951
360
161
69,277
422,532
39,040
39,038
1,035
12,517
596
3,319
874
66,746
284,259
4
611
2,326
355,312
42,939
197,782
16,120
5,293
2,118
697
806
6,327
126
4,696
16
3,225
656
217
52,057
333,078
22,234
22,234
1,720
8,232
810
13,192
3,121
1,332
61,663
1,440,116
1,162
123
3
3,815
40,698
7,026
104
10,950
502
7,175
5,410
39,345
1,618,094
37,519
917,862
30,629
60,247
12,821
1,179
17,172
42,519
1,045
53,253
67
412
49,094
6,894
163
237,689
149,509
149,506
4,060
62,214
1,795
86,600
67,022
640
38,207
461,442
401
10
1
461
8,414
2,095
36
3,446
212
701
41
7,759
17,963
224,037
19,625
15,117
8,298
810
3,261
26,013
1,860
19,139
92
12,315
636
326
98,266
447,790
76,426
75,425
3,401
32,563
2,237
17,481
1,021
3.535
36,201
696,639
461
21
134
530
3,614
872
1
789
104
768
189
8,466
747,769
24,242
325,967
49,171
19,759
4,491
2,323
2,242
13,062
526
12,098
17
7
8,997
5,239
56
212,776
680,973
66,816
66,662
3,549
26,362
3,991
36,463
9,635
1,540
1.069
44.647
31.372
137
6
26
633
3,553
291
273
3,869
129
1,101
33,382
17,078
3,186
1,465
863
126
706
2,186
74
2,086
100
346
231
31
13,426
75,268
14,031
14,006
539
4,597
174
2,130
46
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
39
40
For footnotes, see pp. 162-164. For extent to which data are estljnated, see pp. 3-5.
78
CORPORATION INCOME TAX RETURNS FOR 1951
Table 1. —CORPORATION RETURNS WITH BALANCE SHEETS, 1951, BY MAJOR INDUSTRIAL CROUPS - PART I, ALL RETURNS; PART II, RETURNS WITH NET INCOME: iniMBHl OF RETURNS ASSETS AND
LIABILITIES, COMPILED RECEIPTS, COMPILED DEDUCTIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPfKATING LOSS DEDUCTION, INCOME TAX EXCESS PROFITS TAX. TOTAL
TAX, COMPILED NET PROFIT LESS TOTAL TAX, AND DIVIDENDS PAID BI TYPE OF DIVIDH)D '
ALL RETURNS WITH BALANCE SHEETS
Number of returns with balance sheets 37/.
Assets:
Cash 38/
Notes and accounts receivable
Less : Reserve for bad debts
Inventories
Investments, Government obligations 39/.
Other investments 40/
Gross capital assets 41/ (except land) . .
Less: Reserves
Land
Other assets 42/
Total assets 43/.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other Uabilltioe 44/
Capital stock, preferred
Capital stock, common 45/
Surplus reserves
Surplus and undivided profits 46/.
Lass: Deficit 47/
Total llabiUties 43/.
Receipts :
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (leas amortizable
bond premium) :
Wholly taxable 16/
Subject to surtax only 17/
Wholly tax-exempt 18/.
Other interest
Rents 19/ !!!!.'!!'
Royalties 20/
Excess of net short-term capital gain over net long-
term capital loss. 21/
Excess of net long-term capital gain over net short-
term capital loss. 21/
Net gain, sales other than capital assets 22/
Dividends , domestic corporations 23/
Dividends , foreign corporations 24/.
Other receipts 25/
Total compiled receipts 3/ .
Deductions:
Cost of goods sold 26/
Coat of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/ !!!!!!!
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/ [
Advertising
Amounts contributed under pension plans, etc. 31/.
Net loss, sales other than capital assets 22/
Other deductions 32/
Total compiled deductions.
Compiled net profit or net loss (37 less 54).
Net Income or deficit 3/ (55 less 27)
Net operating loss deduction 33/
Income tax 4/
Excess profits tax 5/
Compiled net profit less total tax (55 less 60).
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation' s own stock
Major industrial groups 7/
All
industrial
groups
Agriculture, forestry, and fishery
Total
agriculture,
.forestry,
and fishery
121,
1
63
108
104
227
78,
10,
14,
,853,336
,053,991
,739,772
,775,737
,936,561
,882,927
,882,253
,787,134
229,586
434,097
647,523,582
283
15
82
12
135
,240,041
,835,313
,058,329
,595,247
,803,972
,739,468
310,148
,410,712
647,523,682
418,056,630
74,317,182
1,535,241
147,844
252,684
5,228,736
3,910,669
481,153
31,009
1,331,387
446,072
2,351,045
628,297
3,132,487
5U, 849, 435
320,462,406
42,584,187
34/7,979,330
4,160,778
4,683,013
744,052
3,646,058
10,904,104
340,619
8,732,993
2,065,815
290,601
4,513,406
2,318,636
267,758
64,670,252
36/468,354,008
43,495,427
43,242,743
387,630
19,460,465
2,441,544
11,218,886
1,425,395
7,618
Farms and
agricultural
services
Forestry
Fishery
Mining and quarrying
Total
wiiT^ing and
quarrying
Metal mining
(Thousand dol lars)
186,146
371,413
2,612
359,896
116,053
233,174
1,250,649
472,960
360, 341
59,884
2,461,984
334,850
163,690
322,547
142,843
40,424
786,497
106,870
698,071
133,808
2,461,984
1,812,632
453,206
1,969
103
255
4,572
14,906
7,085
752
41,588
1,906
35,000
3,429
26,474
2,403,777
1,317,522
232,340
54,014
37,253
42,403
2,038
18,247
37,672
1,184
72,571
2,361
184
13,319
2,599
2,454
313,791
2,149,952
253,825
253,570
6,649
100,222
4,736
104,958
98,907
6,163
171,547
354,125
2,484
350,261
110,766
213,268
1,168,829
444,629
347,070
56,369
2,325,112
314,670
166, 505
303,217
128,837
37,723
738,777
103,137
656,585
U4,339
1,758,469
420,640
1,838
96
253
4,428
14,640
6,977
662
33,232
1,331
34,900
3,428
25,741
2,306,635
1,274,511
213,367
51,501
36,853
39,834
1,965
17,419
35,645
1,141
69,450
1,506
184
13,214
2,548
2,304
300,517
2,061,959
244,676
244,423
6,052
96,805
4,668
101,473
95,523
5,983
9
840
9
963
6
450
2
658
10
603
43
867
15
208
10
864
1
556
80, 593
13,583
3,932
9,831
11,582
1,976
28,196
1,836
22,865
13,208
4,759
7,325
128
3,195
2,629
9,303
37,953
13,123
2,407
1,959
56,279
80,593
22,634
9,401
100
1
71
150
108
90
7,923
455
24
41,261
19,440
6,573
645
44
182
31
368
904
18
673
853
27
18
9
2,774
32,659
8,702
8,702
244
2,500
20
2,520
6,182
3,072
6,597
3,253
9,499
2,424
725
19,524
1,897
18,621
6,261
56,279
1,031,856
1,429,658
14,208
754,552
908,050
1,365,000
10,882,891
5,168,661
163,331
306,812
11,659,281
963,118
295,362
1,609,666
1,006,093
288,544
2,466,473
340,928
5,168,434
479,337
31,429
23,165
2
73
116
120
76
1
429
23,571
1£,400
1,868
366
2,387
42
460
1,123
25
2,448
2
78
33
141
10,500
55,434
447
445
353
36/518
312
200
U, 659,281
7,790,810
1,403,702
12,712
113
7,233
16,084
30,057
45,245
1,584
79,702
5,197
93,926
5,660
71,363
9,562,378
1,939,327
882,473
99,132
43,397
142,185
4,862
66,572
281,250
3,962
402,204
697,816
3,977
9,705
U9,789
10,177
742,211
8,448,039
1,U4,339
1,107,106
10,343
526,886
25,687
592,545
36,530
234,590
286,131
573
202,521
400,920
300,093
2,083,558
1,181,645
35,306
87,358
2,448,259
30,512
103,140
316,716
50,467
602,327
57,030
1,192,946
89,957
2,448,259
1,450,109
43,654
5,629
19
7,010
3,032
1,452
4,674
29
134
23,158
3,190
6,253
851,930
30,971
7,001
4,213
19,055
417
3,430
55,294
579
38,751
136,717
1,613
231
8,020
1,222
75,645
1,235,089
317,922
310,912
1.060
141,628
7,414
166,929
240
For footnotes, see pp. 162-164. For extent to which data are estimated, see pp. 3-5.
CORPORATION INCOME TAX RETURNS FOR 1951
79
Table 4 CORPORATION RETURMS WITH BALANCE SHEETS, 1951, BY MAJOR INDOSTRIAL GROUPS - PART I, ALL RETURNSi PART II, RETURNS WITH NET INCOME: NUMBHl OF RETURNS, ASSETS AND
LIABILITIES, COMPILED RECEIPTS, C0MPILS3) DEDUCTIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPEHATING LOSS DEKICTION, INCOME TAX, EXCESS FnOFITS TAX, TOTAL
TAX, COMPILED NET PROFIT LESS TOTAL TAX, AND DIVIDENDS PAID BY TYPE OF DIVIDHID - Continued
PART I. - ALL RETURNS WITH BALANCE SHEETS - Continued
Major Indiifltrlal groups 7/ - Continued
Mining and quarrying - Continued
Anthracite
mining
Bltuminoua
coal and
lignite
Dining
(8)
Crude petro-
leum and
natural gas
production
(10)
NoDinetalllc
mining and
quarrying
Construction
Manufacturing
Total
manufacturing
Beverages
Food and
Icindred
products
Number of returns with balance sheets 37/.
Assets:
Cash 38/
Notes and accounts receivable
Less : Reserve for bad debts ,
Inventor i es ,
Investments, Government obligations 39/. ,
Other Investmfints 40/
Gross capital assets 41/ (except land). . ,
Less : Reserves
Land
Other assets 42/ ,
Total assets 43/. ,
Liabilities:
Accounts payable ,
Bonds, notes, mortgages payable:
Maturity less than 1 year ,
Maturity 1 year or more ,
Other liabilities 44/ ,
Capital stock, preferred ,
Capital stock, common 45/ ,
Surplus reserves ,
Surplus and undivided profits 46/. ,
Leaa : Deficit 47/ ,
Total liabiUtles 43/.
Receipts :
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less
amortizable bond premium) :
Wholly taxable 16/
Subject to surtax only 17/
Wholly tax-exempt 18/.
Other interest
Rents 19/
Royalties 20/
Excess of net short-term capital gain over net
long-term capital loss. 21/
Excess of net long-term capital gain over net
short-term capital loss. 21/
Net gain, sales other than capital assets 22/. .
Dividends, domestic corporations 23/
Dividends, foreign corporations 2V.
Other receipts 25/
Total compiled receipts 8/.
Deductions :
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs £7/
Bad debts
Interest peld
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 31/
Net loss, sales other than capital assets 22/,...
Other deductions 32/
Total compiled deductions
Compiled net profit or net loss (37 less 54).
Net income or deficit 3/ (55 less 27)
Net operating loss deduction 33/
Income tax %/
Excess profits tax 5/
Total tax.
Compiled net profit less total tax (55 less 60).
Dividends paid: 6/
Cash and assets other than own stock ^
Corporation' s own stock
32,269
55,025
2,148
33,928
34,695
118,601
516,342
274,907
4,652
17,783
536,240
54,931
5,635
92,690
30,464
19,478
137,220
14,306
207,876
26,360
536,240
407,367
76,793
550
22
5
609
5,738
5,968
14
3,177
38
11,537
1,369
513,187
359,065
43,828
3,332
2,643
11,455
42
2,570
12,068
119
01,890
11,576
2
1,072
6,750
557
31,710
498,679
14,508
14,503
559
4,629
127
9,752
12,962
1
3,774
1,785
27,315
114,142
f TTioiia.nr^ ttollura)
212,246
299,350
2,997
U9,844
152,563
228,811
,957,81fl
911,772
19,596
48,684
2,124,143
184,268
43,489
254,381
150,706
71,238
413,476
66,197
985,179
44,790
2,124,143
2,171,838
285,901
2,375
39
100
3,807
U,263
3,751
100
31,421
660
9,835
201
14,072
2,536,363
1,630,445
219,225
23,377
9,760
53,575
800
10,801
54,235
662
83,255
74,917
903
1,826
85,205
4,807
167,932
2,421,715
113,648
113,548
1,920
55,618
909
55,441
5,270
436,894
657,931
5,943
323,230
260,560
638,189
5,500,237
2,427,693
69,288
125,088
6,567,781
473,400
183,332
1,086,854
429,773
117,082
1,061,801
150,484
2,352,538
287,483
5,567,781
2,846,628
918,776
3,231
28
27
6,924
9,308
29,257
1,429
36,189
4,083
46,924
2,269
41,215
3,946,178
1,560,653
642,310
39,375
21,239
24,417
2,350
44,649
136,876
1,729
223,438
423,719
1,021
3,994
17,224
2,806
367,770
3,403,629
642,649
642,522
6,795
264,488
10,577
312,539
30,053
115,857
131,221
2,647
75,029
69,312
79,306
824,936
372,644
34,489
27,899
982,858
65,441
32,394
72,601
78,435
30,279
251,649
52,911
429,895
30,747
982,858
914,968
78,578
927
6
91
712
2,296
1,595
12
4,247
282
2,472
1,014,639
547,234
46,139
26,047
5,542
33,683
1,263
4,122
22,777
883
44,810
60,887
438
2,582
2,590
786
99,164
888,927
125,712
125,621
1,009
60,523
6,660
58,529
44,674
966
788,463
3,171,014
21,966
772,893
119,499
476,628
1,926,478
825,461
97,602
192,909
6,698,249
1,351,824
506,933
629,254
1,454,642
90,344
881,968
157,709
1,747,967
122,392
6,698,249
321,194
13,400,687
2,062
44
332
5,484
36,309
1,956
754
35,695
4,419
11,654
1,819
123,585
269,605
11,174,394
425,198
50,229
68,797
13,852
42,230
147,106
6,947
209,457
3,234
243
30,407
16,744
4,507
929,307
13,392,257
564,036
553,704
23,129
269,101
28,309
71,865
25,820
14,542,209
24,493,400
482,310
40,773,697
12,766,667
13,267,019
89,877,851
39,462,024
2,226,716
2,892,809
160,875,834
14,684,998
6,137,835
15,796,782
19,531,206
6,861,085
30,814,591
6,888,295
61,433,196
1,272,163
160,875,834
244,435,900
4,765,626
190,568
3,071
4,638
172,465
307,880
189,061
6,148
503,531
U,639
899,828
449,232
1,016,876
252,966,452
181,031,776
2,903,965
2,906,228
946,378
3,644,397
175,243
788,729
5,717,964
199,064
3,811,235
1,250,279
157,693
2,562,038
1,481,210
48,438
20,634,421
228,259,058
24,697,334
24,692,756
168,560
11,998,107
2,062,029
14.060.136
5,715,325
840,566
303,302
462,979
U,833
1,260,580
131,487
261,967
1,987,087
659,722
74,966
110,832
3,321,635
366,595
162,705
570,778
376,120
197,367
485,039
108,808
1,702,949
48,726
3,921,635
6,816,970
35,603
1,821
24
U7
6,250
6,021
1,787
28
4,616
533
4,346
135
25,432
6,302,582
4,343,579
16,163
52,382
17,197
50,464
2,644
28,472
954,474
5,862
102,730
529
233,843
15,942
2,930
620,372
6,454,191
448,331
448,274
4,013
230,500
11,706
112,383
19,684
1,069,210
1,845,446
36,824
3,583,908
480,670
852,094
6,'S85,572
2,813,986
302,161
272,423
12,466,674
1,061,683
1,006,792
1,451,047
889,962
740,026
2,660,034
520,315
4,338,818
124,603
12,466,674
35,368,749
127,324
6,006
U3
521
17,830
23,987
6,266
1,024
24,646
1,682
24,424
26,911
95,616
29,758,
46,
220,
90,
301,
20,
99,
330,
10,
348,
1,
494,
77,
5,
2,750,
1,163,590
1,163,063
11,733
684,646
36,330
648,614
374,938
87,430
For footnotes, see pp. 162-164. For extent to which data are estijnated, see pp. 3-5,
80 CORPORATION INCOME TAX RETURNS FOR 1951
Table 4 CORPORATION RETURNS WITH BALANCE SHEETS, 1951, BI MAJOR UTOOSTRIAL GROUPS - PART I, ALL RETTIRITS; PART II, REinRMS WITH, NET racO>E: NIIMBH! OF RETURNS, ASSETS AND
LIABILITQS, COMPILED RECEIPTS, COMPILED DEDUCTIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPHiATDlG LOSS DEDUCTION, IHCOME TAI, EXCESS PROFITS TAX, TOTAL
TAX, COMPILED NET PROFIT LESS TOTAL TAX, AND DITIDENDS PAID BT TYPE OF DnnDEMD - Continued
PART I. - ALL RETURNS WITH BALANCE SHEETS - Contlnved
Major industrial groups 7/ - Continued
Manufacturing - Continued
Tobacco
anufactures
Teitile-min
products
Apparel and
products
made from
fabrics
(16)
Lumber
and wood
products,
except
furniture
(19)
Furniture
firtures
Paper and
allied
products
Printing,
publishing,
and allied
industries
(22)
Chemicals
and allied
products
Number of retuTOfl with balance sheets 37/.
Assets:
Cash 38/
Notes and accounts receivable
Less : Reserve for bad debts
Inventories
Investments, Government obligations 39/.
Other Investments 40/
Gross capital assets 41/ (except land) . .
Less : Reserves
Land
Other assets 42/
Total assets 43/.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other UablUties 44/
Capital stock, preferred
Capital stock, common 45/
Surplus reserves
Surplus and undivided profits 46/.
Loss: Deficit 47/
Total UablUties 43/.
Receipts :
Gross sales 14/
Gross receipts from operations 15/
Interest on (jovemmant obUgations (less amortizable
bond premium) :
Wholly taxable 16/
Subject to surtax only 17/
Wholly tax-exempt 18/
Other interest
Rents 19/
Royalties 20/
Excess of net short-term capital gain over net long-
term capital loss. 21/
Excess of net long-term capital gain over net short-
term capital loss. 21/
Net gain, sales other than capital assets 22/
Dividends, domestic corporations 23/
Dividends, foreign corporations 24/
Other receipts 25/
Total compiled receipts 8/.
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 31/.
Net loss, sales other than capital assets 22/
Other deductions 32/
Total compiled deductions.
Compiled net profit or net loss (37 less 54).
Net Income or deficit ^ (55 less 27)
Net operating loss deduction 33/
Income tax ^
Excess profits tax ^
Total tax.
Compiled net profit less total tax (55 less 60).
Dividends paid; 6/
Cash and assets other than own stock 6/
Corporation' s own stock
114,151
500,460
2,961
,795,144
10,995
61,104
311,518
131,839
10,144
22,557
2,691,273
63,406
434,021
595,469
205,437
225,210
479,928
41,821
649,300
3,319
3,356,983
4,798
179
42
43
577
3,136
163
1
2,053
17
4,266
97
6,753
3,379,108
1,961,803
2,190
9,339
2,368
5,183
633
25,479
839,299
1,286
12,700
109,839
7,100
116
109,370
3,086,705
292,403
292,360
296
146,142
18,304
127,957
94,738
690
12,463
(ThmiSBftfi dollars)
784,069
1,298,234
24,591
2,867,086
408,561
595,279
4,867,099
1,993,489
79,004
156,575
9,036,827
626,292
469,112
616,451
681,059
509,514
1,633,120
406,604
3,957,531
61,856
9,036,827
13,828,974
242,283
5,741
70
697
8,212
15,877
2,804
1,532
29,081
967
20,264
1,921
72,331
11,241,499
166,151
181,151
42,865
148,680
6,009
56,878
212,940
19,436
202,627
86
661
71,379
39,562
3,861
857,184
13,250,969
979,785
979,088
10,885
502,491
29, 576
243,530
40,720
367,186
841,650
19,478
1,348,126
54,071
179,671
637,493
259,315
22,911
66,485
3,238,800
556,026
329,378
214,096
270,584
159,644
720,821
50,610
1,017,017
79, 375
3,238,800
7,992,733
779,221
885
30
27
1,606
5,687
4,845
164
4,944
491
2,301
232
29,395
6,622,761
6,533,783
625,682
246,319
76,938
16,961
7,974
29,178
97,544
5,770
45, U3
20
62
72,593
15,799
1,515
884,229
161,281
161,264
8,141
97,601
3,894
101,496
59,786
37,694
14,883
327,732
512,604
10,378
876,852
236,165
253,027
2,099,430
754,496
80,134
110,565
3,730,655
308,280
192,637
311,703
340,786
72,951
884,721
80,449
1,595,091
55,963
3,730,655
5,219,170
208,256
3,323
46
73
3,364
10,718
4,302
508
179,339
1,920
6,576
93
39,695
5,677,383
3,956,359
161,121
103,532
16,034
53,749
7,438
19,970
88,832
4,900
U0,388
160,245
568
16, 510
7,881
2,965
440,743
5,150,255
527,1^8
527,055
5,575
220,918
12,473
293,737
101,829
22,663
158,757
330,124
9,748
517,494
67,569
69,280
616,639
255,754
23,939
29,946
1,548,246
170,138
83,179
109,614
162,823
56,792
333,048
35,286
609,937
32,571
3,181,211
18,853
978
9
13
1,075
2,694
665
204
2,896
124
1,573
1,220
15,773
3,227,288
2,393,552
4,264
89, U7
20,278
20,748
3,869
9,067
46,254
3,769
33,766
123
98
31,756
7,698
1,518
352,730
3,018,609
208,679
208,666
3,130
105,020
14,867
34,061
11,356
574,904
650,420
16,821
1,005, 4U
725,267
624,082
4,015,944
1,657,013
86,982
166,624
6,277,800
315,481
105,050
728,858
822,874
351,805
1,087,390
304,369
2,586,700
25,227
i, 277, 800
8,198,789
16,516
9,713
112
122
6,663
7,942
4,044
89
34,435
370
1^,403
15,755
43,600
5,626,738
3,3U
107,073
28,630
188,653
3,848
25,276
131,686
14,753
154,567
8,471
7,157
30,846
45,874
2,117
652,717
7,032,419
1,318,134
1,318,012
3,735
649,930
142,079
220,860
15,463
607,693
980,919
34,562
690,094
302,431
628,327
2,666,959
932,567
131,880
155,250
5,196,424
526,289
169,887
456,685
662,575
264,572
867,425
210,218
2,141,698
121,925
6,196,424
6,807,639
474,633
4,988
210
232
4,775
18,617
10,616
171
11,824
406
23,188
5,894
60,115
7,423,308
4,620,664
259,766
247,027
74,847
38,146
22,075
24,582
109,991
10,663
112,560
176
125
43,511
37,467
3,056
1,198,616
6,803,264
620,044
619,812
7,659
294,008
26,867
138,746
18,014
7,263
1,460,042
1,774,106
49,041
2,948,510
1,475,482
1,649,216
8,627,511
3,591,049
209,597
249,862
14,754,235
993,787
381,663
1,360,135
2,082,177
917,791
2,494,292
591,701
6,006,758
74,069
14,754,235
17,666,752
85,664
21,274
498
616
12,745
13,499
35,139
592
39,470
454
133,576
35,231
52,023
18,097,532
11,285,962
30,683
186,377
56,041
327,869
12,229
51,747
243,244
15,722
393,216
41,160
23,943
472,527
128,637
3,239
1,936,193
15,211,309
2,886,223
2,685,608
5,082
1,394,390
307,933
1,183,900
690,809
51,880
For footnotes, see pp. 162-164. For extent to which data are estimated, see pp. 3-5.
CORPORATION INCOME TAX RETURNS FOR 1951
81
Table 4,_C0RP0IUII0N RErURMS WITH BALANCE SHEETS, 1951, BY MAJOR INDUSTRIAI, GR0DP3 - PART I, ALL RETURNS; PART 11, RETORNS WITH NET INCOME: NHMBBR OF RETURNS, ASSETS AND
LUBHrTIES, COMPILED RECEIPTS, COMPILED DEDUCTIONS, COMPILE) NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPBIATDIO LOSS DEDUCTION. INCOME TAX EXCESS PROFITS TAX. TOTAL
TAX, COMPILED NET PROFIT LESS TOTAL TAX, AND DniDHIDS PAID BY TYPE OF DIVIDOn) - Continued
PART I. . ALL RETURNS UITH BALANCE SHEETS - Contlnuod
Major Industrial groups 7/ - Continued
Manufacturing - Continued
Petroleum
and coal
products
Rubber
products
Leather and
products
Stone, olAjr,
and glees
products
Primary
metal
Industries
Fabricated
metAl prod-
ucts, except
ordnance,
machinery,
and trans-
portation
equlpnent
(28)
Machinery,
except trane-
portatlon
equlpoent
end
electrical
Electrical
machinery
and
equlpnent
Number of returns with balance sheets 37/.
Asseta:
Cash 38/
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations 39/.
Other investments 40/
Gross capital assets 41/ (except land)..
Less I Reserves
Land
Other assets 4£/
Total assets 43/.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilltlos 44/
Capital stock, preferred
Capital stock, common 45/
Surplus reserves
Surplus and undivided profits 46/.
Loss: Deficit 47/
Total liabilities 43/.
Receipts :
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less amortizable
bond premium) :
Wholly taxable 16/
Subject to surtax onjj 17/
Wholly tax-exempt IB/.
Other interest
Rents 19/
Royalties ?h/
Sxcess of net short-term capital gain over net long-
term capital loss. 21/
Excess of net long-term capital gain over net short-
term capital loss. 21/
Net gain, salsa other than capital assets 22/
Dividends, domestic corporations 23/
Dividends, foreign corporations 24/.
Other receipts 25/
Total compiled receipts 8/.
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repeirs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 31/.
Net loss, sales other than capital assets 22/
Other deductions 32/
Total compiled deductions.
Compiled net profit or net loss (37 less 54).
Net income or deficit 3/ (55 less 27)
Net operating loss deduction 33/
Income tax 4/
access profits tax 5/
Compiled net profit less total tax (55 lAs 60).
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation ' a own stock
377,293
649,886
34,406
455,380
736,057
331,745
945,535
128,015
344,332
213,750
21,891,557
190,658
,680,704
172,458
286,246
478,930
179,686
159,648
52,180
21,891,557
22,654,321
806,303
24,554
112
174
18,840
108,201
40,281
338
37,293
1,201
457,163
138,729
148,799
24,436,309
16,971,496
487,446
37,828
152,938
360,222
17,598
80,980
502,792
6,209
599,248
891,717
14, 767
101,478
180,071
1,819
1,716,459
22,113,068
2,323,241
2,323,067
4,243
957,281
61,630
1,304,330
1,087,448
265,386
4,169
3,017
10,110
10,310
(ThDvaand dallmrt)
238,133
577,800
12,624
760,420
284,296
163,702
1,357,791
692,573
17,961
16,413
2,713,319
272,324
29,074
451,693
401,503
194,166
314,754
165,562
887,732
3,479
2,713,319
4,836,018
8,029
4,262
7
4
1,595
2,701
5,237
32
3,642
147
15,277
56,641
16,964
4,950,556
3,570,463
233
26,888
15,351
80,096
3,221
14,022
122,468
3,038
64,632
25
1,304
46,479
28,590
371
424,335
4,401,516
549,040
549,036
967
268,475
60,395
81,983
2,788
158,723
338,279
7,952
589,171
39,794
m,977
425,315
207,620
14,721
29,847
169,524
103,654
101,419
133,934
75,868
313,925
64,801
552,055
22,915
3,423,574
11,713
543
19
28
1,063
1,991
328
43
1,392
131
1,315
116
15,813
3,458,068
2,633,776
7,616
67,072
20,359
20,890
2,236
10, 745
44,092
3,078
23,593
93
35
30,475
9,247
1,710
274,325
3,349,342
108,726
108,698
2,046
64,624
5,249
69,873
38,853
35,358
4,709
439,130
555,566
12,989
782,238
417,778
233,438
2,938,973
1,244,046
75,365
70,637
4,256,092
281,573
90,074
342,507
501,195
139,068
1,011,811
189,020
1,742,4%
41,642
4,256,0
5,611,825
29,181
6,167
m
138
2,4Z0
5,395
3,813
69
9,811
547
10,322
15, 726
30,899
5,726,414
3,674,523
16,219
98,937
17,580
135,664
5,300
15,237
96,264
5,845
131,222
41,384
5,508
37,963
31,370
2,266
682,759
4,898,061
828,363
828,215
2,995
407,478
80,448
168,125
18,743
1,553,783
1,699,615
36,773
2,728,195
2,107,783
1,117,165
12,642,837
6,353,737
194,647
269,276
16,922,790
1,379,870
208,310
2,068,011
2,318,989
868,422
3,038,150
514,650
5,553,207
26,819
15,922,790
21,808,578
609,324
28,481
120
204
27,661
20,719
6,787
187
16,822
113
56,768
11,574
41,335
16,200,065
365,079
144,308
57,261
796,871
4,908
94,636
355,104
19, 763
397,317
97,706
54,345
42,199
221,256
2,367
840,030
19,693,205
2,935,468
2,935,264
13,840
1,454,016
340,194
1,794,209
1,141,259
490,618
19,914
865,582
1,226,439
29,430
2,281,000
423,146
367,458
3,488,736
1,418,695
125,828
117,173
7,447,237
660,583
269,131
537,065
969, 519
268,104
1,400,155
302,277
3,109,775
69,372
7,447,237
12,473,405
63,247
5,874
204
222
4,894
16,671
4,176
149
19,555
591
14,701
19,497
77,576
8,967,101
34,541
296,416
50,396
180,061
11,236
31,199
185,601
14,109
174,556
299
4,584
104,707
74,994
2,696
1,182,841
11,315,336
1,386,426
1,385,204
14,619
669,728
116,515
236,066
37,192
1,458,076
2,719,230
59,854
5,058,681
757,459
739,607
5,855,872
2,508,564
162,481
227,041
14,410,029
1,494,223
653,886
1,066,217
2,008,566
664,403
2,639,766
769,688
5,295,253
80,973
14,410,029
19,984,648
363,838
U,213
259
498
17,018
15,200
26,865
228
28,396
632
21,382
25,673
95,350
20,581,402
13,652,815
46,431
333,347
68,817
317,505
18,431
56,997
341,636
22,213
321,873
1,237
13,642
182,383
147,871
2,425
2,411,799
17,939,321
2,642,081
2,641,583
25,301
1,300,820
256,120
426, 305
64,067
3,271
657,388
1,620,802
24,211
2,785,295
650,214
840,772
2,590,215
998,127
65,630
114,933
8,302,9U
1,252,638
310,684
700,366
1,264,929
209,931
1,396,271
376,339
2,852,910
61,059
8,302,911
12,016,219
64,518
6,668
524
560
U,356
9,167
14,489
410
17,731
116
26,989
12,592
47,946
12,229,274
,493,
21,
116,
42,
149,
8,
30,
280,
188,
141,
1,
1,084,
1,487,150
1,486,690
12,880
741,923
170,135
912.058
575,092
288,694
16,560
For footnotes, see pp. 162-164, For extent to which data are estimated, see pp. 3-5.
82
CORPORATION INCOME TAX RETURNS FOR 1951
Table 4.— CORPORATION RETDRNS WITH BSLAUCE SHEETS, 1951, BY MAJOR DIDUSTRIAL GRODPS - PARI I, ALL RETURNS; ;PARI II, RETURNS WITH NET niCOME: NUMBHl OF RETORKS, ASSETS AlH
LIABILITIES, COMPILED RBCEIfTS, COMPILED DEDUCTIONS, COMPILH) NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, 'NET OPIKATDIG LOSS DEDUCTION, INCOME TAX, EXCESS PROFITS TAX, TOTAL
TAX, COMPILED NET PROFIT LESS TOTAL TAX, AND DIVIDEHDS PAID BT TYPE OF DIVIDEND - Continued
PART I. - ALL RETURNS WITH BALANCE SHEETS - Continued
Major industrial groups 7/ - Continued
Manufacturing - Continued
Transpor-
tation
equipment,
except motor
vehicles
Motor
vehicles and
equipnent,
except
electrical
Ordnance
and
accessories
Scientific
instruments ;
photographic
equi[xnent;
watches,
clocks
135]
Other
manufacturing
Public utiUties
Total public
utilities
Transpor-
tation
Communication
Number of returns with balance sheets 37/.
Assets;
Cash 38/
Notes and accounts receivable
Leas: Reserve for bad debts
Inventories
Investments, Government obligations 39/.
Other investments 40/
Gross capital assets 41/ (except land)..
Leas : Reserves
Land
Other assets 42/
Total assets 43/.
Liabilities:
Account payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other Uabillties 44/
Capital stock, preferred
Capital stock, common 45/
Surplus reserves
Surplus and undivided profits 46/.
Less: Deficit 47/
Total liabilities 43/.
Receipts:
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less ajflortizable
bond premium) :
Wholly taxable 16/
Subject to surtax only 17/
Wholly tax-exempt 18/.
Other interest
Rents 19/
Royalties 20/
Excess of net short-term capital gain over net long-
term capital loss. 21/
Excess of net long-term capital gain over net short-
term capital loss. 21/
Net gain, sales other than capital assets 22/
Dividends, domestic corporations 23/
Dividends, foreign corporations 24/
Other receipts 25/
Total compiled receipts 8/
Deductions :
Cost of goods sold 26/
Coat of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 3Q/
Advertising
Amounts contributed under pension plans, etc. 31/.
Net loss, sales other than capital assets 22/
Other deductions 32/
Total compiled deductions.
Compiled net profit or net loss (37 less 54) .
Net income or deficit 3/ (55 less 27)
Net operating loss deduction 33/
Income tax ^
Excess profits tax 5/
Total tax-
Compiled net profit less total tax (55 less 60).
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation's own stock
1,069
1,236
1,952
23,641
(Thousand dolla.
417,275
,287,496
5,466
800,931
84,107
148,632
638,047
759,758
46,013
171,285
587,336
367,706
303,219
,346,624
112,313
537,356
173,441
,419,921
119,354
,069,586
740,322
2,122
12
137
4,426
3,580
5,703
153
5,324
87
9,512
1,792
27,888
5,870,649
4,162,587
565,525
39,518
13,617
108,126
2,323
18,352
99,863
2,886
60,192
52
9,070
14,027
35,674
1,256
314,729
5,452,797
417,852
417,715
13,311
207,116
34,854
241,970
105,483
21,532
1,065,646
1,487,625
11,759
2,668,771
2,076,301
635,447
5,066,720
2,231,627
85,153
200,984
11,023,261
1,246,137
205,436
431,616
2,118,210
405,027
1,045,504
608,689
5,030,095
67,453
11,023,261
19,373,912
17,445
41,398
469
UO
13,298
5,797
4,113
65
14,278
72
40,789
67,440
31,471
14,839,550
8,082
63,464
19,589
248,820
3,486
33,972
452,216
U,712
224,617
634
11,238
91,154
176,383
2,877
869,935
17,057,739
2,552,918
2,552,808
5,932
1,278,995
260,957
1,539,952
1,012,966
585,208
5,309
34,476
28,687
1,204
85,734
20,695
54, 6U
146,860
72,804
3,477
11,587
312,119
38,203
9,580
47,824
46,733
20,186
28,799
19,340
105,907
4,453
312,119
299,130
3,814
307
3
360
1,820
7
7
106
26
246
120
976
194,874
506
3,626
530
9,393
137
2,211
7,638
693
5,832
3
39
2,963
5,135
39
21,385
255,004
51,918
51,915
202
26,353
6,787
9,406
653
168,250
467,271
9,332
787,458
160,363
122,560
935,194
400,770
23,287
33,102
180,794
138,852
193,341
357,092
86,257
419,348
81,549
862,404
22,254
2,287,383
2,999,846
14,147
2,322
18
42
3,709
2,309
2,925
60
2,837
37
6,468
8,236
12,163
1,879,047
7,186
57,059
15,767
45,952
2,140
10,290
84,980
3,688
50,447
18
2,592
60,848
28,461
363
404,155
2,652,993
402,126
402,084
3,503
198,425
41,376
76,458
71,467
321,408
637,762
20,074
1,101,118
106,856
215,868
1,240,504
496,458
46,103
72,663
3,225,750
319,408
224,366
269,963
377,157
115,442
644,004
91,983
1,265,993
72,566
3,225,750
5,446,868
50,693
1,769
62
58
2,668
6,951
3,691
94
13,038
776
5,980
3,608
28,963
5,566,219
3,863,674
26,959
175,971
39,177
49,489
8,544
19,448
90,319
4,829
73,808
5,121
1,377
82,327
17,253
1,723
703,763
5.163,782
401,437
401,379
8,372
197,228
23,340
220,568
180,869
74,587
19,243
3,170,062
3,591,110
37,694
2,359,923
2,556,648
7,701,839
82,896,739
20,506,660
564,804
2,410,661
84,707,332
2,876,474
1,025,575
31,274,937
6,699,182
4,499,088
21,585,054
982,905
16,763,466
999,349
84,707,332
218,555
34,697,223
35,701
340
639
99,153
437,400
11,859
1,648
84,299
6,521
237,834
13,732
162,081
36,006,985
159,974
21,507,488
297,551
886,827
69,863
28,544
1,053,617
2,152,371
18,130
2,221,638
44,432
122,331
U6,433
352,153
60,325
2,240,458
31.331.135
4,676,850
4,675,211
43,667
2,243,993
54,973
2,298,966
2,376,884
1,781,639
55,013
2,051,247
2,081,779
8,136
1,180,082
1,405,265
4,402,899
37,368,558
10,259,960
249, 3U
1,493,760
39,964,806
363,222
12,710,163
3,606,599
1,373,687
9,009,400
587,202
11,066,841
837,261
39,964,806
126,991
21,043,437
21,006
308
440
62,218
379,654
6,824
1,348
65,147
2,900
98,270
2,262
124,918
21,935,723
94,505
14,608,652
222,639
761,354
58,379
7,123
469,248
1,040,858
5,906
1,005,331
17,978
110,337
68,896
55,196
37,615
1,368,346
19.932.163
2,003,560
2,003,120
30,326
960,490
41,897
1,001,173
492,136
25,087
3,334
221,699
566,461
5,060
187,358
609,418
1,433,672
13,163,382
3,699,156
27,122
230,087
12,734,983
178,177
88,288
4,368,551
1,221,493
227,028.
4,943,902
61,506
1,683,658
27,620
12,734,983
9,877
5,033,158
7,101
16
43
8,003
30,995
1,708
121
1,658
3,188
89,940
1,662
5,478
5,681
2,674,829
26,091
75,696
5,792
13,809
145,553
351,213
3,617
432,261
27
26,306
189,354
1,767
350,678
4.302,664
890,284
890,241
3,172
419,275
3,516
388,681
5,573
For footnotes, see pp. 162-164. For extent to which data are estijnated, see pp.. 3-5.
CORPORATION INCOME TAX RETURNS FOR 1951
83
T,bl« 4.-C0RP0RATI0N RETURNS WITH BALANCE SHEETS, 19!)1, BY MAJOR imjUSTRlAL GROUPS - PART I, ALL RnTUHIlSi PART 11 , RBTUHMS UrTH NET INCOME: KIIMBEB OF RETURNS, ASSETS AlID
LIABTLTTIES, COMPILED RKEIFTS, COMPILED DEDUCTIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICrT, NET OPHKATING LOSS DEDUCTION, INCOME TAX, EICESS PROFTTS TAX, TOTAL
TAX, COMPILED NET PROFIT LESS TOTAL TAI, AND DIVIDEUDS PAID HYiTYPE OF DrVIDEDD - Contlnuod
PART I. - ALL RETURNS WITH BALANCE SHEETS - Continued
Major Industrial groups 7/ - Continued
Publlo utilities - Continued
Electric
and gas
utilities
Other pwbllc
utilities
Total trade
Total
vfaolesale
Consaioalon
merohanta
Other
vholesalers
Total retail
Number of returns with balance sheets 37/.
Assets :
Cash 38/
Notes and accounts receivable
Leas: Reserve for bad debts
Inventories
Investments, Government obligations 39/.
Other investments 40/
Grose capital assets 41/ (except land)..
Less : Reserves
Land
Other assets 42/
Total assets 43/.
Liabilities:
Accounts paTable
Bonds, notes, mortgages payable:
Maturity leas than 1 year
Maturity 1 year or more
Other liabilities 44/
Capital stock, preferred
Capital stock, common 45/
Surplus reserves
Surplus and undivided profits 46/.
Less: Deficit 47/
Total Uabilitles «/.
Receipts:
Gross sales 14/
Gross receipts from operations 15/
Interest on Govsamment obligations (less
amortizable bond premiuin) :
Wholly taxable 16/
Subject to surtax only 17/
Wholly tax-exempt 18/
Other interest
Rents 19/
Royalties Wj
Excess of net short-term capital gain over net
long-term capital loss. 21/
Excess of net long-term capital gain over net
short-term capital loss. 21/
Net gain, sales other than capital assets 22/. .
Dividends, domestic corporations 23/
Dividends , foreign corporations 24/
Other receipts 25/
Total compiled receipts 8/.
Deductions :
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes peld 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 31/
Net loss, sales other than capital assets 22/.. . .
Other deductions 32/
Total compiled deductions.
Compiled net profit or net loss (37 less 54).
Net income or deficit 3/ (55 less 27)
Net operating loss deduction 33/
Income tax 4/
Excess profits tax _5/.
Total tax. .
Compiled net profit less total tax (55 less 60).
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation' s own stock
861,302
905,903
23,256
970,909
521,911
,BU,420
,244,392
,313,061
269,765
659,005
30,903,290
584,442
531,306
13,737,247
1,796,206
2,812,357
7,388,500
321,554
3,851,089
119,410
30,903,290
77,779
8,406,307
7,319
12
141
28,520
25,251
3,121
164
10,755
368
47,822
9,808
26,158
8,643,525
56,892
4,128,759
43,573
46,901
3,705
7,440
421,467
739,325
8,458
762,953
26,421
11,957
20,045
106,537
£0,572
499,244
6,904,249
1,739,276
1,739,135
8,892
846.965
9,418
856,283
862,993
866,628
23,732
201,594
68,380
59,813
118,744
(T?iffu»*nrf itollara)
36,814
36,967
1,243
21,574
19,954
63,848
1,120,407
229,483
18,606
27,809
1,104,253
28,912
42,760
468,976
74,884
86,016
243,252
12,643
161,878
15,068
1,104,253
3,908
214,321
275
4
15
412
1,500
206
15
6,739
65
1,802
5.527
234,789
2,896
95,348
5,248
2,876
1,987
172
17,349
20,975
149
21,093
33
10
186
1,066
481
22,190
192,059
42,730
42,715
1,277
17,363
143
14,194
621
5,991,832
15,126,436
443,575
18,088,665
1,377,552
3,894,752
13,670,859
5,103,333
1,263,106
1,236,239
55,101,553
9,360,425
4,175,237
4,400,961
6,026,632
1,791,295
10,490,955
1,361,312
19,297,690
802,854
55,101,653
161,942,010
2,492,306
21,868
896
5, on
126,554
250,473
19,574
5,684
105,818
10,513
98,422
81,909
1,260,934
166,421,992
131,813,631
1,094,899
2,729,660
1,563,371
397,694
246,858
368,506
1,369,775
71,803
967,876
19,950
3,390
1,472,818
196,728
21,160
18,610,929
160,949,048
5,472,944
5,467,933
67,352
2,556,991
196,588
1,075,739
270,266
2,684,123
8,517,785
175,647
8,407,879
634,677
2,147,119
4,369,468
1,604,674
315,727
470,263
25,766,515
5,515,563
2,514,039
1,843,335
2,325,456
711,488
4,503,271
623,990
8,095,473
366,090
25,766,516
83,991,193
1,661,186
10,136
279
858
53,314
65,150
15,646
4,018
61,289
3,615
57,167
71,480
492,690
86,478,021
73,372,120
667,888
1,218,674
289,607
120,254
97,968
179,720
539,859
31,523
318,521
16,806
2,046
371,567
75,984
5,401
6,497,678
83,805,816
2,672,205
2,671,347
35,716
1,254,438
125,612
1,292,155
458,992
147,819
360,795
837,723
14,764
185,465
75,335
278,325
205,133
60,518
15,765
4;, 898
1,926,187
572,516
178,107
U4,174
164,444
46,463
313,612
35,291
553,204
51,624
1,926,167
3,574,023
710,583
1,352
13
191
9,803
7,479
1,125
921
4,961
11,567
1,270
46,592
4,370,238
3,312,380
118,681
142,397
24,979
3,430
6,437
12,067
21,883
2,612
14,448
552
195
22,365
7,442
567
496,675
4,167,100
183,138
182,947
4,697
77,781
6,983
30,610
6,704
2,323,328
7,680,062
161,093
8,222,414
559,342
1,868,794
4,164,325
1,544,156
r99,942
427,370
23,840,328
4,943,037
2,336,932
1,729,161
2,161,012
665,025
4,189,659
588,699
7,542,269
314,466
23,840,328
80,417,170
950,603
6,784
266
667
43, 5U
57,671
14,521
3,097
46,328
3,247
45,610
70,210
446,098
82,107,783
70,059,740
549,207
1,076,477
264,628
116,924
91,531
167,653
517,976
28,911
304,073
16,254
1,851
349,202
68,642
4,344
6,001,003
79,618,716
2,489,067
2,488,400
31,019
1,176,657
118,629
428,382
141,115
3,039,634
5,748,763
240,410
8,597,400
710,735
1,550,175
8,411,628
3,129,485
840,844
712,787
26,241,971
3,293,384
1,450,999
2,293,282
2,452,871
979,049
5,326,222
665,190
10,148,654
367,680
26,241,971
70,043,422
664,083
11,013
562
3,956
67,825
166,062
3,213
1,348
45,114
5,823
36,421
10,202
699,616
52,151,810
362,413
1,337,601
1,199,972
253,567
133,433
167,116
746,228
37,060
584,551
1,870
1,122
1,026,989
112,080
10,881
11,071,443
69,198,136
2,565,523
2,561,567
27,682
1,197,070
63,836
575,715
113,520
434,836
260,041
5,134
933,642
40,184
134,469
1,363,779
486,534
82,416
107,991
2,891,690
528,465
110,227
321,330
232,393
162,603
490,713
65,017
1,020,216
39,276
2,891,690
15,609,806
62,542
613
7
163
4,711
11,539
162
169
5,149
386
2,614
2,416
31,699
12,840,141
43,655
88,837
134,235
47,195
6,201
16,834
109,647
107,691
41
59
85,666
23,237
3,440
1,942,656
15,454,402
277,571
277,408
1,867
141,655
5,397
69,960
15,447
For footnotes, see pp. 162-164. For extent to which data are estimated, see pp. 3-5.
84
CORPORATION INCOME TAX RETURNS FOR 1951
Table 4 — CORPORillON HETHRNS WnH BALANCE SHEETS, 1951, BY MAJOR UTOUSTRIAL GROnpS - PART I, ilX RETOraiS; PAKT II, RETURMS WITH NET INCOME: NDWBER OF RETURNS, ASSETS AND
LIABrLITIES, COMPILED RECEIPTS, COMPILED DEDOCTIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPERATING LOSS DEDOCTION, INCOME TAI EICESS PROFITS TAI, TOTAL
TAX, COMPILED NET PROFIT LESS TOTAL TAI, AND DIVIDENDS PAID BI TIPE OF DIVIDEND - Continued
PARI I. - ALL RBniRNS WITH BALANCE SHEETS - Continued
Major industrial groups 7/ - Continued
Trade - Continued
Retail - Continued
General
merchandise
Apparel and
accessories
Furniture
and house
furnishings
Automotive
dealers and
filling
stations
Drug stores
Eating and
drinking
places
Building
materials
and hardware
Other
retail
trade
Trade not
allocable
25
26
27
28
29
30
31
Number of returns ulth balance aheeta 37/.
Assets :
Cash 38/
Notea and accounts receivable
Leas: Reserve for bad debts
Inventories
Investments, Government obligations 39/.
Other investments 40/
Groas capital assets 41/ (except land) , ,
Less : Reserves
Land
Other assets 42/
Total aasets 43/.
LiabiUtiea:
Accounts payable
Bonda, notes, mortgages payable:
Maturity lesa than 1 year
Maturity 1 year or nwre
Other UabiUties 44/
Capital atock, preferred
Capital atock, common 45/
Surplus reserves
Surplus and undivided profits 46/.
Less: Deficit 47/
Total UabiUties 43/.
Receipts:
Gross salea 14/
Gross receipts from operations 15/
Interest on Government obUgations (less
amortizable bond premium) :
WhoUy taxable 16/.
: only .
; 18/..'
WhoUy tax-exempt _:
Other interest
Rents 19/
Royalties 20/
Excess of net short-tenn capital gain over net
long-term capital loss. 21/
Ebccess of net long-term capital gain over net
short-term capital loss. 21/
Net gain, sales other than capital assets 22/. .
Dividends, domestic corporations 23/
Dividends, foreign corporations 24/
Other receipts 25/
Total compiled receipts 8/.
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Aioounts contributed under pension plans, etc 31,
Net loss, sales other than capital assets 22/77
Other deductions 32/
Total complied deductions.
Compiled net profit or net loss (37 less 54).
Net income or deficit 3/ (55 less 27)
Net operating loss deduction 33/
Income tax ^
Excess profits tax ^
Compiled net profit less total tax (55 less 60).
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation's own stock
979,503
,881,669
123,694
,501,433
431,881
638,674
,633,741
,003,708
322,863
247,288
8,409,440
908,197
196,682
630,776
783,284
412,741
,542,720
367,316
,592,451
26,727
16,973,459
71,317
6,232
118
167
21,193
65,822
270
18
5,305
401
13,744
7,583
165,424
16,331,053
1,567,901
23,583
US, 002
3U,057
79,540
25,972
38,484
237,713
U,300
131,286
17
82
386,135
68,109
335
1,318,942
1,0U,695
1,012,428
2,692
504,359
32,690
475,646
298,445
29,935
13,701
14,077
20,233
fr/iooaand dollars)
304,271
520,881
15,568
932,772
51,893
155,396
661,073
268,614
30,242
54,996
386,561
U0,466
197,163
202,765
U4,580
502,624
29,875
938,144
54,737
2,427,341
6,322,313
30,426
912
10
3,196
2,668
26,804
102
18
1,390
184
6,341
1
88,041
5,482,407
3,508,531
8,830
153,428
272,733
16,686
15,083
1^,074
61,464
3,609
61,869
4
182
142,479
6,049
all
1,070,301
5,322,123
160,284
157,086
4,693
71,379
1,973
36,769
U,619
131,398
765,639
26,980
584,857
26,763
72,682
266,615
101,737
31,137
34,016
225,620
152,814
141,066
242,027
51,250
402,308
43,921
558,012
33,727
1,783,290
:,e67,789
35,777
634
7
106
6,807
5,919
141
140
1,167
277
1,169
2
144,266
1,862,134
10,578
122,484
74,281
8,625
16,456
15,363
38,176
2,747
23,427
2
32
93,343
1,402
401
685,006
2,956,457
97,624
97,618
2,934
44,337
1,297
45,634
51,990
14,535
7,066
618,195
857,406
23,173
1,533,757
79,973
341,957
1,278,293
391,906
194,067
127,261
4,615,812
366, U6
456,815
371,463
451,800
99,313
860,757
71,872
1,971,398
33,712
4,615,812
16,845,663
294,753
1,229
30
41
18,946
19,635
403
1,944
4,850
13,878,469
190,470
399,026
130,541
38,994
25,486
40,683
U4,967
7,359
101,304
81
341
173,064
4,878
1,901
1,633,781
16,741,234
572,126
572,065
2,385
242, 8U
9,844
252,655
319,471
74,965
28,387
83,574
51,334
1,145
271,936
6,439
30,263
248,417
98,686
8,170
17,217
617,519
93,707
17,612
83,648
44,760
17,568
122,146
15,758
232,988
10,657
617,519
1,648,170
12,716
228
6
23
734
6,014
63
1,106
30
1,865
34
12,621
1,122,537
3,184
43,483
54,682
7,267
717
4,181
23, U7
1,044
17,692
5
22,215
2,154
423
332,261
48,853
48,830
766
21,994
1,501
26,368
13,470
1,962
101,409
62,769
288
85,323
10,488
48,906
672,006
259,939
46,540
38,606
794,819
128,223
51,564
162,613
79,210
19,368
215,651
6,744
2U,614
70,058
794,819
2,156,330
46,588
216
6
, 100
348
9,293
106
84
3,507
774
1,171
1
16,674
1,199,697
20,871
81,639
102,526
24,157
855
6,724
48,034
751
50,693
1
120
17,707
1,454
980
648,875
2,206,084
30, U3
30,013
4,165
21,618
1,609
11,021
642
176,877
640,961
18,424
977,148
26,082
93,042
647,901
230,688
72,501
30,844
2,316,244
276,966
176,196
164,697
147,494
39,970
632,303
24,222
880,956
25,558
4,741,160
33,435
464
339
72
6,406
8,U4
891
121
6,363
779
2,433
2
57,301
3,675,685
20,176
154,654
27,980
14,532
17,402
16,340
61,444
2,342
43,539
1,606
47
30,927
2,078
855
581,743
4,641,850
216,030
216,968
2,167
85,165
5,231
32,034
13,598
209,571
718,061
25,804
776,532
37,032
134,786
714,803
287,673
53,928
64,580
380,-530
176,624
230,637
269,138
61,676
657,101
40,466
742,873
73,228
4,893,740
76,630
581
39
86
6,012
12,922
1,075
202
6,053
1,048
2,234
95
73,281
3,496,716
41,066
176,049
91,937
17,581
23,261
16,533
61,676
2,440
67,160
U8
264
75,454
3,719
1,730
857,873
4,923,571
160,327
160,241
6,023
63,752
4,394
24,516
4,964
268,075
868,888
27,318
1,083,406
32,140
197,458
889,373
369,174
106,535
53,184
3,093,067
551,488
210,199
264,344
248,205
100,758
661,462
72,132
1,053,563
69,084
3,093,067
7,902,395
167,037
739
65
197
6,415
19,261
715
318
9,416
1,075
4,834
227
68,629
6,289,701
64,598
173,135
73,792
23,873
15,457
21,670
83,688
3,220
64,804
1,274
222
74,262
8,664
4,878
1,041,808
7,945,096
236,216
235,019
3,954
105,483
7,140
41,032
8,927
For footnotes, see pp. 162-164. For extent to which data are estimated, see pp. 3-5.
CORPORATION INCOME TAX RETURNS FOR 1951
85
Table 4.— CORPORATION RETURNS WITH BALANCE SHEETS, 1951, BY MAJOR INDUSTRIAL GRDOPS - PART I, ALL RETURNS; PART II, RBTDRNS WITH NET INCOME: NUMBm OP RETURNS, ASSETS AND
LLABHrriES, COMPILED RECEIPTS, COMPILED DEDUCTIONS, COMPILED NET PRDPIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPHUTING LOSS DEDUCTICW, INCOME TAX, EXCESS PROFITS TAX, TOTAL
TAX, COMPILED NET PROFIT LESS TOTAL TAX, AND DIVIDENDS PAID BT TYPE OF DIVIDHTO - Continued
PART I. - ALL RETURNS WITH BALANCE SHEETS - Continued
Major tndufltrlftl groups 7/ - Continued
Finance, Inoxirance, real estate, and lesaors of real property-
Total finanoe,
Insurance, real
estate, and
lessors of real
property
167)
Total finance
Banks and trust
companies
Credit agencies
other than banks
Holding and
other
investment
companies
(81)
Security and
commodity-
exchange brokers
wnH dealers
(82)
Number of returns with balance sheets 37/,
Assets:
Cash 38/
Notes and accounts receivable
Less : Reserve for bad debts
Inventories
Investments, Government obligations 39/.
Other investments 40/
Gross capital aasets 41/ (except land)..
Less : Reserves
Land
Other assets 42/
Total assets 43/.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities 44/ ,
Capital stock, preferred
Capital stock, common 45/
Surplus reserves
Surplus and undivided profits 46/.
Less: Deficit 47/
Total liabilities 43/.
Receipts :
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less amortizable bond
premium) :
WhoUy taxable 16/
Sub j ect to surtax only 17/
Wholly tax-exempt 16/.
Other interest
Rents 19/
Royalties 20/
Ejtcess of net short-tenn capital gain over net long-term
capital loss. 21/
Excess of net long-term capital gain over net short-term
capital loss. 21/
Net gain, sedes other than capital assets 22/
Dividends, domestic corporations 23/
Dividends , foreign corporations 24/
Other receipts 25/
Total compiled receipts 8/, ,
Deductions :
Cost of goods sold 26/ ,
Cost of operations 26/ ,
Campensation of officers ,
Rent paid on business property ,
Repairs 27/ ,
Bad debts ,
Interest paid ,
Taxes paid 28/ ,
Contributions or gifts 29/ ,
Depreciation ,
Depletion ,
Amortization 30/ ,
Advertising
Amounts contributed under pension plans, etc. 31/ . ,
Net loss, sales other than capital assets 22/
Other deductions 32/
Total compiled deductions.
Compiled net profit or net loss (37 less 54),
Net income or deficit 3/ (55 less 27)
Net operating loss deduction 33/
Income tax 4/ ,
Ercess profits tax _5/. .
Total tax.
Ccopiled net profit less total tax (55 less 60).
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation' s own stock
158,335
129,273
616,626
704,523
23,095
,882,310
,769,524
,261,869
,735,697
,762,877
,010,405
317,025,959
6|
16,
248,
1,
13,
2,
27,
3,
450,282
849,587
288,629
779,388
989,156
629,204
202,405
043,499
317,025,959
177,268
8,438,267
1,264,129
143,053
234,325
4,792,434
2,576,741
188,748
12,689
434,930
401,039
949,029
64,406
339,994
20,017,052
133,802
58,345
34/992,111
292,411
179,579
251,767
1,217,605
929,563
30,904
651,022
47,103
674
137,201
107,696
102,407
8,796,692
35/13,929,482
6,087,570
5,853,245
42,736
1,468,353
46,907
1,515,260
4,572,310
1,700,264
180,604
34,836
12,446
6,535
(Thoutanif dol Imra)
46,389,339
69,171,556
674,178
12,045
71,476,584
16,449,474
2,214,993
445,446
231,623
1,892,948
206,720,936
1,128,240
6,015,100
4,312,717
171,310,611
1,219,776
7,938,768
2,315,346
14,860,748
1,380,368
206,720,938
U3,409
1,772,380
860,046
134,663
166,648
3,015,920
151,158
66,508
7,940
289,441
66,696
631,857
60,887
175,451
91,312
36,243
576,052
96,583
34,264
239,027
717,468
221,968
20,403
109,201
14,400
169
85,231
79,863
74,001
2,269,930
4,664,115
2,838,888
2,672,240
10,654
870,531
24,691
1,943,666
1,260,872
137,761
44,827,449
59,271,058
520,059
69,874,574
5,988,196
1,530,478
227,011
120,663
1,384,994
162,250,332
28
4,366
169,046,163
68,848
3,751,331
1,156,596
8,242,907
19,928
182,250,332
669,147
825,845
133,314
162,270
2,473,761
121,436
2,060
2,298
41,841
1,865
15,577
525
84,099
441,641
58,219
29,066
172,733
406,943
169,947
14,630
86,502
132
55,282
66,817
70,470
1,499,253
865,545
8,904,830
134,500
11,865
281,440
867,972
220,947
71,472
28,289
195,736
11,170,652
542,596
4,366,815
2,824,852
1,087,756
347,044
929,838
307,721
1,107,960
343,930
11,170,652
106,718
921,481
4,339
136
376
446,976
4,993
103
879
15,386
2,585
14,731
3,661
40,672
1,562,039
3,071,635
1,462,403
1,300,133
3,726
560,022
18,938
418,774
76,691
87,748
67,674
27,499
3,438
63,587
256,724
30,886
3,354
13,478
4
143
24,539
8,882
1,587
532,040
1,121,762
440,263
439,877
3,818
575,418
744,215
19,203
48
826,685
1,117,476
401,292
116,938
67,283
177,161
11,773,437
323,994
188,308
1,304,423
878,418
765,250
3,156,049
836,492
5,290,023
968 , 520
11,773,437
6,691
64,819
13,823
413
1,445
91,037
23,073
63,757
3,961
226,069
2,536
592,071
56,463
42,666
1,188,744
3,564
35,243
23,919
3,789
973
2,230
42,829
13,940
1,966
6,719
13,867
26
1,176
1,870
1,263
123,376
276.769
9U,975
910,530
2,006
205,937
3,732
110,038
6,926
104,910
1,199
106,109
805,666
724,799
49,823
120,927
251,453
416
132
496,885
475,630
62,276
31,025
15,398
135,057
1,526,517
261,649
459,949
179,056
296,274
38,634
102,550
14,537
219,858
47,990
1,526,517
116,933
6,038
800
2,557
5,147
1,656
588
802
6,125
69,710
9,478
238
8,114
218,186
41,618
7,076
787
477
10,972
7,196
453
2,502
377
4,235
2,294
681
115,261
193.929
24,257
21,700
1,104
9,662
822
7,261
2,321
For footnotes, see pp. 162-164. For extent to which datA are eatioated, see pp. 3-5.
86
CORPORATION INCOME TAX RETURNS FOR 1951
Table 4.— CORPORATION RETURNS WTTH BALANCE SHEETS, 1951, BY MAJOR IKDDSrRIAL GROOPS - PARI I, ALL RBTDRNSj PART II, RETURNS WITH NET INCOME: NUMBER OF RETURNS, ASSETS AND
LIABILITIES, COMPILED RECEIPTS, COMPILED DEDUCTIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPERATINC LOSS DEDUCTION, fflCOME TAX, EXCESS PROFITS TAX, TOTAL
TAX, COMPILED NET PROFIT LESS TOTAL TAX, AND DIVIDENDS PAID BY TYPE OF DITIDEllD - Continued
PART I. - *LL RETUHIIS WITH BALANCE SHEETS - Continued
Major industrial groups 7/ - Continued
Finance, insurance, real estate, and lessors of real property - Continued
Insurance carriers and agents
Total
insurance
carriers 9/
and agents
(O)
Insurance
carriers 9/
Insurance
agents and
brokers
Real estate,
except lessors
of real
property other
than buildings
Lessors of
real property,
except
buildings
(67)
Total services
Hotels and
other lodging
places
Number of returns with balance sheets 37/.
Assets :
Cash 38/
Notes and accounts receivable
Less ; Reserve for had debts
Inventories
Investments, Government obligations ,39/.
Other investments 40/
Gross capital assets 41/ (except land)..
Less : Reserves
Land
Other assets 42/
Total assets 43/.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or imare
Other liabilities 44/
Capital stock, preferred
Capital stock, common 45/
Surplus reserves
Surplus and undivided profits 46/.
Less: Deficit 47/
Total liablUtlos 43/.
Receipts ;
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less amortizable
bond premium) :
Wholly taxable 16/
Subject to surtax only 17/
Wholly tax-exempt 18/.
Other interest
Rents 19/
Royalties 20/
Excess of net short-term capital gain over net long-
term capital loss. 21/
Excess of net long-term capital gain over net short-
term capital loss. 21/
Net gain, sales other than capital assets 22/
Dividends, domestic corporations 23/
Dividends, foreign corporations 24/
Other receipts £5/
Total compiled receipts 8/.
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 31/.
Net loss, sales other than capital assets 22/
Other deductions 32/
9,705
576,206
671,735
6,356
9,784
959,760
,470,412
807,135
45,161
28 , 393
,497,793
84,969,711
459,172
55,145
70,390
75,540,818
43,436
1,233,250
35,560
7,669,566
137,626
84,969,711
39,185
5,515,693
385,964
7,823
64,889
1,722,229
173, U6
93
284
39,104
3,226
280,035
2,297
25,348
29,514
34/141,149
61,772
3,328
5,343
15,121
184,296
2,858
57,488
187
26
19,502
23,624
2,535
5,295,424
Total compiled deductions.
36/5,842,167
Compiled net profit or net loss (37 less 54),
Net income or deficit 3/ (55 less 27)
Net operating loss deduction 33/
Income tax 4/
Excess profits tax h/
2,417,119
2,352,230
3,019
265,599
8,264
Compiled net profit less total tax (55 less 60).
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation' s own stock
206,266
27,109
(Thotisand dollars)
2,379,884
244,214
2,943
9,782
18,938,069
57,368,676
701,174
22,744
18,801
4,456,779
84,091,692
12,078
25,137
39,499
75,464,165
24,641
1,124,828
16,410
7,505,995
111,061
84,091,692
39, U5
5,017,128
385,502
7,809
64,869
1,720,157
169,755
93
262
37,830
3,137
274,474
1,641
12,976
7,734,818
29,514
34/29,911
43,753
2,359
3,122
12,447
174,313
1,630
50,550
184
25
U,622
20,435
2,391
4,999,468
35/5,381,724
2,353,094
2,288,225
1,688
241,119
6,587
189,048
26,091
196,322
427,521
3,413
2
21,691
101,736
105,961
22,407
9,592
41,014
878,019
447,094
30,008
30,891
86,653
18,796
108,422
19,150
163,571
26,565
878,019
462
14
20
2,072
3,361
22
5,561
656
12,372
111,238
18,019
969
2,221
2,674
9,983
1,228
6,938
3,189
144
295,956
64,025
64,005
1,331
24,480
1,677
26,157
19,218
1,018
1,072,415
1,684,087
20,961
1,264
358,434
2,622,587
15,018,317
3,824,161
4,316,759
525,883
21,754,624
1,218,207
1,256,288
11,112,872
1,273,958
394,482
3,520,125
250,253
3,954,748
1,226,309
21,754,624
24,665
1,150,180
26,038
527
2,641
52,192
,111,617
4,398
4,295
90,359
329,635
33,080
1,189
128,098
12,966
23,702
269,619
129,206
139,986
7,U3
446,009
494,132
7,428
468,080
871
443
32,366
3,764
24,091
1,202,903
3,262,669
696,245
693,604
28,066
269,909
9,484
279,393
152,470
15,152
91,313
89,448
3,028
85,532
217,051
3,221,424
420,939
206,102
93,781
3,580,686
75,188
123,749
1,353,608
163,242
121,694
1,297,013
28,046
717,343
299,196
3,580,686
2,082
40
147
2,093
140,850
117,749
170
16,026
1,482
4,057
33
11,097
10
6,291
4,850
2,001
284
39,007
29,167
215
16,263
31,645
36
112
445
1,780
28,435
160,531
135,318
135,171
997
62,314
4,468
66,782
78,656
582
973,242
1,176,039
32,007
632,718
210,189
1,117,666
6,020,436
2,484,778
748,408
305,425
8,667,338
859,188
461,493
1,903,214
877,536
229,781
1,626,234
266,924
2,870,736
426,768
8,667,338
1,302,575
8,531,763
6,028
217
226
12,459
252,767
17,260
1,430
42,977
4,547
24,735
8,120
126,538
755,329
4,711,874
470,346
339,063
136,964
20,202
89,740
265,535
8,544
393,159
635
2,106
171,849
41,419
7,357
2,380,168
9,794,180
637,462
637,236
24,684
302,989
22,143
179,452
10,368
6,918
141,369
96,580
1,997
54,220
27,533
139,880
1,924,903
787,625
306,833
65,944
1,967,640
113,129
96,421
744,199
129,114
62,307
336,329
28,624
560,898
103,331
604,687
924,091
2,142
8
3
1,859
135,820
302
390
7,472
776
3,396
900
15,490
1,597,235
280,125
330,609
34,484
69,991
59,902
2,499
33,258
72,924
1,456
89,673
US
295
25,296
1,573
2,032
494,699
1,498,939
98,293
3,773
47,446
1,743
49,107
21,614
1,480
For footnotes, see pp. 162-164. For extent to which data are estimated, see pp. 3-6.
CORPORATION INCOME TAX RETURNS FOR 1951
87
Table 4 CORPORATION RETURNS WrTH BALANCE SHEETS, 1951, BY MAJOR INDUSTRIAL GROUPS - PART I, ALL RETURNS; PART II, RETURNS VHM NET INCOKE: NUMBHl OF RETURNS, ASSETS AND
LIABILITIES, COMPILED RECEIPTS, COMPILED DEDUCTIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPERATING LOSS DESUCTION, INCOME TAX, EXCESS PROFITS TAX, TOTAL
TAX, COMPILED NET PROFIT LESS TOTAL TAX, AND DIVIDEMDS PAID DT TYPE OF DIVIDQJD - Continued
PART I. - ALL RErtTRNS WITH BALANCE SHECTS - Continued
Major Industrial groupB 7/ - Continued
Services - Continued
Pereonal
servloea
Business
services
Autconotlve
repair
services
and garages
(72)
MlscellaneouB
repair
services,
hand trades
Motion
pictures
Ajmisement,
except
motion
pictures
(7b)
Other
services.
Including
schools
Nature of
business not
allocable
Number of returns with balance sheets 37/. ,
Assets :
Cash 38/
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Govermaent obUgatlons 39/. ,
Other investments 40/
Qross capital assets 41/ (except land)..
Less : Reserves
Land
Other assets 42/
Total assets 43/.
Liabilities:
Accounts payable ,
Bonds, notes, mortgages peTable:
Maturity less than 1 year ,
Maturity 1 year or more ,
Other liabilities 4^ ,
Capital stock, preferred ,
Capital stock, common 45/ ,
Surplus reserves ,
Surplus and undivided profits 46/. ,
Less : Deficit 47/ ,
Total Uabllltles 43/.
Receipts:
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less amortlzable
bond premium) ;
Wholly taxable 16/
Subject to surtax ov2j 17/
Wholly tax-exempt IB/.
Other interest
Rents 19/
Royalties 20/
Excess of net short-term capital gain over net long-
term capital loss. 21/
Excess of net long-term capital gain over net short-
term capital loss. 21/
Net gain, sales other than capital assets 22/
Dividends, domestic corpwrations 23/
Dividends , foreign corporations 2V
Other receipts 25/
Total compiled receipts 8/
Deductions :
Coat of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property ,
Repairs 27/
Bad debts ,
Interest paid
Taxes paid 28/
Contributions or gifts 29/ ,
Depreciation
Depletion ,
Amortization 30/ ,
Advertising ,
Amounts contributed -jnder pension plans, etc. 31/. ,
Net loss, sales other than capital assets 22/ ,
Other deductions 32/ ,
Total compiled deductions.
Compiled net profit or net loss (37 less 54).
Net Income or deficit 3/ (55 less 27)
Nat operating loss deduction 33/
Income tax ^
Excess profits tax b/, ,
Total tax.
Compiled net profit less total tax (55 less 60).
Dividends paid: _§/
Cash and assets other than own stock 6/
Corporation's own stock
91,658
123,282
2,275
81,899
15,537
57,351
816,662
364,413
42,028
39,898
901,627
93,929
55,070
130,439
78,003
32,247
234,268
8,640
320,083
51,052
901,627
307,235
1,339,082
284
8
18
589
3,548
538
59
3,564
325
1,139
163,173
736 , 394
100,103
47,571
20,648
3,667
7,383
37,875
1,204
57,638
7
71
25,055
1,556
669
398,355
63,644
63,626
3,622
27,471
1,975
12,349
1,468
U,177
(Thoul*nd dollmrtf
279,724
487,085
U,068
63,901
62,128
380,771
880,680
318,722
28,860
67,990
292,500
81,787
248,156
305,293
61,823
333,127
99,383
561,747
52,472
1,921,349
2,801,948
85,082
1,513,459
162,098
49,770
15,350
5,393
11,954
37,633
1,949
78,689
173
68
20,474
23,362
887
603,875
2,611,216
190,732
190,670
4,515
88,095
9,049
93,587
44,086
1,950
36,099
56,021
718
30,283
3,310
19,619
355,945
122,749
46,548
14,535
437,893
42,591
48,577
122,936
29,639
13,748
70,415
4,548
UB,045
12,606
437,893
129,697
100,926
584,849
391,063
1,088
218
41
2
62
2
4,250
293
32,368
18,677
6,169
-
250
469
7,652
8,697
423
586
10,134
436
1,290
_
23,715
6,084
67,869
195,304
28,374
36,042
5,508
1,042
6,755
13,196
315
46,967
34
4,667
410
234
85,781
493,488
33,865
33,863
1,010
12,291
592
12,883
20,982
3,214
874
24,440
211,824
49,239
187,010
976
9,318
40,272
324,907
2,146
42,286
4,802
435,430
68,363
1,262,211
23,525
601,723
2,948
236,272
3,870
66,142
171,579
33,684
15,936
9,716
25,002
3,997
34,720
1,903
55,337
8,616
171, 579
80,717
317,526
51,774
225,308
19,688
6,303
2,397
963
928
7,149
126
6,467
1
15
3,295
666
221
60,014
384,305
18,806
18,805
1,718
8,144
806
3,148
1,336
2,155,041
168,299
102,360
481,029
165,513
37,865
333,808
85,783
887,166
106,882
2,155,041
76,208
1,706,014
1,225
124
3
4,161
45,868
7,126
104
11,064
1,671
7,422
5,728
47,608
48,005
1,060,617
39,988
80,179
16,803
2,510
21,116
49,591
1,041
69,436
95
1,605
62,048
7,551
1,027
340,987
1,791,599
122,728
122,725
3,727
61,793
1,782
67,081
649
98,710
37,739
388
10,826
29,631
39,166
453,507
169,933
63,992
28,181
591,431
45,037
34,322
110,712
66,491
12,336
171,149
10,666
197,672
56,954
591,431
59,562
579,244
409
13
4
486
10,519
2,115
149
2,785
471
827
41
12,476
669,101
29,465
287,463
26,754
24,386
10,633
1,241
5,241
31,493
1,899
29,357
92
8
15,610
881
1,659
146,093
612,156
56,936
55,932
3,133
31,993
2,233
22,710
18,097
1,021
5,698
90,418
139,083
6,267
26,410
27,618
40,647
258,165
96,088
20,927
18,865
520, 778
70,119
27,020
56,027
78,381
15,457
111,418
27,372
169,789
34,805
520,778
43,743
789,895
21
134
753
5,106
1,010
5
924
221
1,254
161
9,739
28,836
372,730
58,857
24,821
5,723
2,897
3,105
15,674
664
15,942
44
10
14,504
5,420
528
251,354
801,099
52,456
52,322
3,186
25,755
3,964
29,719
22,737
9,863
1,590
40,263
79,095
877
10,378
U,793
77,125
94,481'
27,560
22,401
18,963
326,052
40,092
23,634
48,355
31,666
15,298
154,044
5,321
128,184
130,552
326,052
41,440
17,809
5,090
1,849
1,131
686
1,812
2,868
81
3,831
106
3
636
298
933
22,286
100,667
2,007
1,982
510
3,823
172
3,995
36/1,988
3,150
45
54,786
23
34,503
24
184
25
7
26
25
27
630
28
3,636
29
376
30
320
31
2,947
32
291
33
617
34
-
35
For footnotes, see pp. 162-164. For extent to which data are estimated, see pp. 3-S.
88 CORPORATION INCOME TAX RETURNS FOR 1951
Table 4.-^0RPOR4IION RETURNS WITH BALANCE SHEETS, 1961, BY MAJOR INDUSTRIAL CROUPS - PAKT I, ALL REnJHNSi PAW II, RKTORNS UITH NET INCOME: NOTEBK OF RETURNS, ASSETS AND
LIABILrTIES, COMPILED RICEHTS, COMPHK) DEDUCTIONS, COMPILtl) HEP PROFIT OR NET LOSS, NET INCOME OR DEFICIT, MET OPHIATING LOSS DEDUCTION, INCOME TAX, EICESS PROFITS TAI,TOTAL
TAI, COMPILED NET PROFIT LESS TOTAL TAX, AND DIVIDQIDS PAID BY TYPE OF DIVIDEln) - Continued
PART II. - RETURNS KITH NET INCOME 3/
Major industrial groups 7/
All
industrial
groups
Agrieulture, forestry, and fishery
Total
agriculture,
forestry,
and fishery
(2)
Farma and
agricultural
serrices
Forestry
Fishery
Mining and quarrying
Total
mining and
quarrying
Metal mining
Number of returns with balance sheets 37/.
Assets:
Cash 38/
Notes and accounts receivable
Lesa : Reserve for bad debts
Inventories
Investments , Government obligations 39/.
Other investments 40/
Gross capital assets 41/ (except Isnd) . .
Less : Reserves
Land
Other assets 42/
Total assets 43/.
LlabiUties:
Accounts payable
Bonds, notes, mortgages payable:
Maturity leas than 1 year
Maturity 1 year or more
Other liabilities 44/
Capital stock, preferred
Capital stock, common 45/
Surplus reaervea
Surplus and undivided profita 46/.
Leas: Deficit 47/
Total llabiUtiea 43/.
Receipts:
Gross salea 14/
Gross receipts from operations 15/
Interest on Government obligations (leas amortizable
bond premium) :
Wholly taxable 16/
Subject to aurtax only 17/
Wholly tax-exempt 18/
Other interest
Rents 19/
Royalties 20/
Excess of net short-term capital gale over net long-
term capital loss. 21/
Bccess of net long-term capital gain over net short-
term capital losa . 21/
Net gain, aales other than capital aasets 22/
Dividenda , domestic corporations 23/
Dividenda , foreign corporationa 24/
Other receipts 25/
Total compiled receipts 8/.
Deductions :
Coat of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or glftfl 29/
Depreciation
Depletion
Amortization 30/
Advertlalng
Amounts contributed under pension plans, etc. 31/. ,
Net loss, aales other than capital aaaeta 22/
Other deductions 32/
Total compiled deductions.
Compiled net profit (37 leas 54) .
Compiled net profit 137 lea
Net income 3/ (65 less 27).
Net operating loaa deduction 33/.
Income tax ^
Excess profita tax 5/,
Total tax.
Compiled net profit less total tax (56 leaa 60) .
Dividenda paid: 6/
Cash and asseta other than own stock 6/
Corporation's own stock
74,
116
1
59,
107
101
209
73
893,141
505,032
,641,379
279,573
248,832
,345,787
984,781
368,770
658,831
076,173
29,315,055
395,807
157,081
336,233
517,858
676,287
346,871
755,369
819,560
16,
63,
278,
14,
75,
129,
389,788,699
67,271,217
1,505,613
146,449
246,460
6,171,444
3,300,073
452,138
27,700
1,263,798
386,856
2,321,433
626,801
2,822,195
476,330,776
296,919,433
38,460,374
34/6,975,207
3,596,453
4,424,536
657,496
3,206,398
10,193,914
338,609
7,946,265
1,987,106
284,818
4,127,611
2,262,737
177,608
48,623,028
35/430,181,693
45,149,063
44,902,623
387,630
19,460,465
2,441,544
21,902,009
23,247,074
U,120,765
. 1,392,580
4,676
{Thousand dollara)
167,495
339,791
2,261
311,091
113,093
196,561
1,042,991
403,087
283,049
48,800
2,097,533
283,861
110,273
213,712
126,803
27,641
661,746
103,832
630,845
61,080
1,634,434
380,297
1,916
103
255
4,163
12,807
6,969
631
39,482
1,382
34,610
3,427
23,377
2,143,753
1,166,155
182,276
44,837
34,375
37,410
1,730
13,670
32,900
1,155
60,002
2,210
167
11,733
2,458
866
270,809
1,862,753
281,000
280,745
6,649
155,373
326,221
2,231
304,096
107,876
189,873
987,097
382,868
272,716
46,522
2,004,675
271,010
107,404
200,775
115,441
25,623
627,696
100,773
607,149
51,196
1,596,124
359,928
1,785
96
253
4,053
12,596
6,861
541
31,279
916
34,449
3,426
22,840
9,256
9,341
4,832
2,593
3,227
35,155
13,249
9,076
1,398
61,631
9,322
1,614
8,911
9,590
1,716
23,771
1,767
13,261
8,321
61,631
17,626
7,605
100
1
70
140
108
90
7,867
453
20
1,135,886
170,636
43,169
34,081
35,982
1,677
13,199
31,493
1,112
58,274
1,454
167
11,660
2,408
829
262,950
1,604,977
269,170
266,917
6,052
100,222
4,736
176,042
98,237
6,953
96,805
4,668
94,864
6,953
14,739
5,756
507
33
122
31
271
713
18
436
756
16
18
9
1,982
8,920
8,920
244
2,600
20
2,520
6,400
3,072
2,866
4,229
20
2,163
2,624
3,461
20,739
6,970
1,255
880
31,227
3,529
1,255
4,026
1,772
202
10,279
1,292
10,435
1,563
31,227
21,684
6
904,167
12,764
1
134,876
31
12,131
6
84
2
7,215
40
13,810
71
25,714
15,530
5,884
1,161
261
1,306
22
200
694
25
1,292
57
32
28
6,877
32,369
2,910
2,908
353
917
4S
1,945
301
920, 773
1,249,486
8,884
664,619
876,505
1,214,038
8,686,224
4,196,606
114,413
227,358
9,749,026
735,106
192,773
1,051,648
867,220
229,195
1,849,341
290,363
4,688,054
154,673
9,749,026
34,717
1,177
72,232
3,057
93,237
6,648
55,145
8,363,210
4,253,371
703,399
80,039
35,577
116,817
3,787
44,497
244,707
3,833
337,027
629,601
2,807
8,546
106,756
3,125
579,185
7,151,074
1,212,136
1,204,921
10,343
526,886
25,687
552,573
659,563
582,416
36,079
216,973
266,867
526
186,497
396,663
269,477
1,626,874
969,400
11,616
66,871
2,079,933
164,497
16,970
77,972
251,735
43,799
420,811
48,V58
1,102,059
36,668
2,079,933
1,346,247
38,045
5,676
6
7,008
2,919
1,230
4,394
28
4,471
23,068
3,1B8
5,490
778,459
26,488
6,104
3,843
15,476
150
2,395
46,797
577
32,636
130,862
826
214
7,488
573
60,329
327,560
320,552
1,060
141,626
7,414
178,518
166,482
240
For footnotes, see pp. 162-164. For extent to which data are estimated, see pp. 3-5.
CORPORATION INCOME TAX RETURNS FOR 1951
89
lable 4.-C0F1P0RATI0II REnJRllS WCTH BALANCE SHEETS, 1961, BI MAJOR miWOTRIAL QROOPS - PART I, ALL RETDRNSi PART II, RETURNS WITH NET HICOHEi mjHBHl OP RETURNS ASSETS AND
LIABILniES, COMPILED RECEIPTS, COMPILED DEDUCTIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OFERATINO LOSS DEDUCTION, INCOME TAI EXCESS PRDFIIS TAI TOTAL
TAX, COMPILED NET PROFIT LESS TOTAL TAI, AND DIVIDHIDS PAID DY TYPE OF DrJIDOID - Coitljlu»l ■vi'uv.ium, i»i,un«. iju., iai,ti» rnupua lil.luiAl,
PARI II. - RETURNS WITH NET DCOME 3/ - Contlouad
NuBber of returns with balance sbeete 37/. .
Aesets:
Cash 38/
Notes and accounts receivable
Least Reserve for bad debts
Inventories
Investments, Government obligations 39/.
Other Investments 40/
Gross capital assets 41/ (except land),.
Leas : Reserves
Other assets 42/
Total assets 43/.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or ncre
Other liabilities 44/
Capital stock, preferred
Capital stock, comiDon 45/
Surplus reserves
Surplus and undivided profits 46/.
Less: Deficit 47/
Total llabiUties 43/.
Receipts :
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less
amortizable bond premium) :
Wholly taxable 16/
Subject to surtax onl^ 17/
Wholly tax-exempt 16/.
Other Interest
Rents 19/ ',.'.'.'.'.
Royalties 2^
Excess of net short-term capital gals over net
long-term capital loss. 21/
Excess of net long-term capital gain over net
short-term capital loss. 21/
Net gain, sales other than capital assets 22/. .
Dividends , domestic corporations 23/
Dividends , foreign corporations 24/.
Other receipts 26/ '_\\
Total compiled receipts §/. ,
Deductions:
Cost of goods sold 26/
Cost of operations 26/ ]
Compensation of officers
Rent paid on business property
Repairs 27/ ' ,
Bad debts !.!!!]!!!!!!!!]!!
Interest paid !,.!!!!
Taxes paid 28/ '.'.'.'.'.'.'.'.'.'.'.'.'.
Contributions or gifts 29/ .'.!.'.
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 31/
Net loss, sales other than capital assets 22/. . . .
Other deductions 32/
Total compiled deductions
Compiled net profit (37 less 54)
Net income 3/ (55 less 27)
Net operating loss deduction 33/
Income tax ^
Eitcess profits tax 5/
Total tax.
Compiled net profit less total tax (55 less 60).
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation's own stock
Major Industrial groups 7/ - Continued
Mining and quarrying - Continued
Anthracite
mining
Bituminous
coal and
Ugnlte
mini ng
(»)
Crude petro-
leum and
natural gas
production
110)
2,259
Nonmetallle
niln<n0 and
quarrying
Construotion
Manufacturing
Total
manufaoturlag
Beverages
(Thouiand dottmra)
20,679
29,467
810
17,644
21,029
97,822
192,837
76,437
3,368
U,471
317,270
32,414
2,008
79,675
19,737
9,460
72,323
6,338
108,417
13,102
317,270
164,299
56,810
309
19
4
402
5,074
268
14
1,736
11,463
623
142,114
33,438
1,978
2,417
4,531
19
1,928
4,645
116
6,190
3,369
G83
2,947
438
15,666
220,359
20,662
20,658
559
,629
127
4,766
15,906
9,260
1
190,578
261,033
2,632
103,142
143,670
211,999
1,605,828
745,431
14,460
36,910
1,819,557
134,860
25,993
193,637
126,289
51,974
329,462
59,703
913,290
14,661
1,319,557
1,866,976
189,543
2,235
27
94
3,523
9,151
3,039
65
29,766
218
9,715
201
10,898
379,402
567,372
2,627
287,482
246,326
660,979
4,511,066
2,064,572
56,834
87,863
4,629,204
360,303
124,522
645,094
396,206
99,059
813,506
123,476
2,147,627
60,488
4,629,204
2,115,461
1,370,700
138,424
17,468
8,213
43,146
665
8,141
44,983
645
66,319
71,089
849
1,691
76,050
168
123,783
1,977,324
138,127
138,033
1,920
55,618
909
2,658,632
785,572
3,090
28
20
6,279
8,260
26,446
1,058
32,200
2,614
46,501
2,259
30,251
112,941
124,747
2,490
70,854
68,898
73,761
750,629
349,666
29,135
24,253
903,062
53,031
24,280
55,270
74,253
24,903
213,239
52,089
416,761
10,764
903,062
3,602,210
1,440,676
468 , 762
30,566
16,161
21,163
1,768
28,667
126,594
1,612
190,786
373,930
694
3,663
16,690
1,692
286,658
3,008,572
593,638
593,618
6,795
264,488
10,577
275,065
879,013
64,906
921
5
89
687
1,999
1,570
12
137
2,470
716,629
2,674,111
19,355
620,627
U3,799
391,271
1,561,960
689,666
76,079
152,069
5,596,514
1,080,770
385,519
387,323
1,214,431
72,862
718,991
144,366
1,618,475
26,223
5,696,514
963,751
521,622
36,287
23,923
4,963
31,601
1,185
3,466
21,788
883
41,096
50,361
438
2,395
2,581
364
88.859
831,602
132,149
132,060
1,009
60,523
6,660
53,083
5,210
For footnotes, see pp. 162-164. For extent to which data are estimated, see pp. 3-S
318,573
308,957
29,822
67,183
64,966
44,634
806
254,338
U,724,116
2,003
26
316
4,696
29,667
1,907
579
30,410
2,961
11,420
1,819
112,141
14,083,482
23,293,241
450,186
38,506,320
12,687,294
12,890,708
85,980,477
37,919,160
2,081,002
2,593,389
153,745,548
13,623,660
6,222,363
14,473,354
19,016,566
6,604,832
28,969,447
6,780,431
69,566,699
411,704
153,745,548
12,176,398
209,933
9,693,164
363,712
40,303
58,033
10,333
30,959
126,963
6,861
173,621
3,136
234
25,832
16,200
1,120
775,606
U, 535, 900
640,498
640,182
23,129
269,101
28,309
231,924,072
4,244,668
188,796
3,029
4,556
166,162
290,695
183,732
5,504
484,109
8,312
897,347
448,714
947,454
282,607
415,177
10,4U
1,179,813
127,216
246,637
1,705,062
539,970
62,159
93,138
3,560,327
332,737
121,062
493,777
353,360
189,263
384,775
104,903
1,589,611
9,141
3,560,327
6,343,927
25,622
1,706
17
117
6,779
4,084
1,773
27
3,809
330
4,178
136
20,452
170,532,963
2,508,996
2,575,364
833,071
3,548,655
152,696
701,986
5,463,780
198,541
3,597,730
1,242,650
156,039
2,393,374
1,461,391
30,830
19,097,114
214,495,170
25,301,879
26,297,324
168,560
11,998,107
2,062,029
353,088
69,944
24,576
14,060,136
U, 241, 743
5,679,316
935,502
4,081,090
10,627
43,731
13,944
46,030
1,941
23,635
861,846
5,843
86,995
355
14
209,308
15,242
1,645
534,163
5,936,409
475,547
475,430
4,013
230,500
11,706
m,543
19,296
Food and
kindred
products
6,803
1,027,073
1,674,721
33,666
3,227,915
473,305
802,397
6,160,267
2,603,881
259,957
235,992
11,324,080
941,202
824,610
1,247,987
832,724
674,953
2,293,140
509,859
4,027,472
27,867
11,324,060
31,942,852
105,947
5,825
112
511
17,185
20,726
6,066
838
21,470
1,066
24,059
26,887
84,925
32,268,468
26,720,046
36,168
186,056
74,494
281,601
17,494
82,919
303,063
10,183
308,660
1,043
335
468,010
75,853
3,677
2,448,231
31,016,823
1,241,645
1,241,134
U,733
584,646
36,330
365,561
87,313
90
CORPORATION INCOME TAX RETURNS FOR 1951
Table 4 CORPORATION RETURNS WITH BALANCE SHEEH'S, 1951, BY MAJOR INDUSTRIAL GROUPS - PART I, ALL RETURNS;
LIABrLITIES, COMPILED RECEIPTS, COMPILED DEDUCTIONS, COMPILED NET PROFIT OR NET LOSS, NBP INCOME OR DEFICIT,
TAX, COMPILED NET PROFIT LESS TOTAL TAX, AND DIVIDENDS PAID BY TYPE OF DIVIDEND - Continued
PART II, RETURNS WITH fJET INCOME: NUMBHl OF RETURNS, ASSEl'S AND
NET OPHIATING LOSS DEDUCTION, INCOME TAX, EXCESS PROFITS TAX, TCTTAL
PART II. - RETURNS WITH NET INCOME 3/ _ Continued
Items
Major
industrial groups 7/ - Continued
Manufacturing
- Continued
Tobacco
manufactures
(16)
Textile-mill
products
(17)
Apparel and
products
made from
fabrics
(18)
Lumber
and wood
products
except
furniture
(19)
Furniture
and
fixtures
(£0)
Paper and
allied
products
(21)
Printing,
publishing,
and allied
industries
(22)
Chemicals
and allied
products
(23)
1
Number of returna with balance sheets 37/
Assets :
Cash 38/
Motes and accounts receivable
122
3,763
7,779
3,969
2,934
2,229
8,761
4,798
1
CTTiOTjsaorf doilats)
2
3
4
112,876
496,852
2,945
1,786,449
10,806
67,538
306,536
U9,298
9,797
21,509
724,467
1,141,766
18,495
2,499,375
393,883
517,407
4,234,052
1,723,673
67,034
126,838
309,534
669,051
15,686
1,070,756
48,533
145,119
492,751
196,097
19,116
46,018
310,663
469,107
9,609
792,641
231,116
231,392
1,891,843
676,567
69,260
95,935
151,364
297,098
8,768
469,532
66,467
64,541
535,809
222,593
20,839
25,078
666,447
632,632
16,181
979,095
723,891
617,749
3,922,262
1,526,963
84,132
162,283
587,790
913,670
31,560
647,670
299,429
596,166
2,481,635
865,691
123,448
142,726
1,431,658
1,718,123
46,996
2,825,281
1,469,221
1,632,317
8,360,465
3,616,160
200,566
216,265
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
13
19
20
21
22
23
24
25 1
26
27 1
28 '
29
30 1
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
66
57
58
59
60
61
62
63
6
7
3
Investments^ Government obligations 39/
Other investments 40/
9
Less: Reserves
11
Other assets 42/
Total assets 43/
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
12
2,670,120
7,961,703
2,589,196
3,395,781
1,389,367
6,145,347
4,895,283
14,290,750
13
14
61,122
432,519
593,290
204,992
224,067
473,660
41,819
639,611
850
507,268
367,242
640,579
641,990
447,559
1,377,387
384,137
3,619,662
14,021
405,363
239,530
168,032
224,925
1^0,757
521,956
46,422
883,897
11,687
257,161
148,772
242,825
320,338
57,241
777,004
77,277
1,529,076
13,912
134,436
64,469
85,853
170,340
47,941
280,221
34,548
579,234
7,675
297,633
96,031
696,337
814,587
345,957
1,048,173
303,488
2,565,287
10,046
466,545
139,821
380,330
618,418
269,076
796,663
200,891
2,069,842
35,303
938,449
344,317
1,230,312
2,057,660
897,217
2,333,264
585,869
5,920,072
16,410
15
16
17
18
19
Other liabilities 44/
Capital stock, preferred
Capital stock, common 45/
20
21
Surplus and undivided profits 46/
Less: Deficit 47/
Total Uabilities 43/
Receipts:
Gross sales 14/
Gross receipts from operations 15/
bond premium) :
Wholly taxable 16/
Subject to surtax only 17/
22
2,670,120
7,961,703
2,589,195
3,395,781
1,389,367
6,146,347
4,895,283
14,290,750
23
24
25
26
27
3,336,099
4,798
174
42
43
563
3,024
163
1
1,940
4,222
97
6,661
12,378,376
196,083
5,392
68
669
7,127
14,092
2,489
1,392
27,096
382
19,996
1,629
63,376
6,334,974
569,106
787
29
27
1,372
4,374
4,768
143
4,237
301
2,115
160
24,116
4,722,630
162,850
3,290
40
70
3,076
9,649
4,216
465
175,982
1,829
6,530
93
36,281
2,868,453
17,814
947
8
12
939
2,267
650
201
2,223
46
1,534
1,220
14,007
8,041,472
16,673
9,685
112
122
6,604
7,479
4,035
80
34,318
332
12,377
15,754
42,651
6,377,746
392,738
4,933
208
229
4,630
16,944
9,923
161
11,281
286
22,956
5,891
54,377
17,014,531
76,106
20,963
495
593
12,565
12,602
34,623
688
38,720
315
133,222
35,231
49,613
28
29
30
31
32
33
34
35
36
Other interest
Royalties ZQ/
Excess of net short-term capital gain over net long-
term capital loss. 21/
Excess of net long-term capital gain over net short-
term capital loss. 21/
Net gain, sales other than capital assets 22/
Dividends, domestic corporations 23/
Dividends, foreign corporations 24/
Other receipts 25/
37
3,357,827
12,718,157
6,946,509
5,126,991
2,900,321
8,190,694
6,902,302
17,430,167
Deductions :
Cost of goods sold 26/
Cost of operations 26/
38
39
4n
1,944,697
2,190
8,736
2,239
6,127
625
26,355
838,666
1,284
12,479
109,227
7,100
114
106,922
9,942,602
131,383
148,936
32,306
131,959
4,562
46,289
189,637
19,331
174,062
80
645
61,163
36,127
2,192
737,508
5,137,068
453,826
181,317
50,361
13,439
6,644
20,990
75,189
5,692
33,756
12
44
59,262
13,304
526
663,089
3,528,110
121,949
90,239
13,635
48,354
6,274
15,688
80,333
4,841
96,847
156,143
586
14,421
7,638
615
384,599
2,122,626
3,701
77,869
16,429
18,765
3,116
5,891
41,222
3,735
29,415
121
98
29,063
7,592
229
312,031
5,496,636
3,244
101,690
26,696
187,564
3,620
24,249
129,701
14,746
160,622
8,264
7,156
29,199
45,353
1,221
631,964
4,316,582
210,537
217,057
65,322
36,023
17,565
21,055
102,116
10,600
104,526
176
120
38,925
36,766
2,617
1,069,988
10,823,888
23,939
170, 500
52,916
321,793
11,280
46,626
236,049
15,707
382,401
41,142
23,742
428,111
127,243
2,279
1,806,409
41
42
41
Rent paid on business property
Repairs 27/
Bad debts
44
45
Interest paid
Taxes paid 28/
46
Contributions or gifts 29/
47
4a
Depletion
49
50
51
52
53
Amortization 30/
Advertising
Amounts contributed under pension plans, etc, 3l/. . .
Net loss, sales other than capital assets 22/
Other deductions 32/
54
3,064,662
11,658,682
6,713,517
4,570,772
2,672,803
6,861,925
6,249j974
14.513.924
Compiled net profit (37 less 64)
Net income 3/ (55 less 27)
55
5R
293,175
293,132
296
1,059,475
1,058,816
10,885
232,992
232,966
8,141
555,219
555,149
5,575
227,518
227,506
3,130
1,328,769
1,328,647
3,736
662,328
662,099
7,869
2,916,233
2,915,640
5,082
57
Net operating loss deduction 33/
Income tax ^
Excess profits tax 5/
Total tax
58
59
146,142
18,304
502,491
29,576
97,601
3,894
220,918
12,473
105,020
14,867
649,930
142,079
294,008
26,867
1,394,390
307,933
60
164,446
532,067
101,495
233j391
119,887
792,009
320,875
1,702,323
61
62
63
Compiled net profit less total tax (55 less 60)
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation's own stock
128,729
94,702
890
527,408
233,303
38,644
131,497
36,785
13,503
321,828
99,729
22,481
107,631
33,875
11,331
536,760
220,393
15,457
331,453
138,369
17,953
1,213,910
689,557
61,630
For footnotes, see pp. 162-164. For extent to which da
ta are estiiBat
ed, see pp. 3-
1
CORPORATION INCOME TAX RETURNS FOR 1951
91
T«bl<! 4 CORPOIUTION REHIRNS WITH EALJUICE SHKBTS, 1961, BY MAJOR MDUSTRUL GR0I1?S - PART I, ALL RETURNSj PART II, RETURNS WITH NET IHCOMEi KineES 01' RETUBIIS, ASSETS AtlD
LIABairnS, COMPTLED RH-EIPTS, compiled DETOCTIONS, compiled net profit or net loss, net income or DEFICIT, NET OPntATHIG LOSS DEDUCTION, INCOME TAX, DCESS PROFITS TAI, TOTAL
TAX, COMPILED NET PROrrT LESS TOTAL TAI, AND DIVIDHIDS PAH) BY TYPE OF DRIDBID - Continued
PART II. - RErDRNS WITH NET INCOME 3/ - Contlnuad
Major Industrial groups 7/ - Contlnuad
Manufacturing - Continued
Petroleum
aiui coal
products
Rubber
products
Leather and
produota
Stone, clay,
and glaas
products
Prloaary
metal
Industries
Fabricated
metal prod-
ucts, except
ordnance,
machinery,
and trans-
portation
equlpnent
{2W)
Machinery,
except trans-
portation
equlpnent
and
electrical
Electrical
machinery
and
equlpsent
Number of returns vith balance sheets 37/.
Assets:
Cash 38/
Notes and accounts receivable
Less : Reserve for bad debts
Inventories
Investments, Government obligations 39/.
Other Investments 40/
Gross capital assets 41/ (except land) . .
Less : Reserves
Land
Other assets 42/
Total assets 43/.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity leas than 1 year
Maturity 1 year or more
Cither liabilities 44/
Capital stock, preferred
Capital stock, common 45/
Surplus reserves
Surplus and undivided profits 46/.
Less: Deficit 47/
Total liabilities 43/.
Receipts:
Grose sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less ajnortizable
bond premium) :
Uholly taxable 16/
Subject to surtax only 17/
Wholly tax-exempt 18/.
Other interest
Rants 19/
Royalties 2^/
Excess of net short-term capital gain over net long-
term capital loss. 21/
Excess of net long-term capital gain over net short-
term capital loss . 21/
Net gain, sales other than capital assets 22/
Dividends, domestic corporations 23/
Dividends, foreign corporations 24/.
Other receipts 25/
Total compiled receipts 8/
Deductions :
Cost of goods sold 26/
Cost of operations 26/
Compeiisation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amrtlzation 30/
Advertising
Amounts contributed under pension plans, etc. 31/.
Net loss, sales other than capital assets 22/
Other deductions 32/
Total compiled deductions.
Compiled net profit (37 less 54).
Net Income 3/(55 less 27)
Net operating loss deduction 33/.
Incoise tax 4/
Excess profits tax 5/.
Compiled net profit less total tax (55 less 60).
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation's own stock
,365,785
,629,670
34,139
,437,909
,735,794
,327,190
,795,263
,076,996
340,938
209,198
175,687
,616,673
,165,600
282,890
,460,681
,176,604
,121,007
47,913
22,493,023
792,820
24,550
112
174
18,661
108,044
39,026
338
36,962
1,147
457,112
138,729
147,324
16,836,224
474,972
36,331
152,109
347,472
17,345
79, 562
501,796
6,208
690,846
889,408
14,456
100,930
179,748
1,766
1,702,646
21,931,879
2,326,143
2,325,969
4,243
957,281
61,630
1,018,911
1,307,232
1,087,124
265,386
1,681
3,061
(Thauuand dollart)
236,601
573, 71i
12,501
754,237
264,206
162,913
1,344,203
688,267
17,730
17,725
2,690,669
267,243
26,135
447,752
400,161
193,297
310,397
166,439
881,708
1,563
2,690,559
4,786,067
7,876
4,261
7
4
1,588
2,671
6,217
32
3,588
144
15,277
56,641
16,787
3,529,778
186
26,298
14,961
79,375
3,145
13,765
121,711
3,036
63,648
26
1,304
46,166
28,500
300
417,704
4,348,892
551,268
561,264
967
268,475
60,395
222,396
81,947
2,773
127,706
276,420
6,682
475,821
36,290
86,444
336,045
164,567
11,366
20,481
1,200,423
127,007
64,723
76,934
118,664
61,733
244,834
57,525
466,266
5,263
1,200,423
2,866,664
7,132
463
16
26
933
l,51i
260
24
830
40
1,215
110
12,649
2,891,084
2,343,960
4,103
62,513
16,437
17,663
1,624
7,667
36,394
3,052
18,779
93
31
26,116
8,824
160
214,329
2,750,754
140,330
140,304
2,046
64,624
5,249
70,457
32,671
4,691
432,931
537,787
12,630
757,228
416,766
229,679
2,832,665
1,202,887
71,400
66,759
4,129,700
262,013
76,848
314,245
493,497
133,934
966,804
187,464
1,715,326
20,431
4,129,700
5,444,773
24,285
6,136
111
137
2,376
5,156
3,804
67
9,601
500
10,248
15,724
29,616
5,552,435
3,541,306
12,868
92,452
16,286
133,015
4,924
13,967
92,976
5,843
125,193
40,734
5,506
37, U6
31,312
1,650
558,006
4,713,163
839,282
839,146
2,995
407,478
80,448
487,926
167,901
18,733
1,646,265
1,688,321
36,338
2,706,180
2,107,625
1,114,875
12,583,570
6,337,470
192,356
264,024
16,830,398
1,366,220
198 , 756
2,054,478
2,311,842
864,908
3,012,897
613,824
5,629,928
12,455
16,830,398
21,676,836
607,862
26,474
120
204
27,662
20, 592
6,773
151
16,656
108
56,763
11,674
40,769
16,084,517
364,035
140,176
56,183
793,970
4,626
94,050
352,676
19,751
394,703
97,706
54,199
41,718
221,181
2,244
829,027
19,660,762
2,942,681
2,942,477
13,840
1,454,015
340,194
1,794,209
1,148,472
490,500
19,892
851,047
1,175,634
28,493
2,193,380
421,917
358,317
3,332,482
1,362,010
120,976
106,883
7,170,033
607,892
239,138
480,478
947,446
253,721
1,317,923
238,621
3,045,401
20,587
7,170,033
12,070,464
67,788
5,836
204
222
4,827
15,813
4,091
81
18,976
240
14,686
19,481
74,682
8,636,167
30,772
279,067
45,774
176,544
10,532
27,653
178,679
14,101
166,319
286
4,363
101,472
74,667
2,136
1,128,220
10,875,652
1,411,728
1,411,506
14,519
669,728
116,515
235,370
37,082
1,431,069
2,654,491
58,214
4,904,022
753,462
725,752
5,654,581
2,424,882
157,119
207,631
14,005,231
1,434,476
599,299
999,226
1,969,932
542,621
2,535,394
758,433
5,192,953
27,103
14,006,231
19,525,677
348,542
11,077
244
498
16,337
14,395
26,864
212
27,165
719
21,149
25,673
92,819
13,281,394
42,971
315,187
64,600
3U,462
17,182
52.607
332,401
22,209
311,110
1,188
13,258
174,267
147,274
1,520
2,343,065
17,431,635
2,678,726
2,678,228
25,301
1,300,820
266,120
1,556,940
1,121,786
423,967
63,707
644,102
1,572,674
22,162
2,701,251
644,965
832,439
2,512,796
971,269
64,009
106,866
8,085,661
1,206,347
280,402
666,410
1,239,618
196,983
1,356,468
371,839
2,789,971
21,377
8,036,661
U, 680, 980
61,274
6,625
524
560
U,116
8,889
14,057
364
17,291
84
26,840
12,570
44,015
11,875,179
8,203,759
9,399
107,144
37,769
148,489
6,943
27,793
274,282
8,600
162,264
63
6,070
183,146
141,034
1,042
1,037,280
10,366,077
1,520,102
1,519,642
12,680
741,923
170,135
287,544
16,580
For footnotes, see pp. 162-164, For extent to which data are estimated, see pp. 3-6,
323516 0—55 7
92
CORPORATION INCOME TAX RETURNS FOR 1951
Table 4 CORPORATION RETURNS WITH BALANCE SHEETS, 1951, BT MAJOR DIDDSTRIAL GROUPS - PART I, ALL RETURNS; PART II, RETURNS WITH NET INCOME: NUMBH^ OF RETURNS, ASSETS AND
LIABILITIES, COMPILH) RECEIPTS, COMPILED DEDUCTIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPERATING LOSS DEDUCTION, INCOME TAX, EXCESS PROFITS TA^ TOTAL
TAX, COMPILED NET PROFIT LESS TOTAL TAX. AND DIVIDEMDS PAID BT TYPE OF DIVIDHfD - Continued
PART II. - RETURNS WITH NET INCOME 3/ - Continued
Major industrial groups ij - Continued
Manufacturing - Continued
Transpor-
tation
equi pnent ,
except motor
vehicles
(52]
Motor
vehicles and
equipment,
except
electrical
Ordnance
and
acceaaorles
Scientific
instruments ;
photographic
equipment;
iratches,
clocks
(35)
Other
manuf a c t ur ing
Public utilities
Total public
utilities
Transpor-
tation
Communication
Nxanber of retuma with balance sheets 37/. ,
Assets :
Cash 38/
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations 39/.
Other investments 40/
Gross capital assets 41/ (except land). .
Less : Reserves
TfT'^
Other assets 42/
Total assets 43/.
LlabiUties:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other UabiUtiea 44/
Capital stock, preferred
Capital stock, common 45/
Surplus reserves
Surplus and undivided profits 46/.
Leas : Deficit 47/
Total liabilities 43/.
Receipts :
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less amortlzable
bond premium) :
Wholly taxable 16/
Subject to surtax only 17/
Wholly tax-exempt 18/.
Other interest
Rents 19/
Royalties 20/
Escess of net short-term capital gain over net long-
term capital loss. 21/
Excess of net long-term capital gain over net short-
term capital loss. 21/
Net gain, sales other than capital assets 22/
Dividends , domastlc corporation* 23/
Dividends, foreign corporations 24/
Other receipts 25/
Total compiled receipts 8/.
Deductions :
Cost of goods sold £6/
Cost of operations 26/
Compensation of officers
Rent paid on business property ,
Repairs 27/ ,
Bad debts ,
Interest paid ,
Taxes paid 28/
Contributions or gifts 2^ ,
Depreciation ,
Depletion ,
Amortization 30/ ,
Advertising
Amounts contributed under pension plana, etc. 31/. ,
Net loss, sales other than capital assets 22/ ,
Other deductions 32/ ,
Total compiled deductions.,
Compiled net prof it (37 less 54).,
Net income 3/ (55 less 27) ,
Net operating loss deduction 33/. ,
Income tax ^
Excess profits tax 5/. ,
Total tax.
Compiled net profit less total tax (55 less 60) .
Dividends paid: 6/
Caah and assets other than own stock 6/
Corporation's own stock
1,363
11,591
400, U5
1,259,766
5,112
1,708,960
83,117
142,214
1,478,007
733,156
43,750
158,678
4,536,339
566,668
331,052
270,630
1,279,022
105,596
514,276
170,409
1,373,766
75,080
4,536,339
4,936,805
710,097
2,107
12
137
4,015
3,362
5,625
151
5,257
59
9,477
1,792
27,254
5,706,147
4,038,657
540,666
36,062
17,187
104,609
2,003
16,059
95,805
2,884
55,627
52
8,926
13,333
34,559
1,122
301,991
5,269,542
436,605
436,468
13,311
207,116
34,854
194,635
105,332
21,532
{Thoa%anii dollars)
1,045,693
1,463,691
U,367
2,567,370
2,076,224
623,959
4,696,606
2,165,373
79,170
167,913
10,733,886
1,209,476
152,966
358,449
2,103,297
401,632
998,765
602,957
4,913,269
6,915
10,733,886
18,932,031
16,924
41,231
469
110
12,448
5,219
4,U2
53
11,436
41
40,784
67,368
28,153
14,443,860
7,846
59,498
18,089
243,418
3,289
28,646
446,650
U,710
211,848
634
n,i99
85,527
171,802
2,818
838 , 149
16,584,883
2,675,495
2,575,385
5,932
1,278,996
260,957
1,539,952
1,036,643
683,162
6,275
34,108
27,284
1,201
83,546
20,695
54,611
144,578
72,499
3,408
10,946
305,476
36,819
7,658
46,808
46,181
20,155
27,264
19,340
105,106
2,856
306,475
296,103
3,814
307
3
360
1,797
6
7
106
16
246
120
970
303,856
192,579
501
3,240
481
9,375
136
2,168
7,574
693
5,755
3
39
2,937
5,136
39
20,437
261,082
52,773
52,770
202
26,353
6,787
33,140
19,633
9,405
653
164,809
463,543
8,864
754,614
159,606
120,382
397,885
382,249
22,464
29,770
2,211,950
166,536
126,250
179,199
349,388
81,725
401,781
80,719
833,566
6,204
2,907,664
13,319
2,322
18
42
3,667
2,168
2,795
60
2,782
21
6,468
8,236
11,617
2,961,079
1,810,447
6,632
62,447
14,058
45,448
1,893
9,354
83,086
3,687
48,475
10
2,589
58,946
28,432
246
386,559
2,562,309
408,770
408,728
3,503
198,425
41,376
239,801
76,398
71,467
299,792
570,152
18,365
990,275
103,769
201,770
1,081,124
436,682
40,019
61,494
2,893,338
263,774
176,086
195,750
362,694
101,616
536,730
88,044
1,196,789
17,045
2,893,338
4,967,816
36,198
1,703
61
56
2,445
5,738
3,416
12,484
306
5,895
3,599
26,340
^
.s;e6p,i44
3,477,168
16,482
150,818
31, 796
47,160
6,933
16,388
81,640
4,806
64,410
6,112
1,369
74,942
16,705
683
624,778
4,620,069
435,076
436,020
8,372
197,228
23,340
220,568
214,607
73,978
19,233
3,031,684
3,421,569
35,993
2,290,808
2,519,290
7,614,843
80,141,203
19,782,845
525,686
2,302,972
82,029,407
2,607,490
913,880
29,944,895
6,293,429
4,385,026
20,846,028
966,768
16,478,601
395,710
82,029,407
193,706
33,130,544
35,101
328
625
97,437
417,670
11,762
1,461
81,532
5,695
237,010
13,668
141,004
34,367,622
140,342
20,421,648
257,909
827,701
48,611
26,520
1,004,266
2,078,433
18,011
2,113,068
44,172
121,765
108,516
347,670
66,968
1,984,797
29,600,276
4,767,246
4,766,621
43,667
2,243,993
64,973
1,776,162
54,091
1,935,781
1,946,705
7,338
1,125,067
1,372,426
4,330,993
35,061,728
9,635,219
220,739
1,407,000
37,757,882
1,847,064
283,039
11,605,073
3,223,666
1,273,676
8,407,673
567,853
10,830,843
281,005
37,757,882
106,519
19,606,230
20,468
300
427
60,596
360,354
6,798
1,176
62,402
2,146
97,659
2,262
113,277
20,440,514
77,791
13,698,325
187,205
706,793
39,682
6,801
426,684
972,969
5,804
908,833
17,867
109,807
62,620
61,396
35,032
1,153,822
18,369,431
2,081,083
2,030,656
30,326
960,490
41,897
1,002,387
1,078,696
486,913
24,232
2,475
215,497
556,268
4,816
185,738
607,437
1,429,621
13,087,161
3,669,772
23,986
225,336
12,656,456
167,343
79,004
4,336,576
1,216,063
222,799
4,911,079
69,484
1,672,172
8,064
12,656,456
9,097
4,968,067
7,062
12
42
7,959
30,732
1,703
121
1,651
3,166
1,598
6,146
5,126,173
6,473
2,645,203
23,001
72,468
4,805
13,215
144,688
348,903
3,601
427,272
11
25,781
188,894
1,378
323,640
4,228,333
897,840
897,798
3,172
419,275
3,515
388,029
5,507
For footnotes, see pp. 162-164, For extent to which data are estimated, see pp. 3-5.
CORPORATION INCOME TAX RETURNS FOR 1951
93
Table 4. -CORPORATION RBTtTOJS WITH BALANCE SHEEa'S, 1951, BY MAJOR nilXISTRIAL GROUPS - PART I, ALL RETURNS; PART II, RETURMS WITH NET INCOME: NUMBER OF RETURNS, ASSETS AND
LIABILITIES, COMPILED RfTEIPTS, COMPILED DEDUCTIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, tf^ OPERATING LOSS DEDUCTION, INCOME TU, EKESS PROFITS TAI, TOTAL
TAX, COMPILED NET PROFIT LESS TOTAL TAI, AND DrVIDQJDS PAH) BY TYPE OF DIVIDQfD - Continued
PART II. - RETURNS WITH NET INCOME 3/ - Continued
Major induBtrlal groups j/ - Continued
Public utilities - Continued
Electric
and gas
utlUtloa
Other public
utilities
Trade
Total
uholesale
Comal 8S ion
merchants
Other
wholesalers
Total retail
Number of returns with balance sheets 37/. ,
Assets :
Cash 38/
Notes and accounts receivable
Less : Reserve for bad debts
Inventories
Investments, Govemment obligations 39/.
Other investments 40/
Gross capital assets 41/ (except land)..
Less: Reserves
Land
Other assets 42/
Total assets 43/.
Uabilities:
Accounts payable
Bonds, notes, mortgages payable
Maturity less than 1 year,...
Maturity 1 year or more
Other liabiUties 44/
Capital stock, preferred ,
Capital stock, cciomon 45/ ,
Surplus reserves ,
Surplus and undivided profits 41
Leas: Deficit 47/
Total UabiUties 43/.
Receipts:
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less
amortizable bond premium):
Wholly taxable 16/
Subject to surtax oaXy 17/
Wholly tax-exempt IS/.
Other interest
Rents 19/
Royalties 20/
Excess of net short-term capital gain over net
long-term capital loss. 21/
Excess of net long-term capital gain over net
short-term capital loss. 21/
Net gain, sales other than capital assets 22/.,,
Dividends, domestic corporations 23/ ,
Dividends, foreign corporations gy ,
Other receipts 25/ ,
Total compiled receipts i
Deductions :
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 3L
Net loss, sales other than capital assets 22/77
Other deductions 32/ ,
Total ccanpiled deductions.
Compiled net profit (37 less 54) . ,
Net income 3/ (55 less 27) ,
Net operating loss deduction 33/. ,
Income tax 4/ ,
Excess profits tax 5/. ,
Total tax.
Compiled net profit less total tax (55 less 60)..
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation's own stock
847,058
887,607
23,074
958,973
519,730
802,107
927,547
265,010
256,428
644,315
30,565,681
567,753
513,228
13,547,615
1,781,784
2,803,561
7,308,737
317,234
3,825,603
99,834
30,565,681
74,605
,353,519
7,299
12
141
28,492
25,175
3,111
139
10,746
364
47,822
9,808
18,920
54,496
4,089,860
42,925
46,733
2,614
7,342
416,041
736,216
8.457
757,717
26,272
11,927
19,947
106,339
20,510
488,722
6,836,118
1,744,035
1,743,894
8,892
846,865
9,418
886,058
23,732
144,536
5,991
4,881
83,149
(Ttnuamnd dollarnj
33,
30,
21,
19 1
52,
1,064,
212,
14.
26,
2S,330
38,609
455,631
71,916
84,990
217,539
12,197
149,983
6,807
1,049,388
3,484
202,738
272
4
15
390
1,409
140
15
6,733
19
1,801
2,582
88,160
4,778
2,707
1,510
162
16,853
20,345
149
19,246
33
10
167
1,041
38
18,613
176,394
44,288
44,273
1,277
17,363
143
26,782
14,162
620
5,622,767
13,841,223
406,751
16,331,419
1,332,460
3,640,568
12,090,955
4,519,861
1,162,793
1,082,915
50,178,478
8,145,356
3,535,958
3,675,945
4,703,779
1,592,227
9,039,950
1,322,262
18,398,961
235,960
50,178,478
147,599,673
2,148,933
21,152
868
4,986
118,182
220,845
18,775
5,242
98,262
7,364
96,944
81,884
1,133,586
151,556,746
119,838,994
896,257
2,367,707
1,326,294
357,109
207,678
309,645
1,238,141
71,316
846,189
19,628
2,679
1,327,879
191,225
10,091
16,678,557
145,669,389
5,867,357
5,862,371
67,352
2,556,991
196,588
2,753,579
3,113,778
1,063,215
246,093
2,495,894
7,793,246
159,291
7,611,172
608,120
2,002,417
3,899,334
1,440,118
291,743
411,540
23,514,057
4,874,787
2,179,094
1,558,770
2,196,329
625,688
3,886,945
606,404
7,700,735
114,695
23,514,057
76,454,013
1,440,701
9,770
264
836
49,454
57,931
15,379
3,800
48,342
2,920
56,188
71,474
446,055
78,667,117
66,630,367
544,652
1,079,481
249,384
108,611
77,107
151,466
494,832
31,371
282,446
16,710
1,599
337,357
73,127
3,702
5,821,193
75,803,395
2,853,722
2,862,886
35,716
1,254,438
125,612
1,473,672
452,313
125,905
333,230
737,145
13,338
161,858
71,387
261,515
165,306
49,443
13,231
35,424
1,706,315
477,813
154,645
85,798
148,676
43,425
252,241
34,390
627,640
18 , 313
1,706,315
3,306,371
618,536
1,307
13
190
9,412
6,292
1,078
900
4,696
315
11,530
1,269
39,198
4,001,106
3,062,631
80,675
123,540
20,937
2,972
4,384
10,585
19,108
2,597
11,741
526
67
19,619
7,138
260
437,962
3,804,762
196,344
196,154
4,697
77,781
6,983
84,764
30,326
6,639
2,162,664
7,056,101
145,953
7,449,314
536,733
1,740,902
3,744,028
1,390,675
278,512
376,116
21,807,742
4,396,974
2,024,449
1,472,972
2,047,653
582,263
3,634,704
572,014
7,173,095
96,382
21,807,742
73,147,642
822,165
8,463
241
646
40,042
51,639
14,301
2,900
43,647
2,605
44,658
70,205
406,857
63,467,726
463,977
955,941
228,447
105,639
72,723
140,881
475,724
28,774
270,705
16,184
1,632
317,738
66,989
3,442
5,383,211
71,998,633
2,657,378
2,656,732
31,019
1,176,657
U8,629
1,295,286
1,362,092
421,987
119,266
2,880,190
5,267,138
222,726
7,750,149
695,009
1,461,533
7,426,064
2,758,870
776,627
627,558
23,902,673
2,797,851
1,180,268
1,894,070
2,278,120
889,076
4,589,787
649,596
9,719,484
95,578
23,902,673
63,990,525
658,332
10,682
559
3,953
63,680
146,698
2,904
1,139
41,121
3,603
36,029
10,202
623,996
47,626,510
299,466
1,134,094
1,015,041
227,373
U7,314
139,460
666,843
36,786
506,938
1,779
868
923,765
109,853
5,092
9,931,163
62,742,325
2,750,098
2,746,145
27,682
1,197,070
63,836
1,260,906
1,489,192
570,887
112,178
421,292
226,604
4,364
882,139
38,602
123,796
1,237,567
430,049
75,285
99,936
2,670,808
470,375
91,043
278,728
219,196
153,983
424,077
64,312
982,743
13,649
2,670,806
14,631,161
50,215
611
6
163
4,587
10,016
119
155
4,579
219
2,526
2,416
28,207
12,036,399
34,143
70,880
119,742
42,740
5,296
14,689
101,327
4,944
96,026
35
37
79,051
22,492
1,131
1,806,591
14,437,673
297,407
297,244
1,867
141,655
5,397
147,052
150,355
69,104
15,200
For footnotes, see pp. 162-164. For extent to which data are estimated, see pp. ^5.
94
CORPORATION INCOME TAX RETURNS FOR 1951
Table 4 CORPORATION RETimNS WITH BSLANCE SHEETS, 1951, BY MAJOR INDUSTRIAL GROUPS - PART I, ALL RETURNS; PART II, RETURNS WITH NET INCOhE: MIIHBJK OF HETITRllS, ASSETS AMD
LIABILPriES, COMPILED RBCEIFTS, COMPILED DEDUCTIONS, COMPILED NBI PROFIT OR NET LOSS, NET INCOME OR DEFICrT, NET OPERATING LOSS DEDUCTION, INCOME TAI, EXCESS PROFnS TAJ, TOTAL
TAX, COMPILED NET PROFIT LESS TOTAL TAX, AND DIVIDENDS PAID BY TYPE OF DIVIDEND - Continiied
PARI II. - RBTUHNS with net INCOME 3/ - Continued
Major industrial groups 7/ - Continued
Trade - Continued
Retail - Continued
General
merchandise
Apparel and
accessories
Furniture
and house
furnishings
Automotive
dealers and
filling
stations
(511
Drug stores
Eating and
drinjcing
places
Building
materials
and hardware
Other
retail
trade
Trade not
allocable
26
26
27
2S
29
30
31
Number of returns with balance sheets 37/.
Assets :
Cash 38/
Notes and accounts receivable
Less : Reserve for bad debts
Inventories
Investments , Government obligations 39/.
Other investments 40/
Gross capital assets 41/ (except land)..
Less : Reserves
Land
Other assets ^
Total assets 43/.
Liabilities:
Accounts payable
Bond, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities 44/
Capital stock, preferred
Capital stock, common 45/
Surplus reserves
Surplus and undivided profits 46/.
Less: Deficit 47/
Total liabilities 43/.
Receipts :
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less
amortlzable bond premium) :
Wholly taxable 16/
Subject to surtax only 17/
Wholly tax-exempt 18/.
Other interest
Rents 19/
Royalties 20/
Excess of net short-term capital gain over net
long-term capital loss. 21/
Excess of net long-term capital gain over net
short-term capital loss. 21/
Net gain, sales other than capital assets 22/. .
Dividends, domestic corporations 23/
Dividends, foreign corporations 24/
Other receipts 25/
Total compiled receipts 8/.
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 31/ .
Net loss, sales other than capital assets 22/
Other deductions 32/
Total compiled deductions.
Compiled net profit (37 less 54).
Net income 3/ (55 less 27)
Net operating loss deduction 33/.
Income tax 4/
Excess profits tax 5/.
Total tax.
Compiled net profit less total tax (55 less 60).
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation's own stock
961,560
333,549
121,967
,411,101
429,784
530,943
545,459
969,254
314,041
237,541
8,172,757
866,987
183,811
577,844
770,482
401,767
1,478,900
365,336
3,535,291
7,661
3,172,757
15,502,722
66,780
6,194
117
166
20,412
62,791
268
12
4,643
372
13,731
7,583
157,563
15,843,364
10,230,050
22,575
107,074
297,768
77,644
24,373
35,548
229,137
11,291
125,998
17
34
368,629
67,854
242
3,216,070
14,814,294
1,029,060
1,028,894
2,692
604,359
32,590
297,770
29,903
13,884
(Thoiiaand dollars)
270,929
449,788
12,890
765,981
47,410
140,197
536,889
218,318
26,983
43,310
287,660
77,136
167,556
180,890
88 , 731
389,326
28,152
861,649
10,821
4,515,114
24,720
799
9
3,196
2,460
22,416
79
1,123
150
6,265
1
76,175
2,962,626
6,339
122,386
221,654
12,879
12,802
9,572
51,702
3,566
42,069
1
149
119,435
4,687
328
894,020
4,464,215
187,281
184,085
4,693
71,379
1,973
36,064
U,417
114,097
657,762
21,963
481,116
25,220
62,417
222,634
85,037
27,129
26,363
1,509,637
168,806
118,366
109,896
2U,714
41,721
315,790
39,674
513,944
10,274
1,609,637
2,390,762
29,490
485
7
106
6,031
4,965
141
140
1,027
167
1,129
1,542,501
8,029
99,773
58,499
7,312
15,185
11,626
32,237
2,721
19,034
77,238
1,319
138
566,626
116,846
118,740
2,934
44,337
1,297
14,262
6,606
595,684
790,415
21,233
1,368,833
73,619
329,346
1,163,641
358,110
179,112
114,366
4,241,673
317,376
376,965
299,599
427,915
95,306
753,164
70,663
1,909,271
8,465
4,241,673
15,427,847
268 , U2
1,220
30
41
17,588
17,711
319
513
14,138
1,188
4,813
68
99,021
16,852,609
12,662,833
170,771
363,495
112,299
36,777
22,483
32,636
105,620
7,314
91,716
81
319
166,833
4,644
1,008
1,486,429
15,253,258
699,351
699,310
2,385
242,811
9,844
252,655
346,696
74,385
27,988
76,794
44,614
1,112
234,258
6,306
29,239
214,995
85,136
7,734
11,917
539,606
74,882
13,268
69,670
39,815
U,953
103,016
14,926
214,392
2,216
539,606
1,417,896
7,533
226
6
23
724
4,760
63
977
21
1,839
34
11,663
957,124
2,018
36,664
44,322
6,616
499
3,434
17,254
1,028
14,673
20,415
2,143
120
285,275
64,176
64,162
766
21,994
1,501
23,495
30,1
13,306
1,962
34,404
39,968
254
69,257
3,882
40,015
416,579
167,941
33,703
22,769
537,382
71,602
23,937
68,792
54,221
12,663
129,952
6,268
181,442
11,495
537,382
1,496,080
24,991
181
6
100
255
5,276
106
2
3,165
342
1,152
1
11,029
834,345
9,5U
60,974
66,992
16,876
314
3,597
30,898
688
30,760
19
12,118
1,276
253
424,405
59,650
59,550
4,165
21,618
1,609
36,423
10,892
169,200
606,801
17,349
906,656
26,183
86,496
494,843
209,220
67,614
27,303
243,745
167,161
145,667
141,367
34,302
564,963
23,675
851,534
7,468
4,439,035
30,534
452
339
72
6,179
7,225
890
U2
6,910
577
2,416
2
63,492
3,434,619
18,096
141,604
23,692
12,899
16,016
14,752
47,594
2,823
39,112
1,568
45
28,161
2,062
567
536,002
4,319,500
227,785
227,713
2,157
85,165
6,231
137,369
31,390
13,697
136,230
618,637
21,593
641,810
34,004
119,084
693,657
235,803
45,126
44,063
2,026,105
296,419
138 , 591
186,418
232,020
48,650
430,619
36,699
679,218
23,529
4,169,858
56,957
514
39
86
5,454
10,538
919
196
6,669
567
2,168
95
61,158
2,966,013
27,985
141,344
70,083
14,630
20,347
13,606
51,074
2,411
47,550
75
246
61,835
3,386
1,255
714,735
4,136,575
176,543
176,457
6,023
63,752
4,394
108,397
23,714
4,964
10,515
246,683
780,839
24,736
970,098
29,321
176,618
765,657
320,873
94,423
43,817
2,761,748
472,718
176,696
223,105
229,330
77,463
563,218
66,263
978,742
25,687
7,155,135
149,950
700
65
197
5,048
17,216
492
303
8,799
841
4,727
208
63,535
7,407,206
5,682,127
52,139
154,132
61,869
21,125
13,257
18,719
76,466
3,169
56,805
1,139
222
66,767
8,245
1,297
926,211
7,143,669
263,637
263,340
3,954
105,483
7,140
112,623
150,914
40,015
8,010
For footnotes, see pp. 162-164. For extent to which data are estimated, see pp. 3-5 .
CORPORATION INCOME TAX RETURNS FOR 1951
95
Table 4 — CORPORATION RETURNS WITH BALANCE SHEETS, 1961, BY MAJOR INDUSTRIAL CROUPS - PART I, ALL RETURNS; PART II, RETURNS WITH NET INCOME: NUMBEH OF RBTITOIS, ASSETS Aim
LIABILITIES, COMPttH) RJEEIPTS, COMPILED DEDUCTIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPHUTING LOSS DEDUCTION, IHCOME TAI, EXCESS PROFITS TAI, TOTAL
TAX, COMPILED NET PROFIT LESS TOTAL TAX, AND DIVIDQIDS PAID BY TYPE OF DIVIDEKD - Continued
PART II. - RETURNS WITH NET INCOME 3/ - Continued
Major InduBtrial groups 7/ - Continued
Finance, Inaurance, real estate, and lessors of real property
Total finance,
Insurance, real
estate , and
lessors of real
property
(S7)
Total finance
Banks and trust
companies
Credit agencies
other than banks
Holding and
other
investment
companies
lei)
Security and
commod 1 ty-
eocchange brokers
and dealers
Nuiober of returns with balance sheets 37/.
Assets :
Cash 38/
Notes and accounts receivable
Less : Reserve for bad debts
Inventories
Investments , Government obligations 39/
Other Investments 40/
Gross capital assets 41/ (except lajid]
Less : Reserves
Land
Other assets 42/
Total assets 43/
Liabilities :
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liablUties 44/
Capital stock, preferred
Capital stock, cnrnmon 45/
Surplus reserves
Surplus and undivided profits 46/
Less : Deficit 47/'
Total liabilities 43/
Receipts :
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less ajnortizable bond
premium) :
Wholly tajsable 16/
Subject to surtax only 17/
Wholly tax-exempt 16/.
Other interest
Rents 19/
Royalties 20/
Excess of net short-term capital gain over net long-term
capital loss. 21/
Excess of net long-term capital gain over net short-term
capital loss. 21/
Net gain, sales other than capital assets 22/
Dividends, domestic corporations 23/
Dividends , foreign corporations 24/
Other receipts 25/
Total compiled receipts 8/
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Cconpensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Ajnortizatlon 30/
Advertising
Amounts contributed under pension plans, etc. 31/
Net loss, sales other than capital assets 22/
Other deductions 32/
Total compiled deductions
Compiled net profit (37 less 54)
Net Income 3/ (55 less 27)
Net operating loss deduction 33/
Income tax 4/
Excess profits tax 5/
Total tax
Compiled net profit less total tax (55 less 60)
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation' s own stock
For footnotes, see pp. 162-164. For extent to which data are
463,114
669,092
690,334
22,765
403, 576
979,006
735,852
869,519
771,427
429,913
306,914,892
2,191,024
730,918
009,891
360,966
613,020
246,529
502,105
720,925
,360,486
5
12
246
1
12
2
25
1
306,914,692
170,934
7,202,618
1,239,190
141,811
228,260
4,755,472
2,U0,634
178,823
11,764
415,258
355,419
926,581
63,844
306,241
18,106,849
130,053
68,003
34/902,630
243,978
147,326
240,219
1,032,480
739,348
30,622
509,284
45,279
509
122,726
103,466
72,684
7,365,778
35/u, 794,385
6,312,464
6,084,204
42,736
1,468,353
46,907
4,797,204
1,672,918
179,958
8,954
(ThoutMnd dollmra)
46,102,400
68,608,645
665,046
11,816
71,018,794
15,776,053
2,022,389
339,580
209,465
1,803,075
204,500,211
919,018
4,737,660
3,941,335
170,406,137
1,062,531
7,449,944
2,245,667
14,426,135
688,216
204,500,211
U3,092
1,732,661
844,446
134,413
164,332
2,988,200
149,558
63,129
7,582
287,046
55,086
628,548
60,645
169,344
7,398,082
91,098
35,191
554,832
91,795
33,577
231,047
692,901
217,932
20,390
106,156
13,922
146
82,270
79,377
69,325
2,200,726
4,520,687
2,877,395
2,713,063
10,654
870,531
24,691
695,222
1,254,145
137,567
44,662,460
59,081,137
518,250
69,570,816
5,941,427
1,520,222
226,720
120,462
1,381,661
181,534,215
26
4,373
168,403,075
64,815
3,717,946
1,146,960
8,207,567
10,660
181,534,215
663,820
822,378
133,164
161,017
2,464,695
121,140
2,058
2,286
41,804
1,844
15,473
618
83,308
4,513,496
438,384
57,293
28,802
170,906
404,407
169,191
14,625
85,895
132
54,851
66,588
68,053
1,489,716
3,048,843
1,464,652
1,303,635
3,726
550,022
18,938
417,676
76,666
833,695
6,699,910
129,835
11,768
272,830
796,190
127,646
34,167
16,026
173,844
10,769,905
468,312
4,297,364
2,690,364
966,568
3U,563
800,799
295,322
1,036,289
116,666
10,769,905
106,718
908,221
4,256
94
326
433,262
4,613
99
861
15,052
2,419
14,693
3,661
38,349
1,532,614
87,748
62,869
26,211
3,289
58,657
246,662
29,626
3,352
12,707
4
143
23,414
8,866
405
612,518
456,154
455,828
3,818
205,937
3,732
209,669
246,486
108,917
8,819
510,376
613,048
16,622
48
738,343
8,696,832
321,054
100,891
59,032
117,138
10,937,360
215,207
114,830
1,100,437
731,331
654,181
2,861,903
791,097
5,026,062
557,688
10,937,360
6,374
64,436
12,816
399
1,401
87,560
22,233
60,385
3,809
224,806
2,490
589,656
56,229
41,026
3,350
35,191
21,357
3,438
868
1,218
34,156
13,051
1,964
6,553
13,729
3
1,135
1,737
792
113,272
260,814
922,794
921,393
2,006
104,910
1,199
816,685
720,518
49,761
95,867
214,750
339
436,805
342,604
53,468
28,802
13,946
130,432
235,498
325,438
146,161
285,163
31,982
69,296
1£,288
156,217
3,312
1,268,731
4,997
766
1,588
2,703
1,572
587
626
5,384
48,333
8,726
237
6,661
178,365
32,222
4,853
618
266
7,676
6,065
449
2,003
67
2,870
2,196
75
85,220
144,570
33,795
32,207
1,104
9,662
822
10,484
7,034
2,321
stlmated, see pp. 3-5.
96
CORPORATION INCOME TAX RETURNS FOR 1951
Table 1 CORPORATIOH RETimHS WITH BALANCE SHEETS, 1951, BY MAJOR INDUSTRIAL GROUPS - PART I, ALL RETURNS; PART II, RETURNS WITH NET INCOME: >raMBHl OF RETURNS, ASSETS AIH
LIABTLTTIES, COMPILED RECEIPTS, COMPILED DEDUCTIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPHIATING LOSS DEDUCTION, INCOME TAX, EXCESS PROFITS TAX, TOTAL
TAX, COMPILED NET PROFIT LESS TCTTAL TAX, AND DIVIDENDS PAID BI TYPE OF DIVIDOm - Continued
PART II. - RETURNS WITH NET INCOME 3/ - Continued
Major industrial groups 7/ - Continued
Finance, insurance, real estate, and lessors of real property - Continued
Insurance carriers and agents
insurance
carriers 9/
and agen£s
Insurance
carriers 9/
Insurance
agents and
brokers
Real estate,
except lessors
of real
property other
than buildings
(es)
Lessors of
real property,
except
buildings
(07)
Total services
Hotels and
other lodging
places
Number of returns with balance sheets 37/.
Assets :
Cash 38/
Notes and accounts receivable
Less : Reserve for bad debts
Inventories
Investments, Government obligations 39/.
Other investments 40/
Gross capital assets 41/ (except land)..
Less : Reserves
Land
Other assets 42/
Total assets 43/.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities 44/
Capital stock, preferred
Capital stock, common 45/
Surplus reserves
Surplus and undivided profits 46/.
Less : Deficit 47/
Total UabiUtles 43/.
Receipts :
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less amortizable
bond premium) :
Wholly taxable 16/
Subject to surtax only 17/
Wholly tax-exempt 16/.
Other interest
Rents 19/
Royalties 20/
Excess of net short-term capital gain over net long-
term capital loss. 21/
Excess of net long-term capital gain over net short-
term capital loss. 21/
Net gain, sales other than capital assets 22/
Dividends, domestic corporations 23/
Dividends, foreign corporations 24/
Other receipts 25/
Total compiled receipts 8/.
Deductions :
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc 3,
Net loss, sales other than capital assets 22/
Other deductions 32/
371,638
630,420
6,180
9,784
974,076
937,110
753,478
41,096
23,282
210,360
410,330
48,768
61,771
,955,243
40,233
,089,969
34,139
,244,326
21,907
39,185
4,469,625
370,214
6,878
61,636
1,718,455
165,595
92
162
26,184
261,873
1,977
21,072
29,514
34/119,555
49,638
3,160
4,493
10,625
155,971
2,764
54,241
186
26
16,133
20,328
165
4,210,630
Total compiled deductions.
Compiled net prof it (37 less 54).
Net income 3/ (55 less 27)
Net operating loss deduction 33/.
Income tax 4/
Excess profits tax 5/.
35/4,677,329
2,466,507
2,404,871
3,019
265,599
8,264
Total t(jc
Compiled net profit less total tax (55 less 60) .
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation ' s own stock
194,391
27,083
1,845
5,737
2,920
30,831
(Thousand dollars)
2,189,126
244,121
2,943
9,782
17,952,661
56,846,341
661,907
22,015
15,878
4,174,616
82,069,674
12,077
21,682
38,879
73,885,336
23,123
996,759
16,410
7,091,482
16,074
82,069,674
39,1B5
4,017,062
369,770
6,865
61,616
1,716,506
162,491
92
149
25,016
836
256,333
1,345
10,065
6,667,331
29,514
34/21,001
34,093
2,318
2,585
8,190
147,014
1,550
48,230
184
25
9,893
17,242
103
3,949,091
35/4,271,033
2,396,298
2,334,682
1,688
241,119
6,587
247,706
2,148,592
175,331
26,086
182,512
386,299
3,237
2
21,415
90,769
91,571
19,081
7,404
35,544
793,198
398,253
27,086
22,692
69,907
17,110
93,210
17,729
152,844
5,833
793,198
444
13
20
1,949
3,104
13
1,168
52
5,540
632
11,007
476,505
98,554
15,445
842
1,908
2,435
8,957
1,214
6,011
2
1
6,240
3,086
62
261,539
406,296
70,209
70,189
1,331
24,480
1,677
19,060
997
910,547
1,358,048
16,100
1,163
326,984
2,079,606
10,690,774
3,113,615
3,386,633
367,252
15,991,294
830,764
932,448
7,172,569
884,929
307,333
2,664,673
199,889
3,473,861
495,172
16,991,294
18,648
1,000,318
22,778
482
2,145
47,000
1,683,739
3,809
3,862
86,306
298,067
32,124
1,189
105,242
9,431
22,812
222,763
99,925
108,792
4,415
306,759
393,528
7,253
337,752
434
313
24,232
3,355
2,965
935,049
625,871
823,726
28,066
269,909
9,484
546,478
145,972
14,726
78,529
71,779
3,006
2
83,722
184,235
2,259,211
325,228
152,047
49,226
2,560,515
30,912
12,042
834,216
114,657
102,923
1,021,943
22,410
576,603
155,191
2,560,515
1,762
38
147
1,817
111,742
111,793
15,722
1,378
4,036
33
10,583
259,232
10
5,480
2,720
1,797
264
22,195
21,917
215
11,133
30,737
24
41
406
229
19,373
116,541
142,691
142,544
997
62,314
4,468
78,410
582
863,879
985,607
27,153
526,386
193,879
998,071
4,699,600
1,969,877
633,044
233,320
7,136,756
632,673
296,584
1,388,881
742,119
188,700
1,214,659
243,543
2,589,642
159,945
7,136,756
1,063,023
7,279,175
5,187
194
223
U,077
188,917
15,204
1,110
40,043
2,545
23,792
7,797
100,144
614,389
3,962,977
380,063
254,109
110,753
14,414
68,201
217,553
8,399
307,499
330
628
128,571
34,343
1,903
1,858,957
7,983,089
755,342
755,119
24,684
302,989
22,143
325,132
430,210
177,466
10,283
3,522
121,891
78,083
1,669
45,398
25,342
114,811
1,521,165
651,849
251,756
47,226
1,552,154
50,365
516,291
100,976
52,562
250,079
25,013
512,197
32,206
415, 554
768,199
1,613
2
3
1,386
92,178
193
360
6,885
689
3,375
231,081
271,290
25,634
50,413
49,273
1,998
23,743
58,598
1,439
68,534
123
33
19,268
1,526
175
362,356
1,185,469
117,194
117,191
3,773
47,446
1,743
49.189
68,005
21,533
1,480
For footnotes, see pp. 162-164, For extent to which data are estimated, see pp. 3-5.
CORPORATION INCOME TAX RETURNS FOR 1951
97
Table 4,— CORPORATION RETURNS WITH BALANCE SHEETS, 1951, BY MAJOR INDUSTRIAL GROUPS - PART I, ALL REFURHSi PART II, RETURNS WITH NET INCOME: NITMBEH OF RETURNS, ASSETS AND
LIABILITIES, COMPILED RECEIPTS, COMPILED DEDUCTIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET 0PE31ATING LOSS DEDUCTION, INCOME TAX, EXCESS PROFITS TAX, TOTAL
TAX, COMPILEE NET PROFIT LESS TOTAL TAX, AND DIVrDQlDS PAID BY TYPE OF DIVIDHJD - Continued
PART II. - RETURNS WITH NET INCOME 3/ - Continued
Major Industrial groupe 7/ - Continued
Servlcea - Continued
Personal
aervlceB
Business
services
Automotivo
repair
services
and garages
MiBcallaneous
repair
services,
hand trades
173)
Motion
pictures
Ainusement ,
exceprt
motion
pictures
Other
services,
Including
schools
Nature of
business not
allocable
Number of returns with balance aiieets 37/.
Assets:
C&ah 38/
Notes and accounts receivable
Less : Reserve for bad debts
Inventories
Investments, Government obligations 39/.
Other investments 40/
Gross capital assets 41/ (except land)..
Less : Reserves
Land
Other assets 42/
Total assets 43/.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities 4^
Capital stock, preferred
Capital stock, common 45/
Surplus reserves
Surplus and undivided profits 46/.
Less: Deficit 47/
Total liabiUties 43/.
Receipts ;
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less amortisable
bond premium) :
Wholly taxable 16/
Subject to surtax onlj 17/
Wholly tax-exempt 16/.
Other interest
Rents 19/
Royalties 20/
Excess of net short-term capital gain over net long-
term capital loss. 21/
Excess of net long-term capital gain over net short-
term capital loss. 21/
Net gain, sales other than capital assets 22/
Dividends, doaestic corporations 23/
Dividends, foreign corporations 24/
Other receipts 25/
Total compiled receipts 8/.
Deductions:
Coat of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 3l/.
Net loss, sales other than capital assets 22/
Other deductions 32/
Total compiled deductions.
Compiled net profit (37 less 54).
Net income 3/ (55 less 27)
Net operating loss deduction 33/.
Income tax ^
Excess profits tax 5/
Total tax.
Compiled net profit less total tax (55 less 60).
Dividends paid: 6/
Casli and assets other than own stock 6/
Corporation's own stock
81,168
249,828
99,120
430,306
1,835
10,334
70,159
55,059
14,312
57,422
45,426
356,828
605,901
723,244
257,955
269,116
32,530
23,475
30,872
65,625
37,602
58,648
84,350
207,344
60,794
278,207
25,542
46,572
174,312
244,093
7,465
93,229
282,193
519,440
13,380
20,629
719,698
243,455
1,045,978
259
6
18
602
2,424
522
45
191
1,108
125,473
568,129
76,246
34,974
15,734
2,892
5,073
28,770
1,181
42,980
6
56
19,858
1,475
282
303,057
1,226,185
78,248
78,230
3,622
27,471
1,975
29,446
12,223
1,446
7,133
2,963
1,649
3,170
2,361
(Thousand dollart)
1,672,337
245,433
119,666
,288,869
1,008
30
62
4,086
25,462
4,506
229
7,391
280
10,164
1,287
19,687
2,482,617
80,275
1,324,783
141,310
42,084
13,169
3,774
10,562
32,846
1,929
67,348
26
67
12,982
17,549
537
619,472
2,268,712
213,906
213,843
4,515
88,096
9,049
37,145
116,760
43,788
1,950
31,483
49,314
540
24,543
2,615
17,236
309,934
109,636
39,833
12,316
377,198
33,003
40,624
97,127
26,165
12,885
66,016
4,137
111,481
4,240
377,198
84,933
338,804
217
2
2
256
15,698
333
8,217
508
436
57,019
170,283
23,790
27,935
6,267
638
5,617
U,287
301
41,279
34
3,927
380
160
68,156
416,278
38,263
38,261
1,010
12,291
592
3,150
874
23,141
42,091
714
33,200
2,146
3,654
57,635
20,139
2,676
2,826
146,516
25,732
13,458
6,444
21,843
2,505
24,998
1,552
62,847
2,863
146, 516
66,496
279,587
886
4
811
349, 386
42,087
195,709
15,837
5,226
2,m
686
799
6,227
125
4,621
15
2,928
655
216
60,215
327,457
21,929
21,929
1,718
8,144
806
12,980
3,121
1,332
191,591
138,696
7,100
272,548
38,953
405,832
991,679
476,338
216,268
50,828
1,823,046
117,891
61,906
390,660
132,425
29,421
272,469
77,788
801,661
61,065
60,815
1,427,637
1,160
123
3
3,809
40,428
7,023
104
10,665
502
7,175
5,410
39,178
37,046
912,356
30,083
59,601
12,664
1,174
17,041
41,564
1,037
52,454
67
412
48,678
6,892
163
235,064
1,456,186
147,846
147,843
3,727
61,793
1,782
63,576
66,604
640
86,279
27,712
349
6,863
28,780
29,563
303,721
116,131
50,769
20,089
437,296
23,719
13,994
64,704
65,681
8,047
117,493
9,641
169, 733
16,716
437,296
37,609
461,974
399
10
1
449
8,298
2,095
34
2,201
207
701
41
7,638
17,616
220,231
19,201
14,710
8,127
804
3,198
25,482
1,871
18,693
92
12,087
630
325
95,326
438,393
73,264
73,263
3,133
31,993
2,233
39,038
17,439
1,021
3,167
73,498
120,286
4,612
18,526
24,309
24,731
186,321
68,813
15,727
13,538
408,511
49,688
19,997
31,461
66,028
11,166
75,109
24,718
140,190
9,846
408, 5U
35,495
678,127
459
21
134
521
3,563
865
1
682
95
766
161
8,202
729,082
23,792
320,191
47,962
19,266
4,418
2,248
2,168
12,779
516
11,590
17
7
8,843
5,236
45
205,311
664,339
64,693
64,559
3,186
25,756
3,964
9,607
1,540
24,318
2
30,922
3
473
4
6,538
5
8,946
6
20,721
7
45,519
8
19,229
9
U,138
10
4,447
11
7,539
14
11,432
16
10,920
16
4,455
17
30,696
18
3,201
19
63,267
20
13,779
21
132,847
44,253
23
25,940
24
137
25
6
26
25
27
446
28
3,224
29
269
30
242
31
2,470
32
121
33
592
34
_
36
3,103
36
80,818
33,243
13,764
2,946
1,045
822
119
694
2,089
71
1,945
100
335
228
31
12,225
69,657
U,161
11,136
510
3,823
172
2,092
45
For footnotes, see pp. 162-164. For extent to which data are estiinated, see pp. 3-5,
98 CORPORATION INCOME TAX RETURNS FOR 1951
Table 4-A CONSOLIDATn) 4S/ CORPORATION RETURNS WITH BALANCE SHEETS, 1951, BY IWJOR INDUSTRIAL GROUPS - PART I, ALL RETURNS; PART II, RETURNS WITH NET INCOME: NUMBEE OF RETURNS,
NUHBm OF SUBSIDIARIES, ASSETS AW LIABILITIES, COMPILED RECEIPTS, COMPILED DEDUCTIONS, COMPILED NET RiOFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPERATING mSS DEDUCTION,
INCO:-!E TAX, EXCESS HIOFITS TAX, TOTAL TAX, COMPILED NET PROFIT LESS TOTAL TAX, AtJD DIVIDEflDS PAID BY TYPE OF DIVIDEND; FOR RETURNS WITH NO BALANCE SHEETS, IN TOTAL ONLY THE
SW-IE ITEf-IS (EXCEPT ASSETS AND LIABILITIES)
PART I. - ALL CONSOLIDATE) RETURNS
All
returns
Returns
with no
balance
sheets
Returns with balance sheets, by njajor industrial groups 2y
All
industrial
groups
Agriculture, forestry, and fishery
Tatal
agriculture,
forestry,
and fishery
Farms and
agricultural
services
Forestry
Fishery
Mining and quarrying
Total
mining
and
quarrying
Number of returns 2/
Number of subsidiaries 49/.
Assets :
Cash ^
Notes and accounts receivable
Less : Reserve for bad debts
Inventories
Investments, Government obligations 39/
Other investments 40/
Gross capital assets 41/ {except land)
Less: Reserves
Land
Other assets 42/
Total assets 43/
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities 44/
Capital stock , preferred
Capital stock, common ^5/
Surplus reserves
Surplus and imdivided profits 46/
Less: Deficit 4Z/
Total liabilities 42/
Receipt,s :
Gross sales 14/
Gross receipts from operations iS/
Interest on Gcvernraeni obiita'vicns (less amortiza-
ble bond premium):
Wholly taxable !£/'
Subject to surtax only XJ/
Wholly tax-exempt i§/
Other interest
Rents 12/
Royalties kQ/
Excess of net short-tena capital gain over net
long-term capital loss - ti/
Excess of net long-term capital gain over net
short-term capital loss , Zl/'
Net gain, sales other than capital assets 2£/ ....
Dividends, domestic corporations 23/
Dividends, foreign corporations 24/
Other receipts 25/'.
Total compiled receipts 8/
Deductions :
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/'
Advertising
Amounts contributed under pension plans, etc. 3l/.
Net loss, sales other than capital assets 22/
Other deductions 32/
Total compiled deductions
Compiled net profit or net loss (39 less 55)
Net income or deficit 3/ (56 less 28)
Net operating loss deduction 33/
Income tax ^
Excess profits tax 5/
Total tax
Compiled net profit less total tax (56 less 61)
Dividends paid: $/
Cash and assets other than own stock £/.
Corporation's own stock
For footnotes, see pp. 162-164. Data not subject to
1,940
7,551
4,283,041
7,717,470
116,978
4,867,697
6,233,431
10,249,794
44,393,025
15,238,626
709,609
1,641,607
64,740,070
3,023,784
2,177,634
15,092,922
10,081,357
1,568,776
15,021,890
2,372,177
16,006,889
607,859
64,740,070
31,730,111
13,955,793
68,663
4.269
11,909
226,296
329,835
52,365
1,709
107,382
13,941
672,913
179,625
172,572
47,552,383
25,128,358
7,519,109
177,388
541,976
468,240
60,379
638,045
1,319,059
25,009
1,267,236
456,291
63,671
291,458
464,500
51,681
4,974,326
43,446,726
4,105,657
4,093,748
30,027
1,853,271
101,903
1,663,578
274,726
51
102
1,889
7,449
84
247
(Thousand do! lars)
20,024
26,889
157
578
16,452
18,251
G72
643
123
219
1,201
1,783
10
2,231
54
2
387
37
2
6,318
48,385
50/23
W23
174
iS/870
382
4,283,041
7,717,470
116,978
4,867,697
6,233,431
10,249,794
44,393,026
15,238,626
709,609
1,641,607
64,740,070
3,023,784
2,177,634
15,092,922
10,081,857
1,568,776
15,021,390
2,372,177
16,008,839
607,859
64,740,070
31,710,087
13,928,904
88,662
4,269
11,909
226,139
329,257
52,363
1,708
107,091
18,918
672,842
179,625
172,247
47,504,021
25,111,906
7,500,856
176,716
541,333
468,117
60,160
636,844
1,317,276
24,999
1,265,005
458,237
63,669
291,071
464,463
51,679
4,968,008
43,398,341
4,105,680
4,093,771
29,853
1,852,430
101,897
1,954,327
2,151,353
1,663,196
274,726
20,434
164,552
666
12,594
75,682
62,916
92,666
50,078
2,329
7,602
377,879
19,936
5,677
3,741
13,628
140
£03,034
78,113
58,419
4,803
377,879
281,676
81,881
1,268
76
146
436
688
48
446
117
30,163
3,341
142
400,436
192,697
805
246
17,081
6,923
16
271
6,650
3
3,799
4
1,767
328
866
97, 339
327,783
72,663
72,507
260
24,989
11
25,000
47,653
39,740
20,434
154,208
662
12,528
76,682
62,846
32,245
49,852
2,329
7,502
377,310
19,846
5,338
3,741
13,628
140
202,817
78,113
53,400
4,713
377,310
281,586
81,779
1,268
76
146
436
48
446
117
30,163
3,341
142
400,244
192,652
725
£40
17,080
5,901
15
270
6,645
3
3,786
4
1,766
328
856
97,294
327,564
72,680
72,634
250
24,989
11
47,680
39,740
344
4
69
320
226
90
102
52/27
50/27
56/27
116,225
154,200
4,749
90,227
59,214
223,906
1,477,218
727,632
29,280
■■3,345
1,461,234
79,494
60,723
344,356
72,376
75,514
296,921
65,118
496,273
29,541
915,192
167,893
23
22
3,472
7,915
8,921
503
9,990
218
11,893
2,323
6,035
1,1£5,269
676,038
96,690
6,791
9,318
26,143
499
13,973
31,546
189
39,612
56,544
503
2,061
13,582
134
93,376
59,270
59,248
157
28,860
241
29,091
38,432
6,832
sampling variability since all these returns were tabulated.
CORPORATION INCOME TAX RETURNS FOR 1951
99
lable .t-A.— CONSOLIDATED Ifl/ CORfORATION RETURNS WITH BALANCE SHEETS,' 1951, BY MAJOR INDUSTRIAL OlOUPS - PART I, ALL RETURNS! PART II, RETURNS WITH NET IKMME: NUMBER OF RETURNS
NUMBEB OF SUBSIDIARIES, ASSETS AND LIABIUTIES, COMPILH) RECEIPTS, COMPILED DEDUCTIONS, COMPILH) NET HiOFIT OH NET LOSS, NET INCOME OR DEFICIT, NET OPERATING IDSS DEDUCTION
INCOME TAX, EXCESS ffiOFITS TAX, TOTAL TAX, COMPILED NET HWFIT LESS TOTAL TAX, AND DIVIDENDS PAID BY TYPE OF DIVIDEKDi FOR RETURNS WITH ND BALANCE SHEETS, IN TOTAL ONLY THE
SAME ITEMS (EXCEPT ASSETS AND UABIUTIES) - Continued
PART I. - ALL CONSOUDATEE RETURNS - Continued
Ratuma with balAnce flheeta, by najor Induatrlnl groupe 2J - Continued
Mining and quarrying - Continued
Anthracite
mining
Bituminous
coal and
lignite
mining
Crude
petroleum
and natural
gas
production
(121
Nonmetalllc
mining and
quarrying
Construction
Manufacturing
Total
manuTacturing
Beverages
Food and
kindred
products
Number of returns 2/
Number of subsidiaries ^2/ •
Assets :
Cash 3§/
Notes and accounts receivable
Less : Reserve for bad debts
Inventories
Investments, Government obligations 2fl/
Other investments 40/
Gross capital assets 41/ (except land)
Less : Reserves
Land
Other assets 42/.
Total assets ^
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities ^
Capital stock, preferred
Capital stock, common 45/
Surplus reserves
Surplus and undivided profits 4fi/
Less: Deficit 42/
Total llabiUties 42/
Receipts:
Gross sales 14/
Gross receipts from operations is/
Interest on Government obligations (less amortiza-
ble bond premium) ;
Wholly taxable J^
Subject to surtax only ^2/
Wholly tax-exempt ^
Other interest
Rents ^
Royalties 2Q/
Excess of net short-term capital gain over net
long-term capital loss. 21/
Excess of net long-term capital gain over net
short-term capital loss. ZXj'
Net gain, sales other than capital assets 22/
Dividends, domestic corporations 23/
Dividends, foreign corporations ^y
Other receipts 25/
Total compiled receipts %J
Deductions :
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs £2/
Bad debts
Interest paid
Taxes peid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 20/
Advertising
Amounts contributed under pension plans, etc. 2i/-
Net loss, sales other than capital assets 22/ ....
Other deductions 32/
Total compiled deductions
Compiled net profit or net loss (38 less 55)
Net income or deficit 2/ (56 less 28)
Net operating loss deduction 33/
Income tax 4/
Eiccess profits tax 5/
Total tax
Compiled net profit less total tax (56 less 61)
Dividends paid; 5/
Cash and assets other than own stock 2/
Corporation' s own stock
For footnotes, see pp. 162-164. Data not subject to
41
100
91
247
21
125
9,490
19,124
1,616
14,438
9,203
33,472
218,318
108,192
1,216
8,477
203,929
9,726
74
51,656
9,598
9,938
35,797
5,182
85,571
3,613
203,929
149,770
17,085
176
3
4
201
4,657
5,309
32
531
136,418
7,015
849
1,894
8,115
13
1,333
3,601
24
3,779
4,474
853
2,009
8,534
178,911
SP/Sl
52/85
2S/B67
4,420
fTTiouaand dollMra)
25,405
35,191
288
29,336
7,868
31,515
355,952
158,569
5,525
7,945
339,880
15,503
7,613
96,685
22,506
41,531
49,191
9,029
100,557
2,735
339,880
299,038
61,624
13
1,349
124
6
55
2,295
222,320
46,093
2,292
1,442
14,994
268
4,273
10,699
56
10,679
4,648
503
657
9,986
24
27.023
355,957
15,104
15,091
7,284
7,284
6,390
17
70,493
84,537
2,812
35,364
26,433
152,625
791,766
385,077
21,962
24,612
819,903
50,007
50,185
191,130
36,199
23,845
189,396
40,339
260,845
22,643
819,903
397,917
78,822
343
3
5
1,356
1,358
3,451
494
6,448
131
9,295
100
2,960
271,913
42,308
3,126
2,934
2,662
207
8,112
13,231
102
23,337
41,895
535
1,577
106
54,069
466,114
36,669
36,564
149
16,806
69
16,875
19,694
23,261
5,815
96
283
10
244
29
21
2,663
1,374
76
60
2,087
168
14
246
200
627
36
718
32
2,428
97
7
182
4
10
35
129
120
5
4
393
3,422
33,368
134,345
170
6,493
6,460
76,092
110,923
16,050
9,307
11,034
369,782
61,501
10,506
161,484
54,046
3,355
18,815
12,896
52,286
6,107
369,782
20,454
309,074
83
30
312
4,206
142
4
2,621
225
1,088
577
1,840
340,656
16,269
255,177
6,446
956
1,040
1,044
4,933
4,210
98
6,617
171
617
2,084
671
23,434
323,667
16,989
16,959
801
9,471
1,628
11,099
5,890
5,667
227
1,360,308
2,356,796
55,815
3,144,358
2,014,769
3,235,033
15,183,837
7,586,870
262,677
258,767
20,193,860
1,682,275
369,635
2,628,834
1,532,938
560,644
5,616,343
1,044,569
6,946,236
187,614
20,193,860
22,836,504
1,109,916
30,271
162
178
49,669
92,902
26,223
113
41,762
1,118
406,022
137,773
70,192
24,801,795
17,773,163
689,205
70,937
132,677
400,512
21,211
120,586
455,222
13,947
496,669
380,364
£6,183
164,843
238,614
7,614
1,563,267
22,553,904
2,247,891
2,247,713
12,018
1,000,630
97,685
1,096,315
1,149,676
754,174
216,206
30,587
106,672
3,701
^97,961
46,189
89,310
165,364
61,316
9,101
4,765
684,922
14,540
28,764
180,281
81,416
27,627
31,368
15,863
309,380
4,X7
684,922
1,869,739
14,039
2,619
1,116
2
1
259
92
SOS
2,120
1,891,210
1,630,907
6,165
2,696
2,244
4,187
100
7,842
36,327
1,243
7,438
58
28,763
2,377
477
75,502
1,806,326
84,884
84,884
617
43,675
4,031
37,178
8,434
2,919
66
275
60,737
95,608
3,818
183,335
42,624
21,055
411,957
162,437
7,262
10,716
667,029
57,374
18,218
163,248
29,241
23,788
10^,294
76,944
220,061
12,129
667,029
1,754,599
6,116
500
6
5
6,483
956
16
1
744
7
72
1,141
9,657
1,779,303
1,518,328
1,352
8,353
6,207
17,268
1,294
11,230
15,704
433
£5,350
72
31,815
4,480
580
66,355
71,492
71,487
506
38,970
4,462
21,351
150
sampling variability since all these returns were tabulated.
100
CORPORATION INCOME TAX RETURNS FOR 1951
Table 4 -A.— CONSOLIDATED 4S/ CORPORATION RETURNS WITH BALANCE SHEETS, 1951, BY MAJOR INDUSTRUL GROUPS- PART I, ALL RETURNS; PART II, RETURNS WITH NET INCOME: NUMBER OF RETURNS,
NUMBER OF SUBSIDIARIES, ASSETS AND LIABILITIES, COMPILED RECEIPTS, COMPILED DEDUCTIONS, COMPILED NET ffiOFIT OR NET DDSS, NET INCOME OR DEFICIT, NET OPmATING DDSS DEDUCTION,
INCOME TAX, EXCESS PROFITS TAX, TOTAL TAX, COMPILE) NET PROFIT LESS TOTAL TAX, AND DIVIDENDS PAID BY TYPE OF DIVIDEND; FOR RETURNS WITH NO BAUHCE SHEETS, IN TOTAL ONLX, raE
SAME ITEMS (EXCEPT ASSETS AND LIABIUTIES) - Continued
PART I. - ALL CONSOLIDATED RETURNS - Continued
Returns with balance sheets, by major industrial groups 2J ~ Continued
Manufacturing - Continued
Tobacco
inufactures
Textile-mill
products
Apparel and
products
made from
fabrics
Liunber
and wood
products,
except
furniture
Furniture
and
fixtures
Paper and
allied
products
Printing,
publishing,
flnH allied
industries
Chemicals
and allied
products
Number of retiu-ns g/
Number of subsidiaries 49/..
Assets:
Cash 38/
Notes eind accounts receivable
Less : Reserve for bad debts
Inventories
Investments, Government obligations 39/
Other investments 40/
Gross capital assets 41/ (except land)
Less : Reserves
Land
Other assets 4^/
Total assets 43/
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities ^
Capital stock, preferred
Capital stock , common 45/
Surplus reserves
Surplus and undivided profits 46/
Less : Deficit ^
Total liabilities 43/
Receipts;
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less amortizable
bond premium):
Wholly taxable 16/
Subject to surtax only 17/
Wholly tax-exempt 18/
Other interest
Rents 12/
Royalties 20/ j
Excess of net short-term capital gain over net lon^-
terra capital losb. 21/
Excess of net lon{;-term capital gain over net short-
term capital loss. Zl/
Net gain, sales other than capital assets 22/
Dividends, domestic corporations 23/
Dividends , foreign corporations 24/
Other receipts ?.^/
Total compiled receipts 8/
Deductions :
Cost of goods sold Z^/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs £2/
Bad debts
Interest paid
Taxes paid gg/
Contributions or gifts 2^/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc, g^/. . .
Net loss, sales other than capital assets 22/
Other deductions 32/
Total compiled deductions
Compiled net profit or net loss (38 less 55)
Net income or deficit 3/ (56 less 28)
Net operating loss deduction 33/
Income tax 4/
Excess profits tax 5/
Total tax
Compiled net profit less total tax (56 leas 61)
Dividends paid: ^
Cash and assets other than own stock 6/
Corporation ' s own stock
For footnotes, see pp. 162-164. Data not subject to
106
83
48
1
35
35
2
100
30
100
17,873
45,631
1,106
115,756
1,299
38,321
150,283
49,585
1,845
8,378
328,695
22,037
19,011
61,641
11,056
11,077
51,937
16,730
143,053
7,847
328,695
465,380
1,579
2
503
778
209
5
1,903
42
1,979
1,661
474,077
384,289
106
3,122
1,926
2,720
303
3,885
6,402
645
6,852
5
2,146
1,094
324
40,168
453,987
20,090
20,088
23
9,493
24
9,517
10,573
6,602
250
(Thousand dollars)
3,114
6,828
117
10,334
355
2,563
9,116
3,318
474
897
30,246
6,471
2,134
3,228
2,044
2,514
5,969
66
9,056
1,236
30,246
71,546
1,688
30
417
10
3
194
56,937
1,426
1,740
909
230
51
396
941
33
675
963
113
7
10,435
74,855
50/770
5fl/770
131
322
9
iS/1,101
76
5,418
12,124
590
20,936
562
4,168
65,658
22,076
2,154
3,741
82,095
5,910
9,788
10,620
6,031
2,362
9,397
1,714
36,706
433
82,095
106,727
2,694
122
330
120
5
22
151
113,928
83,064
1,292
1,307
416
2,189
214
791
1,811
38
3,176
2,256
181
108
12
11,066
107,921
6,007
6,007
2,496
19
3,492
799
145
800
3,124
204
8,351
34
469
11,154
4,346
153
456
19,981
2,840
1
563
2
795
686
542
0
418
36
3
045
1
943
19,981
32,298
92
32,540
24,782
2
419
208
540
83
329
563
1
434
390
2
427
4,959
33,139
22/599
£0/599
79
10,530
6,739
199
12,723
763
901
59,634
17,628
359
1,300
75,182
6,953
4,373
22,463
4,720
4,354
6,999
1,122
24,696
498
75,182
5,673
259
68,183
1,105
684
1,139
36
498
871
131
1,340
566
472
532
6,775
32,324
4,549
4,549
20
2,063
1,151
45
132
28,381
46,399
3,003
31,662
6,767
27,366
179,396
53, 353
14,769
13,698
232,062
30,671
9,014
51,353
22,344
5,405
30,434
6,364
140,002
2,615
292,062
354,463
26,041
257
6
7
388
4,327
1,621
30
536
1
824
2,190
2,122
392,813
237,422
10,672
4,107
6,162
1,179
2,767
2,312
7,244
417
7,490
18
2,035
2,663
425
84,025
368,958
23,861
23,864
452
12,379
114
12,433
11,368
6,933
47
137
32,193
43,820
1,520
53,193
32,362
56,292
125,666
58,717
4,270
6,495
294,660
21,176
5,735
66,907
24,663
27,968
40,283
18,384
33,473
2,335
234,660
273,608
4,239
417
2
14
356
1,141
2,246
353
76
763
1,815
2,210
170,157
774
4,065
1,604
2,288
218
1,364
4,293
441
5,517
1,370
179
13,353
2,047
1,648
46,222
256,146
31,094
31,080
126
16,291
1,474
17,765
13,323
6,861
370
sampling variability since all these returns were tabulated.
CORPORATION INCOME TAX RETURNS FOR 1951
101
TnbU 4-* CONSOUDATH) 12/ CORPORATION RETURNS WITH BAUNCE SHEETS, 1351, BY MAJOR INDUSmUL CROUPS - PART I, Aa RETURNS; PARI II, RETURNS WITH NET INCOME; NUMBIS OF RETURNS,
NUMBER OF SUBSIDURIES, ASSETS AND LUBIUTIES, COMPILED RECEIPTS, COMPILED DEEUCTIONS, COMnLEB NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPERATING LOSS DH)OCTION,
,.. „ ^.„ ™™„„ ™„„„.o -,., j^,[,^[_ ^^^ COMPILED NET PROFIT LESS TOTAL TAX, AND DIVIDEM)S PAID BY TYPE OF DIVIDEND! FOR RETURNS WITH NO BALANCE SHEETS, IN TOTAL ONLY, THE
INCOME TAX, EXCESS PROFITS TAX,
SAME ITEMS (FJ[CEPr ASSETS AND LIABILITIES)
Continued
PART I. - ALL CONSOLIDATH) RETURNS - Contlniwd
Itoma
Returns with balance sheeta, by major Industrial groups 2/ ~ Continued
Manufacturing - Continued
Petroleum
and coal
products
(26)
Rubber
products
Leather
and
products
(281
Stone, clay,
and glass
products
(28)
Primary
metal
industries
(30)
Fabricated
metal
products ,
except
ordnance,
machinery,
and trans-
portation
equipnent
(31)
Machinery,
except trans-
portation
equipnent and
electrical
(32)
Electrical
machinery
and
equl[iQont
(33)
1
2
Number of returns S/
Number of subeidiaries 42/
Assets :
Cash 2fi/
12
272
4
14
16
44
7
12
19
178
39
65
42
101
32
98
1
2
(Thmimand
dotUra)
a
692,722-
1,180,035
21,226
1,134,022
1,150,252
2,633,005
8,672,590
4,289,045
205,516
85,009
1,333
4,628
10
6,882
457
616
7,834
2,916
41
271
17,426
9,346
399
19,381
1,765
3,647
16,443
6,160
384
4,030
327
522
22
917
41
1,044
7,440
4,680
98
160
307,192
343,450
12,792
621,229
656,608
64,012
4,639,738
2,561,632
2,945
61,638
5,904
13,476
287
31,391
502
4,159
44,774
16,944
1,186
1,691
39,640
107,776
796
237,162
41,433
16,928
202,557
88,182
3,260
6,528
59,832
86,408
2,922
164,962
16,871
245,665
112,746
40,363
1,260
9,717
3
4
S
R
7
8
9
Investments, Government obligations 32/
Other investments 40/
Gross capital assets 4]/ (except land)
7
8
g
10
10
11
12
11
Land
12
Other assets ^2/
Total assets 43/
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
13
11,442,880
19,136
65,862
5,847
4,021,388
65,662
666,296
643,156
13
14
IS
1,021,847
87,619
1,656,711
426,036
41,658
3,565,520
596,599
4,057,909
IB
2,217
1,286
1,816
982
1,444
267
1,015
10,109
4,013
6,476
1,601
5,112
7,236
9,613
4,317
28,032
337
344
163
2,170
514
497
1,413
709
9,768
9,721
297,483
8,992
82,009
688,113
364,541
1,332,453
128,470
1,120,200
883
9,120
7,166
12,445
9,101
3,424
14,146
2,480
33,248
5,277
32,078
26,187
30,413
95,901
8,264
118,249
68,210
189,253
1,249
60,900
39,216
80,137
56,437
9,131
166,096
49,043
199,820
7,623
14
16
16
16
17
Other liabilities 4^''
17
in
19
Capital stock, conmon 45/
19
21
21
22
Less: Deficit i2/
Total Uabilities iS/
Receipts:
Gross sales 14/
Gross receipts from operations l£/
interest on Government obligations (less amortiza-
ble bond preraium) :
Wholly taxable ig/
22
23
11,442,880
19,136
66,862
6,847
4,021,388
85,862
566,296
643,156
23
24
25
26
27
10,537,261
481,166
17,322
105
141
6,346
65,737
14,901
8
16,464
661
393,680
124,126
28,987
39,081
1
8
24
10
186
99,742
1
27
23
61
19
172
42
351
7,317
26
12
9
81
82
19
2
17
4,959,641
477,638
9,699
40
2
19,462
12,654
1,278
26
6,646
13
4,413
946
7,834
116,466
1,671
13
162
194
6
32
462
16
2
408
586,787
2,515
827
6
1,370
1,628
1,276
3
1,450
42
371
350
2,377
567,790
11,766
187
3,68f
2,17f
1,499
6,667
1,68;
6,62(
4,08i
24
25
26
27
2.1
28
PR
29
30
31
32
33
34
3S
Royalties gr^
Excess cf net short-term capital gain over net long-
term capital loss. 21/
Excess cf net long-term capital gain over net short-
terra capital loss. 21/
30
31
32
33
34
36
36
37
Dividends, foreign corporations ^
Other receipts £fi/
Total ccanpilod receipts §/
Deductions:
Cost of operations gg/
36
37
38
11,688,804
39,310
100,438
7,664
5,499,191
121,432
601,002
604,963
38
39
40
41
8,205,597
264,712
9,453
73,062
194,619
10,429
49,463
202,967
2,564
280,591
308,364
7,258
41,494
109,452
918
774,589
28,981
783
178
766
35
177
686
100
554
563
81
4,399
80,011
1,113
1,759
810
43
397
1,653
87
749
1,690
331
1,498
15,307
6,722
229
13
109
14
28
213
254
40
24
1
796
3,681,790
345,905
12,906
21,510
141,755
1,043
22,024
119,795
6,775
117,951
66,585
17,707
7,616
97,789
13
146,832
91,648
342
2,170
634
1,021
733
984
1,660
167
2,007
9
618
260
151
12,819
335,661
1,058
6,235
7,866
8,241
331
2,116
15,710
429
11,644
400
365
5,671
8,618
184
130,688
446,698
310
4,000
2,64S
6,29(
1,510
4,941
16,47;
17t
7,10;
5!
42!
14,04!
3,783
16!
51,641
39
40
41
42
43
44
Rent paid on business property
42
43
45
46
Interest paid
Taxes paid ^
46
46
47
41
Contributions or gifts g2/
47
43
49
50
SI
Amortization 20/
50
51
52
53
54
Amounts contributed under pension plans, etc. 31/
Other deductions 22/.
52
53
54
55
10,525,632
37,293
105,248
7,442
4,807,996
115,203
535,115
560,28!
Compiled net profit or net loss (38 less 56)
Net income or deficit 2/ (56 less 28)
56
57
1,161,272
1,161,131
3
2,017
2,017
52/4,810
52/4,810
3
122
122
9
691,196
691,193
1,259
6,229
6,229
442
65,887
65,881
3,433
44,67i
44,67<
2,67!
66
57
58
Net operating loss deduction 22/
Income tax 1/
Excess profits tax fi/
Total tax
58
59
60
431,495
21,351
1,040
10
1,108
26
157
30
353,167
58,922
4,112
326
33,652
3,197
22,22*
62:
59
60
61
452,846
1,050
1,134
187
412,109
4,438
36,849
22,e4(
61
Dividends paid: 5/
Cash and assets other than own stock §/
62
63
64
706,426
628,859
211,381
967
66
22/5,944
1,108
22/'65
76
273,086
137,241
1,791
1,247
76
29,038
13,338
606
21,824
8,851
25:
62
63
64
For footnotes, see pp. 162-164. Data not subject to sampling variability since all these returns were tabulated.
102
CORPORATION INCOME TAX RETURNS FOR 1951
Table 4 -A. —CONSOLIDATED 42/ CORPORATIOS RETURNS UITH BALANCE SHEETS, 1951, BY MAJOR INDOSIRIAL GROUPS - PART I, ALL RETURNS; PART II, RETURNS WITH NET INCOME: NUMBER OF RETURNS,
NUMBEH OF SUBSIDIARIES, ASSETS AND LIABILITIES, COMPILPD RECEIPTS, COMPILH) DEDUCTIONS, COMPILED NET mOFIT OR NET IDSS, NET INCOME OR DEFICIT, NET OPERATING LOSS DEDUCTION,
INCOME TAX, EXCESS PROFITS TAX, TOTAL TAX, COMPILED NET PROFIT LESS TOTAL TAX, AND DIVIDENDS PAID BY TYPE OF DIVIDENDj FOR RETURNS UITH NO BALANCE SHEETS, IS TOTAL GNU, THE
SAME ITEMS (EXCEPT ASSETS AND LIABILITIES) - Continued
PART I. - ALL CONSOLIDATED RETURNS - Continued
Trans portatior
equipment,
except motor
vehicles
Returns with balance sheets, by major industrial groups JJ - Continued
Manufacturing - Continued
Motor
vehicles and
equipnent,
except
electrical
Ordnance
and
accessories
Scientific
instruments;
photographic
equipment;
watches,
clocks
(37)
Other
manufacturing
Public utilities
Total
public
Transportation Communication
Number of returns g/
Number of subsidiaries 42/*
Assets:
Cash 36/
Notes and accounts receivable
Less: Reserve for bad debts....
Inventories
Investments, Government obligations 39/.
Other investments 4q/
Gross capital assets 41/ (except land) . .
Less: Reserves
Land
Other assets 4g/
Total assets 43/.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities 44/
Capital stock, preferred
Capital stock, common 4£/
Surplus reserves
Surplus and undivided profits 46/.
Less: Deficit 11/
Total Uabilities iS/.
Receipts:
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less anortizable
bond premium) :
Wholly taxable 1£/
Subject to surtax only 17/
Wholly tax-exempt 1§/
Other interest
Rents 12/
Royalties £q/
Excess of net short-term capital gain over net long-
term capital loss. 21/
Excess of net long-term capital gain over net short-
term capital loss. £1/
Net gain, sales other than capital assets £2/
Dividends, domestic corporations 23/
Dividends, foreign corporations 24/
Other receipts 25/
Total compiled receipts
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs £2/
Bad debts
Interest paid
Taxes paid 2S/
Contributions or gifts 22/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 2l/.
Net loss, sales other than capital assets 22/ ....
Other deductions 32/
Total compiled deductions.
Compiled net profit or net loss (38 less 55).
Net income or deficit 2/ (56 less 28)
Net operating loss deduction 33/
Income tax 1/
Excess profits tax S/
Total tax.
Compiled net profit less total tax (56 less 61).
Dividends paid: £/
Cash and assets other than own stock £/
Corporation's own stock
23,426
60,399
129
94,710
6,085
10,907
103,323
54,786
646
2,137
246,718
38,725
10,785
4,698
15,511
4,167
94,784
40,376
116,997
79,325
246,718
230,657
67,618
384
3
1,304
367
1,638
289
2
441
604
199,276
56,745
676
846
3,724
261
463
4,074
102
3,220
676
70O
52
9,268
23,155
23,156
1,394
11,657
2,538
14,195
8,960
6,761
32,684
155,189
2,020
154,328
7,280
4,307
154,319
62,281
4,924
33,849
482,579
47,550
64,347
192,896
38,727
11,828
15,202
8,196
150,843
47,010
482,679
496,580
8,816
5,941
721
23
1
17
4,465
403,355
6,187
2,361
2,180
9,946
1,438
9,338
14,621
98
10,867
122
6,452
3,600
6,989
6,989
99
10,207
321
10,528
26/3,539
4,124
170
1,062
115
588
{Thousand dollars)
53
346
2,447
27
4,431
2,026
529
53
6,660
786
1,641
936
300
1,396
6,860
8,491
8,838
314
37
228
67
1
220
8,511
327
327
3,596
12,465
511
25,461
1,001
2,181
14,830
6,786
481
1,459
54,177
3,706
12,307
3,482
3,696
3
9,988
1,820
19,571
696
64,177
71,749
2,879
870
32
32
104
106
262
76,138
48,089
2,158
1,318
847
309
183
1,053
1,250
20
10
1,962
422
2
14,410
72,972
3,166
3,166
675
1,410
141
1,615
6,520
15,795
444
27,229
2,919
8,101
34,418
18,211
1,002
1,788
79,117
6,383
6,671
8,479
9,470
2,824
11,204
7,133
29,633
1,680
79,117
96,829
73
40
1
33
117
1,304
3
28
70
160
103
688
99,449
66,021
2,669
739
870
65
728
1,900
44
1,284
1,134
43
3,311
325
29
13,243
92,406
7,044
7,043
30
4,047
60
1,420
67
745,321
908,507
9,017
617,881
848,259
3,636,162
25,495,461
6,143,358
87,415
673,503
26,860,164
582,594
177,573
10,075,354
2,228,296
627,411
7,747,720
372,088
5,185,625
136,507
26,860,154
69,107
9,029,466
13,041
41
83
39,037
142,503
6,647
203
12,277
3,511
144,698
11,306
16,198
9,487,167
50,161
6,687,495
22,988
247,667
2,362
9,965
349,908
647,710
5,184
617,668
17,658
36,461
28,605
173,407
39,058
461,586
8,297,763
1,189,414
1,189,331
6,748
566,378
952
622,160
16,639
372,606
327,132
314
269,568
162,156
1,474,787
8,498,216
1,999,177
44,784
269,583
9,419,240
416,197
37,684
3,368,313
768,015
134,790
2,129,075
211,992
2,431,478
78,304
9,419,240
28,066
3,761,461
4,558
35
54
15,653
111,587
2,605
25
7,035
602
32,761
1,000
9,960
20,957
2,809,236
8,091
197,976
1,746
315
122,512
230,707
383
157,561
1,182
27,051
5,372
11,652
26,836
210,561
3,832,138
143,264
143,210
5,416
60,916
429
61,346
81,919
60,649
53
84,098
313,573
663
83,990
550,154
1,366,602
8,747,716
2,477,439
1,689
109,467
8,779,177
11,133
1,054
3,126,386
940,429
10,178
3,394,085
21,547
1,274,414
48
8,779,177
1,570
2,992,702
6,016
4
18
7,145
23,649
1,460
120
523
2,812
87, 369
1,680
338
3,126,306
1,321
1,665,115
864
38,855
51
7,564
103,424
236,256
2,089
278,168
16,969
132,791
75
132,466
2,516,998
609,308
609,290
529
282,271
282,271
327,037
283,701
For footnotes, see pp. 162-164. Data not subject to sampling variability since all these returns were tabulated.
CORPORATION INCOME TAX RETURNS FOR 1951
103
Tnble 4-* CONSOUDATH) Ifi/ CORFDRATION RETURNS WITH BALANCE SHEETS, 1961, BY MAJOR INDUSBtlAL CROUPS- PART I, AIX RCTURNSj PART II, RETIFNS KITH NET INCOME! WMBEH OF RETURNS,
mMBER OF SUBSIDIASIES, ASSETS AND UABIUTIES, COMPIlil RECEIPTS, COHPIUD DEDUCTIONS, COMPILED NET mOFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPERATING IDSS DIEUCTION,
INCOME TAX, EXCESS PROFITS TAX, TOTAL TAX, COHPILQ) NET HiOFIT liSS TOTAL TAX, AND DIVIDENDS PAID BY TYPE OF DIVIDtMl: FOR RETURNS WITH K) BALADCE SHEETS. IN TOTAL OmX TOE
SAME ITEMS (EXCEPT ASSETS AND UABIUTIES) - Continued
PART I. - ALL CONSOLIDATED RETURNS - Continued
Returns with balBnce shoots, by major Industrial groups 7/ - Continued
Public utilities - Continued
Electric
and gas
utilities
Other
public
utlUtlea
Total
trade
Total
wholesale
Coflaalaslon
merchants
Other
wholesalers
Total
retail
Nunber of returns 2/
Number of subsidiaries ^2/.
Assets:
Cash is/
Notes and accounts receivable
Less : Reserve for bad debts
Inventories
Investments, Government obligations 2S/.
Other investments 40/
Gross capital assets 41/ (except land)..
Less : Reserves
Land
Other assets 4g/
Total assets 42/.
HsblUtles:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other UsbiUties 4i/
Capital stock, preferred
Capital stock, common 45/
Surplus reserves
Surplus snd undivided profits 46/
Less : Deficit 12/
Total Uabllitlos 42/..
Receipts:
Gross sales 14/
Gross receipts from operations i^/
Interest on Government obligations (less amoi^
tizable bond premium):
Wholly tajcable Ifi/
Subject to surtax only 17/
Wholly tajc-eiempt Ig/
Other interest
Rents i2/
Royalties 22/
Excess of net short-term capital gain over net
long-term capital loss. ^1/
Excess of net long-term capital gain over net
short-term capital loss. 21 /
Net gain, sales other than capital assets 22/ .
Dividends, domestic corporations 23/
Dividends, foreign corporations £4/
Other receipts 25/
Total compiled receipts
Deductions:
Cost of goods sold 2£/
Cost of operations g§/ ,
Compensation of officers
Rent paid on business property
Repairs £2/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts gg/
Depreciation
Depletion
Amortization 20/
Advertising
Amounts contributed under pension plans, etc. 2L^
Net loss, sales other than capital assets g^. . . .
Other deductions 2g/
Total compiled deductions.
Compiled net profit or net loss (38 less 55).
Net income or deficit 3/ (56 less 28)
Net operating loss deduction 32/
Income tax i/
Access profits tax 5/
Total tax.
Compiled net profit less total tax (56 less 61),
Dividends paid: g/
Cash and assets other than own stock £/
Corporation's own stock
41
269
278,894
264,121
7,959
261,924
130,827
768,836
,106,099
,647,841
40,912
287,136
8,482,949
163,812
136,220
3,475,933
507,349
468,967
2,209,856
136,879
1,461,971
58,038
8,482,949
39,471
2,250,916
2,467
2
11
16,273
7,267
1,682
SB
1,105
95
23,364
8,726
3,602
2,354,938
27,883
1,199,961
14,034
10,826
555
2,080
119,476
177,782
2,712
179,688
16,476
9,400
6,164
28,720
12,147
116,636
1,924,640
430,398
430,387
801
211,355
523
218,520
276,446
15,586
5
124
419
1,372
179
435
158
400
209
897
(Thaumand dott»r»)
9,824
3,681
81
2,399
5,122
25,957
143,430
18,901
30
7,327
178,788
1,452
2,615
104,723
12,603
23,476
14,704
1,670
17,762
117
273,117
429,629
9,719
689,481
83,366
325,080
715,086
261,292
48,549
84,164
178,788
2
1,204
31,521
6
4,496
2,965
2,251
244
1,923
25,077
6,444
1,836
4,608
1,384
340,777
208,141
222,411
169,938
160,461
374,522
34,732
849,821
33,353
121,944
252,928
6,415
335,621
72,293
221,151
308,589
107,468
10,968
26,886
1,237,499
180,966
172,880
85,020
75,252
83,928
244,027
60,211
366,795
20,579
7,369,223
201,081
1,119
35
102
6,693
18,861
732
85
7,895
362
12,628
18,231
22,161
7,659,103
6,234,684
126,156
27,724
69,277
15,479
4,662
19,012
61,266
2,727
41,480
514
396
50,067
14,475
2,592
826,106
7,496,634
162,569
162,467
1,450
83,922
794
84,716
77,863
66,990
7,780
2,588,115
177,557
900
34
3,013
7,205
33
1,866
300
4,723
24,155
5,008
57
1,737
38,015
5,030
1,715
9,364
5,371
22,277
117
3,476
9,335
116,931
246,723
5,382
333,765
71,993
216,428
284,434
102,450
10,901
25,151
1,199,434
175,935
171,165
75,656
69,831
83,928
221,750
50,094
362,319
11,244
38,015
35
2,836
4,366
668
40
5,316
165
8,339
18,226
8,818
2,366,569
120,336
16,686
11,228
3,470
1,640
10,499
20,639
1,275
15,868
497
396
5,932
3,301
539
142,716
2,725,431
39,934
39,699
579
43,312
764
45,868
29,735
4,793
29,704
9,796
1
205
133
12
41
200
3
134
28,120
4,493
807
313
61
11
264
330
18
350
26
104
488
4
2
4,276
39,672
607
606
16
261
13
333
237
2,563,4U
167,761
394
34
34
2,631
4,233
666
40
5,272
124
8,139
13,223
3,684
2,337,439
115,833
15,778
10,916
8,409
1,629
10,236
20, X9
1,267
15,518
471
291
6,444
3,297
637
138,442
2,685,809
39,327
89,293
563
43,051
741
143,088
163,773
4,182
345,942
10,206
80,336
395,276
161,552
36,509
56,457
166,172
32,415
129,306
89,267
76,092
120,034
24,761
463,456
8,640
1,031,363
4,732,466
22,866
209
1
19
3,731
14,202
33
38
2,434
137
4,195
5
13,130
3,829,457
5,580
10,355
57,721
6,752
2,969
7,978
40,150
1,447
25,091
43,338
11,129
2,038
677,460
4,721,965
71,508
71,489
306
40,094
1
45,535
29,498
4,793
31,413
25,514
2,987
94,208
12,832
52
194,464
164
3,503
135,973
45,919
2,923
37,060
435,156
94,049
7,377
5,613
41,314
29,020
38,042
3,144
217,696
999
435,156
3,706,129
134
1
1,710
504
1
1
497
3, '.09, 239
3,147,766
1,653
23,364
529
226
2,159
20,326
910
10,264
15,459
9,629
1,371
419,664
55,6X
55, 5X
10
30,923
1
24,601
17,029
For footnotes, see pp. 162-164. Data not subject to sampling variability since all these returns wore Ubulatod.
104
CORPORATION INCOME TAX RETURNS FOR 1951
Table 4-A.— CONSOUDATm W CORPDRATION RETORNS WITH BAIANCE SHEETS, 1951, BY MAJOR INDUSIRIAL C310UPS- PART I, ALL RETURNS; PART II, RETURNS WITH NET INCOME: NUMBER OF RETIRIE
NUMBER OF SUBSIDIARIES, ASSETS AND LIABILITIES, COMPILED RECEIPTS, COMPILED DEDUCTIONS, COMPILED NET ITOFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPERATING LOSS DEDUCTION*
INCOME TAX, EXCESS HIOFITS TAX, TOTAL TAX, COMPILED NET PROFIT LESS TOTAL TAX, AND DIVIDENDS PAID BY TYPE OF DIVIDEND; FOR RETURNS WITH NO BALANCE SHEETS. IN TOTAL ONLY THE
SAME ITEMS (EXCEPT ASSETS AND LIABILITIES) - Continued
PART I. - ALL CONSOLIDATED RETURNS - Continued
Returns with balance sheets, by major industrial groups 7y _ Continued
Trade - Continued
Retail - Continued
General
merchandise
Apparel
and
accessories
Furniture
and house
furnishings
Automotive
dealers and
filling
stations
Drug
stores
Eating and
drinking
places
Building
materials
and
hardware
Other
retail
trade
Trade not
allocable
Number of returns £/
Number of subsidiaries 42/-.
Assets:
Cash 22/
Notes and accounts receivable
Less : Reserve for bad debts
Inventories
Investments, Government obligations 22/
Other investments 40/
Gross capital assets 41/ (except land)
Less : Reserves
Land
Other assets 4£/.
Total assets 42/
Liabilities :
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities 44/
Capital stock, preferred
Capital stock, common 45/
Surplus reserves
Surplus and undivided profits 46/
Less : Deficit 42/
Total Uabilities 42/
Receipts:
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less amor-
tizable bond premium) :
Wholly taxable !£/'
Subject to surtax only 17/
Wholly tax-exempt ig/
Other interest
Rents 12/
Royalties gQ/
Excess of net short-term capital gain over net
long-term capital loss . Zl/
Excess of net long-term capital gain over net
short-term capital loss. 21/
Net gain, sales other than capital assets gg/. ...
Dividends, domestic corporations ^3/
Dividends, foreign corporations gy
Other receipts g^/
Total compiled receipts ^
Deductions :
Cost of goods sold £S/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs gZ/
Bad debts
Interest paid
Taxes paid g§/
Contributions or gifts 29/
Depreciation
Depletion
Amortization ^/
Advertising
Amounts contributed under pension plans, etc. 31/
Net loss, sales other than capital assets 22/....
Other deductions 2Z/
Toteil compiled deductions
Compiled net profit or net loss (38 less 55)
Net income or deficit ^ (56 less 28)
Net operating loss deduction 22/
Income tax 4/
Ebcceas profits tax 5/
Total tax
Compiled net profit less total tax (56 less 61) ....
Dividends paid: fi/
Cash and assets other than own stock §/
Corporation's own stock
22,586
6,692
106,711
6,829
1,853
458
72,414
13,470
7,272
208
59,010
1,983
126,516
17,321
52,327
7,328
24,851
1,239
8,318
1,754
372,498
30,403
11,016
62,283
26,030
29,826
50,696
12,795
151,405
1,965
372,498
495,326
9,799
18
1,451
3,576
1
1,079
2
3,986
1
1,892
328,056
1,065
3,049
11,509
2,711
1,654
2,475
9,025
■418
6,116
17,702
1,075
16
123,059
507,929
14,350
14,332
295
6,346
1,004
.,010
60
407
(ThouaatKl dollar:
7,764
1,951
6,284
4,173
2,480
5,473
326
13,666
306
1,275
14,976
1,071
5,187
723
751
5,140
1,761
963
618
26,801
41,710
102,866
676
32
1,093
3
4
14
4
1,441
106,141
67,069
391
1,633
6,061
426
234
288
1,331
7
1,340
2,830
115
24,893
106,627
52/436
52/486
118
^660
197
3,101
2,906
3,280
5,473
4,4U
3,126
2,071
4,006
1,571
1,726
4,196
56
7,632
61
2,178
8,626
1,664
754
883
24,224
26,801
36,441
291
1
13
167
14
1
1
2
4,788
41,714
21,264
27
721
S65
190
431
290
590
25
260
1,926
113
2
13,976
40,679
1,035
1,034
45
150
2,987
2,028
5,886
2,366
3,041
1,101
3,752
400
6,388
728
16,603
14,108
608
46,223
19
6,369
53,061
21,172
1,069
5,769
121,421
10,326
1,647
32,706
5,734
5,167
10,197
5,297
50,568
3,495
1,636
8
1,927
1,732
4,026
29,016
11,955
3,543
1,317
34,728
24,224
65,883
2,286
40
144
18
366
69,213
64,921
890
856
817
176
55
364
402
B
1,375
1
7,569
1,090
1,090
76
642
129
234,845
4,109
432
2,169
34
120
7
40
4
2,907
159,512
890
10,189
1,600
209
1,576
5,985
66
2,921
4,219
3
77
55,676
242,925
1,744
1,744
1,633
1,633
111
1,974
4,094
891
10,238
2,556
3,977
5,960
642
7,234
863
34,728
62,217
1,286
1,167
65,331
28,939
317
945
4,242
935
25
514
1,999
11
2,108
664
28
37
26,719
66,483
52/1,152
52/1.152
238
205
972
45
1,677
160
1,438
427
400
228
4,608
974
67
1,402
54
7,279
201
6,482
42
177
143
32
50
69
95
24
1,636
8,020
62/91
52/91
26/1,171
16
26/110
3
1,299
2,514
31
4,148
37
2,366
18,196
8,999
767
510
20,807
475
5,573
880
111
1,586
77
11,293
1,945
20,807
21,460
4,086
5
362
16,450
2,848
431
541
153
85
241
397
612
1
6,369
27,470
52/512
52/512
22
26/547
For footnotes, see pp. 162-164, Data not subject to sampling variability since all these returns were tabulated.
CORPORATION INCOME TAX RETURNS FOR 1951
105
Tubls 4-* CONSOUEATED 18/ CORPORAnON RETURNS WITH BAUNCE SHEETS, 1951, BY MAJOR INDUSTKUL (BOUPS - PART I, ALL RETUiNSj PART II, RETDRNS WITH NET INCOME: NUfflni OF RETURNS,
NlMBm OF SUBSIDIARIES, ASSETS AND LIABIUTIES, COHPIUE RECEIPTS, COMPIUB DQjUCTIONS, CX)HPILQ) NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPfJlATINO LOSS DEDXTION,
INCOME TAX, EXCESS IBOFITS TAX, TOTAL TAX, COMPILE!) NET mOFIT UESS TOTAL TAX, AND DIVIDENDS PAID BY TYK OF DIVIDEND j FOR RETURNS WITH NO BALANCE 31EETS, IN TOTAL ONLY, TIE
SAME ITEMS (EXCEPT ASSETS AND LIABIUTIES) - Contlnuod
PART I. - ALL OONSOLIDATEr RETURNS - Contlnuod
Retuma with balBiice Bbeeta, by major Indufltrlal groups 7/ - Continued
Finance, Insurance, real estate, and lessors of real property
Total finance.
Insurance,
real estate,
and lessors of
real property
(Ml
Total
finance
Banks and
trust
companies
Credit
agencies other
than banks
Holding
and other
Investment
companies
Security and
cosEDOdlty-
exchange brokers
and dealers
(Ml
Number of returns £/
Number of subsidiaries 12/ ,
Assets I
Cash 3S/
Notes snd accounts receivable
Less: Reserve for bad debts
Inventories
Investjoents , Government obligations 33/ •■
Other investments IQ/
Gross capital assets 41/ (except land)...
Less : Reserves
Land
Other assets 42/
Total assets 1^,.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other Uabllltles U/
Capital stock, preferred
Capital stock, coim&on !£/
Surplus reserves
Surplus and undivided profits 46/
Loss: Deficit 42/
Total UabiUtios 12/ .
Receipts :
Gross sales i^
Gross receipts from operations X5/
Interest on Government obligations (less amortizable bond
premiuia) :
Wholly taxable i£/
Subject to surtax only Jjy
Wholly tax-exempt ifi/
Other interest
Rents 22/
Royalties gQ/
Excess of net short-term capital gain over net long-tenn
capital loss . Si/
Excess of net long-term capital gain over net short-term
capital loss . 21/
Net gain, sales other than capital assets 22/
Dividends, domestic corporations g^
Dividends , foreign corporations ^/
Other receipts £5/
Total compiled receipts .
Deductions :
Cost of goods sold gfi/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 22/
Bad debts
Interest paid
Taxes paid gg/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 3Jl/.
Net loss, sales other than capital assets ££/
Other deductions 2g/
Total compiled deductions.
Compiled net profit or net loss (38 less 55).
Net income or deficit 3/ (56 less 28)
Net operating loss deduction 22/
Income tax ^ ,
Excess profits tax 5/.
Total tax.
Compiled net profit less total tax (56 less 61).
Dividends paid: £/
Cash and assets other than own stock Q/'
Corporation's own stock
403
1,400
549,855
467,325
29,396
23,095
117,640
180,781
620,947
91,307
68,970
519,577
163,261
,294,091
,339,149
,832,469
113,342
539,683
588,880
,728,966
152,264
149,240
1,941,603
41,129
3,919
U,347
121,081
27,701
4,305
787
20,432
13,014
59,552
849
30,700
119,798
2,569
26,506
25,608
7,862
20,635
112,021
76,032
2,209
29,044
961
137
8,925
14,630
551
,709,209
2,158,697
266,962
255,615
5,650
106,677
467
92,766
29,038
SI
409
37
289
(Thousand dollmra)
1,132,231
3,146,818
26,330
12,046
1,511,789
657,717
106,321
32,643
18,120
6,563,756
62,609
1,213,884
659,113
3,273,896
82,508
217,685
662,928
542,747
71,614
6,663,756
106,718
407,862
20,059
1,839
2,777
94,213
8,615
147
168
5,114
4,473
7,076
280
26,234
685,615
87,748
95
15,289
6,903
2,617
19,110
81,916
12,797
1,683
6,605
25
112
. 4,504
5,949
343
277,887
523,283
162,332
159,566
2,950
78,970
115
79,085
83,247
45,863
4,804
874,518
878,888
14,880
1,300,477
100,174
52,034
11,739
3,381
14,735
3,197,588
1
28
4,386
2,937,163
11,168
82,135
16,082
147,557
932
3,197,688
16,839
1,826
2,456
33,086
7,054
2
16
1,604
12
1,219
187
294
87,609
6,549
1,683
628
5,989
4,834
3,201
296
1,854
1,863
2,139
16
37,874
66,915
20,69$
18,239
2,415
6,803
4
6,807
13,867
9,224
4,500
233,576
2,251,646
U,222
11,865
169,822
74,530
19,716
2,206
403
20,187
2,768,219
56,045
1,207,603
652,829
317,126
69,655
96,320
103,739
271,662
6,760
2,768,219
106,718
370,512
2,386
8
281
44,400
577
31
10
3,036
66
2,269
66
4,306
87,748
6,110
4,013
1,671
13,003
75,563
7,860
1,271
3,542
112
1,610
3,445
180
193,304 I
399,452
135,190
134,909
405
69,608
111
69,719
65,471
35,625
304
11,596
8,556
226
48
11,673
476,447
5,674
1,432
2,516
2,787
516,536
1,869
420
1,311
13,386
1,280
36,911
442,605
48,267
29,513
516,536
413
2
7
16,703
695
99
141
3,366
36
20,439
95
728
112
1,359
460
8
216
21
155
13
148
33,195
36,914
5,842
5,835
60
2,202
3,640
1,002
12,639
6,829
132
29,917
7,666
28,897
17,266
11,820
979
81,413
20,606
1,902
811
210
6
140
1,276
8
893
4
20,002
606
572
70
249
12
6,833
16
687
16
6,221
17
405
18
2,319
19
602
20
75,261
21
34,409
22
-
24
13,909
26
451
26
4
27
34
28
24
29
289
30
15
31
1
32
5
33
4,406
34
222
36
2
.36
1,246
37
For footnotes, see pp. 162-164. Data not subject to sampling variability since all these returns were tabulated.
106
CORPORATION INCOME TAX RETURNS FOR 1951
Table 4-A.— CONSOLIDATH) 13/ CORFDRATION RETURNS WITH BALAHCE SHEETS, 1951, BY MAJOR INDUSIKIAL CKOUPS-PART I, ALL RETURNS; PART II, RETURNS WITH NET INCOME: NUMBER OF RETURNS,
NUMBER OF SUBSIDIARIES, ASSETS AM) LIABIUTIES, COMPILED RECEIPTS, COMPILED DHIUCTIONS, COMPILHl NET PROFIT OR NET LOSS, MET INCOME OR DEFICIT, NET OPERATING DDSS DEDUCTION,
INCOME TAX, EXCESS PROFITS TAX, TOTAL TAX, COMPILED NET PROFIT LESS TOTAL TAX, AND DIVIDEIIDS PAID BY TYPE OF DIVIDENDi FOR RETURNS WITH NO BALANCE SHEETS, IN TOTAL ONLY, THE
SAME ITJMS (EXCEPT ASSETS AND LtABIUTIES) - Continued
PART I. - ALL CONSOUBATEE RETURMS - Continued
Itema
Returns with balance sheets
by major industrial groups ]J
- Continued
Finance, Insurance, real estate, and lessors
of real property - Continued
Services
Insurance carriers and
agents
Real estate,
except lessors
of real
property other
than buildings
(es)
Lessors of
real property,
except
buildings
(69)
Total
services
(70)
Hotels
and other
lodging
places
(71)
Total
insurance
carriers
and agents
(06)
Insurance
carriers
(flfli
Insurance
agents and
brokers
(»7]
1
2
Number of retuma g/
Number of subsidiaries 43/
Assets:
44
183
28
149
16
34
272
798
6
10
179
1,162
28
78
1
2
(Thousand dolltrs)
n
372,011
269,076
2,969
9,734
1,594,164
1,171,284
78,837
12,238
8,318
443,772
366,306
244,214
2,943
9,782
1,538,743
1,152,154
73,753
11,371
7,443
448,360
5,706
24,862
16
2
5,421
19,130
5,034
867
375
412
43,265
51,627
107
1,264
3,424
349,437
365,317
44,759
62,482
32,041
2,348
304
2
3,263
2,343
70,472
1,667
50
76
162,698
107,606
7,446
281,013
28,838
509,070
689,165
359,053
180,699
43,429
5,574
6,351
105
4,366
1,080
20,031
82,424
32,640
17,165
6,006
4
5
6
Notes and accounts receivable
Less : Reserve for bad debts
4
5
7
8
Investments, Government obligations 39/
Other investments 40/
7
8
9
in
10
11
Land
12
Other assets ^
Total assets 43/
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
12
13
3,937,049
3,876,440
60,609
368,991
77,691
1,636,919
110,252
13
14
15
42,274
25,598
41,380
2,506,841
15,503
233,167
18,742
1,068,876
15,332
12,078
25,137
39,499
2,503,404
7,147
223,854
16,410
1,063,769
14,858
30,196
461
1,881
3,437
8,356
9,313
2,332
5,107
474
31,276
64,608
621,254
47,873
15,331
55,308
7,115
99,632
63,406
7,102
1
17,402
3,859
33,423
95
17,711
1,902
93,916
49,078
317,300
176,876
27,597
219,084
124,441
684,411
56,784
6,071
5,372
36,342
7,783
2,975
6,096
1,095
48,671
3,153
14
16
16
17
IB
19
?n
Other liabiliUes ^
Capital stock, preferred
Capital stock, common ^
17
13
19
20
?1
Surplus and undivided profits 4g/
21
22
Less : Deficit 12/
Total liabilities 12/
Receipts:
Gross sales n/
Gross receipts from operations IS/
interest on Government obligations (less amortizable
bond premium) :
Wholly taxable is/
22
23
3,937,049
3,876,440
60,609
868,991
77,691
1,635,919
110,252
23
24
25
26
27
39,185
1,436,170
20,940
2,080
7,298
24,074
7,366
38
18
11,280
679
48,995
566
2,120
39,185
1,415,672
20,807
2,074
7,295
24,003
6,666
38
17
11,167
679
46,955
364
2,023
20,498
133
6
3
71
700
1
113
2,040
202
97
3,328
97,567
80
1,272
2,790
11,168
5
601
4,032
7,362
2,948
3
2,229
9
14
50
4
552
4,115
6
533
67
50,874
1,096,851
879
12
1
5,476
34,490
6,345
5
11,607
363
7,648
5,226
24,696
24,085
35,493
17
326
5,509
46
4
3,017
82
456
385
1,041
24
26
26
27
?n
28
29
29
30
31
Rents 12/
30
31
32
33
34
35
Excess of net short-term capital gain over net long-
term capital loss. 21/
term capital loss. 21/
Net gain, sales other than capital assets ££/
32
33
34
35
36
36
37
Other receipts gV
37
36
1,600,809
1,576,945
23,864
133,885
5,350
1,244,462
70,961
38
Deductions :
Cost of operations gfi/
39
40
41
29,514
6,757
11,356
1,540
1,206
7,251
50,083
465
6,162
178
25
2,743
8,331
26
1,387,034
29,514
5,691
10,331
1,488
1,172
7,072
49,642
445
4,756
178
25
2,625
« 8,242
25
1,370,150
1,066
1,025
52
34
179
441
20
406
lie
89
1
16,884
2,526
2,474
4,430
7,348
3,805
319
22,038
14,947
161
17,313
1,678
330
174
43,363
10
30
1
816
206
64
758
20
8
425
35,329
743,034
14,785
38,748
8,805
2,121
16,095
32,189
635
30,817
21
34,211
7,209
303
191,946
16,253
13,289
779
2,653
2,013
135
1,754
4,300
9(
4,259
1;
1,443
65
24
17,604
39
40
41
42
43
44
Rent paid on business property
Repairs g2/
Bad debts
42
43
44
45
46
Interest paid
Taxes paid gg/
45
46
47
Contributions or gifts £2/
47
46
48
49
49
50
51
52
53
54
Amortization 3Q/
Advertising
Amounts contributed under pension plans, etc. ij/. . .
Net loss, sales other than capital assets £g/
60
51
52
53
54
Total compiled deductions
55
1,511,67]
1,491,356
20,315
121,406
2,337
1,156,248
64,702
55
56
57
58
Compiled net profit or net loss (38 less 55)
Net income or deficit 2/ (56 less 28)
Net operating loss deduction 22/
Income tax 1/
89,138
31,840
374
85,589
78,294
325
3,549
3,546
49
12,479
11,207
2,325
3,013
3,013
1
88,214
88,213
2,693
6,259
6,259
1,186
56
57
58
59
20,696
17
19,834
6
862
11
5,497
163
1,514
172
40,722
119
1,974
59
60
Excess profits tax 5/
Total tai
60
61
20,713
19,840
873
5,660
1,686
40,841
1,974
61
62
63
64
Compiled net profit less total tax (56 less 61)
Dividends paid; £/
Cash and assets other than own stock fi/
68,425
41,791
22,212
65,749
39,857
22,212
2,676
1,934
6,319
2,357
2,022
1,327
2,255
47,373
64,156
4
4,285
1,191
62
63
64
For footnotes, aee pp. 162-164. Data not subject tn sampling variability since all these returns were tabulated.
CORPORATION INCOME TAX RETURNS FOR 1951
107
Table 4-A.— CONSOLIDATEE 4fi/ C0RP3RATI0N RETURNS WITH BALANCE SlfEETS, 1951, BY MAJOR INDUSTOIAL GROUPS - PART I, ALL RETURNS; PART 11, RETURNS UITH NET IHCOMEj NUMBKR OF RETURH3,
NUMBER OF SUBSIDIARIES, ASSETS AND LUBIUTIES, COMPILH) RECEIPTS, COMPIliD DH)UCTIONS, COMPILED NET RIOFIT OR NET UDSS, NET INCOME OR DEFICIT, NET OPERATING LOSS DH)UCTION,
INCOME TAX, EXCESS PROFITS TAX, TOTAL TAX, COMPILED NET ffiOFIT LESS TOTAL TAX, AND DIVE)ENDS PAID BY TYPE OF DIVIDEKD; FOR RETURNS WITH NO BALANCE SHEETS, IN TOTAL ONLY, THE
SAME ITEMS (EXCEPT ASSETS ANH LIABIUTIES) - Continued
PART I. - ALL CONSOLIDATED RETURNS - Continued
Returns with balance aheats, by major Industrial groupa J/ - Continued
Senrlcea - Continued
Personal
services
Business
services
Automotlye
repair
services
and garages
(7*)
Miscellaneous
repair
services,
hand trades
176J
Motion
pictures
Amusement ,
except
iLotion
pictures
(77)
Other
services,
including
schools
(78)
Nature of
business
not
allocable
Number of returns ^. . .
Number of subsidiaries
12/.
Asaeta:
Cash as/.
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations 32/-
Other investments 40/
Gross capital assets li/ (except Innd)..
Less : Reserves
Land
Other assets i^
Total assets iS/ ,
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other llabiUUaa iU/
Capital stock, preferred
Capital stock, common 15/
Surplus reserves
Surplus and undivided profits Ig/.
Less: Deficit IZ/'
Total liabiUties 12/.,
Receipts:
Gross sales 14/
Gross receipts from operations !£/
Interest on Government obligations (less amortizable
bond premium) :
Wholly taxable i£/
Subject to surtax only 17/
Wholly tax-exempt Ig/.
Other interest
Rents 12/
Royalties 22/
Excess of net short-term capital gain over net long-
term capital loss. 21/
Excess of net long-term capital gain over net short-
term capital loss. 21/
Net gain, sales other than capital assets £2/
Dividends, domestic corporations ^2/
Dividends, foreign corporations gV
Other receipts 25/.
Total compiled receipts
Deductions :
Cost of goods sold £g/
Cost of operations 2fi/
Compensation of officers
Rent paid on business property , .
Repairs 27/
Bad debts
Interest paid
Taxes paid ga/
Contributions or gifts 22/
Depreciation
Depletion
Amortization 20/
Advertising , ,
Amounts contributed under pension plans, etc. 3X/ .
Net loss, sales other than capital assets 2£/
Other deductions 32/.
Total compiled deduct -ons.
Compiled net profit or net loss (38 less 55).
Net income or deficit ^ (56 less 28)
Net operating loss deduction 33/
Income tax ^
Excess profits tax £/.
Total tax
Compiled net profit leas total tax (56 less 61) .
Dividends paid: g/
Cash and assets other than own stock §/
Corporation' 3 own stock
1,444
1,562
IS
2,347
324
783
14,404
4,525
547
695
17,566
998
1,306
873
1,123
2,211
4,741
255
6,071
14
17,566
401
24,594
9
136
4
1
61
158
317
13,365
645
1,166
182
45
110
569
16
843
1
326
7,128
24,711
715
715
4
387
141
22,322
12,216
180
557
5,479
148,263
16,101
5,832
170
1,327
200,425
5,767
1,394
6,418
82,632
1,695
32,070
50,525
26,784
111
67,471
105
11
2,022
71
102
3,880
55
156
101
47,163
2,084
1,099
215
108
2,277
1,300
13
1,036
6
194
1,291
12
7,816
64,715
9,316
9,318
248
3,142
55
3,197
6,121
5,621
54
855
fThouaand dctlsra)
68
50
145
975
477
54
267
46
144
34
353
56
39
2,116
41
832
66
645
1
2
17
56
28
293
2,107
113
320
280
258
118
4
27
31
52
115
40
79
138
274
105
315
1,894
184
1,513
142
39
3
7
5
27
29
127,940
83,050
7,074
273,079
20,660
334,564
543,601
303,939
158,819
33,980
1,264,570
77,620
35,283
265,776
79,311
19,988
169,593
71,897
588,718
43,618
1,264,570
23,851
921,619
721
1
3,084
28,068
6,193
8,386
243
3,205
4,285
22,384
1,022,040
17,362
640,773
9,245
31,684
5,905
1,534
11,536
24,650
481
23,002
1
31,016
5,434
34
149,060
951,719
70,321
70,321
33,994
43
36,284
46,949
4,181
2,419
5
83
403
4,433
28,510
10,395
3,610
1,150
34,389
3,443
6,283
7,201
2,814
470
5,767
393
11,948
2,930
34,389
1,864
33,766
24
422
37,046
928
22,378
1,132
1,154
394
191
369
1,085
24
1,253
753
361
196
5,907
36,106
941
941
259
afi/36
157
1,006
1,620
59
431
952
571
2,892
1,127
218
192
6,696
462
363
369
3,052
218
694
104
1,592
48
208
9,909
1
10
243
10,535
143
,731
692
308
92
99
36
202
444
48
3,971
10,040
495
494
9
248
6
242
97
16,305
19,474
1,746
17,766
1,718
1,716
927
201
1,675
3
4,610
4
-
6
2,655
6
2i;
7
1,735
8
7,824
9
2,986
10
483
11
296
12
2,210
16
293
16
1,290
17
312
18
6,868
13
1,340
20
6,852
21
1,891
22
7,817
24
1,139
25
3
26
1
27
-
28
19
29
1
30
-
31
-
32
61
33
_
34
150
35
-
36
263
37
13,867
39
727
40
294
41
11
42
1
43
8
44
46
45
432
46
7
47
409
48
-
49
-
SO
76
61
134
62
-
63
57
58
59
60
61
62
63
64
For footnotes, see pp. 162-164. Data not subject to sampling variability since all these returns were tabulated.
323516 (
108
CORPORATION INCOME TAX RETURNS FOR 1951
Table 4-A — COHSOLIDATn) iS/ CORPORSTIOM RETURNS WITH BAIAKCE SHEETS, 1951, BY MAJOR INDUSTRIAL GROUPS - PART I, ALL RETURNS; PART II, RETURNS WITH NET INCOME: NUMBER OF RETURNS,
MUMBEK OF SUBSIDIARIES, ASSETS AND LIABILITIES, COMPILED RECEIPTS, COMPILED DEDUCTIONS, COMPILED NET mOFIT OR NET LOSS, NET INCOME OR DEFICIT, NE^ OPERATING LOSS DEDUCTION,
INCOME TAX, EXCESS IHOFITS TAX, TOTAL TAX, COMPILED NET ffiOFIT IZSS TOTAL TAX, AND DIVIDENDS PAID BI UPE OF DIVIDEND; FOR RETURNS WITH NO BAUNCE SHEETS, IN TOTAL ONU, THE
SAME ITEMS (EXCEPT ASSETS AND LIABILITIES) - Continued
PART II. - CONSOLIDATEII RETURNS WITH NET INCOME 3/
All
returns
Returns
with no
balance
sheets
Returns with balance sheets, by major indu_ptrial groups 7/
All
industrial
groups
Agriculture, forestry, and fishery
Total
agriculture,
forestry, and
fishery
Farms and
agricultural
senrices
Forestry
Fishery
Mining and quarrying
Total
m^T^ing and
quarrying
Number of returns 2/,,.
Number of subsidiaries
4a/.
Assets:
Cash 38/
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations 39/.
Other investments 40/
Gross capital assets 41/(except land)...
Less: Reserves
Land
Other assets 42/
Total assets 43/.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities 44/
Capital stock, preferred
Capital stock, common 45/
Surplus reserves
Surplus and undivided profits 46/.
Less: Deficit 47/
Total liabilities 4^.
Receipts :
Gross sales 14/
Gross receipts from operations 15/
Interest en Government obligations (less amortlza-
ble bond premium) :
Wholly taxable 16/
Subject to surtax only 17/
Wholly tax-exempt 18/
Other interest
Rents 12/
Royalties 22/
Excess of net short-term capital gain over net
long-term capital loss. 21/
Excess of net long-term capital gain over net
short-term capital loss . 21/
Net gain, sales other than capital assets 22/ ... .
Dividends, domestic corporations 23/
Dividends, foreign corporations 24/
Other receipts 25/
Total compiled receipts 8/.
Deductions:
Cost of goods sold 26/
Cost of operations "26/
Compensation of officers
Rent paid on business property
Repairs 27/.
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Anuunts contributed under pension plans, etc. 31/.
Net loss, sales other than capital assets 22/
Other deductions 32/
Total compiled deductions. .
Compiled net profit (38 less 55)..
Net income ^ (56 1 ess 28)
Net operating loss deduction 33/ .
Income tax 4/
Excess profits tax 5/ .
Total tax.
Compiled net profit less total tax (56 less 61).
Dividends paid: 6/
Cash and assets other than own stock §/
Corporation's own stock
1,180
5,484
110,176
430,073
107,479
608,469
042,939
863,267
963,344
739,780
661,595
508,845
62,341,449
2,812,276
1,982,469
14,283,714
9,724,989
1,462,849
14,690,010
2,312,784
15,395,768
323,410
62,341,449
30,191,182
13,393,560
85,621
4,004
11,361
222,831
313,735
46,172
1,639
97,174
12,722
669,394
179,281
155,211
45,383,887
23,906,913
7,255,712
163,214
510,716
441,185
53,544
601,742
1,255,384
24,965
1,208,174
434,644
63,210
261,583
455,062
43,919
4,515,634
41,186,606
4,198,281
4,186,920
30,027
1,853,271
101,903
1,955,174
2,243,107
1,649,620
273,807
1,161
5,440
47
145
(Thousand dollars)
13,891
16,707
U3
95
2
1
31,246
11,361
9,761
416
393
41
26
550
1,315
308
1
1,994
1,994
174
1,147
382
4,110,176
7,430,073
107,479
4,608,469
6,042,939
9,863,267
42,963,344
14,739,780
661,595
1,508,845
62,341,449
2,812,276
1,982,469
14,283,714
9,724,989
1,462,849
14,690,010
2,312,784
15,395,768
323,410
62,341,449
30,177,291
13,376,853
85,620
4,004
11,361
222,718
313,640
46,170
1,638
97,020
12,702
669,323
179,281
155,020
45,352,641
23,895,567
7,245,951
152,798
510, 323
441,144
53,518
601,192
1,254,069
24,956
1,206,803
434,643
63,210
261,275
455,062
43,918
4,511,935
41,156,354
4,196,287
4,184,926
29,853
'1,852,430
101,897
1,954,327
2,241,960
1,649,238
273,807
19,071
152,887
640
11,715
75,682
62,548
88,981
47,866
1,349
7,353
371,080
3,924
3,402
11,940
6
201,466
77,959
56,723
747
371,080
276,524
81,121
1,268
76
146
379
630
44
433
6
X,161
3,341
33
394,162
187,844
331
159
16,987
5,829
156
6,537
3
3,569
3
1,764
324
190
96,825
320,521
73,641
73,495
250
24,989
11
25,000
48,641
39,727
19,071
152,887
640
11,715
75,682
62,548
88,981
47,866
1,349
7,353
371,080
3,924
3,402
11,940
6
201,465
77,959
56,723
747
371,080
276,524
81,121
1,268
76
146
379
630
44
30,161
3,341
33
187,844
331
159
16,987
5,829
156
6,537
3
3,569
3
1,764
324
190
96,825
320,521
73,641
73,495
250
24,989
11
48,641
39,727
86,177
112,186
1,280
65,943
46,302
200,673
1, OX, 643
507, 5U
25,963
X,885
1,089,981
59,706
38,723
226,366
61,305
49,713
262,692
44,266
352,674
5,464
654,516
139,1X
693
7
16
2,796
6,955
3,271
484
7,706
76
11,809
2,323
4,230
834,011
471,473
88,197
4,399
8,024
14,041
411
8,647
24,726
183
29,125
36,255
503
1,575
10,707
85
66,739
765,590
68,421
68,405
157
28,850
241
33,225
5,832
For footnotes, see pp. 162-164. Data not subject to sampling variability since all these returns were tabulated.
CORPORATION INCOME TAX RETURNS FOR 1951
109
Tabic 4-A — CONSOLIDATn) 4fl/ CORPORATION RETURNS WITH BAUNCE SHEETS, 1951, BY MAJOR ItCUSTOIAL GROUPS- PART I, ALL RETURNSj PART II, RETURNS WITH NET INCOME: NWfflEK OF RETURNS,
NUMBER OF SUBSIDIARIES, ASSETS AND LIABILITIES, COMPILED RECEIPTS, COMPIUC DEDUCTIONS, COMPILS) NET ffiOFIT OR NET LDSS, NET INCOME OR DETICIT, NET OPERATING UDSS DEDUCTION,
INCOME TAX, EXCESS PROFITS TAX, TOTAL TAX. COMPILED NET PROFIT lESS TOTAL TAX, AND DIVIDENDS PAD BY TYPE OF DIVIDENDi FOR RETURNS WITH ND BALUJCE SHEETS, IN TOTAL ONI^, THE
SAME ITE^S (EXCEPT ASSETS AND LIABIUTIES) - Continued
PART II. - CONSOLIDATHJ RETURNS WITH NET INCOME 2/ - Continued
Returns vith balance sheets, by major Induatrlal groups 2/ ~ Continued
Mining and quarrying - Continued
Anthracite
"fining
Bituminous
coal and
Ugnlte
mining
Crude
petroleum
and natural
gas
production
Nonmetalllc
mining and
quarx7lng
Construction
Manufacturing
Total
manufacturing
Beverages
Food and
kindred
products
Number of returns 2/
Number of subsidiaries 49/.
Assets:
Cash 38/
Notes and accounts receivable
Less : Reserve for bad debts
Inventories
Investments, Government obligations 39/.
Other inveatraenta 40/
Gross capital assets 41/(except land)...
Less: Reserves
Land
Other assets 42/
Total assets 43/-
Uabilities:
Accounts payable
Bonds, nstes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities 44/
Capital stock, preferred
Capital stock, common 45/
Surplus reserves
Surplus and undivided profits 46/.
Less: Deficit 47/
Total liabilities 43/.
Receipts :
Gross sales 14/ ,
Gross receipts from operations 15/
Interest on Government obligations (less amortiza-
ble bond premium) :
Wholly taxable 16/ ,
Subject to surtax only 17/
Who 1 ly tax-exempt 16/ ,
Other interest ,
Rents 13/ ,
Royalties 20/ ,
Excess of net short-term capital gain over net
long-term capital loss. 21/
Excess of net 'ong- terra capital gain over net
short-term capital loss. 21/
Net gain, sales other than capital assets 22/ . . . . ,
Dividends, domestic corporations 23/
Dividends, foreign corporations 2^^
Other receipts 25/
Tota' compiled receipts q/.
Deductions :
Cost of goods sold 26/ ,
Cost of operations 26/
Compensation of officers ,
Rent paid on business property
Repairs 27/
Bad debts ,
Interest paid ,
Taxes paid ^ ,
Contributions or gifts 29/ ,
Depreciation ,
Depletion ,
Amortization 30/ ,
Advertising ,
Amounts contributed under pension plana, etc. _3j
Net loss, sales other than capital assets 22^
Other deductions 32/
Total compiled deductions. .
Compiled net profit (38 less 55)..
Net Income ^(56 less 28)
Net operating lose deduction 33/.
Income tax 4/
Ebtcess profits tax 5/.
Total tax.
Compiled net profit leas total tax (56 less 61).
Dividends paid: 6/
Cash and assets other than own. stock 6/
Corporation's ovn stock
3,869
7,104
331
5,268
2,196
29,170
84,204
20,915
1,193
6,880
118,638
42,378
6,370
32,670
1,664
31,613
118,638
41,234
9,483
56
4
49
4,390
179
11
260
35,903
2,648
448
1,804
2,263
6
954
1,520
24
1,420
442
560
981
1,548
1,544
762
1,350
51
128
338
1,495
(Thmtmmnd dollarm)
17,722
29,347
216
23,936
5,044
28,796
272,669
119, B49
2,953
6,224
266,626
12,550
4,979
71,947
17,355
25,341
40,946
6,310
85,840
1,242
266,626
213, X7
61,048
106
4
7
1,169
1,478
2,286
1,940
155,778
45,496
1,576
1,239
9,280
234
3,227
8,808
56
7,844
3,579
503
631
8,215
21
19,853
266,340
16,654
16,647
9,370
5,055
17
57,687
62,623
723
28,489
25,359
139,782
595,436
307,172
21,719
16,048
639, 248
39,836
31,347
109,047
33,635
23,572
178,024
25,805
202,170
4,188
639,248
347,231
66,505
343
3
5
1,020
1,081
2,999
482
5,778
74
9,252
100
1,937
247,772
40,007
2,405
1,955
2,156
163
4,300
10,922
97
18,720
27,618
371
1,501
64
38,550
396,601
42,209
42,204
16,806
69
16,875
25,334
22,459
S,el5
83
253
10
235
29
20
2,097
1,023
72
50
1.1
95
14
234
200
433
35
690
1,806
17
3,222
2,216
6
158
3
6
29
113
119
5
354
3,104
118
U8
25,831
65,612
155
3,841
6,401
42,864
36,975
12,347
4,593
• 4,271
176,886
23,790
4,373
42,240
37,383
2,893
12,052
12,462
42,075
382
176,886
18,060
223,460
82
28
279
2,185
142
1,417
105
1,077
577
1,367
14,120
181,751
4,869
618
361
156
1,787
2,726
95
3,722
171
436
2,050
29
15,269
228,180
20,599
20,571
801
9,471
1,628
11,099
9,500
4,894
226
these returns were tabulALea.
1,333,110
2,287,334
62,583
3,008,307
2,0U,355
3,212,409
14,887,593
7,472,451
254,086
211,936
19,681,095
1,628,215
265,176
2,505,602
1,505,411
533,512
5,522,889
1,028,430
6,756,191
84,331
19,681,095
22,156,946
1,081,411
30,171
160
170
48,791
91,064
25,812
84
37,673
931
404,639
137,747
64, XI
17,232,627
666,967
63,111
127,128
391,727
18,015
111,548
427,193
13,941
477,212
379, U3
26,952
149,532
235,149
3,694
1,465,653
21,786,562
2,291,336
2,291,168
12,018
1,000,6X
97,685
751,351
215,291
27,429
97,658
3,518
291,795
45,901
65,996
140,405
50,844
7,915
2,789
645,526
11,626
25,541
173,241
79,913
27,497
21,799
15,710
290,326
127
645,526
1,812,665
12,095
2,578
1,067
1
244
10
668
1,602,681
6,136
1,906
2,081
3,900
70
7,448
20,378
1,241
6,027
58
25,108
2,X5
141
64,949
87,067
87,067
617
43,675
4,031
47,706
39,361
6,249
2,531
33
200
55,434
88,675
3,710
165,896
42,220
18,632
372,632
147,804
4,338
7,377
603,690
51,558
14,105
136,325
27,055
14,552
82,755
73,839
203,501
1,634,005
4,851
496
6
2
6,358
751
16
1
302
4
63
1,135
9,309
1,657,299
1,420,941
1,194
7,270
5,324
16,710
1,222
10, 363
14,165
433
23,188
72
28,878
4,113
342
48,239
74,840
74,838
506
38,970
4,462
43,432
31,408
21,169
150
For footnotes, see pp. 162-164. Data not subject to ganpllng variability since a:
110
CORPORATION INCOME TAX RETURNS FOR 1951
Table 4-A CONSOLIDATID ig/ CORPORATION RETURNS WITH BALANCE SHEETS, 1961, BY MAJOR INDUSTRUL GROUPS - PART I, ALL RETURNS; PART II, RETURNS UITH NET INCOME: NDMBIK OF RETURNS,
NUMBEK OF SUBSIDIAHIES, ASSETS AND LIABILITIES, COMPILED RECEIPTS, COMPILED DEDUCTIONS, COMPILED NET ffiOFIT OR NET DOSS, NET INCOME OR DEFICIT, NET OPERATING tOSS DEDUCTION,
INCOME TAX, EXCESS mOFITS TAX, TOTAL TAX, COHPIIH) NET HiOFIT LESS TOTAL TAX, AND DIVIDENDS PAID BI TYPE OF DIVIDENDi FOR RETURNS UITH m BAUNCE SHEETS, IN TOTAL ONUt, THE
SAME ITEMS (EXCEPT ASSETS AND LIABILITIES) - Continued
PART II. - CONSOLIDATED RETURNS WITH NET INCOME 2/ - Continued
Returns with balance sheets, by major industrial groups ]_/ - Continued
Manufacturing - Continued
Tobacco
manufactures
Textile-mill
products
Apparel and
products
made from
fabrics
Lumber
and wood
products,
except
furniture
Furniture
and
fixtures
Paper and
allied
products
Printing,
publishing,
and allied
industries
Chemicals
and allied
products
Number of returns 2/
Number of subsidiaries 49/
Assets :
Cash 38/
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations 39/.
Other investments 40/
Gross capital assets 41/ {except land)
Less : Reserves
Land
Other assets 42/
Total assets i3/
Liabilities:
Accounts payable
Bonds, notes, mortgages psyable:
Maturity less than 1 year
Maturity 1 year or more
Other 1 labilities 44/
Capital stock, preferred
Capital stock, coratnon 45/
Surplus reserves
Surplus and undivided profits 46/
Uss: Deficit 47/
Total liabilities 43/
Receipts:
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less amortizable
bond premium) :
Wholly taxable 16/
Subject to surtax only 17/
Wholly tax-exempt 18/
Other interest
Rents 19/
Royalties 20/
Excess of net short-term capital gain over net long-
term capital loss. 21/
Excess of net long-term capital gain over net short-
term capital loss. 21/
Net gain, sales other than capital assets 22/
Dividends, domestic corporations 23/
Dividends, foreign corporations 24/.
Other receipts 25/
Total compiled receipts 0/
Deductions:
Cost of goods sold 26/.
Cost of operations 26/.
Compensation of officers
Rent paid on business property
Repairs 27/.
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 2^
Depreciation
Depletion
Amortization 30/.
Advertising
Amounts contributed under pension plans, etc. 31/. .
Net loss, sales other than capital assets 22/
Other deductions 32/.
Total compiled deductions
Compiled net profit (38 less 55)
Net income ^ (56 less 28)
Net operating loss deduction 33/
Income tax 4/
Excess profits tax 5/
Total tax
Compiled net profit less total tax (56 less 61)
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation's own stock
For footnotes, see pp. 162-164. Data not subject to
106
83
48
1
35
35
2
100
16,127
41,002
1,021
106,377
790
37,900
132,039
41,773
1,147
7,771
300,359
16,880
16,600
59,688
9,893
9,327
38,579
16,586
130,728
122
300,359
422,736
1,216
1
464
710
193
S
29
1,979
2,310
1,608
2,467
287
3,589
5,712
644
6,020
1,851
1,029
31
36,122
409,792
20,909
20,908
23
9,493
24
11,392
6,289
1,599
3,580
71
4,873
68
1,219
5,611
1,572
107
215
15,629
3,516
581
1,899
1,381
233
3,189
30
4,810
10
15,629
2
115
27,374
1,425
1,014
300
139
37
188
505
33
439
491
108
674
874
131
543
76
4,861
11,308
569
17,895
562
3,381
43,469
16,776
2,095
3,016
69,242
4,765
8,700
8,765
5,842
1,575
8,588
1,185
29,896
174
69,242
92,015
1,843
108
305
120
71,275
845
1,144
354
1,946
175
635
1,363
37
2,295
1,955
171
108
91,444
6,338
6,338
22
2,496
19
595
145
373
875
46
2,731
281
3,019
1,816
100
72
996
238
320
292
445
676
20
2,603
10,939
16
241
57
59
32
85
178
1
137
267
267
79
201
12
9,185
5,595
199
11,130
489
612
50,109
12,691
349
648
65,428
5,929
4,145
18,960
4,255
3,961
6,589
833
20,756
71,898
259
57,672
879
505
1,117
34
424
724
131
1,125
145
432
4,885
4,885
20
2,389
869
27,936
43,395
2,232
29,735
6,766
26,441
174,929
52,508
14,380
lo,028
281,870
28,432
7,309
49,753
20,368
4,898
29,614
5,301
137,520
1,325
281,870
336,622
25,200
257
6
7
385
3,999
1,X7
30
531
824
2,190
1,668
228,954
10,629
3,624
5,949
1,166
722
2,113
7,007
416
7,351
18
1,927
2,656
406
74,940
347,878
25,149
25,142
452
12,379
114
12,493
12,656
6,921
30,243
39,458
1,058
50,470
32,756
54,070
119,924
57,203
4,098
5,681
278,638
20,039
2,589
61,144
23,755
27,396
37,668
18,183
66,309
945
278,633
255,244
3,924
413
11
306
1,074
2,246
749
1,815
2,130
157,770
743
3,650
1,453
2,203
203
1,149
4,038
440
5,164
1,370
99
12,482
1,996
1,192
42,027
235,979
32,104
32,093
126
16,291
1,474
17,765
14,339
6,784
370
sampling variability since all these returns were tabulated.
CORPORATION INCOME TAX RETURNS FOR 1951
111
Tnble 4 -A. —CONSOLIDATED 4fl/ CORPORATION RETURNS WITH BAUNCE SHEETS, 1951, BY MAJOR INDUSTRIAL GROUPS - PART I, ALL RETURNS; PART II, RETURNS WITH MET INCOME: NUMBER OF RETURNS,
NUMBEK OF SUBSIDIARIES, ASSETS AND LIABILITIES, COMPILED RECEIPTS, COMPILED DEDUCTIONS, COHPIIED NET RIOFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPERATING LOSS DEDUCTION,
INCOME TAX, EXCESS FROFITS TAX, TOTAL TAX, COMPILED NET PROFIT LESS TOTAL TAX, AND DIVIDENDS PAID BY HFE OF DIVIDEND; FOR RETURNS WITH ND BAUNCE SHEETS, IH TOTAL GNU, THE
SAME ITEMS (EXCEPT ASSETS AND LIABILITIES) - Continued
PART II. - CONSOLIDATED RETURNS WITH NET INCOME a/ - Continued
Returns with balance aheets, by major Industrial groups 2/ - Continued
Manufacturlne - Continued
Petroleum
and coal
products
Rubber
prnducta
Leather
and
products
Stone, clay,
and glass
products
Primary
metal
Industries
Fabricated
metal
products,
except
ordnance,
machinery,
and trana-
portation
equipment
(31)
Machinery,
except trans-
portation
equliment and
electrical
Electrical
machinery
and
equljnent
Number of returns 2j
Number of subsidiaries 49/ .
Assets:
Cash 3g/.
Notes and accounts receivable
Less : Reserve for bad debts
Inventories
Investments, Government obligations 39/ ,
Other investments 40/
Gross capital assets 4 1/( except land)....
!*ss : Reserves
[^nd
Other assets 42/.
Total assets 4^. .
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year ,
Maturity 1 year or more
Other liatilities 44/ ,
Capital stock, preferred
Capital stock, common 45/ ,
Surplus reserves
Surplus and undivided profits 46/. .
Less : Deficit 47/
Total liabilities 4^.,
Receipts:
Gross sales 14/.
Gross receipts from operations 15/
Interest on Government obligations (less amortlzable
bond premium):
Wholly taxable 16/.
Subject to surtax onlv 17/
Wholly tax-exempt 18/.
Other interest
Rents la^
Royalties 20/
Excess of net short-term capital gain over net long-
term capital loss. 21/
Excess of net long-term capital gain over net short-
term capital loss. 21/
Net gain, sales other than capital assets 22/
Dividends, domestic corporations 23/
Dividends, foreign corporations 2^7-
Other receipts 25/.
Total compiled receipts 8/
Deductions:
Cost of goods sold 26/«
Coat of operations 26/.
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/.
Depreciation
Depletion
Amortization ^
Advertising
Amounts contributed under pension plans, etc. ^/.
Net loss, sales other than capital assets 22/
Other deductions 32/.
Total compiled deductions.
t pr<
Net income V (56 less 28)
Net operating loss deduction 3.3/ .
Income tax 4/
Excess profits tax 5/
Total tax.
Compiled net profit less total tax (5G less 61).
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation's own stock
9
266
691,865
,175,967
21,195
,131,021
,150,252
,632,087
,651,915
,282,112
205,516
84,572
11,419,8
1,019,182
76,155
1,655,7U
425,217
41,636
3,553,957
594,358
4,053,672
11,419,888
10,513,955
468,732
17,322
105
141
6,204
65,727
14,854
16,464
656
393,529
124,126
28,737
8,186,919
242,791
9,376
72,856
194,578
10,428
48,951
202,836
2,564
279,583
307,450
7,258
41,474
109,452
918
771,679
10,489, U3
1,161,449
1,161,308
3
431,495
21,351
452,846
526,835
211,381
17
176
(Thoummnd doltmru)
1,333
4,628
10
6,682
457
615
7,834
2,915
41
271
19,136
2,217
1,286
1,816
982
1,444
267
1,016
10,109
19,136
39,081
1
783
178
766
35
177
685
100
554
553
81
37,293
2,017
2,017
1,040
10
967
65
2, IX
4,549
296
11,509
1,462
688
5,295
1,821
123
673
24,512
2,315
1,093
2,623
1,565
1,570
1,529
U.OOB
38
173
56, 336
495
15
223
822
87
360
993
297
19
5,165
54,168
2,168
2,168
3
1,108
26
1,034
433
162
307,187
131
343, 3X
-
12,737
238
521,028
-
655,608
714
64,012
3,903
4,639,160
Z,891
2,561,495
27
2,945
73
61,632
31
66
243
162
468
315
8,984
7,997
2,357
1,930
25
1,217
56
10
2
7
5
37
76
18
334
334
157
30
147
63
4,020,670
297,230
8,992
81,627
688,011
364,541
1,332,379
126,470
1,120,181
761
4,020,670
4,958,696
477,638
9,699
40
2
19,462
12,650
1,278
25
13
4,413
946
7,631
3,680,992
345,905
12,694
21,479
141,747
. 1.040
22,014
119,765
6,775
117,912
66,565
17,702
7,614
97,789
13
146,777
691,236
691,234
1,269
353,187
58,922
279,127
137,241
4,454
36,045
9,461
102,075
229
681
24,290
215,513
168
41,356
3,627
16,192
30,858
175,523
12,987
72,180
870
2,671
994
5,269
5,707
5,511
5,761
7,578
2,361
8,684
1,741
24,897
554
61,706
86,219
1,537
161
177
16
292
63,326
342
1,636
431
687
702
516
1,077
167
1,183
500
244
136
9,370
80, 322
8,473
8,473
442
4,U2
326
4,438
4,035
1,067
76
521,783
29,946
23,257
23,103
92,562
6,846
110,201
65,272
170,855
259
521,783
553,016
2,458
996
1,542
1,276
2
1,425
37
325
350
2,024
564,253
304,676
1,014
5,916
7,595
6,716
XI
1,706
14,125
429
10,428
400
219
5,181
8,510
184
128,523
495,927
68,326
68,320
3,433
33,652
3,197
12,714
329
69,547
82,761
2,215
149,483
15,869
242,780
108,363
37,872
1,115
9,005
628,841
47,397
36,671
78,458
53,735
7,388
163,783
47,662
195,273
■ 1,526
628,841
537,152
11,765
3,579
2,142
1,570
6,526
3,955
418,221
310
3,634
2,447
6,273
872
4,480
15,978
178
6,780
56
425
13,441
3,789
169
47,870
524,923
49,087
49,087
2,679
22,224
622
8,609
253
For footnotes, 3ee pp. 162-164. DatA not subject to sampling variability since all these returns were tabulated.
112
CORPORATION INCOME TAX RETURNS FOR 1951
Table 4-A COKSOLIDATHl ig/ CORPORATION RETURNS WITH BALANCE SHEETS, 1951, BY MAJOR INDOSTHIAL CROUPS- PART I, ALL RETURNS; PART II, RETURNS WITH NET INCOME: NUMBER OF RETIKNS ,
NUMBER OF SUBSIDIARIES, ASSETS AND LIABILITIES, COMPILED RECEIPTS, COMPILED DEDUCTIONS, COMPILED NET HIOFIT OR NET LOSS, MT INCOME OR DEFICIT, NET OPERATING IflSS DEDUCTION,
INCOME TAX, EXCESS moFITS TAX, TOTAL TAX. COMPILED NET HiOFIT LESS TOTAL TAX, AND DIVIDENDS PAID BY TYPE OF DIVIDEHD; FOR RETURNS WITH IC BAUNCE SHEETS, IN TOTAL ONIl, THE
SAME ITEMS (EXCEPT ASSETS AND LIABILITIES) - Continued
PART II . - CONSOLIDATED RETURNS WITH NET INCOME i/ - Continued
Transportation
equipment,
except motor
vehicles
Returns with balance sheets, by major Industrial groups 3J - Continued
Manufacturing - Continued
Motor
vehicles and
equipaent,
except
electrical
Ordnance
and
ecceasories
Scientific
instruments;
photographic
©qulpnent;
watches,
clocks
137)
Other
manufacturing
Public utilities
Total
public
utilities
Transportation
Communication
Number of returns 2/
Number of subsidiaries 49/ .
Assets:
Cash 38/
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations
Other Investments 40/
Gross capital assets 41/(except land)
Less: Reserves
Land
Other assets 42/
33/..
Total assets 43/ .
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities 44/
Capital stock, preferred
Capital stock, common 45/
Surplus reserves
Surplus and undivided profits 46/ .
Leas : Deficit 47/
Total liabilities i^/ .
Receipts :
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less amortiza-
ble bond premium) :
Wholly taxable Ig/
Subject to surtax only 17/.
Who I ly tax-exempt 18/
Other interest
Rents 12/
Royalties 20/
Excess of net short-term capital gain over net long-
term capital loss. 21/
Excess of net long-term capital gain over net short-
term capital loss. 21/
Net gain, sales other than capital assets 22/
Dividends, domestic corporations 23/
Dividends, foreign corporations 24/.
Other receipts 25/
Total compiled receipts
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/-
Bad debts
Interest paid
Taxes paid 28/ ^
Contributions or gifts 29/.
Depreciation
Depletion
Ajnortization 30/
Advertising
Amounts contributed under pension plans, etc. 31/..
Net loss, sales other than capital assets 22/.....
Other deductions 32/
Total compiled deductions.
5-oflt (38 less 55).
Corapllei net profit ^3;
Net income ^ (66 leas
Net operating loss deduction 33/. .
Income tax 4/
Excesj profits tax 5/ .
Total tax.
Compiled net profit less total tax (56 less 61).
Dividends paid: ^
Cash and assets other than own stock 6/
Corporation's own stock
23,305
59,463
52
91,912
6,085
10,704
97,343
52,337
546
1,265
238,234
37,784
9,322
2,417
15,224
3,974
92,407
40,375
106,074
69,343
238,234
230,123
56,744
384
3
1,303
358
1,638
441
661
198,879
47,475
526
611
3,692
241
336
3,858
102
2,788
69
620
700
62
8,091
23,605
23,606
1,394
11,667
2,538
9,410
6,753
24,349
146,275
1,856
123,606
7,280
2,252
77,226
38,627
3,836
4,372
348,614
31,786
23,636
132,897
32,814
11,828
10,310
7,136
96,609
301
348,614
345,034
8,543
5,928
332
23
1
1
1,6a
272,897
6,000
1,822
1,392
5,634
1,329
5,278
10,844
98
3,718
122
2,919
826
66
29,976
20,448
20,448
10,207
321
9,920
4,124
133
937
82
486
(Thttui^nd dollara)
63
346
2,447
27
4,431
2,026
529
63
5,860
766
1,541
936
300
1,395
8,491
8,838
6,183
108
33
314
37
228
87
1
220
2
1,273
327
327
3,662
12,298
493
26,460
400
2,147
13,404
5,906
456
1,441
52,759
12,096
3,086
3,613
9,917
1,820
18,984
70,065
2,673
870
17
32
104
106
245
46,584
2,158
1,266
807
304
183
1,053
1,227
20
864
10
1,925
422
2
14,059
70,1
3,531
3,531
675
1,410
141
1,561
1,980
5,926
14,486
396
24,095
2,867
7,832
30,095
16,212
834
1,117
70,644
4,351
5,176
7,931
8,917
1,763
9,089
7,050
27,201
834
70,644
86,050
3
31
25
1,301
3
70
160
103
547
66,274
2,196
571
810
42
587
1,702
44
989
1,129
43
3,180
287
16
11,578
79,448
4,047
60
4,107
3,781
1,414
57
737,220
900,661
8,981
612,461
843,566
3,622,210
25,303,008
6,079,875
86,115
667,321
26,683,716
669,347
161,681
10,031,206
2,198,434
606,719
7,699,493
369, 620
5,150,860
102,644
26,683,716
8,347,448
12,937
41
83
39,005
142,156
5,647
201
11,674
3,433
144,689
11,305
15,335
9,400,046
47,621
5,525,812
21,942
246,444
2,3M
9,840
346,916
643,344
5,178
609, 968
17,649
36,451
28,391
172,728
38,798
461,753
8,205,164
1,194,682
1,194,799
6,748
556,378
952
621,249
15,636
365,255
320,395
285
264,697
157,453
1,464,110
8,315,136
1,938,224
43,734
264,782
9,267,063
403,599
28,882
3,328,589
744,838
114,028
2,081,229
209,780
2,397,209
51,101
9,257,053
26,639
3,681,765
4,464
35
54
16,585
Ul,246
2,606
23
6,432
524
32,752
1,000
9,160
3,892,274
19,752
2,748,709
7,115
196,774
1,724
195
120,088
226,666
377
150,093
1,162
27,051
5,273
11,002
26,661
201,213
3,743,764
148,510
148,466
6,418
60,916
429
61,345
69,747
50
84,004
313,403
663
83,908
560,154
1,366,637
8,747,018
2,477,439
1,689
109,361
6,777,972
11,088
930
3,126,053
940,425
10,178
3,393,778
21,547
1,274,021
48
8,777,972
1,670
2,992,445
6,016
4
18
7,137
23,649
1,460
120
523
2,812
87,369
1,580
322
1,321
1,566,019
840
38,860
61
7,564
103,408
236,232
2,089
278,137
16,968
132,790
132,410
609,346
609, 328
529
282,271
327,075
283,686
For footnotes, see pp. 162-164. Data not subject to sampling variability since all these returns were tabulated.
CORPORATION INCOME TAX RETURNS FOR 1951
113
Tabic 4-A.— CONSOLIDATED Ig/ CORPORATION RBTURNS WITH BAUNCE SHEETS, 1861, BI MAJOR INDUSTHUL (KO UPS - PART I, ALL RETURNS; PART II, RBTURNS WITH NET INCOME; NUHBJS OF RjmjRNS,
NUMBER OF SUBSIDIARIES, ASSETS AND LIABILITIES, COMPILE!) RECEIPTS, COMPILH) DHIUCTIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPJRATING LOSS DEDUCTION,
INCOME TAX, EXCESS PROFITS TAX, TOTAL TAX, COMPILH) NET moFIT LESS TOTAL TAX, AND DIVIDENDS PAID BY TYPE OF DIVIDENDi FOR RETURNS WITH ND BAUNCE SHEETS, IN TOTAL ONU, THE
SAME ITEMS (EXCEPT ASSETS AND LUBIUTIES) - Continued
PARI II. - CONaOUDATH) RETURNS WITH NET INCOME a/ - Continued
Returns with balance sheets, by major i^ustrial groups 7/ - Continued
Public utilities - Continued
Electric
and gas
utilities
Other
public
utilities
Trade
Total
trade
Total
wholesale
Coomlssion
merchants
Other
wholesalers
ToUl
retail
Number of returns Z/
Number of subsidiaries 49/ .
Assets:
Cash 38/
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations 39/.
Other investments 40/
Gross capital assets ii/^except land)....
Less: Reserves
Land
Other assets 42/
Total assets 4^.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity 'ess than ! year
Maturity ^ year or more
Other liabilities 4^.
Capita^ stocl:, preferred
Capital stock, common 45/
Surplus reserves
Surplus and undivided profits 46/ .
Less: Deficit 47/
Total liabilities 42/.
Receipts :
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less amor-
tlzable bond premium) :
Who 1 ly taxable 1^
Subject to surtax only 17/
Wholly tax-exempt 16/
Other interest
Rents Ig/
Royalties 20/
Excess of net short-term capital gain over net
long-term capital loss . 21/
Excess of net long-term capital gain over net
short-term capital loss . 21/
Net gain, sales other than capital assets 22/ .
Dividends, domestic corporations 23/
Dividends, foreign corporations 24/
Other receipts 25/
Total compiled receipts 8/ .
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 2^
Depreciation
Depletion
Amortization 30/
Advertising
Anwunts contributed under pension plans, etc. 31/
Net loss, sales other than capital assets 22/ . . . .
Other deductions 32/
Total compiled deductions. .
Compiled net profit (38 less 55)..
Net income 1/ (56 less 28)
Net operating loss deduction 33/ .
Income tax 4/
Excess profits tax 5/
Total tax.
Compiled net profit less total tax (56 less 61).
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation's own stock
39
2S8
278,137
263,211
7,952
261,457
130,827
766,606
,097,814
,645,472
40,679
285,855
8,470,162
153,a8
129,254
3,471,949
500,705
458,037
2,209,783
136,623
1,461,971
51,378
8,470,162
37,883
2,248,890
2,467
2
11
16,267
7,261
1,582
58
1,105
95
23,364
8,725
3,555
2,351,265
26,548
1,198,927
13,978
10,620
555
2,075
U8,927
177,585
2,712
179,493
16,467
9,400
6,150
28,692
12,147
116,211
1,920,687
430,578
430,567
801
211,365
523
211,878
276,432
15,586
4
116
243
792
112
316
100
297
110
446
fITiouacnc/ dallmra}
9,824
3,672
61
2,399
5,122
25,957
143,040
18,740
13
7,323
178,529
1,442
2,615
104,615
12,466
23,476
14,703
1,670
17,659
117
178,529
2
1,204
31,482
13,157
9
6
4,492
2,962
2,245
244
1,919
6,448
6,448
1,836
4,612
1,364
250,742
383,187
8,125
631,269
78,459
309, 987
604,169
220,240
39,449
74,249
2,143,146
300,736
186,923
159,461
169,972
64,882
151,927
67,590
141,747
80,194
326,513
209,546
82,296
48,940
793,277
348,282
10,245
3,981
2,143,146
6,798,951
182,062
1,091
19
101
6,060
15,230
668
83
6,869
195
12,498
18,231
18,027
7,060,105
5,780,284
119,802
21,952
55,118
12,827
3,607
15,646
52,392
2,710
34,125
479
167
42,709
13,639
673
729,165
174,800
174,699
1,450
83,922
794
84,716
54,624
7,780
113,793
228,782
4,896
312,328
67,875
214,693
261,177
91,596
9,796
24,374
1,136,226
161,312
1,136,226
2,332,754
166,465
890
19
34
2,481
3,921
606
40
4,922
52
8,308
18,226
8,147
2,546,865
2,132,447
115,162
14,160
9,661
7,671
1,254
9,067
19,196
1,264
13,286
462
167
4,971
2,939
462
121,544
2,453,733
93,132
93,098
579
43,312
754
44,066
49,066
29,406
4,793
1,911
5,477
27
886
285
3,685
1,863
1,024
1,220
3,635
763
310
453
6,060
106
3,131
172
14,276
19,978
3,246
169
10
200
3
91
18,741
S22
223
53
8
79
126
14
85
2
2,636
749
749
16
261
13
475
237
111,882
223, MS
4,869
311,442
67,590
210,908
259, 314
90,572
9,796
23,154
157,677
168,708
64,572
67,137
80,194
203,486
48,834
345,151
3,809
1,121,950
2,312,776
163,219
19
34
2,312
3,911
606
40
4,897
52
8,108
18,223
8,056
2,113,706
115,162
13,658
9,438
7,616
1,246
8,988
19,070
1,250
13,201
462
167
4,489
2,935
460
118,908
2,430,758
92,383
92,349
563
43,051
741
43,792
48,591
29,169
4,793
134,124
142,408
3,138
313,533
9,717
72,125
332,716
126,824
29,379
49,630
953,670
135,542
25,206
97,706
79,048
61,541
107,102
23,586
426,127
2,190
953,670
4,425,483
15,016
192
19
3,555
11,070
36
36
1,874
85
4,096
5
9,703
3,614,280
4,400
7,179
45,220
4,936
2,316
6,106
32,816
1,441
20,405
37,571
10,655
209
603,263
4,390,797
80,373
80,354
806
40,094
1
24,513
2,987
91,301
3
9,885
4
2
5
191,283
6
118
7
1,72E
8
121,764
9
40,75£
10
1,031
11
36,748
12
413,098
89,675
6,072
15
771
16
40,747
17
26,638
18
36,988
19
3,144
20
ao,o6;
21
-
22
413,098
3,636,219
10
1,665
256
1,260
22,664
119
198
1,850
19,642
909
9,386
14,730
9,367
181
409,514
3,582,580
58,006
58,006
10
30,928
1
27,077
16,463
For footnotes, see pp. 162-164. Data not subject to sampling variability since all these returns were tabulated.
114
CORPORATION INCOME TAX RETURNS FOR 1951
Table 4-A.— CONSOLIDATED 4S/ CORPORATION RETURNS WITH BALANCE SHEETS, 1951, BY MAJOR INDUSTRIAL GROUPS- PART I, ALL RETURNS; PARI II, RETURNS WITH NET INCOME; NUMEEE OF RETURMS,
NUMBm OF SUBSIDIARIES, ASSETS AND LUBILITIES, COKPILH) RECEIPTS, COMPILED DEDUCTIONS, COMPILED NET IROFIT OR NET DDSS, NET INCOME OR DEFICIT, NET OPERATING LOSS DEDUCTION,
INCOME TAX, EXCESS HIOFITS TAX, TOTAL TAX COMPILED NET PROFIT LESS TOTAL TAX, AND DIVIDENDS PAID BY TYPE OF DIVIDEND; FOR RETURNS WITH NO EALAKCE SHEETS, IN TOTAL ONLY, THE
SAME ITEMS (EXCEPT ASSETS AH) LIABILITIES) - Contlnusd
PART II. - CONSOLIDATED RETURNS WITH NET INCOME 3/ - Continued
Returns with balance sheets, by major industrial groups 2/ - Continued
Trade - Continued
Retail - Continued
General
merchandise
Apparel
accessories
Furniture
and house
furnishings
Automotive
dealers and
filling
stations
(53)
Drug
stores
Eating and
drinjcing
places
Building
materials
and
hardware
(Sfl)
Other
retail
trade
Number of returns 2/
Number of subsidiaries 49/
Assets:
Cash 38/
Notes and accounts receivable
Less : Reserve for bad debts
Inventories
Investments, Government obligations 39/
Other investments 40/
Gross capital assets 41/Cexcept land)
Less : Reserves
[and
Other assets 42/
Total assets 4^
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities 44/
Capita^ stocjt, preferred
Capital stock, common 4^
Surplus reserves
Surplus and undivided profits 46/
Less: Deficit 47/
Total liabilities i3/
Receipts:
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less amor-
tizable bond premiusi) :
Wholly taxable 16/
Subject to surtax only 17/
Who I ly tax-exempt 18/
Other interest
Rents 12/
Royalties 20/
Excess of net short-term capital gain over net
long-term capital loss . 21/
Excess of net long-term capital gain over net
short-term capital loss. 21/
Net gain, sales other than capital assets 22/.
Dividends, domestic corporations 23/
Dividends, foreign corporations 24/
Other receipts 25/
Total compiled receipts 8/
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 3.
Net loss, sales other than capital assets 22/7
Other deductions 32/
Total compiled deductions
Compiled net profit (38 less 55)
Net income ^ (56 less 28)
Net operating loss deduction 33/
Income tax 4/
Excess profits tax 5/
Total tax
Compiled net profit less total tax (56 less 61)..
Dividends paid: 6/
Cash and assets other than own stock ^
Corporation's own stock
For footnotes, see pp. 162-164. Data not subject to
21,403
102,996
1,725
67,136
7,220
58,339
114,063
46,683
21,766
7,765
352,307
28,323
9,708
54,349
24,884
29,180
47,368
12,481
146,561
547
352,307
462,748
7,395
18
1,396
8,123
3,986
1
1,673
305,617
601
2,587
10,478
2,346
1,576
2,032
8,094
418
5,468
16,268
995
10
113,951
470,441
15,899
15,881
295
6,346
9,553
5,896
24
173
(Thousand dollsrs)
3,170
2,305
267
6,993
195
979
8,591
3,766
1,209
318
19,227
4,008
1,082
3,509
2,283
452
2,574
274
5,190
145
19,227
45,207
83
16
307
2
4
28,354
866
3,016
194
154
121
576
7
624
813
5
45,579
310
310
118
903
9,681
471
3,217
723
344
4,501
1,519
930
457
18,766
1,643
1,924
2,059
2,606
4,257
2,210
1,678
3,627
1,038
18,766
22,272
238
1
12
156
12,989
27
465
508
152
202
125
416
25
161
1,146
113
8,819
25,149
1,213
1,212
45
145
2,987
1,573
3,915
43
6,471
31
2,059
8,144
1,402
718
835
22, XI
1,624
5,521
2,107
2,950
972
3,209
400
5,961
443
22,301
56,374
2,286
31
130
18
354
47,194
890
652
583
138
52
316
339
8
1,338
465
89
6,303
1,208
1,208
76
760
129
12,550
11,165
607
35,366
5,826
44,624
17,313
94,630
1,554
27,387
4,178
9,118
5,297
156,151
561
422
1,237
34
4
2,869
101,949
561
5,791
1,438
64
1,353
2,710
66
2,010
3,794
3,170
■ 3,170
1,537
1,822
2,196
570
5
1,031
1,430
1,296
13,555
6,911
2,114
511
15,787
2,002
138
3,317
835
26
4,863
340
4,271
5
15,787
29,067
247
30,107
13,501
17
476
2,046
419
121
720
7
879
204
25
11
11,386
29,812
295
295
238
276
16
64
959
345
1,546
8
10
447
2,589
116
1,437
502
16,772
135
8,336
104
697
13
452
136
309
38
360
437
2,097
153
2,319
1,574
42
111
23
5
8
20
26
1
23
2,255
64
1,177
72
3,898
527
16
422
74
9,932
12
16,106
13,328
4,043
5
346
10,342
2,823
201
lU
125
62
166
293
516
3,551
18,374
208
208
22
173
6-
sampling variability since all these returns were tabulated.
CORPORATION INCOME TAX RETURNS FOR 1951
115
Table 4-* — CONSOLIDATn) Ifl/ CORPORATION RETURNS WITH BALANCE SHEETS, 1951, BY MAJOR INDUSTHUL GROUPS - PART I, ALL RHTURNSi PART 11, RETURNS WITH NET IICOME: NlMBQi OF HETURHS,
NUMBER OP SUBSIDIARIES, ASSETS AlC LUBILITIES, COMPILH) RECEIPTS, COHPILm DSBUCTIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPfSATING LDSS DEDUCTION,
INCOME TAX, EXCESS mOFITS TAX, TOTAL TAX, COMPILED NET PROFIT LESS TOIAL TAX, AND DIVIDENDS PAID BI TYPE OF DIVIDEND! FOR RETURNS WITH NO BALAJICE SHEETS, IN TOTAL ONLI, THE
SAME ITEMS (EXCEPT ASSETS AND LL4BILITIFJ) - Continued
PART II. - CONSOLIDATED RETURNS UlTH NET INCOME 3/ - Continued
Returns with balance aheeta, by major Induatrial groupa 'i/ - Continued
Finance, Inaurance, real estate, and lesaors of real property
Total finance,
insurance,
real estate,
and lessors of
real property
(8»)
Total
finance
Banks and
trust
companies
Credit
agencies other
than banks
Holding
and other
Investicent
companies
(Kl
Security and
commodity-
exchange brokers
and dealers
(M)
Number of returns 2/
Number of subsidiariea 49/ .
Assets:
Cash 38/
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations
Other investments 40/
Gross capital assets 41/(except land)
Less ; Reserves
Land
Other assets AZ/.
32/.
Total assets 43/ .
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities 44/
Capital stock, preferred
Capital stock, common 45/.
Surplus reserves
Surplus and undivided profits 46/ .
Less: Deficit 47/
ToUl liabilities iZ/ .
Receipts:
Gross sales 14/
Gross receipts from operations 15/.
Interest on Government obligations (less amortizable bond
premium) :
Wholly tajiable 16/'
Subject to surtax only 17/
Who 1 ly tax-exempt IB/.
Other interest
Rents 19/
Royalties 20/
Excess of net short-term capital gain over net long-term
capital loss. 21/
Excess of net long-term capital gain over net short-term
capital loss, 21/
Net gain, sales other than capital assets 22/.
Dividends, domestic corporations 23/.
Dividends, foreign corporations 24/
Other receipts 25/-
Total compiled receipts 8/ .
Deductions:
Cost of goods sold 26/.
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/.
Bad debts
Interest paid
Taxes paid 28/.
Contributions or gifts 2^.
Depreciation
Depletion
Amortization 30/-
Advertising
Amounts contributed under pension plans, etc. 31/.
Net loss, sales other than capital assets 22/
Other deductions 32/
Total compiled deductions. . .
Compiled net profit (38 less 55)...
Net income 5/(56 'ess 28)
Net operating loss deduction 33/. .
Income tax i/
Ebccess profits tax 5/
Total tax.
Compiled net profit less total tax (56 less 61).
Dividends paid: V
Cash and assets other than own stock §/
Corporation ' s own stock
227
993
505,462
4X,937
28,655
22,765
957,688
914,007
397,322
76,600
76,938
475,459
135,167
,269,426
,008,977
,590,767
103, 950
457,507
581,175
,603,941
69,587
10,681,323
148,107
1,772,693
38,568
3,700
10,816
120,138
22,685
4,247
784
19,865
7,6ie
56,897
849
29,531
2,236,496
U8,903
1,785
23,379
23,330
6,778
20,320
101,568
68,042
2,206
21,549
953
137
7,671
14,142
269
,547,881
277,583
266,767
5,650
106,677
457
107,144
170,439
89,837
29,038
57
372
30
280
(TtiouaMnd dollsrt)
1,126,676
3,134,690
25,664
11,816
1,498,655
641,668
98,529
31,302
16,668
37,512
6,509,248
75,417
1,204,205
656,505
3,257,430
78,306
204,148
555,709
496,007
18,479
6,509,248
106,718
404,255
19,858
1,836
2,739
a4,uyu
8,600
135
168
5,112
6,685
280
25,877
676,387
87,748
95
13,621
6,488
2,395
19,011
81,523
12,452
1,583
6,252
21
112
4,261
5,936
211
270,237
511,946
164,441
161,702
2,950
76,970
US
79.085
85,356
45,826
4,804
874,449
878,813
14,880
1,300,477
100,171
52,021
11,739
3,381
14,727
3,197,420
28
4,373
,936,186
11,168
82,025
16,082
147,557
16,609
1,825
2,455
33,081
7,054
2
16
1,604
1,219
187
293
87,591
6,547
1,683
628
5,981
4,834
3,201
296
1,854
1,853
2,139
15
37,864
66,895
20,696
18,241
2,415
6,803
6.807
13,889
9,224
4,500
233,009
2,246,510
10,771
11,768
169,822
74,127
16,924
1,948
360
19,614
2,759,415
55,949
1,203,807
651,237
316,518
66,953
96,050
103,128
270,629
4,856
106,718
369,985
2,386
8
281
44,293
576
31
10
3,035
2,269
55
4,205
533,907
87,748
5,955
3,985
1,670
12,975
75,337
7,841
1,271
3,512
112
1,599
3,446
180
192,106
136,171
136,890
69,608
111
66,452
36,605
304
11,005
7,098
13
48
5,662
466,788
5,518
1,352
2,360
2,557
499,671
1,770
370
695
3,780
185
26,073
436,416
43,805
13,623
XI
2
2
16,694
690
86
141
3,162
36
20,418
95
685
385
6
55
1,352
452
8
211
21
154
13
16
32, U9
35,572
6,8U
6,809
60
2,202
4,609
997
52,742
434
435
91
956
8
675
655
339
763
762
70
8,213
3
2,269
4
-
5
-
6
22,694
7
582
fl
24,066
9
16,263
10
10,567
11
614
12
_
15
_
16
946
17
18
19
83
20
34,016
21
_
22
_
24
843
25
.162
26
_
27
1
28
2
29
280
30
14
31
1
32
5
33
_
34
35
35
2
36
961
37
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
56
57
58
59
60
61
62
63
64
For footnotes, see pp. 162-164. Data not subject to aajBpllDg variability aince all these returns were tabulated.
1J6
CORPORATION INCOME TAX RETURNS FOR 1951
Table 4-A.— CONSOLIDATED iS/ CORPORATION RETURNS WITH BALANCE SHEETS, 1961, BY MAJOR INDUSTRIAL CKOUPS - PART I, ALL RETURNS j PART II, RETURNS WITH NET INCOME: NUMBER OF RETURNS,
NUMBPS OF SUBSIDIAHIES, ASSETS AND LIABILITIES, COMPILED RECEIPTS, COMPILED DEDUCTIONS, COMPILED NET PROFIT OR LET LOSS, NET INCOME OH DEFICIT, NET OPIRATING LOSS DEDUCTION,
INCOME TAX, EXCESS mOFITS TAX, H3TAL TAX, COMPII£D NET TODFIT LESS TOTAL TAX, AND DIVIDENDS PAID BY TYPE OF DIVIDENDj FOR RETURNS WITH NO BALANCE SHEETS, IN TOTAL ONLY, THE
SAME ITEMS (EXCEPT ASSETS AND LIABILITIES) - Continued
PART II. - CONSOLIDATED RETURNS WITH NET INCOME j/ - Continued
Returns with balance sheets, by major industrial groups 2J - Continued
Finance, insurance, real estate, and lessors of real property - Continued
Insurance carriers and agents
Total
insurance
carriers
and agents
(86)
Insurance
carriers
Insurance
agents and
brokers
Real estate,
except lessors
of real
property other
than buildings
(eBi
Lessors of
real property,
except
buildings
(flfll
Total
services
Oitels
and other
lodgijig
Number of returns 2/. ,
Number of subsidiaries
49/.
Assets:
Cash 38/
Notes and accounts receivable
Less : Reserve for bad debts
Inventories
Investments , Government obi igations 39/
Other investments 40/
Gross capital assets 41/ (except land)
Less: Reserves
^ nn\
Other assets 42/
Total assets 4^
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than I year
Maturity I year or more
Other liabilities 44/
Capital st^ck, preferred
Capital stock, common 45/
Surplus reserves
Surplus and undivided profits 46/
Less : Deficit 47/
Total liabilities 4^
Receipts :
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less amortizable
bond premium) :
Wholly taxable 16/
Subject to surtax only 17/
Wholly tax-exempt 16/
Other interest
Rents 12/.
Royalties 20/.
Excess of net short-tenn capital gain over net long-
term capital loss, 21/
Excess of net long-term capital gain over net short-
term capital loss. 21/
Net gain, sales other than capital assets 22/
Dividends, domestic corporations 23/.
Dividends, foreign corporations 247.
Other receipts 25/
Total compiled receipts 8/
Deductions :
Cost of goods sold 2g/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/.
Contributions or gifts 29/.
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 31/ . .
Net loss, sales other than capital assets 22/
Other deductions 32/
Total compiled deductions
Compiled net profit (38 less 55)
Net income ^ (56 less 28)
Net operating loss deduction 33/
Income tax 4/
Excess profits tax 5/
Total tax
Compiled net profit less total tax (56 less 61)
Dividends paid: ^
Cash and assets other than own stock ^
Corporation ' 3 own stock
For footnotes, see pp. 162-164. Data not subject to
34
165
345,604
268,045
2,959
9,784
1,460,285
1,080,173
75,036
12,145
8,316
419,351
3,641,490
41,057
22,116
40,760
2, 300, 314
16,503
207,543
18,731
1,009,926
14,460
3,641,490
39,185
1,295,965
16,596
1,855
6,816
23,535
6,447
38
15
11,187
679
47,088
566
1,930
29,514
6,514
10,052
1,537
1,195
7,146
44,339
465
4,870
178
25
2,439
7,876
26
1,246,290
91,447
84,631
374
20, 696
17
70,734
39,061
22,212
20
136
339,962
244,121
2,943
9,782
1,444,869
1,061,351
69,979
11,286
7,441
418,971
3,582,247
12,077
21,682
38,879
2,296,934
7,147
198,247
16,410
1,004,857
13,966
3,682,247
39,186
1,275,149
18,463
1,869
6,813
23,464
5,747
38
14
U,074
679
45,048
364
1,892
1,430,789
29,514
5,512
9,056
1,486
1,161
5,969
43,922
446
4,459
178
25
2,323
7,787
26
1,230,039
1,342,910
87,879
81,066
326
19,840
37,127
22,212
133
449
no
909
(^Thoiisanti dol lars)
5,642
23, 924
16
2
5,416
18,822
5,057
859
875
380
59,243
434
1,881
3,380
8,366
9,296
2,321
5,069
474
59,243
19,816
3
71
70O
1
113
2,040
202
1,002
996
52
34
176
417
20
401
1
16,251
3,566
3,565
49
862
11
2,695
1,934
31,151
33,654
32
1,163
5,496
191,667
214,911
33,100
51,930
18,688
515 , 327
18,680
43,106
311,707
31,244
10,141
44,672
6,640
86,586
36,648
615,327
2,195
72,459
64
1,261
2,532
7,697
3
601
3,660
6,882
2,591
3
1,561
1,631
1,690
3,217
6,790
2,846
114
12,900
11,051
158
10,419
310
32
30,940
18,340
17,079
2,326
5,497
163
2,695
2,022
2,031
548
2
3,263
599
8,846
53
24
5
1,779
944
95
12,422
16,258
1
41
4,071
533
63
20
414
3,355
3,366
1
1,514
172
1,669
2,255
150,922
86,833
7,060
249,714
24,321
496,873
609,701
320,869
172,650
37,212
1,500,297
78,897
30,168
295,837
166,568
25,126
204,286
116,236
633,824
49,645
1,500,297
40,517
948,393
810
1
1
5,262
32,734
6,339
2
11,309
340
7,403
4,908
21,913
29,002
660,679
12,196
32,667
7,231
1,161
14,884
28,688
633
27,138
20
29,122
6,189
180
136,973
986,663
93,259
93,256
2,693
40,722
119
52,418'
64,130
4
sampling variability since all these returns were tabulated.
CORPORATION INCOME TAX RETURNS FOR 1951
117
Tools 4-A — CONSOLIDATED 12/ CORPORATION RETURNS kflTll BALANCE SHEETS, 1951, BY MAJOR INDUSITILAL (KOUPS - PART I, ALL RETURNS; PART 11, RETURNS WITH NET INCOME: NOlfflER OF RETURNS
NUMBER OF SUBSIDIARIES, ASSETS AND LIABILITIES, COMPILH) RECEIPTS, COMPILED DEDUCTIONS, OOHPILH) NET PROFIT OR NET lOSS, NET INCOME OR DEFICIT, NET OPERATING LOSS DEDUCTION
INCOME TAX, EXCESS PROFITS TAX, TOTAL TAX, COMPILED tIET PROFIT LESS TOTAL TAX, AND DIVIDENDS PAID BY nPE OF DIVIDENDl FOR RETURNS WITH NO BALANCE SHEETS. IN TOTAL OMU THE
SAME ITEMS (EXCEPT ASSETS AND LIABILITIES) - Continued
PART II. - CONSOUDATBD RETIRNS WITH NET INCOME 3/ - Continued
Returns with balance ahaats, by major Industrial groups 2/ - Continued
Servicas - Continued
Personal
aervlcea
Business
services
Automotive
repair
services
and garages
Mlacellaneous
repair
services,
hand trades
Motion
pictures
Aiiusement,
except
motion
pictures
Other
services,
including
schools
Nature of
busineaa
not
allocable
Number of returns ^
Number of subsidiaries 49/.
Assets:
Cash 38/
Notes and accounts receivable
I«33 : Reserve for bad debts
Inventories
Investments, Government obligations 39/.
Other investments 40/
Gross capital assets 41/ (except land)....
Less : Reserves
t^nd
Other assets 42,/
Total assets 43/.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than I year
I-taturity I year or more
Other liabilities 44/
Capital stock, preferred
Capital stoclt, comnwn 45/
Surplus reserves
Surplus and undivided profits 46/.
Loss: Deficit 47/
Total liabilities i2/ .
Receipts:
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less amortlzable
bond premium) :
Wholly taxable 16/
Subject to surtax only 17/
Wholly tax-exempt 18/
Other interest
Rents 19/
Royalties 20/
Excess cf net short-term capital gain over net long-
term capital loss. 21/
Excess of net long-term capital gain over net short-
term capital loss. 21/
Net gain, sales other than capital assets 22/.
Dividends, domestic corporations 23/
Dividends, foreign corporations 24/
Other receipts 25/
Total compiled receipts 8/
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 31/
Net loss, sales other than capital assets 22/77.
Other deductions 32/
Total compiled deductions. .
Compiled net profit (38 less 55)..
Net income 1/(66 less 28)
Net operating loss deduction 33/ .
Income tax 4/
Excess profits tax 5/.
Total tax.
Compiled net profit less total tax (56 less 61).
Dividends paid: 6/
Cash and assets other than own stock §/
Corporation ' s own stock
1,123
1,352
11
2,138
23
448
12,259
3,132
528
360
15,086
772
1,194
711
966
1,971
3,694
22
6,550
12
15,066
336
20,067
61
152
268
10,628
564
631
147
37
101
436
16
755
756
758
4
430
121
19, 917
11,704
178
514
2,700
147,142
9,353
3,492
155
1,255
189,070
3,545
386
4,358
81,968
1,669
31,831
45,458
26,502
6,666
189,070
111
40,164
2,021
50
100
25
12
3,880
55
146
101
23,205
1,662
1,012
206
79
2,232
1,009
13
604
6
189
6,022
37,010
9,624
9,624
248
3,142
66
6,427
5,621
34
717
(Tltouw»nd dollara)
118
66
68
60
145
975
477
66
52
54
267
144
34
353
56
1,063
1
126
41
4
17
121,594
65,253
6,718
242,842
19,323
327,776
510,826
263,263
154,859
29,850
69,480
24,666
259,216
72,016
18,305
161,679
68,504
649,101
40,826
1,182,342
41
832
66
645
1
2
17
66
28
293
316
609
184
420
51
31
1
7
3
12
a, 729
634,176
704
1
2,942
27,415
6,193
8,190
242
2,999
3,967
20,075
928,633
15,394
602,507
6,332
28,180
5,340
878
10,967
23,204
481
22,080
1
27,094
4,962
73,0X
73,0M
966
33,994
43
34,037
36,993
46,949
2,363
1,663
16
393
3,549
12,943
4,171
2,143
605
19,524
1,466
172
4,630
2,239
470
2,323
102
8,180
57
177
16,883
119
9,659
666
342
103
7
222
501
23
600
408
2X
137
2,911
15,727
2,220
2,220
259
1,243
152
895
1,399
59
317
962
661
2,134
700
176
115
6,790
X8
348
355
2,702
216
493
104
1,274
12
5,790
173
8,017
1
10
243
U6
2,738
493
269
83
73
34
160
3
242
282
44
568
567
24S
5
1,641
4,416
2,454
175
1,696
4,952
2,021
452
160
13,925
11
2,075
112
1,264
183
3,112
1,340
6,203
366
13,926
17,579
1,136
150
283
13,683
727
281
7
41
421
7
395
75
134
1,677
17,456
1,764
1,764
86
973
201
For footnotes, see pp. 162-164. Data not subject to sampling variability since all these returns were tabulated.
118
CORPORATION INCOME TAX RETURNS FOR 1951
Table S CORPORATION HETURNS WITH BALAHCE SHEETS, 1951, BY TOTAL ASSETS CLASSES - PART I, ALL RETURMSj PART II, RETURSS WITH NET INCOME: NUMBER OF RETUHIE, ASSETS AMD LIABILI-
TIES, COMPILED RECEIPTS, COMPILED DEDUCTIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPERATING LOSS DEDUCTION, INCOME TAX, EXCESS PROFITS TAX, TOTAL TAX,
COMPILED NET PROFIT LESS TOTAL TAX, AND DIVIDENDS PAID BI TYPE OF DIVIDEND
PART I. - ALL RETURNS WITH BALANCE SHEETS
Total assets classes ^2/
Under
$50,000
060,000
unler
$100,000
$100,000
mjder
$250,000
$250,000
under
$500,000
$500,000
under
$1,000,000
lel
Number of returns with balance sheets 37/ ■
Assets:
Cash 2S/
Itetes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations 22/'
Other investments iO/
Gross capital assets 41/ (except land)..
Less : Reserves
Land
Other assets ^
Total assets i2/
Uabllitles:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
r-laturity 1 year or more
Other liabilities 44/
Capital stock, preferred
Capital stock, common 4£/
Surplus reserves
Surplus and undivided profits 46/.
Less: Deficit 42/
Total liabilities 42/.
Receipts:
Gross sales 14/
Gross receipts from operations 1£/
Interest on Government obligations (less amortizable bond
premium) :
Wholly taxable IS/
Subject to surtax only 17/
Wholly tax-exempt X§/ •
Other interest
Rents J^
Royalties tO/
Excess of net short-term capital gain over net long-term
capital loss. 21/
Excess of net long-term capital gain over net short-term
capital loss. 21/
Net gain, sales other than capital assets gg/
Dividends, domestic corporations 23/
Dividends, foreign corporations g^
Other receipts 25/
Total compiled receipts i
Deductions:
Cost of goods sold gg/
Cost of operations gfi/
Compensation of officers
Rent paid on business property
Repairs 22/ ■
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 22/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 2iU •
Net loss, sales other than capital assets 22/
Other deductions 22/
Total compiled deductions.
Compiled net profit or net loss (37 less 54).
Net income or deficit 2/ (55 less 27)
Net operating loss deduction 22/
56 Income tax ij
59 Excess profits tax £/.
Compiled net profit less total tax (55 less 60) .
Dividends paid: fi/
Cash and assets other than own stock S/
Corporation ' s own stock
596,385
76,653,336
121,053,991
1,739,772
63,775,737
108,936,561
104,^82,927
227,882,253
78,787,134
10,229,586
14,434,097
647,623,582
33,351,776
19,240,041
72,835,313
283,058,329
15,596,247
82,803,972
12,739,468
135,310,148
7,410,712
647,523,582
418,055,630
74,317,182
1,536,241
147,844
252,684
5,228,735
3,910,669
481,153
31,009
1,331,387
446,072
2,351,045
628,297
3,132,487
511,849,435
320,462,406
42,584,187
7,979,330
4,160,778
4,683,013
744,052
3,646,058
10,904,104
340,619
6,732,993
2,065,815
290,601
4,613,406
2,318,636
257,768
64,670,252
468,354,008
43,496,427
43,242,743
387,630
19,460,465
2,441,644
21,902,009
11,218,886
1,425,395
245,803
106,268
(ThotjsBfid dollars)
723,010
1,093,252
25,785
955,180
32,282
247,406
2,878,822
1,136,573
329,811
200,465
6,298,860
1,065,250
626,027
889,746
513,966
113,113
2,360,749
34,931
1,177,817
1,372,739
5,298,860
9,704,463
3,649,345
2,790
581
627
10,552
266,181
13,961
2,996
33,454
61,926
4,187
50
119,340
13,870,462
7,324,398
2,049,021
927,452
406,332
82,932
27,702
58,790
215,685
3,764
234,108
3,613
480
120,372
2,754
21,585
2,305,897
13,784,785
85,677
85,060
56,171
102,068
572
102,640
2fi/l6,963
65,511
3,641
861,246
1,630,869
35,937
1,657,118
93,293
390,573
3,811,878
1,351,413
543,488
223,628
7,724,733
1,202,394
639,353
1,366,278
629,591
146,934
2,364,070
65,772
1,975,094
606,753
7,724,733
13,050,620
2,974,810
4,744
193
166
16,610
310,800
8,400
1,337
33,432
48,888
6,199
104
137,525
16,592,327
10,179,393
1,780,523
817,232
266,444
86,882
34,976
83,048
236,668
6,292
263,179
3,669
929
129,102
4,439
8,509
2,269,819
16,169,103
423,724
423,659
39,819
164,371
3,830
255,523
77,932
11,713
1,915,894
4,094,739
91,874
3,892,290
267,131
1,013,209
9,003,331
3,189,063
1,333,097
476,406
18,714,160
2,600,197
1,341,030
3,494,064
1,484,303
378,474
4,674,976
180,386
5,393,700
832,970
18,714,160
32,081,573
5,619,674
13,609
200
555
58,222
678,027
20,217
3,620
71,340
90,461
17,256
678
328,366
26,660,656
3,656,830
1,488,310
429,545
191,703
83,329
205,413
501,467
16,112
664,780
12,119
1,406
294,796
14,417
16,069
4,804,275
37,740,226
1,243,472
1,242,917
59,286
463,080
37,291
500,371
743,101
199,648
39,234
1,842,279
4,209,411
90,493
3,655,443
430,700
1,319,789
8,320,685
2,981,926
1,152,884
471,442
18,330,214
2,373,866
1,364,126
3, 227, OX
1,846,710
479,623
3,869,039
241,637
6,612,186
682,993
18,330,214
31,071,102
4,791,836
12,131
370
1,129
72,564
522,003
25,954
2,743
74,950
60,669
26,411
1,072
318,280
36,981,214
24,931,849
3,196,188
1,103,769
314,400
181,676
70,068
196,281
472,560
19,083
491,082
21,433
1,616
274,592
22,313
9,460
4,263,137
36,669,497
1,411,717
1,410,588
38,849
693,404
67,814
750,499
228,728
58,311
2,328,668
4,890,056
96,683
4,007,348
992,396
1,679,402
8,943,494
3,268,602
1,123,263
518,173
21,207,504
?,436,812
1,497,816
3,379,345
3,232,904
592,426
3,913,943
366,948
6,582,405
795,096
21,207,504
31,916,923
4,882,593
20,204
734
2,034
99,113
441,860
24,934
3,352
93,067
51,913
44,350
2,066
309,326
26,455,
3,321,
900,
279,
190,
62,
203,
513,
23,
509,
41,
3,
291,
46,
111
4,241,
1,796,624
1,794,690
35,729
824,163
93,064
917,227
879,397
302,298
76,509
For footiiotes, see pp. 162-164. For extent to which data are estimated, see pp. 3-5.
CORPORATION INCOME TAX RETURNS FOR 1951
119
Table 5 CORPORATION RETURNS WITH BAUNCE SHEETS, 1951, BY TOTAL ASSETS CUSSES- PART I, ALL RETURNS; PART II, RETURNS WITH KET INCOME: NUMBER OF RETURNS, ASSETS AND LIABILI-
TIES, COMPILED RECEIPTS, COMPILED DEDUCTIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPERATING LOSS DEDUCTION, INCOME TAX, EXCESS PROFITS TAX, TOTAL TAX,
COMPILED NET PROFIT LESS TOTAL TAX, AND DIVIDENDS PAID BY TYPE OF DIVIDEND - Continued
PART I. - ALL RETURNS WITH BALANCE SHEETS - Continued
Total assets classes ^ - Continued
$1,000,000
under
$5,000,000
$5,000,000
under
$10,000,000
(0)
$iO,000,000
under
$50,000,000
$50,000,000
under
$100,000,000
(10)
$100,000,00')
or more
Number of returns with balance sheets 37/.
Assets:
Cash 2S/
Notss and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations 39/.
Other investments ^/
Gross capital assets H/ (except land)..
Less : Reserves
land
Other assets 42/
Total assets 12/.
Uabllities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year ,
Maturity 1 year or more
Other liabilities ^ ,
Capital stock, preferred ,
Capital stock, common 45/ ,
Surplus reserves
Surplus and undivided profits !£/. .
Less : Deficit 12/ ,
Total liabilities 42/.
Receipts:
Gross sales 14/
Gross receipts from operations 15/ ,
Interest on Government obligations (less amortizable bond premium) :
l/holly taxable Ig/
Subject to surtax only Xl/
Wholly tax-exempt 18/. ,
Other interest
Rents 12/
Royalties £Q/
Excess of net short-term capital gain over net long-term capital loss Si/.,
Excess of net long-term capital gain over net short-term capital loss £i/..
Net gain, sales other than capital assets £2/
Dividends, domestic corporations 23/
Dividends, foreign corporations 24/
Other receipts ^5/-
Total compiled receipts £/•
Deductions;
Cost of goods sold gg/
Cost of operations 2S/
Compensation of officers
Rent paid on business property
Repairs gj/
Bad debts
Interest paid
Taxes paid g§/ ,
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advert! sing
Amounts contributed under pension plans, etc. jJl/.
Net loss, sales other than capital assets 2g/
Other deductions 22/
Total compiled deductions.
Compiled net profit or net loss (37 less 54).
Net income or deficit 3/(55 less 27)
Net operating loss deduction 22/
Income tax ^
Bccess profits tax £/.
Compiled net profit less total tax (55 leas 60),
Dividends paid: fi/
Cash and assets other than own stock £/ ,
Corporation 's own stock ,
4,461
(Thmnand ilallara}
9,436,546
5,395,264
12,394,276
6,431,125
36,525,028
16,884,685
8,414,632
18,629,775
7,416,166
54,790,428
240,142
123,263
299,911
138,137
597,527
9,872,253
4,339,220
10,143,057
4,157,847
21,115,981
9,688,668
6,101,579
19,160,606
8,607,920
61,364,087
6,398,30b
3,345,071
9,903,01)0
6,203,753
74,381,536
22,043,583
10,013,623
27,834,468
16,473,738
118,558,631
8,088,199
3,777,056
10,358,146
6,464,340
39,182,816
2,113,851
679,870
1,160,230
376,606
1,417,494
1,266,804
628,627
1,937,671
1,044,892
7,646,999
68,696,357
37,017,547
90,505,805
44,108,661
336,019,841
5,074,358
1,963,390
4,652,380
1,791,336
10,301,803
3,715,197
1,466,207
2,773,925
1,124,666
4,841,694
7,643,914
2,745,303
8,062,824
4,931,862
37,092,947
23,398,368
16,976,456
40,091,756
18,981,097
175,904,179
1,644,611
742,812
2,354,035
1,442,174
7,701,046
9,020,395
3,860,561
9,292,893
4,859,403
38,587,943
1,322,038
797,164
2,252,978
1,157,412
6,330,202
18,016,549
8,826,490
21,838,331
10,142,301
55,743,275
1,239,073
362,835
713,317
321,690
483,247
68,596,357
37,017,547
90,505,805
44,106,561
336,019,841
69,782,680
27,865,274
61,177,189
22,980,668
118,426,138
9,545,420
3,494,549
7,778,042
4,583,608
26,997,306
145,653
110,762
258,096
114,432
852,831
6,528
5,860
18,519
10,296
104,543
27,310
22,329
47,202
16,941
132,392
514,473
305,396
694,130
309,149
3,148,526
459,864
111,805
222,366
124,224
773,549
79,426
34,505
135,586
33,666
104,604
6,963
918
3,365
2,060
3,765
250,469
99,718
257,070
109,190
308,697
65,197
16,962
33,661
1,740
14,666
216,970
111,279
374,786
209,939
1,340,669
9,600
7,610
74,270
71,418
461,529
613,846
205,971
436,618
140,502
623,713
81,724,379
32,392,848
71,509,898
28,709,733
163,192,907
55,012,108
21,526,415
45,796,223
16,960,099
87,715,499
6,021,779
2,056,918
4,170,628
2,076,996
14,353,745
1,349,611
360,651
521,162
134,366
376,770
498,695
180,445
394,950
201,696
1,188,964
515,006
276,523
786,679
401,691
1,969,423
122,792
44,504
88,402
29,137
180,320
487,230
190,697
447,204
223,660
1,649,720
1,323,896
675,259
1,587,233
659,859
4,719,073
68,460
28,646
66,177
23,135
86,346
1,136,242
462,424
1,067,198
518,307
3,494,649
160,781
83,816
318,901
120,823
1,299,338
12,023
9,719
30,381
16,616
214,380
704,143
343, 370
781,156
282,920
1,291,727
203,032
120,130
364,810
182,337
1,338,445
30,039
16,608
35,045
9,706
100,297
8,779,480
3,502,790
7,838,843
3,688,648
13,076,024
76,427,317
29,868,814
64,314,992
26,429,815
132,954,614
5,297,062
2,524,034
7,194,906
3,279,918
20,238,293
5,269,752
2,501,705
7,147,704
3,260,977
20,105,901
71,270
24,272
39,784
5,794
16,657
2,495,248
1,199,989
3,340,609
1,504,077
8,773,656
308,260
149,985
462,294
216,612
1,101,922
2,803,508
1,349,974
3,802,803
1,720,689
9,875,478
2,493,554
1,174,060
3,392,103
1,559,329
10,362,615
969,679
528,385
1,806,352
933,862
6,107,491
262,398
86,658
244,416
101,688
641,827
For footnotes, see pp. 162-164. For extent to which dais are estimated, see pp. 3-5.
120
CORPORATION INCOME TAX RETURNS FOR 1951
Table 5. — CORPORATION RETURNS WITH BAUNCE SHEETS, 1961, BY TOTAL ASSETS CUSSES- PART I, ALL RETURNS; PART II, RETURNS WITH NET INCOME: NUMBER OF RETURNS, ASSETS AND LIABILI-
TIES, COMPILED RECEIPTS, COMPILED DEDUCTIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPERATING LOSS DEDUCTION, INCOME TAX, EXCESS PROFITS TAX, TOTAL TAX,
COMPILED NET PROFIT LESS TOTAL TAX, AND DIVIDENDS PAID BY TYPE OF DIVIDEND - Continued
PART II. - RETURNS WITH NET mcOME 3/
Total assets classes 43/
Under
$60,000
$50,000
under
$100,000
B)
$100,000
under
$250,000
$250,000
under
$500,000
$600,000
under
$1,000,000
Number of returns with balance sheets 37/ ,
Assets:
Cash 38/
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations 39/
Other investments 40/
Gross capital assets 41/ (except larid).
Less : Reserves
Land
Other assets 42/
Total assets 43/. .
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
I-Iaturity less than 1 year
Maturity 1 year or more
Other liabilities 44/
Capital stock, preferred
Capital stock, common 45/
Surplus reserves
Surplus and undivided profits 46/
Less: Deficit 47/
Total liabilities 43/ ,
Receipts:
Gross sales 14/ ,
Gross receipts from operations 15/
Interest on Government obligations (less ajDortizable bond
premium) ;
Wholly taxable 16/
Subject to surtax only 17/
Wholly tax-exempt 18/
Other interest
Rents 19/
Royalties 20/
Excess of net short-term capital gain over net long-term
capital loss. 21/
Excess of net long-terra capital gain over net short-term
capital loss. 21/
Net gain, sales other than capital assets 22/
Dividends, domestic corporations 23/
Dividends, foreign corporations 24/
Other receipts 25/
Total compiled receipts 8/
Deductions :
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid £2/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 31/
Net loss, sales other than capital assets 22/
Other deductions 32/
Total compiled deductions.
Compiled net profit (37 less 54).
Net income 3/ (55 less 27}
Net operating loss deduction 33/
Income tax 4/
Excess profits tax 5/
Compiled net profit less total tax (55 less 60).
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation's own stock
414,856
74,
116,
1,
59,
107,
101
209,
73,
893,141
505,032
641,379
279,573
248,832
,945,787
984,781
368,770
658,831
,075,173
616,581,001
16
63
278
14
76
12
129
2
395,807
157,081
336,233
,517,858
576,287
346,871
755,369
819,560
616,581,001
389,788,599
67,271,217
1,505,613
146,449
246,460
5,171,444
3,300,073
462,138
27,700
1,263,798
386,856
2,321,433
626,801
2,822,195
296
38
6
3
919,433
460,374
975,207
596,453
424,536
657,496
206,398
193,914
333,809
946,265
987,106
284,818
127,511
262,737
177,608
623,028
45,149,083
44,902,623
387,630
19,460,466
2,441,544
11,120,765
1,392,680
131,625
(Thtxiaattd dollars)
517,122
699,425
18,628
575,334
22,976
150,071
1,611,563
629,297
204,752
103,922
3,237,239
511,460
239,980
404,978
284,328
49,161
1,159,693
24,016
871,403
307,680
3,237,239
6,126,869
2,332,615
2,143
648
181
7,774
186,641
U,681
2,273
28,922
51,415
3,958
50
76,802
4,662,563
1,267,319
597,768
228,132
47,406
14,007
32,244
131,223
3,285
128,473
2,888
231
71,074
1,523
1,278
1,340,184
8,419,588
412,284
412,103
56,171
102,068
572
60,144
3,253
728,145
1,259,191
29,264
1,171,300
77,864
277,333
2,674,022
958,976
395,273
147,525
5,742,423
785,992
369,468
848,283
436,771
83,964
1,606,563
45,798
1,682,252
166,668
5,742,423
10,134,848
2,361,697
4,000
187
151
13,116
248,406
7,462
1,196
29,697
44,332
4,869
104
107,723
12,957,687
7,842,046
1,379,843
649,183
191,873
62,999
24,733
56,877
178,951
6,101
188,329
3,038
491
96,632
3,476
2,167
1,671,632
12,356,371
601,316
601,165
39,819
164,371
3,830
433, US
74,542
10,468
1,706,385
3,468,266
77,076
3,236,839
234,541
797,746
6,928,161
2,483,895
1,071,659
345,874
15,218,500
1,972,815
985,372
2,464,475
1,242,031
276,912
3,588,513
158,223
4,835,419
305,260
15,218,500
27,543,355
4,721,873
11,946
167
636
62,979
578,116
16,081
3,052
63,362
78,692
16,546
671
278,565
33,366,940
21,811,396
2,953,074
1,296,659
344,581
154,763
67,131
153,761
416,819
15,769
441,848
9,474
962
242,540
12,008
4,593
3,936,122
31,861,479
1,504,461
1,503,926
59,285
463,080
37,291
193,662
37,534
1,669,622
3,669,408
78,750
3,132,048
382,639
1,113,577
6,674,101
2,437,753
940,423
366,617
16,431,732
1,889,620
1,046,974
2,341,029
1,690,484
372,692
3,138,276
214,319
5,094,261
254,023
16,431,732
27,636,612
4,116,865
10,636
316
951
66,459
444,231
24,052
2,156
67,517
51,521
25,089
1,060
276,875
22,038,534
2,704,484
995,203
264,807
154,685
57,604
149,736
404,588
18,834
405,667
18,627
1,363
229,096
19,976
4,119
3,668,346
31,135,669
1,688,571
1,587,620
38,849
593,404
67,814
223,081
56,502
26,149
2,162,972
4,398,939
82,048
3,600,447
939,153
1,442,679
7,240,496
2,736,840
912,282
413,684
18,291,764
1,981,163
1,212,208
2,352,837
2,907,229
463,656
3,308,051
328,481
6,022,564
294,425
18,291,764
29, m, 542
4,281,294
18,761
1,806
94,132
359,190
23,027
2,999
86,112
47,015
43,031
2,004
277,008
34,348,607
23,071
2,861
828
242
168
51
155
442
23
433
33
2
257
41
6
3,770
989
263
364
991
,081
912
056
731
579
,021
402
660
547
830
169
1,958,031
1,956,226
35,729
824,163
93,064
294,969
74,496
For footnotes, see pp. 162-164. For extent to which data are estljoated, sea pp. 3-5.
CORPORATION INCOME TAX RETURNS F^OR 1951
121
rtble 5.— CORPORATION RETURNS WITH BAUNCE SHEETS, 1951, BY TOTAL ASSETS CUSSES- PART 1, ALL RETURNS; PART II, RETURNS WITH NET INCO>E: NUMBER CP RETURNS, ASSETS AND LIABILI-
TIES, C0MPIU;D receipts, compiled deductions, compiled NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, NET CPERATING LOSS DEDUCTION, INCOIC TAX, EXCESS PRCFITS TAX, TOTAL TAX,
COMPILED NET PROFIT LESS TOTAL TAX, AND DIVIDENDS PAID BY TYPE OF DIVIDEND - Continued
PART II. - RSnTRNS WITH NET INCOME 3/ - Continued
Total aaBsts claasea i3/ - Continued
$1,000,000
under
$5,000,000
(?)
$5,000,000
under
$10,000,000
$10,000,000
under
$50,000,000
$50,000,000
under
$100,000,000
$100,000,000
or more
Number of returns uith balance sheets 37/ ,
Assets:
Cash 38/
Notes and accounts receivable
Less; Reserve for bad debts
Inventories ;
Investraenta, Government obligations 39/ .
Other investments 40/
Gross capital assets 41/ (except land)..
Less: Reserves
I^nd
Other assets 42/
Total assets 43/ .
Liabilities:
Accounts payable
Bonds, notes, mortgages payable;
Maturity less than 1 year
Maturity 1 year or more
Other liabilities 44/
Capital stock, preferred
Capital stock, common 45/
Surplus reserves
Siu-plus and undivided profits 46/.
Leas: Deficit 47/
Total liabilities 43/.
Receipts:
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less amortizable bond premium):
Wholly taxable 16/
Subject to surtax only 17/
Wholly tax-exempt 16/
Other Interest
Rents 19/
Royalties 20/
Excess of net short-term capital gain over net long-term capital loss. gV
Excess of net long-term capital gain over net short-term capital loss, gj/
Net gain, sales other than capital assets 22/
Dividends, domestic corporations 23/
Dividends, foreign corporations 24/
Other receipts 25/
Total compiled receipts 8/
Deductions :
Cost of goods so Id 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 31/ .
Net loss, sales other than capital assets 22/
Other deductions 32/
Total compiled deductions..,
Compiled net profit (37 leas 54).
Net income 3/ (55 less 27)
Net operating losa deduction 33/ .
Income tax 4/ ,
Btcess profits tax _5/
Total tax.
Compiled net profit less total tax (55 less 60).
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation ' s own stock
4,944
4,261
r77>oua«nd dolUraJ
9,055,584
5,238,962
12,101,304
5,325,517
36,387,628
2
14,623,557
8,071,076
18,141,314
7,284,033
54,699,823
3
214,702
U8,060
293,552
132,566
596,743
4
6,335,226
4,016,908
9,761,305
3,940,512
20,909,654
5
9,667,874
7,940,278
18,693,841
8,265,556
61,024,211
b
6,735,235
2,973,683
9,338,539
5,936,971
74,180,063
7
18,102,977
8,608,321
25,478,991
15,099,866
117,566,283
8
6,972,089
3,328,886
9,694,347
5,139,412
38,987,275
9
1,728,370
600,072
1,064,475
352,258
1,389,267
10
1,059,146
528,446
1,692,364
933,529
7,484,076
11
61,921,178
34,530,700
66,264,224
41,866,264
334,056,977
12
4,313,430
1,760,948
4,190,138
1,708,467
10,201,032
13
3,069,544
1,302,441
2,501,176
919,524
4,750,120
14
5,217,005
2,006,447
6,699,479
4,338,116
36,474,433
16
22,653,005
16,530,820
39,130,077
18,352,758
175,158,730
16
1,369,427
673,717
2,185,542
1,381,985
7,660,802
17
7,883,995
3,446,144
8,654,044
4,478,610
38,312,498
18
1,209,587
737,487
2,161,730
1,141,542
6,326,688
19
16,737,912
8,267,665
20,985,790
9,775,253
55,492,850
20
532,727
184,969
223,752
229,980
319,176
21
61,921,178
34,530,700
86,284,224
41,866,264
334,056,977
22
64,327,759
26,279,026
59,124,340
22,160,539
117,353,809
23
8,549,710
3,127,317
7,097,456
4,151,993
26,530,497
24
141,865
108,390
251,431
108,714
847,727
25
6,421
5,787
18,108
10,061
104,168
26
26,358
21,547
45,471
18,148
131,312
27
501,120
301,274
685,799
303,434
3,146,357
28
318,386
100,876
203,984
99,554
760,690
29
74,666
32,063
130,869
27,960
104,237
30
6,441
863
3,086
1,880
3,754
31
239,132
95,319
247,775
104,113
301,849
32
65,137
16,017
28,646
625
14,467
33
213,519
108,180
368,047
205,334
1,332,860
34
9,185
7,166
74,266
70,973
461,333
35
549,837
185,127
417,563
136,496
516,194
36
76,019,556
30,387,951
68,696,835
27,389,844
151,608,244
37
50,325,630
20,203,257
44,022,624
16,259,637
86,791,758
38
6,360,364
1,849,637
3,882,305
1,979,781
14,222,404
39
1,260,791
338,798
503,460
130,606
374,365
40
440,692
162,796
365,468
183,822
1,171,301
4]
469,329
259,545
770,988
383,441
1,963,299
42
105,557
42,116
35,931
28,429
180,076
43
384,066
162,094
398,860
198,321
1,516,404
44
1,170,005
611,847
1,522,332
627,731
4,687,687
45
68,176
23,500
66,140
23,080
86,346
46
986,939
402,449
1,001,604
495,462
3,462,473
47
141,367
73,629
294,022
1U,330
1,299,329
48
9,556
9,275
29,696
16,366
214,229
49
628,374
316,412
756,997
269,226
1,260,613
60
190,829
113,028
372,820
174,695
1,332,552
51
14,163
10,679
26,903
9,648
98,889
62
7,886,099
3,186,278
7,306,286
3,185,704
12,671,395
53
69,441,927
27,770,240
61,406,426
24,077,278
131,323,139
64
5,577,629
2,617,711
7,291,409
3,312,566
20,286,106
56
5,551,271
2,596,164
7,245,938
3,294,418
20,153,793
66
71,270
24,272
39,784
5,794
16,667
67
2,496,248
1,199,989
3,340,509
1,604,077
8,773,556
58
308,260
149,986
462,294
216,512
1,101,922
59
2,803,508
1,349,974
3,802,803
1,720,689
9,876,478
60
2,774,121
1,267,737
3,488,606
1,591,977
10,409,627
61
955,786
515,674
1,786,558
915,868
6,100,491
62
258,997
35,704
242,452
81,347
541,827
63
For footnotes, see pp. 162-164. For extent to tdiich data are estimated, see pp. 3-5.
122
CORPORATION INCOME TAX RETURNS FOR 1951
Table S-A CONSOLIDATED ig/ CORPORATION RETURNS WITH BALANCE SHEETS, 1961, BY TOTAL ASSETS CLASSES- PART I, ALL RETURNS; PART II, RETURNS WITH NET INCOME: NUMBER OF RETURNS.
NUMBER OF SUBSIDIARIES, ASSETS AND LIABILITIES, COMPILED RECEIPTS, COMPILED DEDUCTIONS, COMPILED NET HIOFIT OR NET LOSS, NET INCOME OR DEFICIT, NET OPERATING LOSS DEDUCTION,
INCOm TAX, EXCESS ffiOFITS TAX, TOTAL TAX, COMPILED NET fflOFIT LESS TOTAL TAX, AND DIVIDENDS PAID BY TYPE OF DIVIDEND
PART I. -ALL CONSOLIDAIED RETURNS WITH BALANCE SHEETS
Total assets classes 43/
Under
tso.ooo
$50,000
under
tlOO,000
(3)
tioo.ooo
under
$260,000
$260,000
under
$500,000
(6)
$500,000
under
$1,000,000
Number of returns with balance sheets 37/.
Number of subsidiaries 49/
Assets :
Cash 38/
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations 39/
Other investments 40/
Gross capital assets 41/ (except land)..
Less : Reserves
Land
Other assets 42/
Total assets 43/.
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities 44/
Capital stock, preferred
Capital stock, coimiwn 45/
Surplus reserves
Surplus and undivided profits 46/
Less : Deficit 47/
Total liabilities 43/.
Receipts;
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less amortizable
bond premium):
Wholly taxable 16/
Subject to surtax only 17/
Wholly tax-exempt Ifl/
Other interest
Rents 19/
Royal ties 20/
Excess of net short-terra capital gain over net long-term
capital loss. 21/
Excess of net long-term capital gain over net short-term
capital loss. 21/
Net gain, sales other than capital assets 22/
Dividends, domestic corporations 23/
Dividends, foreign corporations 24/ ..^
Other receipts 25/
Total compiled receipts 8/
Deductions:
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc. 31/
Net loss, sales other than capital assets 22/ ....
Other deductions 32/
Total compiled deductions.
Compiled net profit or net loss (38 less 55).
Net income or deficit 3/ (66 less 28)
Net operating loss deduction 33/
Income tax ^
Excess profits tax 5/
Total tax.
Compiled net profit less total tax (56 less 61).
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation's own stock
1,889
7,449
283,041
717,470
116,978
867,697
233,431
249,794
393,025
238,626
709,609
641,607
64,740,070
177,634
,092,922
,081,857
568,776
,021,890
372,177
,008,889
607,859
31,710,087
13,928,904
88,662
4,269
11,909
226,139
329,257
52,363
1,708
107,091
18,918
672,842
179,625
172,247
47,604,021
25,111,906
7,500,858
176,716
541,333
468,117
60,160
636,844
1,317,276
24,999
1,265,005
456,237
63,669.
291,071
464,463
61,679
4,968,008
43,398,341
4,105,680
4,093,771
29,853
1,852,430
101,897
1,954,327
2,151,353
1,663,196
274,726
444
679
41
228
1
234
975
490
24
219
563
440
603
679
113
1,902
5
1,986
4,038
2,273
5,664
3,387
3,887
2,077
435
501
35
166
55
164
102
339
2
40
2,302
10,125
60/643
50/647
167
36/659
107
144
{TYiousatvi riollai
1,082
1,837
58
1,620
93
770
3,642
1,382
209
340
8,153
1,840
850
1,315
819
267
2,651
35
2,340
1,864
8,153
16,843
5,197
21
121
51
12,196
3,128
1,082
806
82
49
86
334
1
338
2
2
231
6
87
4,342
50/229
50/229
67
36/317
42
4,593
10,756
381
8,423
466
4,166
22,318
9,291
1,689
2,081
44,810
11,025
4,108
9,584
7,808
2,953
13,961
600
11,351
16,580
44,810
32,116
21,725
63,171
12,112
3,846
2,737
608
428
758
1,681
U
2,081
1,268
99
271
18,157
107,234
M/319
50/319
649
622
58
36/999
131
10
246
382
7,438
20,041
371
14,314
866
11,032
42,301
16,919
3,915
4,036
86,653
14,502
11,276
16,760
10,342
4,881
30,243
1,177
25,879
28,407
86,653
123,310
40,612
_
1
126
310
811
1,064
160
975
12
16
561
709
414
480
52
80
18
_
910
1,399
168 , 972
97,051
23,495
5,591
4,253
790
582
1,289
2,511
24
2,941
165
2,238
150
286
23,167
169,533
50/661
52/562
502
1,073
63
1,136
3^1,697
420
46
For footnotes, see pp. 162-164. Data not subject to sampling variability since all these returns were tabulated.
CORPORATION INCOME TAX RETURNS FOR 1951
123
Table 5-A — CONSOLIDATED ^s/ CORPORATION RETURNS WITH BALANCE SHEETS, 1951, BY TOTAL ASSETS CLASSES- PART I, ALL RETURIISj PART II, Rfn-ORIiS WITH IIET IdCOHE: NUHBQi OF RETURNS,
NUMBER OF SDBSIDURIES, ASSETS AND LIABILITIES, COMPILED RECEIPTS, COKPILH) DHJUCTIONS, COMPIln) NET PROFH OR NET LOSS, IIET PICOME OB DEFICIT, NET OPERATING LOSS DEDUCTION,
INCOME TAX, EXCESS PROFITS TAX, TOTAL TAX, COMPILED NET PROFn LESS TOTAL TAX, AND DIVIDEllDS PAID BI TYPE OF DIYIDEKD - Continuod
PART I.-AU CONSOLISATS RETURNS WITH BALANCE SHEETS - Contlnuad
Total aaaots elJisaaa 43/ - Contljnifld
♦1,000,000
undor
(5,000,000
15,000,000
under
$10,000,000
(ei
$10,000,000
undor
$50,000,000
$50,000,000
und«r
$100,000,000
(10)
$100,000,000
or nore
rhmber of returns with balance sheets 37/
Number of subsidiaries 49/
Assets:
Cash 38/
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations ^9/
Other investments 40/
Gross capital assets 41/ (except land)..
Less : Reserves
I^md
Other assets 42/
Total assets 43/
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities 44/
Capital stock, preferred
Capital stock , common 45/
Surplus reserves
Surplus and undivided profits 46/
Less; Deficit 47/
Total liabilities 43/
Receipts :
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (leas amortisable bond premium) :
Wholly tajcable 16/
Subject to surtax only 17/
Wholly tax-exempt 16/
Other interest
Rents 19/
Royalties 2^
Excess of net short-term capital gain over net long-term capital loss 21/ .
Excess of net long-term capital gain over net short-term capital loss 21/.
Net gain, sales other than capital assets 22/
Dividends, domestic corporations 23/
Dividends , foreign corporations 24/
Other receipts 25/
Total coiapiled receipts 8/
Deductions :
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Sad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plana, etc. 31/
Net loss , sales other than capital assets 22/ ....
Other deductions 32/
Total compiled deductions.
Compiled net profit or net loss (36 less 55).
Net income or deficit 3/ (56 less 28)
Net operating loss deduction ^3/
Income tax 4/
Excess profits tax 5/
Compiled net profit less total tax (56 less 61).
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation's own stock
512
1,372
93,231
195,850
6,038
156,304
31,363
189,930
628,701
212,726
46,492
44,822
1,169,929
112,731
93,909
374,267
116,216
55,501
169,016
23,677
308,253
89,641
1,169,929
1,012,123
362,947
530
16
31
3,340
12,653
1,776
516
8,739
3,966
3,087
656
10,674
1,421,109
780,455
246,657
24,803
17,474
10,576
4,761
17,641
31,516
485
34,838
4,679
148
15,850
4,028
1,704
200,646
1,396,262
24,647
24,816
5,621
19,192
1,257
20,449
9,130
939
159
906
163
i,z9e
{ riiou3»nd dollmra)
98,006
172,114
3,999
169,595
31,295
197,274
617,745
240,358
35,668
36,009
101,989
86,254
324,942
101, U7
52,927
164,811
26,607
339,222
82,790
1,094,084
233,201
466
30
35
4,269
9,384
1,835
32
4,727
1,993
2,584
516
11,308
852,975
146,841
15,329
13,862
12,518
1,967
15,029
35,049
536
30,881
4,217
329
17,364
5,376
1,872
182,078
1,336,223
28,261
28,226
4,336
18,999
1,448
20,447
7,614
9,021
4,159
365,850
659,287
16,871
457,335
204,010
620,326
2,033,380
790,302
136,026
103,947
3,772,988
340,966
227,024
863,365
402,176
167,538
526,087
157,495
1,259,470
170,133
3,772,986
2,645,885
949,225
2,739
48
1,683
13,766
34,144
9,303
709
18,652
7,138
26,272
5,967
20,664
3,736,195
2,061,039
519,049
34,419
46,753
26,206
5,209
40,268
93,550
2,511
73,749
30,181
1,001
37,286
15,166
5,646
507,689
3,526,926
209,269
207,586
11,053
96,040
4,792
102,632
106,437
61,701
973
43
416
216,655
322,934
7,744
336,150
165,926
557,061
1,933,386
721,249
80,605
124,130
3,011,854
155,049
95,612
740,220
396,876
130,366
509,926
143,942
911,890
74,027
1,747,370
886,708
2,540
98
651
5,867
21,649
7,302
8
10,689
27
21,153
5,962
13,959
1,330,797
447,164
16,491
30,262
27,652
2,328
31,374
82,343
1,683
54,831
17,270
612
28,661
12,097
1,987
475,130
2,560,692
163,291
162,640
2,874
75,089
1,909
70,432
11,941
85
2,036
3,480,700
6,298,306
80,277
3,690,539
5,796,713
6,647,433
39,026,854
13,214,793
398,320
1,316,707
55,362,502
2,257,892
1,634,665
12,717,307
9,027,501
1,144,880
13,571,391
2,014,833
13,100,135
106,002
55,362,502
24,750,002
U, 376, 163
82,316
4,077
9,504
197,974
246,966
30,887
369
61,456
4,031
619,452
166,496
110,814
37,660,507
19,704,
6,066,
68,
420,
335,
43,
527,
1,060,
Wi
1,059,
399,
61,
184,
427,
36,
3,507,
33,978,973
3,681,534
3,6/2,030
3,021
1,637,120
92,198
1,952,216
1,511,793
256,065
15
16
17
18
19
20
21
22
24
25
26
27
26
29
30
31
32
33
34
36
36
37
For footnotes, see pp. 162-164. Data not subject to sampling variability since all these returns were tabulated.
323516 O — 55 9
124
CORPORATION INCOME TAX RETURNS FOR 1951
Table S-A CONSOLIDATHl 48/ CORPORATION RETUEMS WITH BALAiNCE SHEETS, 1951, BY TOTAL ASSETS CLASSES- PART I, ALL RfTOBJIS; PART II, RETmSS WITH HET INCOME: NBMBEK OF RETUHNS,
NDMBER OF SUBSIDIARIES, ASSETS AND LIABILmES, COMPILED RIEEIFTS, COMPILED DEDUCTIONS, COMPILED NET PROFIT OR NET DOSS, NET IDCOME OR DEFICIT, NET OPERATING LOSS DEDUCTION,
INCOME TAX, EXCESS PROFITS TAX, TOTAL TAX, COMPILED NET PROFIT LESS TOTAL TAX, AMD DIVIDENIIS PAH) BI TYPE OF DIVIDEND - Continued
PART II. -CONSOLIDATED RETURNS WITH NET INCOME j/
Total assets classes 43/
Under
$50,000
$50,000
under
$100,000
$100,000
under
$250,000
$250,000
under
$600,000
$500,000
under
$1,000,000
Number of returns with balance sheets 37/
Number of subsidiaries 49/
Assets :
Cash 38/
Notes and accounts receivable
Less : Reserve for bad debts
Inventories
Investments , Government obligations 39/ ,
Other investments 40/
Gross capital assets 41/ (except land)...
Less : Reserves ,
Land
Other assets 42/
Total assets 4^ .
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities 44/
Capital stock, preferred
Capital stock, common 45/
Surplus reserves
Surplus and undivided profits 46/
Less : Deficit 47/
Total liabiUties 43/
Receipts:
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less amortizable
bond premium) :
Wholly taxable 1§/
Subject to surtax only 17/
Wholly tax-exempt 18/
Other interest
Rents 19/
Royalties 20/
Excess of net short-term capital gain over net long-term
capital loss. 21/
Excess of net long-term capital gain over net short-term
capital loss. 21/
Net gain, sales other than capital assets 22/ ••••
Dividends, domestic corporations 23/
Dividends , foreign corporations 24/
Other receipts ^5/ ". ..
Total compiled receipts 3/
Deductions :
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/
Bad debts
Interest paid
Taxes paid 28/
Contributions or gifts 29/
Depreciation
Depletion
Amortization 30/
Advertising
Amounts contributed under pension plans, etc, 31/
Net loss , sales other than capital assets 22/ ....
Other deductions 32/
Total compiled deductions
Compiled net profit (38 less 55)
Not income 3/ (56 less 28)
Net operating loss deduction 33/ ,
Income tax 4/
Excess profits tax 5/
Compiled net profit less total tax (56 less 61).
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation's own stock
1,161
5,440
4,110,176
7,430,073
107,479
4,608,469
6,042,939
9,863,267
42,963,344
14,739,780
661,595
1,508,845
62,341,449
2,812,276
1,982,469
14,283,714
9,724,989
1,462,849
14,690,010
2,312,784
15,395,768
323,410
62,341,449
30,177,291
13,376,853
85,620
4,004
11,361
222,718
313,640
46,170
1,636
97,020
12,702
669,323
179,281
155,020
45,352,641
23,895,557
7,245,951
152,798
510,323
441,144
53,618
601,192
1,254,069
24,056
1,206,803
434,643
63,210
261,275
455,062
43,918
4,511,935
41,156,354
4,196,287
4,184,926
29,863
1,852,430
101,897
1,954,327
2,241,960
1,649,238
273,807
230
361
24
96
94
304
115
10
73
1,029
97
135
236
10
894
4
520
1,168
2,229
1,446
1,683
786
253
136
4
7
17
58
19
785
3,719
221
221
167
205
1
154
180
(Thousand dntlafs)
610
1,017
44
714
70
358
1,487
475
49
136
3,922
818
242
616
371
60
1,164
12
847
208
3,922
9,059
2,531
11,625
6,859
1,217
702
317
33
38
42
143
127
2
2
76
5
1,914
11,477
348
37
3,083
6,776
131
4,756
334
1,974
10,728
3,899
1,029
1,073
25,723
6,541
1,630
4,717
2,681
659
6,027
289
6,973
3,794
25,723
48,681
13,584
509
132
12
3U
34
13
492
64,142
36,193
6,813
2,371
1,610
353
192
346
1,011
8
1,182
867
56
47
10,669
61,718
2,424
2,424
649
622
58
1,744
113
10
140
193
4,707
12,128
245
7,998
506
5,484
23,775
6,595
2,U7
2,079
49,954
5,172
7,341
4,589
1,663
21,327
698
14,270
13,000
49,954
74,238
26,569
1
234
621
834
IS
343
70
104,267
58,015
14,662
3,559
2,370
518
259
668
1,470
22
1,891
98
1,370
135
98
15,712
100,847
3,420
3,419
502
1,073
53
371
46
For footnotes, see pp. 162-164. Data not subject to sampling variability since all these returns were tabulated.
U
CORPORATION INCOME TAX RETURNS FOR 1951
125
.ble 5-A.— CONSOLIDATED 48/ CORPORATION RETURNS WITH BALANCE SHEETS, 1951, DY TOTAL ASSETS CLASSES- PART I, ALL RETURNS; PART II, RETURNS WITH NET IHCOMBi NUMBER OF RETURNS
NUMBER OF SUBSIDIARIES, ASSETS AHU LIABILITIKS, COMPILED RECEIPTS, COMPILED DEDUCTIONS, COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT NET OPERATDIC LOSS DEDUCTION
INCOME TAX, EXCESS PROFITS TAX, TOTAL TAX, COMPILED NET PROFIT LESS TOTAL TAX, AND DIVIDENDS PAID BY TYPE OF DIVIDEND - Continued
PART II.-CONSOLIDATn) RETURNS WITH NET INCOME zj - Continued
Z4
25
26
87
SB
29
30
31
32
33
34
35
Number of returns with balance sheets 37/
Number of subsidiaries 49/
Assets :
Cash 30/
Notes find accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations 39/.
Other investments 40/
Gross capital assets 41/ (except land)...
Less : Reserves
l^nd
Other assets 42/ ,
Total assets 43/
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Matur i ty 1 year or more
Other liabilities ^i
Capital stock , prererred
Capital stock, conmion 45/
Surplus reserves
Surplus and undivided profits 46/
Less : Deficit 47/
Total liabilities 43/
Receipts:
Gross sales 14/
Gross receipts from operations 15/
Interest on Government obligations (less amortizable bond premium)'
Wholly taxable 16/ 7.
Subject to surtax onljr 17/ ."!!.*![!!!
Wholly tax-exempt 18/ !!."!!!!!!!!!!!!!!
Other interest , !!!!!!!!
Rents 19/' i !!!!!!!!."!!."!!!.'!!." !
Royalties 20/ !!!."!!
Excess of net short-term capital gain over net long-term capital loss '21/!
Excess of net long-term capital gain over net short-term capital loss 21/"
Net gain, sales other than capital assets 22/' "T.,'.
Dividends, domestic corporations 23/ '..!!!!!!!!
Dividends, foreign corporations 24/ !.'!!."!!
Other receipts 25/ !!!!!!
Total compiled receipts ^
Deductions :
Cost of goods sold 26/
Cost of operations 26/
Compensation of officers
Rent paid on business property
Repairs 27/ '.*.!'.'
Bad debts !,!!!.']!!!!!!!]!
Interest paid ^
Taxes paid 28/' !!!!!!!!!!!!!!
Contributions or gifts 29/
Depreciation !!!""'*
Depletion .".'!"*
Amortization 30/ [!!!!!!"
Advertising ]
Amounts contributed under pension plans, etc. 31/
Net loss, sales other than capital assets 22/ .....
Other deductions 32/
Total compiled deductions.
Compiled net profit (38 less 55).
Net income 3/ (56 less 28)
Net operating loss deduction 33/
Income tax 4/'
Excess profits tax 5/
Compiled net profit less total tax (56 less 61).
Dividends paid: 6/
Cash and assets other than own stock 6/
Corporation's own stock
Total aasets clagses 43/ _ Continued
$1,000,000
under
$5,000,000
308
725
$5,000,000
under
$10,000,000
62,941
128,331
2,955
108 , 550
16,322
106,816
373,538
135,049
30,848
26,738
716,130
69,556
50,105
192,402
72,674
32,404
107,481
16,172
211,387
36,051
716,130
686,259
278,644
270
1
15
2,826
8,726
1,249
462
7,560
2,980
2,4B1
622
6,460
526,181
194,803
17,856
8,587
7,704
1,446
9,757
20,102
476
22,114
3,436
68
9,610
2,642
780
124,162
949,724
48,631
48,816
5,621
19,192
1,257
28,382
7,903
93S
95
540
$10,000,000
under
$60,000,000
126
1,047
$50,000,000
under
$100,000,000
(Thouaand dollart)
74,146
119,141
2,563
121,577
22,178
93,725
351,623
148,206
20,804
20,735
673,160
67,205
60,016
132,112
66,206
35,508
96,809
14,139
234,516
33,350
673,160
788,766
126,641
342
3
20
3,743
6,254
1,723
31
2,937
842
1,992
516
8,214
297,837
558,469
14,795
389,098
165,875
509,044
1,515,328
591,422
128,627
69,642
3,027,703
266,956
174,279
620,176
319,343
128,139
418,525
128,847
1,063,757
92,319
3,027,703
629,812
74,090
10,458
8,919
8,234
1,451
7,442
14,593
529
18 , 512
3,660
234
9,350
4,163
223
106,583
2,217,228
814,168
2,235
35
1,508
12,344
29,949
8,999
700
15,788
3,490
25,457
5,967
17,765
3,155,633
698,153
43,871
43,851
4,336
18,999
1,448
20,447
23,424
6,297
3,521
1,731,189
444,337
30,081
38,258
25,386
4,134
30, 520
83,277
2,495
58,668
14,317
722
32,316
12,952
2,032
417,846
2,928,430
227,203
225,695
11,053
93,040
4,792
57,705
696
For footnotes, eee pp. 162-164. Data not subject to sampling varlablUty since all these returns were tabulated.
205,425
292,438
6,000
298,517
159,114
551,660
1,687,641
643,432
77,019
115,823
2,738,105
137,621
88,308
644,305
388,180
116,301
468,468
137,014
824,145
66,237
2,738,105
1,599,395
811,477
2,453
97
651
6,689
20,291
2,204
7
9,898
18
21,131
6,674
12,030
2,490,915
1,208,502
420,697
15,832
29,379
16,228
1,785
27,121
78,551
1,683
48,451
13,616
612
25,344
10,708
1,977
421,843
2,322,329
168,586
167,935
2,874
75,089
1,909
91,588
66,460
11,941
$100,000,000
or more
2,028
3,462,047
5,290,175
80,112
3,660,426
5,677,373
8,581,133
38,950,199
13,191,380
397,242
1,269,544
55,006,647
2,242,673
1,593,753
12,658,615
8,861,164
1,144,030
13,549,327
2,013,773
13,001,924
59,462
55,006,647
24,606,342
11,269,199
80,294
3,868
9,166
197,660
245,847
30,867
369
68,807
4,031
618,020
166,480
107,969
37,398,939
19,581
6,068
67,
416
381
43
523
1,052
19,
1,052
399,
61
180,
424,
38,
3,388,
912
,825
,604
,615
,573
,728
,820
320
643
475
450
552
815
240
722
254
33,703,548
3,696,391
3,686,225
3,821
1,637,120
92,198
1,729,318
1,966,073
1,509,543
256,065
3
4
5
6
7
8
9
10
U
12
IS
16
17
18
19
20
21
22
24
25
26
27
28
29
30
31
32
33
34
35
36
37
39
40
41
42
43
44
45
46
47
48
49
50
51
62
53
54
56
57
58
59
60
61
62
63
64
126
CORPORATION INCOME TAX RETURNS FOR 1951
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CORPORATION INCOME TAX RETURNS FOR 1951
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152
CORPORATION INCOME TAX RETURNS FOR 1951
Table 7 CORPORATION RETURNS, 1951, BY NET INCOME AND DEFICIT CUSSES, AND HI INDUSIRIAL DIVISIONS 2/, FOR RETURNS WITH NET INCOME AND RETURNS WITH ND NET INCOME- NUMBEK OF
RETURNS, NET INCOME OR DEFICIT, AND DIVIDENDS PAID IN CASH AND ASSETS OTHER THAN OWN STOCK; ALSO, FOR RETURNS WITH NET INCOME: TOTAL TAX, INCOME TAX AND EXCESS ffiOFITS
TAX '
Industrial divisions 7/ and net income
and deficit classes _3/
Returns with net income 2/
Number of
returns 2/
Net
income 3/
(Thousand
dollars)
Total
tax
( Thousand
dollars)
Income
tax V
( Thousand
dollars)
Excess
profits
tax £/
(Thousand
dollars)
Dividends
paid In cash
and assets
other than
own stock £/
(Thousand
dollars)
Returns with no net income 2/
Number of
returns g/
Deficit 2/
( Thousand
dollars)
Dividends
paid in cash
and assets
other than
own stock fi/
ALL ihdosirial divisions
Under $1,000
$1,000 under $2,000
$2,000 under $3,000
$3,000 under $4,000
$4,000 under $5,000
$6,000 under $10,000
$10,000 under $16,000
$15,000 under $20,000
$20,000 under $25,000
$25,000 under $60,000
$60,000 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 under $10,000,000
$10,000,000 or more
Total.
AGRICULTURE, FORESTRY, AND FISHHtT
Under $1,000
$1,000 under $2,000
$2,000 under $3,000
$3,000 under $4,000
$4,000 under $5,000
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $25,001
$26,000 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$260,000 under $600,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000..
$5,000,000 under $10,000,000.
$10,000,000 or more
Total.
MINING AND QUARRYING
Under $1,000
$1,000 under $2,000
$2,000 under $3,000
$3,000 under $4,000
$4,000 under $5,000
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$260,000 under $500,000
$500,000 under $1.000,000
$1,000,000 under $5,000,000..
$5,000,000 under $10,000,000.
$10,000,000 or more
CONSTRUCTION
Under $1,000
$1,000 under $2,000
$2,000 under $3,000
$3,000 under $4,000
$4,000 under $5,000
$5,000 under $10,000
$10,000 under $15,000
$16,000 under $20,000
$20,000 under $26,000
$26,000 under $60,000
$60,000 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 under $10,000,000.
$10,000,000 or more
Total.
85,679
41,319
29,651
22,368
18,433
60,292
35,960
27,533
26,120
36,933
22,785
17,183
6,656
3,693
3,435
536
551
439,047
747
536
409
278
265
778
376
460
271
579
337
237
69
25
19
1
3
563
308
212
165
186
601
431
270
335
626
452
423
162
108
104
13
16
4,966
3,283
1,652
1,247
966
792
2,743
1,966
1,494
1,585
1,915
1,061
690
219
76
43
6
3
19,764
34,786
59,946
72,944
77,709
82,488
434,990
442,428
478,606
586,340
1,284,587
1,596,179
2,662,638
2,316,016
2,569,229
7,103,350
3,705,378
21,826,557
8,031
13,930
17,628
19,152
20,657
112,771
118,549
129,914
152,523
442,764
667,213
1,269,126
1,161,080
1,307,470
3,626,654
1,927,325
11,057,341
8,031
13,930
17,527
19,152
20,655
112,753
118i466
129,744
162,004
413,395
630,343
1,158,369
1,045,690
1,172,256
3,216,185
1,699,330
9,685,320
1
2
18
83
170
519
29,369
56,870
110,757
115,190
135,212
410,469
227,995
1,372,021
9,714
10,322
11,125
10,285
11,314
58,553
63,769
66,806
68,499
218,991
260,617
467,279
415,657
504,333
1,733,406
955,682
6,313,840
94,671
28,165
16,510
11,697
8,512
22,349
10,365
5,230
3,171
6,743
3,224
1,649
394
172
82
3
2
28,075
40,779
40,472
40,605
37,978
161,787
126,616
90,065
70,770
232,722
221,635
231,123
132,576
121,806
167,862
18,613
24,100
46,333,173
SS/22,082,117
iS/19,623,441
2,468,676
11,180,692
326
794
1,005
959
1,196
5,748
4,653
7,997
6,123
20,220
24,014
36,311
22,692
16,629
32,623
7,821
99,108
74
175
198
226
265
1,245
1,193
2,120
1,693
6,250
9,301
15,024
9,954
8,060
14,153
2,852
34,375
74
175
198
226
265
1,245
1,192
2,119
1,693
5,890
8,630
13,833
9,451
7,171
13,083
2,852
34,376
1
1
360
771
1,191
503
889
1,070
281
156
144
178
591
1,243
590
697
2,620
3,150
6,669
3,987
4,692
19,190
6,100
66,187
1,153
356
276
233
143
501
262
103
61
144
73
37
2
1
401
515
663
610
619
3,563
3,096
1,344
1,387
4,921
5,067
5,519
563
714
288,619
107,156
102,372
4,736
105,743
29,702
239
431
526
565
610
4,394
5,299
4,722
7,557
22,296
31,971
66,665
66,342
74,131
231,722
88,210
630,281
49
90
127
139
197
1,034
1,329
1,256
1,939
7,086
12,453
29,310
25,696
36,043
110,433
38,966
294,587
49
90
127
139
197
1,034
1,328
1,250
1,934
6,691
11,627
27,377
24,009
33,763
104,156
37,608
283,110
1
6
5
397
626
1,933
1,666
2,260
6,277
1,360
11,477
557
794
361
476
252
1,549
2,000
1,094
2,682
9,121
9,530
20,656
17,189
26,637
120,041
32,822
341,940
1,222
346
245
182
122
494
327
230
156
351
220
116
32
16
9
289
605
604
643
563
3,601
3,986
3,998
3,472
12,207
14,948
17,110
10,288
11,128
21,759
1,225,061
560,737
534,609
26,228
589,723
104,990
1,351
2,332
3,076
3,404
3,558
19,350
24,288
26,069
35,699
65,932
73,929
105,636
74,104
52,716
91,174
35,168
34,698
317
500
663
794
836
4,713
6,287
7,106
9,809
23,156
32,908
51,566
38,686
28,061
48,159
16,878
21.804
317
500
663
794
836
4,713
6,257
7,097
9,791
21,146
29,442
46,957
35,002
24, 350
43,451
15,246
17,234
30
9
18
2,010
3,466
4,611
3,884
3,711
4,708
1,632
4,570
61
278
83
141
126
3,305
1,631
1,335
1,138
4,773
5,904
11,099
8,541
6,547
12,372
5,566
7,290
3,718
1,310
745
594
441
1,216
524
272
164
425
255
118
19
1,174
1,311
1,837
2,086
1,940
8,666
6,624
4,742
4,152
14,694
17,752
17,867
5,937
3,746
652,506
292,445
263,796
28,649
70,210
For footnotes, see pp. 162-164. For extent to which data are estimated, see pp. 3-5.
CORPORATION INCOME TAX RETURNS FOR 1951
153
Table 7 CORPORATION RETURNS, 1951, BY NET INCOME AND DEFICIT CUSSES, At© BY INDUSTOUL DIVISIONS 2/, FOR RETIFNS WITH NET INCOME AND RETURNS WITH NO NET INCOME: NUMBDl OF
RETURNS, NET INCOME OR DEFICIT, AND DIVIDENDS PAD) IN CASH AND ASSETS OTHHl THAN OWN STOCK; ALSO, FOR RETURNS WITH NET INCOIIE: TOTAL TAX, INCOME TAX, AND EXCESS PROFITS
TAX - Continued
Industrial divisions 2J and net income
ani deficit dosaea 2i
Retuma with net income 3/
Number of
returns ^
Net
income 3_y
{ Tliouinntt
Total
tAX
C Thoumtnrf
do tiari)
Income
ttue 4/
( 77ioi(*nn(f
dattnru)
Excess
profits
tax 5/
(Thoiinantt
dollars)
Dividends
paid in cash
and assets
other than
own stock fiy
(ThouuMrtd
dotlnrni
Hetums with no net Incona 3/
number of
returns 2 /
Deficit 3/
( Thottannd
dollort)
Dividends
paid In cash
and assets
other thAn
own stock 6/
(Thoutand
dolUriJ
MANUTACTURING
Under $1,000
♦ 1,001 under $2,000
$2,000 under $3,00T
$3,000 under $4,000
$4,000 under $5,00O
$6,000 under $10,001
$10,000 under $15,000
$16,000 under $20,000
$20,000 under $25,000
$26,000 under $50,000
$50,000 under $100,000
$100,000 under $260,000
$260,000 under $500,000
$500,001 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 or more
Total
PUBUC OTILITIES
Under $1,000
$1,000 under $2,000
$2,000 under $3,001
$3,000 under $4,000
$4,000 under $5,000
$6,001 under $10,000
$10,000 under $15,000
$15,001 under $20,000
$20,001 under $25,000
$26,000 under $60,000
$50,00 ~ under $100,000
$100,000 under $250,000
$260,001 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,001,000
$10,000,000 or more
Itotal
ISADE
Under $1,000
$1,000 under $2,000
$2,000 under $3,000
$3,000 under $4,000
$4,011 under $6,000
$6,000 under $10,001
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $25,000
$25,001 under $60,000
$50,000 under $101,000
$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 under $10,000,000
$10,000,000 or more
Total
FINANCE, INSURAUCE, REAL ESTATE,
AND LESSORS OF REAL WOPERH
Under $1,000
$1,000 under $2,000
$2,001 under $3,000
$3,010 under $4,000
$4,000 under $5,000
$5,000 under $10,001
$10, 100 under $15,000
$15,001 under $21,000
$20,001 under $25,000
$26,000 under $60,000
$50,100 under $100,000
$101,00^ under $250,001
$250,000 under $500,000
$500,000 under $1,000,001
$1,001,000 under $5,000,000..
$6,000,000 under $10,000,000.
$10,000,000 or more
10,075
5,061
4,281
3,028
2,523
6,783
6,283
5,120
5,516
8,702
6,891
6,705
3,241
1,986
2,023
344
317
80,877
3,196
1,464
1,196
872
626
2,230
1,422
1,005
831
1,476
964
838
387
229
290
59
104
27,632
14,322
10,402
8,086
6,739
21,888
13,046
10,430
9,909
12,849
7,663
5,034
1,466
685
439
44
37
30,698
14,378
9,294
6,967
5,630
18,239
9,917
6,803
6,047
8,880
4,369
2,677
898
478
468
56
4,337
7,301
10,418
10,442
11,257
63,467
77,673
89,624
123,994
307,031
468,108
1,061,112
1,140,184
1,395,663
4,210,744
2,365,337
14,125,334
948
1,633
2,236
2,318
2,422
15,256
19,840
23,649
33,832
107,372
219,751
538,533
612,421
766,699
2,376,411
1,373,187
8,064,353
946
1,633
2,236
2,316
2,421
15,253
19,824
23,628
33,760
98,741
196,666
479,226
538,263
672,263
2,050,262
1,169,399
6,761,368
1
3
16
21
72
6,631
23,086
59,307
74,158
94,636
328,129
203,768
1,263,465
1,398
1,465
1,208
970
1,326
6,793
8,396
8,964
12,901
40,778
60,938
150,228
168,671
223,683
767,400
470,483
3,764,139
11,666
4,726
3,028
2,341
1,826
6,664
2,664
1,675
1,064
2,469
1,262
672
171
66
33
1
2
25,492,126
14,163,463
12,088,130
2,075,333
5,689,680
1,250
2,110
2,907
3,062
2,800
16,218
17,281
17,566
18,552
50,956
68,379
131,542
134,695
158,017
666,792
425,041
3,078,964
274
486
679
688
631
4,032
4,529
4,562
5,057
17,540
29,661
62,242
66,592
77,653
323,370
206,000
1,499,568
274
485
679
638
681
4,032
4,529
4,661
5,044
16,291
27,158
57,311
61,220
72,452
306,706
204,424
1,483,619
1
13
1,249
2,423
4,931
5,372
5,201
16,664
3,576
15,949
159
157
257
230
216
1,627
2,262
3,369
1,516
14,809
12,067
22,852
27,702
36,058
219,638
153,316
1,287,224
4,262
1,374
767
666
382
660
658
211
110
252
138
66
28
16
4,786,134
2,305,533
2,250,154
55,379
1,783,459
9,639
11,689
20,776
25,651
26,190
30,212
157,670
160,952
181,150
222,624
446,825
534,564
769,469
503,329
463,384
809,660
293,799
1,269,541
2,688
4,817
6,230
7,064
7,699
42,058
44,435
50,163
62,894
160,164
239,111
379,962
259,533
243,012
425,748
152,146
667,823
2,686
4,617
6,230
7,064
7,899
42,056
44,418
50,104
62,702
150,374
221,605
351,103
236,119
221,462
366,556
142,018
636,336
2
17
59
192
9,790
17,506
28,859
21,414
21,550
39,192
10,128
49,485
2,626
2,327
3,059
2,946
3,345
16,829
19,072
19,383
20,443
57,445
71,784
109,976
71,696
69,830
169,197
76,285
353,195
25,411
9,378
6,026
4,354
3,163
8,537
3,364
1,661
937
1,761
663
259
64
30
11
5,919,667
2,577,563
198,194
1,068,337
11,944
20,973
22,674
24,077
26,181
131,107
121,467
117,679
135,276
306,002
301,887
405,069
309,206
333,435
962,948
337,368
?, 661, 092
2,920
5,257
5,969
6,375
6,631
35,042
32,641
31,662
37,267
98,786
113,265
162,024
111,199
110,334
268,099
68,596
437,013
2,920
5,257
5,968
6,375
6,630
36,033
32,624
31,616
37,074
93,595
107,122
145,415
105,861
106,560
259,117
64,310
429,968
_
4,286
-
5,134
1
5,402
_
4,666
1
5,369
9
24,329
17
25,474
66
26,103
193
24,176
6,191
78,896
6,143
64,653
6,609
127,665
6,338
103,257
3,774
120,976
6,962
399,073
4,286
173,794
7,056
479,174
31,881
6,772
3,236
1,890
1,260
3,065
1,398
636
373
812
374
172
61
25
19
3,988
6,776
7,453
8,156
8,102
39,679
34,996
27,174
23,693
66,430
87,690
99,776
58,295
46,938
61,334
5,808
24,100
630,291
1,221
1,959
1,853
1,968
1,729
6,074
6,716
3,667
2,485
8,812
9,323
13,719
9,319
11,571
13,571
5,186
8,610
13,666
14,787
15,125
14,147
60,375
41,392
28,762
20,686
59,411
45,230
38,645
21,666
21,822
21,719
8,363
9,674
7,917
6,499
5,639
21,566
17,074
10,969
6,269
26,069
25,454
25,343
20,425
18,077
41,322
827
646
249
263
404
1,522
6X
1,840
1,266
1,882
4,851
8,750
3,182
4,432
7,598
246
38,508
277
49
56
73
20
547
1,485
21
73
114
731
2,328
324
572
6,670
4,690
617
226
448
226
1,147
650
668
356
1,680
6,266
1,398
740
363
299
19,974
6,195
920
569
466
639
1,234
1,600
750
419
1,201
2,376
5,738
3,298
2,946
6,643
6,187,604
£2/1,543,189
SS/1,495,524
1,692,617
51,974
For footnotes, see pp. 162-164. For extent to which data are estijaated, see pp. 3-5.
154
CORPORATION INCOME TAX RETURNS FOR 1951
Table 7.— CORPORATION RETURNS, 1951, BY NET INCOME AND DEFICIT CUSSES, AND BY INDUSTRIAL DIVISIONS l/, FOR RETURNS WITH NET INCOME AND RETURNS WITH NO NET INCOME: NUMBER OF
RETURNS, NET INCOME OR DEFICIT, AND DIVIDENDS PAID IN CASH AND ASSETS OTHER THAN OWN STOCK; AI^, FOR RETURNS WITH NET INCOI-IE: TOTAL TAX, INCOME TAX, AND EXCESS PROFITS
TAX - Continued
Industrial divisions Jj and net income
and deficit classes ^
Returns with net income 3/
Number of
returns %J
Net
income 3__/
f Thousand
dallnrs)
Total
tax
(Thausand
dollars)
Income
tax 1/
(Thousand
dollars)
Excess
profits
tax 5/
(Thousand
dollars)
Dividends
paid in cash
and assets
other than
own stock 6_y
( Thousand
dollars)
Returns with no net income 3/
Nianber of
returns g/
Deficit 3/
( Thousand
dollars)
Dividends
paid in cash
and assets
other than
own stock 6_/
f Thousand
dollars)
smvicEs
Under tl.OOO
$1,000 under $2,000
$2,000 under $3,000
$3,000 under $4,000
$4,000 under $5,000
$5,000 under $10,000
$10,000 under $15,000
$16,000 under $20,000
$20,000 under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $600,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000. .
$6,000,000 under $10,000,000.
$10,000,000 or more
Total.
miDRE OF BU3INISS NOT ALLOCABLE
Under $1,000
$1,000 under $2,000
$2,000 under $3,000
$3,000 under $4,000
$4,000 under $5,000
$5,000 under $10,000
$10,000 under $15,000
$16,000 under $20,000
$20,000 under $25,000
$26,000 under $50,000
$50,000 under $100,000
$100,000 under $260,000
$250,000 under $600,000
$600,000 under $1,000,000
$1,000,000 under $5,000,000..
$5,000,000 under $10,000,000.
$10,000,000 or more
Total.
8,901
3,483
730
3,506
6,094
1,043
2,516
6,260
1,369
1,948
6,805
1,616
1,645
7,355
1,693
4,924
36,055
9,169
2,488
30,487
8,240
1,916
33,255
9,201
1,585
35,548
9,778
1,856
63,719
21,911
1,026
70,902
30,373
667
86,210
39,777
210
73,256
36,981
103
72,900
36,788
58
106,968
57,490
14
92,514
46,698
2
37,639
17,318
494
92
94
58
28
106
30
35
42
48
22
12
5
2
1
768,450
167
133
227
205
119
781
328
624
967
1,604
1,435
1,722
2,0U
1,954
1,729
730
1,043
1,369
1,515
1,693
9,165
8,239
9,194
9,753
20,203
27,743
36,514
33,214
33,597
52,043
43,473
17,318
1
7
25
1,708
2,630
3,263
2,767
3,191
6,447
3,225
530
350
608
456
474
4,310
3,673
5,921
4,920
10,438
12,435
17,747
14,389
13,361
26,294
38,296
24,691
11,764
3,603
2,053
1,454
1,121
2,437
1,008
494
271
484
212
76
13
329,074
306,806
22,268
178,793
31
30
55
33
33
222
56
175
254
497
470
686
819
520
791
31
30
55
33
33
222
55
175
253
464
451
633
751
620
791
30
16
71
54
28
220
19
27
26
109
156
398
325
460
201
,574
301
134
83
54
183
50
4,597
3,571
5,323
5,028
5,011
5,005
16,985
12,105
8,463
6,078
16,582
14,308
11,620
4,433
5,505
8,167
7,619
458
448
330
288
244
1,378
628
446
348
1,596
1,963
1,622
1,639
2,305
13,593
346
1.34
164
62
99
322
224
106
46
2,151
561
30
272
148
1
1,509
For footnotes, see pp. 162-164. For extent to which data are estimated, see pp. 3.5,
CORPORATION INCOME TAX RETURNS FOR 1951
155
Tabic 8.— CCKPCRATION RETURNS, 1951, BY NET INCOME AND DEFICIT CUSSES AND BY TYPE W TAX LIABILITY- PART I, ALL RETURNS; PART II, RETURNS WITH ALTHIN»TI'/E T»X:
NET INCOME at DEFICIT, AND EACH TAX APPLICABLE
PART I. - ALL RETURNS
NUMBER (F RETURIB,
Net Incoiiie classed 3/
Returns with net income JL/
Number
of
returns
II)
Net
income 3/
( Thenitand
doIUrt)
(£|
Number
of
returns
13)
Net
Income 3/
(Thouwand
dollara)
lO
Total
tax
( ThoumMfid
dollmra)
16)
Income
taxi/
f Thouaand
dollar a}
(»)
Excess
profits
tax 5/
( Thtmaand
dollara)
Income tax only
Number
of
returns
(e>
Net
income 3/
( Thauaand
dollara)
(»)
Income
tax 1/
( Thouaartd
dollara)
(10)
Under $1,000
♦1,000 under $2,000
$2,000 under $3,000
$3,000 under $4,000
$4,000 under $6,000
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $25,000
$26,001 under $50,000
$60,000 under $100,000
$100,000 under $260,000
$260,000 under $600,000
$600,000 under $1,000,000 ...
$1,000,000 under $5,000,000 .
$5,000,000 under $10,000,000
$10,000,000 or more
Total
85,579
41,319
29,651
22,388
18,433
60,292
35,960
27,533
26,120
36,933
22,785
17,183
6,656
3,693
3,435
536
661
34,786
59,946
72,944
77,709
82,488
434,990
442,428
478,606
586,340
1,284,687
1,595,179
2,662,638
2,316,018
2,569,229
7,103,350
3,705,378
a, 826, 557
70,364
35,762
26,080
20,215
16,964
56,570
34,695
26,774
25,703
36,158
22,423
16,983
6,604
3,657
3,382
528
547
29,126
52,006
64,114
70,208
76,940
409,418
426,981
465,516
577,098
1,268,040
1,670,014
2,631,467
2,297,813
2,543,569
6,996,088
3,647,712
21,743,069
8,031
13,930
17,528
19,162
20,657
112,771
118,549
129,914
162,523
442,764
687,213
1,269,126
1,161,080
1,307,470
3,626,654
1,927,325
11,057,341
8,031
13,930
17,527
19,162
20,666
112,763
118,466
129,744
162,004
413,396
630,343
1,158,369
1,045,890
1,172,258
3,216,185
1,699,330
9,685,320
2
18
83
170
519
29,369
56,870
110,757
115,190
135,212
410,469
227,995
1,372,021
70, 364
35,762
26,076
20,212
16,948
66,622
34,609
26,671
24,920
21,596
13,021
9,224
3,253
1,724
1,442
203
227
29,126
51,992
64,106
70,199
75,869
4O9,0U
425,910
461,973
668,866
752,468
910,239
1,416,406
1,124,737
1,194,315
2,908,406
1,417,016
8,038,840
8,031
13,926
17,525
19,149
20,636
112,634
118,150
128,708
156,754
239,087
352,078
594,043
476,610
510,583
1,199,856
592,609
2,947,060
439,047
46,333,173
403,409
44,857,169 J8/22, 082,117 58/19,623,441
2,468,676
362,663
19,911,479
58/7,509,528
Net income and deficit
classes 3/
Returns with net Income 3/ - Contijiued
Taxable - Continued
Income tax and excess profits tax
Number
of
returns
Net
income 3/
(Thoiiaand dollai
(:£)
Income
taxi/
fThouaand dollai
(13)
Excess profits
tax 5/
(Thouaaod dollara)
Number
of
returns
Net
income ^
(Thousand dollai
(Ifl)
Returns with no net income 3/
Number
of
returns
Deficit 3/
(Thooaand dollai
(IS)
Under $1,000
$1,000 under $2,000
$2,000 under $3,000
$3,000 under $4,000
$4,000 under $5,000
$5,00^ under $10,000
$10,000 under $16,000
$16,000 under $20,000
$20,000 under $25,000
$26,000 under $50,001
$50,000 under $100,000
$100,000 under $250,001
$250,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $6,001,001..
$5,000,000 under $10,000,000.,
$10,001,000 or more
Total.
10
4
3
16
48
86
203
783
14,563
9,402
7,759
3,351
1,933
1,940
326
320
71
407
1,071
3,543
18,232
505,572
659,775
1,213,061
1,173,076
1,349,264
4,086,682
2,230,696
13,704,219
4
2
3
19
119
316
1,036
5,250
174,308
278,266
564,326
567,280
661,675
2,016,329
1,106,721
6,738,260
2
18
83
170
519
29,369
56,870
110,757
115,190
135,212
410,469
227,995
1,372,021
15 , 216
5,557
3,571
2,173
1,469
3,722
1,265
759
417
775
362
200
52
36
53
6,660
7,940
8,8X
7,501
6,648
25,672
15,447
13,090
9,242
26,547
25,166
31,171
18,206
25,660
108,262
57,666
83,498
94,671
28,165
16,510
11,697
8,512
22,640
10,355
5,230
3,171
6,743
3,224
1,549
394
172
82
3
2
40,746
24,946,690
12,113,913
2,458,676
476,004
59/248,263
28,075
40,779
40,472
40,605
37,978
161,787
126,616
90,065
70,770
232,722
221,635
231,123
132,575
121,806
167,862
18,613
24,100
For footnotes, see pp. 162-164. For extent to which data are estimated, see pp. 3-5.
323516 0 — 55-
-11
156
CORPORATION INCOME TAX RETURNS FOR 1951
Table 8 — COiPCRATiai RETURNS. 1951, BY NET INCCME AllD DEFICIT CLASSES AND BY TYPE CF TAX LIABILITY - PART I, ALL RETURNS ; PART II, RETURNS WITH ALTEKNATIVE TAX:
NET INCCWE Oa DEFICIT. AMD EACH TAX APPLICABLE - Continued
PART II. - RETURNS WITH ALTERNATIVE TAX gjj/
NUMBER (F RETURNS,
Net income classes 3/
Number of
returns
Net ijiccme 3/
f 77, otiS and
dollars j
(2)
Excess of net
long-term
capital gain
over net
short-term
capital loss
( Thouaand
dollars}
(3)
Income tax
(if alter-
native method
had not
been used)
f 7Tiousand
dot lara)
(Thooaa,
dollars
Income tax
(alter-
native)!/
C Thousand
dollars)
Excess profits
tax ^
( Thousand
dollars)
Income tax only
Number of
returns
Net Incane 3/
f Thousand
dollars)
Under $1,000
$1,000 under J2,000
$2,000 under {3,000.:
J3,000 under $4,000
$4,000 under $5,000
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $25,000
$25,000 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 under $10,000,000.
$10,000,000 or more
Total
1,528
987
988
4,753
3,939
3,542
4,008
9,346
7,655
7,221
3,344
2,061
2,069
336
365
513
1,456
3,766
3,466
4,428
34,849
48,651
61, 917
89,443
331,689
543, 709
1,136,552
1,165,627
1,438,995
4,341,801
2,311,501
15,927,604
292
543
1,307
1,122
1,289
9,X8
9,878
10,848
12,276
48,208
64,282
108,843
95,667
105,057
222,593
80,029
261,967
141
391
1,046
939
1,239
9,580
13,449
17,386
25,245
112,025
223,543
514,058
548,174
6X,304
2,090,669
1,142,902
7,694,606
132
373
1,000
904
1,191
9,252
13,121
16,988
24,843
110,088
224,795
527,581
572,901
735,261
2,288,879
1,275,U2
8,753,366
132
373
999
904
1,191
9,252
13,109
16,983
24,803
105,151
210,212
489,269
522,782
664,627
2,032,521
1,121,292
7,625,794
12
5
40
4,937
14,583
38,312
50,119
70,634
256,358
153,820
1,127,572
1,527
987
988
4,753
3,936
3,534
3,950
6,931
5,166
4,399
1,811
1,017
868
U3
133
513
1,456
3,764
3,466
4,428
34,849
48,615
61,769
88,095
244,145
365,129
687, 336
624,998
706,331
1,741,589
786,334
4,783,859
54,047
27,445,977
1,033,509
13,086,197
14,556,787
12,839,394
1,716,393
42,018
10,166,726
Net inccrae classes 3/
Income tax only - Continued
Excess of net
long-term
capital gain
over net
short-term
capital loss
( Thousand
dollars)
(10)
Inccne tax
(if alter-
native method
had not
been used)
( Thousand
dollars)
Income tax
(alter-
native) ^
( Thousand
dollars)
Incdue tax and excess profits tax
Number of
returns
Net incane 3/
(Thousand
dollars)
114)
Excess of net
long-term
capital gain
over net
short-term
capital loss
( Thousand
dollars)
(15)
Incane tax
(if alter-
native method
had not
been used)
(Thousand
dollars)
(10)
Income tax
(alter-
native) 4/
(77,„„,i
dollan
(17)
Excess profits
tax i/
( Thousand
dollars)
del
Under $1,000
$1,000 under $2,000
rf2,000 under $3,000
$3,000 under $4,000
$4,000 under $5,000
$6,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $25,000
$25,000 under $60,000
$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 under $10,000,000.
$10,000,000 or more
Total
292
543
1,307
1,122
1,289
9,X8
9,878
10,845
12,249
45,160
57,886
94,819
81,444
88,678
164,046
54,404
137,089
141
391
1,046
939
1,239
9,580
13,438
17,337
24,855
81,166
147,492
303,326
283,304
328,307
796,824
380,419
,187,961
132
373
999
904
1,191
9,252
13,098
16,936
24,415
75,074
135,931
282,248
263,593
306,387
756,284
365,999
'151,988
58
2,415
2,489
2,822
1,533
1,044
1,201
223
232
148
1,348
87,544
178,580
449, 226
540,629
732,614
2,600,212
1,525,167
11,143,745
3
27
3,048
6,394
14,024
14,223
16,379
58,547
25,625
124,878
11
49
390
30,859
76,051
210,732
264,870
362,497
,293,845
762,483
,506,645
11
47
388
30,077
74,281
207,021
259,189
358,240
1,276,237
755,293
5,473,826
12
5
40_
4,93^
14,S8|
38,3ia
SO, lis
70, eS''
256,358]
153,820l
1,127,572]
770,361
12,029
17,259,251
263,148
8,434,610
1,716,39a
For footnotes, see pp. 162-164. For extent to which data are estimated, see pp. 3-5.
CORPORATION INCOME TAX RETURNS FOR 1951
157
Table 8-A CORPOBATION RETUmiS. 1961, WITH EXaSS PRflFITS NET INCOME OVER 126,000, BY KET INCOME CUSSES AND BY METHOD OF EXCESS PROFITS CHEDIT COMPUTATION - PART I , RETURIO WITH
EXCESS PROFITS TAX LIABILITY] PART 11, RETURNS WITH NO EXCESS PROFITS TAX LIABILITY: NUMBER OF RETURNS, KET INCOME, EXCESS PROFITS NET INCOME, EXCESS PROFITS CREDIT, UBUSED
EXCESS PROFITS CREDIT ADJUSTMENT. ADJUSTED EXCESS PROFITS NET INCOME, TOTAL TAX, INCOME TAX, ADD EXCESS PROFITS TAX
PART I. - RETURNS WITH EXCESS PROFITS TAX LIABILITY 12/
Method of excess profits credit coinputation
and net Income clasaes 3/
AGOREGATE Si/
Under $1,000
$1,000 under $2,000
$2,000 under $3,000
$3,000 under $4,000
$4,000 under $6,000
$5,000 under $10,000
$10,000 under $16,000
$16,000 under $20,000
$20,000 under $26,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$260,000 under $500,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 or more
Total
INCOME METHOD - GENERAL AVERAGE
Under $1,000
$1,000 under $2,000
$2,000 under $3,000
$3,000 under $4,000
$4,000 under $5,000
$5,000 under $10,000
$10,000 under $16,000
$15,000 under $20,000
$20,000 under $25,000
$25,000 under $60,000
$50,000 under 0100,000
$100,000 under $250,000
$260,000 under $500,000
$600,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 or more
Total
INCOME METHOD - ALTERNATIVE BASED
ON GROWTH
Under $1,000
$1,000 under $2,000
$2,000 under $3,000
$3,000 under $4,000
$4,000 under $5,000
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $25,000
$25,000 under $60,000
$50,000 under $100,000
$100,000 under $260,000
$260,000 under $500,000
$600,000 under $1,000,000
$1,000,000 under $5,000,000..
$6,000,000 under $10,000,000.
$10,000,000 or more
Total.
INCOME METHOD - INDUSTRY RATE
OF RETURM
Under $1,000
$1,000 under $2,000
$2,000 under $3,000
$3,000 under $4,000
$4,000 under $5,000
$6,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $25,000
$25,000 under $50,000
$50,000 under C100,0O0
$100,000 under £250,000
$250,000 under $600,000
$600,000 under $1,000,000....
$1,000,000 under $6,000,000..
$5,000,000 under $10,000,000.
$10,000,000 or more
Total.
Number of
returns
10
4
3
16
48
66
203
783
14,563
9,402
7,769
3,351
1,933
1,940
326
320
40,746
1
1
6
8
13
39
125
,545
435
,099
,278
267
237
238
17,292
1
3
3
8
613
1,177
1,378
665
350
334
36
21
4,591
3
3
3
8
279
423
361
146
65
103
25
27
Net Income 3/
f TTiotiaand
dol lata)
71
407
1,071
3,543
18,232
505,672
659,775
1,213,061
1,173,076
1,349,254
4,086,682
2,230,696
13,704,219
24,945,690
4
43
112
221
910
120,417
323,351
698,012
738,583
891,887
2,696,400
1,620,866
10,832,097
17,922,907
9
38
56
190
24,128
84,961
218,833
233,636
246,644
696,678
249,642
350,408
Excess
profits net
Income 10/
( Thtniaaml
dotlara)
252
296
108
503
1,758
3,709
7,447
24,267
619,696
664,736
1,212,032
1,166,668
1,330,052
3,988,327
2,159,396
12,878,247
23,957,493
1
124
325
696
732
879
2,646
1,572
10,153
203
48
303
711
839
,467
574
568
368
,929
,592
815
,963
,922
17,136,342
42
201
112
345
24,963
85,791
219,716
234,752
242,847
687,411
247,046
344,919
23
40
54
176
10,662
30,115
56,734
52,065
45,873
220,049
171,977
1,467,121
2,054,8
137
146
197
446
11,310
30,723
57,345
51,254
46,708
216,493
164,568
1,388,439
1,965,755
Excess
profits
credit 11/
( Thfxiaand
dot Urn j
2S0
197
76
383
1,266
2,752
6,493
19,934
398,826
419,624
734,788
699,880
804,182
2,426,262
1,312,540
8,100,197
14,926,571
121
33
203
496
648
1,224
101,226
233,072
465,086
462,328
637,330
1,612,217
944,656
6,198,609
10,567,448
40
176
89
249
20,124
60,642
139,982
140,919
163,296
435,052
167,016
229,981
1,337,566
135
99
110
220
8,668
18,708
29,033
23,803
22,042
102,903
89,921
839,144
Unused excess
profits credit
adjustment 12/
( Thounand
doltara)
51
8
54
3,336
10,068
20,629
19,533
20,092
63,874
18,697
35,424
181,756
32
1
24
2,013
6,319
13,837
13,239
14,194
33,625
10,234
25,885
U9,403
221
987
2,179
1,778
1,354
6,794
923
14,236
246
707
1,173
1,229
1,047
5,375
4,678
1,079
15,536
Adjusted
excess
profits net
Income 13/
( ThouMMnd
dolUra)
2
99
33
74
369
831
1,874
3,647
111,292
222,415
434,500
436,134
496,907
1,494,557
618,674
4,742,626
6,764,234
16
100
181
190
238
21,335
86,170
217,449
267,361
328,067
999,974
617,893
3,929,426
6,458,483
2
24
22
96
4,620
24,161
77,655
92,065
88,206
246,566
89,107
114,938
736,351
47
67
226
2,394
11,308
27,139
26,222
22,619
107,215
69,969
548,216
815,433
( Thoitaand
dollar a)
4
3
3
21
137
399
1,206
5,769
203,677
335,135
675,083
662,470
796,887
2,426,796
1,334,716
8,110,281
14,672,669
1
18
58
86
307
49,509
162,352
387,095
429,659
528,636
1,610,418
978,456
6,454,065
10,600,561
2
16
19
64
10,118
43,177
123,645
137,613
145,312
413,976
151,142
209,848
1,234,931
9
14
17
63
4,358
16,347
31,770
30,669
28,317
136,115
103,402
900,731
1,250,802
Income
tax x/
(Thouaand
dollaia)
4
2
3
19
119
316
1,036
5,250
174,308
278,265
564,326
567,260
661,675
2,016,329
1,106,721
6,738,260
12,113,913
1
11
38
68
266
43,541
137,528
326,304
358,428
438,467
1,333,801
805,886
5,318,184
8,762,523
16
54
6,838
36,389
102,745
113,837
121,023
346,435
125,034
176,099
11
15
51
3,829
12,774
26,209
24,983
22,810
109,160
85,178
741,015
1,026,034
Excess
profits
tax ij
(Thouaand
dollara)
W
2
18
83
170
519
29,369
56,870
110,757
116,190
135,212
410,469
227,995
1,372,021
2,458,676
7
20
13
41
5,968
24,824
60,791
71,231
90,069
276,617
172,670
1,135,881
1,838,038
3
10
1,280
6,788
20,900
23,776
24,289
67,541
26,108
33,749
204,450
3
2
12
529
2,573
5,661
6,676
6,607
26,965
18,224
159,716
224,768
Fbr footnotes, aee pp. 162-164. Data in Part I not subject to sampling variability since all these returns «ere tabulated.
158
CORPORATION INCOME TAX RETURNS FOR 1951
Table 8-A CORPORATION RETURNS, 1951, WITH EXCESS PROFITS NET INCOME OVER £25,000, BY IffiT INCOME CLASSES AIID BY METHOD OF EXCESS PROFITS CREDIT COMPUTATION - PARTI, RETURNS UITO
EXCESS PROFITS TAX LIAIILITYi PART II, RETURNS WITH NO EXCESS PROFITS TAX LIABILITY: NUMPER OF RETURNS. NET INCOME, EXCESS PROFITS NET INCOME, EXCESS PROFITS CREDIT, UNUSED'
EXCESS PROFITS CREDIT ADJUSTMEOT, ADJUSTED EXCESS PROFITS MET INCOt-E, TOTAL TAX, INCOt-E TAX, AND EXCESS PROFITS TAX - Continued
PART I. - RETURNS VHfTH EXCESS PROFITS TAX LIABILITY 10/ - Continued
Method of excess profits credit computation
and net Income classes ^
Number of
returns
Net income ^
( Thousand
dollars)
Excess
profits net
income 10/
(Thousand
dollars)
Excess
profits
credit ll/
(Thousand
dollars)
Unused excess
profits credit
adjustment 12/
( Thousand
dollars)
Adjusted
excess
profits net
income 13/
(Thousand
dollars)
(Thousand
dollars)
Income
tax Aj
(Thousand
dollars)
IIIVESTED CilPITAI. METHOD - ASSETS
Under $1,000
$1,000 under $2,000
SSjOOO under $3,000
$3,000 under $4,000
$4,000 under $5,000
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $26,000
$25,000 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 under $10,000,000
$10,000,000 or more
Total
INVESTED CAPITAL METHOD -
HISTORICAL
Under $1,000
$1,000 under $2,000
$2,000 under $3,000
$3,000 under $4,000
$4,000 under $5,000
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $25,000
$25,000 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 under $10,000,000
$10,000,000 or more
Total
IIJVESIED CAPITAL METHOD - REGULATED
PUBLIC UTILITIES
Under $1,000
$1,000 under $2,000
$2,000 under $3,000
$3,000 under $4,000
$4,000 under $5,000
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $25,000
$25,000 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 under $10,000,000.
$10,000,000 or more
Total.
MINIMUM CREDIT METHOD
Under $1,000
$1,000 under $2,000
$2,000 under $3,000
$3,000 under $4,000
$4,000 under $5,000
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $25,000
$25,000 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..
$6,000,000 under $10,000,000.
$10,000,000 or more
Total.
1
7
19
45
816
899
681
252
158
152
12
9
110
120
47
29
30
10
2
3
14
34
62
159
657
9,430
1,989
557
59
13
81
314
1,032
30,784
63,410
106,761
87,379
109,226
300,558
86,458
474,996
44
474
669
1,640
34,585
66,087
106,569
89,791
107,158
285,639
74,447
433,508
40
402
552
1,461
28,163
47,683
66,926
51,521
66,159
175,684
47,091
366,818
2
2
26
682
1,697
2,359
2,134
2,751
5,964
1,602
7,562
70
113
161
5,739
16,806
39,284
36,136
38,248
103,991
25,754
59,108
2
2
26
24
107
92
330
300
12,476
10,937
30,960
26,383
58,306
48,633
60,016
41,462
61,711
61,870
170,666
143,714
46,251
40,430
£36,073
219,790
852,526
24,701
325,409
666,924
37
176
3,361
7,833
18,924
15,921
20,901
62,723
114,958
63
288
4,097
7,994
18,509
14,585
19,897
47,433
104,872
63
199
3,071
5,763
11,394
9,210
12,480
30,230
63,488
114
328
980
866
633
1,316
84
911
1,902
6,136
4,609
6,784
15,887
41,082
11
54
1,339
3,671
9,753
8,196
11,834
28,935
64,683
217,738
77,294
162
3,454
10,480
14,050
16,027
89,682
83,295
464,639
162
3,380
10,283
13,968
15,794
85,301
81,804
452,587
122
2,300
7,366
10,281
11,467
69,646
72,676
402,157
43
39
68
24
800
1,142
576
681,789
663,279
576,014
2,692
14
4
9
63
298
764
2,793
15,324
308,484
131,794
78,552
18,349
8,624
6,726
12,994
571,797
252
61
108
409
1,111
2,072
5,427
19,226
311,691
129,771
76,586
17,206
7,543
5,567
250
50
75
350
850
1,550
3,976
16,426
235,750
49,726
13,926
1,475
325
125
17
5
43
64
12
217
577,030
324,860
368
39
1,036
2,878
3,619
4,303
14,855
7,987
49,864
84,671
2
11
33
59
261
505
1,447
2,801
75,583
79,981
62,644
16,514
7,218
6,442
251,501
128,426
69
1,763
6,688
7,929
9,172
48,172
43,663
244,981
361,437
1
3
19
96
270
942
4,797
122,679
70,317
45,340
10,511
5,064
4,050
264,093
683,636
11
51
1,171
3,166
8,234
7,010
10,100
24,624
53,139
107,506
61
1,464
4,899
6,869
7,896
43,715
41,267
230,033
336,204
17
86
221
815
4,402
103,261
64,231
35,746
8,417
4,099
3,205
For footnotes, see pp. 162-164. Data in Part I not subject to sampling variability since all these returns were tabulated.
CORPORATION INCOME TAX RETURNS FOR 1951
159
Table 8-A CORPORATION RETURNS, 1951, WITH EXCESS FROFITS NET INCOME OVEK 125,000, BY NET INCOME CLASSES AND BY METHOD OF EXCESS IROFITS CREDIT COMPUTATION - PART I, RETURNS WITH
EXCESS reOFITS TAX LIABIUn; PART II, RETURNS WITH NO EXCESS moFITS TAX LIABILITY: NUMBEH OF RETURNS, NET INCOME, EXCESS IROFITS NET INCOME, EXCESS IROFITS CRIIIT, UNUSH)
EXCESS IROFITS CREDIT ADJUSTMENT, ADJUSTED EXCESS IROFITS NET INCOME, TOTAL TAX, INCOME TAX, AND EXCESS IROFITS TAX - Continu«d
PART II. - RETURNS WITH NO EXCESS IROFITS TAX LIABIUTI iQ/
Method of excess profits credit
computation and net income
classes ^
Number of
returns
u)
Excess
profits net
income 12/
{ ThouBand
doll«rt)
12)
Excess
profits
credit U/
(Thouaand
dollars)
(3)
Unused excess
profits credit
adjustment iS/
( Thout»f>d
dollara)
Method of excess profits credit
computation and net income
classes 2/
Number of
returns
Excess
profits net
income i2/
( Thtxjannd
dollarn)
i;:l
Excess
profits
credit iy
(ThouiAnd
dotlarm)
Unused excess
profits credit
adjustment ig/
(Thousand
dollmra)
{*)
AGOIEGATE 6V'
Under $1,000
30
42
49
50
33
327
433
717
1,722
16,695
11,495
8,289
2,908
1,549
1,298
177
207
2,440
1,665
2,541
2,348
2,338
13,876
17,876
26,428
60,346
631,832
816,876
1,174,785
951,751
982,886
2,331,591
1,074,239
6,613,714
7,153
4,780
6,527
8,076
7,231
38,006
44,588
58,523
123,155
1,130,763
1,412,878
2,047,746
1,654,765
1,487,351
3,613,435
1,664,139
7,953,999
1
11
1
23
64
151
4,277
6,944
12,973
8,590
8,666
19,531
7,637
26,522
INVESTED CAPITAL METHOD - ASSETS
Under $1,000
21
32
33
36
29
230
326
485
869
3,556
2,054
1,429
541
311
272
36
45
2,010
1,174
1,616
1,662
2,123
9,698
13,266
17,668
31,681
149,814
155,267
216,018
168,393
180,090
436,112
175,327
1,323,226
6,720
3,190
4,544
4,926
6,012
25,675
30,838
36,703
58,455
256,492
279,486
410,213
308,426
310,911
898,541
299,681
2,694,678
11,000 under $2,000
$1,000 under $2,000
-
$2,001 under $3,000
$2,000 under $3,000
_
$3,000 under $4,000
$3 000 under $4 000
_
$4,0OT under $5,000
♦4,000 under $5,000
_
$5,r)0 under $10,000
-
$10,000 under $16,000
22
-
60
1,084
$50,000 under $100,000
806
2,062
1,655
$500,000 under $1,000,000
990
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
1,837
3,259
48
Total
Total
46,021
13,707,652
21,063,116
95,381
10,305
2,885,065
5,534,391
11,823
INCOME METHOD - GENERAL AVERAGE
Under $1,000
$1,000 under $2,000
2
Z
4
5
2
37
31
101
521
10,447
7,521
5,366
1,803
913
694
79
78
140
86
393
251
140
1,526
1,412
3,744
15,636
379,917
522,930
732,932
592,493
586,450
1,244,015
510,464
1,715,042
338
144
399
1,631
1,047
4,223
2,999
9,873
39,031
688,668
883,656
1,252,446
918,629
841,660
1,771,114
723,729
2,076,758
1
11
1
31
32
2,397
4,738
8,146
5,767
5,993
13,386
2,960
3,846
INVESTED CAPITAL METHOD -
HISTORICAL
Under $1,000
6
6
10
7
2
47
69
87
144
613
379
334
135
88
66
6
15
262
362
466
452
75
2,001
2,567
3,387
5,589
26,980
29,356
53,505
50,244
59,631
121,427
26,488
434,604
1,0U
1,244
1,464
1,369
172
6,360
9,303
8,1X
11,338
53,351
60,174
112,072
103,759
120,757
213,279
56,667
545,292
$2,000 under $3,T00
$1,000 under $2,000
_
$2,000 under $3,000
-
$4,000 under $5,000
$3,000 under $4,000
-
$5,00"! under $10,001
$4,000 under $5,000
_
$10,000 under $15,000
1
$15,000 under $20,000
$10,000 under $15,Oob' '.'.'.'.'..'..','..'.
$20,000 under $25,000
7
$25,000 under 550,000
7
$50, XO under $100,000
177
$100,000 under $250,000
$50,000 under $100,000 ..',
265
$250,000 under $500,000
447
$500,-100 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
$10,000,000 or more
$250,000 under $500,000
234
$500,000 under $1,000,000
$1,000,000 under ^5, 000,000
$5,000,000 under $10,000,000
551
1,054
27,606
6,307,570
9,216,245
47,238
2,006
816,366
1,306,742
25,372
INCOME METHOD - ALTERNATIVE BASED
ON GROWTH
Under $1,000
$1,00T under $2,000
1
1
7
3
24
107
1,363
1,181
901
329
172
129
11
3
28
30
413
98
863
4,722
50,796
83,303
135,273
107,899
112,790
244,730
65,977
70,806
84
40
1,311
290
2,308
8,616
88,374
139,547
214,217
174,099
155,953
323,331
78,047
90,394
39
287
609
1,741
705
609
1,642
150
INVESTED CAPITAL METHOD - REGUUTED
PUBUC UTILITIES
1
1
2
1
30
17
46
32
38
88
31
64
36
25
90
28
1,105
2,307
8,041
12,146
27,231
183,089
205,911
2,044,483
80
SO
153
34
2,408
9,789
10,744
16,432
36,423
265,498
253,062
2,603,458
$2,000 under $3,000
_
$3,000 under $4,000
_
$4,000 under $5,000
$3 000 under $4,000
_
$6,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,100 under $25,000
$25,000 under $50,000
_
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$100,000 under $250,000
97
$500,000 under $1,000,000
45
$1,000,00-1 under $5,000,000
$5,000,000 under $10,000,000
$500,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000
230
446
820
Total
4,232
877,726
1,276,611
5,782
Total
"
2
2
4
9
16
71
613
312
192
61
26
46
13
2
63
83
168
372
585
2,202
21,642
21,259
26,375
18,692
16,183
100,602
90,893
25,554
202
252
274
807
1,269
4,256
37,610
36,764
43,747
31,051
21,715
139,808
160,953
43,519
26
13
208
418
480
121
283
1,166
458
351
2,484,492
3,197,131
1,638
INCOME METHOD - INDUSTRY RATE
MINIMUM CREDn METHOD 6£/
OF RETURN
Under $1,000
2
25
4
2
50
749
254
316
50
625
100
60
$2,000 under $3,000
$2,000 under $3,000
$3,000 under $4,000
$3,000 under $4,000
$4,000 under $5,000
$4,000 under $5,000
_
$S,0O0 under $10,000
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $25,000
$25,000 under $50,000
$26,000 under $50,000
89
$50,000 under $100,000
$50,001 under $100,000
$100,000 under $250,000
$250,000 under $500,000
$250,001 under $500,000
$600,0OT under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $11,000,000
$10,000,000 or more
$500,000 under $1,000,000 .'.'.'.'.'..'.
$1,000,000 under $5,000,001 '.
$5,000,000 under $10,000,000
$10,000,000 or more
-
ToUl
1,369
324,563
512,216
3,173
Total
33
1,369
825
188
For footnotes, see pp. 1S2-164. For extent to which data in Part II are estimated, see pp. 3-S.
160
CORPORATION INCOME TAX RETURNS FOR 1951
Table 9 CORPORATION RETURNS, 1951, EIY NET INCOME AND DEFICIT CUSSES: TOTAL NDMBBK OF RETURNS, NUMESt OF RETURNS WITH DIVIDENDS RECEIVED, AND AMOUNT OF DIVIDENDS RECEIVED
FROM DOMESTIC CORK)RATIONS AND FROM FOREIGN CORFDRATIONSi ALSO, NUMBH! OF R&URNS WITH INTEREST RECEIVED ON GOVEKNMENT OBLIGATIONS AND AMOUNTS, BY TYPE OF INTHffiST
Returns with net income 3/
Total
number of
returns
(1)
Dividends received from -
Interest received on Government obligations (less amortizable bond premium)
Net income classes ^
Domestic corporations 23/
Foreign corporations 24/
Wholly taxable i£/
Subject to surtax only 17/
Wholly tax-exempt 18/
Number of
returns
(2)
Amount
(3)
Number of
returns
(*)
Amount
(Thousand
dollars)
ISl
Number of
returns
(e)
Amount
( Thousand
dollars)
(^1
Number of
returns
(e)
Amount
f Thousand
dollars)
(SI
Number of
returns
(10)
Amount
( Thousand
dollars)
111)
Under $1,000
51,000 under $2,000
85,579
41,319
29,651
22,388
18,433
60,292
35,960
27,533
26,120
36,933
22,785
17,183
6,656
3,693
3,435
536
551
2,072
1,563
1,326
1,209
1,036
3,728
2,649
2,155
2,205
5,180
4,238
4,149
1,989
1,315
1,595
312
426
1,444
1,833
1,610
1,341
1,681
6,191
7,532
6,630
6,548
31,104
48,600
100,907
100,941
124,800
363,753
186,071
1,336,205
28
32
17
21
£4
121
97
58
61
233
248
279
244
185
363
118
200
26
39
32
22
81
159
247
130
222
734
1,195
4,197
6,828
7,179
40,066
73,634
493,208
2,017
1,333
1,337
1,401
1,192
4,806
3,821
3,490
3,244
7,304
6,608
6,263
2,630
1,766
2,054
375
460
4,135
2,491
2,956
3,966
4,197
20,260
21,601
25,375
X,236
95,097
108,364
129,067
89,571
98,243
251,331
61,627
569,217
206
87
102
110
104
688
672
685
773
1,703
1,364
997
434
286
347
59
121
753
103
97
131
74
927
1,043
916
1,096
5,258
6,260
10,801
9,387
9,495
43,788
12,468
44,670
131
160
215
191
238
1,377
1,490
1,351
1,471
3,344
2,127
1,697
713
499
620
114
213
264
$2,000 under $3,000
$3,000 under $4,000
$4,000 under $5,000
385
384
$5 nnn ,,T.Hor $lo nnn , , ,
$15 000 under $20,000. ....
$25 000 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 under $10,000,000..
$10 000 000 or more
19,480
23,787
20,677
16,569
54,712
8,348
Total
439,047
37,146
2,347,091
2,329
627,999
48,000
1,517,723
8,638
147,266
15,951
247,630
Returns with no net income _3/
Total
number of
returns
(12)
Dividends received from -
Interest received on Government obligations (less amortizable bond premium)
Deficit classes ij
Domestic corporations 23/
Foreign corporations 24/
Wholly taxable 16/
Subject to surtax only 17/
Wholly tax-exempt 18/
Number of
returns
(W)
Amount
( Thousand
doltnrs)
U4)
Number of
returns
Amount
( Thousand
dollars)
Number of
returns
(17)
Amount
( Thousand
dollars)
lie)
Number of
returns
lie)
Amount
(Thousand
dollars)
(20)
Number of
returns
(21)
Amount
( Thousand
dollars)
(22)
Under $1,000
94,671
28,165
16,610
11,697
8,512
22,349
10,355
6,230
3,171
6,743
3,224
1,549
394
172
32
3
2
326
136
119
87
58
249
165
110
95
272
200
1,018
638
236
309
682
1,305
1,130
1,081
398
2,438
2,003
11
8
6
3
14
6
6
1
16
7
12
7
9
3
1
34
22
4
2
4
55
94
173
114
62
23
674
230
16
430
226
150
122
115
379
221
160
119
390
270
193
72
51
26
2
1
2,621
748
636
313
1,266
1,909
1,418
505
700
2,220
1,878
4,021
4,088
2,766
6,034
82
3
49
18
13
30
16
11
7
46
32
18
15
9
7
1
70
17
17
18
58
60
46
13
6
206
76
132
129
280
274
4
76
24
14
10
16
46
26
16
13
36
41
48
30
22
14
1
$1,000 under $2,000
$2,000 under $3,000
488
83
lOS
$3,000 under $4,000
$4,000 under $5,000...
$5,000 under $10,000
$10,000 under $15,000
169
61
220
256
408
$16,000 under $20,000
$20,000 under $25,000
$25,000 under $50,000 . .
$50,0C0 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 under $10,000,000..
$10,000,000 or more
80
40
27
1
3,001
3,008
7,723
627
479
1,646
Total
213,329
2,120
30,241
110
1,497
2,927
31,007
294
1,404
436
6,306
For footnotes, see pp. 162-164. For extent to which data are estimated, see pp. 3-5.
I
CORPORATION INCOME TAX RETURNS FOR 1951
161
Table 10 CCRPCRATION REIURfB, 1951, BY NET INCOME AMD DEFICIT CLASSES: TOTAL NUMBEH (F HBTURNS, NUMBER CF RETURtC WITH DIVIDENDS PAID, AND AMOUIIT, BY TYPE OF DIVUEND PAID
Net Incone classes 2/
Returns with net income ^
Total
number
of
returns
Dividends paid 6/
Only cash and assets
other than own stodc ^
Number
of
returns
m
(Thotiaand dollarw)
Only corporation's
own stock
Number
of
returns
(Thout»nd dallara)
Both cash and assets other than own stock,
and corporation's own stock
Number
of
returns
Amount of cash
and assets
other than
own stock
(Jhouaanii dallarm)
m
Amount of
corporation's
own stock
(Thouaand dollara)
Under tl,003
$1,000 under $2,000
$2,000 under $3,000
$3,000 under $4,000
$4,000 under $5,000
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $25,000
$26,000 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$260,000 under $500,000
$600,000 under $1,000,000
$1,000,000 under $5,000,000..
$5,000,000 under $10,000,000,
$10,000,000 or more
Total
85,579
41,319
29,651
22,388
18,433
60,292
35,960
27,533
26,120
36,933
22,785
17,183
6,656
3,693
3,435
536
551
4,167
3,497
3,411
3,155
3,218
12,416
9,629
8,191
7,4X
15,646
11,504
10,237
4,469
2,671
2,717
436
465
9,661
10,757
11,025
10,210
11,253
57,962
62,818
66,097
66,881
214,098
263,083
450, 954
399,071
478,669
1,609,570
898,450
6,024,755
146
34
81
133
64
384
403
274
288
456
290
244
65
36
1,866
X6
1,112
943
1,344
9,139
10,862
7,888
9,364
22,831
23,573
52,398
27,940
14,160
6,365
3,769
19
25
48
37
36
205
203
161
260
507
434
494
252
184
199
43
36
S3
66
100
75
61
571
• 951
709
1,618
4,893
7,534
16,325
16,586
25,664
123,836
57,232
289,085
209
143
646
509
438
2,839
4,975
4,592
8,126
23,164
37,100
87,279
70,697
99, 962
213,623
121,951
625,816
439,047
103,263
10,635,334
2,929
193,839
3,143
545,368
Deficit classes ,2/
Returns with no net income 3/
Total
number
of
returns
[»l
Dividends paid &/
Only cash and assets
other than own stock ^
Number
of
returns
(Thoutand dollara)
(11)
Only corporation's
own stock
Number
of
returns
(Thousand dollars}
(13)
Both cash and assets other than own stock,
and corporation's own stock
Number
of
returns
Amount of cash
and assets
other than
own stock
(Thousand dollara)
^16)
Amount of
corporation ' s
own stock
(Thousand dollars)
(18)
Under $1,000
$1,000 under $2,000
$2,000 under $3,000
$3,000 under $4,000
$4,000 under $5,000
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $26,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $600,000
$500,000 under $1,000,000
$1,000,000 under $6,000,000. .
$5,'300,000 under $10,000,000,
$10,000,000 or more
Total
94,671
28,165
16,610
11,697
8,612
22,849
10,355
5,230
3,171
6,743
3,224
1,549
394
172
82
3
2
1,343
564
283
281
246
653
392
240
162
345
265
206
81
44
24
1
11,280
2,702
1,549
2,068
1,386
5,483
5,516
4,322
2,387
6,614
14,199
20,869
9,203
9,419
16,527
246
970
625
698
28
169
711
837
527
375
1,388
382
2,558
1,980
96
643
2
1,372
4
41
196
'726
20,467
40
U
20
582
3
202
22
57
905
626
5
12
1,234
213,329
For footnotes, see pp. 162-164. For extent to which data are eatlioated, see pp. 3.5^
162
CORPORATION INCOME TAX RETURNS FOR 1951
Footnotes for ba,iic tables 1-10, pages 43-101
(In all tables, values in thousand dollars are rounded and, therefore, may not add to the totals)
' Returns filed in a State may not be a complete coverage of all
corporations whose principal place of business is located therein.
Conversely, a tabulation for a given State may include data from
returns of corporations having their principal place of business
in another State. A corporation may file an income tax return
either in the internal revenue district in which it has its principal
place of business or in the internal revenue district in which it has
its principal office or agency.
= Number of returns of inactive corporations are excluded.
■' "Net income" or "Deficit" is the difference between the total
income and the total deductions reported, exclusive of the net
operating loss deduction.
' "Income tax" consists of normal tax. surtax, and alternative
tax. The alternative tax is reported In lieu of normal tax and
surtax where the income includes an excess of net long-term capital
gain over net short-term capital loss, if and only if such tax is
less than the normal tax and surtax. Tabulated with the income
tax for returns with net income is a small amount of tax reported
on returns with no net income by certain mutual insurance com-
panies, other than life or marine, which develop a tax under the
special provisions of the Code applicable to them.
'• The excess profits tax. imposed by the Excess Profits Tax Act of
1950, is 30 percent of the adjusted excess profits net income. How-
ever, for the calendar year 1951. a ceiling rate for the excess profits
tax and the additional tax of 2 percent of surtax net income imposed
on an affiliated group of corporations electing to file a consoli-
dated return limits these combined taxes to a maximum effective
rate of 17>4 percent of the excess profits net income. For other
taxable years, effective April 1, 1951. this ceiling is 18 percent of the
excess profits net income. For the period July 1. 1950 through
March 31. 1951, a combined income and excess profits tax ceiling
rate of 62 percent, applied to the excess profits net income, is
effective. The amount of excess profits tax tabulated is after
limitation, and after adjustments under sections 430(d). 450. 456
and 457. but before adjustment under sec. 452. and before credit
for foreign taxes paid.
'The item "Dividends paid in cash and assets other than own
stock" (shown in table 6 as "Dividends paid") does not include
liquidating dividends. Dividend payments are reported in schedule
M. Form 1120 (facsimile on p. 207).
■ The industrial classification is based on the business activity
reported on the return. When multiple businesses are reported
on a return, the classification is determined by the business activity
which accounts for the largest percentage of total receipts. There-
fore, the industrial groups do not reflect pure Industry classifica-
tions. The mdustrial groups are based, in general, on the Standard
Industrial Classification, issued by the Division of Statistical Stand-
ards, Bureau of the Budget, Executive Office of the President.
There is no change in the groups between 1950 and 1951.
""Total compiled receipts" consists of gross sales (less returns
and allowances), gross receipts from operations (where inventories
are not an income-determining factor), all interest received on
Government obligations (less amortizable bond premium), other
interest, rents, royalties, excess of net short-term capital gain over
net long-term capital loss, excess of net long-term capital gain
over net short-term capital loss, net gain from sale or exchange
of property other than capital assets, dividends, and other receipts
required to be included in gross income, described in note 25.
"Total compiled receipts" excludes nontaxable income other than
tax-exempt interest received on certain Government obligations.
" Life insurance companies, in reporting their income for tax pur-
poses, are required to include only Investment income, i. e., interest,
dividends, and rents. Deductions used in arriving at the net in-
come are the expenses incident to investment earnings and wholly
tax-exempt interest. Under the Revenue Act of 1951. companies
whose adjusted net income is less than 105 percent of their required
Interest are allowed a reserve interest credit for income tax pur-
poses. The 1951 adjusted net income is taxed at 3% percent on
the first $200,000, and 6',2 percent on income in excess of $200,000.
The 1951 act made no change in the computation of the excess
profits net income and the regular corporate excess profits tax is
Imposed. A more detailed explanation of the provisions of the
Code and the changes made by the Revenue Act of 1951 with respect
to life insurance companies is shown on p. 3.
"•The excess profits net income is obtained from the net income
by eliminating or adjusting special items of income and deduc-
tions, consisting principally of the exclusion of capital gains and
losses, both long- and short-term, and dividends received from for-
eign and domestic corporations. The excess profits net income in
excess of the excess profits credit and the unused excess profits
credit adjustment is subject to the excess profits tax.
" The excess profits credit is the rule, established by law, for
determining that portion of the corporation's excess profits net
income, if any, which is to be subjected to excess profits tax. For
methods of excess profits credit computation, see pp. 9-11.
'= The unused excess profits credit adjustment tabulated herein
is the amount originally reported, generally consisting only of the
carryover of unused excess profits credit from the preceding taxable
year, and does not take into account whatever revisions may sub-
sequently be made as the result of any carryback of unused excess
profits from succeeding tax years.
■•■' The adjusted excess profits net income is the excess profits net
income less the sum of the excess profits credit and the unused
excess profits credit adjustment. Where the provisions of sec.
430(e) (maximum tax for new corporations) are applicable, the
excess profits tax is computed directly from the excess profits net
income and the amounts of excess profits credit and adjusted
excess profits net income are not always reported. For part year
returns, the amounts of excess profits net income and adjusted
excess profits net income have been placed on an annual basis.
" "Gross sales" consists of amounts received for goods, less re-
turns and allowances, in transactions where inventories are an
income-determining factor. For "Cost of goods sold," see "Deduc-
tions."
'■■' "Gross receipts from operations" consists of amounts received
from transactions in which inventories are not an income-deter-
mining factor. For "Cost of operations," see "Deductions."
'" "Interest received on Government obligations, wholly taxable"
consists of interest on Treasury notes issued on or after Decem-
ber 1, 1940, and obligations issued on or after March 1, 1941. by
the United States or any agency or instrumentality thereof, re-
ported as item 10(c), p. 1, Form 1120 (facsimile on p. 204).
" "Interest received on Government obligations, subject to surtax
only" consists of interest on United States savings bonds and Treas-
ury bonds owned in principal amount of over $5,000 issued prior to
March 1, 1941, reported as item 10(a) , p. 1, Form 1120; and interest
on obligations of instriunentalities of the United States (other than
obligations of Federal land banks, joint stock land banks, and
Federal intermediate credit banks) issued prior to March 1, 1941,
reported as item 10(b), p. 1, Form 1120 (facsimile on p. 204).
'" "Interest received on Government obligations, wholly tax-ex-
empt" consists of interest on obligations of States. Territories, or
political subdivisions thereof, the District of Columbia, and United
States possessions; obligations of the United States issued on or
before September 1. 1917; all postal savings bonds; Treasury notes
issued prior to December 1. 1940; Treasury bills issued prior to
March 1. 1941; United States savings bonds and Treasury bonds
owned in principal amount of $5,000 or less issued prior to March 1,
1941; and obligations issued prior to March 1. 1941, by Federal land
banks, joint stock land banks, and Federal intermediate credit
banks. Interest from such sources is reported under item 19 (a),
(b), and (c) of schedule M, Form 1120 (facsimile on p. 207).
'" Amount shown as "Rents" consists of gross amounts received.
The amounts of depreciation, repairs, interest, taxes, and other ex-
penses, which are deductible from the gross amount received for
rents, are included in the respective deduction items.
=" Amount shown as "Royalties" consists of gross amounts re-
ceived. The amount of depletion, which is deductible from the
gross amount of royalties received, is included in the item of
"Depletion" in deductions.
-' Capital gain or loss is the amount of gain or loss arising from
the sale or exchange of capital assets. (A net loss from this source
is not deductible for the current year, but may be carried over and
applied against capital gains in the 5 suceeding taxable years to the
extent not allowed as a deduction against any net capital gains of
any taxable year intervening between the taxable year in which the
net capital loss was sustained and the taxable year to which car-
ried.) 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 or business. (3) property used in trade
or business of a character which is subject to the allowance for
depreciation. (4) a copyright, a literary, musical, or artistic compo-
sition, or similar property, (5) Government obligations issued on or
after March 1, 1941, on a discount basis and payable without in-
terest at a fixed maturity date not exceeding 1 year from the date
of issue, and (6) real property used in the trade or business of the
taxpayer. Gains and losses from (a) sale or exchange of depreciable
property and real property used in the trade or business and
held for more than 6 months, and from (b) involuntary conversion
of such property and of capital assets held tor more than 6 months
are treated as long-term capital gains and losses, if the gains
exceed the losses. If the losses exceed the gains, the net loss is
deductible as an ordinary loss. "Short-term" applies to gains or
losses on the sale or exchange of capital assets held 6 months or
less; "long-term" applies to gains or losses on capital assets held
over 6 months.
" "Net gain or loss, sales other than capital assets" is the net
amount of gain or loss arising from the sale or exchange of de-
preciable and real property used in trade or business and short-
term non-interest-bearing Government obligations issued on or
after March 1. 1941, on a discount basis. If the property used
in trade or business has been held for more than 6 months, special
treatment of the gain or loss is provided as described in note
21 above.
CORPORATION INCOME TAX RETURNS FOR 1951
/■'ootiiotrs for bdKic tahlcn J-IO, pages 43-1(11 — Continued
163
■' "Dividends, domestic corporations" consists of dividends re-
ceived from domestic corporations subject to income tnxatlon
under ch. 1 of the Internal Revenue Code. This Item Is the sum
of the amounts reported in cols. 2 and 3, schedule C, p. 2. Form
1120 (facsimile on p. 205). These amounts are used In the
determination of the dividends received credit In the tax com-
putation, p. 3. line 2 (a) and (b). Form 1120. (See also note 24.)
=' "Dividends, foreign corporations" Is the amount reported in
col. 4. schedule C. p. 2, Form 1120 (facsimile on p. 205). For
taxable years beginning on or after January 1. 1951, certain divi-
dends from foreign corporations doing a substantial volume of
business within the United States are used in the computation
of the dividends received credit (p. 3, line 2(c), Form 1120).
=' "Other receipts" includes 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 discount; in-
come from claims, license rights, judgments, and Joint ventures;
net amount under operating agreements; net profit from com-
missaries: profit on dealing in futures: profit on prior years' col-
lections (Installment basis): profit on purchase of corporation's
own bonds: recoveries of bonds, stocks, and other securities; re-
funds for cancellation of contracts, for Insurance, management
expenses, and processing taxes: and income from sales of scrap,
salvage, or waste.
=" Beginning 1951, "Cost of goods sold" and "Cost of operations"
are reduced by any identifiable amounts of taxes, depreciation,
depletion, amortization, and pension plan contributions Included
therein. Such items are transferred to their specific headings.
For years prior to 1951 only amortization and pension plan con-
tributions were so treated.
■'• Amount shown as "Repairs" is 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.
■■'The Item "Taxes paid" excludes (1) Federal income tax and
Federal excess profits tax, (2) estate. Inheritance, legacy, suc-
cession, 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 on tax-free covenant bonds, and (6) unidentifiable
amounts of taxes reported in "Cost of goods sold" and "Cost of
operations."
■''Tlie deduction claimed for "Contributions or gifts" is limited
to 5 percent of net income as computed without the benefit of this
deduction.
"Amount shown as "Amortization" is the deduction, provided
by sec. 124A of the Internal Revenue Code, with respect to the
amortization over a 60-month period of emergency facilities, con-
structed or acquired after December 31, 1949, and certified as
necessary in the national defense.
" "Amounts contributed under pension plans, etc.," consists of
deductions claimed under sec. 23 (p) of the Internal Revenue Code
for amounts contributed by employers under pension, annuity,
stock-bonus, or profit-sharing plans, or other deferred compensa-
tion plans.
'= Included in "Other deductions" are (1) negative amounts re-
ported under income. (2) losses by abandonment, fire, storm, ship-
wreck, or other casualty (Including war losses), and theft. (3)
salaries and wages not deducted elsewhere on the return, and (4)
amounts not otherwise reported, such as: Administrative, general,
and offlce expenses; bonuses and commissions; delivery charges;
freight and shipping expenses; payments in connection with law-
suits; research expenses; sales discount; selling costs; travel ex-
penses; unrealized profits on Installment sales; and Federal Deposit
Insurance Corporation assessments reported by banks.
'^ The net operating loss deduction tabulated herein is the
amount originally reported, consisting only of the net operating
loss carryover reduced by certain adjustments, and does not take
into account whatever revisions may subsequently be made as
the result of any carryback of net operating loss from the succeed-
ing tax year. For any taxable year beginning after December 31.
1941, and before January 1, 1950, a net operating loss could be
carried back to the 2 preceding taxable years and could be included
In computing the net operating loss deduction for each such pre-
ceding taxable year. The net operating loss for any such taxable
year was first used as a carryback and. to the extent not so used,
could be used as a carryover to (a) the 2 succeeding years if the
net operating loss occurred in a taxable year beginning prior to
January 1, 1948. or (b) the 3 succeeding years if the net operating
loss occurred In a taxable year beginning after December 31, 1947.
and before January I. 1950. Effective for taxable years beginning
after December 31. 1949, in which losses occur, provision is made
to reduce the carryback of net operating loss to 1 year and to
lengthen the carryover to 5 years.
" Amount shown as "Compensation of offlccrs" excludes compen-
Bation of ofBcers of life insurance companies which file Form 1120L.
Data not available.
"■ See note 34.
"' Compiled net loss after total tax payment.
" "Number of returns with balance sheets" excludes returns of
Inactive corporations and returns of active corporations for which
balance sheet data are lacking.
"Amount shown as "Cash" Includes bank deposits.
"' Amount shown as "Investments. Government obligations" con-
sists of obligations of the United States or agency or instrumen-
tality thereof as well as obligations of States, Territories, and politi-
cal subdivisions thereof, the District of Columbia, and United
States possessions. See note 40.
'" Where investments are not segregated as between "Govern-
ment obligations" and "Other," the entire amount is Included in
"Other Investments."
" In tables 4 through 5-A amounts shown as "Capital assets"
consists of ( 1 ) depreciable tangible assets such as buildings, fixed
mechanical equipment, manufacturing facilities, transportation
facilities, and furniture and fixtures. (2) depletable tangible as-
sets— natural resources, and (3) intangible assets such as patents,
franchises, formulas, leasehold, goodwill, and trademarks. The
amount in table 6 consists of the above items plus land.
'-' Amount shown as "Other assets" consists of assets not else-
where reported on return, such as: Sinking funds; other funds;
deferred charges: organization expenses: prepaid and suspense
items: interest, discount, coupons, and dividends receivable: and
guaranty deposits. "Other assets" of life insurance companies in-
cludes market value of real estate and bonds and stocks in excess
of book value; Interest, rents, and premiums due; and agents'
balances.
'■■'Assets and liabilities are tabulated as of December 31. 1951. 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 the deficit.
" Amount shown as "Other liabilities" consists of liabilities not
elsewhere reported on return, such as: Deferred and suspense items;
accrued expenses: dividends payable; funds held in trust; borrowed
securities: outstanding coupons and certificates: and overdrafts.
"Other liabilities" of life insurance companies includes the net
value of outstanding policies and annuities, and borrowed money.
"Other liabilities" of banks includes deposits (time, savings, de-
mand, etc.) and bank notes in circulation.
'' Capital stock which is not definitely designated as either
common or preferred is tabulated under common stock.
'" Amount shown as "surplus and undivided profits" consists of
paid-in or capital surplus and earned surplus and undivided
profits. See note 47.
'■ Amount shown as "Deficit" consists of negative amounts of
earned surplus and undivided profits.
"For types of corporations permitted to file a consolidated return
and criterion of affiliation, see "Synopsis of Federal Tax Laws."
p. 203.
"' Number of subsidiaries consists of the number of affiliated
corporations other than the common parent corporation which
are included in consolidated Income tax returns.
=" Compiled net loss or deficit.
^' Amount of "Investments" consists of "Investments. Government
obligations." described in note 39. and "Other Investments." Invest-
ments are reported in items 4 and 5 of schedule L. Form 1120
(facsimile on p. 207) .
=-■ Bonds, notes, and mortgages payable, with original maturity
of less than 1 year, are combined with accounts payable to obtain
the amount of "Accounts and notes payable" shown in table 6.
^ "Bonds and mortgages payable" shown in table 6 are those with
original maturity of 1 year or more,
■■' "Capital stock" consists of both preferred and common stock.
" The amount of "Surplus and undivided profits" shown in table
6 includes surplus reserves, paid-in or capital surplus, and earned
surplus and undivided profits.
•" Total tax consists of income tax and excess profits tax.
■" Surplus deficit.
■"Included in the total, but not in the detail, under "Income
tax" and "Total tax." is $89,000 of tax reported on returns with no
net income. (See note 4.)
''■•Total number of returns shown includes 34.935 returns of
inactive corporations.
164 CORPORATION INCOME TAX RETURNS FOR 1951
Footnotes for basic tables 1-10, pages 43-161 — -Continued
"° If the net long-term capital gain exceeds the net short-term "' Data from incomplete returns showing ( 1 ) excess profits tax
capital loss, an alternative tax is Imposed In lieu of the normal liability but no excess profits tax schedule, or (2) an excess profits
tax and surtax if and only if such tax is less than the normal tax credit In excess of $25,000 with credit method not shown are
tax and surtax. The alternative tax Is the sum of (1) a partial Included in aggregate only,
tax, computed at the normal tax and surtax rates on the net Income
decreased by the amount of the excess of the net long-term "- Although the data tabulated Indicate that positive amounts
capital gain over the net short-term capital loss, and (2) 25 percent of adjusted excess profits net income may appear In certain of
of such excess. For taxable years beginning after March 31, 1951, these cases, they are nontaxable because of special provision
the tax on capital gain Is increased to 26 percent. sections.
CORPORATION INCOME TAX RETURNS FOR 1944-51
HISTORICAL DATA
I 1 • ^'^^
Introduction I57
Description of tables I57
Comparability of data 1 57
Tables:
1 1 . Number of returns by net income or deficit status and by size
classes 168-169
12. General summary 170-171
13. Receipts and deductions — all returns 172-173
14. Assets, liabilities, receipts and deductions— returns with
balance sheets 1 74-1 75
1 5. Industrial groups— general summary 1 76-1 90
16. Consolidated returns — general summary 19]
165
Historical Data
INTRODUCTION
This section contains selected data fi'oni the tabida-
tions prepared from corporation income tax returns for
each of the years 1944 througli 1951 and published in
the Statistics of Income, Part 2, for those years.
Publication of statistics from the income tax returns
was first required by the Revenue Act of 191G, section
21 of which reads, "That the preparation and publica-
tion of statistics reasonably available with respect to
the operation of the income tax law and containing
classifications of taxpayers and of income, the amounts
allowed as deductions and exemptions, and any other
facts deemed pertinent and valuable, shall be made
annually by the Commissioner of Internal Revenue
with the approval of the Secretary of the Treasury."
The first tax involving the income of corporations was
imposed by the Tariff Act of August 5, 1909, which
contained provisions for a special excise tax upon cor-
porations, measured by net income. The first direct
tax upon the income was imposed by the Act of October
3, 1913, following the adoption of the Sixteenth Amend-
ment to the Constitution. Statistical data for these
earlier years were published in the annual reports of the
Commissioner of Internal Revenue, and beginning 1916,
Statistics of Income has been published annually. Se-
lected historical data for the years 1909 through 1949
were published in the 1949 volume.
A description of the data for 1944 through 1951
contained in the historical tables and a discussion of
the comparability of data follow.
DESCRIPTION OF TABLES
The historical tabulations are presented in tables 11
through 16, pages 168-191. Table 11 shows the number
of returns, by income or deficit status, and by net
income, deficit and total assets classes. Table 12 gives
the number of returns, total compiled receipts, net
income or deficit, taxes, dividends paid, and total
assets, by income and deficit status.
The number of returns, items of receipts and deduc-
tions, compiled net profit or net loss, net income or
deficit, taxes, and dividends paid are shown in table 13
for all returns and for returns with net income. For
returns with balance sheets these items, together with
items of assets and liabilities are given in ta])le 14, for
all returns and for returns with net income.
Data by nuijor industrial groups are shown in table
15. Items shown are the number of returns, total
compiled receipts, net income or deficit, and taxes.
Data are shown separately for returns with net income
and returns with no net income.
Table 16 presents data for returns filed on a consoli-
dated basis and shows the number of returns and sub-
sidiaries, total compiled receipts, net income or deficit,
and taxes, by net income and deficit status. For
returns with net income there is also shown the net
operating loss deduction.
COMPARABILITY OF DATA
Comparability is impaired by amendments to the
Code affecting the contents of the items on the return,
by a change in the industrial classifications beginning
1948, and by possible shifts in the industrial classifica-
tion of an individual corporation whose major source of
income has changeri. Comparability rnay also be
affected by a change from filing a consolidated return
to filing separate returns, or vice versa, by a group of
affiliated corporations. Beginning 1951 data are derived
from a sample of the returns filed (see pages 3-5).
During the period 1944-51 the Internal Revenue
Code was amended by the Tax Adjustment Act of 1945,
the Revenue Acts of 1945, 1950, and 1951, and the
Excess Profits Tax Act of 1950. The synopsis of laws,
pages 195-202, shows a comparison of tax rates and
bases, provisions pertaining to capital gains and losses,
and provisions pertaining to consolidated returns for the
years 1944-51. A comparison of the industrial classi-
fications, 1947-48, is shown on pages 425-450, Statistics
of Income Jor 1948, Part 2. Footnotes indicated in the
tabulations explain certain other basic variations in the
data.
167
168
CORPORATION INCOME TAX RETURNS, 1944-1951
Table U CORPOaATIOK RETURNS, 1944-1951, BY INCOME AND DEFICIT STATOS, AND BY NET INCOME, DEFICIT, AM) TOTAL ASSETS CLASSES: NUMBER OF RETURNS
Net income, deficit, ajid total assets classes
1951 1/
Total number of returns.
Active corporations. . .
Inactive corporations.
Number of returns of active corporations with net income: 2/
All returns —
By net income classes: 2/
Under tl.OOO
$1,000 under $2,000
$2,000 under $3,000
$3,000 under $4,000
$4,000 under $5,000
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $25,000
$25,000 under $50,000
$50,000 under $100,000
$100,000 under $250,000
$250,000 under $600,000
$500,000 under $1,000,000
$1,000,000 under $6,000,000
$5,000,000 under $10,000,000
$10,000,000 or more
Total
Returns with balance sheets 3/ —
By net income classes: 2/
Under $1,000
$1,000 under $2,000
$2,000 under $3,000
$3,000 under $4,000
$4,000 under $5,000
$5,000 under $10,000
$10,000 under $15,000
$15,000 under $20,000
$20,000 under $26,000
$25,000 under $50,000
$50,000 under $100,000
#100,000 under $250,000
$250,000 under $500,000
$600,000 under $1,000,000
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000...
$10,000,000 or more
Total
By total assets classes: ^
Under $50,000
$50,000 under $100,000
*100,000 under $250,000
$250,000 under $600,000
$500,000 under $i, 000, 000
$1,000,000 under $6,000,000
$6,000,000 under $10,000,000..,
$10,000,000 under $50,000,000..
$50,000,000 under $100,000,000,
$100,000,000 or more
Total
Number of returns of active corporations with no net income: Zj
All returns —
By deficit classes: 'ij
Under 41,000
$1,000 under $2,000
$2,000 under $3,000
$3,000 under $4,000
$4,000 under $6 , 000
$5,000 under $10,000..
$10,000 under $15,000.
$15,000 under $20,000.
$20,000 under $25,000.
$25,000 under $60,000.
$60,000 under $100,000
$100,000 under $260,000
$250,000 under $600,000
$600,000 under $1,000,000
$1,000,000 under $6,000,000..
$6,000,000 under $10,000,000.
$10,000,000 or more
687, 310
652,376
34,934
86,679
41,319
29,651
22,388
18,433
60,292
35,960
27,533
26,120
36,933
22,785
17,163
6,666
3,693
3,435
536
551
75,340
37,769
27,718
21,120
17,507
57,756
34,869
26,843
25,626
36,289
22,440
16,931
S,547
3,637
3,384
533
547
414,356
131,625
78,198
95,667
44,065
26,149
28,620
4,944
4,261
594
733
414,856
94,671
28,165
16,510
11,697
8,512
22,849
10,366
6,230
3,171
6,743
3,224
1,549
394
172
82
649,957
630,670
587,683
526, 363
454,460
629,314
38,878
614,842
35,116
594,243
36,427
551,807
36,876
491,152
35,211
421,125
33,335
80,317
40,176
28,287
21,878
17,820
58,142
34,241
25,215
24,713
37,161
24,181
18,527
7,216
3,989
3,437
472
622
80,876
39,414
27,301
21,057
17,259
63,215
30,737
21,036
18,444
30,670
19,344
14,324
6,173
2,766
2,441
354
361
74,248
37,466
26,349
20,389
17,257
54,633
31,987
22,489
20,221
35,284
23,291
17,930
6,815
3,612
3,149
422
419
66,516
34,355
24,266
19,537
16,110
62,897
31,874
22,098
20,446
36,696
23,890
18,688
7,286
3,806
3,323
392
353
60,207
32,006
23,055
18,218
15,815
60,942
30,621
20,971
18,119
35,645
22,736
17,308
6,734
3,533
2,806
316
279
59,737
30,532
21,542
16,893
14,346
48,479
26,983
15,697
10,429
23,090
14,432
11,011
4,571
2,535
2,276
296
268
384,772
395,860
303,019
69,676
36,598
26,292
20,622
16,874
56,662
33,115
24,509
24,078
36,291
23,728
18,193
7,098
3,918
3,383
466
521
69,898
36,829
25,229
19,736
16,323
50,943
29,766
20,498
17,968
30,023
19,022
14,090
5,093
2,713
2,405
349
358
63,626
33,729
24,227
18,993
16,243
51,916
30,882
21,809
19,583
34,477
22,834
17,584
6,685
3,541
3,093
419
416
66,269
X,806
22,269
18,214
15,100
50,302
30,712
21,399
19,731
35,766
23,415
18,236
7,111
3,717
3,268
387
351
60,137
28,403
21,021
16,825
14,769
48,301
29,493
20,341
17,596
34,719
22,224
16,869
6,651
3,457
2,746
314
276
49,647
27,085
19,607
16,735
13,503
46,338
26,271
15,275
10,228
22,679
14, a4
10,844
4,504
2,501
2,261
294
266
400,914
360,243
370,066
357,041
126,047
76,226
92,108
42,980
25,562
27,993
4,719
4,030
577
673
120,101
69,704
79,891
36,052
21,124
24,437
4,289
3,519
620
606
125,582
71,897
80,853
36,479
21,358
24,843
4,464
3,607
497
586
125,454
69,185
75,243
33,941
20,429
24,187
4,285
3,327
460
530
127,609
62,601
65,286
29,861
18,375
22,392
3,944
3,066
422
467
114,613
49,254
50,370
23,606
15,490
20,108
3,684
3,002
403
512
400,914
360,243
370,056
357,041
334,042
281,244
92
078
26
440
16
221
11
190
8
236
21
697
9
281
4
970
2
894
6
706
2
650
1
198
273
127
64
93,950
26,436
18,296
13,034
10,051
27,237
12,340
6,894
4,283
8,685
3,996
1,953
644
226
129
11
5
86,967
24,470
16,416
10,923
8,048
22,119
9,644
5,361
3,266
6,715
3,174
1,577
444
167
92
7
4
78
647
20
866
12
613
8
692
6
627
17
214
7
694
4
097
2
631
6
432
2
646
1
418
432
227
124
69,146
69,765
15,819
13,790
8,878
7,388
6,940
4,612
4,248
3,186
10,976
7,767
4,779
3,272
2,597
1,890
1,732
1,221
3,536
2,662
1,985
1,366
1,291
809
469
276
218
128
192
83
18
7
18
6
Total.
213,329
203,031
131,642
U8,106
For footnotes, see pp. 192-19^, For extent to which data for 1951 are estljiiated, see pp. 3-5.
CORPORATION INCOME TAX RETURNS, 1944-1951
169
Tablo 11 — CORPORATION REIimiB, 19«4-195i, BJ INCOME AND DIFICIT STATUS, AND BY NET INCOME, DEFICIT, AND TOTAL ASSETS CLASSES: NUtBOi OF RETURIE - CtMtlnued
Net incone, deficit, and total assets classes
1961 i/
Number of returns of active corporations with no net inccme: ^ -
Continued
Returns with balance sheets ^ —
By deficit classes: i/
Under »1,000
»1,000 under t2,000
»2,000 under »3,000
»3,000 under t4,000
»4,000 under »S,000
KS,000 under (10,000..
$10,000 under tlS.OOO.
$15,000 under $20,000.
$20,000 under $25,000.
$25,000 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 under $10,000,000.
$10,000,000 or more
Total
By total assets classes: ^
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 under $10,000,000...
$10,000,000 under $50,000,000..
$50,000,000 under $100,000,000.
$100,000,000 or more
Total.
75,409
24,176
14,478
10,411
7,640
20,830
9,346
4,810
3,022
6,308
3,027
1,466
365
157
79
3
2
114,178
28,070
22,699
8,330
4,206
3,421
359
220
32
14
181,529
71,788
22,324
13,961
9,758
7,239
19, 337
8,321
4,498
2,667
5,208
2,427
1,092
246
U7
58
1
5
73,194
24,124
15,909
11,535
8,935
24,539
11,273
6,317
3,960
8,083
3,755
1,856
50O
212
122
11
5
67,676
20,756
13,325
9,602
7,170
19,959
6,875
4,971
3,013
6,299
2,988
1,485
411
153
84
60,021
17,473
10,808
7,575
6,853
16,409
6,956
3,742
2,421
5,007
2,463
1,320
395
201
113
15
a
62,136
13,066
7,641
5,140
3,725
9,676
4,311
2,349
1,561
3,227
1,820
1,193
436
197
174
18
18
169,047
194, 3»
166,777
139,780
110,807
25,420
19,395
6,755
3,531
2,650
266
187
19
15
22,664
109,008
30,174
24,850
24,371
19,488
8,582
6,887
4,527
3,445
3,356
2,571
361
279
242
202
36
32
17
15
93,169
19,817
15,466
5,6X
2,829
2,260
291
238
49
31
71,467
14,220
11,307
4,403
2,428
2,226
297
276
41
44
169,047
194,330
106,708
51,954
11,458
6,282
3,969
2,796
6,886
2,896
1,696
1,097
2,299
1,212
720
246
112
75
7
5
62,976
12,177
9,938
3,975
2,179
1,949
264
196
24
30
93,706
66,317
11,917
6,353
3,953
2,739
6,907
2,811
1,539
967
2,034
1,008
596
176
78
41
2
1
64
676
12
615
10
395
3
978
2
267
2
038
270
173
21
96,441
For fcxjtnotes, see pp. 192-194, For extent to irtilch data for 1951 are estimated, see pp. 3-5.
170
CORPORATION INCOME TAX RETURNS, 1944-1951
Table 12.— CORPORATION RETURNS, 1944-1951, BY INCOME AND DEFICIT STATUS: NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME OR DEFICIT, TAXES, DTVIDEtffiS PAID, AND
TOTAL ASSETS
Net incoae, deficit, and total assets classes, selected items
1951 1/
Returns with net Inccme;
All returns —
Number of returns..
"IT
Total caupiled receipts ^ . .
Net incane 2/ —
By net Inccane classes: 2/
Under Jl.OOO
$1,000 under J2,0O0
32,000 under 53,000
$3,000 under $4,000
$4,000 under $5,000
$5,000 under $10,000..
$10,000 under $15,000.
$16,000 under $20,000.
$20,000 under $25,000.
$25,000 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 under $10,000,000.
$10,000,000 or more
Tax liability:
Inccine tax 5/
Excess profits taxes ^ .
Dividends paid: 7/
Cash and assets other than own stock 7/.
Corporation's own stock...,
359,310
303,019
(Thousand elollai
479,243,451
34,766
59,946
72,944
77,709
82,488
434,990
442,428
478,606
586,340
1,284,587
1,595,179
2,662,638
2,316,018
2,569,229
7,103,350
3,705,378
21,826,557
45,333,173
19,623,441
2,458,676
22,082,117
11,180,632
1,395,808
430,687,780
33,050
58,772
69,861
75,957
79,918
419,384
421,169
437,797
555,877
1,293,807
1,689,9X
, 2,872,620
2,496,855
2,775,818
7,135,473
3,275,777
20,448,676
15,929,488
1,387,444
U, 454, 755
1,278,908
350,168,722
32,759
67,617
67,663
73,254
77,462
383,819
378,268
365,754
415,460
1,064,615
1,359,347
2,218,039
1,812,221
1,933,252
5,054,284
2,482,857
12,799,841
9,817,308
1,409,065
659,043
379,309,471 343,273,851
30,419
54,773
65,297
70,983
77,514
334,052
393,774
391,366
455,811
1,227,329
1,638,322
2,783,257
2,371,864
2,512,794
6,494,767
2,933,395
14,377,513
9,278,833
1,009,031
27,629
50,614
60,081
68,093
72,284
382,820
393,070
384,253
461,735
1,2B3,695
1,684,769
2, 897, IX
2,530,132
2,642,213
6,663,179
2,747,218
11,012,370
10,981,482
8,222,121
692,434
265,597,448
25,177
47,003
57,116
63,534
70, 921
371, 280
376,641
363,745
408,159
1,248,324
1,600,462
2,685,312
2,350,407
2,458,464
5,608,499
2,180,118
7,269,430
27,184,592
8,606,695
268,145
7,241,416
520,618
239,045,611
24,628
44,742
53,316
58,813
64,457
354, 661
330,635
269, 914
233, 398
810,206
1,013,553
1,725,564
1,597,154
1,756,507
4,608,699
2,046,643
7,172,315
4,182,705
8/6,612,045
5,917,615
329,241
262,962,944
24,693
43,451
51,719
56,067
61,821
317,576
285,580
239,654
210,052
757,985
1,000,470
1,772,038
1,725,829
1,967,850
5,454,440
2,395,884
10,758,631
4,353,620
8/10,530,430
14,884,050
6,968,526
242,056
Returns with balance sheets 3/ —
Number of returns
Total compiled receipts 4/.
Net inccane 2/ —
By total assets classes: 3/
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 $6,000,000....
$5,000,000 under $10,000,000...
$10,000,000 under $50,000,000..
$60,000,000 under $100,000,000.
$100,000,000 or more
Tax liability:
Income tax 5/
Excess profits taxes 6/.
Dividends paid: 7/
Cash and assets other than own stock 7/.
Corporation's own stock
Total assets 3/ —
By total assets classes: 3/
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 under $10,000,000...
$10,000,000 under $50,000,000..
$50,000,000 under $100,000,000.
$100,000,000 or more
360,243
357,041
334,042
266,615
(Thatisand dollars)
475,330,776
412,103
601,165
1,503,926
1,587,620
1,956,225
5,551,271
2,596,164
7,245,938
3,294,418
20,153,793
44,902,623
19,460,465
2,441,544
11,120,765
1,392,580
3,237,239
5,742,423
15,218,500
16,431,732
16,291,764
61,921,178
34,530,700
86,284,224
41,866,264
334,056,977
616,581,001
426,278,631
377,926
697,873
1,583,591
1,743,870
2,110,460
5,775,187
2,667,721
6,947,211
3,216,482
18,684,058
43,704,379
15,789,124
1,378,526
17,167,650
11,384,344
1,275,934
3,109,279
5,523,800
14,690,700
15,018,543
17,886,753
60,305,769
32,950,356
81,047,128
40,200,666
301,160,682
345,759,287
328,092
512,544
1,265,963
1,323,712
1,604,933
3,986,167
1,682,745
4,627,127
2,321,943
12,404,332
30,157,558
9,688,469
9,314,299
663,256
2,928,563
5,046,969
12,659,891
12,588,840
14,763,629
52,682,371
29,911,144
71,122,007
36,321,304
271,738,641
571,892,876 509,762,359
374,954,342 338,032,949
414,137
656,281
1,648,682
1,756,020
2,013,802
6,217,992
2,597,278
5,743,243
2,564,903
13,178,638
35,790,976
11,771,279
9,207,775
1,006,567
3,077,065
5,193,216
12,816,227
12, 759; 629
14,991,515
53,810,178
31,118,756
70,958,071
34,941,563
268,590,416
498,256,655
469,177
738,923
1,780,196
1,854,660
2,168,571
5,576,262
2,597,143
5,388,913
2,256,804
9,959,064
32,789,713
10,786,777
8,158,493
687,556
3,061,604
4,978,386
11,914,529
11,876,304
14,332,478
52,676,053
29,907,787
67,090,243
32,348,093
234,037,453
462,222,930
261,331,634
650,914
741,778
1,634,267
1,699,506
1,956,014
4,893,536
2,230,286
4,340,505
1,699,622
6,934,206
26,680,636
8,447,187
263,246
',134,624
515,824
3,019,887
4,489,292
10,340,778
10,462,740
12,894,875
48,810,390
27,531,276
62,338,534
29,660,167
207,296,119
416,844,058
236,749,921
402,439
440,064
932,867
994,883
1,265,962
3,592,722
1,761,587
3,949,629
1,540,037
7,064,743
21,944,924
4,139,898
9/6,561,786
5,861,849
326,544
2,629,990
3,520,096
7,960,522
8,279,878
10,917,242
43,928,294
25,749,566
61,373,517
28,181,256
223,300,079
415,860,443
385,997
409,192
933,921
1,056,493
1,364,665
4,113,464
2,111,793
4,790,348
1,994,889
9,717,197
26,879,959
4,312,460
a/10,456,619
5,882,664
230,038
2,486,147
3,159,992
7,348,260
7,943,272
10,826,664
41,961,149
23,416,715
56,861,552
27,606,771
218,176,348
399,673,868
For footnotes, see pp. 192-19^, For extent to which data for 1951 are estimated, see pp. 3-5.
CORPORATION INCOME TAX RETURNS, 1944-1951
171
Table 12 — COBPORATION RETURNS,
1944-1951, BY INCOf« AND DEFICIT STATUS: NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOhE CR DEFICIT, TAXES, DIVIDENDS PAID, AND
TOTAL ASSETS - Continued
Net incane, deficit, and total assets classes,
selected Itema - Continued
1951 1/
Returns with no net Inccme:
All returns —
Number of returns
u
Total canpiled receipts 4/
Deficit y—
By deficit classes: 2j
Under $1,000
81,000 under $2,000
$2,000 under $3,000
$3,000 under $4,000
$4,000 under $6,000
$6,000 under $10,000..
$10,000 under $15,000.
$15,000 under $20,000.
$20,000 under $25,000.
$25,000 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 under $10,000,000.
$10,000,000 or more
Total
Dividends paid: Ij
Cash and assets cttler than own stock 7/.
Corporation's own stock
198,383
(Thottaand dollni
37,795,732
28,075
40,779
40,472
40,605
37,978
161,787
126,616
90,065
70,770
232,722
221,635
231,123
132,575
121,806
167,862
18,613
24,100
1,787,583
118,768
33,354
27,203
38,341
39,931
38,817
36,858
153,205
113,002
85,699
64,547
196,476
181,533
176,154
92,736
88,902
117,572
5,003
69,458
1,527,437
98,208
13,552
28,496
41,436
45,261
45,293
45,039
193,529
150,867
119,261
95,529
301,025
275,754
293,903
185,025
155,283
234,513
70,820
100,646
2,381,680
160,027
25,200
31,656,177 24,471,727
25,746
35,519
38,078
37,916
36,031
156,702
117,762
92,688
72,749
232,766
219, 384
236,550
151,415
116,864
175,283
49,666
61,107
107,639
15,676
22,651
30,222
31,108
M,237
29,680
121,918
94,023
70,682
56,709
188,284
181,875
216,576
148,083
155,639
239,797
112,153
226,926
142,925
6,333
18,822
22,848
21,876
20,648
19,060
77,606
58,399
44,787
38,571
123,661
137,131
197,498
162,760
151,709'
368,590
123,965
403,775
255,317
6,627
18,377
19,778
18,164
16,000
14,283
54, 951
39,833
32,606
27,296
88,812
95,165
123,023
97,148
90,116
155,962
46,828
87,904
163,152
5,194
123,563
19,992
20,945
18,447
16,116
14,123
56,191
39,235
X,215
24,175
61,831
81,268
106,471
69,660
63,745
102,426
12,106
62,315
88,517
5,139
Returns with balance sheets ^ —
Number of returns
Total compiled receipts 4/.
Deficit 2/—
By total assets classes: 3/
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 under $10,000,000...
$10,000,000 under $50,000,000..
$50,000,000 under $100,000,000.
$100,000,000 or more
Total
Dividends paid: 7/
Cash and assets other than own stock 7/.
Corporation's own stock
Total assets 2/ —
By total assets classes: ^
Under $60,000
$50,000 under $100,000
$100,000 under $250,000...
$260,000 under $500,000...
$500,000 under $1,000,000.
$1,000,000 under $5,000,000
$5,000,000 under $10,000,000...
$10,000,000 under $50,000,000..
$50,000,000 under $100,000,000.
$100,000,000 or more
Total.
166,777
(Thousand dollars)
36,516,659
327,053
177,606
261,009
177,032
161,635
281,519
94,459
98,234
33,441
47,892
1,659,880
98,121
32,815
2,061,621
1,982,310
3,496,660
2,898,482
2,915,740
6,675,179
2,486,847
4,221,581
2,242,297
1,962,864
30,942,581
26,244,580
318,553
160,265
213,259
139,773
121,666
228,495
56,348
78,555
27,760
39,150
86,385
13,131
1,972,202
1,793,636
2,995,874
2,346,292
2,452,006
5,149,497
1,817,102
3,629,095
1,354,430
2,965,337
26,476,370
41,876,293
409,209
224,887
327,966
217,954
212,475
352,485
129,996
178,224
106,633
56,622
150,193
24,676
2,230,873
2,130,605
3,775,977
2,976,121
3,139,678
6,615,688
2,472,245
4,689,745
2,635,198
3,131,182
33,799,312
30,476,248 23,487,813
360, 668
186,084
261,093
179,259
166,297
266,412
70,322
122,860
69, 998
34,317
96, 973
15,351
1,929,454
1,755,263
3,015,860
2,385,848
2,370,146
4,987,171
1,942,412
4,086,736
2,227,067
2,179,403
26,879,360
291,610
149,563
205,955
154,070
142,068
263,853
88,151
230,520
123,037
125,545
1,774,372
126,474
7,988
1,599,237
1,397,736
2,391,796
1,965,319
1,960,221
4,490,676
2,042,326
4,696,654
3,391,644
8,454,304
32,392,113
22,585,770
188,036
92,552
139,421
115,933
118,661
288,612
111,734
266,239
124,798
424,297
1,860,183
242,983
6,722
1,176,053
1,001,560
1,762,773
1,634,576
1,689,778
4,564,263
2,095,972
5,557,075
2,796,836
15,692,107
37,861,115
15,886,409
134,818
63,675
95,748
81,321
72,222
165,342
57, 370
81,556
31,951
146,947
930,949
147, 259
5,113
1,017,670
858,750
1,645,819
1,385,628
1,519,614
3,979,107
1,841,811
3,961,333
1,653,026
7,837,065
25,600,826
129,063
58,682
85,550
65,156
64,063
121,234
54,650
59,853
25,494
2,204
667,166
74,387
4,606
1,043,090
890,333
1,615,904
1,378,958
1,564,247
4,155,937
1,868,713
3,398,879
1,447,250
1,266,907
18,650,a9
For footnotes, see pp. 192-194, For extent to which data for 1951 are estijiated, see pp. 3-5.
.323516 0—55-
-12
172
CORPORATION INCOME TAX RETURNS, 1944-1951
Table 13.— CORPORATION RETURNS, 1944-1951: NUMBER OF RETURNS, COMPILED RECEIPTS, COMPILED DEDUCTIONS.
DIVIDENDS PAID
COMPILED NET PROFIT OR NET LOSS, NET INCOME OR DEFICIT, TAXES,
1951 V
All returns of active corporations:
Number of returns
Receipts:
Gross sales 10/
Gross receipts from operations 11/
Interest on Government obligations (less amortizable
bond premium) :
Wholly taxable 12/
Subject to surtax only 1^
Wholly tax-exempt 14/
Other interest
Rents 15/
Royalties 16/
Excess of net short-teim capital gain over net long-term
capital loss. 17/
Excess of net long-term capital gain over net short-term
capital 1033,17/
Net gain, sales other than capital assets 16/
Dividends, domestic corporations 19/
Dividends, foreign corporations
Other receipts 2^
Total compiled receipts 21/.
Deductions:
Cost of goods sold 22/
Cost of operations 22/
Compensation of officers 2^...
Rent paid on business property.
Repairs 24/
Bad debts
Interest paid
Taxes paid 25/
Contributions or gifts 26/.
Depreciation
Depletion
Amortization 27/
Advertising
Amounts contributed under pension plans, etc. 28/.
Net loss, sales other than capital assets 18/
Other deductions 2^/
Total compiled deductions.
Compiled net profit or net loss (16 less 33) .
Net income or deficit 2/ (34 less 6)
Net operating loss deduction 30/
Income tax 5/
Excess profits taxes 6/
Compiled net profit less total tax (34 less 39) ,
Dividends paid: 7/
Cash and assets other than own stock 7/
Corporation's own stock
421,922
75,281
1,549
149
254
5,272
4,038
501
32
1,390
467
2,377
629
3,178
323,441
43,110
8,122
4,222
4,731
757
3,701
11,031
343
8,829
2,085
292
4,553
2,327
284
55,413
473,240
43,600
43,546
402
19,623
2,459
22,082
11,299
1,429
(Hi I lion doltars)
374,406
65,476
1,654
176
218
4,557
3,562
468
32
1,097
539
2,460
644
2,942
264,699
36,658
7,607
3,666
3,750
755
3,212
9,013
252
7,866
1,709
43
4,097
1,661
223
49,994
416,299
42,831
42,613
345
15,929
1,387
17,317
11,553
1,292
320,598
56,659
1,493
211
192
4,021
3,147
473
25
389
2,162
452
2,729
247,311
32,236
6,743
3,641
3,533
625
3,045
8,361
223
7,191
1,476
31
3,773
1,216
227
45,233
365,063
28,387
23,195
196
9,669
684
339,081
56,484
1,477
230
163
3,557
3,057
452
22
627
365
2,194
382
2,675
261,404
32,820
6,733
3,525
3,826
712
2,759
7,462
239
6,299
1,711
39
3,466
1,153
239
43,970
376,378
34,588
34,425
204
11,920
9,386
1,025
304,296
49,498
1,567
254
192
2,946
2,841
373
24
901
323
1,882
341
2,308
234,300
28,205
6,026
3,245
3,408
685
2,501
6,893
241
5,220
1,210
59
3,032
1,038
325
39,741
336,130
31,615
31,423
184
8,365
701
234,924
40,763
1,740
266
206
2,494
2,585
290
39
1,173
298
1,713
254
2,210
179,769
23,273
5,143
2,823
2,716
352
2,251
5,831
214
4,202
799
64
2,406
835
240
32,636
263,555
25,399
25,193
140
8,607
268
6,675
7,497
527
421,125
203,576
40,455
1,502
31/307
207
2,225
2,358
254
44
879
183
1,418
134
1,907
255,446
157,377
22,666
4,118
2,558
2,624
277
2,308
5,585
266
3,977
693
1,951
1,923
766
464
26,550
234,102
21,345
21,139
.114
4,183
8/6,612
10,795
6,061
334
412,467
209,536
42,696
1,100
31/351
242
2,167
2,115
247
25
403
140
1,429
145
1,584
161,198
24,312
3,759
2,487
2,575
336
2,288
5,965
234
3,950
712
961
504
26,353
26,547
2G,304
149
4,354
8/10,531
11,663
6,057
247
For footnotes, see pp. 192-19A. For extent to which data for 1951 are estimated, see pp. 3-5.
CORPORATION INCOME TAX RETURNS, 1944-1951
173
Table 13.— CQRPQRAIION REIURIE, 1944-19S1: NUMBER OF RETURNS, COMPILED RECEIPTS, COMPILED DEDUCTIOrE, COMPILED NET BIOFIT CR MET LOSS, NET INCCME CR DEFICIT, TAXES, AMD
DIVIDENDS PAID - Continued
Itema
Returns with net Income : if
NujDber of returns
Receipts:
Gross sales 10/
Gross receipts from operations 11/
Interest on Government obligations (less anortlzable
bond preniium) :
Uholly taxable V^J
Subject to surtax only 13/
Wholly tax-exempt 14/
Other interest
Rants 15/
Royalties !§/
Excess of net short-term capital gain over net long-
term capital loss. 17/
Excess of net long-term capital gain ever net short-
term capital loss. 1^
Net gain, sales other than capital assets 18/.
Dividends, domestic corporations Ig/
Dividends , foreign corporati ons
Other receipts 22/
Total canpiled receipts 21/.
Deductions:
Cost of goods sold 22/
Cost of operations 22/
Compensation of officers 2^...
Rent paid on business property.
Repairs 24/
Bad debts
Interest paid
Taxes paid 25/
Contributions or gifts 26/.
Depreciation
Depletion
Amortization 27/
Advertising
Amcunts contributed under pension plans, etc. 28/.
Net loss, sales other than capital assets 18/
Other deductions 29/
Total compiled deductions.
Compiled net profit (16 less 33) ,
Net Incaie 2/ (34 less 6)
Net operating loss deduction 30/.
Income tax 5/
Excess profits taxes 6/.
Compiled net profit less total tax (34 less 39).
Dividends paid: 7/
Cash and assets other than own stock 7/
Corporation's own stock
1951 i/
439,047
392,768
67,901
1,518
147
248
6,204
3,385
471
29
1,320
404
2,347
628
2,864
295,193
38,792
7,070
3,629
4,460
662
3,236
10,288
341
8,011
2,005
286
4,155
2,270
180
49,084
433,663
45,581
45,333
402
19,623
2,469
23,499
11,180
1,396
384,772
395,860
{tmtitm datlmtm}
354,254
59,154
1,530
175
215
4,491
3,093
437
29
1,056
483
2,440
640
2,666
430,688
268,174
32,626
6,741
3,377
3,524
658
2,809
8,405
250
7,146
1,650
41
3,810
1,623
95
46,402
386,332
44,356
44,141
345
15,929
1,387
11,455
1,279
264,631
50,659
1,473
210
189
3,927
2,712
445
22
645
334
2,139
445
2,336
350,169
217,267
28,156
5,522
2,960
3,216
681
2,566
7,602
220
6,244
1,366
27
3,292
1,171
82
38,988
319,403
30,766
30,577
196
9,817
9,617
9,409
659
313,505
51,363
1,454
228
157
3,470
2,660
429
19
767
300
2,173
379
2,395
239,640
29,425
5,838
3,060
3,596
604
2,374
6,912
236
5,666
1,666
34
3,171
1,121
105
39,433
342,879
36,4X
36,273
204
24,510
9,279
1,009
267,632
42,685
1,526
246
167
2,850
2,446
342
22
647
269
1,838
335
2,047
343,274
220,467
24,123
5,338
2,761
3,206
658
2,076
6,245
236
4,622
1,164
50
2,773
976
90
35,016
309,705
33,568
33,381
164
8,222
692
220,456
32,853
1,702
259
200
2,412
2,159
259
34
1,U6
260
1,631
251
2,002
265,597
167,566
17,837
4,634
2,268
2,371
280
1,747
5,096
211
3,660
753
39
2,220
764
95
28,672
238,212
27,366
27,185
140
6,607
266
7,241
521
303,019
193,042
35,300
1,476
^M2
202
2,160
1,999
234
163
1,388
132
1,763
148,747
19,407
3,732
2,237
2,361
220
1,949
5,066
263
3,531
610
1,C49
1,826
744
215
24,122
216,679
22,367
22,165
114
4,183
8/6,612
10, 795
11,572
5,916
329
288,904
203,556
40,060
1,079
3£/344
233
2,122
1,784
229
22
388
116
1,407
146
1,474
156,264
22,6U
3,416
2,»6
2,456
256
2,020
5,646
233
3,671
661
959
260
24,636
27,357
27,124
4,354
S/10,531
12,473
5,969
242
For footnotes, see pp. 192-19";. For extent to which data for 1951 are estimated, see pp. 3-5.
174
CORPORATION INCOME TAX RETURNS, 1944-1951
Table 14 CORPORATION RETURNS WITH BALANCE SHEETS, 1944-1951: NUMBER OF RETURNS, ASSETS, LIABILITIES, COMPILED RECEIPTS, COMPILED DEDUCTIONS. COMPILED NET HIOFIT CR NET LOSS,
NET INCOME CR DEFICIT, TAXES, AND DIVIDENDS PAID
1951 1/
All returns of active corporations :
Number of returns with balance sheets 33/ .
Assets:
Cash 34/
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations 35/
Other investments 36/
Gross capital assets 37/ (except land)
Less: Reserves
Land
Other assets 38/
Total assets ^
Liabilities;
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than I year
Maturity 1 year or more
Other liabilities 3^/
Capital stock, preferred
Capital stock, common 40/
Surplus reserves
Surplus and undivided profits 41/
Less: Deficit 42/
Total liabilities Zj
Receipts:
Gross sales 10/
Gross receipts from operations 11/
Interest on Government obligations (less amortizable
bond premium) :
Wholly taxable 12/
Subj ect to surtax only 13/
Wholly tax-exempt 14/
Other interest
Rents 15/
Royalties 16/
Excess of net short-term capital gain over net long-
term capital loss. 17/
Excess of net long-term capital gain over net short-
term capital loss. 17/
Net gain, sales other than capital assets 16/.
Dividends, domestic corporations 19/
Dividends, foreign corporations
Other receipts 20/
Total canpiled receipts 21/.
Deductions:
Cost of goods sold 22/
Cost of operations 22/
Compensation of officers 23/. . .
Rent paid on business property.
Repairs 24/
Bad debts
Interest paid
Taxes paid 25/
Contributions or gifts
Depreciation
Depletion
Amortization 27/
Advertising
Amounts contributed under pension plans, etc. 28/.
Net loss, sales other than capital assets 18/
Other deductions 29/
Total compiled deductions.
Compiled net profit or net loss (37 less 54).
Net income or deficit ?J [55 less 27)
Net operating loss deduction 30/
Inccme tax 5/
Excess profits taxes ^ .
Compiled net profit less total tax (55 less 60).
Dividends paid: 7/
Cash and assets other than own stock 7/
Corporation' s own stock
76,863
121,054
1,740
63,776
108,939
104,883
227,882
78,787
10, 2X
14,434
647,524
33,362
19,240
72,835
283,058
15,595
82,804
12,739
135,310
7,411
647,524
418,056
74,317
1,535
146
253
5,229
3,911
481
31
1,331
446
2,361
628
3,132
320,462
42,584
7,979
4,161
4,683
744
3,646
10,904
341
8,733
2,066
291
4,613
2,319
258
54,670
468,354
43,495
43,243
19,460
2,442
11,219
1,425
i»illion dollars)
71,018
110,527
1,613
54,496
109,822
96,760
209,098
74,283
9,876
12,674
598,369
31,298
15,845
65,719
261,899
14,906
79,310
12,410
124,951
7,968
370,249
64,417
1,538
175
217
4,520
3,433
456
31
1,036
491
2,434
641
2,884
281,415
35,958
7,457
3,798
3,708
745
3,154
6,899
250
7,764
1,892
43
4,042
1,656
191
49,229
409, 988
42,535
42,319
332
15,789
1,379
11,471
1,289
63,864
86,966
1,440
44,726
110,969
91,152
195,024
68,988
9,581
11,709
543,562
24,896
11,601
61,851
236,716
15,365
78,944
11,178
111,078
543,562
316,257
55,748
1,476
210
189
3,987
3,025
461
24
665
360
2,126
448
2,658
244,008
31,577
6,604
3,561
3,496
810
2,985
8,235
220
7,064
1,427
30
3,711
1,196
190
44,391
369,505
28,130
27,941
187
9,688
18,442
9,464
678
65,737
85,896
1,299
48,293
104,819
84,202
180,562
64,225
9,313
11,838
525,136
25,302
12,225
57 , 326
232,064
14,957
76,774
11,345
102,262
8,118
525, IX
334,988
55,334
1,465
230
162
3,529
2,937
438
21
781
339
2,149
375
2,623
258,169
32,236
6,594
3,462
3,785
700
2,697
7,368
237
6,201
1,699
39
3,429
1,143
208
43,214
34,248
34,086
195
11,771
9,X5
1,022
76,863
904
44,009
108,774
78,363
163,744
60,664
9,115
10,946
494,615
25,537
11,289
50,106
227,114
15,007
72,463
11,303
90,101
8,X7
494,615
299,771
48,175
1,556
263
192
2,920
2,690
364
23
818
300
1,860
340
2,259
230,769
27,377
5,693
3,127
3,341
675
2,429
6,742
238
5,124
1,201
58
2,986
1,031
264
39,054
3X,314
31,207
31,015
176
10,787
8,285
696
58,502
62,143
773
36,965
109,910
77,089
148,968
57,421
8,782
10,541
454,705
21,336
9,504
44,968
214,283
14,857
68,334
11,004
76,836
8,416
454,705
231,044
39,940
1,723
263
204
2,462
2,469
283
1,105
278
1,691
252
2,167
283,917
176,770
22,762
5,033
2,765
2,670
344
2,198
5,734
211
4,131
778
63
2,355
627
200
32,033
258,893
25,025
24,820
132
8,447
263
7,378
523
57,717
52,274
644
26,067
129,935
74,026
138,444
54,668
8,282
10,029
441,461
17,455
7,208
40,987
221,286
14,764
64,747
11,057
72,528
8,571
441,461
201,546
39,910
1,491
43/305
206
2,206
2,257
248
42
836
175
1,401
134
1,879
155,828
22,359
4,034
2,515
2,597
269
2,258
6,514
264
3,921
679
1,931
1,907
764
415
26,161
231,417
21,220
21,014
109
4,140
i/6,562
6,009
332
363,056
52,783
48,567
672
26,476
111,219
74,392
137,020
50,223
8,331
10,431
I
418,324
17,805
7,056
42,454
200,550
15,112
64,785
12,200
67,557
9,195
418,324
207,008
42,121
1,092
42/348
241
2,165
2,017
240
132
1,407
145
1,554
159,193
23,966
3,667
2,444
2,542
326
2,236
5,885
232
3,891
435
25,919
26,454
26,213
142
4,312
2/10,457
5,957
235
For footnotes, see pp. 192-194. For extent to which data for 1951 are estimated, see pp. 3-5.
CORPORATION INCOME TAX RETURNS, 1944-1951
175
Table 14 — CORPORATION RETURIB WITH BALANCE SHEETS,
1944-1951: NUMBER OF RETURNS, ASSETS, LIABILITIES. COMPILED RECEIPTS,
NET imom OR DEFICIT, TAXES, AND DIVIDENDS PAID - Continued
COMPILED DEDUCTIONS, COMPILED NET HIOFIT CE NET LCSS,
1951 i/
Returns with net Income:
Number of returns with balance sheets 33/.
Assets:
Cash 34/
Notes and accounts receivable
Less: Reserve for bad debts
Inventories
Investments, Government obligations 35/
Other investments 36/ ,
Gross capital assets 37/ (except land)
Less: Reserves
Land
Other assets 38/
Total assets Z/
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities 39/
Capital stock, preferred
Capital stock, ccmmon 40/
Surplus resei^es
Surplus and undivided profits 41/
Less; Deficit ig/
Total liabilities 3/
Receipts:
Gross sales 10/
Gross receipts from operations 11/
Interest on Government obligations (less amortizable
bond premium) :
WhoUy taxable 12/
Subj ect to surtax only 13/
Wholly tax-exempt 14/
Other interest
Rents 15/
Royalties 16/
Excess of net short-term capital gain over net long-
term capital loss. 17/
Excess of net long-term capital gain over net short-
term capital loss. 17/
Net gain, sales other than capital assets 18/.
Dividends, domestic corporations 19/
Dividends, foreign corporations
Other receipts 20/
Total compiled receipts 21/ .
Deductions:
Cost of goods sold 22/
Cost of operations 22/
Compensation of officers 2^..,
Rent paid on business property.
Repairs 24/
Bad debts
Interest paid
Taxes paid 25/
Contributions or gifts 26/.
Depreciation
Depletion
Amortization 27/
Advertising
Amounts contributed under pension plans, etc. 28/.
Net loss, sales other than capital assets 18/
Other deductions 29/
Total compiled deductions.
Ccmpiled net profit (37 less 54).
Net income 2/ (55 less 27)
Net operating loss deduction 30/.
Income tax 5/
Excess profits taxes §/ ,
Compiled net profit less total tax (55 less 60) .
Dividends paid: 7/
Cash and assets other than own stock 7/
Corporation' s own stock
414,856
74,893
116,505
1,641
59,280
107,249
101,946
209, 985
73,369
8,659
13,075
616,681
29,315
16,396
63,157
278,336
14,518
75,576
12,347
129,755
2,820
616,581
389,789
67,271
1,506
146
246
5,171
3,300
452
28
1,264
387
2,321
627
2,822
296, 919
38,460
6,975
3,596
4,425
657
3,206
10,194
339
7,946
1,987
285
4,128
2,263
178
48,623
430,182
45,149
44,903
19,460
2,442
11,121
1,393
(Hillian dotUra)
69,316
106,655
1,536
51,593
108,649
19;
93,969
'^ 817
69,408
8,388
11,450
571,693
27,877
13,660
56,808
267,835
13,775
72,635
U,757
120,443
2,896
571,893
350,656
58,450
1,517
174
214
4,466
3,011
427
28
441
2,415
637
2,643
265,506
32,250
6,641
3,341
3,498
662
2,777
8,326
248
7,077
1,634
41
3,767
1,617
92
44,896
382,360
43,919
43,704
332
15,789
1,379
U,384
1,276
61,612
81,798
1,298
39,543
109,842
87,986
174,470
62,131
7,905
10, IX
609,762
20,800
9,352
52,091
232,324
13,720
69,894
10,601
103,727
2,647
609,762
281,312
49,866
1,458
209
167
3,903
2,629
435
21
613
X9
2,105
441
2,280
214,823
27,684
5,437
2,933
3,194
674
2,532
7,606
217
6,150
1,339
27
3,244
1,162
79
38,423
315,415
X,344
X,158
187
9,314
653
63,733
81,883
1,199
44,714
103,243
81,432
166,981
59,944
7,828
10,585
498,267
23,024
9,945
49,748
227,016
13,661
69,603
10,766
97,411
2,916
498,257
310,249
60,638
1,444
228
167
3,452
2,573
417
18
743
281
2,130
372
2,354
374,964
339,007
35,948
35,791
195
11,771
9,208
1,007
61,983
73,U4
831
40,763
106,091
73,760
146,931
55,457
7,706
9,144
462,223
22,127
9,324
41,122
220,061
13,754
64,229
10,554
84,172
3,121
462,223
283,734
41,647
1,516
246
187
2,836
2,338
336
20
766
249
1,818
334
2,009
338,033
237,119
217,464
28,997
23,478
6,743
5,244
3,022
2,667
3,569
3,162
598
653
2,337
2,030
6,826
5,126
234
235
5,593
4,560
1,655
1,166
34
50
3,144
2,740
1,112
971
103
89
38,920
34,662
55,762
58,429
669
33,122
107 , 960
71,761
124,948
50,084
7,363
8,232
416,844
18,061
7,903
34,141
208, U5
13,381
58,606
9,873
70,277
3,501
416,844
217,059
32,252
1,686
256
199
2,390
2,082
253
32
1,062
243
1,612
249
1,966
164,981
17,484
4,564
2,229
2,338
277
1,719
6,024
208
3,606
733
37
2,171
757
93
28,241
32,976
32,790
176
22,190
6,156
234,462
26,880
26,681
132
8,447
263
6,710
7,135
516
281,244
65,674
49,799
592
24,464
128,084
70,315
121,053
48,496
6,676
6,882
415,660
15,399
6,100
33,434
216,369
13,417
57,692
10,463
66,866
3,879
415,860
191,286
34,932
1,468
44/300
201
2,149
1,938
229
157
1,371
132
1,743
236,750
147,423
19,212
3,673
2,209
2,342
216
1,923
6,016
261
3,489
598
1,630
1,813
741
210
23,648
214,604
22,146
21,945
109
4,140
9/6,562
5,862
327
266,615
51,275
46,624
614
25,716
109,191
71,231
127,006
47,078
6,571
9,763
399,674
16,298
5,925
36,842
195,660
13,935
59,692
11,733
64,292
4,602
399,674
201,301
39, 679
1,072
44/343
232
2,109
1,734
224
21
371
112
1,386
144
1,450
250,180
154,605
22,606
3,352
2,278
2,431
253
1,994
5,591
2X
3,628
648
952
247
24,352
27,112
26,880
142
4,312
S/10,457
12,343
For footnotes, see pp. igs-ig-l. For extent to which data for 1951 are estimated, see pp. 3-5.
176
CORPORATION INCOME TAX RETURNS, 1944-1951
Table 15.— CORPORATION RETURNS, 1944-1951, BY I-IAJOR INDUSTRIAL CfftOUPS AND BY INCOME AND DEFICIT STATUS: NUMBER OF RETURNS, TOTAL COMPIIZD RECEIPTS, NET INCOME OR DEFICIT,
AND TAXES
Major industrial groups, 45/ selected items
1951 ]/
ALL INDUSraiAL GROUPS
Total number of returns of active corporations:
With net income £/
With no net income £/
Retiirns with net income: £/
Total compiled receipts 4/.
Net income £/
Total tax.
Income tax 5/
Excess profits taxes fi/. .
Returns vdth no net income: 2/
Total compiled receipts y . .
Deficit ^
Total number of retm-ns of active corporations:
With net income S/
With no net income 2/
Returns with net income: £/
Total compiled receipts i/-
Net income ^
Income tax £/
Excess profits taxes fi/. ,
Retiu'ns uith no net income :
Total compiled receipts
Deficit 2/
^.
FARMS AND AGRICULTURAL SERVICES
Total number of returns of active corporations:
Wi th net income ^
With no net income 2/
Returns uith net income: £/
Total compiled receipts i/-
Net income £/
Total tax.
Income tax 5/
Excess profits taxes £/.
Returns with no net income:
Total compiled receipts
Deficit g/
s v..
Total number of returns of active corporations:
With net income 2/
With no net income 2/
Returns with net income: 2/
Total compiled receipts i/ . .
Net income £/
Income tax 5/
Excess profits taxes £/.
Returns with no net income:
Total compiled receipts
Deficit g/
^.
Total number of returns of active corporations:
Uith net ijicome ^
With no net income ^
Returns with net income : g/
Total compiled receipts 4/-
Net income £/
Income tax 5/
Excess profits taxes £/.
Returns with no net income: ^
eipts 4/. .
Total compiled receipts ;
Deficit £/. .
439,047
213,329
426,283
203,031
384,772
230,070
395,860
198,383
382,531
169,276
359,310
131,842
303,019
118,106
(Thousand dollars}
TOTAL AGRICUUURE, FORESTRY, AND FISHERY
479,243,451
45,333,173
22,082,117
19,623,441
2,458,676
37,795,732
1,787,563
5,389
3,346
430,687,780
44,140,741
15,929,488
1,387,444
27,442,289
1,527,437
2,192,596
268,619
102,372
4,786
274,787
29,702
6,022
3,006
2,120,960
276,046
103,462
98,748
4,714
245,928
26,846
148
87
35,424
9,542
2,667
20
7,620
267
219
252
36,212
3,031
957
52
21,239
2,589
5,039.
3,261
350,168,722
X, 576, 517
9,817,308
9,817,308
43,280,970
2,361,660
4,312
3,694
379,
36,
309,471
273,250
920,260
920,260
656,177
848,226
4,553
3,141
343,
33,
273,851
381,291
981,482
981,482
471,727
968,563
4,444
2,885
265,
27,
597,448
184,592
8,874,840
,606,696
268,145
356,789
991,706
4,260
2,403
045,611
165,206
10,794,750
:, 182, 705
1,612,045
402,141
026,250
(Thousand dollars)
1,907,678
320,571
97,462
5,317
223,287
26,074
4,648
2,913
1,616,005
209,591
66,637
66,637
266,205
32,249
4,010
3,326
,642,670
245,694
79,060
79,060
219,272
26,148
4,213
2,606
1,486,572
239,190
76,776
76,778
183,940
23,848
4,103
2,557
1,138,036
205,244
67,955
65,511
2,444
136,560
21,669
3,914
2,127
(Thousand dollars)
1,836,004
305,026
98,451
93,168
5,283
205,791
21,391
196
98
1,568,878
202,056
64,619
64,619
269,754
29,538
139
128
1,582,246
233,092
75,559
75,559
198,577
23,819
157
102
1,424,561
227,600
73,577
73,577
167,299
21,439
189
107
1,078,783
194,311
64,857
62,436
2,421
128,700
19,837
200
121
(Thousand dollars)
37,231
12,994
3,618
3,604
14
3,635
1,629
195
250
23,094
5,481
1,457
1,457
3,723
1,042
163
240
30,280
9,269
2,488
2,488
4,015
657
183
231
35,233
9,208
2,506
2,506
4,243
611
152
221
29,547
7,226
1,883
1,883
1,922
938
146
155
(Thousand dollars)
34,443
2,552
690
20
13,861
3,054
24,033
2,054
561
661
12,728
1,669
30,144
3,333
1,013
1,013
16,680
1,672
26,778
2,382
695
695
12,398
1,798
29,705
3,707
1,215
1,192
23
5,936
894
3,865
2,287
252,1
27,:
893,856
149,692
32,848
30,880
99,516
16,079
3,568
2,069
847,807
142,890
60,779
31,473
29, X6
93,951
13,481
146
116
16,297
2,559
690
34
2,233
2,058
152
102
29
753
4
442
2
224
685
1
540
3
332
541
For footnotes, see pp. 192-194, For extent to rtilch data for 1951 are estimated, see pp. 3-5.
CORPORATION INCOME TAX RETURNS, 1944-1951
177
Table 15 CORPORATION RETURNS, 1944-1951, BY MAJOR INDUSIRIAL GROUPS AND BY INCOME AND DEFICIT STATUS: NUMBER OF RETURNS, TOTAL COMPILH) RECEIPTS, NET INCOME OR DQ'ICIT,
AM) TAXES - Continued
Major industrial groups, 45/ selected Itoma
1951 1/
TOTAL MINING AND QUARRYING
Total number of returns of active corporations:
With net income 2/
With no net income ZJ
Returns with net Income: £/
Total compiled receipts ^ .
Net income ^
Total tax. ,
Income tax ^
Excess profits taxes £/.
Returns with no net income
Total compiled receipts
Deficit y
3 4/..
MINING AND QUARRYING: METAL MINING
Total number of returns of active corporations:
With net Income £/
With no net income Z/
Returns with net income: %/
Total compiled receipts 4/.
Net income %/
Income tax 5/
Excess profits taxes S/.
Returns with no net income:
Total compiled receipts
Deficit £/
/.
MINING AND QUARRYING: ANTHRACITE MINING
Total number of returns of active corporations:
With net income £/
With no net income 2J
Returns with net income: %i
Total compiled receipts 4/.
Net income %/
Income tax fi/
Excess profits taxes fi/.
Returns with no net income: y
Total compiled receipts 4/. .
Deficit gf
MINING AND QUARRYING: BITUMINOUS COAL AND LIGNITE MINING Ig/
Total number of returns of active corporations:
With net Income 2/
With no net income 2/
Returns with net income: g/
Total compiled receipts i/.
Net income £/
Total tax.
Income tax ^
Excess profits taxes fi/.
Returns with no net income: ZJ
Total compiled receipts i
Deficit ij
MININC AND aUARRYINC: OiUDE PEffiOLEOM AND NATURAL CAS
IBODUCTION
Total nujnber of returns of active corporations:
With net income g/
With no net Inccme ^
Returns with net income: 2/
Total compiled receipts ^ .
Net income 2/
Income tax ^
Excess profits taxes fi/.
Returns with no net income: %/
ipts ^ . .
Total compiled receip
Deficit 2/...
4,966
4,070
B, 462, 731
1,226,061
560,737
534,509
26,228
1,228,120
104,990
226
667
1,448,273
321,365
149,382
141,962
7,420
114,051
11,027
114
117
241,951
20,694
4,638
127
272,270
6,189
912
901
2,129,717
139,464
57,096
56,171
925
432,482
25,769
2,436
1,704
3,668,660
610,224
281,627
270,684
10,943
356,284
64,951
5,032
4,024
4,766
4,385
5,503
3,682
4,964
3,340
4,137
3,638
3,694
3,602
(ThouaMfid dollsra)
7,662,486
1,175,237
430,670
16,911
946,072
86,014
209
611
6,863,422
804,661
.267,682
267,682
962,051
108,784
175
655
7,337,631
1,221,626
413,678
413,678
569,364
68,842
230
670
6,652,564
859,644
292,196
292,196
484,039
73,493
224
707
3,746,073
400,656
132,620
131,692
928
564,485
65,816
227
630
3,352,021
299,656
118, 368
86,528
31,840
601,662
57,266
205
643
(ThouaMnd dollarM)
1,234,476
288,234
106,932
106,467
3,465
69,966
6,953
105
113
854,624
151,989
48,334
48,334
111,499
10,416
93
113
1,190,474
282,277
88,281
88,281
84,697
10,823
117
86
922,150
208,177
69,373
69,373
78,432
13,026
102
74
618,887
88,013
26,070
26,061
63,730
11,713
106
71
662,804
79,265
24,U3
2,190
77,655
10,282
(Thtujaand dollars}
384,242
26,095
7,077
6,934
143
118,656
3,933
1,105
691
316,177
21,677
5,263
5,283
116,246
4,448
1,033
1,037
525,375
42,107
12,631
12,631
63,466
2,332
1,434
729
467,092
29,925
9,346
9,346
62,531
2,146
1,371
466
402,036
24,680
8,661
8,594
67
56,471
1,862
1,013
627
318,166
10,264
3,551
2,944
606
53,612
1,966
915
629
(Thtmaand dotlai
2,063,096
180,363
69,426
67,620
1,805
357, 722
17,237
2,369
1,760
1,678,787
122,803
43,038
43,038
348,511
25,480
2,276
1,830
2,642,364
318,597
113,038
113,038
171,980
8,971
2,563
1,424
2,216,763
264,751
90,226
90,225
97,748
6,093
2,191
1,416
1,424,400
89,653
29,976
29,662
203,446
9,016
1,836
1,677
1,347,600
81,412
35,613
24,545
11,067
196,776
10,119
1,722
1,587
(Thouaand dotlara)
3,144,537
539,989
196,226
6,677
355,589
50,064
2,395,858
397,936
131,825
131,825
336,132
60,494
2,362,031
460,206
157,417
167,417
204,496
40,718
1,364,728
263,819
90,221
90,221
209,764
46,447
839,314
128,010
43,366
42,913
463
208,345
37,638
699,821
86,887
31,296
24,481
6,815
224,569
26,753
3,796
3,824
3,480,815
368,601
157,627
99,066
68,461
546,781
61,427
222
645
709,244
110,481
28,229
14,040
68,663
10,823
79
67
327,128
15,682
6,092
4,908
1,185
66,589
1,797
932
652
1,425,746
101,000
48,926
28,368
20,557
177,377
8,263
1,894
1,629
695,385
97,974
26,904
11,001
178,237
22,608
For footnotes, see pp. 192-194. For extent to which data for 1951 are estimated, see pp. 3-5.
178
CORPORATION INCOME TAX RETURNS, 1944-1951
Xable IS.— CORPORATION RETURNS, 1944-1951, BY MAJOR INDUSTRUL GROUPS AND BY INCOME AND DEFICIT STATUS: NUMBER OF RETURNS, TOTAL COMPIIS) RECEIPTS, NET INCOME OR DEFICIT,
AND TAXES - Continued
Major industrial groups, 45/ selected items
1951 1/
MINING AND QUARRYING: NONMETALLIC MINING AND QUARRYING ^
Total number of returns of active corporations:
With net income %/
With no net income 2/
Returns with net income: £/
Total compiled receipts i/. .
Net income Zl
Income tax fj
Excess profits taxes £/.
Returns with no net income
Total compiled receipts
Deficit 2/
s 4/..
CONSTRUCTION
Total number of returns of active corporations:
With net income ZJ
With no net income £/
Returns with net income: £/
Total compiled receipts ^ .
Net income ZJ
Total tax.
Income tax ^
Excess profits taxes £/.
Returns with no net income: ^
Total compiled receipts i/. .
Deficit Z/
TOTAL MANUFACTURING
Total number of returns of active corporations:
With net income %J
With no net income %/
Returns with net income: %/
Total compiled receipts ^ .
Net income %/
Total tax. ,
Income tax ^
Excess profits taxes £/.
Returns with no net income:
Total compiled receipts
Deficit 2/
^.
MANUFACTURING: BEVERAGES
Total number of returns of active corporations:
With net income £/
With no net income Zj
Returns with net income: 2/
Total compiled receipts i/.
Net income %J
Total tax.
Income tax 5/
Excess profits taxes [
Returns with no net income: j
Total compiled receipts %
Deficit 2/
MANUFACTURING: FOOD AND KINDRED HIODUCTS
Total number of returns of active corporations:
With net income Zj
With no net income Zj
Returns with net income: ZJ
Total compiled receipts 4/, ,
Net income g/
Income tax 5/
Excess profits taxes £/.
Returns with no net income;
Total compiled receipts
Deficit 2/
/.
1,278
681
1,244
649
1,189
750
1,159
673
1,066
677
955
633
767
660
( Thousand dollars)
974,130
133,314
61,054
6,813
53,033
7,064
19,764
9,829
636,137
140,556
54,324
4,921
44,139
6,827
17,868
9,826
717,976
110,156
39,202
39,202
60,664
7,946
16,290
9,456
717,397
118,638
42,311
42,311
44,725
5,998
16,155
7,326
591,831
92,872
33,030
33,030
35,564
5,781
14,353
5,934
460,436
70,299
24,548
24,462
32,493
5,587
11,161
323,630
42,828
10,446
11,162
49,060
8,149
7,811
4,023
(Thousand dollars)
12,360,392
652,506
263,796
28,649
1,679,701
93,128
80,877
39,319
9,963,007
651,035
246,711
228,683
18,028
1,598,772
89,018
79,186
36,686
8,676,131
591,250
200,106
200,106
1,241,459
73,737
68,317
48,963
i, 518, 903
625,246
210,111
210,111
870,132
48,226
73,638
43,108
5,367,029
430,150
139,873
139,873
680,976
38,511
74,612
37,572
3,732,496
269,994
83,675
82,883
792
588,065
37,916
72,567
25,564
2,458,988
146.070
62,134
28,480
33,653
488,966
33,451
61,680
17,432
(Thousand dollars)
241,630,606
25,492,126
12,088,130
2,076,333
13,475,918
630,291
1,666
1,201
210,033,648
24,223,918
10,636,866
9,564,912
1,071,954
10,269,289
602,383
1,773
1,405
167,634,041
15,342,017
5,497,256
6,497,265
19,812,782
1,096,161
1,786
1,581
186,981,909
18,928,473
6,821,585
6,821,685
14,029,497
814,485
1,761
1,627
171,416,746
17,616,231
6,319,452
6,319,452
8,907,948
864,264
1,927
1,296
126,928,639
12,680,628
4,468,311
159,704
10,492,919
966,664
2,225
639
133,402,830
10,676,648
6,112,228
1,947,769
4,164,458
7,881,133
326,331
2,032
609
(Thousand dollars)
,636,431
477,685
243,149
231,443
11,706
497,466
27,824
7,095
3,905
6,170,177
492,332
204,756
195,933
8,823
428,422
30,219
7,158
3,842
4,957,037
471,046
171,910
171,910
497,423
37,912
7,056
4,263
4,820,625
610,994
189,181
189,181
516,677
43,043
6,931
4,264
4,475,420
501,375
185,783
186,783
467,696
45,129
7,300
3,542
4,667,147
612, 381
197,672
179,549
18,123
169,426
9,741
8,058
1,784
4,272,086
418,168
73,984
181,796
163,861
9,323
7,081
1,647
(Thousand dollars)
32,401,394
1,247,020
623,485
587,066
36,419
3,503,176
74,752
28,058,709
1,443,626
573,938
37, 2U
4,001,496
55,416
23,644,861
1,181,586
428,965
428,965
6,266,668
107,860
26,177,784
1,222,361
443,412
443,412
6,408,370
114,355
29,005,471
1,479,709
537,398
537,898
1,636,532
80,542
22,868,852
1,672,586
585,572
562,204
23,368
635,480
28,740
18,603,256
1,010,275
656,289
222,832
333,456
955,350
23,794
For footnotes, see pp. 192-19^. For extent to which data for 1951 are estimated, see pp. 3-5.
CORPORATION INCOME TAX RETURNS, 1944-1951
179
Table 15.— CORPORATION RETURNS, 1944-195X, BY MAJOR INDUSIRIAL CROUPS AND BY INCOME AND DEFICIT STATUS: NUMBER OF RETURNS, TOTAL COMPILID RECEIPTS, NET INCOME OR DEFICIT,
AND TAXES - Continued
Major Induatrial groups, 4^ selected items
MANUFACTURING: TOBACCO MANUFACTURES
Total number of returns of active corporations:
With net income 2/ ,
With no net Income Z/
Returns with net income: £/
Total compiled receipts 4/.
Net income £/
Income tax £/
Excess profits taxes £/.
Returns with no net Income: ^
I v..
19S1 1/
Total compiled receipts ;
Deficit 2/.
MANUFACTURING: TEXTILE-mU. ffiODXTS
Total number of returns of active corporations:
With net income g/
With no net income "^
Returns with net income: i/
Total compiled receipts ^ .
Net income £/
Income tax £/
Excess profits taxes ^ .
Returns with no net income: Z/
Total compiled receipts 1/..
Deficit 2/
MANIFACTURING: APPAREL AND PRODUCTS MADE FROM FABRICS
Total number of returns of active corporations:
With net income £/
With no net Income 2/
Returns with net income: £/
Total compiled receipts 4/.
Het income 2/
Income tax £/
Excess profits taxes fi/.
Returns with no net income: ^
Total compiled receipts -
Deficit 2/.
MANUFACTURING: LUMBHl AND WOOD HiODUCTS, EXCEPT FURNITURE Jfi/
Total number of returns of active corporations:
With net income 2/
With no net income 2/
Returns with net income: 2/
Total compiled receipts i/ ,
Net income 2/
Income tax £/
Excess profits taxes fi/.
Returns with no net income: 2/
li/...
Total compiled receipts ;
Deficit 2/.
MANWACTURING: FURNITURE AUD FIXTURES ig/
Total number of returns of active corporations:
With net income 2/
With no net income 2/
Returns with net income: 2/
Total compiled receipts ^ .
Net income 2/
Income tax £/
Excess profits taxes £/.
Returns with no net income: ^
Total compiled receipts V. .
Deficit 2/.
127
63
3,391,809
296,701
166,263
147,936
18,328
21,342
797
3,849
2,181
12,843,493
1,071,665
538,815
508,641
30,174
1,582,457
82,989
7,899
6,854
,986,671
234,699
102,280
98,302
3,978
1,938,849
76,813
3,496
1,579
4,766,318
531,548
210,751
11,926
518,215
26,856
3,671
1,824
3,373,255
262,297
119,614
16,001
383,117
22,670
128
72
114
83
123
102
129
109
145
71
178
32
(TftouMnd dotUra)
3,204,630
291,635
131,419
120,400
11,019
20,231
899
4,381
1,413
3,200,423
260,269
97,699
97,699
34,795
1,326
3,692
2,341
3,007,437
243,782
91,426
91,426
33,023
2,048
4,161
1,917
2,793,495
197,701
73,319
73,319
57,759
5,078
4,380
1,679
2,608,228
174,666
64,530
54
16,293
1,717
4,764
778
2,224,005
140,851
49,317
10,863
3,734
206
3,907
496
(Thautend dollei
12,686,482
1,268,801
507,483
30,812
490,831
28,556
8,596
5,719
1,459,263
756,803
273,575
273,575
1,365,451
87,338
7,613
6,935
11,828,790
1,554,012
576,468
576,468
615,101
46,317
8,595
6,077
11,196,975
1,574,837
580,116
580,116
450,038
41,156
9,267
4,715
10,101,471
1,411,728
541,012
503,031
37,981
158,458
9,568
9,164
2,550
7,588,094
736,363
123,409
329,365
103, 310
7,619
6,460
1,166
(Thousand dollai
7,235,591
328,260
119,249
6,202
1,109,838
49,543
3,627
1,093
1,123,972
239,516
81,822
81,822
1,672,347
88,142
2,828
1,883
7,096,988
349,645
121,764
121,764
1,309,971
71,740
3,245
1,490
7,089,046
477,571
169,583
169,583
652,050
38,441
3,093
1,119
1,329,368
499,123
172,767
10,433
364,347
17,164
2,714
825
3,862,214
245,853
41,710
97,423
116,165
4,157
2,002
841
(Thousand dollara)
4,859,548
647,190
257,564
235,564
22,000
181,706
14,040
3,803
1,720
3,115,233
302,675
100,056
100,056
583,587
46,586
3,118
2,278
3,830,490
540,537
186,789
186,789
342,094
24,886
3,368
2,099
3,372,784
544,140
191,734
191,734
170, 05f
16,232
3,545
1,856
2,299,083
307,609
105,310
102,779
2,531
115,232
11,803
3,446
1,180
1,586,807
140,846
61,577
33,941
27,637
180,794
9,641
2,695
700
(Thousand doltara)
3,176,925
280,926
118,537
107,124
11,413
257,414
16,860
2,182,450
170,037
60,020
60,020
444,141
31,277
2,477,280
222,281
79,602
79,602
368,845
26,654
2,703,412
261,470
93,275
93,275
245,195
21,863
2,178,106
218,611
78,279
76,053
2,226
183,851
14,518
For footnotes, see pp. 192-19i. For extent to nhich data for 1951 are estimated, sec pp. 3-5.
1,528,231
116,363
24,726
36,426
107,081
6,184
170
37
2,130,376
166,400
50,910
28,946
5,442
104
3,773
439
7,629,101
794,111
511,568
116,635
394,933
102,159
5,159
6,157
1,079
3,828,425
256,976
156,800
36,648
120,152
109,817
3,593
2,059
821
1,822,336
190,407
100,360
37,096
63,264
147,793
9,951
2,535
726
1,536,159
134,676
23,869
54,300
81,421
4,772
180
CORPORATION INCOME TAX RETURNS, 1944-1951
Table 15 . —CORPORATION RETURNS, 1944-1951, BY MAJOR INDUSTRIAL GROUPS AND BY INCOME AND DEFICIT STATUS: NUMBER OF RETURNS, TOTAL COMPILm RECEIPTS, NET INCOME OR DEFICIT,
AND TAXES - Continued
Major industrial groups, 45/ selected items
1951 0/
MANUFACTURING: PAPEE AND kLLTED HIODUCTS
Total number of returns of active corporations:
With net income £/
With no net income i/
Returns with net income: g/
Total compiled receipts ^.
Net income 2/
Total tax. ,
Income tax £/
Excess profits taxes Q/.
Returns with no net income:
Total compiled receipts
Deficit £/
^.
MANUFACTURING: HUNTING, PUBUSHING, AND ALLIH) INDUSIHIES
Total number of returns of active corporations:
With net Income 2/
With no net income 2/ ■
Returns with net income: g/
Total compiled receipts i/. .
Net income 2/
Total tax.
Income tax ^
Ebccess profits taxes fi/.
Returns with no net income
Total compiled receipts
Deficit S/
s i/..
MANUFACTURING; CHEMICALS AND ALUH) ffiODUCTS
Total number of returns of active corporations:
With net income 2/
With no net income 2/
Returns with net income: 2/
Total compiled receipts ^.
Net income £/
Total tax.
Income tax 5/
Excess profits taxes £/.
Returns with no net income:
Total compiled receipts
Deficit 2/
^.
MANUFACTURING: PETROLEUM AND COAL ffiODUCTS
Total niimber of returns of active corporations:
With net income g/
With no net income S/
Returns with net income: £/
Total compiled receipts 4/.,
Net income 2/
Total tax.
Income tax ^
Excess profits taxes fi/.
Returns with no net income:
Total compiled receipts
Deficit £/
^.
MANUFACTURING: RUBBER HIODUCTS
Total number of returns of active corporations:
With net income ^
With no net income £/
Returns with net income: 2/
Total compiled receipts ^.
Net income £/
Total tax.
Income tax ^
Excess profits taxes £/.
Returns with no net income:
Total compiled receipts
Deficit £/
/.
2,271
481
8,269,421
1,344,338
557,400
142,960
160,619
10,837
9,127
4,168
1,939,919
654,993
321,980
295,021
26,959
534,392
33,808
4,932
2,736
17,699,542
2,953,169
1,720,532
1,412,072
308,460
704,064
32,701
524
166
24,278,326
2,327,353
957,732
61,740
178,651
2,954
567
150
4,907,036
551,711
329,094
268,667
60,427
50,708
2,287
2,148
460
2,087
446
2,099
262
1,848
239
(Thousand dollars)
6,883,426
1,014,336
411,101
41,043
84,865
6,940
8,939
4,031
5,002,330
583,745
214,666
214,666
465,226
28,307
8,647
4,239
5,737,079
798,787
296,838
296,838
268,652
14,789
8,978
3,519
6,617,782
928,006
343, 388
343,388
95,642
6,582
6,789
3,120
4,314,669
576,522
213,122
207,684
6,438
66,401
6,636
6,618
2,478
3,510,239
345,360
197,707
69,596
126,110
74,019
3,073
8,021
2,036
(Thousand dollars)
,217,762
629,486
236,436
12,734
696,157
44,757
4,847
2.640
5,836,843
567,700
194,640
194,540
595,156
41,056
4,273
3,240
6,795,347
616,198
216,974
216,974
484,368
38, 385
4,323
3,088
5,317,103
665,430
232,670
232,870
415,738
35,842
4,577
2,948
4,593,906
677,279
236,163
3,716
263,169
20,767
4,608
2,229
3,744,226
690,971
352,100
97, 8X
254,271
101,050
6,825
4,414
1,772
(Thousand dollars)
16,217,643
2,793,959
1,258,809
1,108,061
150,748
250,070
21,990
516
146
12,491,858
1,715,658
606,108
606,108
843,313
61,134
428
238
13,696,104
1,728,634
609,526
609,526
568,489
46,566
453
181
13,224,369
1,832,298
663,199
653,199
370,691
41,016
407
147
10,568,939
1,524,699
549,315
536,262
11,053
270,887
27,311
346
139
9,359,557
1,059,701
226,502
337,766
550,655
26,736
311
131
(Thousand dollar a)
19,973,961
1,626,031
603,308
13,406
126,226
4,427
535
131
17,523,579
1,169,222
344,484
344,484
663,674
30,929
427
221
19,738,277
2,000,180
660,044
660,044
226,900
17,142
431
220
14,968,960
1,309,630
421,901
421,901
111,496
6,463
388
247
10,630,769
742,103
230,216
463
189,072
7,070
400
161
1,617,216
370,575
98,260
10,636
767,502
19,193
361
92
(Thousand dollars)
4,033,219
436,897
174,393
22,131
22,623
2,140
2,873,770
164,697
58,396
193,506
11,871
,307,656
262,315
92,297
92,297
81,937
7,346
3,369,994
240,979
84,457
84,457
67,530
7,667
3,084,209
321,391
122,017
114,151
49,092
3,394
3,299,986
248,125
169,967
30,291
139,696
61,070
1,773
For footnotes, see pp. 192-194. For extent to which data for 1951 are estljnated, see pp. 3-5.
CORPORATION INCOME TAX RETURNS, 1944-1951
181
Table IS.— CORFDRATION RETURNS, 1944-1951, BY MAJOR INDUSTRUL GROUPS AH) BY IIKX):ffi AND DEFICIT STATUS: NUMBER OF RETURNS, TOTAL COMPHS) RECEIPTS, NET INCOME OR DEFICIT,
AID TAXES - Continued
Major industrial groups, 45/ selected Items
1951 1/
MANUFACTURING: LEATHER AND FRODUCTS
Total number of returns of active corporations:
With net Income Zf
With no net income £/
Returns with net income: ^
Total compiled receipts i/. .
Net Income Z/
Income tax iJ
Excess profits taxes i
Returns with no net income
Total compiled receipts
Deficit 2/
-J...
MANUFACTURING: STONE, GUY, AND GLASS PRODUCTS
Total number of returns of active corporations:
With net income %/
With no net income ^
Returns with net income: %/
Total compiled receipts V-
Net income 2/
Total tax.
Income tax fj
Excess profits taxes £/.
Returns with no net Income:
Total compiled receipts
Deficit y ,
a..
MANUFACTURING: ffilMARy METAL INDUSTRIES AND FABRICATED METAL
HtODUCTS (EXCEPT ORDNANCE, MACHINERY. AND TRANSPORTATION
EQUIPMENT) 49/ 50/
Total number of returns of active corporations:
With net income Z/
With no net income £/
Returns with net income: 2/
Total compiled receipts ^.
Net income £/
Total tax. ,
Income tax fj
Excess profits taxes £/. .
Returns with no net income:
Total compiled receipts
Deficit 2/
/.,
HAmjFACTURING:
MACHINERY, EXCEPT TRANSPORTATION EQUIPMENT
AND ELECmiCAL
Total number of returns of active corporations:
With net income £/
With no net income 2/
Returns with net income: 2/
Total compiled receipts ^ .
Net income 2/
Income tax ^
Excess profits taxes fi/.
Returns with no net income: 2/
eipts V • .
Total compiled receipts '
Deficit 2/.
MANUFACTURING: ELECTRICAL MACHINERY AND EQUIPMENT
Total number of returns of active corporations:
With net income ij
With no net income 2/
Returns with net Income: 2j
Total compiled receipts 4/-
Net income 2/ -
Total tax.
Income tax 3/
Excess profits taxes £/.
Returns with no net income: iJ
Total compiled receipts <
Deficit 2/.
1,710
1,130
2,900,015
141,038
64,860
6,273
671,050
32,411
3,132
1,224
6,583,388
843,393
409,437
80,662
191,305
11,971
10,791
2,671
35,027,680
4,386,661
2,139,475
461,056
566,661
34,795
6,359
2,364
12,007,404
1,535,493
921,761
749,699
172,062
364,744
33,632
1,836
944
1,620
1,297
1,734
1,271
1,984
1,108
2,195
630
1,769
290
fniou.«fNy dollar*)
2,851,780
170,029
66,004
3,534
344,974
12,491
3,099
1,149
2,420,066
114,010
40,666
40,668
502,253
26,297
2,750
1,474
2,734,855
158,434
57,448
67,448
426,264
26,397
2,651
1,342
3,008,591
232,435
64,706
84,706
278,968
18,442
2,769
1,362
2,730,663
235,940
89,365
83,243
6,112
103,599
6,641
2,142,515
137,064
77,374
28,371
49,003
48,870
1,659
1,952
818
(Thouaand dollara)
4,944,036
860,626
394,168
347,253
46,916
123,966
10,441
9,868
2,998
3,758,426
520,957
190,674
190,674
232,166
18,419
7,571
5,030
3,982,763
549,486
202,687
202,687
157,066
18,977
8,489
3,904
3,522,149
465,914
169,926
169,926
129,872
15,123
8,320
3,532
2,839,855
373,149
133,723
1,782
110,399
9,663
7,283
2,734
2,201,944
224,032
52,857
66,721
141,887
12,938
6,133
1,867
(Thouaand dollara)
29,333,265
3,688,378
1,688,940
1,499,673
189,367
470,014
56,822
7,129
2.786
21,376,029
2,108,376
777,097
777,097
1,823,640
136, 789
6,607
4,252
25,755,178
2,816,463
1,036,336
1,035,335
724,332
63,604
6,362
3,296
22,341,959
2,354,065
863,266
863,265
702,643
55,676
5,893
2,860
15,857,203
1,381,820
506,186
498,457
7,729
1,177,476
100,018
4,969
2,542
17,020,798
1,166,097
666,254
222,577
443,676
1,347,545
51,040
4,536
1,656
10,407,747
1,438,210
576,273
83,939
205,396
21,292
7,689,844
744,086
270,251
270,251
515,053
47,618
1,362,169
923,936
339,091
339,091
450,781
47,804
7,690,761
837,797
307,912
307,912
642,654
66,435
3,666,041
317,970
116,900
114,434
2,466
1,650,937
140,127
6,678,548
619,199
395,336
90,272
306,065
445,441
24,938
1,698
263
2,096,766
140,996
82,089
26,904
66,185
42,719
1,162
1,722
963
2,162,474
257,592
160,417
61,594
98,823
158,096
14,247
6,116
1,361
19,902,447
2,018,735
1,276,277
296,329
979,948
460,069
22,941
4,721
1,147
(Thouaand dollara)
20,213,049
2,696,837
16,359,360
2,087,800
12,516,674
1,434,196
14,472,780
1,800,269
12,406,988
1,664,177
7,797,663
890,451
9,297,767
966,618
11,111,627
1,630,889
1,567,727
919,873
531,508
668,698
677,620
330,937
699,375
1,106,643
1,309,294
266,433
840,607
79,266
531,608
668,698
577,520
321,066
9,882
168,430
440,946
168,108
938,636
463,045
37,422
607,024
44,071
1,U9,427
96,686
591,568
68,796
760,594
83,249
1,351,692
169,672
583,081
38,384
213,116
16,276
2,373
1,041
2,169
968
1,666
1,411
1,646
1,364
1,716
1,274
1,508
1,041
1,346
626
1,392
323
{Thouaand dollara)
1,051,196
986,711
93,435
578,891
74,919
4,029
For footnotes, see pp. 192-194,. For extent to which data for 1951 are estimated, see pp. 3-5.
182
CORPORATION INCOME TAX RETURNS, 1944-1951
Table 15. — CORFORATION RETURNS, 1944-1951, BY MAJOR INDUSmiAL GROUPS AM) BY INCOME AND DEFICIT STATUS: NUMBER OF RETURNS, TOTAL COMPILH) RECEIPTS, NET INCOME OR DEFICIT,
AND TAXES - Continued
r-lajor Industrial groups.
selected items
1951 1/
MANUFACTURING: TRANSPORTATION EQUIPMENT, EXCEPT M3T0R VEKICLES
Total number of returns of active corporations:
With net income £/
With no net income £/
Returns with net income: 2/
Total compiled receipts l/.
Net income Zl
Total tax. ,
Income tax S/
Excess profits taxes fi/. ,
Returns with no net income:
Total compiled receipts
Deficit a
/.
MANUFACTURING: >aTOR VEHICLES AND EQUIIWENT, EXCEPT ELECTRICAL
Total number of returns of active corporations:
With net income %J
With no net income %/
Returns with net income: £/
Total compiled receipts 4/- ■
Net income %/
Income tax ^ . . . .'.
Excess profits taxes £/.
Returns with no net income:
Total compiled receipts
Deficit 1/
/.
MANUFACTURING: ORDNANCE AND ACCESSORIES 51/
Total number of returns of active corporations:
With net income %i
With no net income Z/
Returns with net income: £/
Total compiled receipts ^ .
Net income %/
Income tax ^
Excess profits taxes g/.
Returns with no net income:
Total compiled receipts
Deficit £/
I..
MANUFACTURING: SCIENTIFIC INSTRUMENTS; PHOTOGRAPHIC EQUIPMENT;
WATCHES, CU3CKS; AND OTHER 4^ ^
Total number of returns of active corporations:
With net Income £/
With no net income %/
Returns with net income: ^
Total compiled receipts i/.
Net income %/
Total tax.
Income tax 5/
Excess profits taxes S/.
Returns with no net income
Total compiled receipts
Deficit 2/
si/..,
TOTAL PUBUC UTILITIES
Total number of returns of active corporations:
With net Income 2j
With no net income £/
Returns with net income: £/
Total compiled receipts 4/-
Net income S/
Total tax. ,
I ncome tax ^
Excess profits taxes fi/.
Returns with no net income:
Total compiled receipts
Deficit 2/
i/..
760
385
569
413
526
654
563
493
552
553
507
618
739
363
fTTiousdnd dollars)
5,841,433
3,845,479
3,368,648
3,345,171
2,236,531
1,864,928
16,734,426
24,533,777
454,423
386,461
231,747
270,965
176,254
174,774
1,051,355
2,110,031
251,167
162,240
83,873
96,628
63,850
62,363
660,499
1,421,996
215,302
149,114
83,873
96,628
63,850
59,521
161,874
216,653
35,355
13,126
~
-
-
2,842
488,625
1,205,444
165,869
214, OU
485,946
441,310
791,269
1,034,469
501,662
244,060
19,009
16,411
37,018
38,532
178,032
187,663
34,766
10,558
932
882
693
867
820
650
501
461
354
394
651
486
338
250
119
86
(Thousand dollars)
19,195,325
18,350,482
14,406,603
13,533,798
11,214,901
4,621,558
1,955,981
3,715,880
2,578,235
3,319,924
2,112,098
1,708,263
1,256,840
210,438
184,523
340,072
1,541,630
1,624,712
790,077
628,472
462,649
73,583
123,077
231,189
1,280,316
1,373,182
790,077
628,472
462,649
72,706
22,232
36,246
261,314
251,5X
-
-
-
877
100,846
194,944
451,173
383,007
540,449
214,470
255,672
1,969,569
1,133,334
10,880
22,777
24,090
73,500
25,186
14,867
94,112
14,470
628
50
37
23
26
32
28
227
316
33
20
31
27
26
39
61
38
(Thousand
dollars)
304,716
261,566
180,401
219,769
204,562
143,312
3,415,467
4,497,520
62,846
46,239
14,962
33,100
27,137
17,003
342,685
560,999
33,140
21,086
5,420
12,427
10,188
6,298
229,612
385,160
26,363
18,303
5,420
12,427
10,188
6,183
38,267
51,005
6,787
2,783
-
-
-
115
191,347
334,154
3,122
889
1,713
17,950
U,814
47,002
204,493
149,693
. 906
263
504
1,927
2,865
7,231
5,722
9,894
7,347
7,156
6,291
6,864
6,637
6,299
5,118
6,043
4,620
4,452
6,013
5,683
5,305
3,728
2,071
1,683
(Thousand
dollars)
8,064,981
349,821
6,961,981
773,762
5,403,832
488,741
6,061,379
617,941
5,665,473
588,477
4,972,777
540,386
4,859,467
462,531
5,198,435
629,025
463,563
337,566
175,656
218,478
211,914
196,258
272,289
402,799
398,260
66,313
303,613
33,953
175,656
218,478
2U,914
191,600
4,658
81,490
190,799
83,474
319,326
616,694
42,080
449,925
40,725
966,948
84,683
789,299
79,993
693,954
93,665
686,078
113,018
290,209
22,088
173,700
13,073
17,189
9,639
16,462
9,825
14,810
11,098
15,304
9,921
14,857
8,872
14,395
7,428
12,966
6,770
13,067
6,175
34,516,766
4,785,134
2,305,533
2,250,154
55,379
1,704,548
99,193
(Thousand dollars)
30,360,679
4,446,163
1,763,748
1,727,836
35,912
1,776,249
114,143
26,199,477
3,024,043
1,056,198
1,056,198
2,524,271
150,282
27,482,955
3,594,232
1,204,804
1,204,804
2,193,465
146,212
23,054,434
3,013,672
1,013,277
1,013,277
3,742,120
297.565
17,574,664
2,726,169
898,063
895,607
2,466
5,361,782
383,487
19,672,
3,133,
1,547,606
719,
827,
2,990,
196,
For footnotes, see pp. 192-194, For extent to which data for 1951 are estimated, see pp. 3-5.
CORPORATION INCOME TAX RETURNS. 1944-1951
183
Table IS.— CORPORATIOM RETURNS, 1944-19E1, BY MAJOR INDUSIRUL GROUK AND BY DICOMt AMD DEFICIT STATUS: NUMBER OF RETURNS, TOTAL COMPIIS) RECEIPTS, NET INCOME OR DEFICIT,
AND TAXES - Continued
Major Industrial groupa, 45/ selected items
PUBLIC UTIUTIES! TRANSPORTATION
Total number of returns of active corporations:
With net Income '^
With no net income £/
Returns with net Income: Z/
Total compiled receipts ^
Net income £/
Total tax
Income tax ^
Excess profits taxes fi/
Returns with no net income: Zj
Total compiled receipts J/
Deficit 2/
PUBUC UTIUTIES: COMMUNICATION
Total number of returns of active corporations:
With net income £/
With no net income Zj
Returns with net Income: Z/
Total compiled receipts ^
Net income Zj
Total tax
Income tax S/
Excess profits taxes ^
Returns with no net income: 2J
Total compiled receipts ^
Deficit Z/
PUBLIC UTILITIES: ELECTRIC AND CAS UTILITIES sy
Total number of returns of active corporations:
With net income Zl
With no net income Z/
Returns with net income: Z/
Total compiled receipts V
Net Income Z/
Total tax
Income tax 5/
Excess profits taxes S/
Returns with no net Income: Z/
Total compiled receipts ij
Deficit y
OTHER PUBLIC UTILITIES S2/
Total number of returns of active corporations:
With net Income £/
With no net Income Zj
Returns with net Income: Z/
Total compiled receipts Sj
Net Income Zl
Total tax
Income tax 5/
Excess profits taxes fi/
Returns with no net iiicome: Zj
Total conipiled receipts 4/
Deficit 2/
TOTAL IKADE
Total number of returns of active corporations:
With net income 2/
With no net income Z/
Returns with net income: Z/
Total compiled receipts ^
Net income 2/
Total tax
Income tax Ij
Excess profits taxes £/
Returns with no net Income: Zj
Total compiled receipts V
Deficit 2/.
For footnotes, see pp. 192-194. For extent to which data for 1951
1961 1/
12,237
7,117
20,555,406
2,091,739
963,741
42,200
1,660,834
83,467
2,752
1,498
5,133,917
898,921
419,728
3,607
74,065
8,348
966
260
8,604,059
1,749,717
849,168
9,418
64,371
5,065
1,234
764
223,384
44,757
17,517
164
16,278
2,293
150,670
65,639
11,621
7,270
10,274
8,306
10,996
7,060
10,673
6,207
10,027
6,116
8,610
4,583
{Thau^mnd doll»f»)
18,047,239
2,169,928
862,261
835,834
26,427
1,471,385
98,873
2,656
1,672
15,714,956
1,296,100
447,853
447,853
2,092,680
125,381
2,413
1,768
17,105,238
1,846,225
649,661
649,661
1,946,229
126,596
2,266
1,819
14,599,621
1,445,721
509,281
609,281
2,802,877
266,308
2,118
1,834
1,416,514
967,153
332,291
1,414
4,961,039
367,498
2,235
1,626
11,984,273
1,459,866
320,056
479,368
2,621,876
147,324
2,260
1,334
(Thouaand doltara)
4,542,609
740,037
282,773
280,618
1,955
62,254
8,018
1,000
261
3,424,906
372,006
136,452
136,462
327,078
17,334
3,776,284
639,006
135,611
136,611
107,629
12,472
969
306
2,734,834
429,517
111,066
111,066
625,522
18,958
986
270
2,920,553
575,766
156,450
155,861
599
239,322
16,682
996
282
2,719,948
703,926
315,776
131,917
183,860
224,467
14,812
998
291
(Thousand doltara)
7,683,716
1,503,114
607,550
600,102
7,448
226,189
6,201
1,176
722
6,897,649
1,324,234
461,774
461,774
73,202
4,070
1,155
748
6,436,644
1,177,202
409,692
409,692
124,907
5,486
1,075
736
5,687,267
1,110,079
383,484
383,484
234,869
20,139
1,061
661
5,122,601
1,157,471
399,341
398,920
421
123,660
6,798
1,138
505
4,660,911
946,626
260,294
162,683
134,164
32,757
1,096
562
(Thouaand dollars)
187,215
33,074
11,164
11,062
82
16,421
2,051
148,666
60,684
161,966
31,703
10,119
10,119
31,111
2,897
129,320
74,705
164,789
31,799
9,840
9,840
14,700
1,656
138,304
58,444
132,812
28,355
9,446
9,446
28,862
2,160
133,192
44,105
114,996
25,779
6,567
8,545
22
27,861
3,609
122,132
29, 379
117,623
23,577
9,425
7,374
2,051
10,108
1,925
97,550
23,398
(Thoutanri dollai
152,849,291
5,919,667
2,775,747
2,577,553
198, 194
16,416,461
426,233
145,424,883
6,619,727
2,618,569
2,430,707
187,862
9.677,561
306,019
116,457,145
4,387,406
1,492,595
1,492,595
15,834,124
547,046
126,237,227
6,126,574
2,127,938
2,127,938
11,268,073
370,213
115,730,631
6,368,344
2,221,121
2,221,121
7,601,462
267,417
92,867,195
5,714,298
2,028,250
1,946,115
82,136
3,666,349
132,262
64,016,723
3,439,123
1,902,014
628,993
1,273,021
2,623,717
76,211
8,693
4,042
14,113,400
2,571,867
422,630
1,168,989
705,799
115,549
2,299
1,261
2,695,741
731,259
343,251
131,754
211,498
30,973
2,099
1,005
320
4,717,128
948,895
253,9U
189,630
118,461
18,127
1,070
552
108,999
25,747
7,756
2,960
6,917
1,117
93,166
24,197
59,074,936
3,318,799
1,910,157
565,179
1,344,978
2,648,827
66,637
are estimated, see pp. 3-5.
184
CORPORATION INCOME TAX RETURNS, 1944-1951
Table 15.— CORPORATION RETURNS, 1944-1951, BY MAJOR INDUSTRIAL GROUPS AND BY INCOME AMD DEFICIT STATUS: NUMBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME OR DEFICIT,
AND TAXES - Continued
I-lajor Lnduatrlal groups, 45/ selected items
1951 a/
TRADEi TOTAL WHOLESALE
Total number of returns of active corporations:
With net income £/
With no net income £/
Returns with net income: £/
Total compiled receipts 4/.
Net income £/
Income tax 5/ ■
Excess profits taxes Q/. ■
Returns with no net income:
Total compiled receipts
Deficit 2/
/.
Total number of returns of active corporations:
With net Income 2/
With no net income Z/
Returns with net income: £/
Total compiled receipts i/.
Net income Z/
Total tax.
Income tax ^
Excess profits taxes i
Returns with no net income:
Total compiled receipts
Deficit S/
;/.
OTHER WHCLESALERS
Total number of returns of active corporations:
With net income £/
With no net income Z/
Returns with net income: S/
Total compiled receipts i/.
Net income £/
Total tax. ,
Income tax £/
Excess profits taxes ;
Retiorns with no net income:
Total compiled receipts
Deficit S/
;^.,
TRADE: TOTAL RETAIL
Total number of returns of active corporations:
With net Income 2/
With no net Income ^
Returns with net Income: Z/
Total compiled receipts V-
Net income Z/
Total tax.
Income tax ^
Excess profits taxes g/.
Returns with no net income
Total compiled receipts
Deficit 2/
s SJ..
TRADE: RETAIL: FOOD
Total number of returns of active corporations:
With net Income 2/
With no net Income 2/
Returns with net Income: Z/
Total compiled receipts i/.
Net income ^
Total tax.
Income tax ^
Excess profits taxes g/.
Returns with no net Income
Total compiled receipts
Deficit 2/
s v..
52,209
19,383
TRADE: WHOLESALE: COMMISSION MERCHANTS
79,250,888
2,882,902
1,266,004
126,821
7,990,028
190,557
6,298
2,672
4,062,132
200,682
79,482
7,377
380,119
14,497
45,911
16,511
66,132,301
2,770,945
1,205,317
64,176
6,617,613
206,332
5,553
4,054
14,629,198
299,322
147,992
142,488
5,504
1,047,738
21,918
61,064
17,803
42,346
25,681
44,144
20,696
41,380
14,659
38,416
9,241
28,838
6,843
(Thousand dollars)
73,619,537
2,919,023
1,073,904
90,062
4,773,416
119,187
6,396
3,192
55,759,352
1,694,825
575,979
675,979
8,126,009
257,442
5,441
4,262
61,360,756
2,415,560
840,185
840,186
6,601,204
186,272
5,779
3,504
56,499,556
2,638,023
927,876
3,926,883
147,433
5,412
2,751
45,508,531
2,329,733
791,494
51,945
2,064,949
61,175
4,862
1,938
31,011,180
1,249,108
232,796
443,046
1,277,514
33,274
3,861
1,457
(Thouaand dollars)
3,747,060
197,007
66,352
5,426
383,775
14,564
44,668
14,611
2,988,920
140,744
44,112
44,112
616, X5
24,741
36,905
21,319
3,402,481
175,272
56,600
56,600
469,702
20,057
38,365
17,192
3,193,018
194,251
64,015
54,015
338,119
14,313
35,968
11,908
2,274,809
156,178
52,742
49,906
2,836
186,086
7,004
33,554
7,303
1,598,768
95,542
46,722
17,641
29,081
133,321
4,247
24,977
5,386
(Thousand dollars)
75,188,756
69,872,477
52,770,432
57,956,275
53,306,538
43,233,722
29,412,392
27,148,233
2,682,320
2,722,016
1,564,081
2,240,288
2,443,772
2,173,555
1,163,566
1,148,035
1,306,966
1,092,178
531,867
783,585
863,860
790,697
629,120
663,080
1,186,622
1,007,562
531,867
783,586
863,860
741,588
215,155
191,670
119,444
84,626
-
-
-
49,109
413,965
471,410
7,609,909
4,389,641
7,509,704
6,031,502
3,587,764
1,876,863
1,144,193
1,236,614
176,060
104,623
232,701
166,215
133,120
54,171
29,026
23,878
87,693
87,343
75,632
79,067
75,157
68,343
57,682
64,966
41,635
38,155
43,160
31,748
23,879
16,415
13,527
14,181
(Thousand dollars)
64,790,656
3,392,545
1,340,220
1,249,728
90,492
4,331,659
162,977
5,449
3,744
54,105,286
2,449,197
838,773
838,773
6,553,323
247,296
6,257
3,808
55,563,939
3,246,640
1,132,177
1,132,177
3,870,917
149,241
6,006
3,604
49,654,715
3,182,265
1,109,272
1,109,272
2,890,588
106,551
4,522
2,848
39,698,040
2,905,584
996,380
26,777
1,374,376
56,343
4,813
1,646
27,983,634
1,922,222
1,099,706
334,669
765,037
1,030,694
33,338
4,199
1,353
(Thousand dollars)
12,953,945
336,996
133,273
9,667
675,913
14,962
11,820,096
312,969
113,290
113,290
666,244
16,655
,426,685
271,382
97,900
97,900
692,206
16,562
10,019,503
269,267
97,556
97,566
490,792
11,933
7,946,405
275,960
99,962
99,049
913
184,167
4,083
6,683
869
161
626
88
444
35
063
53
380
162
760
2
764
For footnotes, see pp. 192-194. For extent to which data for 1951 are estimated, see pp. 3-5.
CORPORATION INCOME TAX RETURNS, 1944-1951
185
Table IS.— CORPORATION RETURNS, 1944-1951, BY MAJOR IICUSIRIAL GROUPS AND BJ INCOME AND DEFICIT STATUS: NUMBm OF RETURNS, TOTAL COMPIUB RECEIPTS, NET INCOME OR DEFICIT
AH) TAXES - Contlnuad '
Major Industrial groups, 1&/ B«lected Itsms
1951 1/
TRADE: RETAIL: GENERAL MERCHANDISE
Total Dumber of returns of active corporations:
With net income £/ ,
With no net income £/ ,
Returns with net Income: Z/
Total compiled receipts ^ .
Net income Z/
Total tax.
Income tax ^
Excess profits taxes fi/.
Returns with no net Income
TotaJ, compiled receipts
Deficit Zl
s i7..
Total number of returns of active corporations:
With net Income g/
With no net income ^
Returos with net iiicome: £/
Total compiled receipts ^ .
Net income £/
Incwme tax fi/
Excess profits taxes fi/.
Returns with no net Income: Z/
Total compiled receipts ^. ■ ■
Deficit g/
Total number of returns of active corporations:
With net income ^
• With no net income £/
Returns with net Income: £/
Total compiled receipts 4/.
Net income Z/
Total tax.
Income tax Si/
Excess profits taxes j
Returns with no net income:
TotaJ, compiled receipts
Deficit £/
/.
Total number of returns of active corporations:
With net income £/
With no net income Z/
Returns with net income: ^
Total compiled receipts 4/-
Net Income £/
Total tax.
Income tax £/
Excess profits taxes Q/ .
Returns with no net Income:
Total compiled receipts
Deficit 2/.
^.
IRME: RETAIL: DRUG STORES
Total number of returns of active corporations:
With net Income ^
With no net income £/
Returns with net Income: 2/
Total compiled receipts i/.
Net income 2/
Income tax fi/
Excess profits taxes £/.
Raturns with no net Income: Z/
ts i/..
Total compiled receipts :
Deficit £/.
5,5S0
2,003
6,662
1,969
5,093
2,369
6,291
1,561
6,316
1,236
5,061
643
4,686
641
(Thouaand dollara)
TRADE: RETAIL: APPAREL AND ACCESSORIES
16,966,312
1,033,581
506,401
32,604
546,144
19,434
11,444
5,608
15,723,690
1,249,336
551,608
509,317
42,491
273,325
11,586
11,094
5,318
14,U1,4H
680,480
326,096
325,096
632,940
21,366
9,743
6,213
14,934,673
1,131,960
419,563
419,563
265,391
9,043
10,847
3,971
13,766,796
1,066,686
401,682
401,682
326,668
10,413
10,446
2,983
12,536,966
1,164,066
434,672
426,590
8,082
87,643
4,771
10,043
2,015
9,708,976
958,460
619,143
141,650
477,492
120,873
2,558
9,072
1,148
TRADE: RETAIL: FURNITURE AND HODSE FtlRKISHlNGS
4,684,761
186,556
71,769
1,981
846,681
29,303
8,011
3,876
IKADE: RETAIL: AUTOMDTIVE DEALERS AND FILUNG STATIONS
2,687,537
120,069
44,748
1,307
513,042
23,777
18,803
5,265
15,999,287
604,818
254,658
244,723
9,935
1,525,791
29,640
3,970
1,636
1,465,442
55,438
22,336
1,507
264,151
5,793
(Thotiaand dollara)
4,670,031
214,075
73,197
71,460
1,737
620,552
26,462
6,338
3,151
4,371,404
172,951
54,2S3
54,253
904,260
41,469
6,497
3,766
5,007,662
261,267
65,276
86,276
445,509
21,868
6,647
2,518
4,773,003
291,196
96,669
96,669
328,350
16,127
6,145
1,443
4,465,684
364,671
124,519
115,849
8,670
210,392
8,654
5,376
1,022
3,428,077
273,824
166,676
42,330
114,349
67,370
2,594
(TlKHjaand dollara)
2,806,230
154,471
51,163
49,307
1,856
338,385
16,027
19,778
4,000
2,017,865
97,065
29,462
29,462
515,099
24,015
16,756
6,103
2,087,874
125,533
39,105
39,105
269,185
13,056
18,136
3,234
1,993,609
147,715
47,336
47,336
181,330
7,257
15,634
2,085
1,596,226
153,983
51,365
50,146
1,219
60,018
3,057
11,873
1,666
886,890
77,920
16,710
16,642
43,107
2,227
7,387
2,181
(Thousand dollara)
17,121,481
872,763
332,359
307,639
24,720
644,378
18,658
3,733
1,622
12,704,437
586,696
198,549
198,549
1,552,830
50,791
3,636
1,624
12,017,520
937,347
330,272
330,272
506,955
15,265
3,521
1,384
9,031,593
837,440
294,834
294,834
189,059
6,770
3,551
1,038
4,688,231
422,639
143,232
141,089
2,143
122,237
5,391
3,462
796
1,637,349
86,171
19,761
15,287
136,055
5,050
3,383
707
(Thouaand dollara)
1,419,854
53,914
17,669
523
157,922
4,956
1,208,116
45,739
13,836
13,835
301,116
6,412
,346,633
47,940
14,769
14,769
130,921
8,479
,050,278
48,650
15,102
16,102
221,167
4,746
1,154,406
61,116
20,632
18,845
1,967
66,768
1,451
909,769
50,796
26,615
9,691
17,023
39,581
862
4,682
667
1,081,876
931,564
126,262
490,662
35,848
1,269
8,701
1,267
3,049,428
234,408
34,311
103,142
75,785
2,505
3,53£
804
793,975
86,341
21,057
20,009
45,963
2,132
6,979
2,061
1,337,906
77,091
17,260
14,732
115,379
3,507
3,375
622
884,133
53,166
8,946
20,619
41,520
794
For footnotes, see pp. 192-194, For extent to which data for 1951 are eetlmated, see pp. 3-5.
186
CORPORATION INCOME TAX RETURNS, 1944-1951
Table 15. —CORPORATION RETURNS, 1944-1951, BY MAJOR INDUSTRIAL GROUPS AND BY INCOME AJJD DEFICIT STATUS: NUMBER OF RETURNS, TOTAL COHPIIH) RECEIPTS, NET INCOME OR DEFICIT,
AND TAXES - Continued
Major industrial groups, ^5/ selected items
1951 V
TRADE: RETAIL: EATING AND DRINKING PUCES
Total number of returns of active corporations:
With net income £/
With no net Income g/
Returns with net income: Zl
Total compiled receipts 4/-
Net income g/
Total tax.
Income tax ^
Excess profits taxes fi/.
Returns with no net income: %/
ts V--
Total compiled receipts ;
Deficit %/ .
Total number of returns of active corporations:
With net income 2j
With no net income V
Returns with net income: £/
Total compiled receipts l/.
Net income ^
Income tax fj
Excess profits taxes g/.
Returns with no net Income:
Total compiled receipts
Deficit 1/
/.
OTHER RETAIL TRADE 5V
Total number of returns of active corporationa:
With net income %/
With no net Income 'ij
Returns with net income: ^
Total compiled receipts V-
Net income 2/
Total tax.
Income tax ^J
Excess profits taxes ^ .
Returns with no net income: Z/
Total compiled receipts i/ . .
Deficit 2/
TRADE NOT ALLOCABLE
Total number of returns of active corporations:
With net income £/
With no net income £/
Returns with net income: £/
Total compiled receipts i/.
Net income £/
Total tax. ,
Income tax ^
Excess profits taxes £/.
Returns with no net income: Zj
Total compiled receipts y . .
Deficit 2/
Total number of returns of active corporations :
With net income £/
With no net income 2/
Returns with net income: 2/
Total compiled receipts ^ .
Net income 2/
Income tax ^
Excess profits taxes ^ .
Returns with no net income
Total compiled receipt!
Deficit y
,s il ..
7,544
9,087
TRADE: RETAIL: BnilDINC MATERIAIS AUD HARDWARE
1,606,198
62,132
23,821
22,207
1,614
765,592
33,105
12,060
2,759
4,599,130
230,369
91,308
86,008
5,300
328,316
13,241
14,658
7,346
TOTAL FINANCE, INSURANCE, REAL ESTATE, AM) LESSORS
OF REAL IROPERTI
,466,102
265,820
113,429
106,232
7,197
808,810
30,344
125,858
51,974
18,379,566
6,187,604
1,543,189
1,495,524
47,665
1,977,044
254,660
6,919
8,581
6,512
8,335
6,563
7,442
6,306
6,287
7,098
4,236
6,719
3,031
{ThousBnd dollars)
1,439,681
59,210
18,636
17,963
673
685,616
31, IX
11,729
2,509
1,359,135
57,148
17,102
17,102
699,799
31,917
8,960
2,913
1,406,114
60,871
18,322
18,322
663,439
30,090
8,120
1,474
1,322,238
61,285
18,204
18,204
576,900
27,680
9,721
1,575
1,422,149
80,980
26,459
24,154
1,305
339,606
16,624
8,686
1,444
1,283,792
74,138
36,139
14,092
22,047
193,355
7,116
7,665
1,464
(Thousand dollars)
4,377,701
265,062
91,096
86,355
5,741
232,634
9,996
14,641
7,261
2,766,608
148,628
44,635
44,635
368,557
15,811
13,178
8,029
2,691,787
191,341
60,651
60,651
151,966
6,100
14,936
6,610
3,120,839
226,273
71,811
71,811
145,060
4,544
13,614
4,384
2,302,482
167,905
51,657
50,971
686
101,174
3,193
11,951
2,545
1,636,372
100,172
23,334
17,153
102,828
5,683
10,645
2,076
(Thouaand dollars)
4,384,436
4,278,143
3,746,215
4,644,991
4,772,856
3,583,299
2,708,643
2,470,622
179,680
186,728
147,521
218,499
215,864
224,264
139,116
136,461
69,061
60,829
42,551
66,319
66,078
71,469
61,800
63,886
64,637
67,745
42,551
66,319
66,078
69,687
30,137
26,548
4,424
3,084
-
-
-
1,772
31,663
37,338
800,158
702,934
912,476
725,345
431,262
202,981
164,767
150,631
29,121
29,181
38,970
28,768
18,081
9,119
4,485
3,928
10,868
10,268
11,342
16,093
16,655
15,373
11,030
11,156
4,621
4,726
5,964
6,000
5,567
3,723
3,028
3,453
(Thousand dollai
7,014,690
308,159
107,075
7,318
572,786
22,855
122,742
49,099
6,592,507
243,384
77,843
77,843
1,155,792
42,310
116,687
49,690
9,312,632
466,374
155,576
165,676
895,962
34,700
112,038
48,606
9,376,360
648,066
183,974
183,974
784,991
33,433
106,918
45,126
7,660,624
478,981
168,241
3,413
427,024
14,744
102,276
42,096
5,021,909
267,794
61,528
64,938
315,509
9,599
90,568
46,006
(Thousand dollars)
17,382,476
6,993,562
1,256,723
1,214,064
41,669
1,192,344
274,185
16,182,600
5,526,919
1,010,379
1,010,379
866,669
241,932
14,648,902
4,761,579
813,675
813,576
926,567
236,402
12,091,327
4,113,752
648,027
648,027
1,743,622
272,230
For footnotes, see pp. 192-194. For extent to which data for 1951 are estimated, see pp. 3-5.
10,829,109
4,289,106
733,346
3,317
1,562,441
284,621
9,734,104
3,756,042
666,793
602,980
63,612
1,092,671
262,141
CORPORATION INCOME TAX RETURNS, 1944-1951
187
Table 15.— CORPORATION RETURNS, 1944-19S1, BX MAJOR INDUSTRIAL GROUPS AN) BY INCOME AND DEFICIT STATUS:
AM) TAXES - Continued
NUMBER OF RETURNS, TOTAL COMPIIH) RECEIPTS, NET INCOME OR DEFICIT,
Major Induatrlal groups, ^ selected Itema
1951 U
TOTAL FINANCE
Total number of returns of active corporations:
With net income iJ
With no net Income £/
Returns with net income: ^
Total compiled receipts ^ .
Net Income 'iJ
Income tax ^
Excess profits taxes £/.
[Returns with no net Income:
Total compiled receipts
Deficit gi
i/..
FIHANCE: BANKS AND TRUST COMPANIES
Total number of returns of active corporations:
With net income 2/
With no net Income %/
Returns with net income: %J
Total compiled receipts ^.
Net Income %/
Total tax.,
Income tax %J
Excess proflta taxes £/.
Returns with no net income:
Total compiled receipts
Deficit 2/
/.
FINANCE: CREDIT AGENCIES OTHER THAN BANKS ££/
Total number of returns of active corporations:
With net income £/
Ulth no net income £/
Returns with net income: Z/
Total compiled receipts ^ .
Net income Z/
Total tax.
Income tax ^J ,
Excess profits taxes £/. ,
Returns with no net income
Total compiled receipts
Deficit il
s 4/..
FINANCE: ICIDING AIB OTHER INVESTMEtJT COMPANIES ££/
Total number of returns of active corporations:
With net Income Z/
With no net Income 2/
Returns with net income: 2/
Total compiled receipts V-
Net Income £/
Total tax.
Income tax 5/'
Excess profits taxes £/.
Returns with no net income:
Total compiled receipts
Deficit y ,
^..
riMNCE: SECURITY AND COMMJOITY-EXCHANGE BROKERS AND DEALJKS
Ibtal number of returns of active corporations:
With net income %/
With no net income Z/
Returns with net income: S/
Total compiled receipts i/.
Net income %/
Total tax.
Income tax £/
Excess profits taxes fi/.
RAturns with no net income: ^
I V-.
Total compiled receipts '
Deficit ij
30,219
7,356
4,553,334
1,316,984
574,787
555,676
19,211
25,156
4,661
9,668
4,208
1,643,285
460,019
211,204
207,450
3,754
31,323
17,747
6,430
2,093
1,213,294
963,554
110,628
109,386
1,242
15,871
13,983
941
578
183,869
33,318
10,572
9,750
822
39,890
10,804
29,660
7,M6
29,489
8,368
28,843
8,265
28,410
8,317
27,424
7,651
26,600
7,344
(ThtHitand dollara)
(Thoumand dollars)
4,111,439
1,215,171
423,616
408,817
14,799
26,531
4,526
6,856
4,258
3,766,917
1,031,341
310,677
310,677
42,236
13,297
9,128
4,910
3,514,051
931,498
272,283
272,283
67,883
10,134
8,577
4,663
3,288,018
832,027
225,245
225,245
59,634
7,797
8,459
5,222
3,218,966
1,139,053
329,239
328,611
628
28,118
12,685
7,209
4,527
(Thoutnnd dollars)
1,316,493
415,208
155,435
5,688
33,691
18,045
5,490
2,024
964,830
293,141
98,199
98,199
38,944
25,107
5,283
2,228
791,442
233,591
77,341
77,341
49,244
30,938
5,267
2,233
592,359
171,960
52,433
52,433
43,842
32,118
4,996
1,746
421,116
114,841
34,297
460
36,620
25,060
6,007
1,989
(Thoiiaand dollarm)
1,132,944
904,812
93,669
92,992
677
24,955
65,376
1,062
476
1,423,149
929,224
78,732
78,732
19,736
47,104
843
619
984,657
715,851
69,809
18,627
39,122
787
699
890,042
655,288
65,159
65,159
45,030
45,921
733
661
1,005,299
716,987
70,710
465
24,235
26,637
910
422
(Thouaand dollara)
202,801
43,222
10,861
740
22,451
3,637
148,349
29,224
7,365
7,366
36,702
5,579
128,885
22,037
5,310
5,310
46,116
8,880
109,483
23,955
5,818
5,818
51,573
10,416
190,334
47,764
12,485
323
19,734
5,475
2,820,124
1,008,291
295,960
284,099
11,861
40,449
12,734
5,872
4,362
289,065
80,627
27,923
24,680
3,241
26,398
21,326
4,699
1,918
827,340
606,594
64,932
62,024
2,910
18,741
31,970
991
246
208,608
58,059
17,699
14,921
2,778
5,702
1,553
24,616
8,339
7,493,782
2,763,875
6,763,677
2,576,413
6,303,246
2,282,930
5,419,035
1,902,977
4,879,902
1,683,230
4,835,715
2,018,645
4,145,138
1,753,569
3,507,698
1,358,673
907,191
690,009
494,973
424,743
348,655
447,969
406,514
293,637
882,162
25,029
668,105
21,904
494,973
424,743
348,656
446,103
1,856
385,726
20,789
281,286
12,351
112,239
47,215
106,628
91,584
136,617
91,087
181,870
89,074
200,079
96,252
108,707
69,857
91,291
67,584
128,012
89,774
14,180
477
14,262
646
14,235
611
14,212
660
14,222
689
14,298
613
14,038
818
13,679
1,241
2,385,516
729,658
203,447
198,061
5,386
69,065
20,324
5,444
4,614
257,673
71,925
22,478
3,550
21,652
22, X8
4,604
2,144
738,160
527,177
53,533
2,630
26,475
45,292
889
340
126,350
29,912
7,999
7,214
785
11,830
1,849
For footnotes, see pp. 192-194. For extant to which data for 1951 are estimated, see pp. 3-5.
323516 O— 55 13
188
CORPORATION INCOME TAX RETURNS, 1944-1951
Table 15 -COEKmTION RETURNS, 1944-1951, BI MftJOR INDUSTRIAL GRODK AND BY INCOME AND DfflCIT STATUS: NHMBQ. OF RETURNS, TOTAL OOMPIlfl) RECEIPTS, NET INCOME OR DEFICIT,
AKi TAXES - Continued
Major Industrial groups, 45/ selected items
TOTAL INSURANCE CARRIHIS AMD AGENTS
Total number of returns of active corporations:
With net income £/
With no net income S/
Retiorns vdth net Income: Z/
Total compiled receipts ^.
Net income S/
Total tax.
Income tax fi/
Excess profits taxes £/.
Returns with no net income! ^
ts i/..
Total compiled receipts j
Deficit S/.
INSURANCE CARRIERS
Total number of returns of active corporations:
With net income g/
With no net income S/
Returns with net income: 2/
Total compiled receipts 4/.
Net income Z/
Income tax S/
Excess profits taxes J
Returns with no net Income
Total compiled receipts
Deficit 2/
3 i/-.
INSURANCE AGENTS AND BROfCERS
Total number of returns of active corporations:
With net income g/
With no net income 2/
Returns with net Income: 2/
Total compiled receipts i/.
Net Income 2/
Total tax.
Income tax fi/ - ■
Excess profits taxes £/.
Returns with no net income
Total compiled receipts
Deficit S/
.s i/. .
REAL ESTATE, EXCEPT LESSORS OF REAL ffiOPERTY OTHER
THAN BDIIDINCS
Total number of returns of active corporations:
With net income 2/
With no net income 2/
Returns with net income: 2/
Total compiled receipts A/-
Net income 2/
Total tax.
Income tax S/ • •
Excess profits taxes fi/.
Returns with no net income: ^
ts 4/..
Total compiled receipts ;
Deficit 2/.
I£SSORS OF REAL PROPERTY, EXCEPT BUIIDINGS
Total number of returns of active corporations:
With net income 2/
With no net income 2/
Returns with net income: 2/
Total compiled receipts V-
Net Income 2/
Income tax 5/ ■ ■
Excess profits taxes fi/.
Returns with no net Income:
Total compiled receipts
Deficit S/
^..
1951 1/
8,333
2,532
7,903
2,594
7,499
2,415
7,232
2.101
6,716
1,927
6,131
1,839
5,529
2,065
(Thousand dotlai
7,183,775
2,411,079
274,699
266,421
8,278
1,122,391
53,043
2,211
434
7,071,700
2,380,233
247,320
239,435
7.885
458,549
33,050
2,278
406
6,709,986
2,363,770
261,418
261.418
175,299
17,761
2,156
337
6,086,9X
1,970,356
133,035
133,035
210,989
18,541
2,097
355
4,483,872
1,616,356
66,613
66,613
1,052,786
49,742
1,840
415
3,385,006
1,478,953
67,666
67,504
62
1,012,446
70,236
1,679
447
3,523,849
1,476,097
86,157
75,659
10,497
505,009
29,363
1,626
376
(Thouaand dollars)
6,699,672
2,339,863
248,233
241,646
6,587
1,072,480
46,636
6,122
2,098
6,665,126
2,314,548
227,076
220,145
6,931
392,193
27,787
5,625
2,186
6,330,697
2,293,155
244,030
244,030
119,457
12,272
5,341
2,078
5,706,382
1,897,948
111,449
111,449
173,488
15,523
5,136
1,746
4,093,208
1,552,551
47,835
47,835
1,011,951
45,630
4,876
1,612
3,090,427
1,434,072
55,103
55,102
1
981,749
68,225
4,462
1,392
3,310,697
1,446,284
75,887
68,390
7,498
468,556
27,109
3,903
1,689
(Thousand dollars)
484,103
71,216
24,775
1,691
49,911
6,407
83,794
40,366
406,575
65,685
20,244
19,290
954
66,356
5,263
81,650
37,292
379,289
60,615
17,388
17,388
55,842
5,489
76,010
36,603
380,548
72.408
21,586
21,586
37,501
3,018
72,099
36,002
390,664
63,806
18,778
18,778
40,825
4,112
67,047
31,934
294,579
44,881
12,453
12,402
61
30,699
2,011
65,248
30,043
213,151
29,613
10,270
7,270
3,000
36,453
2,254
56,955
32,796
(Thousantl dollars)
3,423,831
860,492
290,258
280,484
9,774
704,842
146,115
3,512
1,720
3,267,234
884,629
260,937
250,544
10,393
593,947
140,478
3,529
1,907
2,896,984
741,256
201,923
201,923
523,118
123,143
3,589
2,304
2,746,361
724,966
198,490
198,490
497,584
115,518
3,864
2.247
2,473,265
672,786
183,821
183,821
452,478
112,109
3,745
2,947
2,366,514
668,693
177,364
1,378
409,929
126,105
3,475
2,662
1,859,364
423,177
108,465
23,178
464,073
144,556
3,484
2.800
(Thouaand dollars)
278,178
152,158
66,457
4,584
37,672
8,287
279,864
150,287
57,467
55,980
1,477
33,220
9,073
272,285
147,963
52,065
52,065
30,525
9,941
296,576
163,280
57,307
57,307
35,124
13,269
254,288
141,380
48,938
48,938
38,279
14,127
241,874
122,814
42,375
31
31,357
18,423
205,753
103,199
42,479
33,130
9,349
32,298
20,637
5,331
2,176
3,478,155
1,396,996
110,137
92,461
17,676
296,220
24,621
For footnotes, see pp. 192-194. For ertent to *ioh data for 1951 are estimated, see pp.
1,582
327
3,273,766
1,366,349
84,836
13,379
262,277
22,635
3,749
1,851
204,390
31,647
7,625
4,297
33,944
49,372
37,414 I
1,617,801
334,830
85,139
18,043
533,42;
163,105
3,5ie
3.1U
34,461
12, 5»
34,50.
27,331
CORPORATION INCOME TAX RETURNS, 1944-1951
189
X.....5.-««PaRATI0KR.r^, 1944-1351, B. H^OB I»>,^THUL CROUB *•" «^™^ f^^ JJCIT 3TAT.S: N^B^ Or R^DK,^, ^tAL COHHI^ ««:BlPrS. «H X«CO» OK O^ICIT.
Major Industrial groupa, i£/ selscted Itaiu
TOTAL SmVICES
TotAl number of roturna of active corpora tlona:
With net income £/
With no not income Zj
Returns with net income: i/
Total compiled receipts ij .
Net income £/
Income tax £/'
Excess profits taxes ^ .
Returns with no net income: ij
^s sJ...
Total compiled receipts •
Deficit y .
Tbtal number of returns of active corporations:
With net income Z/
With no net income 2/
Returns ulth net income: ^
Ibtal compiled receipts i/.
Net income %/
Income tax i/
Excess profits taxes fi/.
Returns with no net income; 2J
1 V. . .
Tbtal compiled receipts ^
Deficit 2/.
SERVICES: PERSONAL SEKVIGES
!Ibtal number of returns of active corporations:
With net Income £/
With no net income Z/
Returns with net Income: Z/
Tbtal compiled receipts ^ .
Net income Z/
Income tax fi/
Eicceas profits taxes fi/.
Returns with no net income: Zj
.s V. .
Total compiled receipts <
Deficit ZJ-
SERVICES: BUSINESS EERVICIS
Ibtal number of returns of active corporations:
With net Income Zj
With no net income Zj
Returns with net income: Z/
^tal compiled receipts i/ ,
Net income Z/
Income tax ij
Excess profits taxes J
Returns with no net income: ZJ
Ibtal compiled receipts 4/. .
Deficit 2/.
laturns with net Income: Z/
Total compiled receipts 1/.
Net income Zl
Total tax.
Income tax ^
Excess profits taxes ^ .
laturns with no net income: Zj
Ibtal compiled receipts •
Deficit i/.
1951 1/
33,266
26,003
30,164
25,069
29,468
24,510
29,412
21,044
28,154
17,821
26,169
13,479
22,977
12,130
SERVICES: HOTELS AM) OTHER LODGIMS PUCES
{ThoiMmnd doJlafu)
8,862,184
768,450
329,074
306,806
22,268
1,809,810
135,793
3,784
2,864
7,855,853
693,381
240,530
230,668
9,662
1,737,436
121,309
3,599
2,703
7,556,431
682,310
223,745
223,745
1,729,144
124,911
3,584
2,547
7,460,049
755,282
245,907
246,907
1,557,926
124,931
3,667
2,160
7,401,961
815,255
263,800
263,800
1,094,362
91,681
3,547
1,809
6,600,362
874,592
276,618
16,251
773,183
72,068
3,469
1,336
5,374,674
646,697
316,619
131,970
184,546
597,319
47,002
3,129
1,105
(TTtouaand dollmra)
1,325,004
119,839
50,036
48,286
1,760
316,454
20,861
7,278
4,785
1,274,887
117,892
41,334
39,990
1,344
265,126
19,628
6,697
5,031
1,267,249
U5,486
37,904
37,904
264,256
18,944
6,689
4,922
1,314,562
131,851
43,739
43,739
231,131
16,608
6,796
4,467
1,279,380
131,831
44,077
44,077
169,270
16,878
6,515
3,490
1,206,243
139,764
46,698
45,071
1,627
132,701
11,496
6,166
2,703
1,004,424
111,990
26,533
27,729
91,747
8,859
6,679
2,274
(Thoumand dollars)
1,324,683
79,183
27,680
1,978
384,308
16,401
7,671
4,964
1,206,996
74,077
21,906
767
341,716
16,173
6,673
4,699
1,191,893
78,044
22,765
22,765
316,611
16,048
6,067
4,737
1,206,188
80,430
23,180
23,180
285,781
16,150
6,811
4,083
1,166,970
83,974
24,483
24,483
211,293
U,397
6,369
3,570
1,010,312
74,887
21,861
21,303
558
163,850
8,231
4,698
2,678
821,866
59,553
23, 376
13,466
9,909
136,190
5,432
4,080
2,548
(Thi>uaand dollars)
SERVICES: AUTOMJIIVE REPAIR SERVICES AND GARAGES
Ibtal number of returns of active corporations:
With net income Zf
With no net income Zj '.'.'.'.'.'.','..
2,506,514
216,643
98,063
88,962
9,1U
330,867
24,446
3,166
1,768
2,097,004
179,725
66,743
61,714
4,029
324,551
16,536
2,726
1,647
1,827,037
153,279
51,076
61,076
332,179
23,039
2,488
1,776
1,714,722
152,735
51,161
61,151
269,707
16,273
2,598
1,407
1,513,700
135,000
44,703
44,703
248,883
13,910
2,497
1,056
1,244,683
111,149
36,840
36,076
764
203,643
10,939
2,244
865
1,041,843
83,389
18,981
20,919
116,539
6,829
1,982
993
(Thousand dollars)
461,572
39,038
13,113
12,517
596
74,816
4,701
footnotes, see pp. 192-194. For extent to .hlch data for 1951 are estimated, see
348,277
32,922
9,904
9,504
400
72,861
4,105
295,286
27,9U
7,911
7,911
86,292
6,446
309, 205
33,489
9,366
9,356
62,007
3,684
302,978
31,418
43,669
2,675
237,330
25,586
7,046
6,893
153
29,123
1,868
pp. J-5.
149,033
10,487
2,286
1,192
32,684
1,607
22,098
12,614
6,053,619
625,563
321,359
117,357
204,002
583,536
46,770
2,900
1,243
924,574
103,983
22,761
26,004
94,999
10,192
5,662
2,308
789,426
61,632
13,340
12,439
120,451
5,007
3,960
2,453
940,562
79,979
18,104
20,298
95,986
7,146
1,834
1,156
127,484
8,791
2,976
1,868
1,109
38,737
2,041
190
CORPORATION INCOME TAX RETURNS, 1944-1951
Table IS —CORTORATION RETURNS 1944-1951, BY MAJOR INDUSTRUL GROUPS AND BY INCOME AND DEFICIT STATUS: NUJ-IBER OF RETURNS, TOTAL COMPILED RECEIPTS, NET INCOME OR DEFICIT,
* AND TAXES - Continued
Major Industrial groups, 45/ selected items
SERVICESi mSCELLAJIEOUS REPAIR SERVICES, RAND TRADES
Total number of returns of active corporations:
With net incoiae £/
With no net income %/
Returns with net income: 2j
Total compiled receipts ^ .
Net income Zl
Total tax.
Income tax 5/ -.•
Excess profits taxes £/.
Returns with no net income: 2/
Total compiled receipts i/. .
Deficit y
SERVICES: MOTION PICTURES
Total number of returns of active corporations:
With net income %/
With no net income 2/
Returns with net income: £/
Total compiled receipts V-
Net income %/
Total tax.
Income tax fj
Excess profits taxes g/. ,
Returns with no net income:
Total compiled receipts
Deficit Zl
sX
SEEVICES: AMUSEMENT, EXCEPT MOTION PICTURES
Total number of returns of active corporations:
With net income Zl
With no net income %J
Returns with net income: g/
Total compiled receipts V-
Net income %/
Income tax 5/
Excess profits taxes !
Returns with no net income:
Total compiled receipts
Deficit y
/.
Total number of returns of active corporations:
With net income 2/
With no net income £/....
Returns with net Income: £/
Total compiled receipts V-
Net income 2/
Total tax. .
Income tax fj
Excess profits taxes J
Returns with no net income:
Total compiled receipts i
Deficit £/
Total number of returns of active corporations:
With net income 2/
With no net Income %/
Returns with net income: %/
Total compiled receipts ^ .
Net income £/
Total tax.
Income tax tJ
EbccesB profits taxes 6/.
Returns with no net income:
Total compiled receipts
Deficit 2/
^.
OmER StRVICES, IHCLUDINC SCKCXDW 61/
1951 1/
1,7S0
1,131
365,312
22,234
9,042
8,232
810
57,265
3,336
3,320
2,769
1,618,094
149,506
62,214
1,795
319,231
32,943
2,732
3,607
NATURE OF BUSIHESS ICT ALUJCABU:
623,216
75,425
34,800
32,563
£,237
173,249
19,152
3,535
3,135
747,769
66,682
26,362
3,991
154,621
13,963
1,069
4,511
89,319
14,006
4,771
4,597
174
29,353
13,593
1,462
1,126
1,190
1,174
1,232
864
1,319
821
1,068
629
961
528
fTTious/tnd dollars)
237,415
18,917
6,064
304
63,244
4,710
3,314
2,567
203,061
14,146
4,643
4,543
65,845
4,849
3,558
1,967
214,880
16,110
6,071
5,071
33,676
3,310
3,551
1,606
181,432
13,756
4,048
4,048
33,261
2,246
3,415
1,190
110,110
8,136
2,210
29
20,889
2,039
3,424
854
104,609
7,363
3,187
1,361
1,825
17,671
1,145
3,167
767
(Thousand dollars )
1,608,064
156,368
53,344
52,551
793
347,240
24,569
2,687
4,063
1,731,826
182,736
60,683
60,683
313,393
22,770
2,822
4,008
1,630,955
211,410
70,885
70,886
404,461
38,503
2,498
3,312
1,926,367
289,716
94,919
94,919
146,832
14,636
2,471
2,724
1,690,731
369,575
116,746
11,570
58,643
13,406
2,622
1,966
1,606,687
273,440
136,675
63,325
83,360
63,754
7,612
(Thousand dollars)
493,686
61,281
22,285
813
166,278
19,748
3,106
3,244
605,034
62,262
23,966
23,955
178,909
19,188
3,070
3,379
532,702
76,507
26,178
26,178
142,924
17,663
3,269
3,165
518,727
77,384
26,723
26,723
115,646
14,992
3,031
3,161
526,508
103,683
35,680
1,412
74,007
12,208
2,579
2,258
(Thousand dollai
590,524
52,199
18,076
16,854
1,222
166,419
16,941
1,145
4,657
535,026
48,447
14,908
14,908
171,660
14,628
902
3,579
536,835
52,750
1G,347
16,347
128,339
14,760
953
3,213
512,397
52,177
16,161
16,151
125,608
14,947
2,047
3,622
375,445
41,812
12,839
138
100,327
11,879
2,211
3,268
(Thousand dollars)
97,071
17,157
4,525
4,386
139
20,980
10,292
83,570
9,420
2,711
2,711
25,375
7,686
99,226
12,345
3,602
3,602
22,882
12,767
172,697
26,153
6,969
6,969
33,268
9,664
181,876
24,007
6,412
lis
31,005
7,203
For footnotes, see pp. 192-194, For extent to which data for 1951 are estimated, see pp. 3-5.
1,881
1,844
340,816
74,957
43,822
11,696
32,127
56,700
5,779
2,098
2,071
305,496
27,518
12,819
5,324
7,496
83,235
10,740
1,908
3,459
139,661
15,283
5,362
3,492
1,870
26,563
10,949
1,027
476
142,809
16,078
1,862
7,338
17,746
1,480
3,039
829
1,493,404
269,044
46,816
100,162
79,609
4,903
1,722
1,959
263,026
61,194
7,001
23,641
61,043
8,924
1,964
2,190
372,246
34,862
18,618 (
6,605
13,013
76,066
7,077
1,884
3,277
142,901
17,879
3,77S
3,18V
CORPORATION INCOME TAX RETURNS, 1944-1951
191
le 16.-C0.B0LIDATEI. 58/ CORPCIUTION RETURIC, i944-19£l, BY INCOME AND DEFICIT STATUS: NUMBER OF RETIBK! AND SUBSIDIARIES, TOTAL COMPILED RECEIPIS l.TT INCOME OR DEFICIT
NET OPERATING LOSS DEDUCTION, AND TAIES uiuii-ii,
Item
19bl
1950
1949
1948
1947
1946
1945
1944
Number of consolidated returns:
With net income 2j
1,180
760
7,581
998
613
6,692
936
743
6,825
878
540
6,373
767
443
5,349
763
385
5,037
1,080
329
6,093
With no net inccme 1/
1,009
Number of aubsidiaries S^
289
5,780
(thouwrntvi dollar*}
Consolidated returns with net incane: ?J
Total compiled receipts \/
45,663,427
4,186,920
30,027
30,926,757
3,313,668
26,369
27,273,775
2,220,950
14, X2
29,425,463
2,608,552
23,190
24,805,621
2,026,690
39,253
18,260,659
1,452,5a
8,400
29,702,047
2,035,203
9,016
Net income 2/
31,508,016
Net operating loss deduction ^
3,047,526
29,100
1,955,174
1,250,111
733,637
880,543
674,522
476,885
984,846
1,688,325
Excess profits taxes ^
1,853,271
101,903
1,217,534
32,577
733,637
880,543
674,522
474,164
2,721
486,060
62/499,786
630,111
6Q/1,058,214
Consolidated returns with no net incane: Z/
Total compiled receipts 4/
Deficit 2/ !!!!!!!!!!'"
2,168,496
93,172
3,909,531
74, 392
2,873,026
187,396
1,850,004
102,284
2,601,920
169,748
2,955,528
224,933
1,871,296
149,595
674,033
51,725
192
CORPORATION INCOME TAX RETURNS, 1944-1951
Footnotes for historical tables 11-16, pages 168-191
' For 1951 a probability sample Is used for the first time as the
basis of the data tabulated from the corporation returns. Hereto-
fore, these tabulations have been derived from all corporation re-
turns filed. For description of the sample and limitations of the
data, see pp. 3-5.
-' "Net income" or "Deficit" lor 1946-51 is the difference between
the total income and the total deductions reported, exclusive of
the net operating loss deduction; for 1944-45 is the amount re-
ported for declared value excess-profits tax computation, adjusted
by excluding net operating loss deduction and adding Government
interest subject to surtax only and excess of net long-term capital
gain over net short-term capital loss.
'Assets and liabilities are tabulated as of December 31. 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 for depreciation, depletion, amor-
tization, and bad debts, when reported under liabilities are used
to reduce the corresponding asset account, and "Total assets" and
"Total liabilities" are decreased by the amount of such reserves,
(2) a deficit in surplus, reported under assets, is transferred to
liabilities, and "Total assets" and "Total liabilities" are decreased
by the amount of the deficit.
'For items included in "Total compiled receipts," see table 13.
' "Income tax" consists of normal tax, surtax, and alternative
tax. The alternative tax is reported in lieu of normal tax and sur-
tax where the income includes an excess of net long-term capital
gain over net short-term capital loss, if and only if such tax is less
than the normal tax and surtax. Tabulated with the income tax
for returns with net income is a small amount of tax reported on
returns with no net Income, under the special provisions applicable
to certain mutual insurance companies, other than life or marine.
The amount of income tax tabulated is before credit for foreign
taxes paid.
"The excess profits tax shown for 1950 and 1951 is imposed by
the Excess Profits Tax Act of 1950. effective as of July 1. 1950. The
amounts tabulated are after limitation and certain adjustments
and before credit for foreign taxes paid. The excess profits tax for
1944-46 was imposed by sec. 710 of the Code, which section was
added by the Second Revenue Act of 1940, effective for taxable years
beginning after December 31. 1939. The amount of excess profits
tax tabulated for 1944 is the excess profits tax liability reported
on corporation excess profits tax returns, less the credit for debt
retirement and the net postwar refund. (See synopsis of laws,
note 5(h), p. 202.) For 1945 and 1946. the amount tabulated is the
excess profits tax reported on corporation excess profits tax returns,
less the 10 percent credit. The amounts for 1944-^6 are before
the amount deferred under sec. 710(a)(5) (relating to abnormali-
ties under sec. 722) and after any adjustments reported on the
returns under other relief provisions. Also, for the years 1944-46,
the amount tabulated is before deduction of credit for taxes paid
to foreign countries or United States possessions. Effective Jan-
uary 1, 1946, the corporate excess profits tax is repealed. The
amount of tax shown for 1946 is limited to 11,053 taxable excess
profits tax returns, filed for fiscal years ending within the period
July through November 1946, on which an excess profits tax lia-
bility is reported for the portion of the accounting period in 1945.
The amount shown for 1944 and 1945 consists of excess profits
tax and declared value excess-profits tax. The declared value
excess-profits tax became effective June 30, 1933, under the tax
provisions of the National Industrial Recovery Act. The declared
value excess-profits tax was repealed, effective with respect to
income-tax taxable years ending after June 30, 1946. For amount
of declared value excess-profits tax reported for 1944 and 1945. see
notes 8 and 9.
' The amount "Dividends paid" excludes liquidating dividends.
» Includes declared value excess-profits tax of $98,668,000 for 1944,
and $55,039,000 for 1945.
"Includes declared value excess-profits tax of $97,001,000 for 1944
and $53,740,000 for 1945.
'" "Gross sales" consists of amounts received for goods, less re-
turns and allowances, in transactions where inventories are an
income-determining factor. For "Cost of goods sold," see
"Deductions."
" "Gross receipts from operations" consists of amounts received
from transactions in which inventories are not an income-deter-
mining factor. For "Cost of operations," see "Deductions."
" "Interest received on Government obligations, wholly taxable"
consists of interest on Treasury notes issued on or after December
1, 1940, and obligations issued on or after March 1, 1941, by the
United States or any agency or instrumentality thereof. The
amount tabulated is less amortizable bond premium.
""Interest received on Government obligations, subject to sur-
tax only" consists of interest on United States savings bonds and
Treasury bonds owned in principal amount of over $5,000 issued
prior to March 1, 1941, and interest on obligations of instrumentali-
ties of the United States (other than obligations of Federal land
banks. Joint stock land banks, and Federal intermediate credit
banks) issued prior to March 1. 1941. For 1945 and 1944. amounts
shown include interest subject to surtax only and interest subject
to declared value excess-profits tax and surtax. "Interest on
United States savings bonds and Treasury bonds owned in principal
amount of over $5,000 issued prior to March 1, 1941" was subject
to declared value excess-profits tax and surtax. For amounts of
such Interest reported for 1945 and 1944, see notes 31. 32. 43, and 44.
The Interest tabulated is less amortizable bond premium.
" "Interest received on Government obligations, wholly tax-
exempt" consists of interest on obligations of States, Territories,
and political subdivisions thereof, the District of Columbia, and
United States possessions; obligations of the United States issued
on or before September 1, 1917, all postal savings bonds. Treasury
notes issued prior to December 1. 1940, Treasury bills and Treasury
certificates of indebtedness issued prior to March 1, 1941, obliga-
tions issued prior to March 1, 1941, under the Federal Farm Loan
Act or under such Act as amended and United States savings bonds
and Treasury bonds issued prior to March 1, 1941. and owned in
principal amount of $5,000 or less. The amount tabulated is less
amortizable bond premium.
" Amount shown as "Rents" consists of gross amounts received.
The amounts of depreciation, repairs, interest, taxes, and other
expenses, which are deductible from the gross amount received
for rents, are included in the respective deduction items.
" Amount shown as "Royalties" consists of gross amounts re-
ceived. The amount of depletion, which is deductible from the
gross amount of royalties received, is included in the item of
"Depletion" In deductions.
" For definition of capital assets and treatment of capital gains
and losses, see table B. synopsis of laws. p. 199.
" "Net gain or loss, sales other than capital assets" is the net
amount of gain or loss arising from the sale or exchange of de-
preciable property used in trade or business, short-term non-
interest-bearing Government obligations issued on or after March
1, 1941. on a discount basis, and real property used in trade or
business. If such property has been held for more than 6 months,
special treatment is provided as shown in table B, synopsis of
laws, p. 199.
'» "Dividends from domestic corporations" are those from cor-
porations subject to taxation under the effective Federal tax law,
excluding dividends from corporations organized under the China
Trade Act, 1922. and from corporations receiving a large percentage
of their gross income from sources within a possession of the United
States, such excluded dividends being tabulated in "Other receipts."
=" "Other receipts" include dividends from corporations organ-
ized under the China Trade Act, 1922; dividends from corporations
entitled to the benefits of sec. 251 of the Internal Revenue Code
(corporations receiving a large percentage 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: 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 com-
missaries: profit on dealing in futures; profit on prior years' collec-
tions (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 income from sales of scrap, salvage, or
waste.
" "Total compiled receipts" excludes nontaxable income other
than tax-exempt interest received on certain Government obliga-
tions.
== Beginning 1951, "Cost of goods sold" and "Cost of operations"
are reduced by any identifiable amounts of taxes, depreciation, de-
pletion, amortization, and pension plan contributions included
therein. Such items are transferred to their respective headings.
For years prior to 1951, only amortization and pension plan con-
tributions were so treated.
-' Amount for "Compensation of officers" excludes compensation
of officers of life insurance companies which file Form 1120L, since
such data are not required to be reported on the return.
=' Amount shown as "Repairs" is 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.
-^ The item "Taxes paid" includes all taxes paid or accrued during
the taxable year except ( 1 ) Federal income and excess profits taxes,
(2) estate, inheritance, legacy, succession, and gift taxes, (3)
income and profits taxes paid to foreign countries and United
States possessions 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 sold"
and "Cost of operations." (See note 22.)
il
CORPORATION INCOME TAX RETURNS, 1944-1951
193
Footnotes for hintoiical tableg 11-16, paffrK 168-191 — Continued
='The deduction claimed for "Contributions or gifts" Is limited
to 5 percent of net Income as computed without benefit of deduc-
tion for contributions or gifts.
" Amount shown as "Amortization" Is the deduction with respect
to amortization of the cost of emergency facilities necessary for
national defense, as provided by section 124 of the Internal Revenue
Code as amended by the Second Revenue Act of 1940. On Septem-
ber 29, 1945, the President prorlalraed the ending of the emergency
period defined in sec. 124(e)(2). As a result, taxpayers holding
certified emergency facilities on which the 60-month amortization
period had not expired could elect to terminate the amortization
period as of September 30. 1945, and recompute the amortization
deduction for each tax year involved, on tlie basis of the actual
number of months In the shortened period. Thus, the amorti-
zation deductions reported on the 1945 returns are, in many
Instances, the increased amoimts based on the shortened period,
wliereas the amounts reported on returns for 1944 are based on
a 60-month period. Beginning 1950, amortization for emergency
facilities is provided by sec. 124A.
=» "Amounts contributed under pension plans, etc.." consists of
deductions claimed under sec. 23(p) of the Internal Revenue Code
for amounts contributed by employers under pension, annuity,
stock-bonus, or profit-sharing plans, or other deferred compen-
sation plans.
■'' "Other deductions" include ( 1 ) negative amounts reported
under income. (2) losses by abandonment, fire, storm, shipwreck,
or other casualty (including war losses) , and theft, (3) salaries and
wages not deducted elsewhere on the return, and (4) amounts not
otherwise reported, such as: Administrative, general, and office
expenses; advertising costs, 1944; bonuses and commissions; de-
livery charges; freight and shipping expenses; payments In con-
nection with lawsuits; research expenses; sales discount; selling
costs; travel expenses; unrealized profits on installment sales; and
Federal Deposit Insurance Corporation assessments reported by
banks.
" The net operating loss deduction tabulated is the amount orig-
inally reported, consisting only of the net operating loss carryover
as defined in sec. 122 of the Code, and does not take Into account
whatever revisions may subsequently be made as the result of
any carryback of net operating loss from the succeeding tax year.
The net operating loss deduction in any taxable year is first used
as a carryback and. to the extent not so used, may be used as a
carryover. The net operating loss for 1950-51 may be carried
back for one preceding year and carried over for 5 succeeding years;
for 1948-49. the carryback is for 2 years, and the carryover for 3
years; for 1944-47, the carryback Is for 2 years and the carryover for
2 years, however, for corporations commencing business after
December 31. 1945. the 1947 carryover is for 3 years. The net
operating loss deduction has not been taken into consideration in
computing the net income as tabulated Ln Statistics o/ Income.
" Includes "Interest on Government obligations subject to de-
clared value excess-profits tax and surtax" of $331,598,000 for 1944,
and $301,280,000 for 1945.
^' Includes "Interest on Government obligations subject to de-
clared value excess-profits tax and surtax" of $326,366,000 for 1944,
and $296,366,000 for 1945.
'■" Number of returns with balance sheets excludes returns of
Inactive corporations and returns of active corporations for which
balance sheet data are lacking.
" Amovmt shown as "Cash" includes bank deposits.
^'- Amount shown as "Investments. Government obligations" con-
sists of obligations of the United States or any agency or instru-
mentality thereof; obligations of States. Territories, and political
subdivisions thereof, the District of Columbia, and United States
possessions. (See note 36.)
™ Where investments are not segregated as between "Government
obligations" and "Other," the entire amount is Included In "Other
Investments."
""Gross capital assets (except land)" consist of (1) depreciable
tangible assets such as buildings, fixed mechanical equipment,
manufacturing facilities, transportation facilities, furniture and
fixtures, (2) depletable tangible assets — natural resources, and (3)
Intangible assets such as patents, franchises, formulas, leaseholds,
goodwill, and trade-marks.
'' "Other assets" consist of assets not elsewhere reported on
return, such as: Sinking funds; other funds; deferred charges;
organization expenses; prepaid and suspense items; interest, dis-
count, coupons, and dividends receivable; and guaranty deposits.
"Other assets" of life Insurance companies include market value
of real estate, bonds, and stocks in excess of book value; Interest,
rents, and premiums due; and agents' balances.
^» "Other liabilities" consist of liabilities not elsewhere reported
on return, such as: Deferred and suspense items; accrued expenses;
dividends payable; funds held in trust; borrowed securities; out-
standing coupons and certificates; and overdrafts. "Other llablU-
Ues" of life insurance companies Include the net value of outstand-
ing policies and annuities, and borrowed money. "Other liabilities"
of banks include deposits (time, savings, demand, etc.) and bank
notes In circulation.
'" Capital stock which Is not definitely designated as either
common or preferred is tabulated under common stock.
" Amount shown as "Surplus and undivided profits" consists of
paid-in or capital surplus and earned surplus and undivided profits.
(See note 42.)
" Amount shown as "Deficit" consists of negative amounts of
earned surplus and undivided profits.
" Includes "Interest on Government obligations subject to de-
clared value excess-profits tax and surtax" of $330,136,000 for 1944,
and $300,078,000 for 1945.
"Includes "Interest on Government obligations subject to de-
clared value excess-profits tax and surtax" of $325. 145. OCX) for 1944,
and $295,228,000 for 1945.
"• A corporation Is classified industrially according to the business
reported on the return. When diversified activities are reported,
the classification Is determined by the industry which accounts for
the largest percentage of total receipts. Therefore, industrial
groups may contain data for activities other than those on which
the classifications are based. Certain changes were made in the
Industrial classifications beginning 1948. For comparability of the
revised Industry classifications with those for prior years, see
pp. 427-450, Statistics of Income for 1948, Part 2.
*" The major industry group "Bituminous coal and lignite mining"
included the industrial activity "Peat" for 1944-47 which was trans-
ferred to "Nonmetalllc mining and quarrying" for 1948-51. Since
data for this activity are not tabulated separately, no adjustments
have been made to improve comparability between 1948-51 and
prior years.
" The major industry group "Nonmetalllc mining and quarrying
includes, for 1948-51 "Mining and quarrying not allocable" which,
for 1944—47 was a separate group. To improve comparability with
1948-51, data for 1944-47 have been adjusted by combining the two
groups.
'» To improve comparability with 1948-51 adjustments have beeu
made for 1944^7 by transferring "Wooden containers" from "Manu-
facturing: Furniture and fixtures" to "IVIanufacturing: Lumber and
wood products, except furniture" and by transferring "Matches"
from "Manufacturing: Furniture and fixtures" to "Other manu-
facturlng." In addition, adjustments have been made in the 1948-
51 data by transferring data for "Other wood products" from "Man-
ufacturing: Lumber and wood products, except furniture" to the
major group "Manufacturing: Furniture and fixtures."
" Combinations of two or more major groups are employed for
purposes of comparison with prior years in those Instances where
the content of the major groups for 1948-51 differs so markedly
frorn 1944-47 as to preclude a comparison of data for a single
major group.
™ The 1944-47 data shown have been obtained by combining the
two major groups designated in those years as "Manufacturing:
Iron, steel, and products" and "Manufacturing: Nonferrous metals
and their products." the former group having been adjusted to
exclude, for 1944-47. the five minor groups comprising "Ordnance
and accessories" for 1948-51 and the latter group having been ad-
Justed throughout to exclude "Clocks and watches" and "Jewelry
(except costume) , silverware, plated ware."
" The industry group designated "Ordnance and accessories"
appears as a major group for the first time in 1948. The data
shown for 1944—47 have been extracted from the major group
"Iron, steel, and products." where, for those years, data for "Ord-
nance and accessories" were tabulated as five minor groups.
'■■ The 1944-47 data shown have been obtained by ( 1 ) combining
the two major groups designated in those years as "Other manu-
facturing" and "Manufacturing not allocable" and (2) by adding
thereto "Clocks and watches" and "Jewelry (except costume),
silverware, plated ware" (transferred from "Manufacturing: Non-
ferrous metals and their products") and "Matches" (transferred
from "Manufacturing: Furniture and fixtures").
"For 1944-47 "Eectrlc and gas utilities," which appears as a
major group for the first time in 1948, has been extracted from
"Other public utilities."
" The major industry group "Other retail trade" was tabulated,
for 1944-47, as three separate major groups, 1. e., "Other retail
trade," "Package liquor stores." and "Retail trade not allocable."
To Improve comparability with 1948-51. the 1944-47 data for these
three groups have been combined.
"The major Industry group "Credit agencies other than banks"
was tabulated, for 1944-47, as three separate major groups, 1. e.,
"Long-term credit agencies, mortgage companies, except banks."
"Short-term credit agencies, except banks." and "Finance not
allocable." To Improve comparability with 1948-51. the 1944-47
data for these three groups have been combined.
194 CORPORATION INCOME TAX RETURNS, 1944-1951
Footnotes for historical tables 11-16, pages 16S-191 — Continued
""The major Industry group "Holding and other Investment "For types of corporations permitted to file a consolidated re-
companies" was tabulated, for 1944-47, as three separate major turn and tor criteria of affiliation, see "Synopsis of Laws," table C.
groups, 1. e., "Investment trusts and Investment companies," "Other „ 200
investment companies, including holding companies," and "Other
finance companies." To improve comparability with 1948-51, the »The number of subsidiaries consists of the number of affiliated
1944-47 data for these three groups have been combined. corporations other than the common parent corporation which
" The major industry group "Other services, including schools," are Included in consolidated income tax returns.
Includes for 1948-51, "Service not allocable" which, for 1944-47,
was a separate group. To improve comparability with 1948-51, "° Includes declared value excess-profits tax of $4,273,000 for 1944
data for 1944-47 have been adjusted by combining the two groups. and $2,201,000 for 1945.
SYNOPSIS OF
FEDERAL TAX LAWS
1 944-5 1
AFFECTING THE COMPARABILITY OF HISTORICAL DATA IN
STATISTICS OF INCOME
Corporation income and profits tax returns pskc
A. Tax rates 197-198
B. Capital gain and loss provisions 199
C. Consolidated returns — provisions for filing and tax rates 200
195
SYNOPSIS OF LAWS, 1944-1951
Tabic A— TAX RATES UNDER CORPORATION INCOME AND PROFITS TAX LAW, 1944-51 '
197
Federal tax law: >
Revenue Acts amending Code
(date of enactmeni)
(1)
Income
year >
(2)
Tan base by type of tax '
(3)
Tax rate »
(percent)
(4)
Revenue Act of 19SI (Oct. 20. 19S1).
1951
Calendar year returns
Income tax:
Normal tax:
Normal tax net Income, entire amount
Surtax:
Surtax net income:
$25,000 or less .__
Excess over $25,000--
Consolidated return (additional tax):
Surtax net Income, entire amount - -
Alternative tax:
Net long-term capital gain In excess of net short-term capital loss.
All other normal-tax net Income and surtax net Income
Excess profits tax:
Adjusted excess profits net Income, entire amount..
2gfi
22
2
25
(Same as Immediately
above).
•30
Returns with fiscal year beginning in 1951 '
Revenue Act of 1950 (Sept. 23, 1950).
Excess Profits Tax Act of 1960 (Jan.
3, 1951).
Revenue Act of 1951, excess profits
tax provisions only (Oct. 20, 1951).
1950
Period ending March St, I9SI:
Tax ba.ses and rates same as income year 1950 fiscal year period beginning July 1. 1950. and ending
March 31, 1951.
Period beginning April 1, 1961:
Income tax:
NorTial t,ix:
Normal tax net income, entire amount
Surtax:
Surtax net income:
$25,000 or less _
Exce.ss over $25,000
Consolidated return (additional tax):
Surtax net income, entire amount _
Alternative tax:
Net long-term capital gain in excess of net short-term capital loss:
Taxable year beginning before April 1, 1951
Taxable year begirming after March 31. 1951..-
All other normal-tax net income and surtax net income
Excess profits tax:
Adjusted excess profits net income, entire amount
30
(Same as Immediately
above).
Calendar year returns
Income tax:
Normal tax:
Normal tax net Income, entire amount ,,
Surtax:
Surtax net income;
$25,000 or less- ..- --..
Excess over $25,000 _
Consolidated return (additional tax):
Surtax net income, entire amount
Alternative tax:
Net long-term capital gain in excess of net short-term capital loss
All other normal-tax net income and surtax net income
Excess profits tax (effective July 1. 1950): '
Adjusted excess profits net income, entire amount
23
•19
2
(Same as immediately
above).
Returns with fiscal year beginning in 1950 '
Period ending June SO, 1910:
Tax bases and rates same as income year 1949.
Period beginning July 1, I960, and ending March 31, 1951:
Income tax:
Normal tax:
Normal tax net Income, entire amount
Surtax:
Surtax net income:
$25,000 or less
Excess over $25,000:
Taxable year beginning before July 1, 1950
Taxable year beginning after J ime 30, 1950
Consolidated return (additional tax) :
Surtax net income, entire amount. ._ _
Alternative tax:
Net long-term capital gain in excess of net short-term capital loss -
All other normal-tax net income and surtax net income
Excess profits tax:
Adjusted excess profits net income, entire amount _
Period ending after March 31, 1951:
Tax bases and rates same as income year 1951 fiscal year period beginning April 1, 1951, except surtax
rate which is the same as that shown immediately above.
(Same as immediately
above).
•30
For footnotes, see pp. 200-202.
:
198
SYNOPSIS OF LAWS, 1944-1951
Table A— TAX RATES UNDER CORPORATION INCOME AND PROFITS TAX LAW, 1944-51 '— Continued
Federal tax law: '
Revenue Acts amending Code
{date of enadmerU)
(1)
Income
year'
(2)
Tax base by type of tax '
(3)
Tax rate *
(percent)
(4)
Revenue Act of 1945 (Nov. S, 1945).
'» 1949
1948
1947
1946
Calendar year returns and returns vfith fiscal year beginning in income year
Revenue Act of 1943 (Feb. 25, 1944).
i> 1945
1944
Income tax:
Normal tax:
Tax base and rates same as income year 1945.
Surtax:
Surtax net income in total amount:
Not over $60,000—
First .$25,000
Next $25,000--
Over $.50,000-
Consolidated return (additional tax) :
Surtax net income, entire amount
Alternative tax:
Net long-term capital gain in excess of net short-term capita] loss
All other normal-tax net income and surtax net income
Income tax:
Normal tax:
Domestic corporations:
Normal-tax net income in total amount:
Not over $50,000—
First $5.000
Next $1.5,000
Next .$5,000
Next $25,000
Over $50,000
Foreign corporations engaged in trade or business within the United States:
Normal-tax net income, entire amount..
Surtax:
Surtax net income in total amount:
Not over .$50,000—
First $25,000
Next $25,000
Over $50,000
Consolidated return (additional tax):
Surtax net income, entire amount
Alternative tax:
Net long-term capital gain in excess of net short-term capital loss
-\11 other normal-tax net income and surtax net income..
Excess profits tax:
Adjusted excess profits net income, entire amount
Declared value excess-profits tax:
Net income (for declared value excess-profits tax computation):
Net income in excess of 10 percent and not in excess of 15 percent of declared value of capital
stock.
Net income in excess of 15 percent of declared value of capital stock
6
22
14 of entire surtax net
income.
25
(Same as
above).
immediately
24 of entire normal-tax
net income.
10
22
16 of entire surtax not
income.
(Same as immediately
above).
!95
6.6
13.2
For footnotes, see pp. 200-202.
SYNOPSIS OF LAWS, 1944-1951 199
Table B.— PROVISIONS PERTAINING TO CAPITAL GAINS AND LOSSES UNDER CORPORATION INCOME AND PROFITS TAX LAW, 1944-51 1
Foderal tax law: a
Revenue Acts
amonding Code (date
of enactment)
(1)
Income
year ^
(2)
Definition of caiiital assets
(3)
PLTiod hold '1
(4)
Troatnicnt of net capita! pain "
(5)
Treatment of net capital loss "
(6)
Revenue Act of 1951
(Oct. 21). 1951)-
Revenue Act of 1950
(Sept. 23, 1950).
Revenue Act of 1943
(Feb. 25. 1944).
1944-19
(1) AM property, whether or not con-
nceti'd with tratle or business,
except:
(a) Stock in trade or other prop-
erty which would properly be
incUidi'd in invontory, or
property hold j>rimarily for
sale to customers in the ordi-
nary courso of trade or busi-
ness;
(b) Property used in trade or
business of a character which
is subject to allowance for
depreciation:
(c) Real property used in trade
or business:
(d) Qovornment obligations is-
sued on or after March 1, 1941.
on a discount basis and pay-
able without interest at a fixed
maturity date not exceeding
one yoar from date of issue;
and
(e) Certain copyrights, literary,
musical, or artistic composi-
tions, or similar properties
(but not a patent or inven-
tion)."
(2) (Jains and losses are considered as
from capital assets, under certain
conditions, with respect to: '^
(a) Rctirementof certain bonds,
etc.
(b) Short sales.
(c) Failure to exercise options.
(d) Involuntary conversion and
sale or exchange of certain
business property, if a net gain
is realized. "8
(e) Securities held for invest-
ment by security dealers.'^
(f) Worthless stocks and other
securities.
(3) Gains and losses are not considered
as from capital assets, under
certain conditions, with respect
to: 18
(a) Certain gain on property to
which amortization deduction
(sec. 124A) is applicable.
(b) Not loss from sales or ex-
changes of certain bonds, etc.,
by banks.
(c) Involuntary conversion and
sale or exchange of certain
business property if a net loss
is realized. 18
(d) Certain sales or exchanges of
stock in a collapsible corpora-
tion.
(e) Certain sales or exchanges of
depreciable property of a con-
trolled corporation. 's
(f) Wash sales of stock or securi-
ties.
Same as 1950-51, except:
1 (e). 2(e), and 3(e) are not applicable.
3 (a) and 3 (d) are applicable after
December 31, 1949, with respect to
taxable years ending thereafter.
Short-term: 6 months
or less.
Long-term: More than
6 months.
Same as 1950-51.
Includod in net income and taxed
at regular rates unless the net
long-term capital gain exceeds
the net short-term capital loss
in which ease the filternafive fax
may be used if it is less than
tho regular tax. The alternative
tax is the sum of (1) the regular
tax on not income reduced by
the amount of the excess of net
long-term capital gain over net
short-term capital loss and (2)
25 percent of such excess (tax-
able years beginning after
March 31, 1951, 2f> percent of
such excess).
Excluded from the excess profits
not income for taxable years
ending after June 30, 1950.
Same as 1950-51, except that for
1944-1945 the excess of net long-
term capital gain over not short-
term capital loss is excluded
from net income for declared
value e.xcess- profits tax. The
treatment for income tax pur-
poses is not affected by this
change.
Carried forward and treated as a
not short-term capital loss (de-
ductible against any ca|»ital
gains) for a period not to exceed
5 years.
Capital gains and losses are ex-
ciu(lod in the computation of the
excess profits net income for tax-
able years ending after Juno 30,
1950.
Same as 1950-51.
For footnotes, see pp. 200-202.
200 SYNOPSIS OF LAWS, 1944-1951
Table C— CONSOLIDATED INCOME AND PROFITS TAX RETURNS— PROVISIONS FOR FILING AND TAX RATES, 1944-51 '
Federal tax law: '
Revenue Acts
amending Code
{date of enactment)
(1)
Income
year 3
(2)
Type of tax for which
a consolidated re-
turn was permitted
(3)
Type of corporation per-
mitted to file a consoli-
dated return
(4)
Criterion of affiliation
(5)
Consolidated return
required or optional
(6)
Tax rate
(7)
Revenue Act of 1951
(Oct. 20, 1951).
Excess Profits Tax
Act of 1950 (Jan. 3,
1951, efTective as of
July 1, 1950).
Revenue Act of 1950
(Sept. 23, 1950).
1960-61
Income tax, and excess
profits tax under
sec. 430 of the In-
ternal Revenue
Code.
Revenue Act of 1945
(Nov. 8, 1945).
Revenue Act of 1943
(Feb. 25, 1944).
Income tax.
1944-45
Income tax, and ex-
cess profits tax un-
der sec. 710 of Code.
Any corporation except:
(1) Corporations ex-
empt under Code sec.
101.
(2) Life and mutual in-
surance companies,
but they were consid-
ered as includible cor-
porations if two or
more such companies
alone filed a consoli-
dated return and each
was subject to tax
under the same sec-
tion of chapter 1 of the
Code.
(3) Foreign corporations
other than certain
Canadian and Mexi-
can corporations.!*
(4) Corporations sub-
ject to section 251
(relative to income
from sources within
possessions of the
United States).
(5) Corporations organ-
ized under the China
Trade Act, 1922.
(6) Regulated invest-
ment companies (tax-
able under supple-
ment Q of Code).
(7) Persona] service cor-
porations, personal
holding companies,
foreign trade corpora-
tions as defined in
Code section 727 (g),
and certain air mail
carriers as defined in
Code section 727(h);
but such a corpora-
tion may be included
in a consolidated re-
turn if it has filed a
consent to be treated
as an includible cor-
poration.
(8) Regulated public
utilities which cpm-
pute their excess pro-
fits credit under the
alternative method
provided for such
companies in sec. 448
of the Internal Re-
venue Code.
Same as 1950-51, (1) through
(7).
Same as 1946-49.
One or more chains of In-
cludible corporations
connected through stock
ownership with a com-
mon parent corporation
which is an includible
corporation if (1) stock
possessing at least 95
percent of the voting
power of all classes of
stock and at least 95 per-
cent of each class of the
nonvoting stock of each
of the includible corpor-
ations (except the com-
mon parent corporation)
is owned directly by
one or more of the other
includible corporations;
and (2) the common
parent corporation owns
directly stock possessing
at least 95 percent of the
voting power of all
classes of stock and at
least 95 percent of each
class of the nonvoting
stock of at least one of
the other includible cor-
porations. The term
"stock" does not include
nonvoting stock which
is Umited and preferred
as to dividends.
Same as 195(^-51,
Same as 1960-51.
Optional upon consent of
all members of affiliated
group. Election is
binding for subsequent
taxable years except as
provided in section 24. 1 1
of Regulations 129. New
option is granted if
amendment to the Code
or Regulations makes
filing of a consolidated
return less advanta-
geous to affiliated group.
Because of such amend-
ments affiliated groups
filing consolidated re-
turns for the preceding
taxable year were given
new option for returns
filed for the—
First taxable year
ending after March
31, 1951.
First taxable year
ending after June
30, 1950.
See 1950-51. New option
granted for the—
Fiscal years ending in
1949.
Calendar year or fiscal
years ending in 1948.
Calendar year or fiscal
years ending in 1947.
Calendar year or fiscal
years ending in 1946.
See 1950-51. New option
granted for the—
Fiscal years ending in
1945, unless, under
an extension of time,
the fiscal 1944 return
was not required to
be filed until after
March 1, 1945.
Calendar year 1944.
Normal tax and excess pro-
fits tax same as for non-
consolidated returns; sur-
tax is 2 percent higher
than for nonconsolidated
returns. However, be-
ginning July 1, 1950, if
Western Hemisphere
trade corporations are
included, the 2 percent
additional tax is applied
on the amount by which
the consolidated corpora-
tion surtax net income of
the affiliated group ex-
ceeds the portion of the
consolidated corporation
surtax net income attri-
butable to the Western
Hemisphere trade cor-
poration. (See table A,
pp. 197-198.)
Normal tax same as for
nonconsolidated returns;
surtax is 2 percent higher
than for nonconsolidated
returns. (See table A,
pp. 197-198.)
Normal tax and excess
profits tax same as for
nonconsolidated returns;
surtax is 2 percent higher
than for nonconsolidated
returns. (See table A,
pp. 197-198.)
Footnotes for synopsis of laws tables
» For income years 1909 through 1943. see Statistics of Income for
1950. Part 2, pp. 247-282.
2 Retiirns for 1944-51 are filed under the provisions of the Internal
Revenue Code approved February 10, 1939. and the various amend-
ments thereto. There is no one effective date for all provisions of
a revenue act amending the Code — some of the provisions may be
retroactive, some apply to the current tax period, and some to a
future taxable year.
3 The Income year Is the calendar year and fiscal years beginning
therein.
•The tax bases are, in general, the same for all corporations and
are derived from the corporation's net income after allowance of
certain credits. Net Income is the gross income less the deductions
allowed. (See sees. 22 and 23 of Code.) Treatment of the net
operating loss deduction, derivation of the tax bases from net in-
come and significant variations in the bases applicable to certain
classes of corporations are shown in (a) through (J) below.
(a) The net operating loss deduction is allowed as a deduction
against the gross income by sec. 23{s) of the Code. It should be
noted that the net income as tabulated in Statistics of Income
is the net income for the current year. i. e.. without benefit of the
deduction due to prior year loss. The net operating loss of any
taxable year is first carried back against the net income of certain
preceding taxable years and the excess, if any, may then be carried
over to certain succeeding taxable years. The amount reported
on the return and tabulated for Statistics of Income is the net
operating loss carryover from prior taxable years. The carryback,
and carryover periods for a net operating loss sustained in 1950-51
are. carryback 1 year, carryover 5 years; 1948-49, carryback 2 years,
carryover 3 years; and 1944-47, carryback 2 years, carryover 2 years,
except that for corporations commencing business after December
SYNOPSIS OF LAWS. 1944-1951
Footnotes for synopsis of laws tables — Continued
201
31. 1945. the carryover for 1947 Is 3 years. (For definitions and
computations, including certain exceptions, additions, and limita-
tions, see sec. 122.)
(b) Normal-tax net income and surtax net income. — Credits In
table below apply to derivation of normal-tax net income and In
most Instances to surtax net Income. Where applicable the per-
centage credits are Identified with the normal-tax net income by
the symbol (N) and with the surtax net Income by the symbol (SK
Percent of total amount deductible as a credit for—
Credits against net income
Calen-
dar year
1951
(I)
Fiscal year 1961
Calen-
dar year
1950
(4)
Fiscal
year 1950
begin-
ning
after
June 30,
1950 •
(6)
Fiscal year 19,50 be-
ginning before
July 1, 1950, and
flscai year 1949
ending after June
30, 1950
1946-49 »
(8)
1944-45
Part
prior to
Apr. 1,
1951
(2)
Part
after
Mar. 31,
1951
(3)
Part
prior to
July 1.
1950
(6)
Part
after
June 30,
1950 °
(7)
(9)
100
(N)
100
(N)
100
(N)
100
(N)
100
(N)
100
(N)
100
(N)
100
(N)
100
CN)
2 Dividends received from a domestic corporation subject to the income tax
(otlier tlian dividends on certain preferred stock of a public utility).'*
85
(N) (S)
85
(N) (S)
85
(N) (S)
85
(N) (S)
85
(N) (S)
85
(S)
85
(N) (S)
85
(S)
85
(8)
61
(N) (S)
59
(N) (S)
62
(N) (S)
57
(N) (S)
eg
(N) (S)
XXX
59
(N) (S)
XXX
XXX
4 Dividends received from a domestic corporation subject to ttie income tax
(including dividends on certain preferred stock of a public utility).'*
XXX
XXX
XXX
XXX
XXX
85
(N)
XXX
85
(N)
85
(N)
5 Dividends received from certain foreign corporations doing a substantial
volume of business within the United States and derived from income
earned in the United States. •*
85
(N) (S)
85
(N) (S)
85
(N)(S)
None
None
None
None
None
None
6 Dividends paid on certain preferred stock of a public utility or the net in-
come of the public utility minus the credits provided in 1 through 3 above,
wtiichever is the lower.'
28
(N) (S)
30
(N) (S)
27
(N) (S)
33
(N) (S)
30
(N) (S)
100
(S)
31
(N) (S)
100
(S)
100
(S)
7 Western Hemisphere trade corporation normal-tax net income computed
without regard to this credit.^
28
(N) (S)
30
(N) (S)
27
(N) (S)
33
(N) (S)
30
(N) (S)
None
31
(N) (S)
None
None
None
None
None
None
None
None
None
None
100
(N) (S)
* For credits after March 31, 1951, see col. (3).
* For a fiscal year 1949 ending after June 30, 1950, see col. (7) for credits applicable after that date.
( The net income less the credit for partially tax-exempt interest is designated "Adjusted net income." (Sec. 13 (a) of Code.)
■f The total credit claimed lor dividends received (lines 2 through 6) may not exceed (or each base: 1950-51, 85 percent of the net income adjusted by the credit for partially
tax-exempt interest (line 1) but before any allowance for net operating loss deduction: 19^6-49, 85 percent of the net income adjusted by the credit for partially tax-exempt
interest and after the allowance of the net operating loss deduction: and 19U-i5. S.l percent of the net income after net operating loss deduction adjusted by the credit for in-
come subject to the excess profits tax (line 8), plus, for normal-tax net income only, the credit for partially tax-exempt interest.
' For treatment of dividends paid with respect to dividends unpaid and accumulated for prior taxable years, and for definitions of public utility and preferred stocks as
used for this credit, see .sec. 26(h) of the Code.
f For definition of Western Hemisiihere trade corporation, see p. 14.
* For 19U-i5. if the excess profits tax is computed under certain special provisions of the Code (shown in section 26 (e)), the credit is 100/95 of such tax before the applica-
tion of the 80 percent limitation (footnote 6), before the credit for foreign taxes paid (footnote 5 (h)) and before any adjustment in case of position inconsistent with prior in-
come tax liability (sec. 734).
(c) Net long-term capital gain in excess of net short-term capital Percent
loss.— Capital gain and loss provisions are shown In table B of this pirst $5,000,000 of Invested capital 8
synopsis. fjg^j $5,000,000 of invested capital 6
(d) Consolidated return tax, Imposed on an affiliated group of Over $10 000,000 of Invested capital 5
corporations electing to file a consolidated return as an addition to
the surtax, is not applicable to any portion of the surtax net income The unused excess profits credit, which Is the excess of the excess
attributable to a Western Hemisphere trade corporation, effective profits credit over the excess profits net Income for the taxable year,
July 1. 1950. is, for 1950-51, carried bacli as an unused excess profits credit
(e) The adjusted excess profits net income for 1950-51 is the adjustment to the first preceding taxable year, and the remainder,
excess profits net income less the amounts of the excess profits If any. may then be carried forward as an adjustment to succeeding
credit and the unused excess profits credit adjustment. A mini- years. The carryforward period is 5 years. No carryback of unused
mum credit of $25,000 is provided. For a discussion of the excess excess profits credit computed under the provisions of the Excess
profits net income, the excess profits credit, and special provisions Profits Tax Act of 1950 may be made to taxable years ending before
applicable to certain companies, see pp. 9-12. July 1, 1950, and no portion of the minimum $25,000 credit may
For 1944-45 the adjusted excess profits net income is the excess be considered as unused excess profits credit. For 1944-45 the
profits net income minus a specific exemption of $10,000 ($50,000 for carryback period was 2 years and the carryforward period 2 years,
certain mutual insurance companies) and minus the amounts of For computation of the unused excess profits credit adjustment for
the excess profits credit and the unused excess profits credit adjust- the years 1950-51, see sec. 432 of the Code, and for the years 1944-
ment. The excess profits net Income is obtained from the normal- 45, sec. 710(c) of the Code. The unused excess profits credit ad-
tax net income (computed without allowance of credit for income Justment shown in Statistics of Income is the unused excess profits
subject to excess profits tax and without allowance of dividends credit carryforward applicable to the year for which it Is reported,
received credit) by making the following adjustments: (f) Declared value excess-profits tax. — The net Income used for
( 1 ) Under the income credit method there are added the net the computation of this tax differs from that used for income tax
short-term capital gain and the adjustment to net operating loss by (1) the disallowance of the deduction for the declared value
deduction and there is subtracted the sum of: excess-profits tax, and (ii) exclusion from gross income of the excess
(a) Net gain from sale or exchange of capital assets. of net long-term capital gain over net short-term capital loss. The
( b ) Income from retirement or discharge of bonds. 85 percent credit for dividends received is allowed against the net
(c) Refunds and interest on Agricultural Adjustment Act Income. This tax was imposed on corporations subject to the
taxes. capital stock tax under sec. 1200 of the Code. Insurance companies
(d) Recoveries of bad debts. were exempt. The declared value excess-profits tax was repealed,
(e) Dividends received credit adjustment. effective for income-tax taxable years ending after June 30, 1946.
(/) Nontaxable income of certain industries with depletable (g) Life insurance companies. — For 1944-51 the net income re-
resources, ported by a life Insurance company Is the net investment Income
(2) Under the Invested capital credit method, the excess profits (the gross amount of Interest, dividends, and rents less investment
net income is computed as in (1) above plus (a) 50 percent of and real estate expenses, tax-free Interest, and depreciation ) . Nor-
Interest on borrowed capital and (b) Interest on Government obli- mal tax, surtax, and excess profits tax net Incomes are derived in
gations. the same manner as for other corporations, except that no deduc-
The excess profits credit provisions for the years 1944 and 1945 tion Is allowed for a net operating loss. Before imposition of tax,
are alike and are discussed on pp. 64-65 of Statistics of Income for however, a special adjustment, in lieu of deductions for reserve
1945, Part 2, (pp. 44-^5 of the 1944 volume). Under these provl- earnings, deferred dividends, and interest paid, is made. This
sions the excess profits credit based on Income consists of 95 percent adjustment is offset, in case of non-life Insurance business, by an
of the average base period net income and 8 percent of the net adjustment for certain non-life insurance reserves,
capital addition, reduced by 6 percent of the net capital reduction. (h) Mutual insurance companies. — See footnote 5(b).
The excess profits credit based on invested capital is the sum of (1) Insurance companies other than life or mutual. — For Income
the following percentages : and deductions, see sec. 204 of the Code.
202
SYNOPSIS OF LAWS, 1944-1951
Fontnoles for synopsis of laws tables — Continued
(J) Regulated investment companies as defined in sec. 361 of the
Code may compute a tax under the provisions of Supplement Q
of the Code if not less than 90 percent of certain net income is
distributed to shareholders as taxable dividends. The computation
of the Supplement Q net income and Supplement Q surtax net
Income, which are In general the same 1944 through 1951. is shown
in the facsimile of Form 1120. p. 216. This computation and the tax
rates, which are similar to the regular rates, are shown in sec. 362
of the Code.
"The tax rates shown are those applicable, in general, to all
corporations, domestic and foreign. Certain exceptions to these
rates, and credits against the tax. shown in (a) through (h) below,
are:
(a) Life insurance companies. — Beginning 1951 special Income
tax rates, shown on p. 73 of this volume, are provided. For 1944-45,
the declared value excess-profits tax is not applicable to life insur-
ance companies.
(b) Mutual insurance companies, except life or marine, or flre
insurance companies Issuing perpetual policies. — Sec. 101(11) ex-
empts these companies from taxation if their gross income from
Interest, dividends, rents, and premiums (including deposits and
assessments) does not exceed $75,000. When such gross income
exceeds $75,000. Supplement G of the Code provides Income taxation
based, in general, on the regular corporate rates, but with certain
alternative provisions and limitations (see sec. 207(a) of the Code).
The excess profits tax rate is the same as that for regular corpora-
tions with the exception of a limitation for companies whose gross
Income from the sources shown above does not exceed $125,000. See
sec. 430(d) of the Code.
Mutual insurance companies are not subject to the declared value
excess-profits tax. 1944-45.
(c) Nonresident foreign corporations, not engaged in trade or
business within the United States, which are taxed, under sec.
231(a) of the Code, on income {except interest on bank deposits)
from sources within the United States. The tax is 30 percent of
such income except as modified by treaties with other nations.
Such corporations are not subject to the excess profits and declared
value excess-profits tax. The returns of nonresident foreign corpo-
rations are not included in Statistics of Income.
Under the provisions of Supplement P of the Code, income of
certain foreign personal holding companies is includible in the
income of the shareholders and is not reported by the company for
taxation.
(d) Corporations exempt under sec, 101 of the Code, such as
labor, agricultural or horticultural organizations, certain types
of cooperative and mutual organizations, corporations organized
and operated exclusively for religious, charitable, scientific, literary,
or educational purposes, nonprofit civic, biisiness, and social
organizations, etc. Beginning with f 951 a normal tax and surtax is
Imposed on the unrelated business net Income in excess of $1,000 of
certain of these corporations by Supplement U of the Code. The
rates are similar to the regular corporate income tax rates. How-
ever, the returns filed by these corporations are not included in
Statistics of Income.
(e) Additional corporations exempt from the excess profits tax
(unless a member of an affiliated group of corporations filing a
consolidated return).— (1) regulated Investment companies (de-
fined in sec. 361 of the Code); (2) personal holding companies
(defined in sec. 501); (3) domestic corporations if 95 percent of
gross income for the 3-year period immediately preceding the
close of the taxable year was derived from sources outside the
United States and 50 percent of such Income was derived from
active conduct of a trade or business; and (4) certain corporations
subject to provisions of Title IV of the Civil Aeronautics Act of
1938. In addition, personal service corporations may elect to be
exempt from the tax on excess profits, tax being imposed under
Supplement S on the individual shareholders.
(f) Western Hemisphere trade corporations (defined on p. 14)
which are exempt from the surtax. 1944-49 For exemption from
the consolidated return tax, 1950-51, see table C of this synopsis.
(g) Corporations subject to additional tax. — Personal holding
companies are subject to an additional surtax, imposed under
ch. 2. subch. A of the Code, and based on the undistributed
subch. A net Income. For the years 1944-51 the tax is 75 percent
of the undistributed subch. A net income not in excess of $2,000
plus 85 percent of such Income in excess of $2,000. (See pp.
59-ei of Statistics of Income for 1950, Part 2, for general definitions
and discussion. Beginning 1950, data are published every second
year. )
Corporations (other than personal holding companies) improperly
accumulating surplus are subject to an additional surtax imposed
by sec. 102 of the Code. The effects of the provisions of this section
are not refiected in Statistics of Income.
(h) Credits against the tax. — (1) Income and profits taxes paid
to foreign cotmtries and possessions of the United States may be
used as a credit against the Income and excess profits tax in the
manner and to the extent allowed by sec. 131 of the Code. The
allowance of this credit, and the limitations thereon, as applicable
for the year 1951, is discussed on p. 14 of this volume.
(2) For 1944-15 a credit of 10 percent of the excess profits tax
was allowed against the excess profits tax due for any taxable
year begmnmg after December 31, 1943. However, the majority
of the returns for 1944 was filed prior to the enactment of the law
(Tax Adjustment Act of 1945) allowing this 10 percent credit and
accordingly the data tabulated in Statistics of Income for 1944
reflect the post-war refund and credit for debt retirement in effect
for years prior to 1944.
" Limitations on the excess profits tax. — The excess profits tax
under the Excess Profits Tax Act of 1950 became effective July 1.
1950. Ceiling rates and the alternative tax for new corporations for
the years 1950-51 are shown on pp. 12-13 of this volume. For 1944-
45 the excess profits tax imposed by sec. 710 of the Code is limited
to the difference between the income tax (other than that shown
in footnote 5(g) ) and 80 percent of the surtax net income (com-
puted before the credit for income subject to the excess profits
tax and without regard to 80 percent of credit for dividends paid
on certain preferred stock). For 1944-45 certain corporations
claiming relief under the provisions of sec. 722 of the Code are
permitted to defer payment of 33 percent of the reduction claimed
in tax. The privilege is confined to corporations whose adjusted
excess profits net income for the taxable year, computed without
the benefits of sec. 722. is in excess of 50 percent of the normal-tax
net income (computed without the credit for Income subject to
the excess profits tax). The amount tabulated for Statistics of
Income is the excess profits tax after this deferment. The excess
profits tax effective in 1944-45 was repealed January 1. 1946.
For proration of the excess profits tax. 1949-50 and 1945, see
footnote 7.
For special provisions affecting certain companies, see p. 12 of
this volume, and the Code.
' Where a return is filed for a taxable year during which a
change in tax rates occurs, tentative taxes are computed, applying
each rate in effect during the taxable year to the entire taxable
income. The amounts so determined are then prorated on the
basis of the number of days in the year during which each rate
is in effect. The prorated portions of the tentative taxes are then
combined to determine the actual liability which is the amount
tabulated in Statistics of Income.
" A tentative surtax is computed at 19 percent of the surtax
net income in excess of $25,000. The actual liability is then deter-
mined by reducing this amount by 1 percent of the lower of (a)
partially tax-exempt interest, or (b) surtax net income in excess
of $25,000.
» The excess profits tax. which becomes effective for the calendar
year 1950 on July 1, 1950. is the prorated portion of the tax
applicable to the number of days after June 30, 1950.
'" For fiscal years beginning in 1949 and ending after June 30.
1950, the rates shown for the income year 1950 fiscal year period
beginning July 1, 1950, and ending March 31. 1951. are effective
after June 30. 1950. For proration of tax. see footnote 7.
"For income year 1945 returns ending after December 31, 1945,
see footnote 7 for proration of surtax.
The excess profits tax effective in 1945 was repealed January 1,
1946, and the tax for fiscal year returns was prorated according to
the number of days before that date.
The declared value excess-profits tax was repealed for income-
tax taxable years ending after June 30. 1946, and was not subject
to proration.
'- For specific Instructions for determination of period held with
respect to certain items in parts (2) and (3) of col. 3. see appro-
priate subsection of sec. 117 of the Code.
' ' Net capital gain is the excess of gains from sales or exchanges
of capital assets over losses from such sales or exchanges. Both
short- and long-term gains and losses are included. Conversely
net capital loss is the excess of losses over gains.
" Effective for taxable years beginning after September 23, 1950.
'■'See sec. 117 (f) through (o) and sec. 23 (g), (J) and (k).
■» Applicable to involuntary conversion of capital assets. Invol-
untary conversion, sale, or exchange of real property and property
subject to depreciation which was used in the trade or business,
amounts received for timber and amounts received or accrued for
coal after December 31, 1950, where disposal was by contract under
which owner retained an economic interest, all of above property
having been held for more than 6 months; timber held for more
than 6 months before beginning of taxable year in which cut,
if taxpayer so elects; certain unharvested crops on business real
property held for more than 6 months and sold in a taxable
year beginning after December 31, 1950; and livestock, except
poultry, held for draft, breeding, or dairy purposes for 12 months
(prior to December 31. 1950, holding period was 6 months and
poultry was not excluded). Depreciable property in items 3 (a)
and (e) of table are excluded.
'' Applicable to sales or exchanges made after November 19, 1951.
"Applicable to sales or exchanges made after May 3, 1951.
" In the case of a domestic corporation owning or controlling,
directly or indirectly, 100 percent of the capital stock (exclusive of
directors' qualifying shares) of a corporation organized under the
laws of Canada or of Mexico and maintained solely for the purpose
of complying with the laws of such country as to title and operation
of property, such foreign corporation, at the option of the domestic
corporation, was treated as a domestic corporation.
RETURN FORMS FOR 1951
FACSIMILES OF
Psg<
Form 1 120: Corporation income tax return 204-246
Form 1 1 20FY : Computation of corporation income tax (other than
calendar year) 247-250
Form 1 120L: Life insurance company income tax return 251-254
Form 1 120M: Mutual insurance company income tax return 255-260
Form 1118: Statement in support of credit claimed for foreign
taxes paid 261-264
203
323516 0—55 14
204
FACSIMILES OF TAX RETURNS FOR 1951
FORM 1120
U . S. Trvnury DvpOT'toMnl
U. S. CORPORATION INCOME TAX RETURN
FOR CALENDAR YEAR 19S1
or fiscal year beginning , 1951, and ending , 1952
1951
PRINT PLAINLY CORPORATION** NAME AND ADDRESS
(Street lad aumbu}
(Otj oi town, postal zone ouinbei)
Date iocorporatcd _ Scacc or coiiany .
Priocipal biuiacu acdvicy (^ Initnictioa N} — .
Battaos group code ouniba
(from Insmicdoa N)
Nnmbcf of ptaca
of basinets
FUe
Code..
ScxUl
No. ...
(Cashier's stamp)
NET INCOME COMPUTATION
GROSS INCOME
Gross sales (where inventories arc Less: Returns and
an income-determining factor). $ ; allowances $_
Less: Cost of goods sold. (From Schedule A)
Gross profit from sales
Gross receipts (where inventories are not an inconie-<lctcrmiQing
factor)
Less: Cost of operations. (From Schedule B)
Gross profit where inventories are not an income-determining factor.
Dividends. (From Schedule C)
Interest on loans, notes, mortgages, bonds, bank deposits, etc
Interest on corporation bonds, etc
(«) Interest on Uaiml States sivingi bondi tad Tteinifr bonds owned in ex-
ecu of the principal amount of S^.OOO issued prior to Much 1, 1941, .
<^) Interest on oblisalions of certain i n strum en Ul'tiei of the United States
Issued prior lo March 1. l')41
(c) Interest on Tieuury notes issued on or after December 1. 1940, and obli
titions issued on or aftet March 1, 1941. bj the United Sutes
agency or instrumentality thereof....
Rents
■f any
&WI*«lwlltWg«l
tics .
Royal
(a) Total net short-term capital gain or excess of net short-term capital gain over net long-
term capital loss. (From Schedule D)
(i) Total net long-term capital gain or excess of net long-term capital gain over net short
term capital loss. (From Schedule D)
(0 Net gain (or loss) from sale or exchange of property other than capital assets. (From
Schedule D)
Other income. (Slate nature)
Total income in items 3, and 6 to 14, inclusive
DEDUCTIONS
Compensation of officers. (From Schedule E)
Salaries and wages (not deducted elsewhere) i
Rent
Repairs (do not include cost of improvements or capital expenditures).
Bad debts. (From Schedule F)
Interest
Taxes. (From Schediile G)
Contributions or gifts paid. (From Schedule H)
Losses by fire, storm, shipwreck, or other casualty, or theft. (Submit schedule).
Depreciation. (From Schedule I)
Depletion of mines, oil and gas wells, timber, etc. (Submit schedule)
Amortization of emergency facilities. (Submit schedule)
Advertising
Amounts contributed under a pension, annuity, stock bonus, or profit-shahag plan, etc.
Other deductions authorized by law. (From Schedule J)
Total deductions in items 16 to 30, inclusive
Net income before net operating loss deduction (item 15 less item 31)
Less: Net operating loss deduction. (Submit statement)
Net income
TOTAL INCOME AND EXCESS PROFITS TAX
35- Total income tax (line 9, page 3)
36. Less: Credit for income taxes paid to a foreign country or United States possession
allowed a domestic corporation
37- Balance of income tax due
38- Excess profits tax due (line 39, Schedule EP (Form 1120))
39. Total income and excess profits tax due (item 37 plus item 38) (For installment paymcnis, see General Instruction D)
Wc, the uodersigDed. president (or \
DECLARATION. (See Instruction E)
c president, or other priocipal officer) and treuurcr (or
or chief accounting officer} of the corporation for which thii
return is made, each for himself declares under the penalties of per ]ury that this return (including any accompanying schedules and statements) has been examiocd by him and if, to
the best of his knowledge and belief, a true, correct, and complcce return, made in good faith, for the taxable year stated, pursuant to the [ntenial Revenue Code and the rcgoladons
issued thereunder.
(President or other principal officer) (State title)
(Treasurer. Assistant Treasurer, or Chief Accounting Office
ICORTORATB I
DECLARATION. (See Instruction E)
I/we declare under the penalties of perjury that I/wc prepared this return for the person named herein and that the return (including any accompanying schedules and statements)
s a true, correct, and complete suicment of all the iciformation respecting the tax liability of the person for whom this return has been prepared of which 1/wc hare any knowledge.
(Signature of person preparing tbe n
(Signature of person preparing the return)
(Name of firm or employer, if any)
FACSIMILES OF TAX RETURNS FOR 1951
205
Schfldul* A.— COST OF GOODS SOLD. (S«« Ini
(Whw* ln**nt«ri« an an liuMn*-4*t«nnlf>lnf tttHm)
»2)
ScbvduU B.>-COST OF OPERATIONS
m nM an lwwwi« Jinwwlnlw teMav)
Inventory at beginning of year
Merchandise bought for manufacture or sale
Salaries and wages
Other costs per books. (Submit schedule).
Total
Less: Inventory at end of year. .
G3StofgoodssQld(entcrhcrcandasicctn2,pagel)
Salaries and wages
Other costs (to be detailed):
w
« -
(0- ~
00 —
CO.
Total (enrcr here and as item 3. page 1)
Sch«duU C— INCOME FROM DIVIDENDS
1. IUm Ml U*w tf Nrtil Camlhi
I 'OMwtKCaiviOMTiuM
Ui4»nMtel.1tfniltn«M
UtItiUM Tm«t Ualw Ckifto 1.
IMUIMmMI
IfMpEnrtni
inMcnMM
$
f
$
$
$
$
T
$
Tocal of columns 2, 3, 4, and 5- (Enter here and as item 7, page 1). , .
* Bzcrpt dividcntli OD certain prefeiced itock of public uiilitici vhich thouU be eaEcred in (
to the bracEu of seaion Hi of the Intem»l Revenue todr. which ihould be eotetetl in column 5
OiTidntdi OQ ibxre accounts in Federil tarlnKi ind loin ■iwciitioiu in cue o( share accouoH iuued prior
10 ( t) . pa^e 1 ; dividend] oo ihire accouoti utucd on or alter March 16, 194!, ihould be reported in column ^.
3, ud divideadt K<erved fmn Cbiai Tnde AtX co^oraliou, tnd tioto mtponuota nititled
> Mirtb 28, 19«. ihould not be lilted, but tht tmouot ihould be included m item
Schedult D. — Separate Schedula D CForm 1120) should b« used In reportlni sales or exchanses of property and filed with this return.
(See Instruction 13)
SchMlula E.— COMPENSATION OF
OFFICERS
lOlhWTIM
ITlMDmWb
hRvbn ri Cvmta-i tM OvMri
4.CMMi
LMmri
$ _
Total compensation of officers. (Enter here and as item 16, page 1) '
$
Schedule F.— BAD DEBTS. (See initructlon 20) (See note)
1947....
1948....
1949. . .
1950. . .
1951...
witfala the taxable jvn ibould be repotted ui (cpuatc Scbedoie D.
Schedule G.— TAXES. <Se* Inetruetlon 22)
Schedule H.— CONTRIBUTIONS OR GIFTS PAID.
(See Instruction 23)
»»
Imm»
HM «< Uem M OrprtiitlN
—
$
5
Total. (Enter here and as item 22,
P^P^l^
$
Total. (Entcrherc and as item 23, page
1, subject to 5 percent limitation.)
(Sec Instruction 23)
$
Schedule 1.— DEPRECIATION.
(See Instruction 25)
1. ItUrfPnfalifnbDUtotiititawbrUIMBHcktnAWM.)
IMilcwM
LCnIvOUiIbU
AnWMMMTMi
L RWWM Cnt« Oam
StiliTtliltKnni
LUilhi«h
UfiFna
TMTMr
f
$
$
$-
1
Total. (Enter here and as item 25. page 1)
s
206
FACSIMILES OF TAX RETURNS FOR 1951
SchaduU J.^OTHER DEDUCTIONS. (See Instruction 30)
Schedule K.— COMPUTATION TO DETERMINE NECESSITY FOR FILING EXCESS PROFITS TAX SCHEDULE
so adjusEcd}
1. Net income before net operating loss deduction (item 32, page 1)
(Taxpayers which have elected under lectioD 455 to accrue income from inscallmcnc saIcs or long-term contracts, enter
2. Deductions for interest (item 21, page 1) (banks should exclude interest on deposits)
3. Deductions on account of retirement or discharge of bonds, etc
4. Deductions attributable to a grant or loan by a governmental agency to encourage mining of certain minerals
5. Deductions attributable to technical services rendered to related foreign corporations
6. In the case of banks, the excess. of the deduction for bad debts under the reserve method over debts which
actually became worthless during the year
7. Federal income and excess profits taxes paid by lessee under long-term lease. .
8. Total of lines 1 to 7, inclusive
If line 8 is $25,000 or less. Schedule EP (Form 1120) need not be filed with this return. If line 8 is over $25,000,
Schedule EP (Form 1120) must be filed.
TAX COMPUTATION FOR CALENDAR YEAR 1951. (See Tax Computation Instructions)
For other laiabia years ending aner March 31, I9SI, and belore December 3t, 195^ obtain Fonn 1120 FY (1951-1952) trun collector
1 . Net income (item 34, page I) $■
Lmi
Dividends received credit:
(d) Enter 85 percent of column 2, Schedule C
(i) Enter 61 percent of column 3, Schedule C
(i) Enter 85 percent of dividends received from certain
foreign corporations
Total dividends received credit. Enter sum of (d), (i), and (c), above, but not
to exceed 85 percent of the excess of item 32, page 1, over the sum of items
10 (d) and 10 (i), page 1
Credit for dividends paid on certain preferred stock if taxpayer is a public utility.
Credit for Western Hemisphere trade corporations
Surtax net income
6. Combined normal tax and surtax. If amount of line 3 is:
Not over $25,000; enter 28% percent of line 5 C30Ji percent if a consolidated return)
Over $25,000. Compute 50Ji percent of line 5 (52?i percent if a consolidated return). Subtract $5,500.
difference -
7. Less: Normal tax adjustment for partially tax-exempt interest; enter 28ji percent of the sum ofitems
10 (i), page 1, but not in excess of 28?i percent of line 5
8. Normal tax and surtax
9. Total tax (line 8, or line 20 of separate Schedule D). Enter here and as item 35, page 1
Enter I . .
10(d) and
QUESTIONS
1. If this is the corporation's first return, indicate whether (<») com-
pletely new business Q, or (i) successor to previously existing
business, which was organized as (1) corporation □, (2) partner-
ship □, or (3) sole proprietorship Q, or (4) other (indicate)
If successor to previously existing business, give name
and address of the previous business organization
2. Collector's office where the corporation's return for the preceding
year was filed ---
3. Enter amount of income (or deficit) from item 32, page 1, Form
1120 for 1950 $ -
4. The corporation's books are in care of
Located at .
5. Check ii the corporation is a farmers' marketing or a farmers'
purchasing cooperative association □. ^ consumers' cooperative
association □, or other cooperative association Q.
6. Is the corporation a personal holding company within the meaning
of section 501 of the Internal Revenue Code? (If so,
an additional return on Form 1120 H must be filed.)
7. Is this a consolidated return? ..- (If so, procure from the
collector of internal revenue for your district Form 851, Affilia-
tions Schedule, which shall be filled in and filed as a part of this
return.)
8. If this is not a consolidated return: (a) Did the corporation at any
time during the taxable year own 50 percent or more of the
voting stock of another corporation either domestic or foreign?
; (i) did any corporation, individual, partnership,
crust, or association at any time during the taxable year own 30
percent or more of the corporation's voting stock? (If
either answer is "yes," attach separate schedule showing: (1)
Name and address; (2) percentage of stock owned; (3) date stock
was acquired; and (4) the collector's office in which the income
tax return of such corporation, individual, partnership, trust,
or association for the last taxable year was filed.)
9. Check whether this return was prepared on the cash basis Q or
accrual basis □•
10. Check basis of valuing or method of inventorying material or mer-
chandise at the beginning and end of the taxable year — (<»)
cost □; (i) cost or market, whichever is lower □; (c) elective
method provided in section 22 (d) □; (_cf) other basis or method
Q. If other basis or method is used, explain fully in separate
statement, giving date inventory was last reconciled with stock
(see Specific Instructions 2).
11. Did the corporation make a return of information on Forms 1096
and 1099 or Form W-2a for the calendar year 1951? (see General
Instruction G-(l))
12. Has any transaction described in General Instruction G-(3) oc-
curred on or after October 8, 1940? (Answer "yes" or "no")
13. Has any transaction described in General Instruction G-(4)
occurred on or after January 1, 1951? (Answer "yes" or
14. Did the corporation, during the taxable year, have any contracts
or subcontracts subject to the Renegotiation Act of 1951?
(Answer "yes" or "no") If answer is "yes," state
the approximate aggregate gross dollar amount billed during
the taxable year under all such contracts and/or subcontracts.
$ (See General Instruction G^5.)
15. Did the corporation at any time during the taxable year own
directly or indirectly any stock of a foreign corporauon?
(If so, attach statement as required by General Instruction K.)
FACSIMILES OF TAX RETURNS FOR 1951
207
P>i-« Schedule L.— BALANCE SHEETS.
tiftimtiumrm
CMriTnHiTv
ASSETS
kmm
TM
tmrna
TtU
1. Cash
$
$
$
$
Less ; Reserve for bad debts
3. Inventories:
$
$
(i) Work iQ process
4. InvestmcQts in governmental obligations:
(d) Obligdioni ol a Si*te, TerntorT, or politicil tubdiviiion th«reof, ec the
$
$
(*) Oblis«(ioni of ihe Uniifd Stiiri
bondi; Ttcjjury notci iiiued pnot to Dtcembet 1, 19<0 ; fnd TKi»-
(2) UniKd Sttlci tivingi bondt ind Tititury bondt iuued piior to MaKh
O) Tfcuurv. not" iiiued on or after Dec<mbet I, 1940; and sll eihet
(*) Obligaliorti o( ini(runientili(i» of Ihe United Statei:
(0 Obliaarlon* of Federal land bank). |oin( ilock land bank), and
(D Obliftadoni uwed by oiher JDHnjmenialinei of the Umred Statei
()> OShKaoons of all lntimmentahi.es of ihe United Statei JHued on or
$
$ _
6. Capital assets:
$
$ ^...
Total depreciable assets
Less : Reserve for depreciation
i
$ -- -
$
$
Less : Reserve for depletion
(OLand
$
$
8. Total Assets
$ - .
$
$ _ „...
$
LIABILITIES
$
$...„
10. Bonds, notes, and mortgages payable:
(d) With original maturity of less than 1 year
?
$ _
$
$. _
J
$
14. Capital stock: hXV.'.r"" °iSL'.Vi.\l,„y
W Preferred slock. . .( _.) ( )
(i) Common stock. . .( ) (_ )
$
$ ,
17- Total Liabilities
$
$
Schedule M.— RECONCILIATION OF NET INCOME AND ANALYSIS OF EARNED SURPLUS AND UNDIVIDED PROFITS
1. Total distributions to stockholders charged
to earned surplus during the taxable year:
(a) Cash
(i) Stock of the corporation
(c) Other property
2. Contributions in excess of 3% limitation. .
3. Federal income and excess profits taxes
4. Income taxes of foreign countries or United
States possessions if claimed as a credit in
whole or in pArt in item 36, page 1 ....... .
5- Federal taxes paid on tax-free covenant bonds.
6. Special improvement taxes tending to in-
crease the value of the property assessed . .
7- Capital rxpcnditures charged to expenses
on the books
8. Insurance premiums paid on the life of any
officer or employee where the corporation
is directly or indirectly a beneficiary
9. Unallowable interest incurred to purchase
or carry tax -exempt interest obligations. . .
10. Excess of capital losses over capital gains. .
11. Additions to surplus reserves (list separately):
w
0)
CO
12. Other unallowable deductions:
w
w
13. Adjustments for tax purposes not recorded
on books (itemize;:
14. Sundry debits to earned sur|Jus (itemize):
w
«
«
IS- Earned surplus and untiivided profits ac
close of the taxable year (Schedule L)
16. Total of lines 1 to 15
17. Earned surplus and undivided profits at end
of preceding taxable year (Schedule L). .
18. Net income before net operating loss deduc-
tion (item 32, page 1)
19. Nontaxable interest on:
(«a) Obligations of a Stale, Territory, or
political subdivision thereof, or the Dis-
trict of Columbia, or U. S. possessions. .
(4) Obligations of the United States:
(1) Obligations issued on or before Sept.
1, 1917; all postal savings bonds;
Treasury notes issued prior to Dec.
1, 1940; and Treasury bills issued
Erior to March 1, 1941
. S. savings bonds and Treasury
bondsowncd in the principal amount
of $5,000 or less, issued prior to
March 1,1941
(c) Obligations of Federal land banks,
joint stock land banks, and Federal
intermediate credit banks issued prior
to March 1, 1941
20. Other nontaxable income (itemize):
00
w
CO
21. Charges against surplus reserves deducted
from income in the return (itemize):
0)
«
(0
22. Adjustments for tax purposes not recorded
on books (itemize):
00
w
(0
23. Sundry credits to earned surplus (itemize):
00
w
(0
24. Totiloflinesn to 2}
19 >»l»l
208
FACSIMILES OF TAX RETURNS FOR 1951
SCHEDULE D (Form 1120>
U. S. Tr«a*ury D«partmMit
lnt»m>l RavaniM S«r*lc«
1951
SCHEDULE OF GAINS AND LOSSES FROM SALES OR EXCHANGES OF PROPERTY
For Calendar Year 1951
or taable year beginning _ „ , 1951, and ending ,
Name and address .
,1952
<1) CAPITAL ASSETS
>. OMCrif UtB *( Pripvt)
Mk«1. lttI<Fanilih<*Ulii)
1 CntaOtt* lull »< Cut
•t iDfrniaah SAniBNl it
IqalslUM M Hnh I. Ill)
I. Oitt ■ Ub (ntaw * 0
(BlvnB I IM Um mil tattn
iMoirr.TnM c/vital gaiiu and losscs-wukts hcu for not mom nun e months
1
$
$
$
... S
$
1
$
LONO-TmM CAPITAL CAINS AND tS
>SSCS-ASSCTS HCLO roR MORS THAN • MOHTW
4
J.
$
$
$
$...
' " ""
$
SUMMARY OF CAPITAL CAINS AND LOSSSS
S* ■ Un Ti ■■ TikM M taMrt
(1)6*
WlMi
6. Total net shon-tcrm capital gain (or loss) from line 3
S
$
7. Total net long-term capital gain (or loss) from line 5
$
S
8. Total net shon-term capital gain or excess of net short-term capital gain over net long-
term capital loss (line 6, col. (a) minus line 7, col. (b)). Enter here and as item 13
(o), page 1, Form 1120
s
X X X X X X X
X X
9. Total net long-term capital gain or excess of net long-term capital gain over net short-
term capital loss (line 7. col. (a) minus line 6, col. (b)). Enter here and as item 13
(i). page 1, Form 1120
s
X X X Z Z X X
X X
X X Z Z Z Z X
X X
$
COMPUTATION Of ALTERNATIVE TAX FOR CALENDAR YEAR USl
« •ndint mHmr matth U, USl. and bafara Oicwnfcar SI. UtZ, tM InrtructloM m% Farm lUtFV <19il-U52)
11. Surtax net income (line 5, page 3, Form 1120)
12. Less : Total net long-term capital gain or excess of net long-term capital gain OTcr net short-term capital loss
(line 9 of summary) .
13. Surtax net income for purpose of alternative tax.
14. Combined nonnal tax and surtax. If amount of line 13 is:
Not over $25,000; enter 2B% percent of line 13 (30^i percent if a consolidated return)
Over $25,000. Compute 50?i -percent of line 13 (52?i percent if a consolidated return). Subtract$5,500.
difference
15. Less: Normal tax adjustment for partially tax-exempt interest, enter 28/i percent of the sum of items
10 (i), page 1, Form 1120, but not in excess of 28?i percent of line 13
16. Partial tax
17. 25 percent of line 12
18. Alternative tax (line 16 plus line 17)
19. Normal tax and surtax (line 8, page 3, Form 1120)
20. Tax liability (line 18 or 19, whichever is lesser). Enter here and as line 9, page 3. Form 1120
Enter
10(tf)and
(2) PROPERTY OTHER THAN CAPITAL ASSETS
iBM>%Mirfn«t)
M& Di) rw
I DAnM
Ml. OlT TM
4. bw lim Mm
(C*itxt|rt»)
■iknbH) Hk» kr^^Mm tr
HKt t. iru (Tnbt Mil)
t M « Otfw Mt ni tat
AtVriMMvMnt 1,111)
T.C«MidSril
L GMi « Un (bkBi i iM
cabBi S Kn lb* na W
nhwju 1 m 1)
1
$
f
f
$.
$
2 Total net gain (or loss). Enter here and as item 1'^ Cc\ oaee 1. Form 11
0
$
State with respect to each item of property reported in Schedule D (1) and (2); (1) how property was acquired
(2) whether at time of sale or exchange (_a) purchaser owned directly or indirectly more than 50
percent in value of your outstanding stock, (i) where purchaser was a corporation, more than 50 percent in value of its capital stock and 50
percent in value of your capital stock was owned directly or indirectly by or for the same individual or his family, and (c) where purchaser
was a corporation, whether more than 50 percent in value of its capital stock was owned directly or indirectly by you _ _
If so, state name and address of purchaser
Instruetlvm For ImuranM CempaniM Utlns Thh Schadul*
Companies taxiblc under section 204 ind haviag losses from capital assetf sold or cxcbaxignl id order to obtain hmds to meet abnormal iosuraDcc losses, etc., shall anach a
schedule con-esponding to Schedule D, Form 1 120M.
For companies taxable under section 204 or section 207 W CO <>' 0)f "net capital loss" means the amount by which the losses for the taxable year from sales or crchaogcs of
capital assets exceed the sum of the gains from such sales or exchanges and the lesser of (1) the corporation surtax net income (computed without regard to gains or losses from
sales or exchanges of caniial assets) or (2) losses from the sale or exchange of capital assets sold or exchanged to obtain funds to meet abnormal insurance losses and to provide (or
the payment of dividends and similar distributions to policyholders.
For com^nies taxable under section 207 CO Cl) "^ (3). «ll references to "item" or "line" numbers. Form 1120. snail be considered as references to the appropriate ■■item"
or "line" in Form 1120M. It will be necessary for such companies to substitute for lines 14, IS, and 16 of the above altcniaUTC tax computation, a compuiaiion cooforming to thai
on page 2 of Form I120M.
FACSIMILES OF TAX RETURNS FOR 1951
209
How to ^re-pare Your 1951 Corporation
Income Tax Keturn
PAGE 1
ON FORM 1120
GENERAL INSTRUCTIONS
References are to the Internal Reve-
nue Code, unless otherwise indicated
A. Corporations required to make a return on Form 1120. —
Every domtstic and every resident foreign corporation not specifically
exempted by section 101, whether or not havini; any net income,
must file a return. The term "corporation" is defined by the Code to
include .nssoci.Ttions,joint-stock companics,and insurance companies.
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 a
corporation, he shall be deemed to be operating such business or
property, whether he is engaged in carrying on the business for
which the corporation was organized or only in marshaling,
idling, disposing of its assets for purposes of liquidation.
B. Period to be covered by return. — Returns shall be filed for
•he c.ilendar year 1951 or fiscal year beginning in 1951 and ending
in 1952. A fiscal year is an accounting period of 12 months end-
ing on the last day of a calendar month other than December.
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 should be made on
Form 1128 and forwarded to the Commissioner of Internal Rev-
enue, Washington 25, D. C, at least 60 days prior to the close of
the fractional port of the year for which a return would be required
to effect the change.
C. Basis of return. — If your books of account are kept on the
accrual basis, report all income accrued, even though it has not
been actually received, and expenses incurred instead of expenses
paid. If your books arc not kept on the accrual basis or if you
Kept no books, make your return on a cash basis and report all
income received or constructively received, such as bank interest
credited to your account and coupon bond interest matured, and
report expenses actually paid.
The following limitation on deductions for unpaid expenses and
interest are applicable to taxpayers on the accrual basis.
Section 24 (f). Unpaid expenses and interest. — In computing
net income no deduction shall be allowed under section 23 (a) re-
lating 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 i] to be made, the amount thereof ia not, unless
paid, includible in the gross income of such person for the taxable year
in which or with which the taxable year of the taxpayer ends; and
(3) If, at the close of the taxable year of the taxpayer or at any
time within two and one-half months thereafter, both the taxpayer
and the person to whom the payment is to be made are persons
between whom losses would be disallowed under section 24 (b).
D. Filing of return and payment of tax. — Returns of domestic
and resident foreign Corporations must be filed on or before the
15th day of the third month following the close of the taxable
year with the collector for the district in which the corporation's
principal place of business or principal office or agency is located.
The tax must be paid in full when the return is filed, or in four
installments, iis follows: 35 percent on or before the 15th day of
the third month; 35 percent on or before the 15th day of the sixth
month; 15 percent on or before the 15th day of the ninth month;
and 15 percent on or before the 15th day of the twelfth month
following the close of the taxable year. If any installment is not
paid on or before the date fixed for its payment, the whole amount
of the t.ix unpaid shall he paid upon notice and demand by the
collector. The tax may be paid by sending or bringing 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 tlie collector's oflice.
In the case of a taxable year ending after March 31, 1951, but
before Oitobcr 1, 1951, the date of filing the return and paying
the tax imposed by chapter I for such taxable year is January 15,
1952. Even though a taxpayer has filed a corporation income tax
return on or before October 20, 1951 (date of enactment of the
Revenue Act of 1951 ), the Act requires every corporation ( except
those specifically exempted by law) to file a return after the date of
enactment of the Act. Accordingly, no return of surh a corpora-
tion with resptrt to taxes imposed by chapter 1 for such taxable
year which was filed on or before October 20, 1951, will be con-
sidered a return for such year. The total tax for such taxable year
is due and payable on January 15, 1952, or, at the election of the
corporation, may be paid in four installments (first two install-
ments, 30 percent of the tax, and last two installments, 20 percent
of the tax). All payments of tax made on or before October 20,
1951, with respect to a taxable year ending after March 31, 1951,
but before October 1, 1951, to the extent not credited or refunded,
will be applied to the January 15, 1952, installment and any excess
will be applied to succeeding installments.
Any schedules filed with the previous return may, where appro-
priate, be incorporated in the new return by reference.
E. Declaration. — The return must be signed by the president,
vice president, or other principal officer, and by the treasurer,
assistant treasurer, or chief accounting officer. When the return is
actually prepared by some person or persons other than officers or
employees of the corporation, such person or persons must also
sign the declaration at the foot of page 1 .
F. Penalties. — Severe penalties are imposed for failing to file a
return, for late filinp, and for filing a false or fraudulent return.
G-(l). Inforaiatiun at the source. — Every corporation making
payments of ( 1 ) interest, rents, commissions, or other fixed or
determinable income of $600 or more during the calendar year
1951 to an individual, a partnership, or a fiduciary, or (2) salaries
or wages of $600 or more shall make a return on Forms 1096 and
1099, except that the making of such return will not be required
with respect to salary or wage payments included on Form W-2,
pro\ided copies of withholding statements on Form W-2a are
furnished. If a portion of such salary or wage payments was
reported on a Withholding Statement (Form W-2a), only the
remainder must be reported on Form 1099.
Except as staled below, the returns on Forms 1096 and 1099
shall also include dividend payments regardless of amount during
the calendar year 1951 to each shareholder who is 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.
In the case of a building and loan association, a cooperative bank,
a homestead association, a credit union, a savings and loan asso-
ciation, or a corporation described in section 101 (10), (11),
( 1 2 ) , or (13), making a payment of a dividend or a distribution
to any shareholder, an information return shall be rendered only
in the case of payments totaling $100 or more.
The returns on Forms 1096 and 1099 shall also include (except
in the case of insurance companies taxable under Supplement G
and corporations exempt under Section 101 (10) or (11)) patron-
age dividends, rebates, and refunds totaling $100 or more during
the calendar year 1951. Include all amounts allocated as patron-
age dividends, rebates, and refunds, whether in cash, merchandise,
capital stock, revolving fund certificates, retain certificates, certif-
icates of indebtedness, letters of advice, or in some other manner.
G-(2). Information regarding dissolution or liquidation. —
Every corporation shall, within 30 days after the adoption by the
corporation of a resolution or 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 966 to the Com-
missioner setting forth the terms of such resolution or plan.
Every corporation making distributions in liquidation of the
whole or any part of its capital stock sh.all also make returns on
Forms 1096 and I099L, as required by instructions on Form 1096
for the calendar year 1951.
G-(3). Acquisition of interest in or control of a corporation
or property after October 8, 1940. — The tranr.nctions to which
reference is made in question 12 on page 3 are the following:
(a) Any acquisition, directly or indirectly, on or after October
8, 1940, by a corporation filing a return, or by any person or
interest controlling it, or by any corporation or interest which it
controls, of control of a corporation ; or
(6) Any accjuisition, directly or indirectly, on or after October
8, 1940, by a roiporation filing a return, or by any corporation or
interest which it controls, of property of another corporation not
controlled, directly or indirectly, immediately prior to such ac-
quisition, by such acquiring corporation or its stockholders, the
basis of which property, in the hands of the acquiring corporation,
is determined by reference to the basis in the hands of the trans-
feror corporation.
, For the purpose of the above, control means the ownership of
stock possessing at least 50 percent of the total combined voting
power of all classes of stock entitled to vote or at least 50 percent
of the total value of shares of all classes of stock of the corporation.
G-(4). Certain transfers of property on or after January 1,
1951. — Under certain circumstances the $25,000 exemption from
surtax and the minimum excess profits credit of $25,000 are not
allowed or they may be reduced to a lesser figure. oio— omis-i
210
FACSIMILES OF TAX RETURNS FOR 1951
PAGE 2
Section 15 (c) provides that if a corporation on or after January
1, 1951, transfers all or part of its property (other than money) to
another corporation which was created for the purpose of acquir-
ing such property or which was not actively engaged in business at
the time of such acquisition and if after such transfer the trans-
feror corporation or its stockholders, or both, are in control of such
transferee corporation during any part of the taxablg year of such
transferee corporation, the transferee corporation shall not for
such taxable year be allowed either the $25,000 exemption from
surtax or the $25,000 minimum excess profits credit provided in
the last sentence of section 431, unless such transferee corporation
shall establish by clear preponderance of the evidence that the
securing of such exemption or credit was not a major purpose of
such transfer. Rules are provided for the determination of the
ownership of stock for the purposes of the subsection. For alloca-
tion of the surtax exemption and minimum excess profits credit
in certain cases, see section 129 (b). For the purposes of the
above, control means the ownership of stock possessing at least 80
percent of the total combined voting power of all classes of stock
entitled to vote or at least 80 percent of the total value of shares
of all classes of stock of the corporation.
G-(5). Information regarding renegotiable contracts. — Every
corporation which held, during the taxable year, contracts or sub-
contracts which were designated as subject to the Renegotiation
Act of 1951, shall, in answer to question 14, page 3, state the
actual, or if not accurately determinable, its best estimate of the
aggregate gross dollar amount billed during the current taxable
year under all contracts and/or subcontracts. The gross contract
amount billed on cost-plus-fixed-fee contracts, and not merely the
fixed fee, shall be included.
The term "subcontract" may be defined as any purchase order
or agreement to perform all or any part of the work, or to make or
furnish any article, required for the performance of another
contract or subcontract.
H. Returns of certain corporations. Domestic torporations
entitled to benefits of section 25 /.-.-Domestic corporations within
the possessions of the United States (except the Virgin Islands)
may report as gross income only gross income from sources within
the United States, provided (a) 80 percent or more of the gross
income for the 3-year period immediately preceding the close of the
taxable year (or such part thereof as may be applicable) was derived
from sources within a possession of the United States, and (6) 50
percent or more of the gross income for such period or such part
thereof was derived from the active conduct of a trade or business
within a possession of the United States. (See section 251.)
Resident foreign corporations. — Foreign corporations which at
any time within the taxable year are engaged in trade or business
within the United States shall make. returns on Form 1120 of in-
come received from sources within the United States.
Nonresident foreign corporations. — Foreign corporations not
engaged in trade or business within the United States at any time
within the taxable year are subject to tax upon gross income from
sources within the United States (determined under the provisions
of section 119) which is fixed or determinable, annual or peri-
odical gains, profits, and income, and are required to make re-
turns on Form 1120NB with respect to such income only in the
event their tax liability has not been fully satisfied at the source.
(See sections 231-237.)
Insurance companies. — Life insurance companies subject to tax
imposed by section 201 shall make returns on Form 1120L.
Mutual insurance companies subject to tax imposed by section
207 shall make returns on Form 1120M. Insurance companies
described in section 204 (a) ( 1 ) shall make returns on Form 1 120,
and there should be filed with the return a copy of the 1951 annual
statement approved by the National Convention of Insurance
Commissioners which contains the underwriting and investment
exhibit. A copy of such annual statement for 1950 should also
be furnished if not filed for such year.
Regulated investment companies. — An investment company will
not satisfy the requirements of section 361 so as to come within
the term "regulated investment company" for any taxable year
unless it files with its return on Form 1120 for the taxable year
an election to be a regulated investment company. The election
once made is irrevocable, and if for any given year the investment
company satisfies the other requirements of section 361 it will be
considered a regulated investment company.
Personal holding companies. — Section 500 imposes a surtax
upon the undistributed subchapter A net income of corporations,
classified as personal holding companies. Every personal holding
company must file an additional return on Form 1120H.
Section 501 (a) ( 1 ) and (2) defines a"pcrsonal holding company"
as a corporation if at least 80 percent (see modifications in section
501 (a) (1)) of its gross income for the taxable year is personal
holding company income as defined in section 502, and 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 indirectly, by
or for not more than five individuals. (See sections 500-511.)
Foreign personal holding companies. — Section 337 (a) requires
that the undistributed supplement P net Income of a foreign per-
sonal holding company, as defined in section 331, shall be included
as a dividend in the gross income of the United States shareholders
in the amount provided by subsection (b). Form 1120H is not
required, but monthly and annual information returns on Forms
957 and 958 must be filed by the officers, directors, and certain
United States shareholders as provided by sections 338 and 339.
A foreign corporation which is a personal holding company," as
defined in section 501 but not within the definition of section 331,
is subject to the surtax imposed by section 500 and must file an
additional return on Form 1120H.
I. Consolidated returns. — Subject to the provisions of section
141 and the regulations, an affiliated group of corporations may
make a consolidated income (including excess profits tax) return
in lieu of separate returns.
The making of a consolidated return shall be upon the condi-
tion that all corporations which at any time during the taxable
year have been members of the affiliated group making a consoli-
dated return consent to all the consolidated returns regulations
Crescribed under section 141 (b) prior to the last day prescribed
y law for the filing of such return.
The common parent corporation, when filing a consolidated
return, shall attach thereto a schedule showing the names and
addresses of all the corporations included in the return. Each
subsidiary must prepare two duplicate originals of Form 1122
consenting to the regulations and authorizing the making of the
return on its behalf for the taxable year. One such form shall
be attached to the consolidated return as a part thereof, and the
other shall be filed, at or before the time the consolidated return
is filed, in the office of the collector for the subsidiary's district.
Supporting schedules shall be filed with the consolidated return.
These schedules shall be prepared in columnar form, one column
being provided for each corporation included in the consolidation,
showing in detail the items of gross income and deductions and the
computation of net income; one column for a total of like items
before adjustments are made ; one column for intercompany
eliminations and adjustments; and one column for a total of like
items after giving effect to the eliminations and adjustments. The
items included in the column foi eliminations and adjustments
should be symbolized to identify contra items affected, and suitable
explanations appended, if necessary. Similar schedules shall also
contain in columnar form a reconciliation of surplus for each corpo-
ration, together with a reconciliation of the consolidated surplus.
Consolidated balance sheets as of the beginning and close of the
taxable year of the group shall accompany the consolidated re-
turn in a form similar to that required for reconciliation of surplus.
J. Surtax on improperly accumulated surplus. — In order to
prevent accumulation of earnings or profits for the purpose of
enabling shareholders to avoid the surtax on individuals, section
102 provides an additional tax upon the net income o£ corpora-
tions formed or utilized for the purpose of such tax avoidance.
This additional tax is equal to the sum of the following:
Twenty-seven and one-half percent of the amount of the undis-
tributed section 102 net income not in excess of $100,000, plus
38 J4 percent of the undistributed section 102 net income in
excess of $100,000. (See section 102.)
K. Stock ownership in foreign corporations. — In addition to
the information to be shown in Schedule C of the return, a cor-
poration owning any stock of a foreign corporation must attach
a statement showing the name and address of each company and
the total number of shares of each class of outstanding s(ock
owned during the taxable year. If the corporation owned 5
percent or more in value of the outstanding stock of a foreign
personal holding company, attach a statement setting forth in
complete detail the information required by section 337 (d).
L. Balance sheets. — The balance sheets. Schedule L, should
agree with the books of account or any differences should be
reconciled. The balance sheets for a consolidated return of
affiliated corporations should be furnished in accordance with
Instruction I. All corporations reporting to the Interstate Com-
merce Commission or to any National,' State, municipal, or other
public officer, may submit, in lieu of Schedule L, copies of their
balance sheets prescribed by said Commission or State and mu-
nicipal authorities as at the beginning and end of the taxable year.
In case the balance sheet as at the beginning of the current
taxable year docs not agree in every respect with the balance
sheet which was submitted as at the end of the previous taxable
year, the differences should be fully explained.
M. Forms other than prescribed by return. — Banks, insurance
companies, and other corporations required to submit statements of
income and expenses to any National State, municipal, or other
public officer may submit with the return a statement of income and
expenses in the form furnished to such officer, in lieu of the infor-
mation requested in items 1 to 34, page 1, except that a railroad
company may submit with the return a statement on Form 1090.
In such cases the net income will be reconciled by means of Sched-
ule M with the net profit shown by the income and expense
statement submitted, and- should be entered as item 34, page 1.
010—85618-1
FACSIMILES OF TAX RETURNS FOR 1951
211
PAGE 3
N. PRINCIPAL BUSINESS ACTIVITY
In reporting the "Principa! business activity," on page 1, give the one business activity that accounts for the largest perccnugc
of "total receipts." **Total receipts*' means gross sales (line 1), plus gross receipts (line 4), plus all other income (lines 7 through
14). State the broad field of business activity as well as the specific product or service, such aa "Mining copper,*' "Manufacturing cot-
ton broad woven fabric," "Wholesale food," or "Retail apparel." Where receipts are derived from two or more of the detailed industry
groups listed below, show only one which is the major source of receipts. Use the appropriate group under thelieading "FINANCE"
if over 50 percent of "total receipts" consists of investment income.
Enter the "business group code number" on page I from the following list. Give the code for the specific industry group
from which the largest f>crcentage of "total receipts" is derived.
AGRICULTURE. FORESTRY AND
nSHERlES
Codo
til FarrtM in^ ifrvaltaril •crnees.
Ml F«rcsti7, czdwAng lofginc cuBf«-
091 FUiicjiu.
MINING
MeUl fuininf :
101 Iron ore.
102 Copper, learl, rfnc. (joM, sQvtf 0R8.
109 Other metal minliig.
111 AnlhncitccMl.
121 Bituminous coal and Cfnile.
Crude petroleum and nataral gas eztnetioD:
131 Crude pptrolrnm, natuml pas, and
natural (rasotine.
138 Oil- and gas-fleUl contract services.
NMWMUllic aiiattti mtaiiii:
141 Stone, sand, eravcl.
149 Other nonmetalUc minerals, ex-
cept fuels.
CONSTRUCTION
151 General eontractors: buildings.
152 QeoeraJ contractors; other.
153 Special trade contractors.
159 Otber construrtlon.
MANUFACTURING
Bevvrafes:
101 Bottled soft drinks and carbonated
waters.
192 Malt liquors and malt.
194 Wines.
195 DistilJod, rectified, blended liquors.
F*«d and kindred preducti:
201 Meat products.
202 Dairy products, except market
milk (lealers.
203 Canninf! and preserving fruits,
vegetables, and sea foods.
204 Grain-mill products, except cereal
preparations.
205 Bakery jiro'lucts.
206 Supa/, cane and beet.
207 Confertionery, related products.
308 Cereal preparationa.
200 Other, including manufactured ice
and flavoring sirups.
Tobacco manufacturer*:
212 Ciear!.
210 Other.
Teztle-aufl pri facta:
221 Yarn and thread (cotton, wool,
silk, and sjnihrtic flt>cf ).
222 Broad-woven fabric (woolen and
worsted).
223 Broad-woven fabric (cotton),
224 Narrow fabrics and other small
wares (cotton, wool, silk, and
synth<'tic fiber).
225 Knitting mills.
226 Dyeing and finishing textiles
(except kuit goods).
227 Carpets, rugs, and other floor
coverinps.
225 TTais, exc<?pt cloth and millinery.
226 Olhpr, includ'nt! rayon and £ilk
broad-woven fabric.
Ap^areJ and olher linished producta made
from fabrics aod aimtlaj- materiali:
231 Men's and boys' clothing and
furnishings, except fur and
rubber.
23" Woraeo's clothing, and children's
and infants* wear, except fur and
rubber.
235 Millinery.
237 Fur goods.
238 Other apparel and accessories
Including gloves, robes, and
raincoats.
230 Other fabricated textile products
Including curtains, bags, and
awnings.
Lanfcer and wood pf*dacta (cxceyt («■•
niture):
241 Logging camps, logging contrac-
tors, sawmills, and planlnR mills.
943 Mlllwork, plj-wood. and prefabrf*
cated structural wood products.
244 Wooden containers.
249 Other wood products.
Fvmihirc and ftxitvet (wood or metal)!
251 Furniture— household, office, pub"
lie building, and profcsaiooaL
Code
^54 Partitions, shelving, lockers; and
offleo and store fixtures.
256 Window and door scrocua, shades
and Venetian blinds.
250 Othor. including restaurant fur-
nittm-.
Pa^r and allied prodncla:
261 Pulp, paper, and paperboard mills.
266 I'aper bafts and parx:rboard con-
tainers and boxes.
269 Pulp goods, and other converted
paper products.
Printinr, puUnhiof, and allied indiutrioa:
271 Kewspapcrs.
272 Periodicals.
773 Books.
275 Commercial printing, including
lithographing.
279 Other piihli.shing. bookbinding,
and service Industries for the
printing trade.
Cfcemicala and allied producta:
281 Industrial inorganic chemicals.
282 Industrial orpanic chemicals. In*
clutling plasiic materials, syn*
thetic rubber, and synthetic
fibers.
283 Drugs and medicines.
284 Soap and glycerine, cleaning and
polishing preparations, etc.
285 Paints, varnishes, lacgucrs, etc.
286 Perfumes, cosmetics, and other
toilet preparations.
287 Fertilizers.
288 Vegetable and animal oils and fats,
except edible cooking oils.
289 Other, including gum and wood
chemicals.
Producta of pctooleum aod c«al:
291 Pttroleuju refining.
299 Other.
Robber prodndt:
301 Tires and inner tubes.
309 Otber rubber products.
Leather and leather products:
311 Leather: tanned, curried, eto.
314 Footwpar (except rubber).
319 Other leather goods.
Slooc, cUj, aod flaaa producta:
321 Glass and glass products.
324 Cement (hydraulic).
325 Structural clay products.
a2fi Pottery and related products.
327 Concrete, gypsum, and plaster
products, including lime.
328 Cut-stone and stone products.
329 Abrasive, asbestos, and otber noo*
metallic mineral products.
Primary nieUl mduslriei:
331 Blast furnaces, steel works, and
rolling mills.
332 Iron and steel foundries.
333 Primary and secondary smelting,
refining, rolling, drawing, and
alloying of nonferrous metals
and alloys.
33C Nonferrous fonrdrfes.
339 Other, including iron and steel
forgings and wire drawing.
Fabricated metal producta (eicepi ord-
nance, machinery, knd tranaport alien
equip ittent):
341 Tbi crtns and other tinware.
342 Cutlery, hand tools, and general
hardware.
343 Heating apparatus (except elec-
tricj and plumbers' supplies.
344 Fabricated structural metal prod*
ucts, including boiler shop
products.
346 Metal clamping, coating, and en-
graving.
347 Lighting fixtures.
348 Fabricated wire products.
849 Other, including screw machine
products.
Machinery (ctcepi electrical):
361 Engines and turbines, except auto-
motive, aircraft, and railway.
352 AgrlcuUurBl mchy. and tractors.
^63 Construction and mining machla-
ery and equipment.
864 Metalworkuig machinery Includ-
ing innchinc tools.
35fi Special-industry machinery.
356 General industry machinery and
C(iuipnient.
Code
357 Offlce and store machine* and
devices.
358 ServiC4i industry and household
machines.
3M Other machinery parts. Mid
machine shops.
Electrical machinery, equi^mciU, and lup-
pliea:
361 Electrical generating, transmis-
sion, distribution and indiislriul
apparatus.
362 KIcctrical appliances.
3fi3 Insulated wire and cable.
364 Electrical equipment for motor
vehicles, aircraft, and railway
locomotives and cars.
365 Rlectric lamps.
360 Radio, radar, and television equip-
ment, and phonographs (except
radio tubes).
867 Other communication equipment
and related producta.
369 Miscellaneous electrical products
including batteries.
Tranaporlalion eguipment (eirept electri-
cal and motor rebicle eqaipownt):
372 Aircraft and parts. Including air-
craft engines.
373 Ship and boat building, repfilring.
874 Railroad equipment, including
locomotives, and street cars.
375 Motorcycles, bicycles and parts.
379 Other transportation equipment.
Motor Tehiclet and motor vehicle u^aip-
ment (cicepi electrical eqoipmeni):
381 Motor vehicles, including bodies
and truck trailers,
884 Motor vehicle parts and accessor-
ies, including engines, and trail-
ers for passenger cars.
Ordoaoce aod acceisortei:
391 Guns, and related equipment In-
cluding small arms.
896 Small arms ammunition.
399 Other.
Profeaiional, scientific, and cont/oHinf
intlramcntt; pHotofraphic and opti-
cal gooda:
401 Professional, scientific, and con-
trolling instrumtnts, including
photographic and optical goods.
407 Watches, tflocks, and clockwork-
operated devices.
Otber manufacturing induttriea:
411 Jewelry (precious metal), silver-
ware and plated ware.
412 Costume jewelry (except precious
metal).
413 Fabricated plastic jiroducts, ex-
cept plastic materials.
410' Other, iiiclu'ling matches.
TRANSPORTATION, COMMUNICATION,
AND OTHER PUBLIC UTILITIES
Traruporlation:
461 Uailroads. railway express.
462 Urban, suburban, and interurban
milwayb(wiib and without busses).
4R3 Tniekincnnd warehousing.
464 Other motor vehicle transporta-
tion, inr ludingtaxlcaheand busses.
4C5 Petroleum luprliues.
4P)fi Water trrmspnrtatlon.
4i;7 Air tran^[)ort:ilion.
4tiS Servic's, supplementary to trazu-
portallon.
469 Other transportation.
Communication:
471 Telephone fwh"e or radio).
472 Telegraph (wire and rndio).
473 Radio broadcri-^tingand television.
479 Other communication.
Eteetric ai>d gaa olilitiea:
481 Electric light and power.
482 Oa? production and distribution,
except natural gaa pfoductioo.
Olbcf public utililiea:
491 Water supply.
4d0 Other public utilities.
WHOLESALE TRADB
SOI Commiasion merchaola.
Otber wbolciaJcra:
fill Food, including milk,
612 Alcoholic beverages.
613 Apparel and dry goods.
614 ChemicQls, paints, and drugs.
616 Llardware, electrical goj)ds, plumb-
ing and beating equipment, eto.
Code
616 Lumber, mlllwork, and construc-
tion materials.
617 Machinery, eguipment. supplies.
618 Farm products— raw miterinis:
cotton, grain, wool, lea/ tobacco,
livestock, etc.
610 Other wholesalers.
RETAIL TRADE
521 Food, inchidrng mflk.
General merchandiae:
6.11 Df-partment stores.
632 Mull order houses.
633 Variety stores.
639 Other general merchandise.
541 Afpar«l and occcsMriet.
SSI Fivnilure, hone forniahinga, etr.
AHtoawtire dealera, dealer* in parta and
acceaaories. and (iilinj atationi:
6fil Automobiles and trucks.
6*0 Parts, ftcoossories. tires, batteriefl.
604 Filling stations.
57 1 Drag alorea.
561 Ealing aod drinking placea.
Lumber, buihTiog materiala, and Hardware:
501 Lumber and building materials.
605 llardware and farm implements.
Other rc4ail trade:
601 Liquor stores.
607 Jewelry stores.
609 Other retail stores.
RNANCE, INSURANCE, AND REAL
ESTATE
621 Banka and treat companies.
Crodit agencies oUier thao baniui
634 Personal credit agencies.
63,^ Business credit ngencics.
639 Other credit agencies.
Holding and otber inreatinent compaiaea:
641 Operatiug-holdlnK companies
Ccoiupanies uhich derived less
than 00 percent but more than
60 percent of "total receipts"
from investments).
642 Other investment and holding
companie<; (companies which de-
rived 9*) percent or more of total
receipts from investments).
651 Secwily and coramodity hioktrt,
dealera, exchange!, and aerrices.
Ifnorance carrier*:
fiOl Life insumnoc.
6(i2 Mutual, except Ii7e or marine, and
except mutual lire Insurance com-
panies Issuing perpetual policies.
669 Other.
671 lnaararK«afeata,brok«ra,aDdaerTic«.
Real eaUte:
681 Keal estate owners and operators,
inchi'ling le.-sor^ of buildings
(excludes developers of real
proi)crry and lessors of real
properly other than buildings).
683 Developers of real pr07>erty, Jn-
cludine traders on own account,
684 Agents, orokers, managers, etc.
Bi-S 1 iilc af'siraci compunies.
680 Other real estate.
Leatora of real property, eicepI btiildinga:
691 Agricultural, forest, and similar
pr'jperf ies.
662 Mining, oil, and .similar properties.
6W Railroad property.
694 Publfc-uiilify property.
6Uy Other real pr<'pcrtycxccpt buildings.
SERVICES
701 Holelj, rooming and boardios hoasei,
camps.
Pcrseoal aerTieea;
721 Laundries, cleaning and dyeing.
723 i'hotugraphic studios including
cnmmcrci:d photography.
729 Other personal service.
Bnaineaa aerricea:
731 Advertising.
739 Olh.T bu.^iness services.
751 Avlomeb3ercpairaerneeaaitd|ara|et.
761 Other repair aerricea.
Metiao pictwea:
781 Mr. lion picture production, dis-
tribution and service industries.
783 Motion picture theaters.
791 Amusement and recreation servicei
eicepi motion piclurea.
801 Olher aerricea, irKludinj cclMolf.
•15— e5018-l
212
FACSIMILES OF TAX RETURNS FOR 1951
PAGfi 4
SPECIFIC INSTRUCTIONS (Numbered to correspond with item numbers on page I of return)
2. Cost of goods sold. — If the production, manufacture, pur-
chase, or sale of merchandise is an income-producing factor in
the 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 (b) cost or market, whichever is
lower. The basis properly adopted is 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 cost or market, whichever is lower. Indi-
cate in answer to question 10, on page 3, the basis of valuing or
method of inventorying merchandise and furnish the information
required by such question. In case the inventories reported do
not agree with the balance sheet, attach a statement explaining the
difference.
A corporation electing to have applied the method of taking
inventory provided for m section 22 (d) should file Form 970
with the return for the first year of the election. Thereafter,
attach separate schedule showmg: (1) a summary of all inven-
tories; (2) with respect to inventoriesL computed under section
22 (d), if any, the computation of the quantities and cost by
acquisition levels.
9. Interest on corporation bonds, etc. — Enter interest on bonds,
debentures, notes, or certificates or other evidence of indebted-
ness, issued by any corporation and bearing interest, with interest
coupons or in registered form. Do not include interest on any
such obligations which constitute stock in trade of the taxpayer
or any such obligations of a kind which would properly be in-
cluded in the inventory of the taxpayer if on hand at the close of
the taxable year, or any such obligation held by the taxpayer
primarily for sale to customers in the ordinary course of his trade
or business. Such interest should be entered in item 8. For
provisions relating to amortizable bond premium by the owner of
a bond, see sections 23 (v) and 125.
10. Interest on obligations of the United States, etc. — Enter on
line 4, Schedule L, the amounts of the various obligations owned.
Enter on line 19, Schedule M, all interest received or accrued
during the year on the various obligations listed therein. The
total amount of interest reported as item 10 (a) and (6 ) , page 1, is
allowable as a credit against net income. Th» amount of interest
received or accrued on obligations issued on or after March 1, 1941,
by the United States or any agency or instrumentality thereof
should be entered as item 10 {c), page 1. For provisions relating
to amortizable bond premium by the owner of a bond, see sections
23 (v) and 125.
For special rules applicable, in the case of dealers in securities,
with respect to premium attributable to certain tax-exempt securi-
ties, see section 22 (o).
Non-interest-bearing obligations issued at a discount. — Tax-
payers on the cash basis may elect, as to all non-interest-bearing
obligations issued at a discount and redeemable for fixed amounts
increasing at stated intervals (for example, United States Saving
Bonds), to include the increase in redemption price applicable
to the current year. For the year of election the total increase
in redemption price of such obligations occurring between the
date of acquisition and the end of the year must be included.
Taxpayers so electing shall report such income as interest in item
8, 9, or 10, page 1, whichever is applicable, and attach statement
listing obligations owned and computation of accrued income.
11. Rents. — Enter the gross amount received for the rent of
property. Any expenses, including repairs, interest, taxes, and
depreciation, should be included in the proper items of deductions
on page 1.
12. Royalties. — Enter the gross amount received as royalties.
If a deduction is claimed for depletion, it should be reported as
item 26, page 1.
13. Gains and losses from sales or exchanges of capitol assets
and other property. — Report sales or exchanges of capital assetf
and sales or exchanges of property other than capital assets in
separate Schedule D. Every sale or exchange of property, even
though no gain or loss may be indicated, must be reported in detail.
Losses from sales or exchanges of capital assets shall be allowed
only to the extent of gains from such sales or exchanges. How-
ever, the amount of a net capital loss sustained in any taxable
year mray be carried over to each of the five succeeding taxable
years and treated in each such five succeeding taxable years as
a short-term capital loss to the extent not allowed as a deduction
against any net capital gains of any taxable year intervening be-
tween the taxable year in which the net capital loss was sustained
and the taxable year to which carried.
Definition of capital assets. — The term "capital assets" means
property held by the taxpayer (whether or not connected with his
trade or business), but does not include (a) 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 primarily for
sale to customers in the ordinary course of his trade or business, or
(6) property used in the trade or business, of a character which is
subject to the allowance for depreciation, provided in section 23
(I), or real property used in the trade or business of the tax-
payer; or (c) a copyright; a literary, musical, or artistic composi-
tion, or similar property; or (d) an obligation of the United States
or any of its possessions, or of a State or Territory, or any political
subdivision thereof, or of the District of Columbia issued on or after
March 1, 1941, on a discount basis and payable without interest at a
fixed maturity date not exceeding 1 year from the date of issue.
Classification of capital gains and losses. — The phrase "short-
term" applies to the category of gains and losses arising from the
sale or exchange of capital assets held for 6 months or less; the
phrase "long-terra" to the category of gains and losses arising
from the sale or exchange of capitaJ assets held for more than 6
months.
Enter full description of each item of property sold or ex-
changed, even though no gain or loss may be indicated. Such
description should include the following facts: (a) For real estate,
location and description of land, description of improvements,
details explaining depreciation (column 5 of separate Schedule D) ;
(fe) for bonds or other evidences of indebtedness, name of issuing
corporation, description of the particular issue, denomination,
and amount; (c) for stocks, name of issuing corporation, class of
stock, number of shares, and capital changes affecting basis (non-
taxable stock dividends, other nontaxable distributions, stock
rights, etc.).
The "basis" for the property is not subject to the same rule for
reporting gains as for losses, if the property was acquired before
March 1, 1913. If the property sold or exchanged was acquired
prior to March 1, 1913, the basis for determimng 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 determin-
ing LOSS the basis is cost so adjusted. If 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, or 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 regarding the acquisition of the property.
Enter in column 5 of separate Schedule D the amount of de-
preciation, exhaustion, wear and tear, obsolescence, and depletion
which has been allowed (but not less than the amount allowable)
in respect of such property since date of acquisition, or since
March 1, 1913, if the property was acquired before that date.
In addition, if the property was acquired before March 1, 1913,
the cost shall be reduced by the depreciation and depletion
actually sustained before that date.
Subsequent improvements include expenditures for additions,
improvements, renewals, and replacements made to restore the
property or prolong its useful life. Do not deduct ordinary re-
pairs, interest, or taxes in computing gain or loss.
Losses on securities becoming worthless. — If any securities (as
defined below) become worthless within the taxable 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 consid-
ered as a loss from the sale or exchange, on the last day of siicb
taxable year, of capital assets. (See section 23 (k) (2).)
Definition of securities. — As used for the purpose of determin-
ing capital losses under section 23 (k), the term "securities"
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. However, securities issued by any
corporation affiliated with the taxpayer shall not be deemed capi-
tal assets. (See section 23 (k) (3) and (5).)
Losses on stocks or stock rights becoming worthless. — If any
shares of stock in a corporation (except stock in a corporation
affiliated with the taxpayer), or rights to subscribe for or to re-
ceive 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 (axable
year, of capital assets. (See section 23 (g) (2) and (4J.)
Losses not allowable. — No loss shall be recognized m any sale
or other disposition of shares of stock or securities where there
has been acquired substantially identical stock or securities or there
has been entered into a contract or option to acquire substantially
identical stock or'securities within 30 days before or after the date
of such sale or disposition, except in cases of dealers in stocks and
securities and with respect to transactions made in the ordinary
course of such business. oie— amis-i
FACSIMILES OF TAX RETURNS FOR 1951
213
No deduction shall be allowed in respect of losses from sales or
exchanges of property, directly or indirectly (except in the case
of distributions in liquidation), between an individual and a cor-
poration in which such individual owns, directly or indirectly, more
than 50 percent in value of the outstand+ng stock; or (except in
the case of distributions in liquidation) between two corporations
more than 50 percent in value of the outstanding stock of each
of which is owned, directly or indirectly, by or for the same indi-
vidual, if either one of such corporations, with respect to the tax-
able year of the corporation preceding the date of the sale or
exchange was, under the laws applicable to such taxable year,
(1 ) a personal holding company, as defined in section 501, or (2)
a foreign personal holding company, as defined in section 331.
(See paragraph (1) (B) and (C) of section 24 (b).) (For the
purpose of determining the ownership of stock, in applying this
paragraph, see section 24 (b) (2).)
Cain on sales by a "con{rolted" corporation. — If (1) property
is sold or exchanged after May 3, 1951, by a corporation to one
or more of its shareholders, and (2) the property in the hands of
such shareholders is depreciable property, and (3) such share-
holders, their spouses, and their mintir children and minor grand-
children own more than 80 percent in value of the outstanding
stock of the corporation, then any gain on such sale or exchange
shall not be treated as gain from the sale or exchange of property
which is a capital asset or of property which is described in section
117 (j).
Gains and losses from involuntary conversion and from the sale
or exchange of certain property used in the trade or business. —
The term "property used in the trade or business" as used in sec-
tion 117 (j) means property used in the trade or busjjaess, of a
character which is subject to the allowance for depreciation pro-
vided in section 23 (1), held for more than 6 months, arid real
property used in the trade or business, held for more than 6
months, which is not (a) property of a kind which would properly
be includible in the inventory of the taxpayer if on hand at the
close of the taxable year or (6) property held by the taxpayer
primarily for sale to customed in the ordinary course of his trade
or business. Such term also includes timber or coal with respect
to which section 117 (k) (1) or (2) is applicable as well as un-
harvested crops sold with the land to which section 117 (j) (3)
applies. Such term also includes livestock (but not poultry) held
for draft, breeding, or dairy purposes and held for 12 months or
more from the date of acquisition.
Section 117 (j) provides special treatment for the gains and
losses upon the sale or exchange of depreciable property and of
land, held for more than 6 months, and for the gains and losses
upon the compulsory or involuntary conversion of such depreci-
able property and land and of capital assets held for more than 6
months.
The method prescribed in sectHm 117 (j) (2) is to treat such
gains and losses during the taxable year as gains and losses from
the sale or exchange of capital assets held for more than 6 months,
if the aggregate of such gains exceeds the aggregate of such losses.
If, however, the aggregate of such gains does not exceed the
aggregate of such losses, such gains and losses shall not be treated
as gains and losses from the sale or exchange of capital assets held
for more than 6 months.
In determining whether gains do or do not exceed losses, it is
necessary to include the gains and losses to the extent that they
would be included if they were all ordinary gains and losses. The
limitations of section 117 (d) on the deductibility of capital losses
do not operate to exclude any such losses from the computation
as to the excess of gains over losses, but all such losses are included
in full.
For special treatment of gain or loss upon the cutting of timber,
or upon the disposal of timber or coal under a contract by which
the owner retains an economic interest in such timber or coal, see
section 117 (k).
Alternative tax. — If for any taxable year the net long-term capi-
tal gain exceeds the net short-term capital loss or in case of only a
net long-term capital gain, section 117 (c) imposes an alternative
tax in lieu of the normal tax and surtax imposed upon net income,
if and only if such tax is less than the tax imposed by sections 13
and 15 (relating to normal tax and surtax on corporations), sec-
tions 204 and 207 (a) (1) or (3) (relating to normal tax and sur-
tax on insurance companies, other than life insurance companies),
section 421 (relating to taxation of business income of certain sec-
tion 101 organizations), and section 500 (relating to surtax on
personal holoing companies). The altetnative tax is the sum of
(1 ) a partial tax, computed at the normal tax and surtax rates on
the net income decreased by the amount of the excess of the net
long-term capital gain over the net short-term capital loss, and (2)
25 percent of such excess.
Bonds, etc., losses of banks. — In the case of a bank, as defined
in section 104, if the losses of the taxable year from sales or ex-
changes of bonds, debentures, notes, or certificates, or other evi-
dence of indebtedness, issued by any corporation (including one
PAGE 5
issued by a government or political subdivision thereof) with in-
terest coupons or in registered form, exceed the gains from such
sales or exchanges, such excess shall be considered as an ordinary
loss and deductible in full against other income.
Dealers in securities. Capital gains and ordinary losses. — Under
the provisions of section 117 (n), as added by section 327 of the
Revenue Act of 1951, gain by a dealer in securities from the sale
or exchange of a security, as defined in section 117 (n) (3) shall
in no event be considered as gain from the sale or exchange of a
capital asset unless (a) the security is, prior to the expiration of
the thirtieth day after its acquisition or after October 20, 1951,
whichever is later, clearly identified in the dealer's records as a
security held for investment; and (b) the security is not, at any
time after the expiration of such thirtieth day, held by the dealer
primarily for sale to customers in the ordinary course of the trade
or business. A loss from the sale or exchange of a security shall, if
section 117 (i) is not applicable, be considered a capital loss if at
any time after the thirtieth day following the date of enactment of
such act the security was clearly identified in the dealer's record as
a security held for investment.
Short sales of capital assets. — For specific rules relating to the
tax consequences of certain short sales of stock or other securities,
transactions in stock or securities on a "when issued" basis, and
transactions in commodity futures, see section 117 (g) and (I)
and the regulations issued thereunder.
Collapsible corporations. — Gain from the sale or exchange of
stock of a collapsible corporation as defined in section 117 (m)
(2), as amended by section 326 of the Revenue Act of 1951, which
otherwise would be treated as a long-term capital gain, will be
treated under the provisions of section 117 (m) as gain from the
sale or exchange of property which is not a capital asset.
14. Other income. — List all other income not reported elsewhere
in the return. War loss recoveries received during the year should
be determined in accordance with section 127 (c), as amended by
section 341 of the Revenue Act of 1951, and the applicable regu-
lations.
18. Rent. — Enter rent paid or accrued for business property in
which the corporation has no equity.
19. Repairs. — Enter the cost of incidental repairs, including
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 improve-
ments 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, depend-
ing on how depreciation is charged on the books of the corpora-
tion.
20. Bad debts. — Bad debts may be treated in either of two
ways^ ( 1 ) by a deduction from income in respect of debts which
become worthless in whole or in part, or (2) by a deduction from
income of a reasonable addition to a reserve for bad debts.
A taxpayer filing a first return of income may select either of
the two methods, which method must be followed in returns for
subsequent years, unless permission is granted by the Commission-
er to change to the other method. Application for permission to
change the method shall be made in writing at least 30 days prior
to the close of the taxable year for which it is desired to effect the
change.
Worthless debts arising from unpaid wages, salaries, rents, and
similar items of taxable income, will not be allowed as a deduction
unless the income such items represent has 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.
21. Interest. — Enter interest paid or accrued on business in-
debtedness. Do not include in item 21 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. (See also General Instruc-
tion C with reference to deductions for accrued interest and ex-
penses. )
22. Taxes. — Enter taxes paid or accrued during the taxable year
and fill in Schedule G. Do not include Federal income, war-
profits, and excess-profits taxes; estate, inheritance, legacy, succes-
sion, and gift taxes; foreign or possession income taxes if any
credit is claimed in item 36, page 1 ; taxes assessed against local
benefits tending to increase the value of the property assessed;
Federal taxes paid on bonds containing a tax-free covenant, nor
taxes not imposed upon the taxpayer.
23. Contributions or gifts paid. — Enter contributions or gifts
actually paid within the taxable year to or for the use of (1 ) 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; (2) 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
018—65018-1
214
FACSIMILES OF TAX RETURNS FOR 1951
PAGE 6
of the United States, or of any State or Territory, or of the Dis-
trict of Columbia, or of any possession of the United States, or-
ganized and operated exclusively for religious, charitable, scien-
tific, veteran rehabilitation service, literary, or educational pur-
poses or the prevention of cruelty to children (but in the case
of contributions or gifts to a trust, chest, fund, or foundation
payment of which is made within a taxable year beginning after
December 31,1 948, only if such contributions or gifts are to be used
within the United States or any of its possessions exclusively for
such purposes), no part of the net earnings of which inures to
the benefit of any private shareholder or individual, and no sub-
stantial part of the activities of which is carrying on propaganda,
or otherwise attempting to influence legislation ; or ( 3 ) posts or or-
ganizations of war veterans, or auxiliary units of, or trusts or foun-
dations for, any such posts or organizations, if such posts, organiza-
tions, units, trusts, or foundations are organircd in the United
States or any of its possessions, and if no part of their net earnings
inure to the benefit of any private shareholder or individual. The
amount claimed shall not exceed 5 percent of the corporation's net
income as computed without the benefit of this deduction. In
the case of a corporation on the accrual basis, any contribution or
gift will, at the election of the taxpayer, made at the time the re-
turn is filed, be considered as paid during the taxable year if pay-
ment is actually made on or before the fifteenth day of the third
month following the close of the taxable year, and if the contribu-
tion or gift has during the taxable year been authorized by the
board of directors of the corporation. Do not deduct as a business
expense charitable contributions which come within the above
description, but which might be unallowable in whole or in part,
because of the limitation contained in section 23 (q). List organi-
zations and amounts contributed to each in Schedule H.
24. Losses by fire, storm, shipwreck, or other casualty, or
theft. — Enter losses of property sustained during the year, arising
from fire, storm, shipwreck, or other casualty, or from theft.
Losses should be explained in an attached schedule setting forth
a description of the property, date acquired, cost, subsequent
improvements, depreciation allowable since acquisition, insurance,
salvage value, and deductible loss.
25. Depreciation. — The amount deductible on account of de-
preciation is an amount reasonably measuring the portion of the
investment in depreciable property (1) used in the trade or
business, or (2) held for production of income, by reason of ex-
haustion, 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 1, 1913, the
amount of depreciation will be determined in the same manner,
except that it will be computed on its original cost, less deprecia-
tion sustained prior to March 1, 1913, or its fair market value as.
of that date, whichever is greater. If the property was acquired in
any other manner than by purchase, sec section 1 14. The capital
sum to be recovered should be charged off ratably over the u.seful
life of the property. Whatever plan or method of apportionment
is adopted must be reasonable and must have due regard to operat-
ing 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 I. In case 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 be reconciled with those accounts
as reflected on the books of the taxpayer. (Sec sections 23 (1)
and 114.)
26. Depletion of mines, oil and gas wells, timber, etc. — If a
deduction is claimed on account of depletion, procure from the col-
lector Form M (mines and other natural deposits). 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 depiction schedule up to date, setting forth in full,
statement of all transactions bearing on deductions from or addi-
tion to value or physical assets during the taxable year with explan-
ation of how depletion deduction for the taxable year has been
determined. (See section 23 (m) and section 114 (b), as amend-
ed by the Revenue Act of 1951.) For any taxable year ending
after December 31, 1950, expenditures to be deferred and deducted
ratably under the election provided in sections 23 (cc) (2) relat-
ing to certain expenditures in the development of mines, and
23 (fl) (2) relating to deductions for mine exploration, are not
to be taken into account in determining the adjusted basis for
property for the purpose of computing a deduction for depletion
under section 114.
27. Amortization of emergency facilities.— A corporation is
entitled, provided an election is made as prescribed in section 124
A (b), to a deduction with respect to the amortization of the ad-
justed basis of an emergency facility, the construction, reconstruc-
tion, erection, or installation of which was completed after Decem-
ber 31, 1949, or the acquisition of which occurred after December
31, 1949, and with respect to which a certificate of necessity
has been made, as provided by section 124A (d) (1). A state-
ment of the pertinent facts should be filed with the taxpayer's elec-
tion to take amortization deductions with respect to such facility.
(See section 124A and the regulations thereunder.)
28. Advertising. — Enter in item 28 the total amount paid or
incurred during the year for advertising. Expenditures for adver-
tising, to be deductible, must be ordinary and necessary and bear
a reasonable relation to the business activities in which the cor-
poration is engaged.
29. Amounts contributed under a pension, annuity, stock
bonus, or profit-sharing plan, etc. — Enter in item 29 the total
amount deductible under section 23 (p). A corporation claiming
a deduction under section 23 (p) must submit with its return, in
addition to the information specified in the regulations concern-
ing such deduction, a summary statement showing the follov.ing
information for each plan: (a) Type of plan (e. g., pension
trust, annuity plan, profit-sharing trust, stock, bonus trust, or other
plan deferring the receipt of compensation) ; (b) amount deduct-
ible in the taxable year for contributions made in the taxable
year; (c) amount deductible in the taxable year under section
23 (p) (1) for contributions made in a prior taxable year begin-
ning after December 31, 1941 ; (d) amount deductible in the tax-
able year under section 23 (p) (2) for contributions made to a
pension trust in a taxable year beginning before January 1, 1942;
and (e) the total of (b), (c), and (d).
30. Other deductions authorized by law. — Enter in item 30
any other authorized deductions for which no space is provided on
the return. Any deduction claimed should be explained in Sched-.
ulc ,J.
Do not deduct losses incurred in transactions which were neither
connected with the corporation's trade or business nor 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 shall be allo-
cated thereto, and items directly attributable to any class of taxable
income shall be allocated to such taxable income. If an item is
indirectly attributable both to taxable income and exempt incom^,
a reasonable proportion thereof determined in the light of all the
facts and circumstances in each case, shall be allocated to each.
Apportionments must in all cases be reasonable. A taxpayer
receiving any exempt income, other than interest, 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
exempt income, and (2) the amount of expense items allocated
to each such class (the amount allocated by apportionment being
shown separately).
33. Net operating loss deduction. — In determining the net
operating loss deduction for any taxable year, the aggregate of the
net operating loss carry-overs and carry-backs to such year is re-
duced by the excess of the net income for the year computed with
the adjustments described in (a), (b), and (c), below, over the
normal-tax net income computed without regard to the net oper-
ating loss deduction, without the credit for dividends paid on
certain preferred stock of a public utility and without the credit
allowable to Western Hemisphere trade corporations under section
26 (i). The net operating loss deduction claimed on a return is
computed without regard to carry-backs from succeeding years
(a claim must be filed, with respect to such carry-backs). Section
122 provides detailed rules for the computation of the net operating
loss deduction.
A net operating loss is the excess of the deductions allowed by
Chapter 1 over the' gross income, taking into consideration the
following adjustments:
(a) The deduction for depletion shall not exceed the amount
which would be allowed if computed without reference to discovfiy
value or to percentage depletion under section 114 (b) (2), (3),
or (4) ;
(b) There shall be included in computing gross income the
amount of interest received which is wholly exempt from the taxes
imposed by chapter 1, decreased by the amount of interest paid or
accrued which is not allowed as a deduction by section 23 (b),
relating to interest on indebtedness incurred or continued to pur-
chase or carry certain tax-exempt obligations;
(c) No net operating loss deductions shall be allowed; and
(d) For taxable years ended before July 1, 1950, there shall be
allowed as a deduction the amount of World War II excess profits
tax paid or accrued within the year (subject to the rules specified
in section 122 (d) (6)).
C1S-«5C18-1
FACSIMILES OF TAX RETURNS FOR 1951
215
If the taxable year in which the net operating loss is sustained
begins on or after January 1, 1942, and before January 1, 1948, the
net operating loss is carried back to the two preceding taxable
years and carried over to the two succeeding taxable years, except
that in the case of a corporation commencing business on or after
January 1, 1946, the net operating loss for taxable years beginning
on or after January 1, 1947, and before January 1, 1948, is carried
back to the two preceding taxable years and carried over to the
three succeeding taxable years. If the taxable year in which the
net operating loss is sustained begins on or after January 1, 1948
and before January 1, 1950, the net operating loss is carried back
to the two preceding taxable years and carried over to the three
succeeding taxable years. If the taxable year in which the net
operating loss is sustained begins on or after January 1, 1950, the
net operating loss is carried back to the preceding taxable year and
carried over to the five succeeding taxable years.
A net operating loss is carried back first to the earliest year to
which it may be carried and to the extent that it exceeds the net
income of such year is, in general, carried to the next earliest year,
etc. In determining the amount of net operating loss not used in
an earlier year but available to be carried to another year, the net
income of the earlier year is computed ( 1 ) with the adjustment
described in (a), (b),and (d), above, and (2) by determining the
net operating loss deduction for such earlier year without regard to
such net operating loss and without regard to the reduction de-
scribed in the first paragraph of instruction 33. Only the portion
of a net operating loss which is not used as a carry-back may be
carried over. For example, a net operating loss sustained in the
calendar year 1949 must first be carried back to 1947 and the
unused portion, if any, carried back to 1948. The portion unused
as carry-backs to 1947 and 1948 may be carried over to 1950,
1951, and 1952.
Section 362 (b) provides that no net opt^rating loss deduction
shall be allowed in the case of a regulated investment company.
Every corporation claiming a net operating loss deduction for any
taxable year shall file with its return for such year a detailed sched-
ule showing the computation of the net operating loss deduction.
If the corporation desires prompt payment for refund attribu-
table to a net operating loss carry-back an application for a tenta-
PAGE 7
live adjustment should be filed on Form 1139 within 12 months
after the close of the taxable year in which the net operating loss
is sustained.
34. Net income. — Under the provisions of section 47 (c) (1),
if a corporation changes its accounting period, the net income for
the short period between the close of the old accounting period
and the date designated as the close of the new period shall be
placed on an annual basis by multiplying the amount thereof by
12 and dividing by the number of months in the short period.
The tax shall be such part of the tax computed on such annual
basis as the number of months in the short period is of 12 months.
Section 47 (c) (2) provides, howe*er, that a taxpayer may file
an application to reduce the tax by establishing the amount of its
actual net income for the period of 12 months beginning with the
first day of the short period, computing the tax on such net income,
and taking as the tax such part of the tax so computed as the income
determined for the short period is of the income for the 12 months,
or if a corporation prior to the end of the 12-month period dis-
tributed substantially all its assets, then, in order to determine an
actual 12-month income experience, there shall be used the 12-
month period ending with the last day of the short period. A
taxpayer using the 12-month period ending with the last day of
the short period may claim in its return the benefits of section 47
(c) (2), provided an application has been filed. The tax cannot
be reduced below the amount of tax which would be due if the
income for the short period was not placed on an annual basis.
■36. Credit for taxes. — If, in accordance with section 131 (a),
a credit is claimed by a domestic corporation in item 36, page 1,
on account of income, war-profits and excess-profits taxes paid or
accrued to a foreign country or a possession of the United States,
Form 1118 should be submitted with the return, together with the
receipt for each such tax payment. In case credit is sought for
taxes accrued but not paid, the form must have attached to it a
certified copy of the return on which each such accrued tax was
based, and the Commissioner may require a bond on Form 1119
as a condition precedent to the allowance of a credit for such
accrued taxes. Foreign corporations, domestic corporations en-
titled to the benefits of section 251, and corporations organized
under the China Trade Act, 1922, are not allowed this credit.
TAX COMPUTATION INSTRUCTIONS
1. Normal-tax income. — The term "normal-tax net income"
means the adjusted net income minus the sum of the following
credits:
(a) The credit for dividends receiveiprovided in section 26 (b).
The dividends-received credit is an amount equal to the sum of —
( 1 ) 85 percent of all dividends received from a domestic cor-
poration subject to the income tax, other than dividends received
on the preferred stock of a public utility;
(2) in the case of the calendar year 1951, 61 percent (in the
case of taxable year beginning after March 31, 1951, 62 percent)
of the amount received as dividends on the preferred stock of a
public utility which is subject to the income tax; and
( 3 ) 85 percent of dividends received from certain foreign corpo-
rations. Section 311 of the Revenue Act of 1951, amending
section 26 (b), provides for a dividends received credit in the
case of dividends received from a foreign corporation (other
than a foreign personal holding company) which is subject to the
income tax if, (l ) for an uninterrupted period of not less than 36
Itionths (or the entire period the foreign corporation was in exist-
ence if such period is less than 36 months )» ending with the close of
the foreign corporation's taxable year in which such dividends are
paid, the foreign corporation has been engaged in trade or busi-
ness within the United States, and (2) during such period,
50 percent or more of the gross income of the foreign corporation
has been derived from sources within the United States.
The amount of the allowable credit is 85 percent of the amount
received as dividends from (a) earnings and profits of the taxable
year (computed as of the close of the taxable year without diminu-
tion by reason of any distribution made during the taxable year),
without regard to the amount of the earnings and profits at the
time the distribution was made or (b) that portion of earnings
and profits accumulated after February 28, 1913, which represents
earnings and profits accumulated after the beginning of the por-
tion of the uninterrupted period ending at the beginning of the
taxable year. However, the amount of the credit allowed under
clause (a) is limited to an amount which bears the same ratio to
85 percent of the amount received as dividends from such earnings
and profits as the gross income of the foreign corporation for the
taxable year from sources within the United States bears to the
gross income from all sources for the taxable year. Under clause
(b) the amount of the credit is limited to an amount which bears
the same ratio to 85 percent of the amount received as dividends
from such accumulated earnings and profits as the gross income
from sources in the United States for the portion of the uninter-
rupted period bears to the gross income from all sources for the
portion of the uninterrupted period.
In no event is the total credit allowed by section 26 (b) to
exceed 85 percent of the adjusted net income computed without
regard to the net operating loss deduction provided in section
23 (s). For the purpose of computing the dividends-received
credit, the whole or any part of a dividend received in property
other than money will be considered as a dividend to the extent
of the adjusted basis of such property in the hands of the distribut-
ing company at the time of distribution increased in the amount
of gain or decreased in the amount of loss recognized to the dis-
tributing company by reason of such distribution, subject, however,
to the applicable limitations provided in section 26 (b). The
credit allowed by 26 (b) may not be allowed in respect of divi-
dends received from a corporation organized under the China
Trade Act, 1922, or from a corporation which under section 251 is
taxable only on its gross income from sources within the United
States by reason of its receiving a large percentage of its gross
income from sources within a possession of tlie United States.
(b) In the case of a public utility, the credit for dividends paid
on its preferred stock provided in section 26 (h). The credit
under section 26 (h), for the calendar year 1951, is an amount
equal to 28 percent (27 percent for taxable years beginning ^fter
March 31, 1 95 1 ) of the lesser of ( 1 ) the amount of dividends paid
on the preferred stock of a public utility company, or (2) the
excess of the adjusted net income of the public utility company
over its dividends-received credit provided in section 26 (b).
(c) In the case of a Western Hemisphere trade corporation (as
defined in section 109), the credit provided in section 26 (i). A
credit is allowed, for the calendar year 1951, equal to 28 percent
(27 percent for taxable years beginning after March 31, 1951)
of the normal-tax net income of the Western Hemisphere trade
corporation computed without regard to the credit provided in
section 26 (i).
2. Rates on normal-tax net income. — Section 13 (b) provides
a normal tax upon the normal-tax net income of every corpora-
tion (except (1) those expressly exempt from taxation; (2) in-
surance companies; (3) nonresident foreign corporations; and
(4) regulated investment companies) at the following rates:
(a) Calendar year 1951 — 28^4 percent of the normal-tax net
income;
(6) Taxable years beginning after March 31, 1951 — 30 per'^cnt
of the normal-tax net income;
{c) For rates and computation of normal tax in case of certain
taxable years beginning before April 1, 1951, and ending after
March 31, 1951, see Form 1120FY (1951-1952).
3. Surtax net income. — The term "corporation surtax net in-
come" means the net income minus the sum of the credits allow-
216
FACSIMILES OF TAX RETURNS FOR 1951
PAGE 8
able against adjusted net income in computing the normal-tax
net income (see paragraph 1 (a), (6), and (c) of this part of
instructions).
4. Rates on surtax net income. — Section 15 (b) imposes a surtax
of 22 percent upon the corporation surtax net income of every
corporation (except (1) those expressly exempt from taxation; (2)
insurance companies; (3) nonresident foreign' corporations; (4)
regulated investment companies).
For rates and computation of surtax in case of certain taxable
years beginning before April 1, 1951, and ending after March 31,
1951, see Form 1120FY (1951-1952).
Section 141 provides that in any case in which a consolidated
return is made or required to be made, the surtax imposed under
section 15 shall be increased by 2 percent of the consolidated
corporation surtax net income of the affiliated group of includible
corporations. However, in the case of an affiliated group of
corporations including one or more Western Hemisphere trade
corporations filing a consolidated return, the 2 percent additional
tax is applied on the amount by which the consolidated corpora-
tion surtax net income of the affiliated group exceeds the portion
of the consolidated corporation surtax net income a tributable to
the Western Hemisphere trade corporation. If the consolidated
surtax net income of the Western Hemisphere trade corporation is
less than zero, the 2 percent additional tax is applied against the
consolidated corporation surtax net income of the entire a(filiated
group, including the Western Hemisphere trade corporations.
For disallowance of the $25,000 exemption from surtax in cases
in which the major purpose of the transfer o'f property was to
obtain such exemption and the $25,000 minimum excess profits
credit, see General Instructions G-(3) and G-(4).
5. Insurance companies other than life or mutual. — All insur-
ance companies (other than life or mutual insurance companies or
foreign insurance companies not carrying on an insurance business
within the United States), including mutual marine insurance
companies, and mutual fire insurance companies issuing perpetual
policies, are subject to the taxes imposed by section 204 (a) (1)
at the rates specified in section 13 (b) and in section 15 (b). The
net income of such insurance companies is defined in section 204
(b) (2), and differs from the net income of other corporations.
For what constitutes normal-tax net income, see section 13 (a)
(2). For the definition of surtax net income, see section 15 (a).
In computing the normal-tax net income and corporation surtax
net income, the credits provided in section 26 shall be allowed in
the manner and to the extent provided in section 13- (a) and
section 15 (a).
6. Resident foreign corporations. — Section 231 (b) provides
for a tax on foreign corporations engaged in trade or business
within the United States computed at the rates provided in sec-
tions 13 (b) and 15 (b). See paragraphs 2 and 4 of this part of
instructions.
TAX ON REGULATED INVESTMENT COMPANIES
Method of taxation. — An investment company satisfying the
requirements of section 361, and filing with its return an election
to be a regulated investment company, will be taxable under
Supplement Q if it distributes during the taxable year to its share-
holders as taxable dividends, other than capital gain dividends,
an amount not less than 90 percent of its net income for the tax-
able year computed without regard to net long-term and net
short-term capital gains, and complies for such year with prescribed
rules and regulations for the purpose of ascertaining the actual
ownership of its outstanding stock.
Supplement Q net income. — The term "Supplement Q net
income" means the adjusted net income (computed by excluding
the excess, if any, of tlie net long-term capital gain over the net
short-term capital loss, and without the net operating loss deduc-
tion provided in section 23 (s) ), minus the basic surtax credit
(excluding capital gain dividends) computed under section 27 (b)
without the application of paragraphs (2) and (3). For the
purposes of this paragraph, the net income shall be computed
without regard to section 47 (c) (relating to income placed on an
annual basis).
Supplement Q surtax net income. — The term "Supplement
Q surtax net income" means the net income (computed by
excluding the excess, if any, of the net long-term capital gain over
the net short-term capital loss, and without the net operating loss
deduction provided in section 23 (s) minus the dividends (other
than capital gain dividends) paid during the taxable year increased
by the consent dividends credit provided by section 28. For the
purposes of this paragraph the amount of dividends paid shall be
computed in the same manner as provided in subsections (d), (e),
(f), (g), (h), and (i) of section 27 for the purpose of the basic
surtax credit provided in section 27; and the net income shall be
computed without regard to section 47 (c) (relating to income
placed on an annual basis) .
Capital gain dividend. — Section 362 (b) (7) defines the term
"Capital gain dividend" as any dividend or part thereof which is
designated by the company as a capital gain dividend in a written
notice mailed to its shareholders at any time prior to the expiration
of 30 days after close of its taxable year. If the aggregate amount
so designated with respect to a taxable year of the company is
greater than the excess of the net long-term capital gain over the
net short-term capital loss of the taxable year, the portion of each
distribution which shall be a capital gain dividend shall be only
that proportion of the amount so designated which such excess of
the net long-term capital gain over the net short-term capital loss
bears to the aggregate amount so designated. Submit a copy of
written notice to stocklioldcrs.
When dividends are considered paid. — For the purposes of sub-
section (b) of section 362, any dividend or portion thereof which
is declared after the close of the taxable year and prior to the time
for the filing of the return for such taxable year (including the
period of any extension of time granted for filing such return)
shall, to the extent the company so elects in its return, be treated
as having been paid during such taxable year provided that the
distribution of such dividend (the entire dividend declared, and
not merely the portion covered by the election) is actually made
to its shareholders within the 12-month period following such
taxable year and not later than the date of the first regular divi-
dend payment made after such declaration.
Tax computation. — A regulated investment company should
compute its tax by using a computation schedule similar to the
one shown below in lieu of the computation schedule on page 3
of Form 1120:
1 . Adjusted net income computed under section
362 (b) (1) (item 32, page 1, less the sum of
items 10 (a), 10 (6), and 13 (6), Form 1 120 ..
2. Less: Basic surtax credit (excluding capital
gain dividends) computed without regard to
paragraphs (2) and (3) of section 27 (b)....
3. Supplement Q net income
4. Normal tax (. percentof line 3) (See Note 1)...
5. Net income computed under section 362 (b)
(2) (item 32. page 1, less item 13 (6), page
1, Form 1120)
6. Less: Dividends (otherthancapitalgain divi-
dends) paid, iucludingconsentdividends credit.
7. Supplement Q surtax net income
8. Surtax (. percent of the excess of line 7
over $25,000) (See Note 2)
9. Excess of net long-term capital gain over
net short-term capital loss (item 13 (6),
page 1, Form 1120)
10. Less: Capital gain dividends paid.
11. Excess subject to tax
12. Tax (25 percent of line 11). ,
13. Total tax in lines 4, 8, and 12.
item 35, page 1, Form 1120) .,.
(Enter as
$.
Note 1. — The normal tax rate for taxable years beginning
after December 31, 1950, and before April 1, 1951, and ending
after March 31, 1951, is 283/4 percent of the Supplement Q net
income; for taxable years beginning after March 1, 1951, the
normal tax rate is 30 percent of the Supplement Q net income.
Note 2. — The surtax rate for taxable years beginning after
December 31, 1950, is 22 percent of the Supplement Q surtax
net income in excess of $25,000.
I.IG — li&ClS-l U S GOVtHNMENT fRINTlriG OFFICE
FACSIMILES OF TAX RETURNS FOR 1951
217
SCHEDULE EP (Pom 1120)
"tLIiTZ^:^ COMPUTATION OF U. S. CORPORATION EXCESS PROFITS TAX
FOR CALENDAR YEAR 1951
or fiscal year beglnnini; , 1951, ind ending
1951
, iss..
PRlta PLAINLY COKPORATION-S NAME AND ADORXSS
(Sti««i and ftumbar)
SchoduU EP-1.— EXCESS PROFITS NET INCOME AND TAX COMPUTATION
N^ EXCE34 PROFITS NET INCOME
Net inronie b*for« net operating loss detliirlion (irem 32, page 1, Form 1120)...
(Taspayera on iDstAllment or loog-term contract basi*, Me inHtrurtiona for election under aoclion 455)
Adjustment for Interest on borrowed capital,- _
DediictionB oD account of retirement or discharge of bonds, etc
Deductions attributAble to a grant or loan by a governmental agency to eocourage mining of eertain minerata...
Deductions under reserve method for bad debta. In cam of banks _
Federal ioeome and exc«ea profits taxes paid by lessee under long-terra lease „
Deductions attributable to t«cbnical services rendered to related foreign eorporations
AdjiiEtment for interest on certain Govemnaent obligationa (see instructions for election under section 440 (c))..
Total of lines 1 to 8. inclusive—. _ —
Partially tax exempt interest (sum of items 10 (a) and 10 (6). page I, Form 1120)
Dividends received (item 7, page 1, Form 1120) less (a) adjufltment for dividends received in kind, Of) dividends received
from foreign personal holding companies, and (c) dividends received on stock which la not A capital aasei
Net operating lose deduction for excess profits tax purposes (attach statement)
Net gain from sale or exchange of capital aaseta (sum of items 13 (a) and 13 (h), page 1, Form 1120)
Income from retirement or discharge of bonds, etc..
Refunds and interest on Agricultural Adjustment Art taxes . «_-
Income from recovery of certain bad debts —
Nontaxable income of certain industries with depletable resources (attach statement) ,
Federal income and excess proBts taxes received by lessor under long-term lease
Debts which actually became worthless during the year, in case of banks. ~ - -
Adjustment for blocked foreign income (attach staternent)
Income attributable to a grant or forgiveness of a loan by a governmental agency to eoeourage mining of certain
Income attributable to technical services rendered to felat«d foreign corporations ~
Total of lines 10 to 22, inclusive.^
Excess pro6t3 net income computed without regard to deductions appUeable to life insurance companies (line 9 minus Une 33).
Deductions applicable to life insurance companies _
Excess profits net income (line 24, or line 24 minus line 25 in case of life insurance companies)
(If return is for leas than 12 months, see ipstructions.)
TAX COfkfPUTATION FOR CALEMDAR YEAR ISSl
<Fm oUmt t>ubb run •fMllnc >ft<r M^rIi 31, IWI. ud Mar. D«»n>lMr 31, I9KZ. abtaln SchMhJib EP (Farm 11
Excess pro6t» credit (Une 54, Schedule EP-2; line 67, Schedule EP-4; or line 20. Schedule EP~3,
whichever is applicable) - - - -
(If credit is determined by reference to section 434 (d), seetion 459, sections 461 through 465,
Part 11, sections 470 through 472, Part III, or section 474. Part IV, substitute the amount so
computed. Indicate section or sections , snd attach statement.)
Unused excess profits credit adjustment (attach statement) _ -
Enter total of lines 27 and 28, or $25,000, whichever is larger (see instructions) —
AdjuBted excess profits net income (line 26 minus line 29)„ _ _
30 percent of line 30__ .
17H percent of line 26 (if a consolidated return, see instnictiona) -
If return is for one of the first five taxable years, indicate which year
(a) Enter hpplicable percentage
(b) Line 26. not in excess of $300,000, multiplied by percentage on line (s)..
(c) Line 26, in excess of $300,000, multiplied by 17^ percent
(d) Total of lines (6) and (c)
line 31, 32, or 33 id), whichever in less -
IT excess profits tax is conipurMi under section 430 (d) D; 450 Q; 466 Q; or 457 Q substitute amount of tax so eomput«d.
check applicable section, and atlac-h statement _ . .
., and see inatruetiona.
-%
Credit for income taxes paid to a foreign country or United States
Line 34 or 35, whichever is applicable, minus line 36..
Amount. If any, due to application of section 452 (adjustment in a
(attach ■t»l«Tnwit).„
e of podtioo inoonsisteot with prior income tax liability)..
Excess profits tax due (line 37 plus line 38, or line 37 minus line 38. whichever is applicabte}. Enter as Kem 3S. page 1,
Fonn 1120 -
218
FACSIMILES OF TAX RETURNS FOR 1951
Schedule EP-2.— EXCESS PROFITS CREDIT BASED ON INCOME
P>l«2
TAXABLE VRARS ENDING AFTER MARCB 31. 1M6. AND BEFORK DECEMBER 1, l*U
1. Calskdai Yiab 19M
OR
Ykak E>(I>Bd
im
2. Caus-dai Ykam 1M7
01
Viae Bnsid
1M7
3. CAtX>IDAR YKAB
OE
Tbai Bnoid
I
IftiS
MS
1. Oalbs-var YlAt 1W9
YlAB SNVIO
1049
S. FUCAl YBAR OB BROBt
YBAB
B«»» ita
EwW 10W
U»Na.
$
$
$
*
s
2. Xet operating loss derliiction used in
3. Net loss to which section 117 (j) is
4. Detltictioiis on acconiit of retirement or
6. Deductions under reserve method for
6. Federal income taxes paid by lessee
1
1
7. Re|»avnieiit of processiiiK tax to vendees-.
1
9. Aliiiorinal judKinciit deductions, etc.
■ i
10. Abnoniiiil e\petiditures for infaiiKiMc
(Irilliuft and development costs (a(-
lach stateruent)..
]...
1
1
1
11. Ahiioniml casualty, demoltlion, and
will. ilar losses (att-ach statement)
12. Ollitr ahnorniai dednctiotts (attach
13. Adjii.stmcnt of assessmenib paid by
hanks to Federal Deposit Insurance
l-I. Capit*li£alion of expenditures for ad-
verti-Hing or promotion of good will
15. Deductions attributable to technical
16, Adjustment for interest__
17. Total of lines I to 16, inclusive
S
s
^
s
s
18. Dividends received (excluding dividends
from foreign personal holding com-
panies, and on stock which is not a
capital asset) _._
19 Net gain from sale or exchange of capital
$
. s
?
1
«
20, Income from retirement or discharge of
2!, Fedf-ral income taie* received by lessor
1
22. Debts which actually became worthless
■
1
24. Adjustment for certain coal royalties
!
- 1
25- Total of lines 18 to 24, inclusive _.
$
S ; • -^
s
26. Excess profits net income (or deficit)
compTited without regard to deduc-
tions applicable to life inenrance com-
panies (line 17 minus line 25)
27. Deductions applicable to life insuranci'
companies
$
« .'.
S
J
28. Excess profits net income. Line 26, or
line 26 minus line 27 in case of life
insurance companies. (Substitute ^cro
for deficit in any year) _ ___
?
....
S
S
s
* _
UnM » and 30 for ua* OISLY br taBp>r«n *>th (our fult caUtuUr j^mn 1*M through IMt. or four full fiaol yoara tha Uat of which mwtdm Jan. 31, Fab. 2S, or Mar^l^lMQ^
29. Aggregat* of three highest amounts on !ine 28 t -...
30. Average base period net income-General average (line 29 divided by 3)..
Una* 31 thtowfh 3C for u
a ONtY br tasparar* with Aacal r^ra baflnnlnc In IM* atwl andlni afUr March It, IM*. IncompUt* baao par««d opml
(Sao Inatmctlona)
FiBCalrMr (aipayari ihould chock whothar cradlt !■ campulod for (■) boaapariodGl or (b) oltornalliro porlod of 41 months ondlnc March II, ItMQ.
■hort tasabla jroara.
31. (a)Monthly average (line 28 dnided by
number of months in taxable year)
(6) Weighted monthly average (for use
onl,\ by fiscal year taxpayers using
alternative period)
32. Numlicr of months in each taxable year
falling in either (a) base period, i»r (6)
the alternative period
33. Nuntlier of mnulhs (a total of .It!) eolerted .
34. Line 31 multiplied by line 33 (fiscal year
taxpayers using alternative period, see
iusiru(-liuns) -
35. Sum i)f amounts on line 34 ; -.
X X X X X X
XXXXXXXX
xxxxxxxr
xxxxsxxx
X.
Average base period net income — General a\erage 'amoimt on line 35 divided by 3>.
m 37 ihrau(h *6 tor usa ONLY by taKparar* c1alinln( avarai* baaa parlod nal incom* baaad on trowlh.
( A\ ailable only to a taxpayer w hich commenced business prior to the end of its base period)
37. Total as-sets at beginning of ba.se period
Fill in line 38 (a), (6), and (e) only if line 37 is $20,000,000 or lees.
1. Total Fatioll
38. (a) Last half of ba.se period *- - --
(iA First half of ba.se period - S _. |._
(f) Percentage which line ("* is of line "'t - I
Fill in lines 39 through -16 onh if huf .'IS (<\ column 1, is 130 percent or more, or column 2 is 150 percent or more, or if the
lest regardinu product-- mil generally a^ ailable prior to 1946 is met (see instructions).
3. aaoea Rzcimg
39. Excess profits net income for last 2-1 muni lis in ba.se periwl -- ---
40. Line 39 divided by 2.- - - - - -
41. Kxcess protitis net income for last 12 numth-s in base period -
42. Weighted excess pruht.s uei income for fir-^t 6 iuoiiih.>% of 1950 (sec instructions! | -S..
43. Exces-s profits net incoine for la.sl 0 months of 1949 (.see instructions) _ 1^^^
44. Sum of hues 42 and 43 - - - I «--
45. Average ha.se period net income — Alternative ba-sed on growth (line 40. 41, or 44 whichever is largest)
46 Portion of line 4.5 lo U- (akeii iiitn arcounl rj. (seiMiistructioiisl . . ^^__^^^_^^^^^^^^^^
■-L
47 Portion of line 30 or 36, nhichevL-r i-- applicable, to be taken into account ._ __ % (see iiisinietioii 46)..
48. 12 percent of base period capilal addition (line 15. Schedule i:P-2 (.\» - ---
49. Total of lines 47 and 18 --
.')0. Line 46 or line 49. whichever is applicable
51- 12 percent of net capita! addition for the taxable year (line 20. .Schedule EP-2 {B )
52. T«>tal of lines 50 and 51 - _ - -. -
53. 12 percent of net capital reduction for the ta.\able year (line 24. Schedule EP-2 (B))
64. Excess profits credit bayed on income (line n2 nnnus line 53). Enter on line 27. Schedule EP-l... .--
FACSIMILES OF TAX RETURNS FOR 1951
219
SchnluU EP-Z C*)^BASE PERIOD CAPITAL ADDITION
» mmSf In caat^ullnc ■
1 FiBST Taiulb Yittt
ExDiKO ArtiB
I run Paacspuo
J. SioDMB raacssne
Taiuu y«Aa
1. Tot»l •iwtK at boKinniiiR of yc»r
2. ToUl li»bilitiw »t lieRiniiing of ye»r
*
3. Equity capiUl &t begiiiiiinK of jeu (line 1 minun linr 2) ...
4. 76 p<>rrent of borrowed o&piUl »t beginning of ypar _
*.
$
«
-"■
$.
«
»
(1. Adjustment for interest on borrowed capitml
S
S
1..
7. 75 perrent of liiir ft
%
» -
»
9. Inaniiiii^siltle an^rtn held At beKJtiiiinK of ye&r rt^un-d by 2.') |NTrcnt of the escrtn, if
fcity. of 111* iii»dinisj<iblr •ssrtn over ihe •mount od Iiiic 3 (hc^ instructions) _.,
10. Total of lines 7, 8, and 9, but not more than amount on line 5
S,...-
«-
»
!I. Yearly baBe period rapit*l (line 5 minus line 10) . -
»
fi
S
13. F.xcefs, if auy, of column 1, line II, over the higher of: (o) columD 3, tine 11; or (6) oolumn 3, line 11
13. bO pereent of enrrxn, if any, of (a) column 1, line 1 1, or (b) OolumD 9, Kne 11, whichever ts lower, ov
$
tr column 3. lino 11
».
15. 12 percent of line H. Knter on line 48. Schedule P:P-2 -
». I....
SchMluU EP-2 (B).— TAXABLE YEAR CAPITAL ADDITION OR REDUCTION
o« coRtputadoo In connacUon wttb awiUotu MS. 44S, >ih1 «S>. or In IIm o
d by kn lncr**M In opwatlna •■hU (HCtton 4U (■», M* inatr\K:tl(uu
Equity capital at beginning of first taxable year ending after June 30, 1950:
(a) Total a-sseta -
(6) Lees: Total liabilities ^
. Equity capital at banning of the taxable yc*r:
(o) Total AFsetR... _
(b) Lesa: TotAl liabilities .
. Borrowed capital at beginning of firet taxable yew ending after June 30. 1950
. Average daily amount of borrowed r«pllal for the taxable year (attach btalemeot)
. Average daily amount of money and property paid in during the taxable year for stock, or as pud^D surplus, or as a ooDtri-
bulion to capital (attach staUMiient) „ _ ,
, Excess, if any. of line 2 over line 1 _
. 76 percent of excess, if any, of line 4 over line 3
. Average daily capital addition (Bum of lines 5, 6, and 7) _
. Average daily amount of distributions during the taxable year not out of eamings and profits of such year (attach statemeDt)...
E»ce«s, if any. of line 1 over line 2 ^ _
. 75 percent of excess, if any. of line 3 over line 4
. Average daily amount of Lncrease in certain inadmissible asaeta held by member of oontrolled group ~..
76 percent of average daily amount of inrrea.v< in loans to member of controlled group , „
, Average daily capital reduction (sum of lines 9, 10, 1 1. 12. and 13) _
Total inadmissible assets at beginning of first taxable year ending after June 30, 1050..
Average daily amount of inadmissible assets for the taxable year (attach statement)
Excess, if any, of line 8 over line 14___ ._
(a) Excess, if any, of line 16 over the sum of lines 12 and 15 (aee instructions)
(6) Line 17 minus line 7^ _ -
(c) Excess, if any, of line (a) over line (6) _
(d) 26 percent of line (c) _ _
(e) Line (o) minus line (rf) ,
Net capital addition for the taxable year (line 17 minue tine 18 (<»
12 percent of line 10. Enter on line 51, Schedule EP-2 _
Exccfls, if any, of line 14 over line 8
(o) Exceas. if any. of line 15 over line IG _
(6) Line 21 minus aum of lines II and 13
(c) Exceea, if any. of line (a) over line (6). „
(rf) 25 percent of line (c) —
(«) Line (a) minus line (d) —
Net capital reduction for the tazalile year (line 21 minus line 22 (e))
12 percent of line 23. Enter on line 53, Schedule EP-2-
SctMduU EP-3.— ALTERNATIVE EXCESS PROFITS CREDIT OF REGULATED PUBLIC UTILITIES (Section 448)
I. Equity capital at beginuing of the taxable year:
(a) 'I otal BAseta
(6) Less: ToUl liabilitiea. ^ _
2. Average daily amount of money and property paid in during the taxable year for stock, or aa paid-in surplus, <« as a contri-
bution to capital (attach statement) —
8. Recent loes adjustment (attach statement) _ -
4. Total of tines 1. 2, and 3 -
6. Average daily amount of distributions during the taxable year not out of earnings and profits of audi year (attach statement}..
ft. Line 4 minus line>5.- —
. Adjusted invexted capital baaed upon prescrilied uniform syatera of accounts:
(a) Average outstanding capital MimI. for the taxable year (attach statement)..
(6) Add: CapiUl surplus and earned surplu-*) at l>eginning of the taxable year...
. Average daily amount of borrowed capital for the taxable year (attach statement)...
Sum of line 6 or line 7, whichever is applicable, and line 8
Applicable rate under section 448 —
Line 9 multiplied by percentage on line 10.__ „
9
10
II
12. Reduction for interest on borrowed capital for the taxable year (attach statement)..
13. Line II minus line 12
14. Average daily amount of inadmiasible aaeets for the taxable year
16. Average daily amount of total assets for the taxable year (attach statement) —
16. Perc*'ntage which line 14 is of line 15 „ —...
17. Line 13 multiplied by percentage on line 16 -
15. Line 13 minus line 17 -
19. Federal income tax (item 36, page 1, Form 1120) „ -
323516 0 — 55-
-15
220
FACSIMILES OF TAX RETURNS FOR 1951
Schedule EP-t.— EXCESS PROFITS CREDIT BASED ON INVESTED CAPITAL
Page 4
Um Nk Unm» 1 throuyh 37 tot frp»T*n ualns "
1. Equity cspital at begiDQiDg of th« taxable year:
(a) Total assets -
(6) Leas: Total liabUitfee
2. Average daily amount of moDey and property paid in during the taxable year for stock, or aa paid-in surplus, or as a contribu-
tiou to capital (attach statement) « -
3. (o) Average daily amount of borrowed capital for the taxable year (attach stitemcnt) I $ I
(6) 76 percent of line 3 (a) - - ~
4. Recent loss adjustment (see instructions) - _
6. Total of lines 1, 2, 3 (fr). and 4 - -
6. A^eraRe daily amount of distributiona during the taxable year not out of earnings and profits of such year (attach statement)..
7. Line S minus line 6..-- - - ---
UnM a thrauih 27 for um only U uniNint on Una 7 U o*ar »S.00O,0O0.
8. Equity capital at beginning of first taxable year ending after June 30, 1050:
(o) Total assets - - —
(fe) Less: ToUl liabilities --
Excluded capiUl paid io after beginning of first taxable year ending after June 30, 1950, and prior to the taxable year
Borrowed capital at beginning of first taxable year ending after June 30, 1950-
Excluded borrowed capital at beginning of first taxable year ending after June 30. 1950 (see instructions)..
Average daily amount of excluded twrrowed capital for the taxable year (attach statement)
Average daily amount of excluded capital paid in during the taxable year (attach statement)
Excess, if any, of line 2 over line 13 „ - -
(o) Excess, if any, of line 1 over line 9 _ ~ | S-
(6) Excess, if any, of line 16 (a) over line 8 -
(a) Excess, if any, of line 3 (a) over line 10 — _
(6) Excess, if any, of line 12 over line 11
(c) 75 percent of excess, if any, of line 16 (a) over line 16 (fc)
Average daily new capital addition (sum of lines 14, 15 (b), and 16 (c))..
Average daily amount of diatributioo shown on line 6 above
(o) Line 8 plus line 9
(b) Excess, if any, of line 10 (a) over line 1 _
75 percent of excess, if any, of line 10 over line 3 (a)
Average daily new capital reduction (sum of lines 18, 19 (6), and 20)
Total inadmissible assets at beginning of first taxable year ending after June 30, 1950. $.
Average daily amount of inadmlBsible assets for the taxable year (attach statement) 1 t —
Excess, if any, of line 17 over line 21 (see instructions)
(a) Excess, if any. of line 23 over line 22.
(6) Excess, if any, of line 24 over line 16 (e) _
(c) Sum of line 20 and line 24
(d) 25 percent of excess, if any, of line (a) over line (6) or line (e), whichever ia applicable..
(«) Line (ol minus line (d) ,
Net new capital addition (excess, if any, of line 24 over line 25 (<)) „
Line 7 minus line 26 — -.--
Ubm 28 Ihrouth U for UM^oyw* •la«tln| th« "hUloHcal" mottkod.
Equity Invested Capital at the Beginning of the Taxable Year
Money paid in for stock, or as paid-in surplus, or as a contribution to capital _
Property paid in fur slock, or as paid-in surplus, or as a contribution to capital
Distributions of earnings and profits in stock of the corporation
(a) Accumulated earnings and profit*
(6) AdjuHtment for transferor's deficit under section 458 (f) (4)
(c) Increase or decrease under section 472 (d) (1) on account of intercorporate liquidation
(d) Accumulated earnings and profits (Une 31 (a) as adjusted by line 31 (b) and (c))
Increase on account of Intercorporate liquidation under section 472 (d) (2)
Deficit in earnings and profits of another corporation under section 458 (d) (5)
ToUI of lines 28 to 33 - -
Less: Distributions made prior to the taxable year not out of accumulated earnings and profits
E^niinga and profito of another corporation required to be deducted by section 458 (e) (3).,
Decrea?e on accoiuit of intercorporate liquidation under section 472 (d) (2)
Deficit included in im-eeted capital of another corporation (section 458 (o) (4))
Tolst of lines 35 to 38 -
Equity invcslcd capital at beginniug of the taxable year (line 34 miiniH line 39)..
Average Addition to Equity Invested Capital During the Taxable 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 surphis. or as a contrihutiou to capital ,
Distributions of earnings and profits (other than earnings and profit.-* of the taxable year) in stock of
the corporation (see line 49. below) - -
Increase on account of intercorporate liquidation under section 472 (d) (2)
Deficit in earnings and profits of another corporation under section 458 (d) (5)
Total additions in lines 41 to 45
Total of lines 40 and 46
Average Reduction In Equity Invested Capital During the Taxable Year
Distributions not out of earnings and profits of the taxable year -
Stock distributions from accumulated earnings and profits at beginning of year (see line 43, above)...
Decrease on account of intercorporate liquidation under section 472 (d) (2)
Deficit in earnings and profits inchidfd in Invested rapital of another corporation (section 458 (e) (4)).
Total rrductiouH in lines 48 to 51
Equity invested capital (Une 47 minus line 62)..
76 percent of average borrowed capital
Average Invested capital (line 63 plus line 54). ..
Line 7 or line 27, whioliever is applicable (or line 56 if the taxpayer electa the "hiatorioal" method)
Portion of line 56 not over $5,000.000
Portion of line 56 over $5,000,000 but not over SIO.000,000
Portion of line 66 over $10,000.000
Total of lines 67. 58. and 50 -
Average daily amount of Inadmissible aaseta for the taxable year
Average daily amotmt of total asseta for the taxable year (attach sUtement}..
Percentage whlfh line 61 in of lino 62 - —
Reduction on account of inadmisMlble assets (line 60 multiplied by percentage on line 63) — .
Line 60 miiuis line e4_ __
If Une 7 is more than $5,000,000, enter 13 percent of line 26 (applicable only to "asset" method) „
Exoem profits cwdlt bawd on Invested caplUl (line 65 plua Une 66). Enter on Una 37. Schedule EP-1..
Enter 12 percent..
Enter 10 percent..
Enter 8 percent...
••-l«-«TTT-l
FACSIMILES OF TAX RETURNS FOR 1951
221
?>«■• S aod • to b« d*lBch*d UhUm ■ppUutl«n la Wine mad* tow iK* banalila of Mellon 44t, MS, 444,.Mt, o« 4M,
AVERAGE BASE PERIOD NET INCOME COMPUTED ON BASIS OF INDUSTRY RATE OF RETURN
___^__ Sch«du1« EP-S (A).— NEW CORPORATIONS (Section 445)
P«I«S
Sc»>p(liilri;r-.1 (A) may he u>v<i Uy m.j lavF*^'-'" ioiUrr tliftii aii "iticliRihlr cv.rporaliofi") which conini«-iic«-(1 biiHiiH-MK aft««r Aiiril I. 1940. For applicatioo
of st-ciion 44.1 lo a taxpayer which coniniciiewl hunirirM afUv January I, 1946, and before April 2, 1946, twe iimtnictioiis.
(a) Attach BUlrmt-nt BctlinR forth in Hct-afl alt Kfounda upon the batld of which thiit application for the beiieGu of •eotlon 446 la made.
(6) On what date did ta:^pay<>r cummeiicc WunriiCM?
(f) I.i»t each prior LaM*l>l<' vcar for which reiiiifrod to fil« Inoom« tax return:
Year ended ,19 ; , 19 • _ jg
(d) Did the taxpayer on or after Dcccmlier I, 1950. and prior to th« end of Un third Uxahic >ftar acfjulre any proj)crtli» in any of the erant*aclion»
de«ril>ed in Becliou 445 (i£)7 (Annwer "yes" or "no") .If answer in ■no." and if taxjaiver conununceil t..iHin<M in (he current
taxable year or m one of tlic two Inuncdiately prrccdiiiK tAxable ve*r», fill in linfM I tlirouf(h 10. If ariHwer U "no," and if Uii>ay«r comrnenoed
biiHineew Iwfore the l*cKlriiiin« of the (ie«oiid preceding taxable year, fUl in linw 11 throuKh 16.
U^N.. ~" ~ "~~ ' ------
1. ToUl an^tA at end of last taxable year onding prior to July 1, 1950.
2. Net capital addition for current taxable year (mc iiiatrurtJona)
3. ToUl of lines 1 and 2
4. Net capiUI reduction for current taxable year (»oe iuatructiona)
B. line 3 niinns line 4_
(I. Taxpayer's industry claAsificfttion (nee liMtnictioiia)
7. Line 5 multiplied by the perrcntaue on line 6
8. liediietion for interest (see instrnclionB) „
0. Avcrawe l)a»e )>criod net income (line 7 minus line 8)
10. Tortion of line 9 to hr X» km i ntn acronnt - . ,. . ..% (ace In^tructionH).
11. Total atsets at end of last taxable
IiaM* period rata of return..
Knter qji lino 54, Schedule Kl* -2 -
year cndins; prior to July 1, 1950, or at end of third taxable year, whichever ia later
12. Taxpayer's industry clafwifi cation (nee inHtriictiona) _ ; Base period rate of return..
!3. Line II multiplied by the pereentane on line 12 ..„
14. Itediiclioii for interest (see intttnictiontt) ,
15. Averafie base period net income {line 13 niinua line 14) _ ^
16. PorliOTi of line 15 to I )C taken into account ■. % f«ec inwtrnetinn 4ft. Sehednle KP-2). Knter on linp 49, Kehtnlnle i:P-2,
«
«...
SCHEDULE EP-5 (B).— ABNORMALITIES DURING BASE PERIOD (Section 442)
•=>?<"'• "hould b« u»«l only by m laip.yar "^Jc^ "mni.nud bu.lna— en or holan th« hnl Jay ol lu b«— p»rioJ.
to) Attach wtatemenl wtliiiK (oi tii Pi> dL-lml all wrounds upon tin- l'a.M< of wim-h lhi-.*pplioatioti for the li.n.-fiiH of tcetion 112 is ina<lc
(b) If normal production, output, or o|K^ration was interrupt<Hi or diriiiiii,li,-.! I..catise of the occurrence, cither immedialelv prior to, or durinit a base
period taxable year, of events unusual and peculiar in the cvtwriinii- i.f the taxpayer, include in sneh statement a di-Hcnption of the events and
the time of their Occurrence; indicate the taxable years in the bast- pin. id diirinn which production, output, or operation wa« adversely affected : and
indicate the taxable years in the base period the excess j.rofit.s net ineotne of which was redured for deficit in e\c*?s.s iirofits net income increased)
by reason of nnch events,
(c) If the busine.v- of the taxj»ayer was depressed in a base period taxable year because of temporarv econotnic circumstances tinunual in the ca«e of
the tax|taycr, mclude in such statement adescripiion of Huch event* and the time of their occurrence; indicate the Uxable vcarsiit the base period
the excess profits net income of which was reduced (or deficit in excess profits net income increased) bv reA,son of such events
(d) If eliitibihly is claimed under section 442 (h), include in such statement a- description of the events which interrupted or diminished normal pro-
ductiim, or output, or o) leratin n . a n d indicate the lime of their occtirrenee. ^
TAXABLE YEAKe ENUINO APTRR MARCH 31. W». AN1> BefOHK UKCE.MBER t, IWO
I. CALINDAa YIAX 1940
1. Kxcess profits net income or deficit (line
26. Schedule EP-2).._._ ___
2. Monthly average (line I divided by
number of months in taxable vear)_
8. Number of months after Dec 31, 1945,
and before Jan, 1, 1950. in each taxable
year {fiscal yearsendinn Jan .Feb.and
Mar,, 1950. see instructions).-
4. Enter from '.\ al)ove, tbe bighewt SCcoiuwcu-
(ive months or the 3G monlhe remaiiung
after eliminating luwest 12 miuiecutive
months (see instructioim as U' deficits). ..
6. Number of months on line 4 in a tax-
able year the excess profits net income
of which was adversely affected by an
abnormality— --." .*.
6. If eligibility is claimed under section
442 (h), cuter 12 months subject to
adjnetnicnt
7. Camndar Yiab 1M7
OR
Ybah Esdid
1M7
$
$
3. Calxkpah Ykak IMS
on
YSAR Bnokd
1«S
4. Calenrak Ykak IMS
Ybak Esdkd
1»40
Bboon ..
KxaiD..
If tot*l ntimbM of month* ait«Md *n lln* B ■■ 12 a
claUn«l undM
itM 7 throuch 17| If RMT
Mctlon 442(h), fill In lln
ntlM.fi
2>ndt
X2 Ihrouati S», and Una M If appllcaUa. If •UclMUtr la
7. 'lotal a-Hsel* at end of each taxable year
for which an entry is made on line
5 or 6 (see instriictioiiB) _
$
t
t
$
8. Taxpayer's industry classification (see
%
%
%
%
Base period yearly rate of return for
e^ch taxable year for which an entry
i» made on line 7
qt
9. Line 7 multiplied by the percentage on
lines
$.
$
J.
10. Reduction for interest (see ioBtructions) .
11, Line 9 minus line 10
S
»
S
$
12. Line 11 divided by 12
«
i
$
«
13, 110 percent of line 2 (aubetituting tero
for any deficit) _
$
J
i
S
14. If line 12 exceeds line 13, enter amount of
substitute excess profits net income
(line 12 multiplied by Hue 5) _
$ ;..-
$
$
s
15. Une 2 (substituting zero for any deficit)
multiplied by line 4 but where an
amount appears on line 14, enter such
amount -
»-
$
t
$.-.
16. Aggresatc of amounts on line 15 divided
17. Portion of line 16 to be taken into accon
by 3
It % (»ce instruction 40, Scht
'dille
EP-2). Enter on line 47. Schedule EP-2. ..
18. Line 12 multiplied by line 6
$
»
»
«
16. Line 2 (substituting zero for any deficit)
multiplied by the excess of line 4
over line 6. -.
$
»-
» -
t
20. Aggr^ate of amounts on lines 18 and 19 divided bv 3 but not in excess of SO percent of aggregate of amou
Qta on line 19
,
21. Portionof line20 to be taken into account
% (see
a,.K.uii.i. irp_q
22. Total assets at end of each taxable vear
ending before Julv 1. 19.10
$ . ,.
t
...
23. Interest paid or accrued for each taxable
year for which an entrv is made on
line 22
$
S
*. -
,
$.
24. Average of amounts on line 22
25. Taxpayer's industry classification (see instructiouB)
i B
ase period rftte of retu
«.
26. Line 24 multiplied by pereentaKe on line
27. Interest adjuwtment (anKreKatc of aniouut
which entries are made on line 22)
25
—
« on line 23 multiplied by 13 and divided by total number of months in uxable years for
20. 1 10 percent of line 30, or line 36, Bchedule EP-2, whichever it
ipplleabto
30. Portion of line 28 to be Uken into acco
than line 26. Enter on line 49, Schedi
(•Ml
%
'
IeKP'2
-!•— •WTT-l
222
FACSIMILES OF TAX RETURNS FOR 1951
AVERAGE BASE PERIOD NET INCOME COMPUTED ON BASIS OF INDUSTRY RATE OF RETURN
ScK*dul** EP-5 (C> throuih (E) ahould l>« uaad only hy m bipMyM' which cafnni«ne*d buslnaa* an or b«for« tha first d*y of Ita baaa p*riod
Pm«6
Schedule EP-5 (C).— CHANGE IN PRODUCTS OR SERVICES (Section 443)
(a) Attach statement setting forth in detail all grounds upon the basis of which this application for the benefits of section 443 is made.
(b) Include in such statement full details concerning the nature and effect of the change or changes in the taxpayer's products or services upon which this
application is based.
(c) Indicate the date upon which the taxpayer's gross receipts first reflected such change or changes
id) List the three taxable years immediately preceding the year with respect to which taxpayer claims qualification under section 443, and check year
in which substantial change in products or services furnished by the taxpayer first occurred:
Beginning .
Ending □
(a) Dettignate the taxable year with respect to which taxpayer claims qualification
under section 443 (a):
Beginning and ending -.- -
(6) Gross income.
(c) Net income -_.
1. Total fob Ybak
3, Ahoukt Dvk to
NlW PRADtfCTS
OR Sbhticis
3. COLmiN 2 AS
* PlMriNTAGS
or CoinuN I
Fill in lines 2, 3, and 4 only if column 3, line 1 (fr) is more tlian 40 percent, or if column 3, line I (e) is more than 33 percent.
2. Excess profits net income for taxable year designated on line 1 (a>. (See instructions). .
3. AcKrcKftte excess profit-- ii<"t income (or deficit) for those taxable years ending within
the base period and prior to taxable vear in which first change occurred. (From
line 26. Schedule EP-2.) , -
4. 12.J percent of column 3. line 3--- - - -- -I ^
Fill in lines 5 through 10 only if column 3, line 2, exceeds line 4.
5. Total asiteta at end of taxable year designated on line 1 (o), or at end of last taxable year ending prior to July 1, 1950, whichever
1. AUOOHT
3. NUMBBBor Months
3. Monthly ATiKAni
S
S
$
$
i.s later_.
, Taxpayer's industry classification (see instructions) ; Base period rate of return...
. I,inc 5 multiplied by percentage on line 6_ ;
Reduction for interest (see instructions)..
. Average base period net income (line 7 minus line 8). - - - ---
, Portion of line 9 lo ho taken intn account . % (see instruction 4fi. Schedule EP-2). Enter on line 49, Schedule EP-2
Schedule EP-S(D).— INCREASE IN CAPACITY FOR PRODUCTION OR OPERATION (Section 444)
(a) Attach statement setting forth in detail all grounds upon the basis of which this application for the bencfil^ of section 444 is made.
(i) If application is based upon increase in capacity for production or operation resulting from replacement of or addition to facilities (.section 444 (b)(l)>,
or upon such an increase in capacity in conjunction with an increa.'ie in the aggregate adjusted basis of total facilities of the taxpayer (section
444 (b) (2)), include in such stateinent a detailed description of the method used in determining capacity at the beginnini; and end of the 36-
month period involved and a schedule showing the adjusted basis of facilities held at the beginning and the adjusted ba.nis of facilities held at the
end of such period.
(c) If application is based upon increase in capacity for production or operation evidenced by an increase in the air-iretjatc unadjusted basis of total
facilities of the taxpayer (section 444 (b) (3)), include in such statement a schedule showins the unadjusted ba-is of facilitie-* held at the beginning
and the unadjusted basis of facilities held at the end of the 36-month period involved.
I, Last Dat or TWiLrrn
MONTB IK BASB
PJWOD
■1. L*M Dat or K
BIQBTH -Month
Basb fnKion
;:"■
3 COLI'WV ■: \K A
I'ltRC«ST.lQ« Oir
Cohvus 1
Lnwtta.
1. Capacity for prodiiction or operation. (Do not include in column 2 any increase
over column 1 not due to replacements or additions to facilitiea.)
--.%
Indicate unit of inea>nremeiit -
2. Adjusted basis of total facilities. - --
3. Unadjusted basis of total facilities ,
S -
«
%
s
$
^:%
nding prior to July 1. 1950.. - -- -
istructions) -- ; Ba.-ie period rate of return..
Fill in lines 4 tbroucb 0 oirly if (a) column 3, line I, is 200% or more; or (6) column 3, line 1, and column 3, line 2, are both 150^
or more; or (c) column .1. line 3, is 200% or more.
4. Total assets at end of last taxable year
5. Taxpayer's industry classjtication (see :
6. Line 4 multiplied by jjercentage on line 5.
7. Reduction for interest (see instriiction») ..
8. Average base period net income (line fi ni
9. Portion of line 8 to he taken into account
us line 7)
% (see instruction 46, Schedule EP-2).
Knteron line 49, Schedule EP-2 .
Schedule EP-5 (E).— DEPRESSED INDUSTRY SUBGROUPS (Section 446)
(a) Attach statement setting forth in dftail all ■jroundi upon the basis of which thin application for the benefits of section 446 is made.
(fc) Include in such statement the arnounl of taxpayer'^ gross receipts for each of the taxable yoars beginning with or within the ba.se period and the
ainoimt of such receipts attributable to the depressed industry subgroup of which the taxpayer is a meniber. Include a copupletc description
of the products or services the gross rcceipta from which are attributed to a depressed industry subgroup.
Year ended..
1946
1947
1948
1949
1950
Ud. n..
1. Total assets at end of each taxable year
ending after the beginning of the base
period and before July 1, 1950. .
S
S
S
s -
$-- ---.
2. Interest paid or accrued for each tax-
able vear for which an entrv is made
on line I
$
S-
$
s
$
S -.
ni-..
%
5. Line 3 multiplied by percentace on line 4
6. Interest adjustment (aggregate of amoim
for which entries are made on line 1) .
.$
""
ts on line 2, multiplied by 12 and divided by total number of months in taxable years
7. Average base period net income (line 5 minus line 6> .— _ --
S -..
8. Porii.in of line 7 to be taken inio aceoni
t % (S€
e ins
ruction 46, Sthc
dnle )
;P-2). Entei o
1 line
49. Schedule F.F
-2...
$-
efl— W-WTTT-l
FACSIMILES OF TAX RETURNS FOR 1951
223
COMPUTATION OF YOUR
References are to the Internal Reve-
nue Code, unless otherwise indicated.
1951
U. S. Corporation Excess
LrOjlTS 1 dX on Schedule EP (Form 1120)
GENERAL INSTRUCTIONS
A. GENERAL STATEMENT. — The excess profits tax is im-
posed on corporations and is applicable to taxable years ending
after June 30, 1950. The normal tax, surtax, and excess profits
tax on corporations are to be reported on the corporation income
tax return (Form 1120) and are treated as one tax for all pur-
poses, including assessment, collection, payment, period of limita-
tions, and the consolidated return privilege.
A corporation with excess profits net income of $25,000 or less,
is, in general, not liable for an excess profits tax although it may
be required to file Schedule EP (Form 1120), which is provided
for the computation of excess profits net income and excess profits
tax. Schedule K on Form 1 1 20 provides a test by which a cor-
poration may determine whether it is required to file Schedule^?
(Form 1120) for the taxable year. In the event that such test
discloses that a corporation is required to file. Schedule EP (Form
1 120) shall be filed with, and as a part of, its return on Form 1120.
B. CORPORATIONS WHICH MUST FILE SCHEDULE EP
(FORM 1120). — (1) General rule. — Every corporation (except
an exempt corporation described in (2), below) required by sec-
tion 52 to make an income tax return must file with, and as a
part of, such return a Schedule EP (Form 1120) unless the
amount shown on line 8, Schedule K on Form 1120, is $25,000
or less. However, see specific instruction 29 and 30, Schedule
EP-1, for cases in which the filing of Schedule EP (Form 1120)
mav be required even though the amount on line 8, Schedule K,
on Form 1 1 20 is $25,000 or less.
(2)_ Exempt corporations. — The following corporations, except
as otherwise provided with respect to members of an affiliated
group of corporations filing a consolidated return under section
141, ar-e exempt from the excess-profits ta.x:
(a) Corporations exempt from ta.x under section 101 (whether
or not subject to ta.\ under Supplement U ) ;
(b) Foreign personal holding companies as defined in section
331;
(c) Regttlated investment companies as defined in section 361
without the application of section 361 (b) (4) ;
(d) Personal holding companies as defined in section 501 ;
(e) Foreign corporations not engaged in trade or business
within the United States;
(/) Domestic corporations satisfying the following conditions:
( 1 ) 95 percent or more of the gross income of such
domestic corporation for the 3-year period immediately
preceding the close of the taxable year (or for such part of
such period during which the corporation was in existence)
was derived from sources other than sources within the
United States, and
(2) 50 percent or more of its gross income for such period
or such part thereof was derived from the active conduct
of a trade or business :
(g) Any corporation subject to the provisions of Title IV of
the Civil .-Aeronautics Act of 1938 in the gross income of which,
for the taxable year for which the return is being filed, there is
includible compensation received from the United States for the
transportation of mail by aircraft if, after excluding from its gross
income such compensation, its adjusted excess profits net income
for such year is zero or less.
A corporation which claims exemption from excess profits tax
under paragraphs (fe), (c), or (e), above, shall file with its return
a statement setting forth the facts upon which it relies.
A corporation which claims exemption from excess profits tax
under paragraph {/), above, shall attach to its return a statement
showing for the 3-year period immediately preceding the close
of the taxable year (or for such part thereof during which the
corporation was in existence) (1) its total gross income from all
sources, (2) the amount thereof derived from the active conduct
of a trade or business, (3) a description of such trade or business
and the farts upon which the corporation relies to establish that
such trade or business was actively conducted by it, and (4) the
amount of its gro«s income from sources within the United States.
The gross income from sources within the United States shall be
determined as provided in section 119 and the provisions of the
regulations relating thereto.
A coTp)oration which claims exemption from excess profits tax
under paragraph (g), above, shall attach to its return a statement
showing (1) that it is subject to the provisions of Title IV of the
Civil Aeronautics Act of 1938, (2) the amount of the compensa-
tion included in the gross income of the corporation that consists
of compensation received from the United States for the transpor-
tation of mail by aircraft, and (3) the amount of its gross income,
net income, excess profits net income, and adjusted excess profits
net income, after excluding from its gross income the amount of
such compensation. Such exclusion from gross income for such
year shall also be made in computing the unused excess profits
credit adjustment for any other taxable year, but only for the
purpose of determining whether the corporation is exempted by
section 454 from excess profits tax for such other taxable year.
C. CONSOLIDATED RETURNS.— (1) Privilege to file con-
solidated income tax (including excess profits tax) return. — Sec-
tion 141 gives to an affiliated group of corporations the privilege
of making a consolidated return in lieu of separate returns. See
1951 instructions for Form 1 120.
Paragraphs (7) and (8) of section 141 (e) relate to the defi-
nition of "includible corporation." Paragraph (7) excludes from
the definition of "includible corporation ' a personal service cor-
poration, a personal holding company, certain domestic corpora-
tions deriving 95 percent or more of their gross income from
sources without the United States, and certain corporations trans-
porting mail by aircraft, unless such corporation has filed a consent
to be treated as an includible corporation. Paragraph (8) ex-
cludes from the definition of "includible corporation" a regulated
public utility entitled to compute its excess profits credit under
section 448, unless such public utility has filed a consent to com-
pute its excess profits credit without regard to section 448.
An affiliated group of corporations, all the members of which
are regulated public utilities, may nevertheless file a consolidated
return, provided that each such utility has made and filed a con-
sent to compute its excess pro.fits credit under section 448 only.
D. PERSONAL SERVICE CORPORATIONS.— (1) Taxation
of personal service corporations. — A personal service corporation
is subject to the excess profits tax the same as any other domestic
corporation unless its elects not to be subject to such tax. A new
election must be made for each taxable year and may be made
only in its return for such year. Such an election may not be
exercised by a corporation which is a member of an affiliated group
of corporations filing a consolidated return. If a corporation is
exempt by reason of the exercise of such an election, the provisions
of Supplement S (sections 391 through 396) shall apply to the
shareholders who were shareholders on the last day of the taxable
year of the corporation. Accordingly, the undistributed Supple-
ment S net income is required to be included in the gross income
of the persons who were shareholders on such last day. The
amount of the undistributed Supplement S net income shall be
considered as paid in to the corporation as of the close of the tax-
able year as paid-in surplus or as a contribution to capital, and
the amount of accumulated earnings and profits as of the close of
the year shall be correspondingly reduced if such amount or any
portion thereof is required to be included as a dividend in the
gross income of the shareholder.
(2) Definition of personal service corporation. — The term
"personal service corporation" means a domestic corporation in
which capital is not a material income-producing factor and the
income of which is to be ascribed primarilv to the activities of
shareholders who (a) are regularly engaged in the active conduct
of the aflairs of the corporation and [h i are the owners, through-
out the entire taxable year, of at least 70 percent in value ol each
class of stock of the corporation. If stock is owned by the spouse
or minor child of an individual or owned by the guardian or trustee
of such spouse or child, such stock is treated as being owned by
such individual.
If 50 percent or more of the gross income of a corporation con-
sists of gains, profits, or income derived from trading as a principal.
cie — eae4g.i
224
FACSIMILES OF TAX RETURNS FOR 1951
such corporation cannot be considered to be a personal service cor-
poration. As to corporations in wliich less than 50 percent of the
gross income is derived from trading as a principal, see instructions
for Schedule PS ( Form 1 1 20 ) .
(3) Returns. — A personal service corporation should obtain
Schedule PS (Form 1120) from the collector and file it with, and
as a part of, Form 1 120.
E. SPECIAL METHODS FOR COMPUTING INCOME.— (1)
Installment basis taxpayers. — Section 455 provides that a cor-
poration which reports income on the installment basis, or whose
principal business consists of purchasing installment sales obliga-
tions, may elect in its return for the purpose of excess profits tax
to compute its income from installment sales, or installment sales
obligations, on the basis of the taxable period for which such in-
come is accrued. The election shall be made by a statement
attached to the return or by the use of figures on the return which
clearly reflect the election. The election is irrevocable and applies
to all taxable years to which the excess profits tax is applicable.
If the corporation so elects, the income from installment sales, or
installment sales obligations, for each taxable year subject to the
excess profits tax will, for the purpose of computing the excess
profits tax for all taxable years (including prior taxable years), be
adjusted to conform to such election. No amount will be included,
however, in computing excess profits net income for any excess
profits tax taxable year on account of installment sales made in a
taxable year ending before July 1, 1950. For conforming adjust-
ments to income for taxable years in the base period, see section
433 (b) (7) ; for adjustment in determining invested capital, the
net new capital addition, the base period capital addition, and the
net capital addition or reduction, see section 441 (h).
(2) Corporations with income from long-term contracts. — Any
corporation computing income from contracts the performance of
which requires more than 12 months may elect in its return for the
taxable year, for the purpose of the excess profits tax, to compute
such income upon the percentage of completion method of ac-
counting. The election shall be made by a statement attached to
the return or by the use of figures on the return which clearly reflect
the election. The election is irrevocable and applies to all taxable
years to which the excess profits tax is applicable. If the corpora-
tion so elects, the income from long-term contracts for each year
subject to the excess profits tax will, for the purpose of computing
the excess profits tax for all taxable years (including prior taxable
years), be adjusted to conform to such election. For conforming
adjustments to income for ta.\able years in the base period, see
section 433 (b) (8) ; for adjustment in determining invested cap-
ital, the net new capital addition, the base period capital addition,
and the net capital addition or reduction, see section 441 (h).
F. DEALERS IN CERTAIN GOVERNMENT SECURITIES.—
Section 440 (c) provides, in general, that dealers in Government
securities which are wholly or partially exempt from tax, may elect
to include the interest on such securities in excess profits net in-
come and to treat such Government obligations as admissible assets
rather than inadmissible assets for the purpose of computing the
invested capital credit and for computing the amounts of capital
additions or reductions. Such election may be made for any
taxable year by a statement attached to the return for such year
or by the use of figures on the return which clearly reflect the
election.
G. EXCESS PROFITS CREDIT.— There are three different
credits available for computing the excess profits tax: (a) The
credit based on income (including the provisions of sections 442
through 446 and section 459); {b) the credit based on invested
capital; and (c) in the case of certain regulated public utilities,
the credit provided in section 448. The taxpayer is to use that
credit which produces the lowest excess profits tax. For computa-
tion of (a) the credit based on income, see Schedule EP-2; (6)
the credit based on invested capital, see Schedule EP— 4; and
(c) the credit provided in section 448, see Schedule EP-3.
H. RULES FOR DETERMINING CREDIT IN CASE OF CER-
TAIN REORGANIZATIONS, LIQUIDATIONS, AND TAX-
ABLE ACQUISITIONS.— (<?) Credit based on Income.— (1) Re-
organizations and certain tax-free liquidations. — Sections 461
through 465 provide rules for determining the credit based on
income in the case of a corporation (other than a foreign corpo-
ration) which during or subsequent to the base period was a party
to any of the transactions described in section 461 (a), relating
to certain tax-free exchanges. In general, it is provided that such
a corporation shall, if a component corporation as defined in sec-
tion 461 (b), compute its average base period net income under
the rules laid down in section 461 (c) and (d). If, however,
such a corporation is an acquiring corporation as defined in section
461 (a) , the rules for determining average base period net income,
and the conditions under which sections 435 (e), 442, 443, 444^
445, and 446 may be available to the corporation are set forth
in sections 461 and 462. In the case of certain of these trans-
actions, the application to the acquiring corporation of the pro-
visions relating to capital changes subsequent to the base period
and capital changes in the base period is determined by reference
to sections 463 and 464. For the effect of the above rules where
stock of the component corporation was acquired for other than
stock of the acquiring corporation, see section 462 (j). The cir-
cumstances under which transactions involving partnerships and
sole proprietorships are subject to these provisions are set forth
in sections 461 (b) (5) and (6), 461 (f), and 462 (k).
(2 ) Taxable acquisitions. — Section 474 provides rules for deter-
mining the credit based on income in the case of a corporation
which before December 1, 1950, purchased substantially all of the
assets of another corporation or partnership or substantially all
the assets of a business of another corporation, partnership, or sole
proprietorship. In general, it is provided that such a corporation,
if a purchasing corporation as defined in section 474 (a), may
compute its averagp base period net income under the method
prescribed in section 435 (d) with reference to the excess profits
net income of the corporation, partnership, or business owned by
a sole proprietorship which was purchased. Section 474 also pro-
vides limitations on the availability of the benefits of the section,
and provides for regulations for the determination of capital
changes, for the elimination of duplication, and for other computa-
tions consistent with the principles of sections 461 through 465,
inclusive, wherever appropriate.
(6) Invested capital. — For the purposes of computing invested
capital (other than historical invested capital), section 470 pro-
vides rules to be used in determining the adjusted basis of assets
acquired in an intercorporate liquidation. Adjustments with re-
spect to historical invested capital, in the case of certain exchanges
and liquidations, are contained in sections 471 and 472.
SPECIFIC INSTRUCTIONS
The following instrucrions are numbered to correspond with line numbers on each schedule
SCHEDULE EP-1— EXCESS PROFITS NET INCOME AND TAX COMPUTATION
EXCESS PROFITS NET INCOME
1. Net income before net operating loss deduction. — Enter the
amount which appears in item 32, page 1, Form 1120. In the case
of a corporation electing to report income from installment sales,
or installment sales obligations on the accrual method, or income
from long-term contracts on the percentage of completion method,
recompute net income accordingly and enter such amount on
line 1. For explanation of the adjustments necessary, see general
instruction E (1) and (2).
2. Adjustment for interest on borrowed capital. — The adjust-
ment on line 2 adds back the amount computed under (a) or (6)
below, whichever is appropriate upon the basis of the excess profits
credit applicable to the taxable year. No adjustment is required
on this line by a regulated public utility computing its excess profits
credit under section 448.
(rt) Income credit. — In general, section 433 (a) (1) (Q) adds
back an amount which bears the same ratio to the total interest on
borrowed capital as 75 percent of the net increase in borrowed
capital bears to the average borrowed capital for the taxable year.
This computation may be made by multiplying the total amount
of interest on borrowed capital' for the taxable year by the excess
of the amount on line 7 of Schedule EP-2 (B) over the amount
on line 13, Schedule EP-2 (B), and dividing the result by the
amount on line 4, Schedule EP— 2 (B).
(6) Invested capital credit. — Section 433 (a) (1) (N) adds
back an amount which is 75 percent of the interest on borrowed
capital.
3. Deductions on account of retirement or discharge of bonds,
etc. — If during the taxable year the taxpayer retires or discharges
any bond, debenture, note, or certificate, or other evidence of in-
debtedness, if the obligation of the taxpayer has been outstanding
for more than 6 months, the following deductions for such taxable
year shall not be allowed ;
(a) The deduction allowable under section 23 (a) for expenses
paid or incurred in connection with such retirement or discharge;
(b) The deduction for losses allowable by reason of such retire-
ment or discharge : and
(c) In case the issuance was at a discount, the amount deduct-
ible for such year solely because of such retirement or discharge.
cie — fiBe49<l
FACSIMILES OF TAX RETURNS FOR 1951
225
In makinc; this adiustmrnt, the deduction allowable for any
premium paid on bonds when called for redemption shall be
disallowed, but the deduction allowable for any discount amortized
up to the date of the retirement or discharge shall not be dis-
allowed. Expenses incurred in issuing bonds which are amortized
shall be treated in the same manner as discounts.
4. Deductions attributable to a grant or loan by a govern-
menial agency to encourage mining of certain minerals. — The
adjustment on line 4 is the sum of any expenditures described be-
low deducted in arriving at the amount on line 1. The adjustment
on line 21 is the amount of any income described below included
in computing line 1.
Section 433 (a) (1) (P) provides that an amount paid to a
taxpayer by the United States (or any agency or instrumentality
thereof), whether bv grant or loan and whether or not repayable,
for the encouragement of exploration, development, or mining of
critical and strategic minerals or metals pursuant to or in connec-
tion with any undertaking approved by the United States (or any
of its agencies or instrumentalities) and for which an accounting
is made or required to be made to an appropriate governmental
agency, and the forgiveness or discharge of any such amount, shall
be excluded in computing excess profits net income; and any
expenditures (other than expenditures made after the repayment
of such grant or loan) attributable to such grant or loan shall not
be deductible by the taxpayer as an expense and shall not increase
the basis of the taxpayer's property either for determining gain
or loss on sale, exchange, or other disposition or for computing
depletion or depreciation, but upon the repayment of any portion
of such grant or loan which has been expended in accordance with
the terms thereof such deductions and such increase in basis shall
to the extent of such repayment be allowed as if made at the
time of such repayment.
5. Deductions under reserve method for bad debts, in the case
of banks. — The adjustment on line 5 is the addition to the bad
debt reserve deducted in arriving at the amount on line 1. The
adjustment on line 19 is the amount of those debts which actually
became worthless during the taxable year.
Section 433 (a) (1) (L) provides that in the case of a bank
(as defined in section 104) using the reserve method of accounting
for bad debts, there shall be allowed, in lieu of the amount allow-
able under the reserve met^^od for bad debts, a deduction for debts
which became worthless within the taxable year, in whole or in
part, within the meaning of section 23 (k).
6. Federal income and excess profits taxes paid by lessee under
long-term lease. — The adjustment on line 6 is to disallow the
deduction by a lessee of an amount of Federal income taxes paid
on behalf of a lessor. The adjustment on line 18 is to exclude
this amount fron. income in the case of a lessor.
If under a lease for a term of more than 20 years, entered into
prior to December I, 1950, the lessee is required to pay any portion
of the tax imposed by chapter 1 upon the lessor with respect to
the rentals derived by such lessor from such lessee, or is obligated
to reimburse the lessor for any portion of the tax imposed by chap-
ter 1 upon the lessor with respect to the rentals derived by such
lessor from such lessee, such payment or reimbursement of the tax
imposed by chapter 1 shall be excluded by the lessor and a deduc-
tion therefor shall not be allowed to the lessee. For treatment of
certain leases of railroad properties containing renewal clauses, see
section 433 (a) (1) (K).
7. Deductions attributable to technical services rendered to re-
lated foreign corporations. — The adjustment on line 7 is the sura
of any expenditures described below deducted in arriving at the
amount on line 1. The adjustment on line 22 is the amount of
any income described below included in computing line 1.
Section 433 (a) (1) (R) provides that in the case of a domestic
corporation which renders to a related foreign corporation technical
assistance, engineering services, scientific assistance, or similar serv-
ices (such services or assistance being related to the production or
improvement of products of the type manufactured by such domes-
tic corporation), there shall be excluded the remuneration for such
ser\ices or assistance if such remuneration constitutes income de-
rived from sources without the United States. Any deductions in
connection with or properly allocable to the rendering of such
services or assistance shall not be allowed. For this purpose, a
foreign corporation shall be considered a "r'latcd foreign f ' pora-
tion"' if 10 percent or more of its outstanding stock is owned by
the domestic corporation.
8. Adjustment for interest on certain Government obligations. —
Section 433 (a) (1) (S) provides that, in the case of a dealer in
certain Government obligations which makes the election pro-
vided by section 440 (c), the excess profits net income shall be
increased by the excess of the amount of interest received or ac-
crued on such obligatioris during the taxable year over the sum
of (a) the amount of interest paid or accrued during such vear
which is not allovvcd as a deduction under section 23 (b), and
(fc) the amount of the adjustments required for the taxable year
under section 22 (o) (relating to the adjustment for certain bond
premiums) but not in excess of the amount of interest received
or accrued during the taxable year on Government obligations to
which such section is applicable. For this purpose, the terra
"Government obligations" means obligations described in section
22 (b) (4) any part of the interest from which is cxcludible from
gross income or allowable as a credit against net income ; but such
term shall include only such obligations as in the hands of the
taxpayer arc property described in section 117 (a) (1) (A).
10. Partially tax-exempt interest. — Enter on this line the sum
of the amounts reported in items 10 (a) and 10 (6), page 1, Form
1120. The purpose of this adjustment is to exclude from excess
profits net income interest on certain obligations of the Govern-
ment.
11. Dividends received. — The purpose of this adjustment is to
exclude divide"nds, except dividends (actual or constructive) on
stock of foreign personal holding companies and dividends on stock
which is not a capital asset. In the case of a dividend in kind, the
amount to be excluded shall not exceed the adjusted basis of the
property so distributed in the hands of the distributing corporation
at the time of the distribution, increased in the amount of gain or
decreased in the amount of loss recognized to the distributing cor-
poration by reason of such distribution.
12. Net operating loss deduction for excess profits tax pur-
poses.— The amount to be entered on line 12, is the amount of
the net operating loss deduction otherwise prescribed in sections
23 (s) and 122, computed in accordance with the following modi-
fications as provided in section 433 (a) (1) (J):
(a) In computing the net operating loss for any taxable year
under section 122 (a) and the net income for any taxable year
under section 122 (b), the deduction for interest shall be reduced
by the amount of any reduction under section 433 (a) (1) (N)
or (O) (relating to interest adjustment with respect to borrowed
capital), whichever is applicable upon the basis of the excess profits
credit for such taxable year; and
(b) In lieu of the reduction provided in section 122 (c), such
reduction shall be in the amount by which the excess profits net
income computed with t.he exceptions and limitations specified in
section 122 (d) (1), (2), (3), and (4), and computed without
regard to section 433 C^) (U (C) (relating to gains and losses
from sale or exchange of capital assets), without regard to any
credit for dividends received, and without regard to any credit for
interest received provided in section 26 (a) (relating to interest on
obligations of the United States and its instrumentalities), exceeds
the excess profits net income (computed without the net operating
loss deduction) ; and
(c) If the taxpayer for its first taxable year ending after June
30, 1950, computed its excess profits credit under section 435
(relating to the excess profits credit based on income) or section
436 (a) by use of the historical invested capital determined under
section 458, and elected in its return (by a statement attached
thereto) for such taxable year to compute its net opeiating loss
deduction for the purposes of section 433 (a) (1) (J) for all
taxable years by treating an amount equal to the base period loss
adjustment (as defined in clause (d)) as a net operating loss
carry-over froin the last taxable year ending before July 1. 1950,
then the net income computed under section 122 (b) for any
taxable year ending before July 1, 1950, shall be determined
without regard to such carry-over;
(d) For the purposes of clause (c), the base period loss adjust-
ment shall be the amount of the recent loss adjustment determined
under section 437 (f), using the base period as the recent loss
period, and computed by limiting the amount of the net operating
loss for any taxable year beginning before January 1, 1948, to an
amount equal to the net operating loss carry-over from such tax-
able year to the taxable year immediately succeeding such taxable
year: and
(e) If the taxpayer has made the election described in clause
(c), the net operating loss deduction for the purposes of section
433 (a) (1) (J) for each taxable year ending after June 30, 1950
(whether or not the credit for such taxable year is computed under
section 435 ) , shail be computed without regard to the net operat-
ing loss for any taxable year ending before July 1, 1950, and the
net operating loss carry-over specified in clause (c) sliall net be
allowed as a net operating loss carry-over to any taxable 5 car for
which the excess profits credit is not computed under section 435
(relating to the excess profits credit based on income) and is not
computed under section 436 (a) by use of the historical invested
capital determined under section 458.
13. Net gain from sale or exchange of capital assets. — Section
433 (a) (1) (C) provides for the exclusion of gains and losses
from sales or exchanges of capital assets. Accordinglv, the amount
to be entered on line 13 is the sum of items 13 {a) and 13 (b),
page 1, Form 1 120.
CI6 6Ee49>1
226
FACSIMILES OF TAX RETURNS FOR 1951
14. Income from retirement or discharge of bonds, etc. — Sec-
tion 433 (a) (1 ) (D) provides for the exclusion of income derived
from the retirement or discharge by the taxpayer of any bond, de-
benture, note, or certificate or other evidence of indebtedness, if
the obligation of the taxpayer has been outstanding for more than
6 months, including, in case the issuance was at a premium, the
amount includible in income for the taxable year solely because of
such retirement or discharge. Do not exclude the accrued amor-
tization of bond premium for that portion of the year preceding
such retirement or discharge.
15. Refunds and interest on Agricultural Adjustment Aet
taxes. — Section 433 (a) (1) (E) provides for the exclusion of
income attributable t_g a refund of tax paid under the Agricultural
Adjustment Act of 1933, as amended, and interest upon any such
refund.
16. Income from recovery of certain bad debts. — Section 433
(a) (1) (G) provides for the exclusion of income attributable to
the recovery of a bad debt if the deduction of such debt was allow-
able from gross income for any taxable year beginning before
January 1, 1940, or for any taxable year beginning after December
31, 1945, and ending before July 1, 1950, or if such debt was
properly charged to a reserve for bad debts during any such tax-
able year.
17. Nontaxable income of certain industries with depletable
resources. — Sections 433 (a) (1) (I) and 453 provide that in the
case of a producer of minerals, or a producer of logs or lumber
from a timber block, or a lessor of mineral property, or if a timber
block, there shall be excluded nontaxable income from exempt
excess output of mines and timber blocks; in the case of a natural
gas company, there shall be excluded nontaxable income from
exempt excess output; and, in the case of a producer of minerals
or a producer of logs or lumber from a timber block, there shall be
excluded nontaxable bonus income. A corporation described in
section 453 (c) (2) shall be deemed a producer of minerals with
respect to nontaxable bonus income.
The election under section 453 (d) made by a taxpayer receiv-
ing income attributable to bonus payments (section 453 (c) ) shall
be indicated in the supporting statement attached to the return.
18. Federal income and excess profits taxes received by lessor
under long-term lease. — See instruction 6.
19. Debts which actually became worthless during the year, in
case of banks. — See instruction 5.
20. Adjustment for blocked foreign income.— Section 433 (a)
( 1 ) (M) provides for the exclusion of income derived from sources
within any foreign country to the extent that such income would,
but for monetary, exchange, or other restrictions imposed by such
foreign country, have been includible in the gross income of the
taxpayer for any taxable year which preceded its first taxable year
ended after June 30, 1950. Where such income is includible
(without regard to section 433 (a) (1) (M)) in a taxable year
succeeding the first taxable year ended after June 30, 1950, and,
but for such restrictions, would have been includible in the gross
income of the taxpayer for its first taxable year ended after June
30, 1950, the exclusion provided, in case such first taxable year
began prior to July 1, 1950, shall be reduced to an amount which
is the same proportion of the blocked income as the number of
days in such taxable year prior to July 1, 1950, is of the total num-
ber of days in such taxable year. Deductions properly chargeable
and allocable to such income shall not be allowed.
21. Income attributable to a grant or forgiveness of a loan by
a governmental agency to encourage mining of certain minerals. —
See instruction 4.
22. Income attributable to technical services rendered to related
foreign corporations. — See instruction 7.
25. Deductions applicable to life insurance companies. — Sec-
tion 433 (a) ( 1 ) (H) provides that in the case of a life insurance
company computing its excess profits credit under section 435
(based on income), there shall be deducted from the normal-tax
net income the excess of (a) the product of ( 1 ) the figure 0.87
and (2) the excess profits net income computed without regard to
section 433 (a) (1) (H) over (b) the adjustment for certain re-
serves provided in section 202 (c). If the excess profits credit is
computed under section 436 (based on invested capital), there
shall be deducted from the normal-tax net income only 50 percent
of the amount determined under the preceding sentence.
26. Excess profits net income — short taxable years. — Section
433 (a) (2) provides that, in lieu of the provisions of section 47
(c), if the taxable year is a period of less than 12 months, the
excess profits net income for such taxable year (referred to in this
paragr.aph as the "short taxable year") will be placed on an annual
basis by multiplying the amount thereof by the number of days in
the 12 months ending with the close of the short taxable year and
dividing by the number of days in the short taxable year. The
excess profits tax will be such part of the tax computed on such
annual basis as the number of days in the short taxable year is of
the number of days in the 12 months ending with the close of the
short taxable year. (See also section 433 (a) (2) (B).)
TAX COMPUTATION
27. Excess profits credit. —
(<j) In general. — In the case of a domestic corporation, the
excess profits credit for any taxable year is the amount determined
under section 435 (relating to excess profits credit based on in-
come) or the amount determined under section 436 (relating to
excess profits credit based on invested capital) whichever amount
results in the lesser excess profits tax for the taxable year. For
computation of excess profits credit based on income, see Schedule
EP-2 and instructions. For computation of credit based on in-
vested capital, see Schedule EP— 4 and instructions. For computa-
tion of alternative credit in case of certain regulated public utilities,
see Schedule EP-3 and instructions.
(fe) Railroad lessor-lessee corporations. — If substantially all
the railroad properties of a railroad corporation subject to Part I
of the Interstate Commerce Act have been leased for a term of
more than 20 years to another such railroad corporation pursuant
to an agreement or agreements entered into prior to December 1,
1950, which agreement or agreements require the lessee or lessees
to pay the taxes of the lessor, the aggregate of the excess profits
credit and the unused excess profits credit adjustment of each such
corporation may be equitably apportioned by agreement, if ap-
proved in accordance with regulations prescribed by the Secretary,
among the lessor and each of the lessee corporations so required to
pay the taxes of the lessor. The term of a lease of railroad prop-
erties entered into prior to December 1, 1950, shall include the
years for which such lease may be renewed or continued. See
section 434 (d).
(<•) Section 459. Miscellaneous provisions. — In general. — Sec-
tion 459 provides special computations of average base period net
income in the case of taxpayers meeting certain eligibility re-
quirements with respect to ( 1 ) transition from war production
and increase in peacetime capacity, (2) base period catastrophe,
(3) consolidation of newspaper operations, and (4) television
broadcasting companies. There is no separate schedule provided
for computation of average base period net income under section
459. A taxpayer computing average base period net income under
any provision of this section shall attach to its return a schedule
showing the computation of such average base period net income
and in the case of a taxpayer computing a credit by reference to
section 459 (d) any adjustments to the capital additions or reduc-
tions required under that section. The taxpayer shall also submit
with its return a full and complete statement showing the basis
upon which each requirement of the particular subsection of sec-
tion 459 is satisfied and all the facts upon which the taxpayer
relies. For definition of adjusted basis and unadjusted basis as
used in section 459, see section 459 (e).
( 1 ) Transition from war production and increase in peacetime
capacity. — Section 459 (a) provides for computation of an alter-
native average base period net income in the case of a taxpayer
engaged primarily in manufacturing and which commenced busi-
ness before January 1, 1940. In general, the taxpayer must
establish that —
(i) the adjusted basis of its facilities at the beginning of its base
period (including the facilities of all members of the taxpayer's
affiliated group) did not exceed $10,000,000;
(ii) the unadjusted basis of its facilities at the end of its base
period was 250 percent or more of the unadjusted basis of its facili-
ties at the beginning of its base period ;
(iii) the taxpayer's gross income derived from certain con-
tracts with the United States and related subcontracts constituted
(A) at least 70 percent for certain years during World War II,
(B) less than 20 percent for certain years ending after 1945;
(iv) the average monthly excess profits net income for taxable
years ending in the last half of its base period and lor the taxable
year immediately preceding the base period are each 300 percent
or more of the average monthly excess profits net income for the
taxable years ending in the first half of the base period.
If section 459 (a) is applicable, the taxpayer may compute its
average base period net income under section 435 (e) (2) (G) (i)
and (ii) using lines 42 through 46 and lines 50 through 54 of
Schedule EP-2 as a guide but substituting the excess profits net
income of the last 6 months of 1948 in lieu of the excess profits
net income for the last 6 months of 1949 on line 43. If the aver-
age base period net income is computed under section 459 (a), no
base period capital addition is allowed.
(2) Base period catastrophe. — Section 459 (b) provides two
alternative methods of computing the average base period net in-
come which are, in general, available to a taxpayer, engaged pri-
marily in manufacturing, which suffered a catastrophe by fire,
storm, explosion, or other casualty during the last 36 months of
CIA 65649-1
FACSIMILES OF TAX RETURNS FOR 1951
227
its base period which destroyed or rendered inoperative a produc-
tion facility constituting a complete plant or plants having an ad-
justed basis equal to 15 percent or more of the adjusted basis of
all the taxpayer's production facilities. The taxpayer's normal
production or operation must have been interrupted for a period
of more than 12 consecutive months as a result of such catastrophe,
and such production facility replaced prior to the end of its base
period.
If section 459 (b) is applicable, the taxpayer may compute its
average base period net income using whichever of the following
methods results in the lesser excess profits tax :
(i) the average base period net income may be computed under
section 435 (d) (relating to the general average method) by sub-
stituting for the excess profits net income for each month in the
taxable year in which the catastrophe occurred an amount equal
to the aggregate, divided by the number of months in the base
period preceding such taxable year, of the excess profits net income
for each month (computed under section 435 (d) (1) ) in the base
period preceding such taxable year. A taxpayer computing its
average base period net income in this manner should use lines 31
through 36 and lines 47 through 54 of Schedule EP-2, and should
enter on line 31 (a) of Schedule EP-2 for the year in which the
catastrophe occurred an amount computed by aggregating the
excess profits net income as shown on line 31 (a) for each month
in the base period preceding such taxable year and dividing such
aggregate by the number of months in the base period preceding
such taxable year.
(ii) the taxpayer may compute its average base period net
income under section 435 (e) (2) (G) (i) and (ii) using lines 42
through 46 and lines 50 through 54 of Schedule EP-2 as a guide
but substituting on line 43 of Schedule EP-2 the excess profits net
income for the last 6 months of 1948 in lieu of the excess profits
net income for the last 6 months of 1949.
If the average base period net income is computed under (ii),
no base period capital addition is allowed.
(3) Consolidation of newspaper operations. — Section 459 (c)
provides, in general, for a special computation of the average base
period net income of a taxpayer engaged primarily in the news-
paper publishing business which, after the first half of its base
period and prior to July 1, 1950, consolidated its mechanical, cir-
culation, advertising, and accounting operations with such opera-
__ tions of another newspaper in the same area, and such consolida-
Xtion was con'uMed throughout the taxable year.
/^ The taxpayer must establish that for the period ending with
the close of the first taxable year beginning after the consolida-
tion, the consolidation resulted in substantial reductions in ex-
penses paid or incurred in connection with its mechanical, circu-
lation, advertising, and accounting operations, and that either —
(i) the deductions of the taxpayer under section 23 for its first
taxable year beginning after the consolidation, computed without
regard to the net operating loss deduction and without regard to
certain circulation expenditures, were not in excess of 80 percent
of the average of such deductions for the two taxable years pre-
ceding the taxable year of consolidation, or
(ii) the excess profits net income of the taxpayer, computed
under section 433 (b), for the first taxable year beginning after
the consolidation was 125 percent or more of the average base
period net income computed under section 435 (d).
If section 459 (c) is applicable, the taxpayer may compute an
average base i>eriod net income by ascertaining the amount under
section 435 (d) (line 30 or line 36, EP-2, whichever is applicable)
and by adding thereto an amount equal to the excess of the
average expenses paid or incurred in the conduct of the newspai>er
operations during the tA'O taxable years immediately preceding
the year of consolidation over the total of such expenses during
the first taxable year after the consolidation. In making this
determination proper adjustment shall be made for increases in
the cost of labor and newsprint (due to wage and price increases)
following such consolidation. Proper adjustment shall also be
made for any case in which any taxable year used in the compu-
tation of the average base period net income is a period of less
than 12 months.
The amount computed under this section should be used in lieu
of the amount on line 30 or 36 in determining the amount to be
entered on line 47 of Schedule EP-2. Lines 51 through 54 should
then be completed.
(4) Television broadcasting companies. — Section 459 (d) pro-
vides an alternative method of computing the income credit in the
case of a taxpayer engaged in television broadcasting throughout
a period beginning before January 1, 1951, and ending with the
close of the taxable year. Under this provision, the average base
period net income consists, in general, of the sum of —
(i) an average base period net income, determined under the
general average method, for any business of the taxpayer other
than the television broadcasting business, -and
(ii) an average base period net income for the television broad-
casting business determined by applying to the adjusted basis of
television assets at the end of the base period either the base period
rate of return for the industry classification which includes radio
broadcasting or, if the taxpayer was engaged in radio broadcasting
during the base period, an "individual rate of return" based on
the taxpayer's actual radio broadcasting experience during the
base period, whichever rate of return produces the lesser tax.
Special rules are provided for a taxpayer which acquired its
television broadcasting business after the close of its base period
and before January 1, 1951, for the computation of the base period
capital addition and the net capital addition or reduction, and
for the avoidance of duplication.
A taxpayer computing its income credit by reference to section
459 (d) should, if it was engaged in any business other than tele-
vision broadcasting during its base period, determine an average
base period net income for such non-television business, using
Schedule EP-2 (lines 1 through 36) as a guide. In making this
determination, there should be excluded from each item on lines
1 through 28 any income, deductions, losses, or other items attrib-
utable to the television broadcasting business. In the case of
items such as administrative expenses, depreciation, or other items
which may be attributable in part both to the television and non-
television business, proper allocation of the item should be made
in accordance with regulations.
If the taxpayer was not engaged in the radio broadcasting busi-
ness during the base period but was engaged in the television
broadcasting business during such period, the average base period
net income for the television business shall be determined by
multiplying the adjusted basis of such portion of its assets, deter-
mined as of the last day of the base period, as was attributable to
television broadcasting, by the base period rate of return prescribed
under section 447 (c) for the industry classification which includes
radio broadcasting. The amount thus determined is reduced by
such portion of the interest paid or incurred by the taxpayer, for
the period of 12 months following the close of the base period, as
was attributable to the television broadcasting business.
If the taxpayer was engaged in both the radio and television
broadcasting business during the base period, the average base
period net income for the television business may be determined
either by use of the base period rate of return as described in
the preceding paragraph, or by multipl>'ing the adjusted basis of
such portion of its assets, determined as of the last day of the
base period, as was attributable to television broadcasting, by the
taxpayer's individual rate of return. The individual rate of return
is computed under section 459 (d) (4), in general, by determin-
ing the average of the taxpayer's assets attributable to the radio
broadcasting business for the last day of each month in the base
period, by ascertaining the average yearly excess profits net income
attributable to the radio broadcasting business, and by dividing
the average amount of such assets by such excess profits ne'.
income.
If the taxpayer acquired its television broadcasting business after
the close of its base period and prior to January 1, 1951, the aver-
age base period net income for the television business is computed
by reference to the adjusted basis of its television properties as of
the last day of the calendar month in which it first engaged in
such business. If such a taxpayer uses the industry rate of return
in lieu of the individual rate of return, the adjustment for interest
paid or incurred is made with respect to interest for the 12 months
following the month in which it first engaged in the television
broadcasting business.
If the average base period net income is determined under sec-
tion 459 (d), the base period capital addition is available but only
with respect to the non-television business. Such base period capi-
tal addition may be computed using Schedule EP-2 (A) as a
guide, but excluding from the entries on that schedule such items
as are determined under regulations to be attributable to the
television broadcasting business.
A taxpayer using section 459 (d) should compute its net capital
addition or reduction on Schedule EP-2 (B), making such adjust-
ments in the computation as may be required by regulations.
If any assets of the taxpayer used in computing the television
portion of the credit under section 459 (d) were acquired,
directly or indirectly through the use of assets attributable at
any time during the base period to the non-television business
of the taxpayer, the average base period net income determined
for the non-television business shall be properly adjusted by elimi-
nating from the excess profits net income for each month prior to
such acquisition, such portion thereof as is attributable to the assets
used for such acquisition. For this purpose, the excess profits net
income for any month shall be attributed to such assets on tlie basis
of the ratio, as of the beginning of the day of such acquisition, of
such assets to the total non-television assets of the taxpayer.
ci« — eBft4».t
228
FACSIMILES OF TAX RETURNS FOR 1951
For application of Part II in the computation of a credit under
section 459 (d), see regulations.
For definition of "assets" see instruction 7, Schedule EP-5.
id) Corporations which were parties to certain reorganizations,
exchanges, and liquidations and acquisitions. — Rules are provided
for the computation of the excess profits credit based on inconie m
the case of certain reorganizations, exchanges, and liquidations.
See sections 461 through 465. Sections 470 through 472 contain
rules with respect to the computation of the excess profits credit
based on invested capital in case of certain reorganizations, ex-
changes, and liquidations. Section 474 provides rules with respect
to the computation of a credit for purposes of section 435 (d) in
the case of certain taxable acquisitions occurring before December
1, 1950. . , .
(e) Foreign corporations. — A foreign corporation engaged in
trade or business within the United States which was in existence
on January 1, 1946, may compute its excess profits tax using either
the income method or the invested capital method if such corpo-
ration's first excess profits tax taxable year began on or before
July 1, 1950, and if it was engaged in trade or business within the
United States at some time during each taxable year which began
or ended in the base period. If a foreign corporation does not
meet the foregoing requirements, the excess profits credit for any
taxable year must be computed under the invested capital method.
See sections 435 and 436 for special rules with respect to the excess
profits credit of a foreign corporation.
(/) Corporations entitled to the benefits of section 251, — A
corporation entitled to the benefits of section 251 may compute
its excess profits credit by using either the income method under
section 435 or the invested capital method under section 436 (b).
28. Unused excess profits credit adjustment. — Section 432 pro-
vides that the unused excess profits credit for any taxable year end-
ing after June 30, 1950, is the excess of the corporation's excess
profits credit for such taxable year over its excess profits net income
for such year computed without regard to the net operating loss
deduction. If the taxable year is less than 12 months, the unused
excess profits credit will be that portion of the unused excess profits
credit determined under the general rules as the number of days
in the taxable year is of the number of days in the 1 2-month period
ending with the close of the taxable year. If the taxable year began
before July 1, 1950, and ended after June 30, 1950, the unused
excess profits credit will be an amount which is such portion of the
unused excess profits credit determined under the general rule as
the number of days in the taxable year after June 30, 1950, is of
the total number of days in such taxable year. There shall be no
unused excess profits credit for any taxable year for which the
taxpayer is exempt under section 454.
The unused excess profits credit determined under section
432 (b) will first be carried back to the first preceding taxable
year as an unused excess profits credit carry-back. The balance
of the unused credit may then be carried over to the five succeed-
ing taxable years as an unused excess profits credit carry-over.
The unused excess profits credit carry-over to the first succeeding
taxable year will be the excess of the unused credit over the ad-
justed excess profits net income of the preceding taxable year.
The adjusted excess profits net income for such preceding taxable
year will be determined by computing the unused excess profits
credit adjustment for such preceding taxable year without regard
to the unused credit carry-back and without regard to the last
sentence of section 431 providing for a minimum excess profits
credit plus unused excess profits credit adjustment of $25,000.
If the preceding taxable year began prior to July 1, 1950, and
ended after June 30, 1950, the amount by which the unused credit
is reduced for the purpose of computing the carry-over is an
amount which is such part of the reduction, or such part of the
unused excess profits credit carry-back for such preceding taxable
year, whichever is the lesser, as the number of days in such taxable
year after June 30, 1950, is of the total number of days in such
taxable year.
In determining the unused excess profits credit carry-over to
the second, third, fourth, and fifth taxable years, the unused excess
profits credit is reduced by the adjusted excess profits net income
for each of the intervening taxable years. For such purpose, the
adjusted excess profits net income for any intervening taxable year
is determined ( 1 ) by computing the unused excess profits credit
adjustment for such intervening year without regard to such
unused credit and without regard to any unused excess profits
credit for any year subsequent to the year of such unused credit,
and (2) by disregarding the last sentence of section 431 providing
for a minimum excess profits credit plus unused excess profits
credit adjustment of $25,000.
For the purpose of computing the unused excess profits credit
carry-over, an unused excess profits credit will not be decreased
by reference to any taxable year ending prior to July 1, 1950.
Furthermore, there will be no unused excess profits credit carry-
back to any taxable year ended prior to July 1, 1950. For com-
putation of unused execs profits credit for year of liquidation, see
section 432 (e).
29 and 30. Adjusted excess profits net income. — The term "ad-
justed excess profits net income" is defined by section 431 as
the excess profits net income computed under section 433 (a)
minus the sum of (a) the amount of the excess profits credit
allowed under section 434 and (b) the unused excess profits
credit adjustment computed under section 432. If the sum of the
excess profits credit and the unused excess profits credit adjust-
ment is less than $25,000, such sum is increased to $25,000.
Under certain circumstances described in section 15 (c) the
minimum excess profits credit of $25,000 is not allowed or may be
reduced to a lesser figure.
Section 15 (c) provides that if a corporation on or after Jan-
uary 1, 1951, transfers all or part of its property (other than
money) to another corporation which was created for the pur-
pose of acquiring such property or which was not actively en-
gaged in business at the time of such acquisition and if after such
transfer the transferor corporation or its stockholders, or both, are
in control of such transferee corporation during any part of the
taxable year of such transferee corporation, the transferee cor-
poration shall not for such taxable year be allowed either the
$25,000 exemption from surtax or the $25,000 minimum excess
profits credit provided in the last sentence of section 431, unless
such transferee corporation shall establish by a clear preponder-
ance of the evidence that the securing of such exemption or credit
was not a major purpose of such transfer. For this purpose, con-
trol means the ownership of stock possessing at least 80 percent
of the total combined voting power of all classes of stock entitled
to vote or at least 80 percent of the total value of shares of all
classes of stock of the corporation. Rules are provided for the
determination of the ownership of stock for the purposes of the
section. For allocation of the surtax exemption and minimum
excess profits credit in certain cases, see section 129 (b).
31 and 32. Computation — General rule. — Section 430 provides
that the excess profits tax for the calendar year 1951 shall be the
lesser of the following:
(a) 30 percent of the adjusted excess profits net income, or
(b) 17^4 percent of the excess profits net income.
In the case of an affiliated group of includible corporations
making or required to make a consolidated return for the taxable
year under section 141, the amount to be entered on line 32 shall
be reduced by an amount which bears the same ratio (but not in
excess of 100 percent) to the increase of 2 percent in the surtax
imposed by reason of section 141 (c) as the amount of the con-
solidated excess profits net income bears to the amount of the
consolidated corporation surtax net income.
A taxpayer having a taxable year ending after March 31, 1951,
and before December 31, 1952 (other than the calendar year
1951), should obtain Schedule EP (Form 1120) FY from the
collector and compute its tax thereon.
33. Maximum tax for new corporations. — Section 430 (e) pro-
vides an additional alternative computation of the excess profits
tax in the case of certain taxpayers which commenced business
after July 1, 1945, and whose fifth taxable year ends after June 30,
1950. Under section 430 (e) the maximum tax for the calendar
year 1951 is computed as follows: (a) by applying a special rate,
depending on the taxable year of the corporation, to the first
$300,000 of excess profits net income, and (6) by adding to the
amount thus determined 17^ percent of the excess over $300,000.
For the first five taxable years of the corporation, counting as the
first year the year of commencement of business, the special rates
on the first $300,000 of excess profits net income are as follows:
First taxable year 5%
Second taxable year 5%
Third taxable year 8%
Fourth taxable year 11%
Fifth taxable year 14%
The taxpayer shall indicate on line 33 for which taxable year
of its first five taxable years the return is being filed and shall
insert on line 33 (a) the percentage rate applicable to such year.
The amount of excess profits tax computed on the excess profits
net income not in excess of $300,000 shall be entered on line
33 (b). Enter on line 33 (c) the amount of excess profits net
income in excess of $300,000 multiplied by 17^ percent.
The alternative computation of the maximum excess profits tax
for new corporations is not available to a taxpayer which derives
more than 50 percent of its gross income (determined without re-
gard to dividends and without regard to gains from sale or
exchange of capital assets) for the taxable \ear from contracts
and subcontracts to which the provisions of Title I of the Renego-
tiation Act of 1951 (or the provisions of any prior renegotiation
act) are applicable.
CI6 65649-1
FACSIMILES OF TAX RETURNS FOR 1951
229
In determining the taxable year of the taxpayer for the pur-
pose of the maximum tax on new corporations, the taxpayer shall
be considered to have commenced business as of the date of com-
mencement of business of certain related corporations described
in section 430 (e) (2) (B).
A taxpa\er having a taxable year ending after March 31, 1951,
and before December 31, 1952 (other than the calendar year
1951), should obtain Schedule EP (Form 1120) FY from the
collector and compute its tax thereon.
35. (d) Mutual insurance companies — Section 430 (d). — In the
case of a mutual insurance company other than life or marine, if
the gross amount received from interest, dividends, rents, and pre-
miums (including deposits and assessments) is over $75,000 but
less than $125,000, the excess profits tax will be an amount which
bears the same proportion to the amount otherwise ascertained
under section 430 as the excess over $75,000 of such gross amount
bears to $50,000.
(fe) Corporations engaged in mining of strategic minerals — Sec-
tion 450. — In the ease of any domestic corporation engaged in
the mining of a strategic mineral, named in section 450 (b) (1)
or certified by proper authority, the portion of the adjusted excess
profits net income attributable to such mining in the United
States will be exempt from the excess profits tax. The tax on the
remaining portion of the adjusted excess profits net income is an
amount which bears the same ratio to the tax computed without
regard to section 450 as such remaining portion bears to the
entire adjusted excess profits net income.
In determining the portion of the adjusted excess profits net
income which is attributable to the mining of a mineral which is
a strategic mineral by reason of a certification made during the
taxable year by proper authority, such portion is an amount
which bears the same ratio to the portion of the adjusted excess
profits net income, determined without regard to section 450,
attributable to such mining during the entire taxable year as the
number of days for which the corporation held the mineral prop-
erty during the taxable year and after the date of the making
of the certification bears to the number of days for which the
corporation held the property during such taxable year.
(c) Abnormalities in income in taxable period — Section 456. —
The Act provides an adjustment for certain abnormalities in
income for the taxable year but only to the extent that the "net
abnormal income" is attributable to other taxable years. Income
includible in the gross income for the taxable year is treated as
"abnormal income" if it is abnormal for the corporation to derive
income of a particular class, or if the taxpayer normally derives in-
come of a particular class but the amount includible in gross income
for the taxable year is in excess of 115 percent of the average
amount of gross income of the same class for the four previous
taxable years, or so much of the four previous taxable years
during which the corporation was in existence.
Abnormal income is to be determined by considering classes
of income and not merely particular items.
Separate classes of income are defined in section 456 (a) (2) as
follows :
( 1 ) Income arising out of a claim, award, judgment, or decree,
or interest on any of the foregoing;
(2) Income resulting from exploration, discovery, or prospect-
ing, or any combination thereof, extending over a period of more
than 12 months;
(3) Income from sale of patents, formulas, or processes, or any
combination thereof, developed over a period of more than 12
months; and
(4) Income includible in gross income for the taxable year
rather than for a different taxable year by reason of a change in
the corporation's method of accounting.
Classification of income not included in the separately defined
classes is subject to regulations.
Section 456 is to be applied only for the purpose of computing
the excess profits tax for the Current taxable year (including such
amount of excess profits tax resulting from attributing the net
abnormal income to a prior excess profits tax taxable year) or for
a future taxable year. The computation of base period net income
and the excess profits credit is not affected.
(d) Contracts under Merchant Marine Act — Section 457. — The
Act provides for an alternative tax in the case of a corpora-
tion which has been certified by the Federal Maritime Board to
the Secretary as having completed within the taxable year any
contracts or subcontracts subject to the provisions of section
505 (b) of the Merchant Marine Act of 1936, as amended.
The alternative tax is in lieu of the excess profits tax computed
under section 430 but only if such alternative tax is less than the
tax under such section. Such alternative tax is the excess of
( 1 ) a tentative tax computed under section 430 with the normal-
tax net income increased by the amount of any payments made,
or to be made, to the Board with respect to contracts or sub-
contracts the completion of which during the taxable year has
been certified to the Secretary by the Board over (2) the amount
of such payments.
A corporation claiming the benefit of section 457 shall attach
to its return ( 1 ) a certificate of the Board showing each contract
or subcontract subject to the provisions of section 505 (b) of the
Merchant Marine Act which the corporation has completed within
the taxable year, and (2) a statement showing the amount of
payments made, or to be made, to the Board with respect to such
contracts or subcontracts.
36. Foreign tax credit. — If a credit for income taxes paid to a
foreign country or United States possession is allowed against the
corporation normal tax and surtax, the portion of such foreign
tax not used as a credit against the normal tax and surtax by rea-
son of the limitations of section 131 (b) will be available for credit
against the excess profits tax. The amount thus made available
as a credit against the excess profits tax is subject to further limita-
tions provided in section 131 (j), added by section 302 of the
Excess Profits Tax Act of 1950.
38. Position inconsistent with prior income tax liability. — (a)
In general. — Section 452 authorizes an adjustment to the excess
profits tax in certain cases in which the treatment of an item or
transaction for excess profits tax purposes is inconsistent with
prior erroneous treatment of such item or transaction for income
tax purposes and correction of the error is prevented by some
provision or rule of law such as the statute of limitations or res
judicata.
(6) Circumstances of adjustment. — Generally, an adjustment
•with respect to a position inconsistent with prior income tax liabil-
ity is made if ( 1 ) in determining at any time the excess profits
tax of the corporation an item affecting the excess profits credit
is treated in a manner inconsistent with the treatment accorded
such item in the determination of the income tax liability of such
corporation or a predecessor for a taxable year or vcars ending
before July 1, 1950; and (2) the treatment of such item in the
prior taxable year or years consistently with the determination
for the purposes of the excess profits tax would effect an increase
or decrease in the amount of the income taxes determined for the
prior taxable year or years; and (3) on the date of such deter-
mination of the excess profits tax, correction of the effect of the
inconsistent treatment in any one or more of the prior taxable
years is prevented (except for the provisions of section 3801) by
the operation of any law or rule of law (other than section 3761,
relating to compromises).
In case the net effect of the adjustment would be a decrease
in the income taxes previously determined for such vear or years,
the adjustment will be made only if there is adopted in the deter-
mination a position maintained by the Secretary. In case the net
effect of the adjustment would be an increase in the income taxes
previously determined for such year or years, the adjustment will
be made only if there is adopted in the determination a position
maintained by the taxpayer with re.spect to whom the determina-
tion is made. However, either position must be inconsistent with
the treatment accorderd such item in the prior taxable year or
years which was not correct under the law applicable to such vear.
(f) Method and effect of adjustment. — The amount of adjust-
ment authorized under the provisions of section 452 is to be ascer-
tained as provided in section 452 (d). In general, the difference
between the aggregate of the increases, plus the interest attribut-
able to each, and the aggregate of the decreases, plus the interest
attributable to each, will be the increase or decrease, as the case
may be, which is added to. or subtracted from, the excess profits
tax otherwise computed for the taxable year with respect to which
the inconsistent position is adopte'd.
SCHEDULE EP-2.— EXCESS PROFITS CREDIT— BASED ON INCOME
In general, the excess profits credit based on income for a domestic corporation is the sum of the following:
(a) 84 percent of the average base period net income for the taxable year beginning January 1, 1951, and ending December 31,
(b) 12 percent of the amount of the base period capital addition, computed under section 435 (f), if the average base period
net income is the amount determined under section 435 (d) (relating to the general average) or, in certain cases under section 442
(relating to abnormalities in base period) ; and
C)6 — 6e64».f
230
FACSIMILES OF TAX RETURNS FOR 1951
(c) 12 percent of the net capital addition for the taxable year, as defined in section 435 (g) (1).
From the sum so determined there is subtracted 12 percent of the net capital reduction for the taxable year, as defined in section
435(g) (2).
The average base period net income may be determined under section 435 (d), and in such case is the average of the taxpa\cr's
excess profits net income for the three best years in the base period. For certain fiscal year corporations the average base period net
income under section 435 (d) may be computed by reference to the 48 months ending March 31, 1950.
Section 435 (e) provides alternative methods of computing the average base period net income of a corporation whose growth
during the base period is demonstrated primarily by increased gross receipts or payroll during the last half of the base period. These
alternative methods are also available to corporations meeting certain tests with respect to sales of a product, or class of products, of a
kind not generally available to the public at any time prior to January 1, 1946. '
In certiin cases the average base period net income may be computed under section 442 (relating to abnormalities in the base
period), section 443 (relating to changes in products or services), section 444 (relating to increase in capacity), section 445 (relating
to new corporations), or section 446 (relating to depressed industry subgroups). For computation under these sections, see Schedule
EP-5. Section 459 contains miscellaneous provisions providing for computation of average base period net income applicable to certain
classes of taxpayers. (See instruction 27 (c), Schedule EP-1.)
The base period is the period January 1, 1946, through December 31, 1949, except in the case of a taxpayer whose first taxable
year ending after June 30, 1950, was preceded by a taxable year which began before January 1, 1950, and ended January 31, Feb-
ruary 28, or March 31, 1950. In the latter cases the base period is the 48 consecutive months ending with the close of January, Feb-
ruary, or March, 1950.
Schedule EP-2 has, for convenience, been drawn up in columnar form and provides five colurnns. If necessary, appropriate
changes should be made in the column headings. If additional columns are required, attach a separate schedule.
Section 433 (b) provides that for the purposes of computing the average base period net income, the excess profits net income for
any ta.xable year shall be the normal-tax net income, as defined in section 13 (a) (2) as in effect for such taxable year, increased or
decreased by certain adjustments.
In the case of a corporation which has been a party to a transaction described in section 461 (a), the credit should be computed
with reference to sections 461 through 465. For rules applicable in the determination of the credit under section 435 (d) in the case
of certain taxable acquisitions, see section 474.
In the case of a foreign corporation, the excess profits credit based on income is 84 percent of the average base period net income
for the taxable year beginning January 1, 1951, and ending December 31, 1951, without any adjustment for capital changes.
1. Normal-tax net income. — The normal-tax net income" for
each taxable year to be entered on line 1 for the purpose of
computing the average base period net income should be the
amount shown in item 35, page 1, Form 1120, for 1946 and 1947,
and on line 5, page 3, Form 1120, for 1948 and 1949, taking into
consideration any subsequent adjustments. If for a taxable year
beginning in 1945 a credit for income subject to excess profits tax
has been deducted in computing the normal-tax net income, the
amount to be entered on line 1 should be computed without the
deduction of such credit.
In the case of a corporation electing to report income from
installment sales or installment sales obligations on the accrual
method, or income from long-term contracts on the percentage of
completion method, recompute base period net income accord-
ingly and enter such amount on line 1. For detailed explanation
of the adjustments necessary, see general instruction E ( 1 ) and ( 2 ) .
2. Net operating loss deduction. — Section 433 (b) (1) provides
that the net operating loss deduction provided by section 23 (s)
shall- not be allowed in determining the excess profits net income
fof any taxable year in the base period. Enter on line 2 any
net operating loss deduction used in computing the amount on
line 1.
3. Net loss to which section 117 (j) is applicable. — Section
433 (b) (2) provides that there shall be excluded gains and losses
from sales or exchanges of capital assets and gains and losses to
which section 117 (j) is applicable. A net loss to which section
117 (j) is applicable (the excess of all section 117 (j) losses over
all section 117 (j) gains) should be entered on line 3. No ad-
justment for a net capital loss sustained is necessary since such
a loss was not allowable in computing normal-tax net income.
Provision for the subtraction of a net gain from the sale or ex-
change of capital assets, including a net gain to which section
117 (j) is applicable (the excess of all section 117 (j) gains over
all section 117 (j) losses), is made on line 19.
4. Deductions on account of retirement or discharge of bonds,
etc. — If during the taxable year the taxpayer retires or discharges
any bond, debenture, note, or certificate, or other evidence of
indebtedness, if the obligation of the taxpayer has been outstand-
ing for more than 6 months, the following deductions for the
taxable year shall not be allowed:
(a) The deduction allowable under section 23 (a) for expenses
paid or incurred in connection with such retirement or discharge;
(6) The deduction for losses allowable by reason of such retire-
ment or discharge; and
(c) In case the issuance was at a discount, the amount deducti-
ble for sucli year solely because of such retirement or discharge.
In malving the adjustments provided in section 433 (b) (4),
the deduction allowable for any premium paid on bonds when
called for redemption shall be disallowed, but the deduction
allowable for any discount amortized up to the date of retirement
or discharge shall not be disallowed. Expenses incurred in issuing
bonds which are amortized shall be treated in the same manner
as discounts.
5. Deductions under reserve method for bad debts, in case of
banks. — In the case of banks using the reserve method of ac-
counting for bad debts, there shall be allowed, in lieu of the
amount allowable under the reserve method for bad debts, a
deduction for debts which became worthless within the taxable
year, in whole or in part, within the meaning of section 23 (k).
A bank using the reserve method of accounting for bad debts will
enter on line 5 the amount of the deduction used in computing
line 1. The amount of the debts which actually became worth-
less during the taxable year should be entered on lirie 22.
6. Federal income taxes paid by lessee under long-term lease. —
The adjustment on line 6 is to disallow the deduction by a lessee
of an amount of Federal income taxes paid on behalf of a lessor.
The adjustment on line 21 is to exclude this amount from income
in the case of a lessor.
If under a lease for a term of more than 20 years, entered into
prior to December 1, 1950, the lessee is required to pay any por-
tion of the tax imposed by chapter 1 upon the lessor with respect
to the rentals derived by such lessor from such lessee, or is obli-
gated to reimburse the lessor for any portion of the tax imposed
by chapter 1 upon the lessor with respect to the rentals derived
by such lessor from such lessee, such payment or reimbursement
shall be excluded by the lessor and a deduction therefor shall not
be allowed to the lessee. For treatment of certain leases of rail-
road properties containing renewal clauses, see section
433 (b) (11).
7. Repayment of processing tax to vendees. — The deduction
under section 23 (a), for any taxable year, for expenses shall be
decreased by an amount which bears the same ratio to the amount
tlcductible on account of any repayment or credit by the corpora-
tion to its vendee of any amount attributable to any tax under
the Agricultural Adjustment Act of 1933, as amended, as the
excess of the aggregate of the amounts so deductible in the base
period over the aggregate of the amounts attributable to taxes
under such Act collected from its vendees, which were includible
in the corporation's gross income in the base period and which
were not paid, bears to the aggregate of the amounts so deductible
in the base period.
8. Dividends received credit. — Section 26 (b) provides for the
allowance of a dividends received credit to the extent indicated
in the various sections imposing tax, while section 433 (b) (6)
provides that the credit for dividends received shall apply without
limitation (except the limitation relating to dividends in kind)
to all dividends on stock of all corporations, except that no credit
for dividends received shall be allowed with respect to dividends
(actual or constructive) on stock of foreign personal holding com-
panies or dividends on stock which is not a capital asset. The
dividends received credit used in computing the amount entered
on line 1 should be entered on line 8. Provision for the subtrac-
tion of the amount of the dividends received is made on line 18.
As indicated above in this paragraph, the dividends received do
not, for the purpose of the adjustment on line 18, include divi-
dends received on stock of a personal holding company or divi-
FACSIMILES OF TAX RETURNS FOR 1951
231
dends on stock which is not a capital asset and the amount is
subject to the limitation rclatins; to dividends in tiind.
9 through 12. Abnormal deductions. — In general, sections 433
(b) (9) and (10) provide that if, for any ta.xable year within, or
beginning or ending within, the base period, any class of deduc-
tions for the taxable year exceeded 115 percent of the average
amount of deductions of such class for the four previous taxable
years, the deductions of such class shall be disallowed in an amount
equal to such excess. If a single extraordinary event gives rise to
deductions of the same class for more than one taxable year, then,
in determining whether the deductions of such class arising from
such extraordinary event exceed 1 15 percent of the average tieduc-
tions of that class for the four previous taxable years, such average
shall be computed without reference to any deductions attributable
to the particular extraordinary event.
Each of the following groups o£ deductions shall constitute a
class of deductions:
(a) Deductions attributable to claims, awards, judgments, and
decrees against the taxpayer, and interest on the foregoing.
(b) Deductions attributable to intangible drilling and develop-
ment costs paid or incurred in or for drilling of wells or the prepa-
ration of wells for the production of oil or gas, and for develop-
ment costs in the case of mines.
(c) Deductions under section 23 (f) for losses arising from
fires, storms, shipwreck, or other casualty, or from theft, or arising
from demolition, abandonment, or loss of useful value of property,
not compensated for by insurance or otherwise. This class of
deductions does not include losses from the sale or exchange of
capital assets or losses to which section 117 (j) is applicable.
Classification of deductions not included in the separately de-
fined classes is subject to regulations.
Deductions of any class for any taxable year shall not be dis-
allowed unless — •
(a) The amount of deductions of such class to be djsallowed
for such year exceeds 5 percent of the average excess profits net
income for the taxable years within, or beginning or ending within,
the base period (computed without the disallowance of any such
class of deductions), and
(6) The taxpayer establishes that the increase in such deduc-
tions is not a cause or a consequence of an increase in the gross
income of the taxpayer in its base period or a decrease in the
amount of some other deduction in its base period, which increase
or decrease is substantial in relation to the amount of the in-
crease in the deductions of such class, and
(c) The taxpayer establishes that the increase in such deduc-
-tions is not a consequence of a change at any time in the type,
manner of operation, size, or condition of the business engaged in
by the taxpayer.
The amount of deductions of any class to be disallowed with
respect to any taxable year in the base period shall not exceed the
amount by which the deductions of such class for such taxable
year exceed the deductions of such class for the taxable year for
which excess profits tax is being computed.
If in computing excess profits net income for any taxable year
in the base period, the taxpayer claims the disallowance under
section 433 (b) (9) and (10) of any amount previously allowed
as a deduction, there shall be submitted a full and complete state-
ment showing the computation of the amount to be disallowed,
the basis upon which each requirement of section 433 (b) (9) and
(10) is satisfied, and all the facts upon which the taxpayer relies.
13. Adjustment of assessments paid by banks to Federal De-
posit Insurance Corporation. — In the case of a bank, the deduc-
tion for the assessment by the Federal Deposit Insurance Corpora-
tion for any taxable year in the base period shall be reduced to an
amount which is such part thereof as the net assessment (after
credits applicable thereto) for the taxable year for which excess
profits tax is being computed is of the gross assessment for the
taxable year for which excess profits tax is being computed.
14. Capitalization of expenditures for advertising or promotion
of good will. — Under the provisions of section 451 anv taxpayer
may elect, in a statement attached to its return or filed within
6 months after the date prescribed by law for filing its return for
its first taxable year ending after June 30, 1950, to charge to
capital account deductions based upon expenditures for taxable
years in its base period on account of advertising or the promotion
of good will, to the extent that such expenditures may be regarded
as capital investments. The election is applicable only with re-
spect to expenditures to establish, maintain, or increase the circu-
lation of a newspaper, magazine, or other periodical.
15. Deductions attributable to technical services. — The adjust-
ment on line 15 is the sum of any deductions described below
deducted in arriving at the amount on line 1. The adjustment
on line 23 is the amount of any income described below included
in computing line 1.
Section 433 (b) (16) provides that in the case of a domestic
corporation which renders to a related corporation technical assist-
ance, engineering services, scientific assistance, or similar services
(such services or assistance being related to the production or
improvement of products of the type manufactured by such
domestic corporation), there shall be excluded the remuneration
for such services or assistance if such remuneration constitutes
income derived from sources without the United States. .Any de-
ductions in connection with or properly allocable to rendering of
such services or assistance shall not be allowed. For this purpose,
a foreign corporation shall be considered a "related foreign cor-
poration" if 10 percent or more of its outstanding stock is owned
by the domestic corporation.
16. Adjustment for interest. — Section 433 (b) (17) provides
that, in the case of a dealer in certain Government obligations
which makes the election provided by section 440 (c), the
excess profits net income shall be increased by the excess of the
amount of interest received or accrued on such obligations during
each taxable year in the base period reduced (but not below zero)
by the amount of interest paid or accrued during such \ear which
is not allowed as a deduction under section 23 (b). In the case
of a taxable year ending after June 30, 1950, such interest shall
further be reduced by the amount of the adjustment required
under section 22 (o) (relating to the adjustment for certain bond
premiums) but not by an amount greater than the amount of
interest received or accrued during the taxable year on Govern-
ment obligations to which such section is applicable. For this
purpose the term "Government obligations" means obligations
described in section 22 (b) (4) any part of the interest from which
is excludible from gross income or allowable as a aedit against
net income; but such term shall include only such obligations as
in the hands of the taxpayer are property described in section
117 (a) (1) (A).
18. Dividends received. — See instruction 8.
19. Net gain from sale or exchange of capital assets. — See
instruction 3.
20. Income from retirement or discharge of bonds, etc. — There
shall be excluded in the case of any taxpayer, income derived
from the retirement or discharge by the taxpayer of any bond,
debenture, note, or certificate or other evidence of indebtedness,
if the obligation of the taxpayer has been outstanding for more
than 6 months, including, in case the issuance was at a premium,
the amount includible in income for such year solely because of
such retirement or discharge.
21. Federal income taxes received by lessor under long-term
lease. — See instruction 6.
22. Debts which actually became worthless during the year, in
the case of banks. — See instruction 5.
23. Income attributable to technical services. — See instruction
15.
24. Adjustment for certain coal royalties. — Section 433 (d1 pro-
vides that the excess profits net income for taxable years in the
base period shall be computed as if the provisions relating to
the disposal of coal contained in section 117 (j) and section
117 (k) (2) were a part of the law applicable to the taxable year
in the base period for which an excess profits net income is being
computed. Enter on this line the excess of —
(a) the difference between amounts received upon the dis-
posal of coal in the taxable year and the adjusted depletion basis
thereof, over
(b) the excess of the allowance for percentage depletion pro-
vided for in section 1 14 (b) (4) with respect to such coal for such
year over the amount allowable for cost depletion,
27. Deductions applicable to life insurance companies. — In the
case of a life insurance company there shall be deducted from the
normal-tax net income the excess of (n) the product of ( 1 ) the
figure determined and proclaimed under section 202 (b) and
(2) the excess profits net income computed without regard to
this deduction, over (b) the adjustment for certain reserves pro-
vided in section 202 (c).
29 through 36. Average base period net income — General aver-
age.— (a) Lines 29 and 30 provide a computation which is ap-
plicable only to a taxpaver whose base period, as defined in general
instructions for this schedule, consists of four 12-month taxable
years which are either the calendar years 1946 through 1949 or
fiscal years ending on the last day of January, February, or March,
1947, through 1950. The aggregate excess profits net income for
the three highest years, as shown on line 28, is divided by 3 to
obtain the average base period net income.
(61 Lines 31 throui;h 36 are for the use of all other taxpayers.
A taxpayer which had a taxable year beginning in 1949 and end-
ing after March 31, 1950, may compute an average base period
net income under the general average method either for (1) its
base period as defined in general instructions for this schedule,
or (2) an alternative period consisting of 48 consecutive months
C16 — eB04«-t
232
FACSIMILES OF TAX RETURNS FOR 1951
ending March 31, 1950, whichever produces the lesser excess
profits tax. Lines 31 through 36 arc adapted for computation of
average base period net income for either period. A taxpayer
with a ta.xable year beginning in 1949 and ending after March 31,
1950, should indicate immediately preceding line 31 which period
is used in the computation of the average base period net income.
31 (i/). For purposes of line 31 (a) the amounts of excess profits
net income as shown on line 28 are divided by the number of full
calendar months in the respective taxable years. If a taxpayer
was not in existence throughout the entire 48 months of its base
period, its excess profits net income for any month during no part
of which it was in existence shall be zero.
31 (6). This line is to be used in computing an average base
period net income by a taxpayer electing the alternative period
described above in lieu of its base period. Such a taxpayer should
enter in column 5 on this line the same amount appearing in col-
umn 5, line 31 (a) if the taxable year in this column ended after
March 31, 1950, and before July 1, 1950; 90 percent of such
amount if such taxable year ended after June 30, 1950, and before
October 1, 1950: or 80 percent of such amount if such taxable year
ended after September 30, 1950, and before December 31, 1950.
32. Enter in each column of line 32 the number of months
during any part of which the taxpayer was in existence which
fall within its base period, or within the alternative period if
the taxpayer is computing an average base period net income
by reference to the alternative period.
33. The number of months to be entered on line 33 should
total 36 and should be the 36 months which produce the highest
aggregate excess profits net income determined in either of the
following ways: (a) the 12 consecutive months with the lowest
aggregate excess profits net income may be eliminated, or (6) the
36 consecutive months which produce the highest aggregate excess
profits net income may be retained.
If the alternative period is used in lieu of the base period, then
in determining the J6 months to be entered on this line the aver-
age monthly excess profits net income for the months of January,
February, and March, 1950, included in the total number of
months shown in column 5, line 32, will be the weighted monthly
average on line 31 (b), and the average monthly excess profits net
income for the preceding months in such taxable year will be the
monthly average shown in column 5, line 31 (a).
34. Enter in each column of line 34 the respective products of
lines 31 (a) and 33 except that if the alternative period is used,
the amount on line 31 (b) should be substituted for the amount
on line 31 (a) with respect to the months of January, February,
and March, 1950, if such months are included in the number of
months entered on line 33.
37 through 46. Average base period net income — Alternative
based on growth. — A taxpayer which commenced business prior
to the end of its base period, if it meets certain requirements, is
entitled to an alternative average base period net income com-
puted, in general, upon the basis of the average income of the last
12 months of the base period, or the last 24 months of the base
period, or an adjusted average for the 12 months ended June 30,
1950, whichever is highest.
A taxpayer computing average base period net income by using
an alternative based on growth shall submit with its return a full
and complete statement showing the basis upon which each re-
quirement of section 435 (e) is satisfied and all the facts upon
which the taxpayer relies.
(a) Eligibility requirements — General rule. — Eligibility is es-
tablished if total assets on the first day of the base period (includ-
ing the assets of all members of taxpayer's affiliated group) did
not exceed $20,000,000, and either—
( 1 ) The total payroll for the last half of the base period is 130
percent or more of the total payroll for the first half of the base
period ; or
(2) The gross receipts for the last half of the base period are
150 percent or more gross receipts for the first half of the base
period.
(b) Eligibility requirements — Products not generally available
prior to 1946. — A taxpayer is also entitled to use as its average
base period net incfome the alternative based on growth if it com-
menced business before the end of its base period and if it meets
the following tests:
( 1 ) The amount of the taxpayer's net sales for the period be-
ginning January 1, 1950, and ending June 30, 1950, when multi-
plied by 2, equals or exceeds 150 percent of its average net sales
for the calendar years 1946 and 1947; and
(2) 40 percent or more of the taxpayer's net sales for the cal-
endar year 1950 is attributable to a product, or class of products
(including any article in which such product or class of products
is the principal component and including any article which is a
component of such product or class of products), of a kind not
generally available to the public at any time prior to January 1,
1946, and
( 3 ) The amount of the taxpayer's net sales which is attributa-
ble to such product or class of similar products for the calendar
year 1946 is 5 percent or less of the amount of its net sales so
attributable for the calendar year 1949.
A product which is a modification of an old product, such as
an improvement or change in style, is net a product of the type
referred to. A product which was generally available prior to
1946, although not available at all times prior thereto is also not
covered.
For the purposes of these tests, the term "net sales" with respect
to any period means the total amount received or accrued during
such period from the sale, exchange, or other disposition of 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
primarily for sale to customers in the ordinary course of its trade.
or business; reduced by the amount of discounts, returns, and
allowances paid or incurred for such period.
37. Total assets as of first day of base period.^ — Enter on this
line total assets of the ta.xpayer as of the first day of its base period
computed by aggregating the cash and property other than cash
held by the taxpayer on such day for the purpose of the business.
Property shall be included for the purpose of this computation in
an amount equal to its adjusted basis for determining gain upon
sale or exchange. If the taxpayer is a member of an affiliated
group which has the privilege under section 141 of filing a con-
solidated return for its first taxable year ending after June 30,
1950, there shall also be included the total assets of the affiliated
group whether or not a consolidated return is filed, and such total
assets shall be determined in a manner consistent with the princi-
ples applicable with respect to consolidated returns.
38. Total payroll and gross receipts. — For the purpose of de-
termining the amount to be entered on lines 38 (a) and (b), the
term "total payroll" means the sum of the salaries, wages, com-
missions, and other compensation paid or incurred by the taxpayer
during such period for personal services actually rendered by em-
ployees, excluding the amount thereof which is allowable as a
deduction under section 23 (p) and excluding^any compensation
paid in any medium other than cash.
The term "gross receipts" means the sum of —
(a) The total amount received or accrued during such period
from the sale, exchange, or other disposition of 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 primarily for
sale to customers in the ordinary course of its trade or business, and
(b) The gross income, attributable to a trade or business regu-
larly carried on by the taxpayer, received or accrued during such
period excluding therefrom —
Gross income derived from the sale, exchange, or other disposi-
tion of property ;
Gross income derived from discharge of indebtedness of the
taxpayer ;
Dividends on stocks of corporations ; and
Income attributable to recovery of bad debts.
In the event that a taxable year falls partly within the period,
there shall be allocated to the portion of the year within the period
an amount of the total payroll, or total gross receipts, for such year
in the same proportion as the number of months in the year within
the period bears to the total number of months in the year.
39 and 41. Excess profits net income. — The excess profits net
income for each of the months to be included in the aggregates to
be entered on the lines 39 and 41 is the excess profits net income for
the taxable year in which such month falls divided by the number
of full calendar months in such year but in no case shall the excess
profits net income for any month be less than zero.
42. Weighted excess profits net income. — The weighted excess
profits net income for any month after December 1949 shall be the
"weighted excess profits net income" for the taxable year in which
the month falls divided by the number of full calendar months in
such >>ear, but in no case shall the weighted excess profits net
income for any month be less than zero. The weighted excess
profits net income for any taxable year beginning before July 1,
1950, shall be—
(a) 100 percent of the excess profits net income for any taxable
year ending before July 1, 1950;
{b) 90 percent of the e::cess profits net income for any taxable
year ending after June 30, 1950, and before October 1, 1950;
(c) 80 percent of the excess profits net income for any taxable
year ending after September 30, 1950, and before April 1, 1951;
and
(d) 70 percent of the excess profits net income for any taxable
year ending after March 31, 1951.
Cie 08640-1
FACSIMILES OF TAX RETURNS FOR 1951
233
The aggregate of the weighted excess profits net income for each
of the 6 months, January through June 1950, should be entered
on line 42.
43. Excess profits net income for last 6 months of 1949. — If
the taxpayer is entitled to the benefits of section 435 (e), the
aggregate of the excess profits net income for each of the 6 months,
July through December 1949, should be entered on line 43.
If the taxp.iycr meets the eligibility requirements with respect
to products not generally available prior to 1946, and if its excess
profits net income for the calendar year 1949 is not more than
25 percent of its excess profits net income for the calendar year
1948, the aggregate of the excess profits net income for each of
the 6 months, July through Dcccrjiber 1948, should, if higher, be
substituted for the aggregate of the excess profits net income for
each of the last 6 months of 1949 on line 43 and the substitution
indicated.
46. Portion of average base period net income to be taken into
account. — The portion of line 45 to be taken into account is 84
percent in the case of a taxable year beginning on January 1, 1951,
and ending December 31,1951. In the case of other taxable years
the taxpayer should obtain Schedule EP (Form 1120) FY from
the collector, and compute its average base period net income to
be taken into account.
48. Base period capital addition. — If the average base period
net income is the. general average (line 30 or line 36) or, in certain
cases, is determined with reference to abnormalities in the base
period (section 442) or with reference to section 459, the excess
profits credit based on income includes 12 percent of the base
period capital addition as computed on Schedule EP-2 (A).
51 and 5}. Adjustment on account of the net capital addition
or reduction for the taxable year. — In determining the excess
profits credit based on income under section 435 it is necessary to
make adjustments for capital changes after the beginning of the
first taxable year. No capital adjustments are permitted or re-
quired in the case of a foreign corporation. If the average base
period net income is determined under section 443 or section 445,
the net capital addition or reduction is the amount computed after
giving effect to the provisions of section 443 ( d ) or section 445 ( e ) .
For capital additions and reductions in case of certain exchanges,
see part II of the excess profits tax law (sections 461 through 465),
and in the case of certain taxable acquisitions, see part IV (sec-
tion 474).
SCHEDULE EP-2 (A)— BASE PERIOD CAPITAL ADDITION
In general, section 435 (a) (1) (B) provides that, if the average base period net income of the taxpayer is determined under the
general average method, there shall be included as part of the excess profits credit 12 percent of the amount of the base period capital
addition, computed under section 435 (f). No adjustment to reflect a net decrease in base period capital is required.
If the average base period net income is based on growth (lines 37 through 46, Schedule EP-2) ; or is computed under provisions
of the law relating to new corporations (Schedule EP-5 (A) ) ; change in products or services (Schedule EP-5 (C) ) ; increase in capacity
for production or operation (Schedule EP-5 (D) ) ; or depressed industry subgroups (Schedule EP-5 (E) ) ; then no base period capital
addition is allowed. If average base period net income is computed under provisions of law relating to abnormalities during base period
(Schedule EP-5 (B)), see instructions for that schedule. If the average base period net income is computed by reference to section
459, see instruction 27 (c). Schedule EP-1.
In the Case of installment basis ta.xpayers and taxpayers with income from long-term contracts electing under section 455, see gen-
eral instructions E (1) and (2).
The base period capital addition is, in general, the sura of the net addition to capital for the taxpayer's last taxable year ending
before July 1, 1950, plus one-half the net addition to capital for the immediately preceding taxable year. In determining the net
addition to capital, the full increase in equity capital and 75 percer\t of the increase in borrowed capital are taken into account, subject
to adjustments for interest on borrowed capital, for increases or decreases in inadmissible assets, and for increases or decreases in loans
to members of a controlled group of which the taxpayer is a member.
1 and 2. Total assets and liabilities at beginning of taxable
year. — The amount of assets to be entered on line 1 is the sum of
the cash and other property, held by the taxpayer in good faith
for the purposes of the business, at the beginning of the first day
of each ta.xable year. Property shall be included in an amount
equal to its adjusted basis for determining gain upon sale or ex-
change, except that the adjusted basis of secret processes and
formulas, good will, trade-marks, trade brands, franchises, and
other like property shall be determined without regard to value as
of March 1, 1913. In determining the sum of cash and other
property, so much of the distributions to shareholders made during
the first 60 days of any taxable year (other than the first taxable
year ending after June 30, 1950) as does not exceed the accumu-
lated earnings and profits at the beginning thereof shall be consid-
ered to have been made on the last day of the preceding taxable
year (see section 441 (e) ). In the case of an insurance company
(other than mutual and other than life or marine), 50 percent of
its reserves required by law (other than reserves used in computing
borrowed capital under section 439 (b) (2)), as well as its organ-
ization expenses, shall be included in assets. For special rule in
the case of improvements by a lessee to properties of a lessor rail-
road corporation, see section 441 (j).
See section 470 for rules applicable in determining the adjusted
basis of assets acquired in an intercorporate liquidation.
The amount of liabilities on line 2 shall include all liabilities
of the corporation which are absolute and not contingent. In the
case of assets subject to a mortgage or other lien, the amount of the
indebtedness secured by such mortgage or lien shall be considered
as a liability of the taxpayer whether or not the taxpayer assumed
or agreed to pay such indebtedness. In the case of a bank (as
defined in section 104) its reserves for bad debts shall not
(o) reduce assets, or (6) be treated as liabilities.
4. 75 percent of borrowed capital at beginning of year. — Bor-
rowed capital at the beginning of any year shall be determined as
of the first day of the year. Borrowed capital as of any day shall
be determined as of the beginning of such day and shall be the
amount of the outstanding indebtedness (not including interest)
of the taxpayer, incurred in good faith for the purposes of the
business, which indebtedness is evidenced by a bond, note, bill of
exchange, debenture, certificate of indebtedness, mortgage, deed
of trust, bank-loan agreement, or conditional sales contract. In
the case of property of the taxpayer subject to a mortgage or
other lien, the amount of indebtedness secured by such mortgage
or lien shall be considered as an indebtedness of the taxpayer
whether or not the taxpayer assumed or agreed to pay such
indebtedness. Insurance companies and face-amount certificate
companies, see section 439 (b) (2), (3), and (4).
6. Adjustment for interest on borrowed capital. — The amount
to be entered on line 6 is determined by (a) multiplying any in-
debtedness of the taxpayer which constitutes borrowed capital for
the first day of the taxable year by the annual rate of interest
payable upon such indebtedness during such taxable year, and
(6) multiplying the total of the amounts so ascertained by 100
and dividing the product by 12.
8. Adjustment for loans to members of controlled groups at
beginning of year. — Controlled group means one or more chains
of corporations connected through stock ownership with a com-
mon parent corporation if (a) more than 50 percent of the total
combined voting power of all classes of stock entitled to vote, or
more than 50 percent of the total value of shares of all classes of
stock, of each of the corporations (except the common parent
corporation) is owned directly by one or more of the other cor-
porations and (6) the common parent corporation owns directly
more than 50 percent of the total combined voting power of all
classes of stock entitled to vote, or more than 50 percent of the
total value of shares of all classes of stock, of at least one of the
other corporations.
If on the first day of any taxable year the taxpayer was a
member of a controlled group, enter 75 percent of the amount
of the indebtedness to the taxpayer of any other members of the
controlled group. For this purpose, the term "indebtedness"
means indebtedness which constitutes borrowed capital, defined
in section 439 (b) (1), of such other member of the controlled
group for such day.
9. Inadmissible asset adjustment. — The term "inadmissible as-
sets" includes —
(a) Stock in corporations, except stock in a foreign personal
holding company, and except stock which is not a capital asset;
(6) Obligations described in section 22 (b) (4) any part of the
interest from which is excludible from gross income or allowable
as a credit against net income ; and
(c) In the computation of the tax for a taxable year ending
after December 31, 1950, the economic interest referred to in the
provisions of section 117 (k) (2) relating to coal if the taxpayer
is subject to such provisions with respect to the income from such
coal.
ci« — 6Be4e-i
234
FACSIMILES OF TAX RETURNS FOR 1951
In the case of dealers in Government securities, certain tax-
exempt and partially tax-exempt securities may be treated as
admissible assets if an election is made under section 440 (c) to
include the interest thereon in excess profits net income. Sec Gen-
eral Instruction F.
In the computation of the tax for a taxable year beginning on
or after October 20, 1951, the adjustment for inadmissible assets
in the case of banks must be made under section 435 (f ) (6) which
provides a proportionate adjustment with respect to inadmissible
assets. Under this provision the amount to be entered on line 9
is an amount which bears the same ratio to the excess of the amount
on line 5 over the sum of amounts on lines 7 and 8 as the amount
of the inadmissible assets held at the beginning of such year bears
to the total of admissible and inadmissible assets as of such date.
If the taxpayer elects by a statement attached to its return, the
adjustment for inadmissible assets under section 435 (f) (6) mav be
made applicable in the computation of the tax for all taxable years
beginning before October 20, 1951. A taxpayer using the adjust-
ment for inadmissible assets provided in section 435 (f) (6)
should so indicate on the return and should submit a schedule
showing computation.
SCHEDULE EP-2 (B)— TAXABLE YEAR CAPITAL ADDITION OR REDUCTION
In general, section 435 (a) provides that the excess profits credit based on income shall be increased by 12 percent of the net capital
addition for the taxable year or reduced by 12 percent of the net capital reduction for the taxable year.
The net capital addition (or reduction), in general, consists of the net increase (or decrease) in equity and borrowed capital deter-
mined by comparing the equity and borrowed capital for the taxable year with the equity and borrowed capital at the close of the last
taxable year ending before July 1, 1950. For this purpose borrowed capital is taken into account at 75 percent. Under certain cir-
cumstances an adjustment is made with respect to inadmissible assets and loans to members of a controlled group of corporations of
which the taxpayer is a member.
A net capital addition may be allowed, or the amount otherwise determined may be increased, in certain cases described in section
^•35 (g) (9) where a decrease in inadmissible assets (in excess of the capital reduction, if any) is accompanied by a corresponding
increase in operating assets. For this purpose an increase in operating assets is taken into account only to the extent that it exceeds
the net capital addition as adjusted under section 435 (g) (9). The term "operating assets," in general, includes depreciable property
and land used in the ta.xpayer's trade or business, as well as stock in trade or property held primarily for sale to customers, but does
not include cash, securities, or intangible property. If section 435 (g) (9) is applicable to the taxpa\er, the net capital addition may
be determined (1) by computing a tentative net capital addition or reduction using Schedule EP-2 (B) as a guide but disregarding
the adjustment for inadmissible assets on line 22, and (2) by making the following additional computations:
(a) Fill in line 22, whether or not an amount appears on line 21. limiting the amount on line 22 (d) to an amount not greater
than 25 percent of th^amount by which (i) the excess of line 14 over line 8 (disregarding for this purpose the 75-percent limitation
appearing on lines 11 and 13), exceeds (ii) the amount on line 22 (b). The amount of the decrease in inadmissible assets (in excess
of the capital reduction, if any) is the excess of the amount thus computed on line 22 (e) over the amount, if any, on line 21. In the
case of a bank, the amount of the decrease in inadmissible assets to be taken into account is computed by reference to section 435 (g)
(9) (B).
(6) Compute the excess of the average daily amount of operating assets for the taxable year over the amount of operating assets
as of the first day of the first taxable year ending after June 30, 1950. For this purpose the adjusted basis of operating assets shall be used.
(c) Recompute the amount on line 19, disregarding for this purpose the 75-percent limitation appearing on lines 7, II, and 13.
(d) Add to the tentative net capital addition, if any, whichever of the following amounts is the lesser: (i) the amount computed
under (a), or (ii) the excess of the amount computed under (b) over the amount computed under (c). The amount to be added to
the tentative net capital addition, if any, may also be subject to adjustment to the extent that an increase in operating assets is deter-
mined to be a result of an increase in indebtedness other than borrowed capital.
A taxpayer computing a net capital addition by reference to section 435 (g) (9) should attach a schedule showing computation and
include a detailed statement of operating assets.
If average base period net income is computed under the provisions relating to change in products or services (Schedule EP-5
(C) ), or new corporations (Schedule EP-5 (A) ), see instructions for those schedules. If average base period net income is computed
under section 459, see instruction 27 (c). Schedule EP-1.
In the case of installment basis taxpayers and taxpayers with income from long-term contracts electing under section 455, see gen-
eral instructions E (1) and (2).
1 and 2. Equity capital. — See instructions 1 and 2, Schedule
EP-2 (A).
3. Borrowed capital at beginning of first taxable year ending
after June 30, 1950. — The amount to be entered on line 3 is the
total amount of borrowed capital at the beginning of the first tax-
able year ending after June 30, 1950. See instruction 4, Schedule
EP-2 (A).
4. Average daily amount of borrowed capital for the taxable
year. — The average daily amount of borrowed capital for the
taxable year is the aggregate of the borrowed capital as of the
beginning of each day of the taxable year, divided by the number
of days in the taxable year. See instruction 4, Schedule EP-2 ( A) .
5. Average daily amount of money and property paid in during
the taxable year for stock, or as paid-in surplus, or as a contribu-
tion to capital. — For each day of the taxable year, the daily
amount of money and property paid in during the taxable year
for stock, or as paid-in surplus, or as a contribution to capital,
is the total amount of money and property so paid in during
such year and prior to such day. The average daily amount of
money and property paid in is the aggregate of the daily amount
for each day of the taxable year, divided by the number of days
in the taxable year.
For the purpose of determining the amount of property paid
in for stock, or as paid-in surplus, or as a contribution to capital,
such property shall be included in an amount equal to its basis
(unadjusted) for determining gain upon sale or exchange. In
the case of intangible property, the basis (unadjusted) and the
adjusted basis for determining gain upon sale or exchange shall
be determined without regard to the value as of March 1, 1913.
For the purposes of this paragraph, the terra "intangible property"
means secret processes and formulas, good wilT, trade-marks,
trade brands, franchises, and other like propertv. If the unad-
justed basis of the property is a substituted basis, such basis sh.ill
be adjusted, with respect to the period before the property was
paid in, by an amount equal to the adjustments proper under
section 113 (b) (2).
For the purpose of determining the amount of money and prop-
erty paid in for stock, or as paid-in surplus, or as a contribution to
capital, there shall be included only money and property paid in
good faith for the purposes of the taxpayer's business.
A distribution by a corporation of its stock or rights to acquire
its stock shall not be regarded as money or property paid in for
stock, or as paid-in surplus, or as a contribution to capital.
For the purpose of determining the amount of property paid
in for stock, or as paid-in surplus, or as a contribution to capital —
(a) If the basis (unadjusted) of the property for determining
gain upon a sale or exchange is determined bv reference to the
basis of the property in the hands of the transferor, proper ad-
justment shall be made for the amount of any liabilitv of the
transferor assumed upon the exchange and of any liabilitv subject
to which such property was so received, for the amount of any
other liability of the taxpayer constituting consideration for the
property so received, and for the aggregate of the amount of
money and the fair market value of other propertv (other than
such stock and other than such liabilities) transferred to the
transferor.
(b) If an indebtedness of the taxpayer is canceled or released
in exchange for stock, or as paid-in surplus, or as a contribution
to capital, the amount paid in shall be considered equal to the
amount of the indebtedness.
(c) For special rule in the case of improvements by a lessee
to the properties of a lessor railroad corporation, see section
441 (j).
9. Average daily amount of distributions during the taxable
year not out of earnings and profits of such year. — For each day
of the taxable year, the daily amount of distributions not out of
earnings and profits is the total amount of such distributions
made during the year and prior to such da\'. The average daily
amount of such distributions is the aggregate of the daily amount
C16 69640-1
FACSIMILES OF TAX RETURNS FOR 1951
235
for rach day of the taxable year, divided by the number of days
in the taxable year. A distribution by a corporation of its stork or
rights to acquire its stock shall not be considered as a distribution.
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 reason of the tax under chapter 1 for such year and the deter-
mination shall be made without regard to the amount of earnings
and profits at the time the distribution was made.
So much of the distributions to shareholders made during the
first 60 days of any taxable year (other than the first taxable
year ending after June 30, 1950) as does not exceed the accumu-
lated earnings and profits at the beginning thereof shall be con-
sidered to have been made on the last day of the preceding taxable
year. See section 441 (e).
12. Average daily amount of increase in certain inadmissible
assets held by member of controlled group. — For definition of
controlled group, see instruction 8, Schedule EP-2 (A).
The amount required to be included in the daily capital reduc-
tion, under section 435 (g) (4) (D), for any day of the taxable
year, on account of an increase in certain inadmissible assets held
by a member of a controlled group, shall be the amount deter-
mined under (a) or (6) below, whichever is the lesser:
(a) The excess of the aggregate of the adjusted basis (for
determining gain upon sale or exchange) of stock in such other
corporation (or if more than one, in such other corporations) held
by the taxpayer at the beginning of such day over the aggregate
of the adjusted basis (for determining gain upon sale or ex-
change) of stock in such other corporation (or if more than one,
in such other corporations) held by the taxpayer at the beginning
of its first taxable year ending after June 30, 1950.
(fc) The excess of the aggregate of the adjusted basis (for
determining gain upon sale or exchange) of inadmissible assets
held by the taxpayer at the beginning of such day, over the aggre-
gate of the adjusted basis (for determining gain upon sale or
exchange.) of inadmissible assets held by the taxpayer at the
beginning of its first taxable year ending after June 30, 1950.
The amount to be entered on line 12 is the aggregate of the
amount determined for each day of the taxable year, divided by
the number of days in the taxable vear.
13. 75 percent of average daily amount of increase in loans to
member of controlled group. — The daily amount of increase in
loans to a member of a controlled group on any day of the taxable
year shall be the excess of the amount of the indebtedness pf such
other corporation (or if more than one, such other corporations)
to the taxpayer at the beginning of such day over the amount of
the indebtedness of such other corporation (or if more than one,
such other corporations) to the taxpayer at the beginning of its
first taxable year ending after June 30, 1950. See instruction 4,
Schedule EP— 2 ( A ) , for definition of indebtedness.
The average daily amount of such increase is the aggregate of
such increase for each day of the taxable year, divided by the
number of days in the taxable year.
15. Total inadmissible assets at beginning of first taxable year
ending after June 30, 1950. — See instruction 9, Schedule EP-2
(A), for definition of inadmissible assets.
16. Average daily amount of inadmissible assets for the taxable
year. — The average daily amount of inadmissible assets for the
taxable year is the aggregate of the total inadmissible assets for
each day of the taxable year, divided by the number of days in the
taxable year.
17. Excess, if any, of average daily capital addition over aver-
age daily capital reduction. — If the average daily capital addition
(line 8) exceeds the average daily capital reduction (line 14), the
excess of line 8 over line 14 should be entered on line 17. This is
the amount of the net capital addition before adjustment for any
increase in inadinissibli,- assets. If an amount is entered on line 1 7,
lines 18, 19, and 20 should be completed but no entry should be
made on lines 2 1 through 24.
18. Adjustment for increase in inadmissible assets. — This line
provides for computation of the adjustment for any increase in
inadmissible assets required by section 435 (g) ( I ) in determining
the net capital addition. The increase in inadmissible assets (the
excess, if any, of line 16 over line 15) is reduced on line 18 (a) for
any increase in the daily capital reduction (line 12) attributable
to an increase in certain inadmissible assets held by a member of a
controlled group. (Section 435 (g) (4) and (6).) Lines 18
(b), (c), and (d) provide an adjustment which is required where
the adjusted increase in inadmissible assets exceeds that part of the
amount of the net capital addition which is attributable to an
increase in equity capital.
An alternative computation of the adjustment for inadmissible
assets is provided under section 435 (g) (8) (A) in the case of a
bank which has an increase in total assets for the taxable year in
excess of the amount on line 17. Under this provision the amount
of the adjustment for inadmissible assets on line 18 (e) may not be
greater than an amount which bears the same ratio to the increase
in inadmissible assets for the taxable year (excess of line 16 over
line 15) as the amount on line 17 bears to the increase in total
assets for the taxable year. The increase in total assets is deter-
mined by computing the excess of the average total assets for the
taxable year over the total assets of the taxpayer for the first day
of the first taxable year ending after June 30, 1950. If the tax-
payer uses the alternative adjustment for inadmissible assets, enter
the amount so determined on line 18 (e), indicate that such substi-
tution has been made, and submit schedule showing computation.
21. Excess, if any, of average daily capital reduction over aver-
age daily capital addition. — If the average daily capital reduction
(line 14) exceeds the average daily capital addition (line 8), the
excess of line 14 over line 8 should be entered on line 21. This is
the amount of the net capital reduction before adjustment for any
decrease in inadmissible assets.
22. Adjustment for decrease in inadmissible assets. — This line
provides for the computation of the adjustment for any decrease
in inadmissible assets required by section 435 (g) (2) in deter-
mining the net capital reduction. The decrease in inadmissible
assets (the excess, if any, of line 15 over line 16) is entered on line
22 (a). Lines 22 (b), (c), and(d) provide an adjustment which
is required where the decrease in inadmissible assets exceeds that
part of the amount of the net capital reduction which is attribut-
able to a decrease in equity capital.
An alternative computation of the adjustment for inadmissible
assets is provided under section 435 (g) (8) (B) in the case of a
bank which has a decrease in total assets for the taxable year in
excess of the amount on line 21. Under this provision the amount
of the adjustment for inadmissible assets on line 22 (e) may not be
greater than an amount which bears the same ratio to the decrease
in inadmissible assets (excess of line 15 over line 16) as the
amount on line 2! bears to the decrease in total assets. The de-
crease in total assets is determined by computing the excess of the
total assets of the taxpayer for the first day of the first taxable year
of the taxpayer ending after June 30, 1950, over the average total
assets for the taxable year. If the taxpayer uses the alternative
adjustment for inadmissible assets, enter the amount so determined
on line 22 (e), indicate that such substitution has been made, and
submit schedule showing computation.
SCHEDULE EP-3.— ALTERNATIVE EXCESS PROFITS CREDIT OF REGULATED PUBLIC UTILITIES (Section 448)
Section 448 provides an alternative excess profits credit for certain regulated public utilities. This credit, in general, consists of
the amount of the corporation's normal tax and surtax plus an amount determined as follows:
(u) By computing 6 percent or 7 percent (depending upon the type of utility) of the sum of the adjusted invested capital and the
average borrowed capital for the taxable year;
{b) By reducing the amount determined under (a) by the amount of interest on indebtedness included in borrowed capital. The
amount computed under (a), as reduced by (b), is subject to an adjustment for inadmissible assets.
For the purpose of this credit, adjusted invested capital for any year includes generally the sum of ( I ) the excess of assets over
liabilities at the beginning of the year, (2) the average amount of money and property paid in for stock, or as paid-in surplus, or as a
contribution to capital during the ta.xable year, and (3) the recent loss adjustment; reduced by the average amount of distributions
made during the taxable year not out of current earnings and profits. In the case of certain public utilities specified in section 448 (c)
(1) (,\) and (B), (c) (2), and (c) (4), however, the adjusted invested capital is the sum of the average outstanding common and
preferred capital stock accounts for the taxable year and the capital surplus and earned surplus accounts at the beginning of the taxable
year as recorded on corporate books of account if such books are maintained in accordance with specified systems of accounts.
The use of the alternative credit is limited to corporations deriving 80 percent or more of their gross income (computed without
regard to dividends and capital gains and losses) from certain regulated sources.
If an affiliated group filing a consolidated return includes any corporation which is not a regulated public utility, the alternative
credit provided by section 448 may not be used. An affiliated group consisting only of regulated public utilities may file a consolidated
return using the alternative credit.
CI0 — 60040- 1
323516 O— 55-
-16
236
FACSIMILES OF TAX RETURNS FOR 1951
1. Equity capital at beginning of the taxable year. — See instruc-
tions 1 and 2, Schedule EP-2 (A).
2. Average daily amount of money and property paid in during
the taxable year for stock, or as paid-in surplus, or as a contribu-
tion to capital. — See instruction 5, Schedule EP-2 (B).
3. Recent loss adjustment. — Section 437 (f) provides that the
recent loss adjustment for any taxable year shall be the excess of
the aggregate of the net operating loss for each taxable year in the
recent loss period over the aggregate of the net income for each
taxable year in such period. For this purpose, the term "recent
loss period" means either the base period or the period beginning
January 1, 1940, and ending December 31, 1949, whichever results
in a higher recent loss adjustment. The net operating loss for any
taxable year means the net operating loss as defined in section 122
(a), determined under the law applicable to such taxable year, and
the net income for any taxable year means the net income com-
puted with the exceptions, additions, and limitations provided in
section 122 (d) (other than paragraph (6) of section 122 (d)),
under the law applicable to such taxable year.
See section 437 (f) (3) for special rules in case only part of a
taxable year is included in the recent loss period and in the case
of recent losses of a component corporation as defined in section
461 (b).
5. Average daily amount of distributions during the taxable
year not out of earnings and profits for such year. — See instruc-
tion 9, Schedule EP-2 (B).
7. Adjusted invested capital based upon prescribed uniform
system of accounts. — If, in the case of a corporation described in
section-448 (c) (1) (A), (c) (1) (B), (c) (2), or (c) (4) (see
instruction 10), the corporate books of account are maintained in
accordance with a system of accounts prescribed by an appro-
priate regulatory body (or, if not so prescribed, are maintained in
accordance with the uniform systems of accounts prescribed by
the Federal Power Commission or the National Association of
Railway and Utility Commissioners), the adjusted invested capital
for such year shall be the sum of the average outstanding common
and preferred capital stock accounts for such taxable year and the
capital surplus and earned surplus accounts at the beginning of
such taxable year as properly recorded on such corporate books
of account.
A statement shall be attached setting out all facts relied on in
qualifying under this method of computing adjusted invested
capital.
(a) Average outstanding capital stock for the taxable year. —
The average outstanding capital stock for the taxable year is the
aggregate of the outstanding common and preferred stock accounts
for each day of the year, divided by the number of days in the
taxable year.
(b) Capital surplus and earned surplus at beginning of the
taxable year. — Enter the total amount of the capita! surplus and
earned surplus accounts as recorded on the corporate books of
account as of the beginning of the first day of the taxable year.
8. Average daily amount of borrowed capital for the taxable
year.— See instruction 4, Schedule EP-2 (B).
10. Applicable rate under section 448. — Section 448 (c) pro-
vides that the applicable rate shall be:
( 1 ) 6 percent in the case of a corporation engaged in the
furnishing or sale of —
(A) Electric energy, gas, water, or sewerage disposal services, or
(B) Transportation (not included in paragraph (3)) on an
intrastate, suburban, municipal, or interurban electric railroad, on
an intrastate, municipal, or suburban trackless trolley system, or on
a municipal or suburban bus system, or
(C) Transportation (not included in subparagraph (B) ) by
motor vehicle —
if the rates for such furnishing or sale, as the case may be, have
been established or approved by a State or political subdivision
thereof, by an agency or instrumentality of the United States, or
by a public service or public utility commission or other similar
body of the District of Columbia or of any State or political
subdivision thereof;
(2) 6 percent in the case of a corporation engaged as a common
carrier in the furnishing or sale of transportation of gas by pipe-
line, if subject to the jurisdiction of the Federal Power Com-
mission ;
(3) 6 percent in the case of a corporation engaged as a
common carrier (A) in the furnishing or sale of transportation by
railroad, if subject to the jurisdiction of the Interstate Commerce
Commission, or (B) in the furnishing or sale of transportation of
oil or other petroleum products (including shale oil) by pipeline,
if subject to the jurisdiction of the Interstate Commerce Com-
mission or if the rates for such furnishing or sale are subject to the
jurisdiction of a public service or public utility commission or
other similar body of the District of Columbia or of any State;
(4) 7 percent in the case of a corporation engaged in the
furnishing or sale of telephone or telegraph service, if the rates for
such furnishing or sale meet the requirements of paragraph (1) ;
(5) 7 percent in the case of a corporation engaged in the
furnishing or sale of transportation as a common carrier by air,
subject to the jurisdiction of the Civil Aeronautics Board; and
(6) 6 percent in the case of a corporation engaged in the
furnishing or sale of transportation by common carrier by water,
subject to the jurisdiction of the Interstate Commerce Commission
under Part III of the Interstate Commerce Act, or subject to the
jurisdiction of the Federal Maritime Board under the Intercoastal
Shipping Act, 1933.
12. Reduction for interest on borrowed capital for the taxable
year. — Enter on line 12 the amount of the deduction allowable
for the taxable year with respect to interest on indebtedness
included in the borrowed capital used in computing the average
daily amount of borrowed capital on line 8.
14. Average daily amount of inadmissible assets for the tax-
able year. — Enter on line 14 the average inadmissible assets for
the taxable year determined in the manner set out in instruction 16,
Schedule EP-2 (B). In the case of a corporation which has
computed its adjusted invested capital on line 7 of this schedule,
the amount attributable to inadmissible assets shall be determined
according to the corporate books of account.
15. Average daily amount of total assets for the taxable year. —
The total assets to be entered on line 15 is the aggregate of all
assets for each day of the taxable year, divided by the number of
days in the taxable year. In the case of a corporation which has
computed its adjusted invested capital on line 7 of this schedule,
the amount attributable to each asset shall be determined accord-
ing to the corporate books of account.
SCHEDULE EP-4.— EXCESS PROFITS CREDIT— BASED ON INVESTED CAPITAL
The excess profits credit based on invested capital is, in general, an amount equal to the sum of —
(a) 12 percent of the first $5,000,000 of invested capital,
(b) 10 percent of the next $5,000,000 of invested capital, and
(c) 8 percent of additional amounts of invested capital.
Invested capital for any year determined under the "asset" method consists generally of the sum of (1) the excess at the beginning
of the year of total assets over total liabilities, (2) 75 percent of the average amount of borrowed capital for the year, and (3) the
recent loss adjustment. The sum thus determined is increased by the average amount of money and property paid in for stock, or as
paid-in surplus, or as a contribution to capital during the taxable year and is reduced by distributions made during the year, which are
not out of earnings and profits of the current year. An adjustment is made in the case of a corporation having an invested capital of
more than $5,000,000 in order that capital added after the beginning of its first taxable year ending after June 30, 1950, will be included
in invested capital at the 12-percent rate. No such adjustment is necessary where the invested capital does not exceed $5,000,000 since
the 12-percent rate is applied to the entire invested capital.
The "historical" method for determining invested capital is similar to the method used in the invested capital credit under the World
War II excess profits tax law. The historical method, in substance, includes in invested capital money and property previously paid in
for stock, or as paid-in surplus, or as a contribution to capital, plus the accumulated earnings and profits of the corporation as of the
beginning of the taxable year.
A taxpayer is required to use the asset method in determining its invested capital credit unless it elects the historical method in its
return for the taxable year. The election once made is irrevocable with respect to the taxable year for which made. If the historical
method is used on the return in determining excess profits tax liability, the taxpayer will be deemed to have elected the historical method.
A taxpayer which computes its excess profits tax on its return on the basis of a credit other than the invested capital credit may never-
theless elect the historical method for such year, in the event that the invested capital credit should subsequently become significant in
the determination of its excess profits tax liability for such year, by attaching a statement to its return for the taxable year electing the
historical method.
Cie — 60640. 1
FACSIMILES OF TAX RETURNS FOR 1951
237
1. Equity capital at beginning of the taxable year. — The equity
capital at the beginning of the taxable year is the total of the
assets held by a taxpayer at the beginning of the first day of the
taxable \ear reduced by the total of its liabilities at that time.
For determination of amounts to be included in total assets and
total liabilities, see instructions 1 and 2, Schedule"EP-2 (A).
2. Average daily amount of money and property paid in during
the taxable year for stock, or as paid-in surplus, or as a contribu-
tion to capital. — See instruction 5, Schedule EP-2 (B).
3. Average daily amount of borrowed capital for the taxable
year. — The average daily amount of borrowed capital for the
taxable year is the aggregate of the borrowed capital as of the
beginning of each day of the taxable year, divided by the number
of days in the taxable year. See instruction 4, Schedule EP-2
(A), for definition of borrowed capital.
4. Recent loss adjustment. — Section 437 (f) provides that the
recent loss adjustment for any taxable year shall be the excess of
the aggregate of the net operating loss for each taxable year in the
recent loss period over the aggregate of the net income for each
taxable year in such period. For this purpose, the term "recent
loss period" means either the base period or the period beginning
January 1, 1940, and ending December 31, 1949, whichever results
in a higher recent loss adjustment. The net operating loss for any
taxable year means the net operating loss as defined in section
122 (a), determined under the law applicable to such taxable
year, and the ftet income for any taxable year means the net income
computed with the exceptions, additions, and limitations provided
in section 122 (d) (other than paragraph (6) of section 122 (d)),
under the law applicable to such taxable year.
See section 437 (f) (3) for special rules in case only part of the
taxable year is included in the recent loss period and in the case of
recent losses of a component corporation as defined in section
461 (b).
6. Average daily amount of distributions during the taxable
year not out of earnings and profits of such year. — See instruc-
tion 9, Schedule EP-2 (B).
8. Equity capital at beginning of first taxable year ending after
June 30, 1950. — For determination of amounts to be included in
total assets and total liabilities, see instructions 1 and 2, Schedule
EP-2 (A).
9. Excluded capital paid in after beginning of first taxable year
ending after June 30, 1950, and prior to the taxable year. —
Section 438 (e) defines "excluded equity capital" as the amount
of money or property paid in for stock, or as paid-in surplus, or as
a contribution to capital, to the taxpayer —
(a) By a corporation in an exchange to which section 112 (b)
(3), (4), (5), or (10), or so much of section 1 12 (c), (d), or (e)
as refers to section 112 (b) (3), (4), (5), or (10), is applicable
(or would be applicable except for section 371 (g)), or would
have been applicable if the term "control" had been defined in
section 112 (h) to mean the ownership of stock possessing more
than 50 percent of the total combined voting power of all classes
of stock entitled to vote or more than 50 percent of the total value
of shares of all classes of stock;
(b) By a transferor corporation if immediately after such trans-
action the transferor and the taxpayer are members of the same
controlled group. For definition of controlled group, see instruc-
tion 8, Schedule EP-2 (A).
10. Borrowed capital at beginning of first taxable year ending
after June 30, 1950. — For definition of borrowed capital, see
instruction 4, Schedule EP-2 (A).
11. Excluded borrowed capital at beginning of first taxable
year ending after June 30, 1950. — Section 438 (f) provides that
the "excluded borrowed capital" for any day of any taxable year
shall be so much of the daily borrowed capital for such day as
consists of outstanding indebtedness to a member of a controlled
group which includes the taxpayer. For definition of borrowed
capital, see instruction 4, Schedule EP-2 (A). For definition of
controlled group, see instruction 8, Schedule EP-2 (A).
12. Average daily amount of excluded borrowed capital for
the taxable year. — The average daily amount of excluded bor-
rowed capital for the taxable year is the aggregate of the excluded
borrowed capital at the beginning of each day of the taxable year,
divided by the number of days in the taxable year. Sec instruction
1 1 for definition of excluded borrowed capital.
13. Average daily amount of excluded capital paid in during
the taxable year. — The average daily amount of excluded equity
capital paid in during the taxable year is the aggregate of the
excluded equity capital at the beginning of each day of the taxable
year, divided by the number of days in the taxable year. See
instruction 9 for definition of excluded equity capital.
22. Total inadmissible assets at beginning of first taxable year
ending after June 30, 1950. — See instruction 9, Schedule EP-2
(A), for definition of inadmissible assets.
23. Average daily amount of inadmissible assets for the taxable
year. — The average daily amount of inadmissible assets for the
taxable year is the aggregate of the total inadmissible assets for
each day of the taxable year, divided by the number of days in
such year. For definition of inadmissible assets, see instruction 9,
Schedule EP-2 (A).
24 and 25.— An alternative computation of the adjustment for
inadmissible assets is provided under section 438 (g) in the case of
a bank which has an increase in total assets for the taxable year in
excess of the amount on line 24. Under this provision the amount
of the adjustment for inadmissible assets on line 25 (e) may not
be greater than an amount which bears the sjimc ratio to the
increase in inadmissible assets for the taxable year (excess of line
23 over line 22) as the amount on line 24 bears to the increase in
total assets for the taxable year. The increase in total assets is
determined by computing the excess of the average total assets
for the taxable year over the total assets of the taxpayer for the
first day of the first taxable year ending after June 30. 1950. If
the taxpayer uses the alternative adjustment for inadmissible assets,
enter the amount so determined on line 25 (e), indicate that such
substitution has been made, and submit schedule showing com-
putation.
INSTRUCTIONS 28 THROUGH 55 APPLY ONLY TO THE
HISTORICAL METHOD
28. Money paid in for stock, or as paid-in surplus, or as a con-
tribution to capital. — The amount to be entered on line 28 is
the total amount of money paid in prior to the beginning of the
taxable year. The fact that the money paid in has been lost,
destroyed, or otherwise disposed of shall not reduce the invested
capital, except as such facts are reflected in the earnings and
profits as of the beginning of the taxable year. The term "money
paid in" does not include amounts received as premiums by an
insurance company subject to taxation under section 204.
29. Property paid in for stock, or as paid-in surplus, or as a
contribution to capital. — The amount to be entered on line 29 is
the total amount of property paid in prior to the taxable year.
The amount of any property paid in is the unadjusted basis to
the taxpayer for determining loss upon sale or exchange under
the law applicable to the taxable year for which the invested
capital is being computed. If the property was disposed of after
February 28, 1913, and before such taxable year, such unadjusted
basis shall be determined under the law applicable to the year of
disposition, but without regard to the value of the property as of
March 1, 1913. If the property was disposed of before March 1,
1913, its unadjusted basis shall be considered to be its fair market
value at the time paid in.
If the basis to the taxpayer is cost and stock was issued for the
property, the cost is the fair market value of such stock at the time
of its issuance. If the stock had no established market value at
the time of the exchange, the fair market value of the assets of
the company at that time should be determined and the liabilities
deducted. The resulting net worth will be deemed to represent
the total value of the outstanding stock. In determining net worth
for the purpose of fixing the fair market value of the stock at the
time of the exchange, the property paid in for such stock shall be
included in the assets at its fair market value at that time.
If stock having no established market value is issued for intangi-
ble property, and it is necessary to determine the fair market value
of such property, the following factors, among others, may be taken
into consideration in determining such value: (a) The earnings
attributable to such intangible assets while in the hands of the
predecessor owner; and (b) any cash offers for the purchase of the
business, including the intangible property, at or about the time
of its acquisition. A corporation claiming a value for intangible
property paid in for stock shall file with its return a full statement
of the facts relating to such valuation.
If the property was acquired after December 31, 1920, by a
corporation from a shareholder as paid-in surplus or from any
person as a contribution to capital, then the basis shall be the
same as it would have been in the hands of the transferor if the
transfer had not been made. See section 113 (a) (8). If so ac-
quired prior to January 1, 1921, the basis is the fair market value
of the property at the time it was paid in. Where the basis is the
transferor's basis, those adjustments shall be made to such basis
with respect to the period before the property was paid in as are
proper under section 115 (1) for determining earnings and profits.
The fact that the property paid in has been lost, destroyed, or
otherwise disposed of, shall not reduce the invested capital, except
as such facts are reflected in the earnings and profits as of the
beginning of the taxable year.
The term "property paid in" does not include amounts received
as premiums by an insurance company subject to taxation under
section 204.
CI6 69640-1
238
FACSIMILES OF TAX RETURNS FOR 1951
The fair value of additions and betterments made by the lessee
to the physical properties of a lessor railroad corporation which
have become the property of the lessor corporation by rejection of
its lease (such fair value being determined as of the date such
additions and betterments became the property of the lessor) shall
be considered as a contribution to capital. Where the value of
such improvements cannot be accurately determined by the old
records thereof, because lost, incomplete, or inaccurate, the value
of such improvements determined by the Interstate Commerce
Commission for rate-making purposes shall be used in lieu of such
fair value.
30. Distributions of earnings and profits in stock of the cor-
poration.— The amount of distributions in stock of the taxpayer
or in rights to acquire stock of the ta.xpayer made prior to the
beginning of the taxable year, to the extent to which such distri-
butions are considered to be out of earnings and profits, should
be entered on line 30. In determining whether such a distribu-
tion is out of the earnings and profits of any taxable year, so much
of the distributions (taken in the order of time) made during the
first 60 days of the year as does not exceed the accumulated earn-
ings and profits at the beginning of the year (computed without
regard to this rule) shall be considered to have been made on the
last day of the preceding taxable year. This rule shall r^ot apply
with respect to distributions made during the first 60 days of the
taxpayer's first taxable year ending after June 30, 1950. In deter-
mining 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 reason of
the tax imposed by chapter 1 for such year and the determination
shall be made without regard to the amount of earnings and profits
at the time the distribution was made. If a stock dividend is paid
out of capital and not out of earnings and profits, or is of such a
character as not to be subject to tax in the hands of a distributee
because exempt as a stock dividend either by statute or otherwise,
it is not deemed to constitute a distribution and does not reduce
the earnings and profits account. See section 115 (h).
31. (a) Accumulated earnings and profits. — The accumulated
earnings and profits as of the beginning of the taxable year should
be entered on line 31 (a). In general, the concept of accumulated
earnings and profits for the purpose of the invested capital credit
under the historical method is the same as for all other purposes of
chapter 1. See, for example, section 115 and the regulations
prescribed thereunder. In computing accumulated earnings and
profits as of the beginning of the taxable year, a taxpayer keeping
its books and making its income tax returns on the accrual basis
shall subtract the income taxes for the preceding taxable year. If
there is a deficit in the accumulated earnings and profits as of the
beginning of the taxable year, such deficit shall not be taken into
account and the earnings and profits as of the beginning of the
taxable year shall be considered to be zero, but subsequent earn-
ings and profits shall be applied against such deficit. Unrealized
appreciation in value of property is not a factor in determining
earnings and profits. For rules governing the determination of
the source of distributions, see instruction 30.
31. (b) Adjustment for transferor's deficit under section 458
(f) (4). — If a corporation (hereinafter called "transferor") trans-
fers substantially all its property to another corporation formed to
acquire such property (hereinafter called "transferee"), and if —
( 1 ) the sole consideration for the transfer of such property is
the transfer to the transferor or its shareholders of all the stock of
all classes (e.xccpt qualifying shares) of the transferee (in deter-
mining whether the transfer is solely for stock, the assumption by
the transferee of a liability of the transferor or the fact that the
property acquired is subject to a liability shall be disregarded) ; and
(2) the basis of the property in the hands of the transferee for
the purposes of this subsection is determined by reference to the
basis of the property in the hands of thf transferor; and
(3) the transferor is forthwith completely liquidated in pursu-
ance of the plan under which the acquisition of the property is
made; and
(4) immediately after the liquidation the shareholders of the
transferor own all such stock ;
then for the purposes of this paragraph, in computing the equity
invested ca.pital for any day after the date of the acquisition of the
property, the earnings and profits or deficit in earnings and profits
of the transferee and the transferor shall be computed as if, imme-
diately before the beginning of the taxable year in which such
transfer occurs, the transferee had been in existence and sustained
a recognized loss, and the transferor had- realized a recognized
gain, equal to the portion of the deficit in earnings and profits of
the transferor attributable to suqh property,
31. (f) Increase or decrease under section 472 (d) (1) on ac-
count of intercorporate liquidation.- Where property is received
by the transferee in an intercorporate liquidation, section 472 (d)
(1) provides that in computing the equity invested capital of the
transferee for an\ da\' following the completion of such intercor-
porate liquidation with respect to anv share of stock in the trans-
feror having in the hands of the transferee, immediately prior to the
receipt of any property in such intercorporate liquidation, a basis
determined to be a cost basis, the earnings and profits or deficit in
earnings and profits of the transferee shall be computed as if on
the day following the completion of such intercorporate liquidation
the transferee had realized a recognized gain equal to the amount
of the plus adjustment in respect of such share, or had sustained
a recognized loss equal to the amount of the minus adjustment in
respect of such share.
For the purpose of such adjustment, an intercorporate liquida-
tion is defined bv section 472 (a) as the receipt (whether or not
after June 30, 1950) bv a corporation of property in complete
liquidation of another corporation to which —
(1) the provisions of section 112 (b) (6) or the corresponding
provisions of a prior revenue law is applicable or
(2) a provision of law is applicable prescribing the nonrecog-
nition of gain or loss in whole or in part upon such receipt (includ-
ing a provision of the regulations applicable to a consolidated
income and excess profits tax return, but not including section 1 12
(b) (7), (9), or (10) or a corresponding provision of a prior
revenue law), but only if none of such propertv so received is a
stock or a securitv in a corporation the stock or securities of which
are specified in the law applicable to the receipt of such property
as stock or securities permitted to be received (or which would be
permitted to be received if thev were the sole consideration) with-
out the recognition of gain. The amount of any plus or minus
adjustment resulting from an intercorporate liquidation occurring
prior to the taxable year should be entered on line 31 (c). For
definition of "plus adjustment" and "minus adjustment," see
section 472 (b).
32. Increase on account of intercorporate liquidation under
section 472 (d) (2). — Where property is received by the trans-
feree in an intercorporate liquidation, section 472 (d) (2) provides
that in computing the equity invested capital of the transferee for
any day following the completion of such intercorporate liquidation
with respect to any share of stock in the transferor having in the
hands of the transferee, inimediatel\ prior to the receipt of an\
property in such intercorporate liquidation, a basis determined to
be a basis other than a cost basis, there shall be treated as an
amount includible in equity invested capital the amount of the plus
adjustment with respect to such share, or equitv invested capital
shall be reduced bv the amount of the minus adjustment with
respect to such share. The amount of such a plus adjustment re-
sulting from an intercorporate liquidation occurring prior to the
taxable year should be entered on line 32. See instruction 31 (c).
33. Deficit in earnings and profits of another corporation under
section 458 (d) (5). — In the case of a transferee, as defined in
instruction 31 (b), there shall be included in equity invested
capital an amount, determined as indicated in such instruction,
equal to the portion of the deficit in earnings and profits of a
transferor attributable to property received.
35. Distributions made prior to the taxable year not out of
accumulated earnings and profits. — Section 458 (e) (1) provides
that the equity invested capital shall be reduced for distributions
made prior to the taxable \ear'not out of accumulated earnings
and profits. For rules governing the determination of the source
of distributions, see instruction 30.
36. Earnings and profits of another corporation required to be
deducted by section 458 (e) (3). — Equity invested capital shall
be reduced by the amount of the earnings and profits of another
corporation which at any prior date were included in accumulated
earnings and profits by reason of a transaction described in section
112 (b) through (e), or in the corresponding provisions of a prior
revenue law, or by reason of the transfer b\' such other corporation
to the taxpayer of property the basis of which in the hands of the
taxpayer is or was determined with reference to its basis in the
hands of such other corporation or would have been so determined
if the property had been other than money.
37. Decrease on account of intercorporate liquidation under
section 472 (d) (2). — The amount of an\' minus adjustment re-
sulting from an intercorporate liquidation occurring prior to the
beginning of the taxable \ear should be entered on line 37. See
instructions 31 ( c) and 32.
.38. Deficit included in invested capital of another corporation
(section 458 (e) (4)). --In the case of a transferor, as defined in
instruction 31 (b), equitv invested capital shall be reduced bv an
amount, determined as indicated in such instruction, equal to the
portion of the deficit in earnings and profits of the transferor attrib-
utable to propertN tran«;ferred. Any such amount resulting from
a transfer occurring prior to the taxable year should be entered
on line 38.
C16 6B640,1
FACSIMILES OF TAX RETURNS FOR 1951
239
41. Money paid in for stock, or as paid-in surplus, or as a con-
tribution to capital. — The amount to be cntcud on line 41 is
the average daily amount of money paid in during the year. The
average daily amount for the taxable vear is the aggregate of
money paid in as of the beginning of each day of the year, divided
by the number of days in such year. See instruction 28.
42. Property paid in for stock, or as paid-in surplus, or as a
contribution to ca|Mlal. — The amount to be entered on line 42 is
the average daily amount of property paid in during the year.
The average daily amount for the taxable \ear is the aggregate of
the property paid in as of the beginning of each day of the taxable
vear, divided bv the number of days in such year. Sec instruc-
tion 29.
43. Distributions of earnings and profits (other than earnings
and profits of the taxable year) in stock of the corporation. — The
amount to be entered on line 43 is the average dailv amount of dis-
tributions made during the taxable year of earnings and profits
(other than earnings and profits of the taxable year) in stock of the
taxpa\ er or in rights to acquire stock of the taxpaver. The average
daily amount is the aggregate of the distributions as of the be-
ginning of each day of the taxable year, divided by the number of
davs in such year. For rules governing the determination of the
source of distributions, sec instruction 30.
44. Increase on account of intercorporate liquidation under sec-
tion 472 (d) (2). — The average daily amount of any plus ad-
justment under section 472 (d) (2) resulting from an intercor-
porate liquidation occurring during the taxable year should be
entered on line 44. See instructions 31 (c) and 32.
45. Deficit in earnings and profits of another corporation under
section 458 (d) (5). — In the case of a transferee, as defined in
instruction 31 (b). there should be entered on line 45 the average
daily amount of the portion of the- deficit in earnings and profits
of the transferor attributable to the property received in a transfer
described in section 458 (f) (4) occurring during the taxable
year. See instructions 31 (b) and 33.
48. Distributions not out of earnings and profits of the taxable
year. —Section 458 (c) (2) provides that the equity invested
ca]jital for an\ dav in the taxable year shall be reduci-d for dis-
tribvitions previously made during such taxable year which arc not
out of the earnings and profits of such taxable year. For the pur-
poses of Schedule EP— K the average daily reduction is derived by
aggregating the reduction for each day of the taxable year and
dividing the aggregate by the number of days in the taxable year.
For rules go\erning the determination of the source of distribu-
tions, see instruction 30.
49. Stock distributions from accumulated earnings and profits
at beginning of year. — See instruction 43.
50. Decrease on account of intercorporate liquidation under
section 472 (d) (2). — The average daily amount of any minus
adjustnierit under section 472 (d) (2) resulting from an inter-
corporate liquidation occurring during the taxable year should
be entered on line 50. See instructions 31 (c) and 32.
51. Deficit in earnings and profits included in invested capital
of another corporation (section 458 (e) (4)). — The average daily
amount of the portion of the deficit in earnings and profits of the
transferor, as di-fiiied in instruction 31 (b), attributable to prop-
erty transferred during the taxable year should be entered on line
51. See instruction 38.
54. 75 percent of average borrowed capital. — See instruction 3.
61. Average daily amount of inadmissible assets for the tax-
able year. — See instruction 9, Schedule EP-2 (A), for definition
of inadmissible assets and instruction 16, Schedule EP-2 (B), for
method of computing average daily amount of inadmissible assets.
62. Average daily amount of total assets for the taxable year. —
The amount to be entered on line 62 is the average daily amount
of total assets for the taxable year. For rules governing the assets
to be taken into account, see instruction 1, Schedule EP-2 (A).
SCHEDULE EP-5
Consisting of parts (A), (B), (C), (D), and (E).
GENERAL INSTRUCTIONS
1. In general. — Sections 442 through 446 provide for the de-
termination of an average base period net income computed, in
general, on the basis of an industry rate of return, in lieu of the
taxpayer's own experience, in certain cases which may be charac-
terized as follows :
{a] A corporation commencing business after the beginning of
its base period ;
(b) A corporation experiencing certain types of abnormalities
during its base period;
(c) A corporation making a substantial change in products or
services during the last 3 years of its base period ;
((f) A corporation making a substantial increase in its capacity
for production or operation during the last 3 years of its base
period ; and
(e) A corporation which for its base period was a member of a
depressed industry subgroup.
2. Application required. — Section 447 (e) provides that the
excess profits tax for any taxable year shall be determined without
jegard to section 442, 443, 444, 445, or 446, unless an application
for the benefits of such section, setting forth the grounds for the
application of such section in such detail and in such manner as
the Secretary may prescribe, is filed by the taxpayer —
(a) with its return for the taxable year, or
(b) within the period of time prescribed by section 322 (as
extended under sections 446 (h) and 447 (d) in cases where a
tentative rate of return or a tentative adjusted rate of return has
been used) for filing claim for credit or refund, and in such case
the application of section 442, 443, 444, 445, or 446 shall be sub-
ject to the limitations as to the amount of credit or refund pre-
scribed in section 322, or
(f ) after the period described in (i) above, if within the period
of limitations for the assessment of a deficiency (as extended under
sections 446 (h) and 447 (d) in cases where a tentative rate of
return or a tentati\c adjusted rate of return has been used) in the
tax imposed by chapter 1 of the Internal Revenue Code for the
taxable year, and in such case the application of section 442, 443,
444, 445, or 446 shall not reduce the tax by an amount greater
than the deficiency determined without regard to the application
of such section,
except that if a petition is filed with the Tax Court for the redeter-
mination of the tax under chapter 1 for the taxable year, the appli-
cation shall be effective only if filed not later thr.n the date on
which the original petition is filed.
Section 447 (e) also provides that section 442, 443, 444, 445,
or 446 shall not be applied upon the basis of any grounds other
than those set forth in an application filed within the period pre-
scribed in section 447 (c).
The application shall be made on Schedule EP-5 and, if made
with the original return, shall be filed with and as a part of Form
1120 for the taxable year. If the application is not filed with the
original return, it shall be filed with and as a part of an amended
return, or where appropriate, with Form 843.
3. Industry classification. — For the purposes of sections 442
through 446, the industry groups and subgroups are defined in
accordance with the specifications shown in the Standard Indus-
trial Classification Manual prepared by the Division of Statistical
Standards, Bureau of the Budget.
4. Industry rates of return. — For the purposes of sections 442
through 445, there are provided two types of industry rates of
return. The first, for use when 12 or fewer months are to be
adjusted under section 442, is designated as the base period yearly
rate of return, and the second, for use in all other cases where
section 442, 443, 444, or 445 is applicable, is described as the base
period rate of return. For purposes of section 446, relating to de-
pressed industry subgroups, an adjusted rate of return is provid<'d.
5. Use of tentative rates of return. — Tentati\e base period
yearly rates of return and a tentative base period rate of return
are set forth for each industry classification in .Appendix A. The
tentative adjusted rates of return for depressed industry subgroups
are set forth in the instructions for Schedule EP-5 (E). The
tentative base period yearly rates of return, tentative base period
rates of return, and tentative adjusted rates of return shall be effec-
tive until such time as the rates described in sections 446 and 447
arc proclaimed. The base period yearly rates of return, the base
period rates of return, and the adjusted rates of return, when
proclaimed by the Secretary, shall relate back as though they had
been in effect in place of the tentative rates. Any application of
section 442, 443, 444, 445, or 446 made in accordance with a
tentative rate shall be redetermined in accordance with the final
rate when proclaimed. The period of limitation prescribed under
section 322 and sections 275 and 276 with respect to overpayments
or deficiencies in tax caused by such redetermination shall not
begin to run prior to such time as the base period yearly rates of
return, the base period rates of return; or the adjusted rates of
return, as the case mav be, are determined and proclaimed.
6. Average base period net income determined v\ith reference
to industry rates of return.- In general, where average base
period net income (or a substitute excess profits net income for a
period of 12 or fewer months) is computed under section 442, 443,
240
FACSIMILES OF TAX RETURNS FOR 1951
444, or 445, the taxpayer's total assets are multiplied by the
applicable rate of return for the taxpayer's industry classification
and the resulting amount is reduced by an adjustment for interest
paid or incurred by the taxpayer. Similaily, where average base
period net income is determined under section 446 in the case of a
member of a depressed industry subgroup, the taxpayer's total
assets are multiplied by the adjusted rate of return for the tax-
payer's depressed industry subgroup and the resulting amount is
adjusted for interest paid or incurred.
7. Definition of total assets. — For purposes of sections 442
through 446, the term "total assets" for any day means the sum of
the cash and other property (other than inadmissible assets and
loans to members of a controlled group as defined in section 435
(f ) (4) ) held by the taxpayer at the end of such day in good faith
for purposes of the business. The amount thus computed shall
be reduced (but not below zero) by the amount of any indebt-
edness (other than borrowed capital) to a member of a controlled
group which includes the taxpayer. For definition of "inadmissi-
ble assets," see instruction 9, Schedule EP-2 (A). For definition
of "controlled group," see instruction 8, Schedule EP-2 (A).
Property shall be included in an amount equal to its adjusted basis
for determining gain upon sale or exchange, except that the ad-
justed basis of secret processes and formulas, good will, trade-
marks, trade brands, franchises, and other like property shall be
determined without regard to value as of March 1, 1913. In
determining total assets, so much of the distributions to sharehold-
ers made during the first 60 days of any taxable year (other than
the taxpayer's first taxable year ending after June 30, 1950) as
does not exceed the accumulated earnings and profits at the be-
ginning of the year shall be considered to have been made on the
last day of the preceding taxable year. For special rule in the
case of improvements by a lessee to properties of a lessor railroad
corporation, see section 441 (j).
In the case of a taxpayer electing to compute income from
installment sales or installment sales obligations on the accrual
method of accounting, or income from long-term contracts on
the percentage of completion method of accounting, see section
441 (h).
8. Definition of base period. — For purposes of sections 442
through 446, the "base period" is the base period defined in sec-
tion 435 (b) and is the period January 1, 1946, through December
31, 1949, except in the case of a taxpayer whose first taxable year
ending after June 30, 1950, was preceded by a taxable year which
began before January 1, 1950, and ended January 31, February 28,
or March 31, 1950. ' In the latter cases the base period is the 48
consecutive months ending with the close of January, February, or
March 1950. In the case of a corporation which is an acquiring
corporation within the meaning of section 461 (a), such corpora-
tion is considered to have been in existence and to have had taxable
years for any period during which it or any of its component cor-
porations was in existence, and it is considered to have commenced
business on the earliest date on which it or any of its component
corporations commenced business. See section 461 (d).
SCHEDULE EP-5 (A)— NEW CORPORATIONS (Section 445)
A taxpayer which commenced business after the first day of its base period and which is not an ineligible corporation, is considered
to be a new corporation and may apply for the benefits of section 445. For rules governing an application, see general instruction 2,
Schedule EP-5. For definition of "base period," see general instruction 8, Schedule EP-5.
For special rules governing the application of section 445 in the case of an acquiring corporation, see sectiou, 462 (g), and in the
case of a component corporation, see section 461 (c).
If a taxpayer, on or after December 1, 1950, and prior to the end of its third taxable year, acquires any properties in any of the
transactions described in paragraphs (a), (i), or (c), below, it shall be deemed an "ineligible corporation" and it shall not. for the tax-
able year in which such acquisition occurs or for succeeding taxable years, be entitled to the benefits of section 445 except under the
circumstances and subject to the limitations provided in section 462 (g). The transactions to which this paragraph applies are —
(a) The acquisition bv the taxpayer from another corporation of properties the basis of which in its hands is determined by refer-
ence to the basis of such properties to the transferor; or
(b) The acquisition by the taxpa>er of a substantial part of its assets from another corporation, or of a substantial part of the
properties of another corporation, if 50 percent or more in value of the outstanding stock or outstanding voting stock of the taxpayer
is directly or indirectly owned, at the time of such acquisition, by individuals owning directly or indirectly 50 percent or more in value
of the outstanding stock, or outstanding voting stock of the transferor; or
(c) The acquisition by the taxpaver of a substantial part of the properties distributed on or after December 1, 1950, by another
corporation, if such properties constituted a substantial part of the business assets of such other corporation, and if 50 percent or more
in value of the outstanding stock or outstanding voting stock of the taxpayer is owned directly or indirectly by individuals who at the
time of such distribution owned directly or indirectly 50 percent or more in value of the outstanding stock or outstanding voting stock
of such other corporation.
For the purposes of (6) and (c) above, the provisions of section 503 are applicable in determining the ownership of stock.
The base period capital addition is not available to a taxpayer computing average base period net income under section 445;
accordingly, no entrv should be made on line 48, Schedule EP-2. The net capital addition or reduction as computed under section
435 (g) is, however, applicable to such a taxpayer in accordance with the following modifications:
(a) In the case of a taxpayer computing its average base period net income under section 445 for any of its first three taxable
years, lines 1 through 10 of Schedule EP-5 (A) are applicable and the net capital addition or reduction, as computed on line 19 or 23
of Schedule EP-2 (B), should be entered on line 2 or 4 of Schedule EP-5 (A), whichever is applicable. In such case no entry should
be made on line 51 or 53 of Schedule EP-2.
(b) In the case of a taxpaver computing its average base period net income under section 445 for its fourth taxable year, or for
any taxable year subsequent thereto, lines 11 through 16 of Schedule EP-5 (A) are applicable. If the day following the close of the
taxpayer's third taxable year is later than the first day of its first taxable year ending after June 30, 1950, then the date used for deter-
mining the amount of equity capital on line 1, borrowed capital on line 3, and inadmissible assets on line 15 of Schedule EP-2 (B) is
such later dav. The same day should be used in lieu of the day otherwise specified in instructions 12 and 13 of Schedule EP-2 (B) in
determining the amount to be entered on lines 12 and 13 of that schedule and in lieu of the dav specified in the instructions for Sched-
ule EP-2 (B), relating to an increase in the capital additions under section 435 (g) (9). Schedule EP-2 (B) should be altered accord-
ingly and the amount so determined on line 20 or 24 of that schedule should be entered on line 51 or 53, whichever is applicable, of
Schedule EP-2.
1. Total assets at end of last taxable year ending prior to July 1,
1950. — The total assets held bv the taxpayer at the end of its last
taxable year ending prior to July 1, 1950, should be entered on
line 1. If the taxpayer's first taxable year ended after June 30,
1950, do not make an entry on this line. For definition of "total
assets," see general instruction 7, Schedule EP-5.
2. Net capital addition for current taxable year. — For the pur-
pose of line 2. the net capital addition may be computed using
Schedule EP-2 (B) as a guide but with the following changes:
(a) disregard the 75 percent limitation appearing. on lines 7, 11,
and 13, and ( b ) enter on line 1 9 the excess of line 1 7 over line 1 8
(a). The amount so computed on line 19 of Schedule EP-2 (B)
should be entered on line 2 of this schedule. In certain cases the
net capital addition may be further increased under the provisions
of section 435 (g) (9) relating to a decrease in inadmissible assets.
See general instructions for this schedule and instructions for
Schedule EP-2 (B).
4. Net capital reduction for current taxable year. — For the pur-
pose of line 4, the net capital reduction may be computed by using
Schedule EP-2 (B) as a guide but with the following changes:
(a) disregard the 75-percent limitation appearing on line 7, 11,
or 13, and (6) enter on line 23 the excess of line 21 over line
22 (a). The amount entered on line 23 of Schedule EP-2 (B)
should be entered on line 4 of this schedule. See general instruc-
tions for this schedule and instructions for Schedule EP-2 (B).
6. Taxpayer's industry classification and base period rate of
return. — Enter on this line the industry classification to which is
attributable the largest amount of the taxpayer's gross receipts
for the taxable year. See .Xppcndix A for list of industry classifi-
cations. For definitions of "gross receipts," see instruction 38,
C16 6S649.1
FACSIMILES OF TAX RETURNS FOR 1951
241
Schedule EP-2. Also enter on line 6 the applicable base period
rate of return for the taxpayer's industry classification and
indicate whether the tentative rate is used.
8. Reduction for interest. — The amount to be entered on line 8
is the total interest paid or incurred by the taxpayer for the 12
months ending with the last day of the taxable year for which
the return is filed. Such amount should include interest on all
indebtedness, irrespecti\e of whether it constitutes borrowed
capital within the mcaninc; of section 439 (b).
11. Total assets at end of last taxable year ending prior to July 1,
1950, or at end of taxpayer's third taxable year, whichever is
later. — The total assets held by the taxpayer at the end of its last
taxable year ending prior to July 1, 1950 — or if the taxpayer's
third taxable year ended on a later date, the total assets held by
the taxpa\cr at the end of its third taxable'year — should be entered
on this line. For definition of "total assets," see general instruc-
tion 7, Schedule EP-5.
12. Taxpayer's Industry classification and base period rate of
return. - Enter on this line the industry classification to which
is attributable the largest amount of the taxpayer's gross receipts
for the taxpayer's third taxable year. See Appendix A for list of
industry classifications. For definition of "gross receipts," see
instruction 38, Schedule EP-2. Also enter on line 12 the base
period rate of return for the industry classification applicable to
the taxpayer for its third taxable year and indicate whether the
tentative rate is used.
14. Reduction for interest. — -The amount to be entered on line
14 is the total interest paid or incurred by the taxpayer for the
12 months ending with the day for which the taxpayer's total as-
sets are computed for purposes of line 11. Such amount shall in-
clude interest on all indebtedness, irrespective of whether it con-
stitutes borrowed capital within the meaning of section 439 (b).
SCHEDULE EP-5 (B).— ABNORMALITIES DURING BASE PERIOD (Section 442)
A taxpayer which commenced business on or before the first day of its base period may apply for the benefits of section 442 if it
establishes that, for any taxable year within, or beginning or ending within, its base period —
(a) Normal production, output, or operation was interrupted or diminished because of the occurrence, either immediately prior
to or during such taxable year, of events unusual and peculiar in its experience, or
(b) The business of the taxpayer was depressed because of temporar\ economic circumstances unusual in the case of such taxpayer.
In general, if the excess profits net income of 12 or fewer of the 36 months selected in the base period is affected by an abnormality,
a substitute excess profits net income computed on the basis of the industry rate of return may, under the conditions specified in section
442 (c), be used in lieu of the actual excess profits net income of such 12 or fewer months. If the excess profits net income of more
than 12 of the 36 months is affected by an abnormality, an average base period net income computed on the basis of the industry base
period rate of return may, under the conditions specified in section 442 (d), be substituted for the taxpayer's entire base period net
income. Section 442 (h) provides, as an alternative to section 442 (c) or (d), that a substitute excess profits net income may be used
for an\' 12 months of the 36 months selected in the base period, if such 12 months are preceded by an abnormality and if the excess profits
net income of such 12 months is less than 35 percent of one half the aggregate excess profits net income for the remaining 24 months
of the 36 selected. For rules governing an application, see general instruction 2, Schedule EP-5. For definition of "base period," see
general instruction 8. Schedule EP-5.
For special rules governing the application of section 442 in the case of an acquiring corporation, see section 462 (d), and in the
case of a component corporation, see section 461 (c).
For purposes of section 442, activities comprised within the meaning of production, output, or operation include the rendering of
services if the taxpayer renders service rather than manufactures or markets tangible products. Normal production, output, or opera-
tion, means the level of production, output, or operation, cu-stomary for the taxpayer. The interruption or diminution must be a direct
result of events unusual and peculiar in the experience of the taxpayer, such events occurring in or immediately prior to such taxable
year.
Only those economic circumstances which were temporary in the sense that they had little perceptible long-range effect on the tax-
payer's business, and which affected the taxpayer unusually, as distinguished from those economic events which were of a chronic or
continuing character, are within the scope of section 442.
The base period capital addition, in the case of a taxpayer computing its average base period net income under section 442, is
subject to the following rules:
(a) If more than 12 of the 36 months in the period subject to adjustment (more than 12 of the months entered on line 4, Schedule
EP-5 (B) ) fall within taxable years the excess profits net income of which was adversely affected by an abnormality, the base period
capital addition is zero.
(fe) If 12 or fewer of the 36 months in the period subject to adjustment (12 or fewer of the months entered on line 4, Schedule
EP-5 (B) ) fall within a taxable year or years the excess profits net income of which was adversely affected by an abnormality, and
(1) If a substitute excess profits net income (in excess of 110 percent of excess profits net income) is computed for any part of
the taxpaver's first taxable year ending after June 30, 1950, or for any part of the immediately preceding taxable year, the base period
capital addition is zero: ....
(2) If a substitute excess profits net income (in excess of 110 percent of excess profits net mcome) is computed for any part of
the earlier of the taxpaver's two taxable years immediately preceding its first taxable year enjling after June 30, 1950, the base period
capital addition shall be the excess of the amount in column 1, line 11, Schedule EP-2 (A) over the amount in column 2, line 11, of
that schedule. Twelve percent of such amount should be entered on line 48, Schedule EP-2;
(3) If neither (1) nor (2) applies, the base period capital addition is the amount determined on line 14, Schedule EP-2 (A).
(c) If the taxpaver computes an average base period net income by reference to section 442 (h), the rules stated in (6) (1), (2),
and (3), above, without regard to the 110 percent qualification therein, shall be applicable in determining the base period capital
The net capital addition or reduction, computed under section 435 (g) in Schedule EP-2 (B), is applicable to a taxpayer com-
puting its average base period net income under section 442, and the amount so determined on line 20 or 24 of that schedule should be
entered on line 51 or 53, whichever is applicable, of Schedule EP-2.
1. Excess profits net income or deficit. — The amount to be en-
tered on line 1 is the amount of excess profits net income, or deficit
in excess profits net income, shown on line 26, Schedule EP-2,
for each taxable year within, or beginning or ending within, the
taxpayer's base period.
2. Monthly average. — The monthly average to be entered is the
excess profits net income (or deficit in excess profits net income)
for each taxable year for which an entry is made on line 1, divided
bv the number of months in such taxable year.
3. Number of months after December 31, 1945, and before
January I, 1950, in each taxable year. — Where the base period
consists of the 48 months beginning January 1, 1946, and ending
December 31, 1949, the number of months to be entered on line
3 is the number of months within such 48-month period falling
within each taxable year for which an entry is made on line 1.
In a case where the base period is the 48-month period ending
January 31, February 28, or March 31, 1950, the number of
months to be entered in line 3 is the number of months, within
the applicable 48-month period, falling within each of the tax-
able years for which an entry is made on line 1. For definition
of "base period." see general instruction 8, Schedule EP-5.
4. Enter from 3 the highest 36 consecutive months or the 36
months remaining after eliminating lowest 12 consecutive months.
— The number of months to be entered on line 4 should total 36
and should consist of either (a) the 36 consecutive months entered
on line 3 the retention of which will produce the highest aggregate
excess profits net income (or the lowest aggregate deficit in
excess profits net income), or (b) the 36 months remaining after
eliminating from the months entered on line 3 the 12 consecutive
months the elimination of which will produce the highest aggre-
gate excess profits net income (or the lowest aggregate deficit in
excess profits net income). For the purpose of determining the
number of months in each taxable year to be entered on this line,
deficits in excess profits net income should not be increased to
• zero.
CI a 6S64Q-I
242
FACSIMILES OF TAX RETURNS FOR 1951
5. Number of months on line 4 in a taxable year the excess
profits net income of which was adversely affected by an abnor-
mality.— The number of months to be entered on line 5 should be
those months entered on line 4 which fall within a taxable year
the excess profits net income of which was reduced (or the deficit
in excess profits net income of which was increased) by an event
or circumstance included in the grounds upon which the applica-
tion for the benefits of section 442 is based. If the total num-
ber of months entered on line 5 is 12 or less, the taxpayer should
complete lines 7 through 17. If the total number of months
entered on line 5 is more than 12, the taxpayer should complete
lines 22 through 29.
6. Eligibility to use section 442 (h). — A taxpayer may deter-
mine eligibility to use section 442 (h) by selecting a period of
12 months, as shown in (a) below, and by ascertaining whether
the requirements set forth in ( b ) below are met.
(a) The 12 months for the purposes of section 442 (h) may be
determined by selecting from the months appearing on line 4,
either the 12 consecutive months the elimination of which pro-
duces the highest aggregate excess profits net income (or lowest
aggregate deficit in excess profits net income) or the 12 months
which remain after eliminating the 24 months with the highest
aggregate excess profits net income or lowest aggregate deficit.
For the purpose of making this selection only, the 36 months on
line 4 shall be considered a period of 36 consecutive months.
(6) In order to qualify for the benefits of section 442 (h), it
must be shown that the aggregate excess profits net income for the
12 months thus selected is less than 35 percent of one-half of the
aggregate excess profits net income for the 24 months remaining
after such selection. It must also be shown that normal produc-
tion, output, or operation was interrupted or diminished because of
the occurrence of events unusual or peculiar in the experience of
the taxpayer, within 12 months preceding either — ■
(i) the first day of the 12 month period selected, or
(ii) if the 12 months selected are not consecutive, the first day
of any period of 6 or more of such months which are consecutive.
If the taxpayer is eligible for application of section 442 (h),
enter on line 6 the 12 months selected as shown above.
7. Total assets at end of each taxable year for which an entry is
made on line 5 or 6. — The total assets held by the taxpayer at the
end of the taxable year or years for which a number (other than
zero) was entered on line 5 or 6, whichever is applicable, should be
entered in the appropriate column on line 7, except that if an entry
was made on line 5 or 6 for a number of months in a taxable year
ending after June 30, 1950, the date for which the taxpayer's total
as.sets should be ascertained with respect to such number of months
is the last day of its last taxable year ending before July 1, 1950.
For definition of "total assets," see general instruction 7, Schedule
EP-5.
8. Taxpayer's industry classification and base period yearly rate
of return for each taxable year for which an entry is made on
line 7. — Enter on this line the industry classification to which
is attributable the largest amount of the taxpayer's gross receipts
for the taxable year within which falls the last month for which
a substitute excess profits net income is determined. See Appen-
di.x A for list of industry classifications. For definition of "gross
receipts" see instruction 38, Schedule EP-2. Also enter on line
8 the applicable base period yearly rate of return for the taxpayer's
industry classification and indicate whether the tentative rate is
used. In the case of a taxable year beginning in 1945 and ending
in 1946, the base period rate of return for 1946 shall be used. In
the case of a taxable year beginning in 1949 and ending in 1950,
the base period rate of return for 1949 shall be used. In the case
of any other taxable year of the taxpayer, the base period rate of
return for the year in which falls the greater number of days in
such taxable year of the taxpayer shall be used.
10. Reduction for interest. — For each amount entered on line 9
there should be entered on line 10 an amount equal to the total
interest paid or incurred by the taxpayer for the 12 months
beginning with the first day of the taxable year within which
fall the months entered on line 5 or 6, whichever is applicable.
Such amount should include interest on all indebtedness, irrespec-
tive of whether it constitutes borrowed capital within the meaning
of section 439 (b) .
13. 110 percent of line 2. — The amount to be entered on line
13 is an amount equal to 110 percent of the amount of monthly
average excess profits net income shown on line 2 (only for years
for which an entry is made on line 5). In the event that the
applicable amount on line 2 is a deficit in excess profits net in-
come such deficit should be increased to zero.
14. Substitute excess profits net income.- — For any taxable year
with respect to which an entry has been made on line 5 and
the amount shown on line 12 exceeds the amount shown on line
13, the substitute excess profits net income may be used in lieu
of the actual excess profits net income. The substitute excess
profits net income is derived in any such case by multiplying the
amount shown on line 12 for such taxable year by the number
of months entered for that year on line 5.
18 through 21. Alternative average base period net income un-
der section 442 (h). — Lines 18 through 21 are for the use of a
taxpayer computing an alternative average base period net income
under section 442 (h). See instruction 6.
Enter on line 18 the substitute excess profits net income for the
12 months selected for adjustment and entered on line 6. This
amount is the product of line 12 multiplied by line 6.
' Enter on line 19 the product of line 2 (substituting zero for any
deficit) multiplied by the excess of line 4 over line 6. This
amount is the excess profits net income for the 24 months remaining
after selection of the 12 months entered on line 6.
Enter on line 20 the aggregate of the amounts on lines 18 and
19 divided by three. The amount on line 20 shall not be in excess
of 50 percent of the aggregate of the amounts entered on line 19.
22. Total assets at end of each taxable year ending before July 1,
1950. — The amount to be entered on line 22 is the total assets held
by the taxpayer on the last day of each of its taxable years ending
after the beginning of its base period and prior to the first day of
its first taxable year ending after June 30, 1950. For definition of
"total assets," sec general instruction 7, Schedule EP— 5.
23. Interest paid or accrued for each taxable year for which
an entry is made on line 22. — The amount to be entered on line
23 is the total interest paid or incurred by the taxpayer for each
of the taxable years for which an amount of total assets was entered
on line 22. Such amount should include interest on all indebted-
ness, irrespective of whether such indebtedness constitutes bor-
rowed capital within the meaning of section 439 (b) .
24. Average of total assets. — Enter the aggregate of the amounts
on line 22, divided by the number of such amounts.
25. Taxpayer's industry classification and base period rats of
return. — Enter on this line the industry classification to which is
attributable the largest amount of the ' taxpayer's gross receipts
for its last taxable year beginning within its base period. See Ap-
pendix A for list of industry classifications. For definition of
"gross receipts," see instruction 38, Schedule EP-2. Also enter on
line 25 the applicable base period rate of return for the taxpayer's
industry classification and indicate whether the tentative rate is
used.'
27. Interest adjustment. — The amoimt to be entered on line
27 is the average yearly amount of interest paid or incurred by the
taxpayer for all taxable years for which the taxpayer's total assets
were determined on line 22. The average yearly amount of inter-
est is computed by aggregating the amounts entered on line 23,
dividing by the total number of months in the taxable years
involved, and multiplying the quotient by 12.
29. 110 percent of average base period net income computed
under section 435 (d). — Section 442 (d) shall have no applica-
tion unless the amount of the average base period net income deter-
mined under section 442 (d) is in excess of 1 10 percent of the tax-
payer's average base period net income computed under the general
average method. If line 28 exceeds line 29, the taxpayer's average
base period net income is the amount on line 28.
SCHEDULE EP-5 (C)— CHANGE IN PRODUCTS OR SERVICES (Section 443)
A taxpayer which commenced business on or before the first day of its base period and which establishes with respect to any taxable
year that —
(a) during so much of its three immediately preceding taxable years as falls within the 36-month period ending on the last day of
its base period, there was a substantial change in the products or services furnished by the taxpayer, and
(b) more than 40 percent of its gross income or more than 33 percent of its net income for such taxable year is attributable to one
or more of the new products or services, and _
(c) its average monthly excess profits net income for such taxable year exceeds 125 percent of its average monthly excess profits
net income for the taxable years ending within its base period and prior to the taxable year in which occurred the first change to which
gross income or net income is attributed for the purpose of the requirements stated in (6), may, for the earliest taxable year with respect
to which the foregoing requirements are satisfied (and for subsequent taxable years), apply for the benefits of section 443. For rules
governing such an application, see general instruction 2, Schedule EP-5. For definition of "base period," see general instruction 8,
CI6 — 6B649-t
FACSIMILES OF TAX RETURNS FOR 1951
243
Schedule EP-5. If a change in products or services is considered to have occurred on the last day of the base period by reason of a
commitment described in section -t4!i (f) (2), include in statement submitted with respect to application of section 443 full details
concerning facilities constructed for the production of the new product and a cop\ of the contract evidencing the commitment.
For special rules governing the application of section 443 in the case of an acquiring corporation, see section 462 (e), and in the
case of a component corporation, see section 461 (c).
Requirements (a), (h), and (c), above, must all be met with respect to a single taxable year.
For purposes of requirement (a), the change in products or services must be substantial. It must take the form of a product or a
service which is new to the ta.xpaycr and not a mere improvement or change in style. The discontinuance of a product or service pre-
vioush furnished by the taxpayer is not a change in products or services for purposes of section 443.
For purposes of requirement (fc), if more than one substantial change in products or services occurred during the prescribed period,
the gross income or net income attributable to new products or services may be aggregated in determining whether the amount attrib-
utable to new products or services meets the stated percentages of total gross income or total net income, as the case may be.
For purposes of requirement (c), the average monthly excess profits net income for any year shall be computed b>- making the
adjustments provided in section 433 (b) as though section 433 (b) were applicable to all taxable years, and by dividing by the number
of months in the year. The average monthly excess profits net income for any period of two or more taxable years is the aggregate of
the excess profits net income (computed by making the adjustments provided in section 433 (b) as though section 433 (b) were appli-
cable to all taxable years) for all taxable years within the period, less the amount of any deficits in excess profits net income (similarly
computed) for all taxable years within the period, divided by the number of months in the taxable years in the period. The average
monthly excess pro'its net income determined for any period shall in no case be less than zero.
The base period capital addition is not available to a taxpayer computing average base period net income under~section 443;
accordingly, no entry should be made on line 48, Schedule EP-2. The net capital addition or reduction as computed under section
435 (g), however, is applicable to such a taxpayer in accordance with the following modifications:
(1) If the taxable year in which the taxpayer first meets requirements (a), (b), and (c), above, is a year ending after June 30,
1950, no net capital addition or reduction will be applicable in computing the excess profits credit based on income for that taxable
year. Accordingh, no entry is to be made on line 51 or 53 of Schedule EP-2.
(2) In determining the net capital addition or reduction under section 435 (g) for a taxable year subsequent to the year in which
the taxpaver first met requirements (a), (6), and (c), above, the date used for determining the amount of equity capital, on line 1,
borrowed capital on line 3, and inadmissible assets on line 15, of Schedule EP-2 (B) should be the first day of the taxable year imme-
diately following such year in which the requirements were first met, or the first day of the taxpayer's first taxable year ending after
June 30. 1950, whichever is later. The same day should be used in lieu of the day otherwise specified in instructions 12 and 13,
Schedule EP-2 (B). in determining the amount to be entered on lines 12 and 13 of that schedule and in lieu of the day specified in the
instructions for Schedule EP-2 (B) relating to an increase in the capital addition under section 435 (g) (9). Schedule EP-2 (B)
should be altered accordingly and the amount so determined on lines 20 or 24 of that schedule should be entered on line 51 or 53,
whichever is applicable, of Schedule EP-2.
1. Allocation of gross income and net income for the taxable
year with respect to which taxpayer claims qualification under
section 445 (a). — The taxable year with respect to which the
taxpayer claims qualification should be designated on line I (a).
This year must be the earliest year with respect to which
the taxpayer meets the requirements of section 443 (a) with re-
spect to gross income or net income attributable to a substantial
change in products or services which occurred within one or more
of its three immediately preceding ta.xable years and within the
last 36 months of the base period. Such year must also ceflect a
25 percent increase in average monthly excess profits net
income over the average monthly excess profits net income of the
taxable years ending within the base period but prior to the year
in which occurred the first change in products or services upon
which the taxpayer relies. The amount to be entered in column 1
of line 1 (b) is the total amount of gross income for the taxable
year without adjustment under section 433 (a). The amount al-
located to the new products or services should be similarly deter-
mined and the allocation should be made in conformity with good
accounting practice. The amount to be entered in column 1 of
line 1 (c) is the net income for the year deternil;i?d under section
21. In column 2 of line 1(c) there should be enl< red the amount
of net income for the taxable year attributable to the new products
or seri'ices, such allocation also being made in conformity with good
accounting practice.
2 through 4. Increase in average monthly excess profits net in-
come.— The amount of the taxpayer's excess profits net income
for the taxable year with respect to which qualification under
section 443 (a) is claimed should be entered on line 2 and the
monthly average thereof computed and entered in column 3 of
that line. The monthly average excess profits net income for the
taxable years ending within the base period and prior to the tax-
able year or years in which occurred the first change in products
or services upon which the taxpayer relics, should be entered on
line 3 and the monthly average thereof computed and entered in
column 3 of that line,
5. Total assets at end of taxable year designated on line 1 (a) or
at end of last^axable year ending prior to July 1, 1950, whichever
is later. — For definition of "total assets," see general instruction 7,
Schedule EP-5.
6. Taxpayer's industry classification and base period rate of
return. — Enter on this line the industry classification to which
is attributable the largest amount of the taxpayer's gross receipts
for the taxable year which includes the day for which the amount
of the taxpayer's total assets were determined on line 5. See Ap-
pendix A for list of industry classifications. For definition of
"gross receipts," see instruction 38, Schedule EP-2. Also enter
on line 6 the base period rate of return for the taxpayer's indus-
try classification and indicate whether the tentative rate is used.
8. Reduction for interest. — The amount to be entered on line
8 is the total interest paid or incurred by the taxpayer for the 12
months ending with the day for which the taxpayer's total assets
were determined for purposes of line 5. Such amounts should
include interest on all indebtedness, irrespective of whether it
constitutes borrowed capital within the meaning of section
439 (b).
SCHEDULE EP-5 (D)— INCREASE IN CAPACITY FOR PRODUCTION OR OPERATION (Section 444)
A taxpayer which commenced business on or before the first day of its base period and which establishes that during the 36-month
period ending on the last day of its base period there was an increase in its capacity for production or operation, as defined in section
444 (b), may apply for the benefits of section 444. For rules governing an application, see general instruction 2, Schedule EP-5.
For definition of "base period," see general instruction 8, Schedule EP-5.
For special rules governing the application of section 444 in the case of an acquiring corporation, see section 462 (f), and in the
case of a component corporation, see section 461 (c).
For the purposes of section 444, an increase in capacity for production or operation is deemed to have occurred if the taxpayer
establishes that it made an addition (or additions) to its facilities or replaced all (or a part of) its existing facilities, and that —
(a) As a result of such additions or replacements, its capacity for production or operation on the last day of its base period was
200 percent or more of its capacity for production or operation on the last day of the twelfth month of its base period, or
(fc) (1) As a result of such additions or replacements, its capacity for production or operation on the last day of its base period
was 150 percent or more of its capacity for production or operation on the last day of the twelfth month of its base period, and (2) the
adjusted basis for determining gain upon sale or exchange of its total facilities on the last day of its base period was 150 percent or more
of the adjusted basis for determining gain upon sale or exchange of its total facilities on the last day of the twelfth month of its base
period, or
(c) The basis (unadjusted) for determining gain upon sale or exchange of its total facilities on the last day of its base period was
200 percent or more of the basis (unadjusted) for determining gain upon sale or exchange of its total facilities on the last day of the
twelfth month of its base period.
244
FACSIMILES OF TAX RETURNS FOR 1951
The term "facilities" means real property and depreciable tangible property held by the taxpayer in good faith for the purposes
of the business.
For the purposes of (a) and (b), above, the term "capacity for production or operation" means the capacity to produce or to oper-
ate rather than the level of production or operation actually achieved.
For the purposes of (b) and (c), above, the adjusted basis or the unadjusted basis of all "facilities" is to be included, both at the
beginning and at the end of the 36-month period, irrespective of whether the facility is one directly involved in any determination of
capacity for productionor operation.
If an increase in capacity is considered to have occurred on the last day of the base period by reason of a commitment described
In section 444 (f) (2), include in the statement submitted with respect to the application of section 444 full details with respect to the
facilities completed after the last day of the base period and during the first excess profits tax year, and circumstances evidencing the
commitment.
The base period capital addition detei'mined under section 435 (f) is not available to a taxpayer computing its average base period
net income under section 444. Accordingly, no entry should be made on line 48, Schedule EP-2. The net capital addition-or reduc-
tion computed on Schedule EP-2 (B), however, is applicable to such a taxpaser and the amount so determined on line 20 or 24 of that
schedule should be entered on line 51 or 53, whichever is applicable, of Schedule EP-2.
1. Capacity for production or operation. — Enter in columns 1
and 2 of line 1 the total capacity for production or operation as of
the last day of the twelfth month in the base period and as of
the last day of the base period. Use the same unit of measurement
(tons, gallons, yards, etc.) in computing capacity for each date.
2 and 3. Basis of total facilities. — For definition of the term
"facilities," see general instructions for this schedule.
4. Total assets at end of last taxable year ending prior to July 1,
1950. — The amount to be entered on line 4 is the total amount of
the assets held by the taxpayer at the close of its last taxable year
ending prior to July 1, 1950. For definition of "total assets," see
general instruction 7, Schedule EP-5.
5. Taxpayer's industry classification and base period rate of
return. — Enter on this line the industry classification to which
is attributable the largest amount of the taxpayer's gross receipts
for its last taxable year ending before July 1, 1950. See .\ppendix
A for list of industry classifications. For definition of "gross
receipts," see instruction 38, Schedule EP-2. Also enter on line
5 the base period rate of return for the taxpayer's industry classifi-
cation and indicate whether the tentative rate is used.
7. Reduction for interest. — The amount to be entered on line
7 is the total interest paid or incurred by the taxpayer for the
twelve months ending with the last day of the taxpayer's last tax-
able year ending before July 1, 1950. Such amount should in-
clude interest on all indebtedness, irrespective of whether it con-
stitutes borrowed capital within the meaning of section 439"(b).
SCHEDULE EP-5 (E)— DEPRESSED INDUSTRY SUBGROUPS (Section 446)
A taxpayer which commenced business on or before the first day of its base period and which is a member of a depressed industry
subgroup may apply for the benefits of section 446. For rules governing an application, see general instruction 2, Schedule EP— 5.
For definition of "base period," see general instruction 8, Schedule EP-5.
For special rules governing the application of section 446 in the case of an acquiring corporation, see section 462 (h), and in the
case of a component corporation, see section 461 (c). For purposes of section 446, a taxpayer is a member of a depressed industry
subgroup if more than 50 percent of the aggregate of its gross receipts for the taxable years beginning with or within its base period is
attributable to such subgroup.
The base period capital addition determined under section 435 (f) is not available to a taxpayer computing its average base period
net income under section 446 and no entry should be made on line 48, Schedule EP— 2. The net capital addition or reduction com-
puted on Schedule EP— 2 (B), however, is applicable to such a taxpayer and the amount so determined on line 20 or 24 of that schedule
should be entered on line 51 or 53, whichever is applicable, of Schedule EP-2.
The depressed industry subgroups and the tentative adjusted rates
of return are —
Aircraft and parts — Standard Industrial Classification groups 3721,
3722, 3723, and 3729. — (1) Manufacturing or assembling com-
plete aircraft such as airplanes, gliders, dirigibles, and balloons;
(2) manufacturing aircraft engines and engine parts such as
engine mount parts, air scoops, turbo superchargers, lubricating
systems, cooling systems, exhaust systems, nonelectric starters,
and aircraft engine pumps; (3) manufacturing aircraft propel-
lers and propeller parts; (4) manufacturing aircraft parts such
as air frame assemblies, wing assembKes, flaps and dive brakes,
elevators, fins, rudders, other empennage assemblies, and alight-
ing assemblies; and (5) manufacturing auxiliary equipment,
such as de-icing equipment, bomb racks, turrets and turret drives,
parachutes, targets, link trainers, and other auxiliary equip-
ment specifically adapted for aircraft. This industry subgroup
does not include manufacturing aeronautical instruments or
manufacturing aeronautical electrical equipment.
The tentative adjusted rate of return for this industry sub-
group is 11.3 percent.
Engines and turbines, except automotive, aircraft, and railway —
Standard Industrial Classification groups 3511 and 3519. — Man-
ufacturing steam engines (except locomotives), steam turbines,
water wheels, and water turbines: and manufacturing Diesel or
semi-Diesel engines, or other internal combustion engines, ex-
cept aircraft engines and automobile engines.
The tentative adjusted rate of return for this industry sub-
grouD is 12.8 percent.
Metalworking machinery, including machine tools — Standard In-
dustrial Classification groups 3541, 3542, and 3543. — (1) Man-
ufacturin.g power-driven machine tools that shape metal by
grinding or progressively cutting away chips (such as boring,
broaching, drilling, gear-cutting and finishing, grinding, milling
and planing machines: lathes, shapers, and slotters; honing and
lapping, polishing and buffing, sawing and cutting-off, contour-
sawing and filing, tapping, threading, and rifling machines, and
replacement and repair parts for machine tools) ; (2) rebuilding
of machine tools; (3) manufacturing machinery for shaping,
pressing, forging, or bending metal where the shaping action of
such machines is not dependent upon a cutting tool (such as
bending machines; can forming and soldering, and other sheet-
metal working machinery; die-casting machines; forging ma-
chines, such as drop hammers (impression die), forging hammers
(flat die), forging presses, bulldozers, and upsetters; portable
power-driven metalworking tools, and flexible-shaft machines;
presses (forming, stamping, and punch) ; riveting machines (not
portable) ; rod and wire forming and fabricating machines; roll-
ing mill machinery and equipment; shears; spring winding and
forming machines; acetylene welding and cutting apparatus;
wire-drawing machines ; and replacement and repair parts) ; and
(4) manufacturing attachments and accessories for machine
tools and other metalworking machinery. This industry sub-
group does not include manufacturing'hand tools (except power-
driven) or manufacturing electric welding apparatus.
The tentative adjusted rate of return for this industry sub-
group is 16.8 percent.
Ship and boat building and repairing — Standard Industrial Classi-
fication groups 3731 and 3732. — Building and repairing all t\pes
of ships, barges, canal boats, lighters, motorboats, sailboats, row-
boats, lifeboats, and canoes. This industry subgroup does not-
include fabricating structural assemblies or components for ships,
or subcontractors engaged in ship painting, joinery, carpentry
work, electrical wiring installation, etc.
The tentative adjusted rate of return for this industry sub-
group is 10.4 percent.
Wines — Standard Industrial Classification group 2084. — Manu-
facturing both dry and sweet wines. This industry subgroup
does not include bottling purchased wines.
The tentative adjusted rate of return for this industry sub-
group is 7.8 percent.
Photographic studios, including commercial photography — Stand-
ard Industrial Classification groups 7231 and 7232. — Portrait
C16 6B640.1
FACSIMILES OF TAX RETURNS FOR 1951
245
photography for the general public : and photography for adver-
tising am-ncics, publishers, and other indvistrial users. 77iii I'n-
duslry subtiroup does not include film developing or print proc-
essing for the trade or for the general public, or motion picture
film processing.
The tentative adjusted rate of return for this industry sub-
group is 8.6 percent..
Telegraph communication (wire and radio) — Standard Industrial
Classitication group 4821. — Furnishing telegraphic communi-
cation service by transmitting nonvocal record communications
intended for receipt by designated persons.
The tentative adjusted rate of return for this industry sub-
group is 1.5 percent.
Transportation by air — Standard Industrial Classification groups
4512, 4513, 4521, 4582, and 4583. — Carriers; operation and
maintenance of airports and flying fields; and furnishing coordi-
nated handling services for air freight or passengers at airports.
The tentative adjusted rate of return for this industry sub-
group is 3.0 percent.
1. Total assets at end of each taxable year ending after the
beginning of the base period and before July 1, 1950. — For defini-
tion of "total assets," see general instruction 7, Schedule EP-5.
2. Interest paid or accrued for each taxable year for which an
entry is made on line 1. — The amount to be entered on line 2
for each taxable year is the total amount of interest paid or incurred
by the taxpayer for such year. Such amount should include inter-
est on all indebtedness, irrespective of whether such indebtedness
constitutes borrowed capital within the meaning of section 439 (b).
3. Average of total assets. — Enter the aggregate of the amounts
of line 1, divided by the number of such amounts.
4. Taxpayer's industry subgroup and adjusted rate of return. —
Enter on this line the industry subgroup, to which is attributable
more than 50 percent of the aggregate of the taxpayer's gross re-
ceipts for the taxable years beginning with or within the taxpayer's
base period. For definition of "gross receipts," see instruction 38,
Schedule EP-2. ."Mso enter on line 4 the adjusted rate of return
for the industry subgroup of which the taxpayer is a member, and
indicate whether the tentative rate is used.
6. Interest adjustment. — The amount to be entered on line 6
is the average yearly amount of interest paid or incurred by the
taxpayer for all taxable years for which its total assets were deter-
mined on line 1. The average yearly amount of interest is com-
puted by aggregating the amounts entered on line 2, dividing such
aggregate by the total number of months in the taxable years in-
volved, and multiplying the quotient by 12.
Cie— 69649-1
246
FACSIMILES OF TAX RETURNS FOR 1951
APPENDIX A
Tentative rates of return
Standard Industrial
ClassJlicalion number
Industry classifications
Tentative kase (leriod yearly rate of return (percent)
Tentative base
1946
1947
1948
1949
return (percent)
01 and 07
08
AGRICULTURE, FORESTRY, AND FISHERIES
Farms and agricultural services, hunting, trapping.
Forestry ^..- .. . .
12.5
6. 1
9. 1
5.2
6.4
6.3
5. 1
11.9
8.6
12.6
18.4
9.7
24.0
21.8
16.0
16.4
17.8
18.6
17.3
6. 1
18.6
19.3
15.4
9.8
4.5
9.4
4.2
1. 4
11.9
2. 1
4. 1
11.4
24. 1
9. 1
*
11. 1
8. 1
6. 1
7.0
16.5
15.3
20.9
15.8
27.5
19.4
16. 9
12.6
14.3
0.9
3.3
2.8
2. 4
8.3
5. 1
5.9
9.6
11.7
12.8
14.8
10.4
24. 9
19.4
21. 3
8.8
12.8
8.2
2. 1
11.8
5.8
14.6
9.7
14.2
10.5
15.2
15.2
9.8
23.2
16.7
23.0
16. 4
23.2
15.7
17.6
8.7
12. 4
15.9
16.3
15.4
11.6
16.0
14. 5
13. 5
13.8
3.9
+
12.2
15. 1
9.9
*
10.5
10.0
4. 1
6, 3
15.3
16. 3
17.4
13.9
33.0
14.4
12.4
6.6
10.7
0.7
3.7
1.5
2.4
9. 5
5.2
5.6
8.6
11. 1
13. 1
13.7
13.4
18. 8
14.6
13.6
9.7
12.7
9.2
4.5
13.8
8. 0
15.4
11. 8
15.0
13.7
15.1
12.4
11. 1
20.6
10. 4
19.6
14.6
18. 1
13.8
16. 2
11.3
13.4
10. 2
17.2
16.4
14. 8
17.2
15.6
18.6
13.5
5.3
2.2
14. 0
12. 1
8. 1
1.3
10. 5
7. 1
4.9
6. 1
12.6
15.3
16.7
12.9
27.3
11.6
9. 1
5.7
9. 1
•
0.8
4.8
1.5
2.8
10.0
5. 3
6.0
8. 1
9. 1
13.0
12.5
13.3
12. 5
9.2
11.9
10. 3
11.9
10. 7
4. 5
8.7
4. 5
7. 7
11. 2
14. 9
14. 5
9.7
13.2
11.8
10.3
8.0
11.5
13.7
13.7
13.2
15.8
6.6
9.0
8.3
16. 8
12.9
7. 1
14.7
13.6
21.4
12.8
4.0
1. 7
12.7
10.4
8.4
4.3
9. 1
7. 2
5.0
6.5
9.7
10.0
13.2
15.8
15.7
7. 8
6. 5
6.2
6.8
0. 8
5. 1
2. 4
3. 2
10. 3
5.8
5. 8
".8
11. 5
14.2
10.6
14.6
10. 1
8. 4
12.0
8.3
12.5
8. 5
09
Fisheries
4.8
10
MINING
Metal mining .
10. 1
11
Anthracite mining . . . . .. .
6.2
12
Bituminous coal and lignite mining . .
11.3
13
Crude petroleum and natural gas extraction
10. 0
14
Nonmetalic minerals except fuels .
14.2
15 and 16
CONTRACT CONSTRUCTION
12.2
17
Special trade contractors
13. 1
20
MANUFACTURING
Food and kindred products
14.6
21
Tobacco manufactures _
10.7
22
Textile mill products .. . ..
19.2
23
Apparel and other finished products made from fabrics
13.8
24
17. 5
25
Furniture and fixtures .. _ _.
15.3
26
18. 1
27
Printing, publishing, and allied industries
15. 1
28
Chemicals and allied products .-
16.7
29
8.3
30
13.2
31
Leather and leather products ... . . . . ..
13.3
32
16.5
33 and 34...
Primary metal industries and fabricated metal products (except
ordnance, machinery, and transportation equipment)
13.8
19
Ordnance and accessories .. .
9.4
35
Machinery (except electrical).
14.6
36
Electrical machinery, equipment, and supplies. .
12.4
37
14.5
38 and 39
Professional, scientific, and controlling instruments; photographic
and optical goods; watches and clocks; including miscellaneous
13.0
40
TRANSPORTATION, COMMUNICATION, AND OTHER PUBLIC
UTILITIES
Railroads .. — ..-
3.9
41
Local and interurban railways aiiel bus lines_ _
1.4
42
12.7
43
Highway transportation not elsewhere classified —
15.2
44
Water transportation . _
8.9
45
Transportation by air __ ..... .. _
0.2
46
Pipeline transportation, _. ... _ .-
10. 1
47
Services incidental to transportation __
8. 1
48
Telecommunications
5.0
49
Utilities and sanitary services., -
6.4
50 and 51
WHOLESALE TRADE
Wholesale trade
13.3
52
RETAIL TRADE
Building materials and farm equipment.. .-
14.3
53
General merchandise.. .-
16.9
54
Food... .
14.6
55
Automotive dealers and gasoline service stations
25.0
56
Apparel and accessories. . .
13.0
57
Furniture, home furnishings, and equipment
10.7
58
Eating and drinking places
7.5
59
Miscellaneous retail stores.
9.8
60
FINANCE, INSURANCE, AND REAL ESTATE
Banking
0.8
61
Credit agencies other than banks.. .
4.3
62
Security and commodity brokers, dealers, exchanges, and services.
Insurance carriers.
2. 1
63
2.7
64
Insurance agents, brokers, and service .
9.6
65
Real estate .
5.3
67
Holding and other investment companies ... .. - ...
5.8
70
SERVICES
Hotels, rooming houses, camps, and other lodging places —
8.5
72
Personal services
10.8
73
Miscellaneous business services -. -. .-
13.3
75
12.7
76
Miscellaneous repair services .. . . --
13.2
77
Radio broadcasting, including facsimile broadcasting, and tele-
15.8
78
Motion pictures .. . .
12.7
79
Amusement and recreation services except motion pictures
Other services.
14.9
80, 81, 82, 84,
86, and 89....
9.3
♦Negative rate of return.
CI6 65649-1 U- S. GOVEH
HT PRINTrNG OFFICE
FACSIMILES OF TAX RETURNS FOR 1951
247
FORM 1120FY
V. %. Tr««(ury D«|»artrn«nt
Intamal R«v«nu« S«r*lc«
COMPUTATION OF U. S. CORPORATION INCOME TAX
For laiable years endin; allei March 31, 1951, anil before Decemter 31, I9S2 (other than i»ilenilar year 1951)
Taiable year betlnnln{ ,195 ,andenr)lne ,195
1951-1952
Fll» this lom wllh I9S0 Foim t120 II
tiubia TBir begins In 19S0, Fill wtiri
19SI Form 1120 II taxable yur be{lns In
mi.
NUT rUIHlT COIPOUIION'I HlHi «H0 JlODRfU
tSlnvl uiJ fiumt*!)
It taiible real b«ilnt before JuIt I. IKO.
ni In this pate only
II tauble yur beilni oo or intr Jjly 1,
19S0. nil In other tide ealy.
FOR TAXABLE YEARS BEGINNING BEFORE JULY 1, 1950
<A> COMPUTATION AT TAX RATCS ATTLICABLE BEFORE JULY 1. UM
llM NORMAL TAX COMTUTATION
M.
1. Net income (iicm 34, page 1, Form 1120 for 1950)
2. Less: Interest on certain oblig^itions of the United States and its instrumentalities issued prior
to March 1, 1941. (Enter total oi items 9 (*) and (A), page 1, Form 1120)
3. Adjusted net income
4. Less: Dividends received credit. Enter 85 percent of sum of columns 2 and 3, Schedule E,
Form 1120, but not to exceed 85 percent of the sum of line 3. above, and item 33.
page 1, Form 1120
5. Normal-tax net income
6. Normal tax. If amount on line 5 is:
Not over $5,000; enter 15 percent of line 5 ]
Over $5,000 but not over $20,000. enter $750, plus 17 percent of excess over $5,000
Over $20,000 hut not over $23.0a). enter $3,300, plus 19 percent of excess over $20,000
Over $25,000 but not over $50,000, enter $4,250, plus 31 percent of excess over $25,000
Over $50,000; enter 24 percent of amount on line 5 '
Note. — The normal tax of foreign corporations engaged in trade or business within the United States is 24
percent of normal-tax net income, irrespective of the amount.
^ " ~~ SUKTAXCOMPUTATIOH
Net income (1'"^ 1. above)
Less: Dividends received credit. Enter 85 percent of column 2, Schedule
E, Form 1 1 20. but not to exceed 85 percent of the sum of line 3.
above, and item 33, page 1, Form 1120, excluding from the com-
putation certain dividends received on preferred stocic of a !
public utility $
Dividends paid on certain preferred sttxk if taxpayer is a public
utility
Surtax net income
Surtax. If amount on line 10 is:
Not over $25,000; enter 6 percent of line 10 (8 percent if a consolidated return).
L
Over $25,000 but not over $50,000; enter $1,500, plus 22 percent of excess over $25,000 ($2,000 plus 24 percent of ( I
excess over $25,000 if a consolidated return) \ |
Over $50,000, enter 14 percent of amount on line 10 (16 percent if a consolidated return) / 1
12. Total normal tax and surtax (line 6 plus line 11) i
13. Line 12, multiplied by number of days in the taxable year before July 1, 1950. divided by number of days in the taxable
vear. ..... _^_____
(B> COMPUTATION AT TAX RATES APPLICABLE ON AND AFTER iULV I, 1950, AMD BEFORE APRIL 1. 13S1
Net income (item 34, page 1. Form 1120 for 1950) . . .
Less; Dividends received credit—
(a) Enter 85 percent of column 2, Sched-
ule E, Form 1120
(b) Enter 59 percent of column 3, Sched-
ule E, Form 1120
Total dividends received credit. Enter sum of (a) and (b),
above, but not to exceed 85 percent of the excess of item 32,
page 1. Form 1120, over the sum of items 9(«») and 9(i),
page 1. Form 1120 . .
Credit tor dividends paid on certain preferred stock if taxpayer is a
public utility
Credit for Western Hemisphere trade corporations
Surtax net income ___^^^^^.^^^_^_^^__^^^^^^j.
Enter
19. Combined normal tax and surtax. If amount on line 18 is:
Not over $25,000; enter 25 percent of line 18 (27 percent if a consolidated return)
Over $25,000. Compute 45 percent of line 18 (47 percent if a consolidated return). Subtract $5,000.
difference ;
20. Less: Normal tax adjustment for partially tax-exempt interest; enter 25 percent of the sum of items 9 (*) and 9 (i),
page 1, Form 1120, but not in excess of 25 percent of line 18, above
21 . Total normal tax and surtax
22. Line 21. multiplied by number of days in the taxable year after June 30. 1950, and before April 1, 1951, divided by num-
ber of days in the taxable year
(C> COMPUTATION AT TAX MATCS APPUCABLE ON AND AFTIM APRIL 1. Un
23. Net income (item 34, page 1, Form 1120 for 1950)
24. Less: Dividends received credit —
(a) Enter 85 percent of column 2, Sched-
ule E, Form 1120
(b) Enter 62 percent of column 3. Sched-
ule E, Form 1120
(c) Entcr85perccntofdiTidendsrcccived
from ccruin foreign corpora-
tions
Total dividends received credit. Enter sum of(a),(b). and(c).
above, but not to exceed 85 percent of the excess <rf item 32,
page 1, Form 1120, over the sum of items 9 («) and 9 (A),
page 1, Form 1120
Credit for dividends paid on certain preferred stocic if taxpayer is a
public utility
Credit for V.'csiem Hemisphere trade corporatioiu
Surtax net income
28. Combined normal tax and surtax. If amount on line 27 is:
Not over $25,000, enter 30 percent of line 27 (32 percent if a consolidated return)
Over $25,000. Compute 50 percent of line 27 (52 percent if a consolidated return). Subtract $5,000. Enter
difference
29. Less: Normal tax adjustment for partially tax-crcmpt interest; enter 30 percent of the sum of items 9(«) and 9(i),
page 1, Form 1120, but not in excess of 30 percent of line 27. above
30. Total normal tax and surtax
31- Line 30, multiplied by number of days in the taxable year after March 31. 1951. divided by number of days in the
taxable year . . . -
32. Toul of lines 13. 22. and 31
33. Toul tax (line 32, or alternative tax, whichever is lesser). Enter here and as item 35. page 1. Form 1120
248
FACSIMILES OF TAX RETURNS FOR 1951
FOR TAXABLE YEARS BEGINNING ON OR AFTER JULY 1, 1950
If Uubia yam- iMsIm b«fora April 1, 19S1. Dll In Mttlom D *na E. If taubl« year bcclns on or aHer April 1, 1951. but befora JanuMry 1. 1952, nil In »ecU«n E onl*.
(It«m and •choduUrDterancasaro to 1951 Form 1120. If taiabl« year bcK^nt In 13S0 um appropriate Itama and achadulaa at 13S0 Form 1130)
(D) COMPUTATION AT TAX HATES APPLICABLE ON AND AFTER JULY 1, 1950, AND BEFORE APRIL 1. 1951
Net income (item 34, page 1, Fonn 1120)
Less: Dividends received credit —
(a) Enter 85 percent of column 2, Sched-
ule C, Form 1120
(Jp) Enter 59 percent of column 3, Sched-
ule C, Form 1120
(c) Enter 85 percent of dividends
received from ccrcaio foreign
corporations
Total dividends received credit. Enter sum of (a),(b), and(c),
above, but not to exceed 65 percent of the excess of item 32,
page 1, Form 1120, over the sum of items 10(<»)and 10(i),
page 1, Form 1120
Credit for dividends paid on certain prcferted stock if taxpayer is a
public utility
Credit for Western Hemisphere trade corporations
Surtax net income
Ent(
Combined normal tax and surtax. If amount on line 5 is:
Not over $25,000, enter 25 percent of line 5 (27 percent if a consoUdaled return)
Over $25,000. Compute 47 percent of line 5 (49 percent '^ a consolidated return). Subtract $5,500
difference
Less: Normal tax adjustment for partially tax-exempt interest; enter 25 percent of the sum of items 10 (a) and 10
(A), page 1, Form 1120, but not in excess of 25 percent of line 5, above
Total normal tax and surtax
Line 8. multiplied by number of days in the taxable year after June 30, 1950, and before April 1, 1951, divided by
number of days in the taxable year
(E> COMPUTATION AT TAX RATES >U>PLICABLE ON AND AFTER APRIL 1, 1S51
10. Net income (item 34, page 1, Form 1120)
11. Less: Dividends received credit —
(a) Enter 85 percent of column 2, Sched-
ule C, Form 1120
(b) Enter 62 percent of coluam 3, Sched-
ule C. Form 1120
(c) Enter 85 percent of dividends
received from certain foreign
corporations
Total dividends received credit. Enter sum of (a), (b), and(c),
above, but not to exceed 85 percent of the excess of item 32,
page 1, Form 1120, over the sum of items 10(<i)and 10 (i),
page 1, Form 1120
Credit for dividends paid on certain preferred stock i£ taxpayer is a
public utility
Credit for Western Hemisphere trade corporations
Surtax net income
Eater
15- Combined normal tax and surtax. If amount on 14 line is:
Not over $25,000; enter 30 percent of line 14 (32 percent if a consolidated return)
Over $25,000. Compute 52 percent of line 14 (54 percent if a consolidated return). Subtract $5,500.
difference }
16. Less: Normal tax adjustment for partially tax-exempt interest; enter 30 percent of the sum of items 10 (a) and 10
(A), page 1, Form 1120, but not in excess of 30 percent of line 14, above
17. Total normal tax and surtax (If taxable year begins on or after April 1, 1951, enter tax here and on line 20 disre-
garding line 18)
18. Line 17, multiplied by number of days in the taxable year after March 31, 1931, divided by number of days in the
taxable year
19. If taxable year begms on or after July 1, 1950, and ends after March 31, 1951, enter sum of lines 9 and 18
20. If taxable year begins on or after April 1, 1951, enter amount shown on line 17
21. Total tax (line 19 or 20). or alternative tax, vyhichcver Js lesser. Enter here and as item 35, page 1, Form 1120 .
INSTRUCTIONS (Rereiencas aie to Ute
I. Taxable Years Beginniog Before July 1, 1950. — If the taxable year begins
prior to July 1, 1950, and en<is after March 31, 1951. the tax shoulit be computed by
using Sections (A). (B),and (C). Iq computing the tentative taxes under Sectioni
(A), (B), and (C) the net income is not recomputed. For computation of credit io
the case of dividends received from certain foreign corporations, see instructions
(pages 7 and fi) for 1951 Form 1120.
In the case of a public utdity corporation which has paid dividends on its pre-
ferred stock, line 9 in Section (A) provides for the allowance, in computing surtax
net income, of an amount equal to the dividends paid on certain preferred stock.
On Uoe 16 in Seaion (B) there should be entered an amount equal to 31 percent of
the lower of (a) the amount of dividends paid on certain preferred stock of a public
utility corporation or (b) the excess of the public utility corporation's adjusted net
income over its dividends received credit On line 25 in Section (C) there should
be entered an amount equal to 27 percent of the lower of (a) ot (b).
A Western Hemisphere trade corporation should compute its tax in Section (A)
without computing a surtax, and its normal tax should be computed without regard
lo any credit under section 26 (/). On line 17 in Section (B) there should be entered
an amount equal to 31 percent of the normal-lax net income computed without regard
to such amount. On line 26 in Section (C) there should be entered an amount
equal to 27 percent of such normal-tax net income.
The credits allowed in computing surtax net income and the surtax rate provided
in the Excess Profits Tax Aa of 1950 arc not effective with respect to the computa-
tions of the cedits and tax under Section (B).
2- Taxable Years Beginotng On or After July I, 1950. — (a) Taxablt jettrs
beginning before April 1. 19i}.—\i the taxable year begins on or after July 1. 1950.
and ends after April 1, 1951. the tax should be computed by using Sections (D) and
(E). in computing the tentative taxes under (D) and (E) the net income is not
recomputed. For computaUoa of credit in the case of dividends received from cer-
tain foreign corporations, see instructions (pages 7 and 8) for 1951 Form 1120.
In the case of a public utility corporation which has paid dividends on its preferred
stock, there should be entered on line 3 in Section (D) an amount equal to 30
percent of the lower of (a) the amount of dividends paid on certaia preferred stock
of a public utility corporation or {b) the excess of the public utility corporation's
adjusted net income over its dividends received credit. There should be entered on
line 12 in Section (E) aa amount equal lo 27 percent or the lower of (a) or (A).
A Western Hemisphere trade corporation should enter on line 4 in Section (D>
an amount equal to 30 percent of the normal-tax net income computed without regard
to such amount. On line 13 in Section (E) there should be entered an amount equal
to 27 percent of such oormal-tax net income,
(A) Taxable Years Beginning On or After April 1, 19il, but Before January t,
19i2. — If the taxable year begins on or after April 1. 1951. and before January 1,
1952. the combined ootmal tax and surtax should be computed in Section (E). For
computation of credit in the case of dividends received from certain foreign corpora-
tions, see instructions (pages 7 and 8) for 1951 Form 1120. In the case of a public
utility corporation or a Western Hemisphere trade corporation, the credit on line 12
or 13 is computed in the same manner as outlined for such line in subparagraph (a).
3. Alternative Capital Gains Tax. — (a) In General. — In any case in which a
corporation has an excess of net long-term capital gains over net short-term capital
losses, the ahernative tax under Seaion 117 (c) (1) will be an amount equal to the
sum of the portions of the tentative taxes determined under Section 108 (/) or ig)
by computing each tentative tax in accordance with the alternative tax computa-
tion provided in Section 117 (f) (1). regardless of whether each tentative tax so
computed on the alternative basis is larger or smaller than the tentative tax computed
without regard to Section 117 (c) (1). A statement showing the computation of
the alternative tax should be attached to separate Schedule D (Form 1120).
(A) Tentative Taxti for Taxable Yeari Beginning Before July I, 19iO. — A tcota-
intflma! Revenue Code, unless oUianwisg utad)
live partial tax may be determined for eadi period by fubtracting the excess of act
long-term capital gains over net short-term capital losses for the taxable year from —
(1) lines 5 and 10 and using the tax rates shown in lines 6 and 11, Seaion (A);
(2) line 18 and using the lax rates shown in lines 19 and 20, Section (B) ;
(3) line 27 and using the tax rates shown in lines 28 and 29, Section (C).
The tentative alternative tax for each period will be the amount of each tentative
partial tax so computed plus, for each such tax, 25 percent of the excess of net long-
term capital gains over net short-term capita] losses. The portion of each tentative
alternative tax may be determined by multiplying tuch tax by the number of days in
the applicable period and dividing by the number of days in the taxable year. (Sec
lines 13, 22. and 3I-) The sum of the portions of each tentative alternative tax so
computed will be the tax under Sectioo 117 (c) (1) and should be entered on line 35
if less than the total tax on line 32.
(c) TenlaSive Taxes for Taxable Yfori Beginning Before April I. 1951. — A tenta-
tive partial tax may be determined for each period by subtracting the excesa of net
long-term capital gains over net short-term capital losses for the taxable year from —
fl ) line 5 and using the tax rates stwwn in Unes 6 and 7. Section (D) ;
2) line 14 and using the tax rates shown in lines 15 and 16. Section (B).
The tentative alternative tax for each period will be the amount of each partial tax
so computed plus, for each such tax, 25 percent of the excess of net long-term capital
gains over net short-term capital losses. The portion of each tentative alternative tax
may be determined by multiplying such tax by the number of days in the applicable
period and dividing by the oumbcr of days in the taxable year. (Sec lines 9 and 18.)
The sum of the portions of each tentative alternative tax so computed wdl be the tax
under Section 117 (c) (1) and should be entered on line 21 if less than the total
normal tax and surtax Oq line 19.
Id) Allemalivt Tax for Taxable Yeats Beginning On or After April I. 1951, aaJ
Before January 1, 1952. — A partial tax may be determined by subtracting the excess
of long-term capital gains over net short-term capital losses for the taxable year from
Lne Hand using the tax rales shown in Lines 15 and 16, Section (E). Tbc alternative
tax will be the partial tax plus 26 percent of such excess.
4. Use of Form 1120 (1950 or 1951) and Form 1120FY (1951-1952)— A cor-
poration having a taxable year (a) beginning before July 1, 1950, and ending after
March 31. 1951. [b) beginning on or after July 1. 1950. and ending after March 31,
1951, or (c) beginning on or after April 1. 1951. must use Form 1120FY (1951-
1932) to compute the normal tax aod surtax for its taxable year. In such cases the
tax computations OB page 3 of Form 1120 for 1950, Form n20FY, and Schedule FY
(Form 1120) should be disregarded. Corporations having taxable years beginoiog
in 1950 should use Form 1120 for 1930 to compute the net income, filling in all
applicable items and schedules. Corporations having taxable years beginning in 1951
should use Form 1120 for 1951. Form 1120FY (1951-1952) should be filled in.
attached lo, and tnade a part of such form.
In the case of a taxable year ending after March 31, 1931, but before October 1.
1951, the date of filing the return and paying the tax imposed by chapter 1 for such
taxable year is January 15. 1952. Even though a taxpayer has filed a corporation
income tax return on or before October 30, 1951 (date of enactment of the Revenue
Act of 1951). the Act requires every corporation (except those speci6cally exempted
by law) to file a return after the dale of enactment of the Act. Accordingly, no return
of such a corporation witli respect lo taxes imposed by chapter 1 for such taxable
year which was filed on or before October 20, 1951, will be considered a return for
such year. The total tax for such taxable year is due and payable on January 15,
1952. or, at the election of the corporation, may be paid in four installments (first
two installments, 30 percent of the tax. and last two installments, 20 percent of the
tax). All payments of tax made on or before October 20. 1951, with respect lo such
Uxable year, to the extent not credited cr refunded, will be applied to tfie January
15, 1952, installment and any excess will be applied to succeeding installments.
i«~«Mia-i
FACSIMILES OF TAX RETURNS FOR 1951
249
SCHEOUIE EP (Form 1170) fV
U.S.Tra*«wf) 0*part)n«nt
InCarfMl II«*mhm tmrrlcm
19511952
COMPUTATION OF U. S. CORPORATION EXCESS PROFITS TAX
For taxable years ending after Marcti 31, 1951, and before December 31. 1952 (other than calendar year 1951)
Taiabte year beflnnlns
, 1951, and endinf .
,195.
Fh thli tOmtik « ■
partofScMvltEPfFfni
1110) rai i»i. rr m-
nil with l»M Fwm MTO.
ir tiobi* r«if b^lns in
l»l. flto wltb mi Fom
1170.
Pllirr PUWIT COtPMlTIOHl MtHt >HD tootin
(Stnct Md ouab«T)
(City at towD, pMUl tone Dumbn)
PART I. PttORATION OF AVERAGE BASE PERIOD NET INCOME
(Sec Instructions)
1. Average base period net income from Schedule EP (Form 1 120).
2. 85 percent of line I
3. 83 percent of line I
4. If the taxable year ends before July 1, 1951, enter here the amount on line 2
5. If the taxable year begins after June 30. 1951. enter here the amount on line 3
6. If the taxable year begins before July 1, 1951. and ends after June 30, 1951 —
(<j) Line 2, multiplied by the number of days in the taxable year before July 1, 1951, divided by
the number of days in the taxable year
(b) Line 3, multiplied by the number of days in the taxable year after June 30. 1951, divided by
the number of days in the taxable year
(f) Total of lines (d) and (t)
7. Lines 4, 5. or 6 (f). whichever is applicable (See Instructions)
PART II. COMPUTATION OF MAXIMUM TAX FOR TAXABLE YEARS BEGINNING BEFORE JULY 1, 1950
1. Excess profits net income (line 26. page 1, Schedule EP (Form 1120))
2. Adjusted excess profits net income (line 30, page 1, Schedule EP (Form 1120))
5. 62 percent of line 1
4. Using the front page of Form 1120FY (1951-1952) as a guide, substitute tor the amount on lines 5 and 10 of that form
the amount entered on line 1. aJiove. and compute in accordance with the rates shown on lines 6 and 1 1 . Enter the result
here ' j$ |
5. Line 4. multiplied by the number of days in the taxable year before July 1. 1950, divided by the number of days in the
taxable year
6. Using the front page of Form lUOFY (1951-1952) as a guide, substitute for the amount on line 18 of that form
the amount entered on line 1, above, and compute in accordance with the rates shown on line 19. Enter the result
here |$ |
7. Line 6, multiplied by the number of days m the taxable year after June 30, 1950, and before April 1, 1951. divided by
the number of days in the taxable year
8. Using the front page of Form 1120FY (1951-1952) as a guide, substitute for the amount on line 27 of that form
the amount entered on line 1, above, and compute in accordance with the rates shown on line 28. Enter the result
-here $
9. Line 8. multiplied by the number of days in the taxable year after March 31. 1951. divided by the number of days in the
taxable year
10. Total of lines 5, 7, and 9
1 1 . Excess of line 3 over line 10
12. 18 percent of hne 1 (if a consolidated return, see instructions)
1 3. 30 percent of line 2
14. Line U or 13, whichever is lesser, multiplied by the number of days in the taxable year after June JO, 1950, and before
April 1, 1951, divided by the number of days in the taxable year
15. Line 12 or 13. whichever is the lesser, multiplied by the number of days in the taxable year after March 51, 1951, divided
by the number of days in the taxable year
16. Total of lines 14 and 15. (See Instructions)
PART III. COMPUTATION OF MAXIMUM TAX FOR TAXABLE YEARS BEGINNING ON OR AFTER JULY 1, !»$•
1. Excess profits net income (line 26. page 1, Schedule EP (Form 1120))
2. Adjusted excess profits net income (line 30, page 1. Schedule EP (Form 1120))
3. 62 percent of line 1
4. Using the back page of Form 1120FY (1951-1952) as a guide, substitute for the amount On line 5 of that form the
amount entered on line 1 and compute in accordance with the rates on line 6. Enter the result here j$^. is- -A-^i.-
5. Line 4, multiplied by the number of days in the taxable year after June 30. 1950. and before April 1, 1951, divided by
the number of days in the taxable year
6. Using the back page of Form 1120FY (1951-1952) as a guide, substitute for the amount on line 14 of that form the
amount entered on line 1. above, and compute in accordance with the rates shown on line 15.
here
$
Enter the result
• 1$,
I-.
7. Line 6, multiplied by the number of days in the taxable year after March 31, 1951. and divided by the number of days in
the taxable year
8. Total of lines 5 and 7
9. Excess of hne 3 over line 8
10. 18 percent of line 1 (if a consolidated return, see instructions)
1 1. 30 percent of line 2
rni M lltw* 12 thr— ^ U. M tmtMa yMr taflfH kalw* April 1. USl
12. Line 9 or line 1 1, whichever is lesser, multiplied by the number of days in the taxable year before April 1, 1951, divided by
the number of days in the taxable year
Line 10 or line 11. whichever is lesser, multiplied by the number of days in the taxable year after March 31, 1951, divided
by the number of days in the taxable year (
Total of lines 12 and 13 (See Instructions)
PHI In HtM U. H tokiMi r—r b«clm •#
Line 10 or 11, whichever is the lesser (See Instructions)
13
14
r April LUU
15
250
FACSIMILES OF TAX RETURNS FOR 1951
PART IV. ALTERNATIVE COMPUTATION OF MAXIMUM TAX FOR NEW CORPORATIONS
E instructions.
%
1. Excess profits net income (line 26. page 1. Schedule EP (Form 1120))
2. If return is for one of the first five taxable years, indicate which year, and
(j) Enter applicable percentage
(b) Line I. not in excess of $300,000. multiplied by the percentage on line (a)
3. Enter the excess of line 1 over $300,000
4. 1 5 percent of line 3
5. 18 percent of line 3
6. Adjusted excess profits net income (line 30. page 1, Schedule EP (Form 1120))
7. 30 percent of line 6
8. Enter either (i) line 2 (h) plus line 4. or (ii) line 7. whichever is lesser
9. Line 8. multiplied by the number of days in the taxable year after June 30. 1950. and before April 1, 1951. divided by the
number of days in the taxable year
10 Enter either (i) line 2 (i) plus line 5. or (ii) line?, whichever is lesser
U, Line 10. multiplied by the number of days in the taxable year after March 31, 1951, divided by the numbe. of days m
the taxable year
12. (d) If the taxable year begins before April 1. 1951, and ends after March 31. 1951. enter here the sum of lines 9 and U
(b) If the taxable year begins after March 31. 1951, enter here the amount on line 10
(f) If a computation has been made in Part II or III of this form, enter here the amount so computed
{J) Enter here the amount on Ime (a) or (b). whichever is applicable, or (c ) if lesser (See Instructions)
INSTRUCTIONS
CR*fer«ncM arc to the Intvrnsl Revenue Cede, unlets otherwite noted)
Schedule EP (Form 1120) FY IS to be used by fiscal year taxpayers m conjunction with Schedule EF (Form 1120) for 1951. If the taxable year
begins in 1950 it should accompany Form 1120 for 1950. If the taxable year begms m 1951 it should accompany Form 1120 for 1951,
If the taxable year begins before July 1, 1950. only Parts I, II. and IV (if applicable) are to be used If the taxable year begms after June 30.
1950, only Parts I, III. and IV (if applicable) are to be used. The same rules apply to short taxable years.
Part I is designed for computation of the portion of the average base period net income which is to be taken into account in computing the excess
profits credit based on income.
Parts II and III. respectively, are designed for the computation of maximum tax for taxable years which begin before July I, 1950, and taxable
years which begin after June 30. 1950.
Part IV is designed for computation of the alternative maximum tax for the taxable year, if such year is one of the first five taxable years of the
corporation. It should be used, where applicable, in conjunrtion with Parts II and III in accordance with the above instructions.
The figures determined by reference to this form are to be entered on Schedule EP (Form 1120) as indicated in specific instructions below.
SPECIFIC INSmUCTIONI
The following instructions arc numbered to correspond with line numbers in each part of this schedule
PART I.— 1- The average base period net income to be entered on this
line is the figure determined by reference to Schedule EP (Form 1 120) on
line 30, 36. or 45 of Schedule EP-2 , line 9 or 15, Schedule EP-5 (A),
line 16. 20 (or line 28 if line 30 is applicable). Schedule EP-5 (B); line 9,
Schedule EP-5 (C) ; line 8, Schedule EP-5 (D) ; line 7, Schedule EP-5 (E)
whichever is applicable, or if the credit is determined under any of the sub-
sections of section 459, the amount determined under such subsection.
7. This is the amount of the average base period net income to be taken
into account in computing the excess profits credit based on income. The
amount determined on this line should be entered in the appropriate line
of Schedule EP (Form 1120) depending upon the method of computing
the excess profits credit. If the excess profits credit is computed under the
general average method (section 435 (d) ), enter on line 47, Schedule EP-2.
If computed under the provisions relating to growth (section 435 (e)),
enter on line 46, Schedule EP-2 (A) If computed on Schedule EP-5,
enter on line 10 or 16, Schedule EP-*! (A): line 17. 21 (or line 30 if appli-
cable), Schedule EP-5 (B) , line 10. Schedule EP-5 (C) ; line 9. Schedule
EP-5 (D); or line 8. Schedule EP-5 (E), whichever is applicable. If com-
puted under section 459. use the amount determined on this line in the
computations made under the provisions of that section.
PART IL— 1. Exceij Promts Net Income— This is the figure determined
on line 26, page 1, Schedule EP (Form 1 120) for 19'>1, In the case of a
short taxable year this figure should be the annualized excess profits net
income as provided under the regulations.
2. Adjusted ExcefS Profits Net Income. — This is the figure determined
on line 30. page 1, Schedule EP (Form 1120). If the taxable year begins
before July 1. 1951, and ends after June 30, 1951^ and the excess profits
credit based on income is used, the adjusted excess profits net income is to
be computed with reference to such part of the average base period net
income as is determined under Part I of this schedule.
12 If a consolidated return, reduce the amount on this line by an amount
which bears the same ratio (not more than 100 percent) to the 2 percent
increase in surtax imposed by section 141 (c) as the consolidated excess
profits net income bears to the consolidated surtax net income.
16. The figure determined on this line should be entered on line 34,
page 1, Schedule EP (Form 1120). If Part IV of this schedule is appli-
cable, the figure on this line should be entered on line 12 (c) of that part.
If this 15 a short taxable year, see section 433 (a) (2) for reduction of this
figure before entering it on Schedule EP (Form 1120).
PART III.— 1 Excess Promts Net Income.—Sec Instruction 1. Part II.
2. Adjusted Excess Profits Net Income — See Instruction 2, Part II.
10. If a consolidated return, see Instruction 12, Part II.
14. See Instruction 16, Part II. of this schedule,
15. Sec Instruction 16. Part II of this schedule.
PART IV.— Sec instructions for line 33, Scheduk EP-1 (1951 Instruc-
tions for Schedule EP (Form 1120)) with respect to application of this
schedule.
1 , Excess Profits Net Income. — See Instruction 1, Part II-
2. See instruction for line 33. Schedule EP-1 (Instruction for Schedule
EP (Form 1 120) ), for determination as to which taxable year is involved
and for applicable percentage to be entered on line {a).
12, ((/) The amount computed on this line should be entered on line
34, page 1. Schedule EP (Fom 1120).
T PMHTTNc orricK
FACSIMILES OF TAX RETURNS FOR 1951
251
FORM 1120 L
U. S. Traaturv l>*p«rtnMnt
lnt«cn«l RavvnuB Sarvlc*
U. S. LIFE INSURANCE COMPANY INCOME TAX RETURN
1951
For Companies Issuing Life Insurance and Annuity Contracts;
Combined Life, Health, and Accident Insurance Contracts;
or Noncancellable Contracts of Health and Accident
Insurance
FOR CALENDAR YEAR 1951
f\\» Thli Rafani With Ihe Collector of Inlernil Revenue tot Your DIsKlcl on or BalOfi Marcil IS, 1951
-^
MINT HilNLT GOHPMri HIMl MO ADMEU
(SiRM ind numbei)
(Gty or town, potitl iom Dumber)
fSt*lc Of rountryl
Do Not Wtlta In Thtu Spam
{C*»hi»'t Sump)
(Fiitt Payment)
GROSS INCOME
1. Interest on:
c credit backs bsui'd prior U
(() Obllentlons of the tJnUM SIkIm Issued on or beforo Spplcmbor I. 1017
(d) Ttrasury NolM issiUKl prior to [>i>c«-mb«r I, 1941), Tmi^uiy BUli and Treasury
CerllOcnlef of IndcblnlnrM tssiicrl priur to Mutch 1, IIMI
(() Uiiltrd States Saviniis Bonds and Trriuury Bon<b owuril In (be principal amount
ot %S.0BO or )pu Isurd prior lo Msrcli 1, IMl
(/) Un1i*d Sluti>s Suvli\it5 Bonds and Trciuury Bonds owned In oicvss of the prtDClpal
amount or tS.oOO Issued prior to March 1. imi
(t) ObllKatlons of lent ru men tu11tl«s of ibe Unfird SluiM (oihir tbaa obligations lo be
reported In line (6) nboFo) Issued prior to Miirch 1, itHI
(A) TrMsury Notmissunl oa or aft^r December I, IMO. and obliptlonsiuurd on or after
Murch 1, IMl. by the United Sinies or any unrncy or Inslrumviitallty thereof.
(Submit sebcdule) ...
(0 Loans, notes, morteasos, bank deposits, etc
Totals
I. Actriui at 0l»v«
loder Ctiiptcr 1 oi the Internal Revenue GuJe*
on under Chapter 1 of the Internal Revenue Code, ,
2. Dividends on stock of:
(*) Domestic corporations subject to taxatioi
(i) Public utility corporations subject to tax,
CO Foreign corporatioas. , , .
(J) Other corporations
3. Rents. (Attach schedule)
4- Total Income in items 1 to 3
DEDUCTIONS
5. Interest wholly exempt from tax (item 1 (j), (i), (c), (i/). (0. column 4)
6. Investment expenses. (Attach schedule)
7. Taxes
8. Real estate expenses
9. Depreciation. (Attach schedule)
10. Total Deductions in Items 5 to 9 •
11. Net income (item 4 minus item 10)
I T«ltl
«■ ClM ri lllin 1. CtlDM1 1 Ph
Ctldnu tUn Ctluna »
•Except diviiietiJs received oo tcrtiin preferred Stock of public utility corporations which should be entered in item 2 (A), and dividends received from corporations organized
uader the China Trade Act, 1922, and from corporations entitled to the benefits of section 231 of the Interoal Revenue Code, which dividends should be included in iieiD 2 (J).
COMPUTATION OF TAX
12. Net income (item 11)
13- Less: Interest partially exempt from tax (item 1 (/) and (^, column 4).
14. Adjusted net income
15. Less: Dividends received credit —
(.f) Enccr^SS percent of item 2 (j)
(4) Enter 61 percent of item 2 (*)
(t) Enter 85 percent of dividends received from certain foreign
corpora
C<0 Total d
iiions
vidcndl ri
3 14. .
ivcd credit. Enter sum of («), (i), and (r), but not to exceed 85 percent
16. Normal tax net income
17- Adjustment for certain non-life insurance reserves (applicable only to contracts other
than life insurance or annuity contracts) —
C*) 3H percent of mean of unearned premiums and unpaid losses on such other
contracts at beginning and end of year .
(i) 3k percent of 25 percent of net premiums on such other contracts written
durmg year
CO 3"^ percent of mean of unpaid losses on such other contracts at beginning
and end of year
(J) Item (A) plus Item (0
(0 Item (a) or (J), whichever is greater
(0 Item (0 multiplied by 8
18. Sum of Items 16 and 17 (/) ■ ■
19. Less: Reserve interest credit (from line 6, Schedule C)
20. 1951 adjusted normal tax net income
21. Tax. If amount in item 20 is:
Not over $200,000, enter 3H percent of item 20
22.
Over $200,000, enter $7,500 plus 6H percent of excess over $200.000
Less: Credit for income taxes paid to a foreign country or United States possession allowed a domestic
corporation. (Attach Form 1118)
23. Balance of income tax due
24. Excess profits tax due (line 39, page 1, Schedule EP (Fomi 1120),
25. Total income and excess profits tax due (item 23 plus item 24;
$ —
DECLARATION <See Instruction E)
We, the undersigned, president (or vice president, or other principal oliicer) and treasurer (or assistant treasurer, or chief accounting
officer) of the corporation for which this return is made each for himself declares under the penalties of perjury 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 slated, pursuant to the Internal Revenue Code and the regulations issued thereunder.
VpmVdVnt oVoifiVrprincipiiofficVt") "(S^^^ title) (Date) (Treimter. Asiiilinl Tieiiurer. or Chief Accouniin< Offittr) (Slate title) (Di
DECLARATION (See Instruction E>
I/we declare under the penalties of perjury that I/wc prepared this return for the person 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 tax liability of the
person for whom this return has been prepared of which I/wc have any knowledge.
(Name of firm ot efflployer. il tor)
(Signiturc of person ptcpatioj the return)
(Sifnatuie of penoB ptepatiDf tbe retnm)
323516 O— 55-
252
FACSIMILES OF TAX RETURNS FOR 1951
Schedule A^DATA FOR RESERVE AND OTHER rOLICV LIABILITT CREDIT rOR THE SUCCEEDING TAXABLE YEAR (Se« Inttructlon for Sch*dul* A)
1. Kitwi ft R«nm
tkmmtt
M«M;ti
4. Hilhii ri CM-
1 kmatiBl d UiuiM fitam it ' L Anuuni ai MjuilBd Reurn at
■qlatiot i( TiulM Tis* | Endtl TmbMInt*
7. MuatfCtlnB»(nia4(D
1. ClImnB n) TlBH
Mw*(T)
1. . .
1$ 1$
$
$.
2
j J
3.
4
1
5
1 1
6. Totals $
$
Average rate of interest assumed in computing life insurance reserves (total of column 8 above divided by total of col-
umn 7 above) ....
35 percent of line 7
2.1125 percent (65 percent of 3M percent)
Reserve earnings rate (line 8 above plus line 9 above)
Total of column 7 multiplied by line 10 above , . ,
2 percent of the reserve held for deferred dividends
Interest paid
Total of lines 11, 12, and 13 above
Net income (item 11, page 1)
Interest wholly exempt from tax (item 5, page 1)
Ad)ustmcnt for unearned premiums and unpaid losses on non-life insurance reserves (item 17 COi P'gc 1)
%
%
2. 1125%
=%
•In the case of rcKrves computed on a preliminary term basis. 107% of the amount of the tescr\'e
SchaduU a.— INVESTED ASSETS BOOK VALUES (S«« Instruction 6>
(Schadula ■ rw«d not bo (lllod In l( no doductlon Is dolmod for any (cnoral aipanioi that aro allocated to InMitnwnt Incenw)
1. B4iui««ll»iUiT«
I tain linHt itm
$ 1
$
7. Government obhgattons, etc.:
<o) ObllRal ions ol d SUtc. Territory, or political subdlrislonlhereor, or tbe DUtricl of ColiimWft, or Dnltcd StBiM
pofwsslons
ib) Ob1lFLiiion» of Federal land banks. Joint stock land banks, and Federal Intermediate credit banks Issued prior
(ci Obllgallons of the United Stal<^ Issued on or Iwfore September 1. 1917
W) Treasury Notes Issued prior to Oecember I, IMO, Treastwy Bills and Treasury Certlflcale! of Indebtedness
issued prior to Marcb 1. IMl
(t) UuitPd Siatw Savings Bonds and Treasury Bonds owned In the prlDclpal amount of t5,000 or less Issued prior
toMnrch 1. IWl .
(0 DnllPrt Slates Savings Bonds and Treasury Bonds owned In eic«u of the prlnelpnl nmounl of S5,000 Ifsuei prior
igi Obligotions of insirumeniulirics of the United States (other than obllgnllons to be reported In line (6) above)
issued prior to Mureh I. IMl
W Treasury Notes Issued on or afler December 1. iftio, and obllgallons Issued on or ofter March 1. IMI, by tlic
United States or any agency or instrumentality thereof
9- Other interest-bearing assets (attach statement)
10- Totals of lines 1 to 9
$
$ -
$ _
$.
$
14. Income base (item 4, page 1, minus items 7, 8. and 9. page 1)
$
f
%
18. Limit on deduction for investment expenses (line 13 plus line 17)
$.---
Schadula C.-RESERVE INTEREST CREDIT <Se« Inrtructlon 19)
1. Net income computed without deduction for wholly tax-exempt interest (sum of items 5 and 11, page ]
2. 50 percent of item 17 (0. page 1
3. Adjusted net income for purpose of reserve interest credit (line 1 minus line 2). . .
4- Required interest —
C«3 Total d( coliHDD B. (Unc 6). Schedule A
(i) 2 percent of reserve for deferred divideods
CO Interest paid
(i) Sum of lines (a). C*). Md (0
5. Line 3 divided by line 4 (d'). Enter percentage
6. Reserve interest credit — If percentage on line 5 is:
105 or more, enter zero
100 or less, enter 50 percent of item 16, page 1
more than 100 but less than 105, enter * % of item 16, page 1
'Multiply by 10 the difference between 105 percent and percentage on line 3 and enter pcrccnt-i^t
.%
Schadula 0.~COMPUTATION TO DETERMINE NECESSITY FOR FILING EXCESS PROFITS TAX SCHEDULE
1. Net income (item 11, page 1).
2. Less: Partially tax -exempt interest from item 13, page 1
3. Dividends received (total of item 2, page 1 , less (a) adjustment fordividends
received in Lind, (A) dividends received from foreign personal holding
companies, and (c) dividends received on stock which is not a capital
asset)
4 Line 1 minus sum of lines 2 and 3
If line 4 Is 525.000 or le«i, Schadula EP (Form 1120) nmd not be Hied with this relurr
r $25,000, Schedule EP (Form'1120) ntuU bB Died.
1. Did the compiny file a return under the same name for the preceding caxable
year?
2. State the amount of deterred dividend funds at the end of the uxablc year, ex-
clusive of any amount held for payments during the following taxable year $
3. Is this a consolidated return* - (If so, procure from the collector of
internal revenue for your district Form 851. Affiliations Schedule, which shall be filled
in, and filed as a part of this return)
4 If this is not a consolidated return («) did the company at any time during the
taxable year own 50 percent or tnorc of the voting stock of another corporation either
domestic or foreign? ; (*) did any corporation, individual, part-
nership, trust, or association at any time during the lanable year own 50 percent or
more o( your voting stCKl£> -- (If either answer is "yes," attach
separate schedule showing; (1) Name and address, (2) pcrccoiagc of stock owned.
(3) date stock was acquired; and (4) the collector's office in which the income tax
return of such corporation, individual, partnership, trust, or association for the fast
taxable year was filed )
5. Did the company make a return of information on Forms 1096 and 1099 or Form
W-2a for the calendar year 1951 (sec General Instruction H)? — (Answer
"yes" or "no,"')
6. Did the company at any time during the taxable year own directly or indirectly
any stock of a foreign corporation? (If answer is "yes," attach statement
required by General Instruction J.)
7. Did the company file with the collector of internal revenue a copy of the annual
statement for the preceding vcar as required by Genera! Instruction K?
(Answer "yes" or 'do.") if answer is "yes." state collector's office in which State-
ment was filed
8. If a copy of the annual statement required by General iDsmictioQ K docs not
accompany this return, state reason why the statement is not attached
9. If the company is a burial or funeral benefit insurance company, state whether it
is engaged directly in the manufacture of funeral supplies or in the performance of
funeral service _ - -
FACSIMILES OF TAX RETURNS FOR 1951
253
INSTRUCTIONS FOR FORM 1120 L
1951
U. S. LIFE INSURANCE COMPANY INCOME TAX RETURN
(References are to the Internal Revenue Code, unless otherwise noted)
Taxpayers will find it helpful lo read the General InstruttioDS A to L before commencing to (ill in their returos
1951
GENERAL INSTRUCTIONS
A. Companies required to file a return. — Every domestic life insur-
ance company .uid every foreign life insurance company carrying on an
insurance busmcss within the United States (if with respect to its United
States business it would qualify as a life insurance company), whidi is
engaged in the business of issuing life insurance and annuity contracts
(either separately or combined with health and accident insurance) or
noncancclfablc iontracts of health and accident insurance, and the life
msurance reserves, plus unearned premiums and unpaid losses on non-
cancelUblc life, health, or accident policies not included in life insurance
reserves, of which comprise more than ^0 pe'ccnt of its totaJ reserves,
shall file a return on this form, (See section JOl.)
Receivers, trustees m dissolution, trustees in bankruptcy, and assignees,
operating tlie property or business of corporations, must make returns of
income for such corporations. If a receiver has full custody of and con-
trol over the busmess or property of a corporation, he shall be deemed to
be operating such business or property, whether he is engaged in carrying
on the business for which the corporation was organized or only in mar-
shaling, selling, and disposing of its assets for purposes of Hquiaation.
B. Period covered. — The return shall be for the calendar year ended
December 31. 1931, and the -net income computed on the calendar year
basis in accordance with the State laws regulating insurance companies
C. Basis of return. — A return on this form shall be rendered on a cash
receipts and disbursements basis in conformity with the annual statement
made to the State Insurance Department, instead of the accnial basis.
D. Time and place for filing. — The return must be sent to the collec-
tor of internal revenue for the district in which the company's principal
place of business or principal office or agency is located, so as to reach
the collector's office on or before March 15, 1952.
E. Declaration. — The return must be signed by the president, vice
president, or other principal officer, and by the treasurer, assistant treas-
urer, or chief accounting officer.
Where the return is actually prepared by some person or persons other
than officers or employees of the company, such person or persons must
also sign the declaration at the foot of page 2.
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
collectors office.
The tax must be paid in full when the return is filed, or in four install-
ments, as follows: The first installment equal to 35 percent of the tax
shall be paid on or before March 15, 1952; the second installment equal
to 35 percent of the tax on or before June 15, 1952 ; the third installment
equal to 15 percent of the tax on or before September 15, 1952; and the
fourth installment equal to 15 percent of the tax on or before December
15. 1952.
If any installment is not paid on or before the date fixed for its payment,
the whole amount of the tax unpaid shall be paid upon notice ana demand
by the collector.
G. Penalties. — For failure to make and file a return on time. — Five
percent to 25 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 $10,000, or imprisonment for not more than 1 year, or both,
together with the costs of prosecution.
For willfully attemptmg to evade or defeat payment of the tax. —
Not more than $10,000. or imprisonment for not more than 5 years, or
both, together with the costs of prosecution.
For deficiency due to negligence or fraud. — Five percent of the
amount of the deficiency if due to negligence or intentional disregard of
rules and regulations without intent to defraud, or 50 percent of the
amount of the deficiency if due to fraud.
H. Information at source. — Every insurance company shall make a
return on I-orms 1096 and 1099 with respect to amounts paid, credited, or
distributed during the calendar year as (.j) salaries or other compensation
for personal services, totaling 5600 or more in the case of a citizen or
resitlent, or (b) interest, rent, premiums, annuities, or other fixed or
determinable income totaling |600 or more to a fiduciary, a domestic or
resident partnership, or a citizen or resident. A report on Form 1099 is
not required with respect to wage payments included on Fbrm W-2.
provided copici of witnholding statements on Form W-2a arc furnished.
If a portion of sucli wage payments was reported on a Withholding State-
ment (Form W— 2), only the remainder must be reported on Form 1099.
The return on Forms 1096 and 1099 shall also include dividend payments
regardless of amount during the calendar year to each shareholder who
is 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.
1. Information by corporations. — 1. Contemplated dissolution or
liquidation.— 'E.\cry corporation shall, within 30 days after the adoption
by the corporation of a resolution or plan for the dissolution of the corjx)-
ration or for the liquidation of the whole or any part of its capital stock,
render a correct return on I'orm 966 to the Commissioner, setting forth
the terms of such resolution or plan. (See section 148 (d).)
2. Distributions in liquidation. — Every corporation shall, when re-
quired by the Commissioner, render a correct return, of its distributions
in liquidation, stating tlie name and address of each shareholder, the
number and class of shares owned by him, and the amoimt paid to him
or, if the distribution is in property other than money, the fair market
value (as of the date the distribution is made) of the property distributed
to him. (See section 148 (e).)
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 shoulcf attach to its
return a statement setting forth the name and address of each such com-
pany and the total number of shares of each class of outstanding stock
owned by it during the taxable year. This statement should be furnished
in addition to the sdiedule required by Specific Instruction 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 5 percent or more in value
of the outstanding stCKk of such foreign personal holding company, it
should set forth in an attached statement in complete detail the information
required by section 337 (d).
K. Annual statement. — A copy of the annual statement for life insur-
ance companies adopted by the National Convention of Insurance Com-
missioners for the year, 1951, as filed with the Insurance Department of
the State, Territory, or District of Columbia, which shows the reserves
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 for such year. In the case of a foreign life
insurance company cafr)ing on a life insurance business within the United
States, the copies submitted shall be those relating to the United States
business of the company,
L. List of attached schedules.— Attach a list of the schedules accom-
panying the return, giving for each a brief title and the schedule number.
Place name and address of company on each schedule.
SPECIFIC INSTRUCTIONS
The following Instructions are numbered lo correspond with Item numbers on the first page of the return
1. Interest. — Enter interest received from all sources during the tax-
able year. Interest on bonds is considered income when due and payable.
The gross amount of interest reported as gross income shall be decreased
by the amortization of premium and increased by the accrual of discount
attributable to the taxable year on bonds, notes, debentures, or other evi-
dences of indebtedness, determined ( 1 ) in accordance with the method
regularly employed, if reasonable, or (2) in accordance with regulations
prescribed by the Commissioner with the approval of the Secretary.
(Attach statement showing method and computation.)
2. Dividends. — Enter as item 2 (a) the amount received as dividends
from a domestic corporation which is subject to taxation under Chapter 1,
except dividends on certain preferred stock of a public utility, dividends
received from a corporation entitled to the benefits of section 251 and
from a corporation organized under the China Trade Act, 1922. Enter
as item 2 (i) dividends received on certain preferred stock of a public
utility which is subject to taxation under Chapter 1. Enter as item 2 (c)
dividends from foreign corporations. Enter as item 2 (d) dividends
from all other corporations, including dividends on share accounts in
Federal savings and loan associations issued on or after March 28, 1942,
Enter in item 1 (g) dividends on share accounts in Federal savings and
loan associations issued prior to March 28, 1942. 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. Rents, — Enter rents received from tenants.
5. Interest wholly exempt from tax. — Enter the amount of interest
which is wholly exempt from taxation under the provisions of section
22(b) (4).
See Specific Instruction 12 with respect to partially tax-exempt interest
which is allowed as a credit against net income.
6. Investment expenses. — Enter expenses paid which arc properly
chargeable to investment expenses, the total amount of which, if there
be any allocation of general expenses to investment expenses, should not
exceed one-fourth of I percent of the mean of the invested assets reported
on line 12, Schedule B, plus, in cases where the net income computed
without any deduction for (1) investment expenses and (2) tax-free
interest, exceeds 3>^ percent of the book value of such mean of the
invested assets, one-fourth of such excess. Submit a schedule showing
the nature and amount of the items included herein, the minor items being
grouped in one amount. (See section 201 (c) (7) (B).)
7. Taxes. — Enter taxes paid exclusively upon real estate owned by the
company and taxes assessed against individual shareholders and paid by
the company without reimbursement as provided in section 201 (c) (7)
(C), Do not include taxes assessed again.st local benefits of a kind
tending to increase the value of the property assessed, as for paving,
sewers, etc. (For limitation on deduction, see Instruction 10 (/»).)
8. Real estate expenses.— Enter all ordinary and necessary building
expenses, such as fire insurance, heat, light, labor, etc., and the cost of
incidental repairs which neither materially add to the value of the property
nor appreciably prolong its hfe. but keep it in an ordinarily efficient
operating condition. Do not include any amount paid out for new build-
ings or tor permanent improvements or betterments made to increase the
value of any property or any amount expended on foreclosed property
before such property is held forth for rental purposes. (For limitation
on deduction, see Instruction 10 (i).)
254
FACSIMILES OF TAX RETURNS FOR 1951
9. Depteciation. — The amount deductible on account of depreciation
is an amount reasonably measuring the portion of the investment in depre-
ciable 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 income
speciSed in seaion 201 (c) (1). If the property was acquired by pur-
chase 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 remainmg of its expected
useful life. In case the property was purchased prior to March 1, 1913,
the amount of depreciation will be determined in the same manner, except
that it will be computed on its original cost, less depreciation sustained
prior to March I, 1913. or its fair market value as of that date, whichever
IS greater. If the property was acquired in any other manner than by
purchase, 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 apportionment 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 ac-
quired; (3) cost or other basis; (4) depreciation allowed (or allowable)
in prior years; (5) remaining cost or other basis to be recovered; (6)
estimated life used in accumulating depreciation; (7) estimated remaining
life from beginning of year; and (8) depreciation allowable for the tax-
able year. In case obsolescence is included, state separately amount
claimed and basis upon which it is computed. 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 shown
in 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 law. (See sections 23(1), 114. and 201(c) (7) (D).)
For limitation on deduction, see Instructions 10 {b) below.
10. Total deductions. — {a) Enter the total of items 5 to 9. inclusive,
(i) Limitation on deductioui relating to real estate owned and
occupied. — The deduction included in items 7 to 9 on account oi real
estate owned and occupied in whole or in part by tlic company shall be
limited to an amount which bears the same ratio to such deduction (com-
puted without regard to subsection (d) of section 201 ) as the rental value
of the space not so occupied bears to the rental value of the entire property.
(Submit detailed schedule.)
(f) Items not deductible. — 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, shall be allocated to each. Apportionments must in all cases
be reasonable. A taxpayer receiving any exempt income, other than
interest, 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
exempt income, and ( 2 ) the amount of items allocated to each such class
(the amount allocated by apportionment being shown separately).
12 through 23. Compulation of tax. — In general. — All life insur-
ance companies (includmg foreign life insurance companies carrying on a
life insurance business within the United States) are subject to the tax
imposed by section 201 (a) (1 ), as amended by the Revenue Act of 1931.
For taxable years beginning in 1951, section 201 (a) (1), as amended.
provides for a tax equal to 3% percent of the first S200.000 of 1951
adjusted normal tax net income ana 6i/> percent of the amount in excess of
$200,000. No consideration is to be given in the computation of the
tax to any amount of the reserve and other policy liability credit provided
in section 203 (b). The term ■'1951 adjusted normal tax net income"
is defined as the normal tax net income plus eight times the amount of
the adjustment for certain non-life insurance reserves provided in section
202 (c) and minus the reserve interest credit, if any, as defined in sec-
tion 203A (b). The normal tax net income of a foreign life insurance
company carrying on a life insurance business within the United States
consists of that portion of its net income from the United States business
(shown on the form approved for life insurance companies by the Na-
tional Association of Insurance Commissioners) computed under the pro-
visions of section 201.
15. Dividends received credit. — The dividends received credit is the
sum of: {a) 85 percent of dividends received from certain domestic cor-
porations subject to the income tax. other than dividends received on cer-
tain preferred stock of a public utility; (i) 61 percent of the amount
received as dividends on certain preferred stock of a public utility which
is subject to the income tax; and (c) 85 percent of dividends received
from certain foreign corporations subject to the income tax. For the
purpose of this credit, dividends received from a corporation organized
under the China Trade Act, 1922, or from a corporation entitled to the
benefits of section 251. should be entered in item 2 (d). In no event is
the total dividends received credit allowed by section 26 (b) to exceed
85 percent of the adjusted net income-
Section 311 of the Revenue Act of 1951, amendmg section 26(b).
provides for a dividends received credit in the case of dividends received
from a foreign corporation (other than a foreign personal holding com-
pany) which is subject to the income tax if, (1) for an uninterrupted
period of not less than 36 months (or the entire period the foreign corpora-
tion was in existence if such period is less than 36 months) ending with
the close of the foreign corporation's taxable year in which such dividends
are paid, the foreign corporation has been engaged in trade or business
within the United States, and (2) during such period, 50 percent or more
of the gross income of the foreign corporation has been derived from
sources within the United States.
In such a case the amount of the allowable credit is 85 percent of the
amount received as dividends from (a) earnings and profits of the tax-
able year (computed as of the close of the taxable year without diminu-
tion by reason of any distribution made during the taxable year), without
regard to the amount of the earnings and profits at the time the distribu-
tion was made or (b) that portion of earnings and profits accumulated
after February 28, 1913, which represents earnings and profits accumu-
lated after the beginning of the portion of the uninterrupted period end-
ing at the beginning of the taxable year. However, the amount of the
credit allowed under clause (a) is limited to an amount which bears the
same ratio to 85 percent of the amount received as dividends from such
earnings and profits as the gross income of the foreign corporation for
the taxable year from sources within the United States bears to the gross
income from all sources for the taxable year. Under clause (b) the
amount of the credit is limited to an amount which bears the same ratio
to 85 percent of the amount received as dividends from such accumulated
earnings and profits as the gross income from sources in the United
States for the portion of the uninterrupted period bears to the gross
income from all sources for tiie portion of the uninterrupted period.
17. Adjustment for certain non-life insurance reserves. — For com-
panies writing contracts other than hie insurance or annuity contracts
(either separately or combined with nuncancellable health and accident
insurance) add to the normal-tax net income 3V4 percent of the unearned
premiums and unpaid losses on such other contracts which are not included
in life msurance reserves, but not less than i^^ percent of unpaid losses
plus 3'/^ percent of 25 percent of the net premiums written during the
taxable year on such other contracts. Section 203A (a) provides that
there shall be added to normal-tax net income an ar.iounl equal to eight
times the amount of the adjustment tor cercain reserves provided in
section 202 (c).
19. Reserve interest credit. — Schedule C on page 2 should be used to
compute the amount of the reser\e intticst cicdit. The reserve interest
credit is allowed in instances in which the relationship between adjusted
net income and required interest is such that the adjusted net income is
less than 105 percent of the required interest. The term "adjusted net
income" is defined as the net income computed without any deduction for
tax-free interest minus 50 percent of the amount of the adjustment for
certain non-hfe insurance reserves. The term "required interest" means
the total of —
(1) The sum of amounts obtained by multiplying (j) each rate of
interest assumed m computing the life insurance reserves by (ij the means
of the amounts of the adjusted reser\'es computed at that rate at the
beginning and end of the taxable year,
( 2 ) Two percent of the reserve for deferred dividends, and
(3) Interest paid.
If the adjusted net income is 105 percent or more of the required
interest, the reser\e interest credit is stated as zero. If the adjusted net
income is 100 percent or less of the required interest, the reserve interest
credit is determined as an amount equal to 50 percent of the normal-tax
net income. If the adjusted net income is more than 100 percent but less
than 105 percent of the required interest, the reserve interest credit is
computed Dy multiplying the normal-tax net income by ten times the
difference between 105 percent and the actual percentage established.
The percentage established by comparing adjusted net income to the
required interest should be carried to at least the nearest one-tenth of a
percentage point with the result that the multiplication by ten of the
difference between 105 percent and such percentage will be productive
of a more accurately graduated figure than would be possible were no such
fractional percentage to be allowed.
22. Credit for income taxes paid to a foreign country or United
States possession. — If, in accordance with section 131 (a), a credit is
claimea by a domestic corporation m item 22. on account of income, war-
profits and excess-profits taxes paid or accrued to a foreign country or a
possession of the United States, Form 1118 should be submitted with the
return, together with the receipt for each such tax payment. In case
credit is sought for taxes accrued but not paid, the form must have
attached to it a certified copy of the return on which each such accrued
tax was based, and the Commissioner may require a bond on Form 1119
as a condition precedent to the allowance of a credit for such accrued
taxes. A foreign comp.iny is not entitled to claim this credit.
SCHEDULE A.— DATA FOR RESERVE AND OTHER POLICY LIABILITY CREDIT
FOR THE SUCCEEDING TAXABLE YEAR
Data fur succeeding taxable jear. — The following data shall be fur-
nished in Schedule A by every life insurance company for the computation
of tlie figure, for the succeeding year, to be proclaimed by the Secretary
to determine the reserve and other policy habihty credit:
(1) Reserves (lines I to 6, inclusive). — List data pertaining to life
insurance reserves. Describe fully the nature of the reserve, the method
of computation, the interest rate used, and the amount of each such reserve
at the beginning and end of the taxable year. Include mortality and
morbidity reserves on noncancellable life, health, or accident contracts.
Do not include pro rata unearned premiums or unpaid losses on cancel-
lable accident and health contracts. For reserves computed on a modified
basis, such as Illinois Standard, or Select and Ultimate, list 107 percent of
the amount of such reserves. (For definition of life insurance reser\cs,
see section 29.201-4 of the regulations.) {For reserves computed on a
modified basis, see section 29 201-6 of the regulations, )
(2) Reserve earnings rate. — Reserve earnings rate means a rate com-
puted by adding 2,1125 percent (65 percent of 3^^ percent) and 35
percent of the average rate of interest assumed in computing life insurance
reserves. Enter as line 10.
(3) Reserve for deferred dividends. — Enter in line 12 an amount
equal to 2 percent of the reserve held at the end of the taxable year for
deferred dividends the payment of which is deferred for a period of not
less than 5 years from the date of the policy contract. Do not include in
such reserve dividends payable during the following taxable year.
(4) Interest paid. — Enter in line 13 the amount of interest paid dur-
ing the taxable year on the company's indebtedness, except on indebtedness
incurred or continued to purchase or carry obligations (other than obliga-
tions 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, and all amounts in the nature of interest, whether or not
guaranteed, paid within the taxable year on insurance contracts (or con-
tracts arising out of insurance contracts) which do not involve, at the time
of payment, life, health, or accident contingencies. Interest paid on
dividends held on deposit and surrendered during the taxable year should
l~e included in this item. Do not include any interest paid on deferred
dividends which were included under ( 3 ) above.
FACSIMILES OF TAX RETURNS FOR 1951
255
FORM 1120 M
11. S. Traatury DcparlrTMnt
Intarnat RavaniM Sarvica
U. S. MUTUAL INSURANCE COMPANY INCOME TAX RETURN
1951
For Mutual Insurance Companies Other Than Lite or Marine Insurance Companies
or Fire Insurance Companies Issuing Perpetual Policies
For Calendar Year 19S1
(00 Not Wrlta In Tlwsa SpKM)
F<1«
Code
Scfi*
Num
File This Riturn Wllh tti« CollKtot of Inttmal Revsnu* lo
1 f oui Olllflcl (HI M lllon MirA IS. I9U
E UD AOMUI)
(PRINT n«IHlT COMPUT'I NAM
iCukUi', mm*
(Name)
(Smn aod nufflbcr)
Cash Check M. O. Ccn. of M.
(City iw Mwii, poMal nnc number) (Sute)
Date incorporated State or country _
(FirilparmeAt)
S -
, Item .od GROSS INCOME
InHniOionNo. (Undar fiMtlon 207 (•> <») AND (1>>
1. Interest on:
1. IMnil Braind
■ tani«
1 unai i( ottoMl
L AwtUta il Prrtwi
CTML (la OM ■< KM 1, Mi 1
llnMIalMtcill)
C*) Obligations of a State. Tcrrnory, or poliiit»l lubdivinon ibcrcof,
or the District of Columbia, or United State* poucMJoni
(») Obli»tioiis of Federal land baolci. joint itixic land banlci. and
Federal tnicrmcdiatc credit bankt iuued prior to March 1, 1941
(0 Obligations of the United States issued on or before September 1.
$
$
$
$.
00 Treasury Notes issued prior to December 1, 1940. Treasury Billt
and Treasury Certificates of Indcbtedncjs issued prior to March
(t) United States Savings Bonds and Treasury Bonds owned in (he
principal amount of$5,000iir less, issued prior to March 1, 1941
(J") United States Savings Bonds and Treasury Bonds owned in excess
of the principal amount of $^.000 issued prior to March 1. 1941
(£) Obligations of lostrMincntaluies of the United States (other than
obligations to be reported in line (4) above) issued prior to
(A) Treasury Notes issued on or after Decetnber 1, 1940, and obliga-
tions issued on or after March I. 1941, by the United States or
ao^ agency or instnimcntaliry thereof (submit schedule)
Totals
2. Dividends on stock of:
$
$
$-
.^
$
(i) Public utility corporations subject to taxation under Chapter 1 of the Internal Revenue (
jode
3. Rents (attach schedule)
4- Net gain irom sale or exchange of capital assets (from separate Schedule 1
5. Total income in items 1 to 4
DEDUCTIONS
3 (Form 1120
))
$
$
7. Investment expenses (attach
8. Taxes
10. Depreciation (attach schedule)
12. Other capital losses (from S
chedule E)
f
s
15. Less: Interest partially exempt from tax (item 1 (f) and (^, col. <
)...
$
17. Less: Dividends received crc
(a) Enter 85 percent of
dii-
,tm2W
$
r-™ 5 ri^
(f) Enter 85 percent of dividends received from certain foreign corporations
18. Normal-tax net income
$ 1
orsinucd under the China
GROSS AMOUNT OF INCOME <under section 207 (a) (2))
19- Total gross income in items 1 to 3. inclusive
20. Net premiums
21. Total gross amount of income from interest, dividends, rents, and net premiums (item 19 plus item 20).
22. Less : Dividends to policyholders
23. Interest wholly exempt from tax (item 1 (a), (A), (0. ("0. ^^^ (0. col. 4) .
24. Gross amount of income (item 21 minus the sum of items 22 and 23)
TOTAL TAX
25- Total income tax (line 30, page 2)
26. Less: Credit for income taxes paid to a foreign country or United States possession
allowed a domestic corporation
27. Balance of income tax due
28. Excess profits tax due (line 39. Schedule EP (Form 1120))
29- Total income and excess profits tax due (item 7.7 plus item 28'
DECLARATION. (S«e General Instruction E)
We, the undersigned, president (or vice president, or other principal officci) and treasurer (or assistant treasurer, or chief accounting officer) of ihc corporation for which
this return is made, each for himself declares under the penalties of pcr|ury that this return Ciacludiog anv accompanying Khcdulcs and statements) has been exatnined bv him
and is. to the best of his knowledge and belief, a true, correct, atnd complete rcrum, made to good faith, for the taxable year stated, pursuant to the Internal Revenue Gxle and
the regulations issued thereunder
(Pmident ot other principal oAccr)
■. Aiiiiuni T(t»iufrr. or Chid Accounting Oftcw) (Stile litk I
DECLARATION. (Se« General Instruction E)
I/wc declare under the penalties of perjury that 1/we prepared this return for ibc pcnon named herein and that the return (including any accompatiyine Khcdulcs and
statements) is a true, correct, and complete statement of all the information respecting the tut liability of the pcnon for whom this retuni has been prcparcaof which I/we
have tay knowledge.
(SJKDituic of penoD prepatini the Tetnm)
(Sicaature of person picpirini die man))
■ •— UOM-I
c of film or cmplfffcr. if aar)
323516 O — 55-
-18.
256
FACSIMILES OF TAX RETURNS FOR 1951
Pl|0 2
COMPUTATION OF TAX ON NET INCOME (Section 207 (a) <t) and (3))
NORMAL TAX COMPUTATION
Line and not ovtr S6,l)00
No.
1. Nonnal-tax net income (item 18, page ])
$
$
2. Normal tax (57j percent of excess of line 1 over $3,000)
s„_
$ ---
4. Normal tax (28} percent of line 3)
5- Normal-tax net income (item 18, page 1)
$
$
6. Normal tax (574 percent of excess of line 5 over $50.000)
s..
$
8. Normal tax (28} percent of line 7)
SURTAX COMPUTATION
$
$
11. Surtax net income
s
$
13. Surtax (22 percent of excess of line 12 over $25,000)
i
$
15. Surtax (33 percent of excess of line 14 over $30.000)
$
$— -
16. Sunax net income (line 11)
$
COMPUTATION OF TAX ON GROSS AMOUNT OF INCOME (SECTION 207 (a) (2))
(not applicable to Interlnsurers and reciprocal underwriters)
>nff $7S,000 and net ow SIM.OOO
Gross amount of income Cite™ 24, page 1) |$-
Tax (2 percent of excess of line 19 over $75,000)
CompanlM with groB* ■
■eunt of incofna of ovm SISO.OM
Gross amount of income (item 24, page 1)
Tax (1 percent of line 21)
Tax under section 207 (a) (2) (line 20 or 22, whicllever is applicable).
Tm undar Mctlon 207 (■> (1), (2>, or (1>
Line 18 for interinsurers or reciprocal underwriters; line 18 or 23, whichever is greater, for others
LIMITATION OF TAX UNDER SECTION 207 (a) (4)
Campanles with Broai amounl racalvad tram Irttarait, dialdanda, rant*, and pramluma «f oaar S7S,000 and lata than ,125,000
25. Interest, dividends, and rents (item 19, page 1)
26. Gross premiums received . .
27. Total of lines 25 and 26
28. Limitations under section 207 (a) (4) Qiac 24 multiplied by the ratio which the excess of line 27 over $75,000
bears to $50,000) ■'.
Alternative tax (line 20, separate Schedule D (Form 1120)) if less than line 24 or 28, whichever is applicable,
and if company is taxable under section 207 (a) (1) or (3)
29.
30. Total income tax (line 24, 28, or 29, whichever is applicable)
ia-«suo-i
FACSIMILES OF TAX RETURNS FOR 1951
257
Schadula A.— INVESTED ASSETS BOOK VALUES. <S«« Initruellon 7)
(SctkfdMla A MMd fMt b» IM*tf In H iM d^udUn H clalm*4 for any |MMral m^mmm th«t mn
1. htfrt^MTiiAbTiV
t WriTatffeTnr
1. Realcscacc
2. Mortgage loans
$
s
3. Collateral loans
5. Bonds of domestic corporations
6. Stocks of domestic corporations . . .
7. Government obligations, etc.:
(*) Obligation* of a State. Territory, or poliiieal tubdiviiioo thereof, or the Diitrict o( Columbu. or United
States po»ics»ion»
C*) Obligatiotii oi Federal land bank*, joint iiodc Itod banki, uid Federal imermediate credit baoki jaued
prior to March 1. 1941
(f) Obliganom of the United States luued on or before September 1, 1917
(J) Trea»urv Note* luued w.or to December I, 1940. Trcaiury Bills and Trewury Ccrtificatet of Indebtedneu,
iMucd prior to March 1. 1«1
(0 United States Savings Bonds and Treasury Bonds owned m the principal amount of $5,000 or less, iiiued
prior to March 1. 1941
(/) United Stares Savings Bonds and Treasury Bonds owned in eiecss of the principal amount of $5,000, issued
prior lo March 1, 1941
above) issued prior to March I, 1941
(h) Treasury Notes issued on or after December 1. 1940. and obligations issued on or after March 1, 1941. by
the united States or any agency or instrumentality thereof
8. Bank deposits bearing interest
9. Other interest-bearing assets (attach statement)
10. Totals of lines 1 to 9
$
«
1 1 . Total of columns 1 and 2, line 10
X
12. Mean of the invested assets for the taxable year (one-half of line 11)
13. One-fourth of 1 percent of the mean of the invested assets
.t
a.
14. Income base (i:cm 5, page 1, minus items 8 to 12, inclusive, page 1)
.t
15. 3^4 percent of line 12
16. Excess (if any) of line 14 over line 15
n.
17. One-fourth of line 16 .
t,
18. Limit on deduction for investment expenses (line U plus line 17)
$
Schedule D.— Separate Schedule D (Form 1120) should be secured and used In reporting sales and eichanges of capital assets and f
with and as ■ part of this return.
258
FACSIMILES OF TAX RETURNS FOR 1951
Pace 4
Schedule E.— OTHER CAPITAL LOSSES. (See Instruction 12)
•■ txcfMngMd lo RM«t atanormal tmtatane* Iamm and la provlda lor Hm paymwil of dlvldands and tlmllai
1. Dividends and similar distributions paid ro policyholders
2. Losses paid
3. Expenses paid
4- Total of lines 1 to 3, inclusive
5- Less: Interest received (iicm 1, column 4, page 1, adjusted to cash basis if on accrual basis). j$.-
6. Dividends received (item 2, page 1, adjusted to cash basis if on accrual basis) .,.
7. Rents received (item 3, page 1, adjusted to cash basis if on accrual basis)
8. Net premiums received (item 20, page 1, adjusted to cash basis if on accrual basis) ,|...
9. Excess (if any) of line 4 over sum of lines 5, 6, 7, and 8
1. DoBlp&M d CvlW tot)
ItUtttsv^tt
IGreatiinMci
~(CMdl« Pikl)
iCntofOlliHBUilnitCtil
•mat M hqiiMM «
lUcbl.ltlj
lEifmiiltali
m Mnt t, tsi] (Fmittk
DMHIi)
). Lui(CglamB]p)BiC«lan
SmlBotOMnairCilm
$-
$
$-.-
$
$
10. Total
$...-
$- -^
$
$- --
$ — -
Total gross receipts from sales, line 10, column 3, should not exceed the amount shown in line 9. If necessary, gross receipts from a
particular sale should be apportioned in the above schedule and the excess reported in separate Schedule D (Form 1120).
Sales (except the apportionment mentioned above) reported in this schedule should not be reported in separate Schedule D (Form
1120).
Enter total other capital losses (line 10, column 7) as item 12, page 1-
Schedule F.— COMPUTATION TO DETERMINE NECESSITY FOR FILING EXCESS PROFITS SCHEDULE
1. Net income (item 14, page 1)
2, Adjustment for interest (item 11, page 1). ,
3- Deductions on account of retirement or discharge of bonds, etc.
Total of lines 1 to 3
Interest partially exempt from tax (item 15, page 1)
Dividends received (item 2, page 1, less (d) adjustment for dividends received m kind,
(i) dividends received from foreign personal holding companies, and (c) dividends
received on stock which is not a capital asset)
Total of lines 5 and 6
Line 4 minus line 7
(I Line 6 Is J25.000 or less. Sctwdule EP (FonnlIZO) need not bo fliKi with ilils tolum. ir line 8 Is over S2S,000, Sdwdulo EP (Fonn 1120) must be fled.
QUESTIONS
1. Did the company die a return under the same name for the
preceding taxable year? -. - - —
2. Did the company at any time during the taxable year own 50
percent or more of the voting stock of another corporation,
either domestic or foreign? (Answer "yes" or
"no,") If the answer is "yes," attach separate schedule
showing (1) Name and address, (2) percentage of stock owned,
(3) date stock was acquired, and (4) the collector's office in
which the income tax return of such corporation for the last
taxable year was filed.
3. Did the company make a return of information on Forms 1096
and 1099, or Form W-2a for the calendar year 1951? (See
General Instruction H.) (Answer "yes" or "no.")
4. Did the company at any time during the taxable year own
directly or indirectly any stock of a foreign corporation?
(Answer "yea" or "no.") If answer is "yes," attach state-
ment required by General Instruction J.
5. Did the company file with the collector of incernal revenue a
copy of the annual statement for the preceding year as required
by General Instruction K? (Answer "yes" or
"do.") If answer is "yes," state collector's office in which
statement was filed _
6. If a copy of the annual statement required by General Instruction
K ooes not accompany this return, state reason why the
statement is not attached
7 Is this return made on the basis of cash receipts and disburse-
ments? _ _ If not,
describe fully in separate statement.
FACSIMILES OF TAX RETURNS FOR 1951
259
^nf>^ INSTRUCTIONS FOR FOHM 1120 M 4 tlC ^
1931 U. S. MUTUAL INSURANCE COMPANY INCOME TAX RETURN ■ 95 1
(References are to the Internal Revenue Code, unless otherwise noted)
Taxpayers will find it helpful to read the General Instruaions A to L before commeacing to fill io their returns
GENERAL INSTRUCTIONS
A. Companies Required To File a Relam. — Every mutual insurance
compuny othi'r than ft lifi- or iiinnnc insuruncc company and other than a
fire insiirnncf compuny Hiilijccl ti> the tux irnixiwxlby sretion 204 (cxcpt
a lomnn mutual insiirance company other than a life or marine insurance
company or a fire insurance company Rubject to the tax imposed by
section 20-1 — not carrying on an niBurance businena within the United
Statcal with gross amount received from ititereirt, dividends, rents, and
premium!) (including deposits and aAsesaments). in excess of $75,000, shall
Olc a return on this form. (LSee seotion 101(11).)
Receivers, trustees in dissolution, trustees in bankruptcy, and aasignees,
operating the property or business of corporations, must make returns of
income for sued corporations. If a receiver han full custody of and control
over the business or property of a corporation, he shall be deemed to be
operating such business or projwrty. whether he Is enKftKcd in carrvinR on
tne business for which the corporation was organized or only in marshaling,
selling, and disposing of its assets for purposes of liquidatiOR.
B. Period Covered.— The return shall be fOr the calendar year ended
December 31, 1951. and the net income computed on the calendar year
basis in accordance with the State laws regulating insurance companies.
C. Basis of Return. — A return on this form shall be rendered on a
cash rcceipU and disbursements basis or the accrual basis whichever
conforms with the annual statement made to the State Insurance De-
partment.
D. Time and Place for Filing. — The return must be sent to the collector
of internal revenue for the district in which the company's principal place
of business or principal office or agency is located, bo as to reach the
collector's office on or before March 15. 1952.
E. Declaralion. — The return must be signed by the president, vice
president, or other principal officer, and by the treasurer, assistant treas-
urer, or chief accounting officer.
Where the return is actually prepared by some person or persons other
than officers or employees of the company, such person or persona must
sign the de^'laration at the foot of page 1.
F. Payment of Tax. — The tax should be paid by sending with the return
a check or money order drawn to the oraer of "Collector of Internal
Revenue." Do not send caah 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 install-
ments, as follows: The first installment equal to 35 percent of the tax
shall be paid on or before March 15, 1952; the second installment equal
to 35 percent of the tax on or before June 15, 1952; the third install-
ment equal to 15 percent of the tax on or before September 15, 1952;
and the fourth installment equal to 15 percent of the tax on or before
December 15, 1952.
If any installment is not paid on or before the date fixed for its payment,
the whole amount of the tax unpaid shall be paid upon notice and demand
by the collector.
G. Penalties. — For failure to make and file a return on time. — Five
percent to 25 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 $10,000. or imprisonment for not more than 1 yeA^ or
both, together with the costs of prosecution.
For willfully atiempting to evaat or defeat payment of the tax.-
lOt more than $10,000, or imprisonment foi
both, together with the costs oi prosecution.
For drficiency dtu to neftigeTice or fraud — Five percent of the amount
of the deficiency if due to negligence or intentional disregard of rule* and
regulations withuut intent to defraud, or 60 percent of the amount of the
deficiency if due to fraud.
H. Information at Sourcc.^Every insurance company shall make a re-
turn on Forms I09)i and 1099 with 'rcsjiect to amounts paid, credited, or
distributed during the culundur year (o) as sulariea or other compensation
for personal services, totaling $600 or more in the coite of a citizen or
resident, or (h) as interest, rent, premiums, annuities, or other fixed or
determinable income totaling $600 or more to a fiduciary, a domestic or
resident partnership, or a citizen or resident. A report on Form 1090 ia
not required with rOMpcct to wage payments, included on Form W-2, pro-
vided copies of withholding statemenU on Form W-2a are furniiihed. If
a portion of such salary or wage payments was reported on a Withhold-
ing Statement (Form W-2), only the remainder must be reported on
Form 1099.
1. Information by <'orporation8.— 1. Contemplated disaol niton or Uquida-
tion. — Hverv mrpunitinn blmll, within 30 days after the adoption by the
corporation .^if n nvinliition or plan for the diasolution of the corporation
or for the lit|iiidati.>n of the whole or any port of its capiui stock, render
a correct return on Form 966, to the Commissioner, setting forth the terms
of such resolution or plan. (See section 148 (d).)
2. Distributions in liquidation. — Every corporation shall, when required
by the Commissioner, render a correct return of its distributions
in liquidation, stating the name and address of each shareholder, the
number and class of shares owned by him, and the amount paid to him
or, if the distribution is in property other than money, the fair market
value (as of the date the distribution is made) of the property distrib-
uted to him. (See section 148 (e).}
J. Slock Ownership In Foreign Corporations. — If the company owned
any stock of a foreign corporation (including leas 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 com-
pany and the total number of shares of each class of outstanding stock
owned by it during the taxable year. This statement should be furnished
in addition to the schedule required by Specific Instruction 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 5 percent or more in
value of the outstanding stock of such foreign personal holding company,
it should set forth in an attached statement in complete detail the informa-
tion required by section 337 (d).
K. Annual Statement. — A copy of the annual statement for mutual
insurance companies adopted by the National Convention of Insurance
Commissioners for the year 1951, as fili-d with the Insurance Department
of the State, Territory, or District of Columbia, together with copies of
Schedule A (real estate) and Schedule D (bonds and stocks), must accom-
pany the return. Similar copies for the preceding year must also be
furnished, if not filed for such year.
L. List of Attached Schedules. — Attach a list of tbnischedulea accom-
panying the return, giving for each a brief title and the schedule number.
Place name and address of company on each schedule.
SPECIFIC INSTRUCTIONS
The followlne Instnictlons are numberecl to correspond with Item numlwrs on pais I ol the return
1. Interest — Enter interest received or accrued from all sources during
the taxable year. Interest on bonds is considered income when due and
payable. The gross amount of interest reported as gross income shall be
decreased by the amortization of premiums and increased by the accrual of
discount attributable to the taxable year on bonds, notes, debentures
or other evidences of indebtedness, determined (1) in accordance with the
method regularly employed, if reasonable, or (2) in accordance with reg-
ulations prescribed by the Commissioner with the approval of the
Secretary. (Attach statement showing method and computation.)
2. Dividends. — Enter as item 2 (a) the amount received or accrued as
dividends from a domestic corporation which is subject to taxation under
Chapter 1, except dividends on certain preferred stock of a public utility
corporation, ana dividends received from a corporation entitled to the
benefits of section 251 and from a corporation organized under the China
Trade Act. 1922. Enter as item 2 ifc) dividends received on certain pre-
ferred stock of a public utility which is subject to tax under Chapter 1.
Enter as item 2 (c) dividends from foreign corporations. Enter as item
2 (d) dividends from all other corporations including dividends on share
accounts in Federal savings and loan associations issued on or after March
28. 1942. Enter in item 1 [g] dividends on share accounts in Federal
savings and loan associations issued prior to March 28, 1942, Submit
schedule, itemizing all dividends received during the year, stating the
dames and addresses of the corporations declarmg the dividends and
amounts received from each,
3. Rents. — Enter rents received or accrued from tenants.
4. Gains and Losses From Sales or Exchanges of Capital Asseta. —
Report sales or exchanges of capital assets in separate Schedule D (Form
1 120) (but see Schedule E, page 4). Every sale or exchange of a capital
asset, even though no gain or loss may be indicated, must be reported in
deuil.
Losses from sales or exchanges of capital assets (except losses from
capital assets sold or exchanged in order to obtain funds to meet ab-
normal insurance losses and to provide for the payment of dividends
and similar distributions to policyholders) shall be allowed to the extent
of gains from such sales or exchanges, with respect to companies taxable
under section 207 (a) (1) or (3). The net capital loss for such companies
shall be the amount by which losses for such year from sales or exchangee of
capital assets exceed the sum of the gains from such sales or exchanges and
(I) the corporation surtax net income (computed without regard to gains
or losses from sales or exchanges of capital assets) or (2) losses from the sale
or exchange of capital assets sold or exchanged to obtain funds to meet
abnormal insurance losses and to provide for the payment of dividends
and similar distributions to policyholders, whichever is the lesser.
However, the amount of a not capital lo&s sustained in any taxable year
may be carried over to each of the five succeeding ta.xahle vears and
treated in each such succeeding taxable year as a short-term capital loss to
the extent not allowed as a deduction against any n''t capital gains of any
taxable year intervening between the taxable year m which the net capital
loss was sustained and the taxable year to which carried.
Definiliont of capital asiets. — The term "capital assets" means property
held by the taxpayer (whether or not coooected with his trade or busi-
ness], 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 tax-
payer 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, of a character which
is subject to the oJlnwance for depreciation provided in section 23 (I), or
a copyright, a literary, musical, or artistic composition, or similar property,
or an obligation of the United States or any of its possessions, or of a State
or Territory, or any political subdivision thereof, or of the District of
Columbia, issued on or after March 1, 1941, on a discount basis and pay-
able without interest at a fixed maturity date not exceeding one year Irom
the date of issue, or real property used in the trade or business of the
taxpayer.
ClattifictUion of capital gains and loaet. — The phrase "short-term"
applie.*; to the category of gains and losses arising from the sale or exchange
of copital assets held for 6 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 6 months.
Enter full description of each item of property sold or exchanged, even
though no gain or loss may be indicated. Such description should include
the following facts: (a) For real estate, location and description of land,
description of improvements, details explaining depreciation (column 6
of Schedule C) ; (o) for bonds or other evidences of indebtedness, name of
issuing corporation, description of the particular issue, denomination,
and amount' (c) for stocks, name of issuing corporation, clas.i of stock,
number of shares, and capital changes affecting basis (nontaxable stock
dividends, other nontaxable distributions, stock rights, etc.).
The "basis" for the property ia not subject to the same rule for reporting
fains as for losses, if the property was acquired before NIarch I, 1913.
f the property sold or exchanged was acquired prior to March 1, 1913
the basis for determining GAIN is the cost or the fair market value as of
March I, I9I3, adjusted as provided in section 113 (b), whichever is
prenter. but in determining LOSS the basis is cost so adjusted If prop-
erty 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 hv gift, bequestj
tax-free exchange, involuntary converrion, or 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 coat of the property sold or
exchanged, full details must be furnished regarding the acquisition of the
property.
Enter in column 6 of separate Schedule D (Form 1120) the amount of
depreciation, exhoustion, wear and tear, obsolescence, and depiction which
has been allowed (but not less than the amount allowable) in respect of
such property since date of acouisition, or since March 1, I9I3. if the
property waa acquired before that date. In addition, if the property
was acquired before March I, 1913, the cost shall be reduced by the
depreciation and depiction actually sustained before that date.
Subsequent improvements include expenditures for additions, improve-
ments, renewals, and replacements made to restore the property or pro-
long its useful fife. Do not deduct ordinary repairs, intereat, or taxes Id
computing gain or loss.
260
FACSIMILES OF TAX RETURNS FOR 1951
Losses on securities becomtng worlhUss. — If any securities (as defined
below) become worthless within the taxable year and are capital assets,
the loss resulting therefrom shall, in the case of a taxpayer other than a
bank, as defined id section 104, be considered as a loss from the sate or
exchange on the last day of such taxable year, of capital assets. (See
section 23 (k) (2))
Definition of securities. — As used for the purpose of determining capital
losses under section 23 (k), the term "securities ' means bonds, debentures,
notes, or certificates, or other evidences of indebtedness, issued by any
corporation (includinc those issued by a government or political subdivi-
sion thereof), with interest coupons or in registered form. However,
securities issued by any corporation affiliated with the taxpayer shall not
be deemed capital assets. (See section 23 (k) (5) )
Losses on stocks or stock rights becoming worthless. — If any shares of
stock in a corporation (except stock in a corporation affiliated with the
taxpayer), or rights to subscribe for or to receive such shares, become
worthless during the taxable year and are capital assets, the Ioks resulting
therefrom shall be considered as a loss from the sale or exchange, on the
last day of such taxable year, of capital aseetB. (See section 23 (g)(2) and (4).)
Losses not alloitabte — No loss shall be recognized in any sale or other
disposition of shares of stock or securities where there has been acquired
substantially identical stock cJr securities or there has been entered into a
contract or'option to acquire substantially identical stock or securities
within 30 days before or after the date of such sale or disposition, except
in cases of dealers in stocks and securities and with respect to transactions
made in the ordinary course of such business.
Cams and losses from involuntary conversion and front the sale or exchange
of certain property used in the trade or business. — The term "property"
used in the trade or business as used in section 117 (J) means property used
in the trade or business, of a character which is subject to the allowance
for depreciation provided in section 23 (1), held for more than 6 months,
and real property used in the trade or business, held for more than 6
months, which is not (o) property of a kind which would properly be in-
cludible in the inventory of the taxpayer if on hand at the close of the tax-
able year, or (b) property held by the taxpayer primarily for sale to cus-
tomers ID the ordinary course of his trade or business. Such term also
includes timber or coal with respect to which section 117 (k) (I) or (2), is
applicible as well as unharvcsten crops sold with the land with respect to
which section 117 (j) (3) is applicable. Such term also includes livestock
(but not poultry) held for draft, breeding, or dairy purposes and held for
12 months or more from the date of acquisition.
Section 117 (j) provides special treatment for the gains and losses upon
the eale or exchange of depreciable property and of land, held for more
than 6 months, and for the gains and losses upon the compulsory or
involuntary conversion of such depreciable property and land and of
capital assets held for more than 6 months.
The method prescribed in section 117 (j) (2) is to treat such gains and
losses during the taxable year as gains and losses from the sale or exchange
of capital assets held for more than 6 months, if the aggregate of such gains
exceeds the aggregattTof such losses. If, however, the aggregate of such
gains does not exceed the aggregate of such losses, such gains and losses
shall not be treated a.« gains and losses from the sale or exchange of capital
assets held for more than G months.
In determining whether gains do or do not exceed losses, it is necessary
to include the gains and los-ses to the extent that they would be included
if they were all ordinary gains and losses. The limitation of section 117
(d) on the deductibility of capital losses does not operate to exclude any
such losses from the computation as to the excesa of gains over losses, but
all such losses are included in full.
For special treatment of gam or loss upon the cutting of timber, or
upon the disposal of timber or coal under a contract by which the owner
retains an economic interest in such timber, see section 117 (k).
Alternative lax. — If for any taxable year the net long-terra capital gain
exceeds the net short-term capital loss, section 117 (c) imposes an alterna-
tive tax in lieu of the normal tax and surtax imposed upon net income, if
and only if such tax is less than the tax imposed by sections 13 and 15
(relating to normal tax and surtax on corporations), sections 2U4 and 207
(a) (1) or (3) (relating to norma) tax and surtax on insurance companies,
other than life insurance companies), and section 500 (relating to tax on
personal holding companies). The alternative tax is the sum of (I) a
partial tax, computed at the normal tax and surtax rates on the net income
decreased by the amount of the excess of the net long-term capital gain
over the net short-term capital loss, and (2) 25 percent of such excess.
6. Interest Wholly Eiempt From Tax. — Enter the amount of interest
vhich is wholly exempt from taxation under the provisions of section
22 (b) (4).
See Specific Instruction 15 with respect to partially tax-exempt interest
which is allowed as a credit against net income.
7. Inveslmenl Expenses. — Enter expenses paid or accrued which are
properly chargeable to investment expenses, the total amount of which,
if there be any allocation of general expenses to investment expenses,
should not exceed one- fourth of 1 percent of the mean of the invested
assets repKirted on line 12, Schedule A, plus, in cases where the net in-
come computed without any deduction for (1) investment expenses and
(2) tax-free interest, exceeds 3?i percent of the book value of such mean
of the invested assets, one-fourth of such excess. Submit a schedule
showing the nature and amount of the items included herein, the minor
items being grouped in one amount. (See section 207 (b) (4) (B).)
8. Taxes. — Enter taxes paid or accrued exclusively upon real estate
owned by the company and taxes assessed against individual shareholders
and paid by the company without reimbursement as provided in section
207 (b) (4) (C). 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. For limitation on deduction, see Instruction 13 (6) below.
9. Real Estate Expenses. — Enter all ordinary and necessary building
expenses, paid or accrued, such as fire insurance, 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 held forth for rental purposes.
For limitation on deduction, see Instruction 13 (6) below.
10. Depreciation. — The amount deductible on account of depreciation
is an amount reasonably measuring the portion of the investment in de-
preciable property by reason of exhaustion, wear and tear, or obsoles-
cence, 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
income specified in section 207 (b) (1). 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 proliable number of years remaining of its expected
useful life. In case the property was purchased prior to March 1. 1913,
the amount of depreciation will be determined in the same manner, except
that it will be computed on its original cost, less depreciation sustained
prior to March 1. 1913, or its fair market value as of that date, whichever
is greater. If the property was acquired in any other manner than by
purchase, 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 apportionment is adopted must De reasonable, must have
due regard to operating conditions during the taxable year, and should
be described in tne return.
If a deduction is claimed on account of depreciation, a schedule should be
filed with the return showing: (1) Kind of property; (2) dat<* acquired;
(3) cost or other basis; (4) depreciation allowed (or allowable) in prior
years; (5) remaining cost or other basis to be recovered; (6) estimated life
used in accumulating depreciation; (7) estimated remaining life from be-
ginning of year; and (8) depreciation allowable for the taxable year. Id
case obsolescence is included, state separately amount claimed and basis
upon which it is computed. Coat 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
shown in the schedule should be reconciled with those accounts as refiected
on the books of the taxpayer.
Stocks, bonds, and hke securities are not subject to depreciation within
the meaning of the law. (See sections 23 (1), 114, and 207 (b) (4) (D).)
For limitation on deduction, see Instruction 13 (b) below.
11. Interest. — Enter the amount of interest paid or accrued during the
taxable year on the company's indebtedness, except on indebtedness in-
curred 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 taxpayer) the interest upon which is wholly exempt
from taxation.
12. Other Capital Losses. — Enter as item 12 losses from capital assets
sold or exchanged to provide funds to meet abnormal insurance losses and
to provide for the payment of dividends and similar distributions to policy-
holders. Capital assets shall be considered as sold or exchanced to pro-
vide for such funds or payments to the extent that the gross receipts from
their sale or exchange are not greater than the excess, if any, for the
taxable year of the sums of dividends and similar distributions paid to
policyholders, and losses and expenses paid over the sum of interest,
dividends, rents, and net premiums received. (See Schedule E.)
13. Total Deductions. — (o) Enter the total of items 6 to 12, inclusive.
(6) Limitation on deductions relating lo real estate owned and occupied. —
The deduction included in items 8 to 10 on account of real estate owned
and occupied in whole or in part by the company shall be limited to an
amount which bears the same ratio to such deduction (computed without
regard to subsection (c) of section 207), as the rental value of the space
not so occupied bears to the reutal value of the entire property. (Submit
detailed schedule.)
(c) Items no( deductible. — 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 allo-
cated 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, shall 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
exempt income, and (2) the amount of items allocated to each such class
(the amount allocated by apportionment being shown separately),
15. Interest Partially Exempt from Tax. — Enter as item 15 the amount
of interest included in gross income which is partially exempt from tax-
ation and for which a credit is allowed under the provisions of section 26 (a) .
17. Dividends Received Credit. — Enter as item 17, the sum of (a) 85
percent of dividends received from certain domestic corporations subject
to the income tax (other than dividends received on certain preferred stock
of a public utility) ; (b) 61 percent of the amount received as dividends on
certain preferred stock of a public utiUty corporation which is subject to
the income tax; and (c) 85 percent of dividends received from certain
foreign corporations subject to the income tax. For the purpose of this
credit, dividends received from a corporation organized under the China
Trade Act, 1922, or from a corporation entitled to the benefits of section
251, should be entered in item 2 (d). In no event is the total credit
allowed by section 26 (b) to exceed 85 percent of the adjusted net income.
Section 311 of the Revenue Act of 1951, amending section 26 (b), pro-
vides for a dividends received credit in the case of dividends received
from a foreign corporation (other than a foreign personal holding com-
pany) which is subject to the income tax if, (1) for an uninterrupted period
of not less than 36 months (or the entire period the foreign corporation
was in existance if such period is less than 36 months) ending with the
close of the foreign corporation's taxable year in which such dividends
are paid, the foreign corporation has been engaged in trade or business
within the United States, and (2) during such period, 50 percent or more
of the gross income of the foreign corporation has been derived from
sources within the United States.
The amount of the allowable credit is 85 percent of the amount re-
ceived as dividends from (a) earnings and profits of the taxable year com-
puted as of the close of the taxable year without diminution by reason of
any distribution made during the taxable year), without regard to the
amount of the ea.nings and profits at the time the distribution was-made
or fb) that portion of earnings and profits accumulated after February 28,
1913, which represents earnings and profits accumulated after the begin-
ning of the portion of the uninterrupted period ending at the beginning
of the taxable year. However, the amount of the credit allowed under
clause (a) is limited to an amount which bears the same ratio to 85 per-
cent of the amount received as dividends form such earnings and profits
as the gross income of the foreign corporation for the taxable year from
sources within the United States bears to the gross income from all sources
for the taxable year. Under clause (b) the amount of the credit is limited
to an amount which bears the same ratio to 85 percent of the amount
received as dividends from such accumulated earnings and profits as the
gross from sources in the United States for the portion of the uninter-
rupted period bears to the gross income from all sources for the portion
of the uninterupted period.
20. Net Premiums. — Enter as item 20 the amount of gross premiums
(including deposits and assessments) written or received on insurance
contracts dunng the taxable year, less return premiums and premiuma
paid or incurred for reinsurance. Amounts returned where the amount
is not fixed in the insurance contract but depends upon the experience
of the company or the discretion of the management are not to be in-
cluded in return premiums but are to be treated as dividends to policy-
holders and included in item 22. (See section 207 (b) (2).)
22. Dividends (o Policyholders. — Enter as item 22 dividends and sim-
ilar distributions paid or declared (depending upon the method of account-
ting regularly employed) to policyholders. (See section 207 (b) (3),)
26. Credit for Income Taxea Paid to a Foreign Country or United
States Possession. — If, in accordance with section 131 (a), a credit is
claimed by a domestic corporation in item 26, on account of income, war-
profits and excess profits taxes paid or accrued to a foreign country or a
possession of the United States, Form 1118 should be submitted with
the return, together with the receipt for each such tax payment. In case
credit is sought for taxes accrued but not paid, the form must have
attached to it a certified copy of the return on which each such accrued
tax was based, and the Commissioner may require a bond on Form 1119
as a condition precedent to the allowance of a credit for such accrued
taxes. A foreign company is not entitled to claim this credit.
orricc le— eUOD I
FACSIMILES OF TAX RETURNS FOR 1951
Form 1118— Revised Feb. 1981
u. s. trb:asury department
Internal Revenue Service
261
Pagel
STATEMENT IN SUPPORT OF CREDIT CLAIMED BY DOMESTIC CORPORATION FOR TAXES PAID
OR ACCRUED TO A FOREIGN COUNTRY OR A POSSESSION OF THE UNITED STATES
For Calendar Year 19
Or fiscal year beginning , 19 , and ending , 19
Name of G>rporation
Address
(Street and number)
(City or town, postal zone number)
(State)
SCHEDULE A.— CREDIT CLAIMED AGAINST INCOME TAX
Claim for credit is made by the domestic corporation named above, based on income — for the taxable year
(Received or accrued)
beginning
., 19 , and ending
., 19 , for taxes ', as follows:
(Paid or accrued)
I. Normal-tax net income from all sources (computed without deduction for any income, war-profits, and excess-
profits taxes paid or accrued to foreign countries or possessions of the United States)- $..
n. Total United States income tax (before credit for foreign taxes)—. ._.. $.,
(In foreign money)
corporation income tax return on line ).
Taxes Paid or Accrued During the Taxable Year to a Foreign Country or a Possession of the United States*
Name of foreign country or possession imposing tax _. _
1. Normal-tax net income from sources in this foreign country or possession (exclusive of dividends received)
.' which (converted at an exchange rate of .- ') equals in dollars (reported in
?
2. Dividends received from sources in this foreign country or possession which
(In foreign money)
(converted at an exchange rate of _ ') equals in dollars (reported in corporation income tax
return on line ) — --
3. Total normal-tax net income from sources in this foreign country or possession, computed without deduction
for any income and profits taxes imposed by any foreign country or possession of the United States (reported
in corporation income tax return on line )" - S
4. Amount of tax paid or accrued with respect to Item 1 (evidenced by attached receipt or return) '
which (converted at an exchange rate of — ') equals in dollars- |
5. Amount of tax paid or accrued with respect to Item 2 by withholding at the source (evidenced by attached receipt
or return) _ ' which (converted at an exchange rate of ') equals
in dollars...
6. Amount of tax deemed to have been paid or accrued with respect to Item 2 (Item 12, Schedule C, of this form)—
7. Total of taxes paid or accrued (sum of Items 4, 5, and 6) $
8. Ratio of normal-tax net income from sources in this foreign country or possession to normal-tax net income from
all sources (Item 3 divided by Item I)_
9. Amount of tax which may be claimed as credit under limitation of Section 131 (b) (1) (Item II, multiplied by
Item 8, unless Item 7 is less than such amount, in which case Item 7 should be entered here)". $
10. Statute imposing tax entered under Item 4 .
11. Statute imposing tax entered under Item 5 .
(To be named fully and clearly ao aa to be easily identified)
(To be named fully and clearly so as to be easily identilied)
SUMMARY OF INCOME RECEIVED AND TAXES PAID, AS SHOWN IN SCHEDULE A*
Column A
Income or loss '
Name of country
or possession
Schedule A, Item 9_ $.
Schedule A, Item 9_ ,
Schedule A, Item 9 ,
Total (enter as Item 13 below) _ $.
Name of country
or possession
Schedule A, Item 3 $.
Schedule A, Item 3 .,
Schedule A, Item 3 .
Total (enter as Item 12 below)_ $..
12. Total normal-tax net income from sources without United States (total of Column A) $..
13. Total taxes paid or accrued to foreign countries or possessions of United States as separately limited (total of
Colunm B) $.
14. Normal-tax net income from all sources (same as Item I) $..
15. Ratio of normal-tax net income from sources without United States to normal-tax net income from all sources
(Item 12 divided by Item 14)
16. Total United States income tax on Item 14 (same as Item II) $..
17. Amount of tax which may be claimed as a credit on corporation income tax return (Item 16 multiplied by Item
15, or Item 13, whichever amount is the smaller) $..
Column B
Taxes
(SEK FOOTNOTES ON PAGE 2)
262
FACSIMILES OF TAX RETURNS FOR 1951
SCHEDULE B.— CREDIT CLAIMED AGAINST EXCESS PROFITS TAX
Pag© 2
Claim for credit is made by the domestic corporation named above, based on excess profits net income for the
(Received or accrued)
taxable year beginning , 19 , and ending _, 19 , for taxes \ as follows:
(Paid or accrued)
I, Excess profits net income from all sources (computed without deduction for any income, war-profits, and excess-
profits taxes paid or accrued to foreign countries or possessions of the United States) $
II. Total United States excess profits tax (before credit for foreign taxes).
Taxes Paid or Accrued During the Taxable Year to a Foreign Country or a Possession of the United States*
Name of foreign country or possession imposing tax __ _,
1. Excess profits net income from sources in this foreig:n country or possession (computed without deduction for any
income and profits taxes imposed by any foreign country or possession of the United States) $
2. Total of taxes paid or accrued to such foreign country or possession (Item 7, Schedule A, for such country or
possession)" .,- - _. $
3. Amount of tax claimed as credit (Item 9, Schedule A, for such country or possession, diminished ratably under
Section 131 (b) (2), where applicable)" ._. _ $
4. Amount of tax to be considered for credit subject to limitations of Section 131 (j) (Item 2 less Item 3) $.
5. Ratio of excess profits net income from sources in this foreig^i country or possession to excess profits net income
from all sources (Item 1 divided by Item I)
6. Limitation on amount of tax credit under Section 131 (j) (1) (Item II multiplied by Item 5)_ $.
7. Amount allowable as credit under Section 131 (j) (1) (Item 4 or Item 6, whichever is smaller)'" _.. $.
SUMMARY OF INCOME RECEIVED AND TAXES PAID, AS SHOWN IN SCHEDULE B*
Name of country
or possession
Column A
Income or lo83*
Name of country
or possession
Column B
Taxes
Schedule B, Item 1 $.,
Schedule B, Item 7 $-.
Schedule B, Item 1.
Schedule B, Item 7..
Schedule B. Item 1,
Schedule B, Item 7.,
Total (enter as Item 8 below) $..
Total (enter as Item 9 below) $.
8. Total excess profits net income from sources without the United States (total of Column A)_ $_.
9. Total taxes paid or accrued to foreign countries or possessions of United States as separately limited (total of
Column B) „ _ $.
10. Excess profits net income from all sources (same as Item I, Schedule B)_ $.
11. Ratio of excess profits net income from sources without United States to excess profits net income from all sources
(Item 8 divided by Item 10) _ „
12. Total United States excess profits tax on Item 10 (same as Item II, Schedule B) $.
13. Amount of tax which may be claimed as a credit against United States excess profits tax (Item 12 multiplied by
Item 11, or Item 9, whichever amount is the smaller).. _ $_
FOOTNOTES
• If the income tax return Is based on Income "accrued,** or the corporation elects
under Section 131 (d) to claim credit for taxes accrued, write "accrued" In the
space provided. (See Section 131 (d) and Instructions on page 4.)
' State this amount in the currency of the foreign country or possession of the
United States (e. g., pounds, francs, marks).
^ Give rate of exchange used and attach a statement describing In reasonable
detail why and how this particular rate was determined.
■* Where payments were of taxes accrued for only I year, give dates or beginning
and ending of such year in first column. Where the payments were of taxes accrued
for more than 1 year, give in separate columns the dates of each annual period
during which any part of the tax payments accrued.
° Enter in each colxmin for the annual period named at the top the amount of the
tax payment which accrued with respect to income of such period.
• Where there is more than one foreign country or possession of the United
States to which taxes are paid by the domestic corporation, or more than one con-
trolled foreign corporation, or more than one foreign country or possession of the
United States to which taxes are paid on behalf of a controlled foreign cori>oration,
additional schedules should be attached, and the amount of the income and the
credit shown on each such schedule should be included in the summary.
' The term "foreign cori>oration" as used in Schedule C includes a domestic cor-
poration entitled to the benefiU of Section 251 or 262. (See Section 131 (g> on
page 4.)
' If losses were sustained in any foreign country or possession of the United
States, state the amount of such loss for each country or possession.
• A schedule is required to be prepared for each foreign country or possession of
the United States from which net Income Is received or in which a net loss la sus-
tained whether or not tax la paid to such foreign country or iwBsession.
^ It dividends received during the taxable year from a controlled foreign cor-
poration must be considered under the statute to be paid out of the Income of such
corporation for a period of more tiian 8 years, a separate schedule containing the
Information required in Items 4 to 11, inclusive, of Schedule C, shall be submitted
covering all years involved. The total of the amounts entered in Item 4 must agree
with the amount shown in Item 1.
" The amount to be shown as total profits under Item 5 of Schedule C should be
the profits from all sources whatsoever (whether or not subjected to foreign tax),
from which, after deduction of the foreign tax shown in Item 7, the dividends may
be deemed to have been paid by the foreign corporation.
" The sum of amounts shown in Item 9, Schedule A, from various foreign coun-
tries or possessions is subject to the limitation of Section ISl (b) (2), as computed
in the summary.
'' If a majority of ownership of the voting stock was attained or relinquished
during the year by the domestic corporation claiming credit, state the date when
such change took place.
" Conversion to be made at same exchange rate as that used for dividends in
Item 1 of Schedule C.
"^ Each column relates to that part of total dividends paid from accumulated
profits shown therein.
" Include any dividends received from a foreign subsidiary of the controlled for-
eign corporation.
" The portion of the taxes paid by the foreign subsidiary of the controlled foreign
corporation, which is deemed to have been paid by the controlled foreign corpora-
tion, will be computed by the same method employed in computing the portion of
the tax paid by the controlled foreign corporation, which Is deemed to have been
paid by the domestic corporation.
1' The sum of amounts shown In Schedule B, Item 7. from rarioua foreign coun-
triee or poesesslons is subject to the limitation of Section 181 (j) (2)« as computed
In the summary.
1" The amount of taxes paid or accrued listed In Item 2 and Item 8 of Schedule B
shall be adjusted to eliminate the portion of such taxes attributable to Items of Income
not subject to the excess profits tax. lo — 490S8-8
FACSIMILES OF TAX RETURNS FOR 1951
263
Pages
SCHEDULE C. — Taxes Paid or Accrued to a Foreign Country or a Possession of the United States by a Controlled Foreign Corporation
or a Controlled Domestic Corporation Entitled to the Benefits of Section 251 or 262 ' •"'i "
Name Incorporated under the laws of
Address
Foreign
corporation
or
corporation
entitled to
benefits of
Sec. 251
or 262.'
<Str««t and numb«r)
' Number of shares outstanding..
(City or town)
Preferred
(Country)
Common Total
Capital stock { Number of shares owned by domestic corporation
, Which stock has full voting rights?
Date taxable year began , 19 , and ended 19..
Name of foreign country or possession of United States imposing tax Character of tax _
(Income, war-profita, or excesn-profita)
Statutes imposing tax
(To b« named fully and clearly bo as to be easily identified)
1. Amount received during the taxable year as dividends from such controlled foreign corporation'
(In foreign money)
which (converted at an exchange rate of ') equals in dollars $
Date and amount of each dividend payment
2. Normal-tax net income of domestic corporation (same as Item I, Schedule A, page 1) %..
3. Total tax due United States on corporation income tax return (same as Item II, Schedule A, page 1) $..
4. Dividends segregated according to years when profits from which they were
paid were accumulated '°_ _
5. Total profits of controlled foreign corporation before tax was deducted there-
from " " "" ■•
6. Accumulated profits (total profits less tax thereon) out of which dividends
were paid
which, converted at an exchange rate of"
equals in dollars
7. Amount of taxes paid or deemed to have been paid" under Section 131 (f)
(based upon attached tax receipts') or taxes accrued, in foreign money upon
Item 5 _
which, converted at an exchange rate of"
equals in dollars
8. Ratio of accumulated profits to total profits (Item 6 divided by Item 5)
9. Tax paid on or with respect to accumulated profits (Item 7 multiplied by
Item 8)
10. Ratio of amount of dividends received to accumulated profits (Item 4 divided
by Item 6)_
11. Amount of tax payments deemed to have been paid on profits distributed as
dividends (Item 9 multiplied by Item 10)
Taxable period* of controlled foreign corporation from income of which
diWdenda were paid "
' Year .
12. Total of tax payments deemed to have been paid on profits distributed as dividends (total of Item 11) %
(SEE FOOTNOTES ON PAGE 2)
DECLARATION
We, the undersigrned, president (or vice president, or other principal officer) and treasurer (or assistant treasurer, or chief accounting
officer) of the corporation for which this statement is made, each for himself declares under the penalties of perjury that this statement has
been examined by him and is, to the best of his knowledge and belief, a true and complete statement of facts relating to the credit for tax as
provided in Section 131 of the Internal Revenue Code.
Date.
.. 19.
(PrMldrat or othar principal offloar)
(Suta tltla)
(Trtaaurar, aaaUtant troaiurar, or chief accounting olBear) (Stale tltla)
264
FACSIMILES OF TAX RETURNS FOR 1951
Page 4
EXTRACTS FROM SECTION 131 OF THE INTERNAL REVENUE CODE
TAXES OF FOREIGN COUNTRIES AND POSSESSIONS OF UNITED STATES
Sec. 131. (a) Allowance of Credit. — If the taxpayer chooses to
have the benefits of this section, the tax imposed by this chapter,
except the tax imposed under section 102 and except the tax imposed
under subchapter E, and except, with respect to the tax imposed
under subchapter D, only to the extent provided in subsection (j),
shall be credited with :
(1) Citizens and domestic corporations. — In the case of a citizen
of the United States and of a domestic corporation, the amount of
any income, war-profits, and excess-profits taxes paid or accrued
during the taxable year to any foreign country or to any possession
of the United States;
Such choice may be made or changed at any time prior to the
expiration of the period prescribed for making a claim for credit or
refund of the tax imposed by this chapter.
(b) Limit on Credit. — The amount of the credit taken under this
section shall be subject to each of the following limitations:
(1) The amount of the credit in respect of the tax paid or ac-
crued to any country shall not exceed, in the case of a taxpayer
other than a corporation, the same proportion of the tax against
which such credit is taken, which the taxpayer's net income from
sources within such country bears to his entire net income for the
same taxable year, or in the case of a corporation, the same propor-
tion of the tax against which such credit is taken, which the tax-
payer's normal-tax net income from sources within such country
bears to its entire normal-tax net income for the same taxable
years; and
(2) The total amount of the credit shall not exceed, in the case of
a taxpayer other than a corporation, the same proportion of the tax
against which such credit is taken, which the taxpayer's net income
from sources without the United States bears to his entire net in-
come for the same taxable year, or, in the case of a corporation, the
same proportion of the tax against which such credit is taken,
which the taxpayer's normal-tax net income from sources without
the United States bears to its entire normal-tax net income for the
same taxable year; and
(c) Adjustments on Payment of Accrued Taxea. — If accrued
taxes when paid differ from the amounts claimed as credits by the
taxpayer, or if any tax paid is refunded in whole or in part, the
taxpayer shall notify the Commissioner, who shall redetermine the
amount of the tax for the year or years affected, and the amount of
tax due upon such redetermination, if any, shall be paid by the tax-
payer upon notice and demand by the collector, or the amount of tax
overpaid, if any, shall be credited or refunded to the taxpayer in
accordance with the provisions of section 322. In the case of such
a tax accrued but not paid, the Commissioner as a condition pre-
cedent to the allowance of this credit may require the taxpayer to
give a bond with sureties satisfactory to and to be approved by the
Commissioner in such sum as the Commissioner may require, con-
ditioned upon the payment by the taxpayer of any amount of tax
found due upon any such redetermination ; and the bond herein pre-
scribed shall contain such further conditions as the Commissioner
may require. In such redetermination by the Commissioner of the
amount of tax due from the taxpayer for the year or years affected
by a refund, the amount of the taxes refunded for which credit has
been allowed under this section shall be reduced by the amount of
any tax described in subsection (a) imposed by the foreign country
or possession of the United States with respect to such refund;
but no credit under this section, and no deduction under section 23,
shall be allowed for any taxable year with respect to such tax im-
posed on the refund. No interest shall be assessed or collected on
any amount of tax due upon any redetermination by the Commis-
sioner, resulting from a refund to the taxpayer, for any period
prior to the receipt of such refund, except to the extent interest was
paid by the foreign country or possession of the United States on
such refund for such period.
(d) Year in Which Credit Taken. — The credits provided for in
this section may, at the option of the taxpayer and irrespective of
the method of accounting employed in keeping his books, be taken
in the year in which the taxes of the foreign country or the posses-
sion of the United States accrued, subject, however, to the conditions
prescribed in subsection (c) of this section. If the taxpayer elects
to take such credits in the vear in which the taxes of the foreign
country or the possession or the United States accrued, the credits
for all subsequent years shall be taken upon the same basis, and no
portion of any such taxes shall be allowed as a deduction in the same
or any succeeding year.
(e) Proof of Credits. — The credits provided in this section shall
be allowed only if the taxpayer establishes to the satisfaction of the
Commissioner (1) the total amount of income derived from sources
without the United States, determined as provided in section 119,
(2) the amount of income derived from each country, the tax paid
or accrued to which is claimed as a credit under this section, such
amount to be determined under rules and regulations prescribed by
the Commissioner with the approval of the Secretary, and (3) all
other information necessary for the verification and computation of
such credits.
(f ) Taxes of Foreign Subsidiary. —
(1) Foreign subsidiary of domestic corporation. — For the pur-
poses of this section, a domestic corporation which owns a majority
of the voting stock of a foreign corporation from which it receives
dividends in any taxable year shall be deemed to have paid the same
proportion of any income, war-profits, or excess-profits taxes paid
or deemed to be paid by such foreign corporation to any foreign
country or to any possession of the United States, upon or with
respect to the accumulated profits of such foreign corporation from
which such dividends were paid, which the amount of such dividends
bears to the amount of such accumulated profits. The term "accu-
mulated profits" when used in this subsection in reference to a for-
eign corporation, means the amount of its gains, profits, or income
in excess of the income, war-profits, and excess-profits taxes imposed
upon or with respect to such profits or income; and the Commis-
sioner with the approval of the Secretary shall have full power to
determine from the accumulated profits of what year or years such
dividends were paid; treating dividends paid in the first sixty days
of any year as having been paid from the accumulated profits of the
preceding year or years (unless to his satisfaction shown otherwise),
and in other respects treating dividends as having been paid from
the most recently accumulated gains, profits, or earnings. In the
case of a foreign corporation, the income, war-profits, and excess-
profits taxes of which are determined on the basis of an accounting
period of less than one year, the word "year" as used in this sub-
section shall be construed to mean such accounting period.
(2) Foreign subsidiary of foreign corporation. — If such foreign
corporation owns all the voting stock (except qualifying shares) of
another foreign corporation from which it receives dividends in any
taxable year it shall be deemed to have paid the same proportion of
any income, war-profits, or excess-profits taxes paid by such other
foreign corporation to any foreign country or to any possession of
the United States, upon or with respect to the accumulated profits
of the corporation from which such dividends were paid, which the
amount of such dividends bears to the amount of such accumulated
profits.
(g) Corporations Treated as Foreign. — For the purposes of this
section the following corporations shall be treated as foreign
corporations :
(1) A corporation entitled to the benefits of section 251, by rea-
son of receiving a large percentage of its gross income from sources
within a possession of the United States ;
(2) A corporation organized under the China Trade Act, 1922,
42 Stat. 849 (U. S. C, Title 15, c. 4), and entitled to the credit pro-
vided for in section 262.
(h) Credit for Taxes in Lieu of Income, Etc„ Taxes. — For the
purposes of this section and section 23 (c) (1), the term "income,
war-profits, and excess-profits taxes" shall include a tax paid in lieu
of a tax upon income, war-profits, or excess-profits otherwise gener-
ally imposed by any foreign country or by any possession of the
United States.
(j) Tax Imposed by Subchapter D. — This section shall be applica-
ble for purposes of the tax imposed by subchapter D, but the tax
paid or accrued to any country shall be deemed to be the amount of
such tax reduced by the amount of the credit allowed under this
section with respect to such tax against the tax imposed by this
chapter without regard to subchapter D. The amount of the credit
taken under this subsection shall be subject to each of the following
conditions :
(1) The amount of the credit in respect of the tax paid or accrued
to any country shall not exceed the same proportion of the tax
against which such credit is taken, which the taxpayer's excess
profits net income from sources within such country bears to its
entire excess profits net income for the same taxable year; and
(2) The total amount of the credit shall not exceed the same pro-
portion of the tax against which such credit is taken, which the tax-
payer's excess profits net income from sources without the United
States bears to its entire excess profits net income for the same
taxable year.
INSTRUCTIONS
When Credit for Taxes May Be Taken.— The credit for taxes provided by section 181 (a) may ordinarily be taken either in the return
for the year in which the taxes accrued or in which the taxes were paid, dependent upon whether the accounts of the taxpayer are kept and
its returns filed upon the accrual basis or upon the cash receipts and disbursements basis. Where a taxpayer keeps its books of account on
the accrual basis, a credit for taxes paid to a foreign country must also be taken on that basis and the time of payment of the taxes has in
such case nothing to do with the time of credit. A taxpayer whose books of account are kept on the cash receipts and disbursements basis
has «ie privilege of taking the credit for foreign taxes on an accrual basis, but if it elects to do so, the credit for foreign taxes with respect
to all subsequent years must be taken upon the same basis.
INDEX
(For data by industrial divisions, major groups, and minor groups, see "Industrial divisions and groups.")
Abnormalities in income in taxable year
Accounts and notes payable
Accounts and notes receivable 37, 78-125,
Reserve for bad debts 37, 78-125,
Accounts payable 37, 78-125,
Active and Inactive corporations 1,
Adjustment in case of position inconsistent with
prior income tax liability
Advertising (cost item in deductions)
58-125,
Affiliated corporations. (See Consolidated
returns. )
Alternative tax 8, 9, 156,
Amended re turns
Amortization deduction (emergency facilities)...
58-125,
Amounts contributed under pension plans, etc....
58-125,
Assets. (See Assets and liabilities; Capital;
Gross. )
Assets and liabilities (i^eturns with balance
sheets):
Classification
Consolidated returns 98-117,
Industrial groups, major 78-117,
Total 78-151, 170-171,
Total assets classes 6, 8, 118-151,
Audit revisions not tabulated
Page
12
126-151
17';-175
17'i-175
174-175
5, 168
12
7, 36,
172-175
197-199
2
7, 36,
172-175
7, 36,
172-175
6, 8
122-125
126-151
174-175
168-171
2
B
Bad debts 7, 36, 58-125, 172-175
Reserve 37, 78-125, 17A-175
Balance sheets, returns with (See also Assets
and liabilities)... 6, 7, 18, 78-151, 168-171, 174-175
Basic tables, corporation income tax returns,
tables 1-10 43-164
Bonds and mortgages payable 126-151
Bonds, Government. (See Government obligations.)
Bonds, notes, mortgages, payable.... 37, 78-125, 174-175
C
Capital assets:
Definition 200-201
Gain or loss from sale or exchange of. (See
Capital gain. )
Gross, except land 37, 78-125, 174-175
Land 37, 78-125, 174-175
Less reserves 126-151
Reserves 37, 78-125, 174-175
Sale of. (See Capital gain, net. Also
Table B, Synopsis of Federal tax laws. )
Capital gain, net:
Excess of net long-term capital gain over
net short-term capital loss 7, 36,
58-125, 156, 172-175
Excess of net short-term capital gain over
net long-term capital loss. 7, 36, 58-125, 172-175
Capital stock:
Common and preferred, separately 37,
78-125, 174-175
Total 126-151
Carryback changes not tabulated 2
Page
Cash 37, 78-151, 174-175
Changes in the Internal Revenue Code 2-3
Common stock 37, 78-125, 174-175
Comparative data, summary, 1951 and 1950 1
Compensation of officers 6, 7, 36, 58-125, 172-175
Compiled deductions. (See Compiled receipts and
compiled deductions.)
Compiled net profit less total tax 7, 37,
58-125, 172-175
Compiled net profit or net loss 7, 36,
58-151, 172-175
Compiled receipts and compiled deductions:
Balance sheets, returns with 7,
78-125, 170-171, 174-175
Consolidated returns 98-117, 122-125
Industrial groups 58-117
Total assets classes 118-125
Total compiled deductions 7, 36, 58-125, 172-175
6, 7,
170-191
122-125
122-125
12
172-175
Total compiled receipts
36, 46-51, 58-151,
Consolidated returns:
Affiliated group defined 7, 200
Assets and liabilities 98-117,
Compiled deductions 98-117,
Compiled receipts 98-117, 122-125, 191
Criterion of affiliation 7, 200
Industrial divisions 8, 98-117
Industrial groups, major 98-117
Provisions for filing and tax rates, 1944-
1951 200
Subsidiaries, number of 8, 98-117, 122-125, 191
Tax rates 2, 200
Total assets classes 122-125
Contracts completed under Merchant Marine Act,
special excess profits tax relief provision. . .
Contributions or gifts 7, 36, 58-125,
Cost of goods sold, and cost of operations,
separately 7, 36, 58-125, 172-175
Credits:
Against excess profits net income. (See
Excess profits tax.)
Against net income:
Dividends paid on certain preferred
stock of a public utility.. 2, 201 (note 4(b))
Dividends received from certain foreign
corporations 2, 200 (note 4(b) )
Dividends received on certain preferred
stock of a public utility.. 2, 201 (note 4(b))
Dividends received (other than on
certain preferred stock of a public
utility) 201 (note 4(b))
Reserve and other policy liability
credit of life insurance companies. . . ,
Western Hemisphere trade corporations. . ,
14-15,
Against tax (income and excess profits tax):
Taxes paid to foreign countries or
possessions of the United States.
3
2,
26-30
14,
22-28, 30
D
Debts, bad 36, 58-125, 172-175
Reserve 37, 78-125, 174-175
Deduction due to net operating loss of preceding
taxable years 7, 36, 58-125, 172-175
265
266
INDEX
Deductions, compiled. (See Compiled receipts
and compiled deductions. ) Page
Deficit classes 18, 30, 152-155, 160-161, 168-171
Deficit in surplus and undivided profits 36,
78-125, 174-175
Deficit (no net income). (See Net income or
deficit.)
Depletion, depreciation, separately 7, 36,
58-125, 172-175
Dividends paid:
By net income and deficit classes 152-154, 161
By total assets classes 118-151
Cash and assets other than corporation's
own stock 7, 37,
45-51, 58-125, 152-154, 161, 170-175
Corporation's own stock. 7, 37, 58-125, 161, 170-175
Industrial divisions and groups 46-51,
58-117, 126-151
Dividends received from domestic and foreign
corporations, separately 2, 7,
24-26, 28, 30, 36, 58-125, 160, 172-175
E
Excess of net long-term capital gain over net
short-term capital loss... 7, 36, 58-125, 156, 172-175
Excess of net short-term capital gain over net
long-term capital loss 7, 36, 58-125, 172-175
Excess profits tax (Schedule EP, Form 1120):
Amount of tax 1, 6, 7, 18-19, 21-25, 37, 45-125,
152-158, 170, 172-191
Facsimile of Schedule EP 217-246
Returns with excess profits net income over
$25,000:
Classification of returns 7, 9
Credit against excess profits tax for
taxes paid to foreign countries or
possessions of the United States 14, 22-25
Credit computation:
Income method:
Alternative based on growth 10,
157, 159
General average 9-10, 157, 159
Industry rate of return. 10, 20, 157, 159
Invested capital method:
Alternative excess profits
credit of regulated public
utilities 10, 158-159
Asset method 10, 158-159
Historical method 10, 158-159
Minimum credit of $25,000 11, 158-159
Special rules for credit compu-
tation 11-12, 19
Definition of excess profits net income. 9
Excess profits tax limitation 12-13, 21
Excess profits credit (against net
income) 2-3, 52-57, 157-159
Exclusions from net income 9
General relief provisions (industry rate
of return) 12, 20
Rates 2-3, 197-198
Special relief provisions 12, 21
Synopsis of Federal tax laws, 1944-1951. 195-202
Tabulations 19-21, 52-57, 157-159
Unused excess profits credit adjustment. 52-57,
157-159
Page
Foreign corporations, dividends received from... 2, 7,
24-26, 28, 30, 36, 58-125, 160, 172-175,
201 (note 4(b))
Foreign taxes-Returns showing credit claimed for
taxes paid to foreign countries or possessions
of the United States 14., 22-28, 30
Forms:
Facsimiles of corporation returns:
Form 1120-Corporation income tax return. 204-246
Form 1120FY— Computation of corporation
income tax (other than calendar year). 247-250
Form 1120L-Life insurance company income
tax return 251-254
Form 1120M-Mutual insurance company
income tax return 255-260
Form 1113-Statement in support of credit
claimed for foreign taxes paid 261-264
G
Gain, net capital, (see Capital gain, net. )
Gain or loss, net, sales of property other than
capital assets 7, 36, 58-125, 172-175
Geographic distribution of returns 5, 45
Gifts, contributions 7, 36, 58-125, 172-175
Government obligations:
Interest- taxable, subject to surtax only,
and tax-exempt, separately 7, 78-125, 172-175
Investments 37, 78-125, 174-175
Gross capital assets (except land).. 37, 78-125, 174-175
Gross receipts from operations... 7, 36, 58-125, 172-175
Gross sales 7, 36, 58-125, 172-175
Gross sales and gross receipts from operations. . 126-151
H
Historical data, 1909-1943. (See Statistics of
Income for 1949, Part 2.)
Historical data, 1944-1951 165-194
Assets and liabilities 174-175
Comparability 167
Compiled net profit less total tax 172-175
Compiled net profit or net loss 172-175
Consolidated returns 191
Dividends paid, by type 170-175
Excess profits tax •. . . 170, 172-191
Income tax 170-191
Industrial groups (number of returns, total
compiled receipts, net income or deficit,
and taxes) 176-190
Laws, synopsis of Federal tax 195-202
Net income or deficit 170-191
Net operating loss deduction 172-175, 191
Number of returns 168-191
Receipts and deductions 172-175
Sampling of returns, 1951 3-5
Source Book 33-42
Total assets 170-171, 174-175
Total compiled receipts 170-191
Total taxes 170-191
F
Facsimiles of returns 203-264
Federal tax laws, synopsis of, 1944-1951 195-202
Fiscal year returns:
Proration of taxes 2
Tabulations:
Month fiscal year ended 18
Net income and deficit classes 18
Text 13
I
Inactive corporations 1, 5, 168
Income. (See Excess profits tax; Net income;
Compiled receipts.)
Income tax:
Balance sheets, returns with 7,
78-125, 170, 174-175
Consolidated income tax returns 98-117,
122-125, 191
INDEX
267
Income tax-Continued
Credit for tsixes paid to foreign countries
or possessions of the United States
14; 22
Fiscal year returns
Industrial divisions and groups
27-29, 46-117,
Net income classes 18, 25, 30,
Part year returns
Rates 2,
States and Territories
Synopsis of Federal tax laws, 1944-1951
Total assets classes 22, 26,
Industrial divisions and groups:
Assets and liabilities 78-117,
Classification
Compiled deductions
Compiled receipts 46-51, 58-117,
Divisions only 6, 8,
Major groups
23-24, 27-29, 46-117, 126-151,
Minor groups
Net income and deficit classes
Total assets classes
Insurance carriers and agents:
Life 3, 6, 41,
Credit against net income
Facsimile of return. Form 1120L
Mutual, except life or marine or fire
insurance companies issuing perpetual
policies
Facsimile of return. Form 112QM
Mutual, except life or marine, special
excess profits tax relief provisions
Interest paid 7, 36, 58-125,
Interest received, not on Government obliga-
tions 7, 36, 58-125,
Interest received on Government obligations-
taxable, subject to surtax only, and tax-
exempt, separately 7, 36, 58-125, 160,
Inventories 37, 78-151,
Investments:
Government obligations 37, 78-125,
Other than Government 37, 78-125,
Total, by major industrial groups
Page
1,
-28, 30
18
23-24,
176-190
152-158
19
195-202
45
195-202
118-125
126-151
5-7
58-117
176-190
152-154
20,
176-190
46-57
152-154
126-151
50, 56
3
251-254
50, 56
255-260
12, 21
172-175
172-175
172-175
174-175
174-175
174-175
126-151
Land (capital assets) 37, 78-125, 174-175
Laws, Federal tax, synopsis, 1944-1951 195-202
Liabilities. (See Assets and liabilities.)
Life insurance companies 3, 6, 41, 50, 56
Limitations of data, sample and other 3-5
Loss:
Net loss, sales other than capital assets... 7,
36, 58-125, 172-175
Net operating loss deduction. 7, 36, 58-125, 172-175
Returns with no net income 1,
6, 18, 45-51, 171, 176-191
M
Major industrial groups 5-7,
20, 23-24, 27-29, 38-42, 46-117, 126-151, 176-190
Mining strategic minerals, special excess
profits tax relief provisions 12, 21
Minor industrial groups 5-7, 38-42, 46-57
Mortgages, bonds, notes, payable.... 37, 78-125, 174-175
Mortgages, bonds, payable 126-151
Mutual insurance companies, life or
marine or fire Insurance companies issuing'
perpetual polic ies 41, 50, 56
Mutual insurance companies, except life or
marine, special excess profits tax relief
provisions 12, 21
N
Net capital gain. (See Capital gain, net.)
Net gain or loss, sales other than capital
assets ;.. 7, 36, 58-125,
Net income or deficit:
Balance sheets, returns with
78-151, 170-171,
Classes 8, 18, 21, 25, 30, 152-160,
Classification and definitions
Consolidated income tax returns
122-
Fiscal year returns
Industrial divisions 6,
Industrial groups 46-117, 126-151,
Part year returns
States and Territories
Total assets classes 26, 118-151,
Type of tax liability
Net loss, sales other than capital assets
36, 58-125,
Net operating loss deduction
36, 58-125, 172-
Net profit or net loss, compiled. 7, 36, 58-151,
Notes and accounts receivable 37> 78-125,
Less reserves
Reserves for bad debts 37, 78-125,
Notes, bonds, mortgages, payable.... 37, 78-125,
Number of returns. (See specific type of
return or classification.)
Page
172-175
V,
174-175
170-171
5-8
98-117,
125, 191
18
152-154
176-190
19
45
170-171
155-156
V,
172-175
7.
175, 191
172-175
174-175
126-151
174-175
174-175
Operating loss deduction, net.
7,
36, 58-125, 172-175, 191
Part year returns:
Number of returns, net income or deficit,
and tax
Text
Pension plans, amounts contributed under
58-125,
Percentage distributions 1
Personal holding company returns (Form 1120H). -
Published biennially. (See Statistics of
Income for 1950, Part 2.)
Possessions of the United States or foreign
countries, taxes paid to 14, 22
Preferred stock 37, 78-125,
Profit or loss, compiled net 7, 36, 58-125,
Profits, surplus and undivided 37, 78-125,
Proration of taxes, fiscal year returns
19
13
■y,
36,
172-
-175
■, 6,
, 18
-28, 30
174-175
172-175
174-175
2
Rates of tax 2, 3, 12-13, 197-198, 200
Receipts:
Compiled. (See Compiled receipts and com-
piled deductions.)
Gross from operations 7, 36, 58-125, 172-175
Gross sales and gross receipts from opera-
tions 126-151
Partially and wholly tax-exempt. (See
Government obligations.)
Rent paid on business property 7, 36,
58-125, 172-175
Rents, received 7, 36, 58-125, 172-175
Repairs (deduction) 7, 36, 58-125, 172-175
Reserve forbad debts 37, 78-125, 174-175
Reserves against capital assets 37, 78-125, 174-175
Reserves, surplus 37, 78-125, 174-175
Return forms for 1951 (facsimiles) 203-264
Returns included 1-2
Returns with balance sheets, classification 6, 7, 8
268
INDEX
Returns with excess profits net income over
$25,000. (See Excess profits tax.) Page
Returns with net income ' 5, 6,
18, <i5-51, 68-77, 88-97, 108-117, 120-121,
12A-125, 152-161, 168, 170, 173, 175,
176-191
Returns with no net income 5, 6,
18, A5-51, 152-155, 160-161, 168-169, 171,
176-191
Revenue Act of 1951 and Excess Profits Tax Act
of 1950 2-3
Royalties, received 7, 36, 58-125, 172-175
Sale of capital assets. (See Capital gain.)
Sales, gross 7, 36, 58-125,
Sales of property other than capital assets, net
gain or net loss 7, 36, 58-125,
Sample, description of, and limitations of data.
Sampling variability
Securities with wholly and partially tax-exempt
interest. (See Investments, Government
obligations. )
Source Book
Description and use
Industrial groups available
Items and classifications available
Statement (Form 1118) in support of credit
claimed for foreign taxes paid 22, 2^
States and Territories
Stock:
Capital, total
Common and preferred, separately
78-125,
Stock dividends paid 7, 37, 58-125,
Subsidiaries, number of 8, 98-117,
Summary, general
Surplus and undivided profits 37, 78-125,
Deficit 37, 78-125,
Less deficit 37,
Surplus reserves 37, 78-125,
Synopsis of Federal tax laws, 19'i'4-1951
172-175
172-175
3-5
3-5
33-'i2
35
38-<;2
36-37
■26, 30
5, A5
126-151
37,
17'i-175
172-175
122-125
1
17'i-175
17-4-175
126-151
17A-175
195-202
Tax. (See Excess profits tax; Income tax; Total
tax. ) Page
Tax base by type of tax 197-198
Tax forms . ( See Forms . )
Tax laws. Federal, synopsis, W-iA-igSl 195-202
Tax liability, type of 8-9, 155-156
Tax rates 2, 3, 12-13, 197-198, 200
Taxes:
Paid (other than income and excess profits
taxes) 7, 36, 58-125, 172-175
Paid to foreign countries or possessions of
the United States U, 22-28, 30
Tax-exempt interest. (See Government
obligations. )
Tentative returns 2
Territories. (See States and Territories.)
Text tables 1, 6, 7, 8, 17-32
Total assets classes 6, 8, 22, 26, 118-151, 168-171
Total tax 1, 6, 7, 19, A5-158, 170, 172-175
Balance sheets, returns with 7, 37,
78-151, 170, 174-175
Industrial divisions and groups A6-117,
126-151, 176-191
Net income and deficit classes 152-158
Returns with excess profits net income over
$25,000 52-57, 157-158
States and Territories ^ 45
Type of tax liability 8-9, 155-156
Undivided profits, surplus 37, 78-125, 17A-175
V
Variability, sampling.
3-5
W
Western Hemisphere trade corporations... 2, 14-15, 26-30
Wholly tax-exempt interest. (See Government
obligations. )
U. S. GOVERNMENT PRrNTING OFFICE : 1955 O— 323516
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